<SEC-DOCUMENT>0001387131-22-008090.txt : 20220728
<SEC-HEADER>0001387131-22-008090.hdr.sgml : 20220728
<ACCEPTANCE-DATETIME>20220728145853
ACCESSION NUMBER:		0001387131-22-008090
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20220728
FILED AS OF DATE:		20220728
DATE AS OF CHANGE:		20220728

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:		221114544

	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>mt-6k_072822.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal">UNITED
STATES</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal">SECURITIES AND EXCHANGE COMMISSION</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Washington,
D.C. 20549</B>&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM
6-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REPORT
OF FOREIGN PRIVATE ISSUER</B><BR>
<B>PURSUANT TO RULE 13a-16 OR 15d-16</B><BR>
<B>UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated
July 28, 2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commission
File Number: 001-35788</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARCELORMITTAL&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Translation
of registrant&rsquo;s name into English)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24-26,
Boulevard d&rsquo;Avranches&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">L-1160
Luxembourg&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grand
Duchy of Luxembourg&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
of principal executive office)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form
20-F &#9746;</font></TD>
    <TD STYLE="width: 50%; text-align: left">Form 40-F &#9744;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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): _____</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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): _____</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 28, 2022, ArcelorMittal published the press releases attached hereto as Exhibits 99.1 and 99.2 and hereby incorporated by
reference into this report on Form 6-K.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
List</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Exhibit
    No.</U></FONT></TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
    99.1&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press
    release, dated July 28, 2022, ArcelorMittal agrees acquisition of CSP in Brazil</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
    99.2&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press
    release, dated July 28, 2022, ArcelorMittal reports second quarter 2022 and half year 2022 results</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
Index</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Exhibit
    No.</U></FONT></TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Description</U></FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><A HREF="ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit 99.1</FONT></A></TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><A HREF="ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press release, dated July 28, 2022, ArcelorMittal agrees acquisition of CSP in Brazil</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><A HREF="ex99-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit 99.2</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><A HREF="ex99-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press release, dated July 28, 2022, ArcelorMittal reports second quarter 2022 and half year 2022 results</FONT></A></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARCELORMITTAL</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%"></TD>
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date 28 July 2022</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/&nbsp;Henk Scheffer</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:
Henk Scheffer</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:
Company Secretary &amp; Group Compliance &amp; Data Protection Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0; margin-left: 0">&nbsp;&nbsp;&nbsp;</P>



<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="mt-6k_072822.htm">ArcelorMittal&nbsp;6-K</A></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Exhibit
99.1</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0; margin-left: 0; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><IMG SRC="ex991001.jpg" ALT="img">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0; margin-left: 0; text-align: right">&nbsp;</P>

<P STYLE="margin-top: 0; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 60pt; color: rgb(65,65,65)">press
release</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 16pt"><B>ArcelorMittal
agrees acquisition of CSP in Brazil</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>28
July 2022, 07:00 CET</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: #2A2A2A"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ArcelorMittal
(the &lsquo;Company&rsquo;) today announces it has signed an agreement with the shareholders of Companhia Sider&uacute;rgica do
Pec&eacute;m (&lsquo;CSP&rsquo;) to acquire CSP for an enterprise value of approximately $2.2 billion. Transaction closing is
subject to certain corporate and regulatory approvals, including CADE (Brazilian antitrust) approval which is expected by late
2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: #2A2A2A"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #2A2A2A">CSP
is a world-class operation, producing high-quality slab at a globally competitive cost. CSP&rsquo;s state-of-the-art steel facility
in the state of </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #2B2B2B; background-color: white">Cear&aacute;
in</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #2A2A2A">northeast Brazil was commissioned
in 2016 and produced its first slabs in June of that year. It operates a three million tonne capacity blast furnace and has access
via conveyors to </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #2B2B2B; background-color: white">the
Port of Pec&eacute;m, </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #2A2A2A">a large
scale, deep water port located 10 kilometers from the plant. CSP operates within Brazil&rsquo;s first Export Processing Zone,
and benefits from various tax incentives including a low corporate income tax rate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: #2A2A2A"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
acquisition brings several strategic benefits to ArcelorMittal, including the potential to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: #2A2A2A"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #2A2A2A"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expand
                                         the Company&rsquo;s position in the high-growth Brazilian steel industry.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #2A2A2A"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capitalise
                                         on the significant planned third-party investment to form a clean electricity and green
                                         hydrogen hub in Pec&eacute;m.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #2A2A2A"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Add
                                         3 million tonnes of high-quality and cost-competitive slab capacity, with the potential
                                         to supply slab intra-group or to sell into North and South America.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #2A2A2A"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Allow
                                         for further expansions by the Company, such as the option to add primary steelmaking
                                         capacity (including direct reduced iron) and rolling and finishing capacity.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #2A2A2A">Capture
                                         over $50 million of identified synergies, including SG&amp;A, procurement and process
                                         optimisation.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #2A2A2A">The
state of </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #2B2B2B; background-color: white">Cear&aacute;
has ambitions to develop a low-cost green hydrogen hub. The Pec&eacute;m Green Hydrogen Hub, a partnership between the Pec&eacute;m
Complex and Linde, a leading global industrial gases and engineering company, is a large-scale green hydrogen project at the Port
of Pec&eacute;m which is targeting to produce up to 5GW of renewable energy and 900 kt/y of green hydrogen in a series of phases.
The first phase, which the partnership currently expects to be completed over the course of the next five years, targets the construction
of 100-150MW of renewable energy capacity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: #2A2A2A"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Commenting,
ArcelorMittal CEO Aditya Mittal said:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: #2A2A2A"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: #2A2A2A"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>&ldquo;In
CSP, we are acquiring a modern, efficient, established and profitable business which further enhances our position in Brazil and
adds immediate value to ArcelorMittal. There is significant potential to decarbonise the asset given the state of Cear&aacute;&rsquo;s
ambition to develop a low-cost green hydrogen hub and the huge potential the region holds for solar and wind power generation.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: #2A2A2A"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: #2A2A2A"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: #2A2A2A"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: #2A2A2A"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>&ldquo;CSP
produces high-quality slabs and is cost competitive, ensuring its products are competitive domestically and for export. In the
short-term we will continue to supply CSP&rsquo;s existing customer base in North and South America. However, what makes this
acquisition so exciting is the medium to long-term potential and options it presents. As we continue to develop the downstream
capabilities of our NAFTA and Brazilian businesses over the medium-term, we have the option for CSP to become an important intra-group
slab supplier. Over the longer-term there is also the option to significantly increase its slab capacity and add rolling and finishing
capabilities on a low-carbon emissions basis.&rdquo;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: #2A2A2A"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ENDS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>About
ArcelorMittal</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>ArcelorMittal
is the world&rsquo;s leading steel and mining company, with a presence in 60 countries and primary steelmaking facilities in 16 countries.
In 2021, ArcelorMittal had revenues of $76.6 billion and crude steel production of 69.1 million metric tonnes, while iron ore
production reached 50.9 million metric tonnes. </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Our
purpose is to produce ever smarter steels that have a positive benefit for people and planet. Steels made using innovative processes
which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels
for electric vehicles and renewable energy infrastructure that will support societies as they transform through this century.
With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that
change. This is what we believe it takes to be the steel company of the future. </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>ArcelorMittal
is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges
of Barcelona, Bilbao, Madrid and Valencia (MTS). </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>For
more information about ArcelorMittal please visit: <U>http://corporate.arcelormittal.com/</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

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    information ArcelorMittal Investor Relations</B></FONT></TD>
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171 921 026&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>investor.relations@arcelormittal.com</U></FONT></P></TD></TR>
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<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">+44
20 3214 2419&nbsp;</FONT></P>
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<P STYLE="margin: 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="mt-6k_072822.htm">ArcelorMittal&nbsp;6-K</A></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Exhibit 99.2</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"><B>ArcelorMittal
reports second quarter 2022 and half year 2022 res<FONT STYLE="background-color: white">ults</FONT></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Luxembourg, July 28,
2022 </B>- ArcelorMittal (referred to as &ldquo;ArcelorMittal&rdquo; or the &ldquo;Company&rdquo;) (MT (New York, Amsterdam, Paris,
Luxembourg), MTS (Madrid)), the world&rsquo;s leading integrated steel and mining company, today announced results<SUP>1,2</SUP>
for the three-month and six-month periods ended June 30, 2022.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; background-color: white"><B>Key
highlights:</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt">&#9679;</TD><TD><FONT STYLE="font-size: 10pt"><B>Health and safety performance: </B>Protecting the health and wellbeing of employees is the
Company&rsquo;s overarching priority; LTIF rate of 0.67x in 2Q 2022<SUP>3</SUP> and 0.68x in 1H 2022</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt">&#9679;</TD><TD><FONT STYLE="font-size: 10pt"><B>Steel spreads offsetting lower shipments in 2Q 2022</B>: positive price-cost effect offset
a -6.3% sequential decrease in steel shipments to 14.4Mt primarily due to the lower shipments in ACIS and Europe</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt">&#9679;</TD><TD><FONT STYLE="font-size: 10pt"><B>Operating income:</B> 2Q 2022 operating income of $4.5bn (vs. $4.4bn in 1Q 2022); 1H 2022
operating income of $8.9bn (vs. $7.1bn in 1H 2021)</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt">&#9679;</TD><TD><FONT STYLE="font-size: 10pt"><B>EBITDA increased to $5.2bn in 2Q 2022</B>, the fifth successive quarter above the $5bn level;
1H 2022 EBITDA of $10.2bn is +23.5% higher than the same period of 2021</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt">&#9679;</TD><TD><B>Strong net income:</B> $3.9bn in 2Q 2022 (vs. $4.1bn in 1Q 2022) includes share of JV and associates net income of $0.6bn
(vs. $0.6bn in 1Q 2022); 1H 2022 net income of $8.0bn (vs. $6.3bn in 1H 2021)</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt">&#9679;</TD><TD><FONT STYLE="font-size: 10pt"><B>Enhanced share value:</B> 2Q 2022 basic EPS of $4.25/sh; last 12 months ROE<SUP>16</SUP> of
34%; book value per share<SUP>13 </SUP>increased to $60/sh following the repurchase of 46.8m shares during the quarter (65.1m in
1H&rsquo;22)</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt">&#9679;</TD><TD><B>Financial strength:</B> Net debt $4.2bn and gross debt of $8.8bn at the end of June 2022</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt">&#9679;</TD><TD><B>Continued strong FCF generation:</B> The Company generated $1.7bn of free cash flow (FCF) in 2Q 2022 ($2.6bn net cash provided
by operating activities less capex of $0.7bn and dividends paid to minorities) despite a $1.0bn investment in working capital on
account of higher prices</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; background-color: white"><B>Strategic
update and outlook:</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt">&#9679;</TD><TD><FONT STYLE="font-size: 10pt"><B>Proposed acquisition of CSP in Brazil for $2.2bn, presents opportunity for new low carbon
steelmaking hub:</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&ndash;</TD><TD>Well invested, world-class assets, access to large-scale deep water port</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&ndash;</TD><TD>Highest quality and low cost 3Mt slab producer in Northeast Brazil</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&ndash;</TD><TD><FONT STYLE="font-size: 10pt">Attractive synergies and optionality, including the potential for highly competitive low-CO2
steel</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&ndash;</TD><TD><FONT STYLE="font-size: 10pt">Normalized EBITDA per year of $330 million</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt">&#9679;</TD><TD><FONT STYLE="font-size: 10pt"><B>Texas HBI plant: a key element of ArcelorMittal&rsquo;s 12Mt, low CO2 steel, unmatched high
quality NAFTA franchise including automotive capabilities:</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&ndash;</TD><TD>Acquisition of voestalpine&rsquo;s world-class Hot Briquetted Iron (&lsquo;HBI&rsquo;) plant located in Texas now completed;
potential to generate &gt; $130 million EBITDA per year</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&ndash;</TD><TD>A key to decarbonizing NAFTA franchise: will supply high quality metallics to EAF - Calvert (a cornerstone of ArcelorMittal
NAFTA franchise). Dofasco is transforming to fully DRI-EAF; Mexico Flat is already DRI-EAF</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt">&#9679;</TD><TD><B>Balanced capital allocation:</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&ndash;</TD><TD><FONT STYLE="font-size: 10pt">The Company generated $3.2bn of FCF in 1H 2022; $2.3bn was returned to shareholders (via share
buybacks and base dividends) and $1.0bn was committed to M&amp;A (primarily the Texas HBI facility)</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&ndash;</TD><TD><FONT STYLE="font-size: 10pt">Net debt at the end of June 2022 of $4.2bn remained essentially stable compared to 2021 year
end at $4.0bn</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt">&#9679;</TD><TD><B>New buyback:</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&ndash;</TD><TD>The Company announces a new buyback program of 60m shares (~$1.4bn at current share price<SUP>23</SUP>) to be completed by
the end of May 2023</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.5pt; text-indent: -13.5pt; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Financial
highlights (on the basis of IFRS<SUP>1,2</SUP>):</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.5pt; text-indent: -13.5pt; color: red">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 96%; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 45%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(USDm)
    unless otherwise shown</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q
    22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q
    22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q
    21</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H
    22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H
    21</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Sales</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">22,142</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">21,836</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">19,343</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">43,978</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">35,536</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Operating
    income</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">4,494</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">4,433</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">4,432</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">8,927</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">7,073</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Net
    income attributable to equity holders of the parent</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">3,923</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">4,125</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">4,005</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">8,048</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">6,290</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Basic
    earnings per common share (US$)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">4.25</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">4.28</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">3.47</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">8.53</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">5.40</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Operating
    income/ tonne (US$/t)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">313</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">289</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">276</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">300</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">217</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">EBITDA</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">5,163</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">5,080</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">5,052</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">10,243</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">8,294</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">EBITDA/
    tonne (US$/t)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">359</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">331</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">314</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">345</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">255</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Crude
    steel production (Mt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">14.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">16.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">17.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">30.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">35.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Steel
    shipments (Mt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">14.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">15.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">16.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">29.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">32.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Total
    group iron ore production (Mt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">12.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">12.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">11.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">24.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">24.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Iron
    ore production (Mt) (AMMC and Liberia only)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">7.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">6.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">4.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">14.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">12.2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Iron
    ore shipment (Mt) (AMMC and Liberia only)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">7.5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">6.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">4.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">14.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">12.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Number
    of shares outstanding (issued shares less treasury shares) (millions)<SUP>22</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">847</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">893</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,019</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">847</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,019</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><B>Commenting,
Aditya Mittal, ArcelorMittal Chief Executive Officer, said:</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">&quot;The Company had
a strong first half with market conditions supporting a fifth consecutive quarter of EBITDA of over $5 billion. This enabled
us to progress against our strategic objectives and continue to transform our business for the net zero </FONT>economy. We
have completed a number of targeted acquisitions reflecting the changing energy and metallic inputs required for low-carbon
emissions steelmaking and are also seeking to strengthen our presence in regions that have the ability to produce low-cost
green hydrogen such as Brazil where we have today announced the proposed acquisition of one of the country&rsquo;s
lowest-cost slab producers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The period, however, was
overshadowed by the outbreak of war in Ukraine, where we have steel and mining operations, bringing instability and suffering to
the country and our 26,000 employees. Globally the conflict is impacting growth and adding further inflationary pressure, which
is spilling over into weakening of demand. Despite the more uncertain global macro outlook, our business is well positioned to
effectively manage through the cycle. The long-term outlook for steel demand also remains positive, underpinned by the scale of
opportunity related to the energy transition and the continuing growth of developing economies.&rdquo;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Sustainable
development and safety performance</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><B>Health
and safety - Own personnel and contractors lost time injury frequency rate</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Protecting the health and
wellbeing of employees is the Company&rsquo;s overarching priority with ongoing strict adherence to World Health Organization guidelines
(in respect of COVID-19), and specific government guidelines have been followed and implemented.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Health and safety performance
based on own personnel and contractors lost time injury frequency (&quot;LTIF&quot;) rate was 0.67x in the second quarter of 2022
(&quot;2Q 2022&quot;) as compared to 0.69x in the first quarter of 2022 (&quot;1Q 2022) and 0.89x in the second quarter of 2021<SUP>3</SUP>
(&quot;2Q 2021&quot;). Health and safety performance in the first six months of 2022 (&ldquo;1H 2022&rdquo;) was 0.68x as compared
to 0.83x in the first six months of 2021 (&ldquo;1H 2021&rdquo;).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">A concerted effort is underway
to improve health and safety across the group and strengthen our safety culture. We have completed a comprehensive review of our
efforts to eradicate accidents and fatalities, and have started 2022 with a refreshed company-wide commitment to put this fully
into action.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Corporate oversight of
safety has been strengthened, our Global Health &amp; Safety Council is sharing and promoting best practice, peer-to-peer mentoring
between sites has been introduced, training (which was reduced as a necessary precaution during COVID-19) has been strengthened
and we are prioritizing support for underperforming units.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The Company is also tightening
guidelines for mandatory leadership shop floor presence (which similar to training was reduced as a necessary precaution during
COVID-19). All leaders must now spend a certain minimum time on the shop floor every week &ndash; when they must carry out a safety
layered evaluation. While the Company policy has always specified leaders to regularly spend time on the shop floor, setting out
a higher minimum accepted level for senior leaders will help reinforce the culture of visible felt leadership which we know has
weakened in some regions as a result of COVID-19.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Furthermore reporting of
proactive KPIs such as potential serious injury frequency (PSIF) will also be strengthened. Every segment is required to put in
place a quality assessment process for PSIFs. Understanding clearly why PSIFs happen is vitally important to tightening processes,
improving behaviours and preventing fatalities. Widespread use of what we call &lsquo;quarantining&rsquo; is now in place across
all operations where plants are put into &lsquo;quarantine&rsquo; if a seriously unsafe incident takes place or the plant is deemed
to be at risk of a serious incident or fatality.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">A change to the Company&rsquo;s
executive remuneration policy has been made to reflect this focus<SUP>21. </SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><B>Own
personnel and contractors - Frequency rate</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 45%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Lost
    time injury frequency rate</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q
    22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q
    22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q
    21</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H
    22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H
    21</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NAFTA</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.28</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.19</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.17</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.28</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.43</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.14</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.10</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.26</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.12</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.22</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Europe</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.99</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.13</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.41</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.07</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.16</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ACIS</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.81</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.61</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.03</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.71</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.02</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mining</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.30</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.19</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.71</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.23</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.68</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.67</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.69</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.89</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.68</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.83</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><B>Sustainable
development highlights &ndash; leading the decarbonization of the steel industry:</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Developing standards that will support the decarbonization
of our industry:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>On June 14, 2022, ArcelorMittal published a concept for a low-carbon emissions steel standard to help incentivize the decarbonization
of steelmaking globally and support the creation of market demand for physical steel products which would be classified as lower,
and ultimately near-zero, carbon emissions steel.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Dual scoring system which provides customers with a life cycle assessment (LCA) value alongside a rating system which measures
progress towards near-zero</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Designed to incentivize the decarbonization of both primary and secondary steelmaking</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Provides transparency and consistency across steel products for customers</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Supports the development of markets for low-carbon emissions steel</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">The creation of clear definitions for low-carbon emissions
physical steel is an important component of &lsquo;demand pull&rsquo; and &lsquo;supply push&rsquo; mechanisms that are required
to support the steel industry in its transition to net zero by 2050. Clear definitions will also help inform targeted policy to
support the scale-up and commercialization of these near-zero technologies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">At the heart of the concept are three core principles:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>It must include a dual score system comprising a LCA value for finished products (EPD for construction products) alongside
a decarbonisation rating system which categorizes low and near-zero carbon emissions per tonne of hot rolled steel and rewards
producers as they decarbonize from their starting point.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>It must be designed in such a way that incentivizes the decarbonisation of all methods of steel production through technology
shifts, rather than simply through increasing scrap rates using existing technology. This can be done by using a sliding scale
based on the percentage of scrap used in production, a system which is also at the heart of the ResponsibleSteel&trade; and International
Energy Agency (&lsquo;IEA&rsquo;) low-carbon emissions steel models.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>It must include a clearly defined boundary from which carbon emissions are counted for the decarbonization rating system.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">The concept is designed to be complementary to methods
for rewarding virtual low-carbon steel, at least until significant amounts of physical low-carbon steel are available.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Analysis
of results for the six months ended June 30, 2022 versus results for the six months ended June 30, 2021</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Total steel shipments for 1H 2022 were 29.7 million metric tonnes
(Mt), a decrease of -8.7% as compared to 32.6Mt in 1H 2021. Steel shipments on a scope adjusted basis (i.e. excluding the shipments
of ArcelorMittal Italia<SUP>12,17</SUP>, deconsolidated as from April 14, 2021), decreased by -5.8%. Year on year shipment declines:
ACIS -39.0% (primarily due to Russia/Ukraine conflict) and NAFTA -3.7%, offset in part by increased shipments in Brazil +3.6% while
Europe remained stable on a scope adjusted basis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Sales for 1H 2022 increased by 23.8% to $44.0 billion as compared
with $35.5 billion for 1H 2021, primarily due to higher average steel selling prices (+37.7%), partly offset by lower steel shipments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Depreciation of $1.3 billion for 1H 2022 as compared with $1.2
billion in 1H 2021 was broadly stable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Operating income for 1H 2022 of $8.9 billion was higher as compared
to 1H 2021 of $7.1 billion primarily driven by positive price-cost effect offset in part by lower iron ore reference prices (-24.0%).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Income from associates, joint ventures and other investments<SUP>9</SUP>
for 1H 2022 was $1.1 billion as compared to $1.0 billion for 1H 2021. 1H 2022 includes higher contribution from European investees
(including $0.1 billion income for Acciaierie d'Italia arising from recognition of a deferred tax asset in 2Q 2022) offset in part
by lower contributions from AMNS India<SUP>4 </SUP>and AMNS Calvert<SUP>5</SUP>.1H 2022 includes the annual dividend from Erdemir
of $117 million (vs. $89 million received in 1H 2021).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Net interest expense in 1H 2022 of $104 million was lower as
compared to $167 million in 1H 2021 following debt repayments and liability management.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Foreign exchange and other net financing losses were $323 million
for 1H 2022 as compared to losses of $427 million for 1H 2021. Foreign exchange loss for 1H 2022 was $198 million as compared to
a loss of $147 million in 1H 2021. 1H 2021 includes early bond redemption premium expenses of $130 million.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">ArcelorMittal recorded an income tax expense of $1,381 million
for 1H 2022 (including $214 million deferred tax benefit) as compared to $946 million for 1H 2021 (which included $391 million
deferred tax benefit).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">ArcelorMittal&rsquo;s net income for 1H 2022 was $8,048 million
as compared to $6,290 million for 1H 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">ArcelorMittal&rsquo;s basic earnings per common share for 1H
2022 was $8.53 basic earnings per common share, as compared to $5.40 basic earnings per common share for 1H 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Analysis
of results for 2Q 2022 versus 1Q 2022 and 2Q 2021</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Total steel shipments in 2Q 2022 were 14.4Mt, -6.3% lower as
compared with 15.3Mt in 1Q 2022, largely reflecting the impact of the conflict in Ukraine (ACIS down -41.2%) and weaker shipments
in Europe (-4.4%). Comparing to 2Q 2021, and adjusting for the change in scope (i.e. excluding the shipments of ArcelorMittal Italia<SUP>12,17
</SUP>deconsolidated as from April 14, 2021), steel shipments in 2Q 2022 decreased by -9.9%: primarily due to ACIS -56.5%, Europe
-2.6% (scope adjusted), and NAFTA -5.3% offset in part by Brazil +1.3%.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Sales in 2Q 2022 were $22.1 billion as compared to $21.8 billion
for 1Q 2022 and $19.3 billion for 2Q 2021. As compared to 1Q 2022, the +1.4% increase in sales was primarily due to higher average
steel selling prices (+7.7%), offset in part by lower steel shipment volumes. Sales in 2Q 2022 were +14.5% higher as compared to
2Q 2021 primarily due to higher average steel selling prices (+30.8%) offset in part by lower iron ore reference prices (-31.2%).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Depreciation for 2Q 2022 was $669 million as compared to $647
million for 1Q 2022 and higher than $620 million in 2Q 2021. Depreciation was higher than 2Q 2021 due to changes in the useful
lives estimates for certain assets in Europe and Canada due to decarbonization projects, partially offset by foreign exchange benefit.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Operating income for 2Q 2022 was $4.5 billion as compared to
$4.4 billion in 1Q 2022 and 2Q 2021, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Income from associates, joint ventures and other investments<SUP>9
</SUP>for 2Q 2022 was $578 million as compared to $559 million for 1Q 2022 and $590 million in 2Q 2021. 2Q 2022 includes improved
contribution from European investees (including $0.1 billion income for Acciaierie d'Italia arising from recognition of a deferred
tax asset) offset by a lower contribution from AMNS Calvert<SUP>5</SUP> and AMNS India<SUP>4 </SUP>.1Q 2022 also included the annual
dividend from Erdemir in the amount of $117 million.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Net interest expense in 2Q 2022 was $53 million as compared to
$51 million in 1Q 2022 and lower than $76 million in 2Q 2021, reflecting savings following the repayment of bonds and liability
management.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Foreign exchange and other net financing losses in 2Q 2022
were $183 million as compared to losses of $140 million in 1Q 2022 and $233 million in 2Q 2021. 2Q 2022 includes foreign
exchange loss of $152 million compared to $46 million in 1Q 2022 and $29 million in 2Q 2021. 2Q 2021 included $130 million
related to premium paid for early redemption of bonds.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">ArcelorMittal recorded an income tax expense of $826 million
(including deferred tax benefit of $74 million) in 2Q 2022 as compared to an income tax expense of $555 million (including deferred
tax benefit of $140 million) in 1Q 2022. Income tax expense was higher in 2Q 2022 as compared to 1Q 2022 due to different geographical
mix of income, with higher profitability in Brazil and NAFTA regions where tax rates are high. Income tax expense in 2Q 2021 was
$542 million (including deferred tax benefit of $226 million).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">ArcelorMittal recorded net income for 2Q 2022 of $3,923 million
as compared to net income for 1Q 2022 of $4,125 million, as compared to net income of $4,005 million for 2Q 2021. ArcelorMittal's
basic earnings per common share for 2Q 2022 was stable at $4.25 as compared to $4.28 in 1Q 2022 and +22.3% higher than $3.47 in
2Q 2021 due to ongoing share buyback programs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Analysis
of segment operations<SUP>2, 11</SUP></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><B>NAFTA</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 45%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white">(USDm)
    unless otherwise shown</FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q
    22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q
    22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q
    21</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H
    22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H
    21</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sales</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,653</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,760</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,242</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,413</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,778</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating
    income</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">817</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,054</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">675</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,871</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">936</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="background-color: silver; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(93)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(93)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(71)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(186)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(142)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EBITDA</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: silver; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">910</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,147</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">746</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,057</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,078</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Crude
    steel production (kt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,043</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,077</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,272</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,120</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,447</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Steel
    shipments * (kt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,453</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,456</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,590</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,909</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,101</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Average
    steel selling price (US$/t)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,317</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,322</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,062</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,319</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">957</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">*
NAFTA steel shipments reported figures include shipments sourced by NAFTA from Group subsidiaries and sold to the Calvert JV that
are eliminated on consolidation.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">NAFTA segment crude steel production decreased by -1.6% to 2.0Mt
in 2Q 2022, as compared to 2.1Mt in 1Q 2022. As compared to 2Q 2021, crude steel production in 2Q 2022 declined -10.1% due to the
impact from labour actions in Mexico and maintenance in Canada.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Steel shipments in 2Q 2022
were stable at 2.5Mt, as compared 1Q 2022, and declined by -5.3% as compared to 2Q 2021.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Sales in 2Q 2022 decreased
by -2.8% to $3.7 billion, as compared to $3.8 billion in 1Q 2022. Sales increased by +12.7% in 2Q 2022 as compared to $3.2 billion
in 2Q 20</FONT>21 primarily on account of higher average steel selling prices (+24.1%) offset in part by lower steel shipment volumes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Operating income in 2Q
2022 declined -22.5% to $817 million as compared to $1,054 million in 1Q 2022 and +20.9% higher as compared to $675 million in
2Q 2021.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">EBITDA in 2Q 2022 of $910
million was -20.7% lower as compared to $1,147 million in 1Q 2022, primarily due to a negative price-cost effect</FONT> and impact
from the labour action in Mexico ($0.1 billion). <FONT STYLE="background-color: white">EBITDA in 2Q 2022 was higher as compared
to $746 million in 2Q 2021 mainly due to a positive price-cost effect offset in part by lower steel shipments.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Brazil<SUP>18</SUP></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 45%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(USDm)
    unless otherwise shown</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q
    22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q
    22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q
    21</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H
    22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H
    21</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sales</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,986</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,366</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,263</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,352</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,798</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating
    income</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,201</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">674</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,028</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,875</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,742</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="background-color: silver; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(71)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(58)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(56)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(129)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(109)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EBITDA</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: silver; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,272</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">732</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,084</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,004</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,851</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Crude
    steel production (kt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,085</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,040</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,150</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,125</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,184</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Steel
    shipments (kt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,003</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,037</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,964</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,040</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,832</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Average
    steel selling price (US$/t)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,234</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,039</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,038</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,136</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">939</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Brazil segment crude steel production increased by +1.5% to 3.1Mt
in 2Q 2022 as compared to 3.0Mt in 1Q 2022 and 3.2Mt in 2Q 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Steel shipments of 3.0Mt in 2Q 2022 were broadly stable as compared
to 1Q 2022, but with higher domestic mix, and +1.3% higher as compared to 2Q 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Sales in 2Q 2022 increased by +18.4% to $4.0 billion as compared
to $3.4 billion in 1Q 2022, primarily due to +18.7% increase in average steel selling prices, with prices higher in both domestic
and export markets. Sales in 2Q 2022 were 22.1% higher than $3.3 billion at 2Q 2021 primarily on account of higher average steel
selling prices (+18.9%).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Operating income in 2Q 2022 of $1,201 million was higher as compared
to $674 million in 1Q 2022 and $1,028 million in 2Q 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">EBITDA in 2Q 2022 increased by +73.8% to $1,272 million as compared
to $732 million in 1Q 2022, primarily due to a positive price-cost effect as well as a gain of $0.2 billion related to Pis/Cofins
tax credits from prior years for scrap purchases<SUP>20</SUP>. EBITDA in 2Q 2022 was higher than $1,084 million in 2Q 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Europe</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 45%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(USDm)
    unless otherwise shown</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q
    22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q
    22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q
    21</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H
    22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H
    21</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sales</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,449</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,043</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,672</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26,492</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20,027</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating
    income</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,063</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,081</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,262</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,144</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,861</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="background-color: silver; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(326)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(326)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(316)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(652)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(615)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EBITDA</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: silver; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,389</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,407</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,578</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,796</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,476</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Crude
    steel production (kt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,261</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,689</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,386</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,950</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,083</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Steel
    shipments (kt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,967</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,334</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,293</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,301</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,306</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Average
    steel selling price (US$/t)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,292</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,218</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">948</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,254</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">878</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Europe segment crude steel production declined by -4.9% to 8.3Mt
in 2Q 2022 as compared to 8.7Mt in 1Q 2022 and -12.0% lower as compared to 2Q 2021. Production was down 2Q 2022 as compared to
1Q 2022 on account of a planned reline in Eisenh&uuml;ttenstadt and an adjustment of production to lower demand. These same factors
and the additional impact of responses to higher energy prices led to a -10.6% decline in 2Q 2022 as compared to 2Q 2021 on a scope
adjusted basis<SUP>17</SUP>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Steel shipments declined by -4.4% to 8.0Mt in 2Q 2022 as compared
to 8.3Mt in 1Q 2022 and was -3.9% lower as compared to 8.3Mt in 2Q 2021 primarily due to a slowdown in demand. Adjusted for the
ArcelorMittal Italia deconsolidation, shipments in 2Q 2022 were -2.6% lower as compared to 2Q 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Sales in 2Q 2022 increased by +3.1% to $13.4 billion, as compared
to $13.0 billion in 1Q 2022, primarily due to +6.1% higher average selling prices. Sales were significantly higher than 2Q 2021,
and includes the positive impact of automotive contract price resets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Operating income in 2Q 2022 was $2,063 million as compared to
$2,081 million in 1Q 2022 and higher than $1,262 million in 2Q 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">EBITDA in 2Q 2022 of $2,389 million decreased by -0.8%, as compared
to $2,407 million in 1Q 2022, with the impacts of lower steel shipments and a negative translation effect due to USD appreciation
largely being offset by a positive price-cost effect. EBITDA in 2Q 2022 increased significantly as compared to $1,578 million in
2Q 2021 primarily due to a positive price-cost effect, including the impact of contract pricing resets, offset in part by lower
steel shipment volumes and a negative translation effect, as above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>ACIS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 45%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(USDm)
    unless otherwise shown</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q
    22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q
    22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q
    21</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H
    22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H
    21</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sales</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,484</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,086</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,768</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,570</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,896</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating
    income</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">43</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">280</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">923</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">323</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,458</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="background-color: silver; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(106)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(105)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(110)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(211)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(220)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EBITDA</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: silver; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">149</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">385</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,033</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">534</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,678</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Crude
    steel production (kt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,261</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,452</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,975</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,713</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,658</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Steel
    shipments (kt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,218</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,071</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,801</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,289</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,396</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Average
    steel selling price (US$/t)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">925</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">855</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">806</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">881</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">729</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">ACIS segment crude steel production in 2Q 2022 was -48.6% lower
at 1.3Mt as compared to 2.5Mt in 1Q 2022 primarily due to the ongoing reduction of production in Ukraine<SUP>15</SUP> and the impacts
from a 2-week labour action and logistic issues in South Africa.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">One of the three blast furnaces in Ukraine, blast furnace No.6
which is approximately 20% of Kryvyi Rih capacity, was restarted on April 11, 2022. Iron ore production has been steadily increased
to ~55% capacity in 2Q 2022.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Steel shipments in 2Q 2022 decreased by -41.2% to 1.2Mt as compared
to 2.1Mt in 1Q 2022 and were lower by -56.5% as compared to 2Q 2021, mainly due to lower production as discussed above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Sales in 2Q 2022 decreased by -28.9% to $1.5 billion as compared
to $2.1 billion in 1Q 2022, primarily due to lower steel shipments offset in part by +8.2% higher average steel selling prices.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Operating income in 2Q 2022 was significantly lower at $43 million
(impacts discussed above) as compared to $280 million in 1Q 2022 and $923 million in 2Q 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">EBITDA of $149 million in 2Q 2022 was -61.3% lower as compared
to $385 million in 1Q 2022, primarily due to lower steel shipments and higher costs including labour action and logistic issues
in ArcelorMittal South Africa ($0.1 billion). EBITDA in 2Q 2022 was lower as compared to $1,033 million in 2Q 2021 due to lower
steel shipments (down 1.6Mt).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Mining </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD STYLE="vertical-align: bottom; width: 50%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(USDm)
    unless otherwise shown</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q
    22</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q
    22</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q
    21</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H
    22</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H
    21</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sales</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,005</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">933</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">889</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,938</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,068</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating
    income</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">463</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">511</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">508</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">974</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,287</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="background-color: #B6B6B6; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(64)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(56)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(56)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(120)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(115)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EBITDA</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">527</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">567</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">564</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,094</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,402</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Iron
    ore production (Mt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12.2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Iron
    ore shipment (Mt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12.0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Note:
Mining segment comprises iron ore operations of ArcelorMittal Mines Canada and ArcelorMittal Liberia.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Iron ore production increased in 2Q 2022 by +5.2% to 7.3Mt as
compared to 6.9Mt in 1Q 2022 and was +49.3% higher as compared to 2Q 2021. Higher production in 2Q 2022 was primarily due to recovery
of production in AMMC following seasonally lower production driven by severe weather conditions in the prior quarter. 2Q 2021 <FONT STYLE="background-color: white">production
was significantly lower primarily due to the impact of a 4-week labour action at AMMC<SUP>6</SUP>.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Iron ore shipments increased in 2Q 2022 by +12.5% to 7.5Mt as
compared to 6.7Mt in 1Q 2022, primarily driven by improved shipments at AMMC (following seasonality and associated logistics issues
in 1Q 2022). 2Q 2022 iron ore shipments increased by +66.3% as compared to 2Q 2021 for the reasons discussed above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Operating income in 2Q 2022 was $463 million as compared to $511
million in 1Q 2022 and $508 million in 2Q 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">EBITDA in 2Q 2022 decreased by -7.0% to $527 million as compared
to $567 million in 1Q 2022, largely reflecting the effect of lower iron ore reference prices (-2.7%), lower market premia for higher
quality products, and higher freight costs offset in part by higher shipments (+12.5%). EBITDA in 2Q 2022 was lower as compared
to $564 million in 2Q 2021, primarily due to lower iron ore reference prices (-31.2%), and higher freight costs offset in part
by higher shipments (+66.3%).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Joint
ventures</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">ArcelorMittal has investments in various joint ventures and associate
entities globally. The Company considers the Calvert (50% equity interest) and AMNS India (60% equity interest) joint ventures
to be of particular strategic importance, warranting more detailed disclosures to improve the understanding of their operational
performance and value to the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Calvert<SUP>5</SUP></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 50%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(USDm)
    unless otherwise shown</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q
    22</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q
    22</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q
    21</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H
    22</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H
    21</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Production
    (100% basis) (kt)*</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,127</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,124</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,234</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,251</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,495</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Steel
    shipments (100% basis) (kt)**</FONT></TD>
    <TD STYLE="background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,123</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,171</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,155</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,294</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,292</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EBITDA
    (100% basis)***</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">261</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">327</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">270</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">588</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">424</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">*
Production: all production of the hot strip mill including processing of slabs on a hire work basis for ArcelorMittal group entities
and third parties, including stainless steel slabs.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">**
Shipments: including shipments of finished products processed on a hire work basis for ArcelorMittal group entities and third
parties, including stainless steel products.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">***
EBITDA of Calvert presented here on a 100% basis as a stand-alone business and in accordance with the Company's policy, applying
the weighted average method of accounting for inventory.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Calvert&rsquo;s hot strip mill (&quot;HSM&quot;) production during
2Q 2022 totaled 1.1Mt, stable as compared to 1.1Mt in 1Q 2022 and -8.7% lower than 1.2Mt in 2Q 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Steel shipments in 2Q 2022 were -4.1% below 1Q 2022 due to weaker
demand.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">EBITDA*** during 2Q 2022 of $261 million was -20.2% lower than
$327 million in 1Q 2022 primarily on account of lower pricing with the falling CRU index prices in February and March 2022 impacting
non-contract volumes of 2Q 2022.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>AMNS India<FONT STYLE="background-color: white"><SUP>4</SUP></FONT></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 50%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(USDm)
    unless otherwise shown</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q
    22</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q
    22</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q
    21</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H
    22</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H
    21</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Crude
    steel production (100% basis) (kt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,668</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,730</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,831</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,398</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,655</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Steel
    shipments (100% basis) (kt)</FONT></TD>
    <TD STYLE="background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,511</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,732</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,718</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,243</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,418</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EBITDA
    (100% basis)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">365</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">470</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">607</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">835</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,010</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Crude steel production in 2Q 2022 decreased by -3.6% to 1.7Mt
as compared to 1Q 2022. Crude steel production in 2Q 2022 decreased by -8.9% as compared to 1.8Mt in 2Q 2021 on account of maintenance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Steel shipments in 2Q 2022 declined by -12.8% to 1.5Mt as compared
to 1.7Mt in 1Q 2022 and 2Q 2021 on account of lower production as well as lower demand.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">EBITDA during 2Q 2022 of $365 million was -22.3% lower compared
to $470 million in 1Q 2022, due to lower shipments and lower pellet contribution following the introduction of the export duty
during the quarter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Liquidity
and Capital Resources</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Net cash provided by operating
activities for 2Q 2</FONT>022 was $2,554 million as compared to $2,034 million in 1Q 2022 and $2,312 million in 2Q 2021. Net cash
provided by operating activities in 2Q 2022 includes a working capital investment of $1,008 million as compared to investments
of $2,047 million in 1Q 2022 and $1,901 million in 2Q 2021. 2Q 2022 working capital requirements were driven by relatively robust
finished steel prices and elevated raw material prices. Based on current market conditions, the Company expects a working capital
release in 2H 2022.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Capex in 2Q 2022 of $655 million compared with $529 million in
1Q 2022 and $569 million in 2Q 2021. FY 2022 capex guidance has been reduced by $0.3 billion to $4.2 billion (from $4.5 billion
previous guidance) implying 2H 2022 capex of ~$3.0 billion. The reduction in capex guidance reflects timing of cash capex, with
slightly delayed capex on strategic projects<SUP>14</SUP> in Brazil and lower activity including Ukraine.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Net cash used in other
investing activities in 2Q 2022 was $886 mill</FONT>ion (primarily related to the acquisition of an 80% shareholding in voestalpine&rsquo;s
world-class Hot Briquetted Iron (&lsquo;HBI&rsquo;) plant located in Corpus Christi, Texas), as co<FONT STYLE="background-color: white">mpared
to $77 million in 1Q 2022 and compared to net cash provided by other investing activities of $687 million in 2Q 2021 p</FONT>rimarily
related to $0.7 billion cash received from the sale of 38.2 million Cleveland Cliffs shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Net cash used in
financing activities in 2Q 2022 was $1,651 million as compared to $185 million in 1Q 2022 and $3,780 million in 2Q 2021. In
2Q 2022, ArcelorMittal signed a Schuldschein loan agreement for a total amount of &euro;725 million, which was more than
offset by a reduction in commercial paper outstanding, the r</FONT>epurchase of 46.8 million shares for a total value of $1.5
billion and t<FONT STYLE="background-color: white">otal dividends of $498 million ($332 million paid to ArcelorMittal
shareholders and $166 million primarily paid to minority shareholders of AMMC). In 1Q 2022, net cash used in financing
activities included an inflow from commercial paper portfolio offset by the reimbursement of an outstanding bond paid at
maturity and repurchase of 18.3 million shares for a total value of $569 million (of which $65 million was settled in early
April 2022). In 2Q 2021, net cash used in financing activities included an outflow </FONT>of $2.2 billion primarily related
to various bond repurchases, share buybacks and <FONT STYLE="background-color: white">dividends.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Gros</FONT>s debt increased
to $8.8 billion as of June 30, 2022, as compared to $8.7 billion as of March 31, 2022 and $8.4 billion as of December 31, 2021.
Net debt increased by $1.0 billion to $4.2 billion as of June 30, 2022 as compared to $3.2 billion as of March 31, 2022 and increased
by $0.2 billion from $4.0 billion as of December 31, 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">As of June 30, 2022, and
March 31, 2022, the Company had liquidity of $10.1 billion and $11.1 billion, respectively. June 30, 2022 liquidity consisted of
cash and cash equivalents of $4.6 billion (March 31, 2022 cash and cash equivalents of $5.6 billion) and $5.5 billion of available
credit lines<SUP>7</SUP>. As of June 30, 2022, the average debt maturity wa</FONT>s 5.8 years.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Key
recent developments</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>On July 28, 2022, ArcelorMittal announced it has signed an agreement with the shareholders of Companhia Sider&uacute;rgica
do Pec&eacute;m (&lsquo;CSP&rsquo;) to acquire CSP for an enterprise value of approximately $2.2 billion. Transaction closing is
subject to certain corporate and regulatory approvals, including CADE (Brazilian antitrust) approval which is expected by late
2022.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">CSP is a world-class operation, producing high-quality
slab at a globally competitive cost. CSP&rsquo;s state-of-the-art steel facility in the state of Cear&aacute; in northeast Brazil
was commissioned in 2016 and produced its first slabs in June of that year. It operates a three million tonne capacity blast furnace
and has access via conveyors to the Port of Pec&eacute;m, a large scale, deep water port located 10 kilometers from the plant.
CSP operates within Brazil&rsquo;s first Export Processing Zone, and benefits from various tax incentives including a low corporate
income tax rate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">The acquisition brings several strategic benefits
to ArcelorMittal, including the potential to:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Expand the Company&rsquo;s position in the high-growth Brazilian steel industry.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Capitalise on the significant planned third-party investment to form a clean electricity and green hydrogen hub in Pec&eacute;m.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Add 3 million tonnes of high-quality and cost-competitive slab capacity, with the potential to supply slab intra-group or to
sell into North and South America.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Allow for further expansions by the Company, such as the option to add primary steelmaking capacity (including direct reduced
iron) and rolling and finishing capacity.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Capture over $50 million of identified synergies, including SG&amp;A, procurement and process optimization.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">The state of Cear&aacute; has ambitions to develop
a low-cost green hydrogen hub. The Pec&eacute;m Green Hydrogen Hub, a partnership between the Pec&eacute;m Complex and Linde, a
leading global industrial gases and engineering company, is a large-scale green hydrogen project at the Port of Pec&eacute;m which
is targeting to produce up to 5GW of renewable energy and 900 kt/y of green hydrogen in a series of phases. The first phase, which
the partnership currently expects to be completed over the course of the next five years, targets the construction of 100-150MW
of renewable energy capacity.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>On July 21, 2022, ArcelorMittal and automotive supplier Gestamp announced that they have successfully trialed the use of low-carbon
emissions steel for use in car parts that will ultimately be used in the production of vehicles in Europe. The two companies have
signed an agreement to strengthen cooperation on sustainability, specifically in the production of low-carbon emissions steel parts
and are working closely to ensure that ArcelorMittal&rsquo;s steel meets all Gestamp&rsquo;s technical requirements. Using Usibor&reg;
1500 made with XCarb&reg; recycled and renewably produced substrate, Gestamp has successfully trialed the first parts (such as
a car&rsquo;s tunnel, and seat reinforcements) in press-hardenable steel, which is ultra high-strength and therefore enables car
manufacturers to achieve excellent weight reductions across the vehicle. XCarb&reg; recycled and renewably produced is a decarbonized
product made with a very high proportion of recycled steel in an EAF and 100% renewable electricity. The steel used by Gestamp
has a carbon footprint that is almost 70% lower than the same product made without XCarb&reg; recycled and renewable steel.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>On July 1, 2022, ArcelorMittal announced that following receipt of customary regulatory approvals, it had completed the acquisition
of an 80% shareholding in voestalpine&rsquo;s Hot Briquetted Iron (&lsquo;HBI&rsquo;) plant located near Corpus Christi, Texas
on June 30, 2022. The acquisition, announced in April 2022, values the Corpus Christi operations at $1 billion. The state-of-the-art
plant is one of the largest of its kind in the world. It has an annual capacity of two million tonnes of HBI, which is a premium,
compacted form of Direct Reduced Iron (&lsquo;DRI&rsquo;) developed to overcome issues associated with shipping and handling DRI.
The transaction enhances ArcelorMittal&rsquo;s ability to produce the high-quality input materials required for low-carbon emissions
steelmaking, and reinforces the Company&rsquo;s position as a world leader in DRI production. In parallel with the transaction,
ArcelorMittal signed a long-term offtake agreement with voestalpine to supply an annual volume of HBI commensurate to voestalpine&rsquo;s
equity stake. Any future development of the site will be 100% owned by ArcelorMittal. The remaining balance of production will
be delivered to third parties, and to ArcelorMittal facilities, including to AM/NS Calvert in Alabama, upon the commissioning of
its 1.5 million to<FONT STYLE="background-color: white">nne EAF.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>On June 9, 2022, ArcelorMittal announced that it had completed the US$1 billion share buyback program it had announced on May
5, 2022 under the authorization given by the annual general meeting of shareholders of May 4, 2022. By market close on 8 June 2022,
ArcelorMittal had repurchased 33,349,597 shares for a total value of &euro;942,577,580.32 (equivalent to $1 billion at an approximate
average price per share of &euro;28.26. All details are available on the Company&rsquo;s website at: https://corporate.arcelormittal.com/investors/equity-investors/share-buyback-program.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>On June 1, 2022, ArcelorMittal and the government of Spain signed an agreement in which the government has pledged its financial
support for the decarbonization of the company&rsquo;s steelmaking sites in Asturias and in Sestao, in the Basque Country. The
funding, which is part of the government&rsquo;s Recovery and Resilience Plan, will support the construction of an electric arc
furnace and DRI plant in Gij&oacute;n, which are crucial to the cmpany&rsquo;s CO2 emissions reduction goals in Europe. The</TD></TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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                                                                                        <TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">&nbsp;</TD><TD> implementation
of this project represents the first step of the company&rsquo;s decarbonization journey in Asturias. In order to implement the
described transformation of the site in Asturias, an application has been submitted under the EU&rsquo;s CEEAG framework, and is
awaiting approval from the European Commission before the project can proceed.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>On May 25, 2022, ArcelorMittal launched the XCarb&trade; Accelerator Programme to support breakthrough technology start-up
and drive decarbonization. Breakthrough technology start-ups worldwide have been invited to submit applications to compete for
investment from ArcelorMittal&rsquo;s XCarb&trade; Innovation Fund, which aims to invest up to $100 million annually in such transformative
technologies, and access to ArcelorMittal&rsquo;s advice and expertise in innovation, research and development, technology commercialization
and business mentorship.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>On May 24, 2022, ArcelorMittal announced that it had achieved ResponsibleSteel&trade; certification for its Asturias Cluster
in Spain and ArcelorMittal M&eacute;diterran&eacute;e in France &ndash; the company&rsquo;s first sites to be certified in both
France and Spain.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>On May 18, 2022, ArcelorMittal announced that 60 million treasury shares had been cancelled to keep the number of treasury
shares the Company holds within appropriate levels. As a result of this cancellation, ArcelorMittal has 877,809,772 shares in issue
(compared to 937,809,772 before the cancellation).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; background-color: white"><B>Cost
improvement plan </B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In February 2022, the Company had announced a new 3-year $1.5
billion value plan focused on creating value through well-defined commercial and operational initiatives (excluding the impact
of strategic projects which are followed separately). The plan includes commercial initiatives, including volume/mix improvements
and operational improvements (primarily in variable costs). The plan is of strategic importance and aims at protecting the EBITDA
potential of the business from the rising inflationary pressures that are being faced by the Company. The Company believes that
improving its relative competitive position vis-a-vis its peers can support sustainably higher profits.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; background-color: white"><B>Capital
return </B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Following the completion of its previously announced buyback
plans, the Company announces a new buyback program to purchase a further 60 million shares (~$1.4 billion at current share price)
to be completed by the end of May 2023. This is the maximum shares purchasable under current shareholder authorization.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; background-color: white"><B>Outlook</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Inflationary pressures
have escalated during 1H 2022 presenting significant headwinds to economic activity. The impacts on consumer and business confidence
are leading to a slowdown in real demand, which has been exacerbated by destocking activity, resulting in apparent demand below
real demand levels and a normalizatio</FONT>n of steel spreads.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The potential for energy
supply restrictions presents a clear but, as yet, uncertain risk to economic activity in Europe.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The Company highlights
the potential downside risks to the demand forecasts presented at 1Q 2022 results, particularly to the forecast demand for Europe,
given gas supply risks, and China given the impact of COVID-related lockdowns. ArcelorMittal is well positioned to navigate the
uncertainties around European gas supply given its predominantly blast furnace based capacity across multiple sites in 9 EU countries.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The longer-term fundamental
outlook for steel is positive. China&rsquo;s focus on decarbonization and removal of VAT-rebates on steel exports are encouraging;
so too are the actions taken by governments to protect against the threats of unfair trade. And we know that steel will play a
critical and vital role in the transition to a decarbonized and circular economy &ndash; there is no substitute.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; background-color: white"><B>ArcelorMittal
Condensed Consolidated Statement of Financial Position<SUP>1 </SUP></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: red"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD STYLE="vertical-align: bottom; width: 67%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>In
    millions of U.S. dollars</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Jun
        30,</B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></P></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Mar
        31,</B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"></P></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Dec
        31,</B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2021</B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"></P></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>ASSETS</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Cash
    and cash equivalents</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">4,565</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">5,570</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">4,371</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Trade
    accounts receivable and other</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">5,931</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">6,353</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">5,143</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Inventories</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">23,303</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">22,171</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">19,858</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Prepaid
    expenses and other current assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">7,189</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">6,487</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">5,567</FONT></TD></TR>
<TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total
    Current Assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>40,988</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>40,581</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>34,939</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Goodwill
    and intangible assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">4,307</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">4,564</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">4,425</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Property,
    plant and equipment</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">29,542</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">30,161</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">30,075</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Investments
    in associates and joint ventures</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">10,992</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">10,888</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">10,319</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Deferred
    tax assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">7,974</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">8,018</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">8,147</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    assets<SUP>10</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">3,223</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">3,287</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,607</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total
    Assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>97,026</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>97,499</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>90,512</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>LIABILITIES
    AND SHAREHOLDERS&rsquo; EQUITY</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Short-term
    debt and current portion of long-term debt</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,719</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,413</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,913</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Trade
    accounts payable and other</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">16,736</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">16,200</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">15,093</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Accrued
    expenses and other current liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">6,514</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">7,491</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">7,161</FONT></TD></TR>
<TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total
    Current Liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>25,969</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>26,104</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>24,167</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Long-term
    debt, net of current portion</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">6,069</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">6,309</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">6,488</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Deferred
    tax liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,489</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,494</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,369</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Other
    long-term liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">6,053</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">6,397</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">6,144</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total
    Liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>40,580</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>41,304</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>39,168</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Equity
    attributable to the equity holders of the parent</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">53,992</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">53,798</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">49,106</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Non-controlling
    interests</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,454</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,397</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,238</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total
    Equity</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>56,446</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>56,195</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>51,344</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total
    Liabilities and Shareholders&rsquo; Equity</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>97,026</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>97,499</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>90,512</B></FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: red"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif; background-color: white"><B>ArcelorMittal
Condensed Consolidated Statement of Operations<SUP>1</SUP></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: red"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Three
    months ended</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Six
    months ended</B></FONT></TD></TR>
<TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 45%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>In
    millions of U.S. dollars unless otherwise shown</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Jun
        30,</B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"></P></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Mar
        31,</B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"></P></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Jun
        30,</B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2021</B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"></P></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Jun
        30,</B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"></P></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Jun
        30,</B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2021</B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"></P></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Sales</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>22,142
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>21,836
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>19,343
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>43,978
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>35,536
    </B></FONT></TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Depreciation
    (B)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #B6B6B6; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(669)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(647)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(620)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1,316)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1,221)</FONT></TD></TR>
<TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Operating
    income (A)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,494
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,433
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,432
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>8,927
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>7,073
    </B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Operating
    margin %</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>20.3
    %</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>20.3
    %</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>22.9
    %</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>20.3
    %</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>19.9
    %</I></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Income
    from associates, joint ventures and other investments</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">578</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">559</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">590</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,137</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,043</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Net
    interest expense</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(53)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(51)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(76)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(104)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(167)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Foreign
    exchange and other net financing (loss)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(183)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(140)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(233)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(323)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(427)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Income
    before taxes and non-controlling interests</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,836
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,801
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,713
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>9,637
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>7,522
    </B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&nbsp;Current
    tax expense</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(900)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(695)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(768)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1,595)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1,337)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&nbsp;Deferred
    tax benefit</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">74</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">140</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">226</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">214</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">391</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Income
    tax expense (net)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(826)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(555)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(542)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1,381)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(946)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Income
    including non-controlling interests</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,010
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,246
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,171
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>8,256
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>6,576
    </B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Non-controlling
    interests income</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(87)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(121)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(166)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(208)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(286)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Net
    income attributable to equity holders of the parent</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>3,923
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,125
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,005
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>8,048
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>6,290
    </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Basic
    earnings per common share ($)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">4.25</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">4.28</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">3.47</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">8.53</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">5.40</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Diluted
    earnings per common share ($)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">4.24</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">4.27</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">3.46</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">8.51</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">5.39</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Weighted
    average common shares outstanding (in millions)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">924</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">964</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,154</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">944</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,165</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Diluted
    weighted average common shares outstanding (in millions)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">926</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">966</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,157</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">946</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,168</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>OTHER
    INFORMATION</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>EBITDA
    (C = A-B)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>5,163
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>5,080
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>5,052
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>10,243
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>8,294
    </B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">EBITDA
    Margin %</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>23.3
    %</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>23.3
    %</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>26.1
    %</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>23.3
    %</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>23.3
    %</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Total
    group iron ore production (Mt)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">12.0</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">12.0</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">11.2</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">24.0</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">24.5</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Crude
    steel production (Mt)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">14.6</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">16.3</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">17.8</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">30.9</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">35.4</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Steel
    shipments (Mt)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">14.4</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">15.3</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">16.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">29.7</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">32.6</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; background-color: white"><B>ArcelorMittal
Condensed Consolidated Statement of Cash flows<SUP>1 </SUP></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: red"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Three
    months ended</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Six
    Months ended</B></FONT></TD></TR>
<TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 45%; border-left: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white">In
    millions of U.S. dollars</FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Jun
        30, </B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"></P></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Mar
        31, </B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"></P></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Jun
        30, </B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2021</B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"></P></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Jun
        30, </B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"></P></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Jun
        30, </B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2021</B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white"></P></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>Operating
    activities:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>Income
    attributable to equity holders of the parent</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>3,923
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>4,125
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>4,005
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>8,048
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>6,290
    </B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Adjustments
    to reconcile net income to net cash provided by operations:</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Non-controlling
    interests income</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">87</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">121</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">166</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">208</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">286</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Depreciation</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">669</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">647</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">620</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">1,316</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">1,221</FONT></TD></TR>
<TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Income
    from associates, joint ventures and other investments</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(578)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(559)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(590)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(1,137)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(1,043)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Deferred
    tax benefit</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(74)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(140)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(226)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(214)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(391)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Change
    in working capital</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(1,008)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(2,047)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(1,901)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(3,055)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(3,535)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Other
    operating activities (net)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(465)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(113)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">238</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(578)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">481</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>Net
    cash provided by operating activities (A)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>2,554
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>2,034
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>2,312
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>4,588
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>3,309
    </B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>Investing
    activities: </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Purchase
    of property, plant and equipment and intangibles (B)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(655)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(529)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(569)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(1,184)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(1,188)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Other
    investing activities (net)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(886)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(77)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">687</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(963)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">1,574</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>Net
    cash (used in) / provided by investing activities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>(1,541)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>(606)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>118
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>(2,147)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>386
    </B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>Financing
    activities:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Net
    proceeds / (payments) relating to payable to banks and long-term debt</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">389</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">379</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(2,232)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">768</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(2,856)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Dividends
    paid to ArcelorMittal shareholders</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(332)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(284)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(332)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(284)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Dividends
    paid to minorities (C)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(166)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(12)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(17)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(178)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(82)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Share
    buyback</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #B6B6B6; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(1,496)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(504)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(997)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(2,000)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(1,647)</FONT></TD></TR>
<TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Lease
    payments and other financing activities (net)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(46)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(48)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(250)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(94)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(299)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>Net
    cash used in financing activities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>(1,651)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>(185)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>(3,780)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>(1,836)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>(5,168)</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Net
    (decrease) / increase in cash and cash equivalents</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(638)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">1,243</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(1,350)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">605</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(1,473)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Cash
    and cash equivalents transferred from assets held for sale</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">10</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">3</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Effect
    of exchange rate changes on cash</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(367)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">4</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">47</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(363)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">(59)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>Change
    in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>(1,005)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>1,247
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>(1,293)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>242
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>(1,529)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 3pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>Free
    cash flow (D=A+B+C)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>1,733
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>1,493
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>1,726
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>3,226
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>2,039
    </B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <!-- Field: /Page -->




<P STYLE="margin: 0"></P>




<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Appendix
1: Product shipments by region<SUP>1</SUP></B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 45%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(000&lsquo;kt)</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q
    22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q
    22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q
    21</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H
    22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H
    21</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Flat</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,800
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,811
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,896
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">3,611
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">3,718
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Long</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">748
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">657
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">794
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,405
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,579
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>NAFTA
    </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2,453
    </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2,456
    </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2,590
    </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,909
    </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>5,101
    </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Flat</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,643
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,747
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,599
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">3,390
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">3,112
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Long</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,380
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,309
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,381
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,689
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,751
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Brazil</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>3,003
    </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>3,037
    </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2,964
    </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>6,040
    </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>5,832
    </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Flat
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">5,705
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">5,953
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">5,751
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">11,658
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">12,364
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Long</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,146
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,275
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,404
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">4,421
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">4,694
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Europe</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>7,967
    </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>8,334
    </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>8,293
    </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>16,301
    </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>17,306
    </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">CIS</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">730
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,405
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,097
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,135
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">4,132
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Africa</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">492
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">667
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">703
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,159
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,263
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>ACIS</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,218
    </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2,071
    </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2,801
    </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>3,289
    </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>5,396
    </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Note:
&ldquo;Others and eliminations&rdquo; are not presented in the table</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Appendix
2a: Capital expenditures<SUP>1,2</SUP></B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 45%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(USDm)</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q
    22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q
    22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q
    21</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H
    22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H
    21</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">NAFTA</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">115
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">87
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">73
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">202
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">147
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Brazil</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">123
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">90
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">91
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">213
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">139
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Europe</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">211
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">187
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">235
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">398
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">578
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">ACIS</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">107
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">90
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">120
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">197
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">214
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Mining</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">92
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">70
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">43
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">162
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">97
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>655
    </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>529
    </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>569
    </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,184
    </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,188
    </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Note:
&ldquo;Others&rdquo; are not presented in the table</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Appendix
2b: Capital expenditure projects<SUP>14,19</SUP></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; background-color: white">The
following tables summarize the Company&rsquo;s principal gro</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">wth
and optimization projects involving significant capex.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
projects in which the targeted addition to EBITDA is indicated, such amount is based on numerous <FONT STYLE="background-color: white">assumptions
as to selling prices and input costs in particular.</FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Completed
projects</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 8%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Segment</B></FONT></TD>
    <TD STYLE="width: 23%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Site
    / unit</B></FONT></TD>
    <TD STYLE="width: 23%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Project</B></FONT></TD>
    <TD STYLE="width: 37%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Capacity
    / details</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Key
    date /&nbsp;&nbsp;</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><BR>
    <FONT STYLE="color: white"><B>completion</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-right: 5.4pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">NAFTA</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.75pt 5.4pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">ArcelorMittal
    Mexico</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.75pt 5.4pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">New
    hot strip mill</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.75pt 5.4pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Production
    capacity of 2.5Mt/year</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.75pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">2021
    <SUP>(a)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-right: 5.4pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">NAFTA</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">ArcelorMittal
    Dofasco (Canada)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Hot
    strip mill modernization</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Replace
    existing three end of life coilers with two state of the art coilers and new runout tables</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">1H
    2022 <SUP>(b)</SUP></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ongoing
projects</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 8%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Segment</B></FONT></TD>
    <TD STYLE="width: 23%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Site
    / unit</B></FONT></TD>
    <TD STYLE="width: 23%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Project</B></FONT></TD>
    <TD STYLE="width: 37%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Capacity
    / details</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Key
    date / <BR>
forecast <BR>
completion</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-right: 5.4pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">NAFTA</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.75pt 5.4pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">ArcelorMittal
    Dofasco (Canada)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.75pt 5.4pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">#5
    CGL conversion to AluSi&reg;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.75pt 5.4pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Addition
    of up to 160kt/year Aluminum Silicon (AluSi&reg;) coating capability to #5 Hot-Dip Galvanizing Line for the production of
    Usibor&reg; steels</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.75pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">2H
    2022 <SUP>(c)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-right: 5.4pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Brazil</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">ArcelorMittal
    Vega Do Sul</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Expansion
    project</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Increase
    hot dipped / cold rolled coil capacity and construction of a new 700kt continuous annealing line (CAL) and continuous galvanising
    line (CGL) combiline</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">4Q
    2023 <SUP>(d)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-right: 5.4pt; padding-bottom: 1.5pt; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mining</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Liberia
    mine</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Phase
    2 premium product expansion project</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Increase
    production capacity to 15Mt/year</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4Q
    2023/under review <SUP>(e)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-right: 5.4pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">NAFTA</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Las
    Truchas mine (Mexico)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Revamping
    and capacity increase to 2.3MT</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Revamping
    project with 1Mtpa pellet feed capacity increase (to 2.3 Mt/year) with DRI concentrate grade capability</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">2H
    2023 <SUP>(f)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-right: 5.4pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Brazil</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Serra
    Azul mine</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">4.5Mtpa
    direct reduction pellet feed plant</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #242424"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Facilities
to produce 4.5Mt/year DRI quality pellet feed by exploiting compact itabirite iron ore</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #242424"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">2H
    2023 <SUP>(g)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-right: 5.4pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Brazil</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Monlevade</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Sinter
    plant, blast furnace and melt shop</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Increase
    in liquid steel capacity by 1.0Mt/year; Sinter feed capacity of 2.25Mt/year</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">2H
    2024 <SUP>(h)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-right: 5.4pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">ACIS</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #242424"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ArcelorMittal
                                         Kryvyi Rih</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #242424"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #242424"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Ukraine)&nbsp;</FONT></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Pellet
    Plant</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Facilities
    to produce 5.0Mtpa pellets, replacing two existing sinter plants ensuring environmental compliance and improving productivity</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">On
    hold/ under review <SUP>(i)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-right: 5.4pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Brazil</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Barra
    Mansa</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Section
    mill</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Increase
    capacity of HAV bars and sections by 0.4Mt/pa</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">1Q
    2024 <SUP>(j)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-right: 5.4pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Others</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Andhra
    Pradesh (India)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Renewable
    energy project </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">975
    MW of nominal capacity solar and wind power</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">1H
    2024 <SUP>(k)</SUP></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a)
On September 28, 2017, ArcelorMittal announced a major $1.0 billion investment program at its Mexican operations, which is focused
on building ArcelorMittal Mexico&rsquo;s downstream capabilities, sustaining the competitiveness of its mining operations and
modernizing its existing asset base. The program is designed to enable ArcelorMittal Mexico to meet the anticipated increased
demand requirements from domestic customers, realize in full ArcelorMittal Mexico&rsquo;s production capacity of 5.3Mt and significantly
enhance the proportion of higher added-value products in its product mix. The main investment is the construction of a new hot
strip mill which will (after full ramp up) enable ArcelorMittal Mexico to produce c.2.5Mt of flat rolled steel, long steel c.1.5Mt
and the remainder made up of semi-finished slabs. Coils from the hot strip mill are supplied to domestic, non-auto, general industry
customers. The hot strip mill project commenced late 4Q 2017, and the first coils were produced at the end of 2021. Ramp up now
underway and on track to reach ca. 60% capacity in 2H&rsquo;22. Current expected EBITDA benefit in 2022 of ~$0.1 billion. The
project is estimated to add approximately $250 million in EBITDA on full completion and post ramp up. The hot skin pass mill (HSPM)
first coil was produced at the end of 1H 2022. In addition to the HSM project, a push pull pickling line (PPPL) is to be constructed
to capture additional domestic volume through hot rolled pickled and oiled products. The PPPL will have a capacity of up to 0.75Mtpa,
and the first pickled and oiled coils are expected to be produced by 2H 2024.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 was upgraded and includes innovative
power cooling technology to improve product capability. The project was completed in 1H 2022 with all equipment fully operating.
The project is estimated to add &gt;$25 million of EBITDA on full completion and post ramp up.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c)
Investment to replace #5 Hot-Dip Galvanizing Line Galvanneal coating capability with 160kt/year Aluminum Silicon (AluS<SUP>i&reg;</SUP>)
capability for the production of ArcelorMittal&rsquo;s patented Usibor<SUP>&reg;</SUP> Press Hardenable Steel for automotive structural
and safety components. With the investment, ArcelorMittal Dofasco will become the only Canadian producer of AluSi<SUP>&reg;</SUP>
coated Usibor<SUP>&reg;</SUP>. This investment complements additional strategic North America developments, including a new EAF
and caster at 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. The project
is estimated to add &gt;$40 million of EBITDA on full completion and post ramp up.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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&rsquo;s</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">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. Civil and steel structure erection works
at Combiline building is ongoing. Equipment erection at Acid Regeneration Plant #2 is progressing.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
project is expected to be completed in 4Q 2023 and estimated to add &gt;$0.1 billion of EBITDA on full completion and post ramp
up.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">e)
ArcelorMittal Liberia has been operating 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 15Mtpa 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. On September 10, 2021, ArcelorMittal signed with the Government of the Republic of Liberia
an amendment to its Mineral Development Agreement which is currently under the legislative ratification process. Detailed construction
design is well advanced. Main civil works contract progressing to plan, whilst tenders for key construction contracts and remaining
equipment are underway. Under this project, first concentrate product is expected in late 2023, ramping up to 15Mtpa thereafter.
The capex required to conclude the project, previously estimated at approximately $0.8 billion, is under review given impacts
of inflation and enlarged scope. Under the agreement, the Company has further expansion opportunities up to 30Mtpa. Other users
may be allowed to invest for additional rail capacity. The project is estimated to add approximately $250 million of EBITDA on
full completion and post ramp up.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">f)
ArcelorMittal Mexico is investing ~$150 million to increase pellet feed production by 1Mtpa to 2.3Mtpa and improve concentrate
grade in Las Truchas. This project will enable concentrate production to the blast furnace (BF) route (2.0Mtpa) and DRI route
(0.3Mtpa) for a total of 2.3Mtpa. Primary target is to supply ArcelorMittal Mexico steel operations with high quality feed. All
equipment purchase orders were placed and construction phase in approval process to start with civil construction of main buildings.
Production start-up is estimated in 2H 2023 and estimated to add approximately $50 million of EBITDA on full completion and post
ramp up.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">g)
Approximately $350 million investment at Serra Azul (Brazil) to construct facilities to produce 4.5Mtpa of DRI quality pellet
feed to primarily supply ArcelorMittal Mexico steel operation. The project will allow to mine the compact itabirite iron ore.
Environmental and operations licenses have been cleared. Detailed engineering is ongoing, earthworks have begun and procurement
of main equipment is nearing completion. Civil works of auxiliary buildings completed. Project start-up is estimated in 2H 2023.
The project is estimated to add ~$100 million of EBITDA on full completion and post ramp up.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">h)
The Monlevade upstream expansion project consisting of the sinter plant, blast furnace and meltshop has recommenced in late 2021,
following the anticipated improvement in Brazil domestic market. Detailed engineering is ongoing. Piling, civil works and erection
to be started. The project is estimated to be completed in 2H 2024 with a capex requirement of approximately $0.5 billion. The
project is estimated to add &gt;$0.2 billion of EBITDA on full completion and post ramp up.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">i)
Investment in ArcelorMittal Kryvyi Rih to build a 5.0Mtpa pellet plant which, together with the ongoing modernization of Sinter
Plant 2, will ensure that all sinter operations in Kryvyi Rih are compliant with dust emissions environmental regulations and
will enable cost reduction, quality and productivity improvement. In addition, the project will enable a CO2 footprint improvement
by 750kt CO2/yr. First pellet was initially expected to be produced in 4Q 2023 with a capex requirement of approximately $0.3
billion; however the project is on hold and has been suspended with the revised completion date and budget dependent on when the
project can be effectively resumed due to the Russian invasion of Ukraine. The project is estimated to add approximately $70 million
in EBITDA on full completion and post ramp up.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">j)
~$0.25 billion investment in sections mill at Barra Mansa (Brazil) with 400ktpa production capacity. The aim of the project is
to deliver higher added value products (HAV) (Merchant Bar and Special Bars) to increase domestic market share in HAV products
and to enhance profitability. Main equipment is contracted, disassembling of old mill to open space for the new equipment ongoing.
The project commenced in 2022 and is expected to be completed by 1Q 2024. The project is estimated to add $0.1 billion of EBITDA
on full completion and post ramp up.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">k)
This $0.6 billion investment, combining solar and wind power, will be supported by Greenko&rsquo;s hydro pumped storage project,
which helps to overcome the intermittent nature of wind and solar power generation. The project is owned and funded by ArcelorMittal.
Greenko will design, construct and operate the facilities in Andhra Pradesh, Southern India. AMNS India will enter into a 25 year
off-take agreement with ArcelorMittal to purchase 250 MW of renewable electricity annually from the project, resulting in over
20% of the electricity requirement at AMNS India&rsquo;s Hazira plant coming from renewable sources, reducing carbon emissions
by approximately 1.5Mt per year. The project commissioning is expected by mid-2024 and estimated to add $70 million of EBITDA
(excluding savings at AMNS India) upon completion. The Company is studying the option to develop a second phase which would double
the installed capacity.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Appendix
3: Debt repayment schedule as of June 30, 2022</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: red"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 37%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&nbsp;(USD
    billion)</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2022</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2023</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2024</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2025</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2026</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&gt;2026</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-right: 5.4pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Bonds</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.75pt 5.4pt 1.5pt; background-color: #B6B6B6; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&mdash;
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.75pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.75pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.75pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.75pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.75pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.75pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>5.0</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-right: 5.4pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Commercial
    paper</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; background-color: #B6B6B6; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&mdash;
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&mdash;
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&mdash;
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&mdash;
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&mdash;
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>0.9</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-right: 5.4pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Other
    loans</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; background-color: #B6B6B6; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2.9</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-right: 5.4pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total
    gross debt</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; background-color: #B6B6B6; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1.4</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1.5</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1.1</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1.5</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>0.5</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2.8</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>8.8</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Appendix
4: Reconciliation of gross debt to net debt as of June 30, 2022</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: red">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 67%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(USD
    million)</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Jun
    30, 2022</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Mar
    31, 2022</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Dec
    31, 2021</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-top: 2.75pt; padding-right: 5.4pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Gross
    debt </B></FONT></TD>
    <TD STYLE="background-color: #B6B6B6; padding: 2.75pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">8,788</FONT></TD>
    <TD STYLE="background-color: white; padding: 2.75pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">8,722</FONT></TD>
    <TD STYLE="background-color: white; padding: 2.75pt 5.4pt 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">8,401</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.75pt; padding-right: 5.4pt; padding-bottom: 1.5pt; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Less:
    Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; padding-left: 5.4pt; background-color: #B6B6B6; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(4,565)&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; padding-left: 5.4pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(5,570)&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; padding-left: 5.4pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(4,371)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-right: 5.4pt; padding-bottom: 1.5pt; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Net
    debt </B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2.75pt 5.4pt 1.5pt; background-color: #B6B6B6; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,223</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2.75pt 5.4pt 1.5pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>3,152</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2.75pt 5.4pt 1.5pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,030</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-right: 5.4pt; padding-bottom: 1.5pt; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Net
    debt / LTM EBITDA</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; background-color: #B6B6B6; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.2
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 5.4pt 1.5pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.2</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Appendix
5: Terms and definitions</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Apparent
steel consumption:</B> calculated as the sum of production plus imports minus exports.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Average
steel selling prices:</B> calculated as steel sales divided by steel shipments.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash
and cash equivalents</B>: represents cash and cash equivalents, restricted cash, and short-term investments.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Capex:
</B>represents the purchase of property, plant and equipment and intangibles.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Crude
steel production: </B>steel in the first solid state after melting, suitable for further processing or for sale.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Depreciation:
</B>refers to amortization and depreciation.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EPS:
</B>refers to basic or diluted earnings per share.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EBITDA:
</B>operating results plus depreciation, impairment items and if any, exceptional items.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 2.25pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EBITDA/tonne:
</B>calculated as EBITDA divided by total steel shipments.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 2.25pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Foreign
exchange and other net financing income / (loss):</B> 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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Free
cash flow (FCF)</B>: refers to net cash provided by operating activities less capex less dividends paid to minority shareholders</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Gross
debt</B>: long-term debt and short-ter<FONT STYLE="background-color: white">m debt.</FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; background-color: white"><B>Impairment
items: </B>refers to impairment charges net of reversals. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Iron
ore reference prices:</B> refers to iron ore prices for 62% Fe CFR China.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Liquidity:
</B>cash and cash equivalents plus available credit lines excluding back-up lines for the commercial paper program.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 2.25pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>LTIF:
</B>lost time injury frequency rate equals lost time injuries per 1,000,000 worked hours, based on own personnel and contractors.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Mt:
</B>refers to million metric tonnes.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net
debt: </B>long-term de<FONT STYLE="background-color: white">bt and short-term debt less cash and cash equivalents.</FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; background-color: white"><B>Net
debt/LTM EBITDA:</B> ref</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ers to Net debt divided
by EBITDA.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net
interest expense: </B>includes interest expense less interest income.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>On-going
projects:</B> 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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Operating
results: </B>refers to operating income.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Operating
segments: </B>NAFTA segment includes the Flat, Long and Tubular operations of Canada, Mexico; and also includes all Mexico mines.
The Brazil segment includes the Flat, Long and Tubular operations of Brazil and its neighboring countries including Argentina,
Costa Rica, Venezuela; and also includes Andrade and Serra Azul captive iron ore mines. The Europe segment includes the Flat,
Long and Tubular operations of the European business, as well as Downstream Solutions, and also includes Bosnia and Herzegovina
captive iron ore mines. The ACIS segment includes the Flat, Long and Tubular operations of Kazakhstan, Ukraine and South Africa;
and also includes the captive iron ore mines in Ukraine and iron ore and coal mines in Kazakhstan. Mining segment includes iron
ore operations of ArcelorMittal Mines Canada and ArcelorMittal Liberia.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Own
iron ore production:</B> includes total of all finished production of fines, concentrate, pellets and lumps and includes share
of production.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Price-cost
effect: </B>a lack of correlation or a 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></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Shipments:
</B>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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>STIP:
refers to short term incentive plan.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>LTIP:
refers to long term incentive plan.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Working
capital change (working capital investment / release): </B>Movement of change in working capital - trade accounts receivable plus
inventories less trade and other accounts payable.</FONT></P>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Footnotes
</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                         financial information in this press release has been prepared consistently with International
                                         Financial Reporting Standards (&ldquo;IFRS&rdquo;) as issued by the International Accounting
                                         Standards Board (&ldquo;IASB&rdquo;) and as adopted by the European Union. The interim
                                         financial information included in this announcement has also been 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, &ldquo;Interim Financial Reporting&rdquo;. 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. Segment
                                         information presented in this press release is 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. This press release also includes certain non-GAAP
                                         financial/alternative performance measures. ArcelorMittal presents EBITDA and EBITDA/tonne,
                                         free cash flow (FCF) and ratio of net debt/EBITDA which are non-GAAP financial/alternative
                                         performance measures as additional measures to enhance the understanding of its operating
                                         performance and evaluate the strength of its cash generating capacity and ability to
                                         service debt. The Company&rsquo;s EBITDA objectives for certain capital expenditure projects
                                         are based on the same accounting policies as those applied in the Company&rsquo;s financial
                                         statements prepared in accordance with IFRS. ArcelorMittal also presents Equity book
                                         value per share and ROE, calculated as shown in footnotes to this press release. ArcelorMittal
                                         believes such indicators are relevant to provide management and investors with additional
                                         information. 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 is no longer presenting adjusted net
                                         income / (loss) because there have been no adjustments in recent periods. Non-GAAP financial/alternative
                                         performance measures should be read in conjunction with, and not as an alternative for,
                                         ArcelorMittal&rsquo;s financial information prepared in accordance with IFRS.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Effective
                                         2Q 2021, ArcelorMittal retrospectively amended its presentation of reportable segments.
                                         The results of each mine are accounted for within the steel segment that it primarily
                                         supplies. Summary of changes: NAFTA: all Mexico mines; Brazil: Andrade and Serra Azul
                                         mines; Europe: ArcelorMittal Prijedor mine (Bosnia and Herzegovina); ACIS: Kazakhstan
                                         and Ukraine mines; and Mining: only AMMC and Liberia iron ore mines. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">LTIF
                                         figures presented for 2Q 2022 of 0.67x, 1Q 2022 of 0.69x, and 0.89x for 2Q 2021 exclude
                                         ArcelorMittal Italia (which was deconsolidated as from 2Q 2021 onwards).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AMNS
                                         India has plans to debottleneck operations (steel shop and rolling parts) and achieve
                                         capacity of 8.8Mt per annum and medium-term plans to expand and grow to 14Mt per annum
                                         and then to 18Mt per annum. The Thakurani mine is operating at full 5.5Mtpa capacity
                                         since 1Q 2021, while the second Odisha pellet plant was commissioned and started in September
                                         2021, adding 6Mtpa for a total 20Mtpa of pellet capacity. In addition, in September 2021,
                                         AMNS India commenced operations at Ghoraburhani - Sagasahi iron ore mine in Odisha. The
                                         mine is set to produce 5.0Mtpa of high-quality iron ore in 2022 and gradually ramp up
                                         production to a rated capacity of 7.2Mtpa and contribute significantly to meeting AMNS
                                         India&rsquo;s long-term raw material requirements. In March 2021, AMNS India signed a
                                         Memorandum of Understanding (&ldquo;MoU&rdquo;) with the Government of Odisha in view of
                                         building an integrated steel plant with a 12Mtpa capacity in Kendrapara district of state
                                         Odisha. A pre-feasibility study report was submitted to the state government in 3Q 2021,
                                         and AMNS India is currently engaging with the government for further studies and clearances.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AMNS
                                         Calvert (&ldquo;Calvert&rdquo;) has plans to construct a new 1.5Mt EAF and caster to be
                                         completed 1H 2023. The joint venture is to invest $775 million. Option to add a further
                                         1.5Mt EAF is being studied </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #242424">6.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ArcelorMittal
                                         Mines Canada, otherwise known as ArcelorMittal Mines and Infrastructure Canada.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">On
                                         December 19, 2018, ArcelorMittal signed a $5.5 billion 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. On April 30, 2021, ArcelorMittal amended its $5.5 billion RCF to
                                         align with its sustainability and climate action strategy. As of June 30, 2022, the $5.5
                                         billion revolving credit facility was fully available. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">XCarb&trade;
is designed to bring together all of ArcelorMittal&rsquo;s reduced, low and zero-carbon products and steelmaking activities, as
well as wider initiatives and green innovation projects, into a single effort focused on achieving demonstrable progress towards
carbon neutral steel. Alongside the new XCarb&trade; brand, we have launched three XCarb&trade; initiatives: the XCarb&trade;
innovation fund, XCarb&trade; green steel certificates and XCarb&trade; recycled and</FONT></TD></TR></TABLE>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in"></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">renewably produced for products made via the Electric Arc
                                         Furnace route using scrap. The Company is offering green steel using a system of certificates
                                         (XCarb&reg; green certificates). These will be issued by an independent auditor to certify
                                         tonnes of CO2 savings achieved through the Company&rsquo;s investment in decarbonization
                                         technologies in Europe. Net-zero equivalence is determined by assigning CO2 savings certificates
                                         equivalent to CO2 per tonne of steel produced in 2018 as the reference. The certificates
                                         will relate to the tonnes of CO2 saved in total, as a direct result of the decarbonization
                                         projects being implemented across a number of its European sites. </FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
                                         addition to the AMNS 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 expand 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 / new energy
                                         vehicle (NEV) market and propel it to be among the top 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 has recently upgraded its asset portfolio and benefits
                                         from a strong balance sheet position.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
                                         assets include the main listed investment of Erdemir (12%) at market value of $688 million,
                                         $935 million and $885 million as of June 30, 2022, March 31, 2022 and December 31, 2021,
                                         respectively.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Segment
                                         &ldquo;Other &amp; eliminations&rdquo;, EBITDA result was a loss of $84 million in 2Q
                                         2022, as compared to loss of $158 million in 1Q 2022 principally due to the decrease
                                         of the stock margin eliminations driven by the decrease during the quarter of the iron
                                         ore market price on intra-group stock sales between steel and mining businesses.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
                                         steel shipments in 1H 2022 were 29.7Mt, -5.8% lower as compared with 31.5Mt in 1H 2021
                                         on a scope adjusted basis. Total steel shipments in 2Q 2022 were 14.4Mt, -9.9% lower
                                         as compared with 16Mt in 2Q 2021 on a scope adjusted basis.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity
                                         book value per share is calculated as the Equity attributable to the equity holders of
                                         the parent divided by diluted number of shares at the end of the period. 2Q 2022 total
                                         equity of $54.0 billion divided by 904 million diluted shares outstanding equals $60/sh.
                                         1Q 2022 total equity of $53.8 billion divided by 949 million diluted shares outstanding
                                         equals $57/sh.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Strategic
                                         capex envelope of $3.65 billion represents total to be spent on strategic projects (listed
                                         in Appendix 2b) in the period from 2021 to 2024. Specifically, $0.40 billion of the $3.65
                                         billion has been spent through June 30, 2022. The various estimates in this press release
                                         of EBITDA benefit of these strategic capex projects are based on assumptions once projects
                                         are ramped up to capacity and assuming prices/spreads generally in line with the averages
                                         of the period 2015-2020 period.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Blast
                                         furnace No.6 (approximately 20% of total Kryvyi Rih capacity), was restarted on April
                                         11, 2022 (to resume low levels of pig iron production). Iron ore production has been
                                         steadily increased to ~55% capacity in 2Q 2022. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ROE
                                         refers to &ldquo;Return on Equity&rdquo; which is calculated as trailing twelve-month net
                                         income attributable to equity holders of the parent divided by the average equity attributable
                                         to the equity holders of the parent over the period. 2Q 2022 ROE of 34% ($16.7 billion
                                         / $49.6 billion). 1Q 2022 ROE of 36% ($16.8 billion / $46.8 billion).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">On
                                         May 31, 2022, Acciaierie d&rsquo;Italia Holding and Ilva signed an amendment to the Ilva
                                         lease agreement (with a conditional purchase obligation) to, among other changes, extend
                                         the longstop date for the fulfillment of the conditions precedent (and, therefore, the
                                         term of the lease of the Ilva business) by 2 years (until May 31, 2024). In parallel,
                                         the ArcelorMittal group and Invitalia signed an amendment to their investment agreement
                                         to extend the latest date for the second equity injection to May 31, 2024 (to coincide
                                         with the latest date for the fulfillment of the conditions precedent for the purchase
                                         of the Ilva business assets) and to reflect certain other circumstances. This amendment
                                         to the investment agreement confirms Acciaierie d&rsquo;Italia Holding&rsquo;s ownership
                                         and governance structure until May 2024.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">On
                                         March 30, 2022 Votorantim exercised the put option right it has under its shareholders&rsquo;
                                         agreement with the Company to sell its entire equity interest in ArcelorMittal Brasil
                                         to the Company, following the acquisition of Votorantim S.A.&rsquo;s long steel business in
                                         Brazil in 2018, which became a wholly-owned subsidiary of ArcelorMittal Brasil. The exercise
                                         price is calculated pursuant to an agreed formula in the shareholders&rsquo; agreement
                                         which applies a 6x multiple of ArcelorMittal Brasil Longs Business EBITDA in the four
                                         immediately preceding calendar quarters from the date of the put option exercise (subject
                                         to certain adjustments, such as the exclusion of any unusual, infrequent or abnormal
                                         events ) less an assumed net debt of BRL 6.2 billion times 15%. ArcelorMittal Brasil
                                         calculated the put option exercise price in the amount of BRL 840 million, but Votorantim
                                         S.A. has indicated that it does not agree with ArcelorMittal Brasil&rsquo;s calculation
                                         of the exercise price. The definition of the final put option exercise price will be
                                         subject to the procedure specified in the shareholders&rsquo; agreement, with arbitration being
                                         the ultimate means.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">On
                                         March 17, 2022, ArcelorMittal had announced an investment (which is in the process of
                                         final review and approval), with the support of the French government, to create a new
                                         production unit for electrical steels at its Mardyck site in the north of France. This
                                         investment will create more than 100 direct jobs. With this new unit, which will specialize
                                         in the production of electrical steels for the engines of electric vehicles and which
                                         complements ArcelorMittal&rsquo;s existing electrical steels plant in Saint Ch&eacute;ly
                                         d&rsquo;Apcher, in the south of France, all of the group&rsquo;s electrical steels will be
                                         produced in France, strengthening France&rsquo;s electromobility secto<FONT STYLE="color: #2A2A2A">r.</FONT></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Following
                                         a favorable and unappealable decision issued in May 2022 with respect to taxpayers&rsquo;
                                         right to register the Pis/Cofins credits over scrap purchases, ArcelorMittal Brasil recorded
                                         a gain in the amount of $0.2 billion for the previous periods.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                         Company has introduced a 50% increase in the STI link to safety performance (with fatalities
                                         acting as a circuit breaker); increased the safety target in STIP to 15%, and LTIP to
                                         10%; and included ESG objectives in LTIP.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shares
                                         issued and outstanding as of March 31, 2022 reflected the cancellation of 45 million
                                         treasury shares and an increase of 18.3 million in treasury shares from share buybacks
                                         in the first quarter of 2022. Shares issued and outstanding as of June 30, 2022 reflected
                                         the cancellation of 60 million treasury shares and an increase of 46.8 million in treasury
                                         shares from share buybacks in the second quarter of 2022. In addition, following the
                                         dividend paid in June 2022, the $608 million aggregate principal amount of the Mandatorily
                                         Convertible Notes due 2023 outstanding as of June 30, 2022, divided by the maximum conversion
                                         price of $10.64 per share; equals approximately 57 million shares following conversion.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Based
                                         on share price as at 26.07.22 of $22.90/sh.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Second
quarter and half year 2022 earnings analyst conference call</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; background-color: white">ArcelorMittal
management will host a conference call for </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">members
of the investment community to present and comment on the three-month and six-month period ended June 30, 2022 on: <B>Thursday
July 28, 2022 at <FONT STYLE="background-color: white">9.30am US Eastern time; 14.30pm London time and 15.30pm CET. </FONT></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
    dial in numbers are: </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #5C7F92">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white">Location</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white">Toll
    free dial in numbers</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white">Local
    dial in numbers</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white">&nbsp;Participant</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">UK
    local: </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0808
    238 0676</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">+44
    (0)203 057 6900</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 3.5pt 2.65pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7995055#</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-right: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">US
    local: </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 2.65pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">+1
    866 220 1433</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 3.5pt 2.65pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">+1
    347 903 0960</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 2.65pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7995055#</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-right: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">France:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 2.65pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0805
    101 469</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 3.5pt 2.65pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">+33
    1 7070 6079</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 2.65pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7995055#</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-right: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Germany:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 2.65pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0800
    588 9185</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 3.5pt 2.65pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">+49
    69 2222 2624</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 2.65pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7995055#</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-right: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #242424">Spain:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 2.65pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #242424">900
    828 532</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 3.5pt 2.65pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #242424">+34
    914 144 464</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 2.65pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #242424">7995055#</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-right: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #242424">Luxembourg:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 2.65pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #242424">800
    23 023</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 3.5pt 2.65pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #242424">+352
    2786 0311</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3.5pt 2.65pt 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #242424">7995055#</FONT></TD></TR>
<TR>
    <TD STYLE="width: 32%; padding-right: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 23%; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 27%; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Join
the call via telephone using the participant code 7995055# or alternatively use the live audio webcast link.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; "><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>https://interface.eviscomedia.com/player/1147/</U></FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Please
visit the results section on our website to listen to the reply once the event has finished https://corporate.arcelormittal.com/investors/results</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Forward-Looking
Statements</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 &ldquo;believe&rdquo;, &ldquo;expect&rdquo;, &ldquo;anticipate&rdquo;, &ldquo;target&rdquo; or
similar expressions. Although ArcelorMittal&rsquo;s management believes that the expectations reflected in such forward-looking
statements are reasonable, investors and holders of ArcelorMittal&rsquo;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 &ldquo;SEC&rdquo;) made or to be made by ArcelorMittal,
including ArcelorMittal&rsquo;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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>About
ArcelorMittal</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ArcelorMittal
is one of the world&rsquo;s leading steel and mining company, with a presence in 60 countries and primary steelmaking facilities in
16 countries. In 2021, ArcelorMittal had revenues of $76.6 billion and crude steel production of 69.1 million metric tonnes, while
iron ore production reached 50.9 million metric tonnes.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Our
goal is to help build a better world with smarter steels. Steels made using innovative processes which use less energy, emit significantly
less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for electric vehicles and renewable energy
infrastructure that will support societies as they transform through this century. With steel at our core, our inventive people
and an entrepreneurial culture at heart, we will support the world in making that change. This is what we believe it takes to
be the steel company of the future.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ArcelorMittal
is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges
of Barcelona, Bilbao, Madrid and Valencia (MTS). For more information about ArcelorMittal please visit: http://corporate.arcelormittal.com/</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="color: red; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Enquiries</B></FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ArcelorMittal
investor relations: +44 207 543 1128; Retail: +44 207 543 1156; SRI: +44 207 543 1156 and Bonds/credit: +33 1 71 92 10 26.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ArcelorMittal
corporate communications (E-mail: press@arcelormittal.com) +44 207 629 7988. Contact: Paul Weigh +44 203 214 2419</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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