<SEC-DOCUMENT>0001999371-24-009416.txt : 20240801
<SEC-HEADER>0001999371-24-009416.hdr.sgml : 20240801
<ACCEPTANCE-DATETIME>20240801154452
ACCESSION NUMBER:		0001999371-24-009416
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20240801
FILED AS OF DATE:		20240801
DATE AS OF CHANGE:		20240801

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ArcelorMittal
		CENTRAL INDEX KEY:			0001243429
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35788
		FILM NUMBER:		241166336

	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>arcelormittal-6k_080124.htm
<DESCRIPTION>CURRENT REPORT
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<P STYLE="margin: 0">&nbsp;</P>


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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>


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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER<BR>
PURSUANT TO RULE 13a-16 OR 15d-16<BR>
UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Dated August 1, 2024</P>

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

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

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

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARCELORMITTAL</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>L-1160 Luxembourg</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Grand Duchy of Luxembourg</B></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Indicate by check mark whether
the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</P>

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  <TD STYLE="text-align: right; width: 36%">&nbsp;</TD>
  <TD STYLE="text-align: left; width: 10%">Form 20-F</TD>
  <TD STYLE="width: 8%">&#9746;</TD>
    <TD STYLE="width: 10%">Form 40-F</TD>
  <TD STYLE="width: 36%">&#9744;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">On August 1, 2024, ArcelorMittal
published the press release attached hereto as Exhibit 99.1 and hereby incorporated by reference into this report on Form 6-K.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>Exhibit Index</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>


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    <td style="padding-top: 2pt; font: 12pt Times New Roman, Times, Serif; width: 15%; padding-bottom: 2pt"><font style="font-size: 10pt"><b><u>Exhibit No.</u></b></font></TD>
    <td style="padding-top: 2pt; font: 12pt Times New Roman, Times, Serif; width: 85%; padding-bottom: 2pt"><font style="font-size: 10pt"><b><u>Description</u></b></font></TD></TR>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: blue"><U><A HREF="ex99-1.htm">Exhibit 99.1</A></U></P>
</TD>
    <TD STYLE="width: 85%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Press release dated August 1, 2024, ArcelorMittal reports second quarter
    2024 and half year 2024 results</P>
    </TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>SIGNATURES</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">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.</P>

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  <TD STYLE="width: 47%"><b>&nbsp;</b></TD>
  <TD STYLE="width: 53%"><b>ARCELORMITTAL</b></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Date 1 August 2024</TD>
  <TD>&nbsp;</TD></TR>
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  <TD STYLE="width: 6%">By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 16%">/s/ Henk Scheffer</TD>
  <TD STYLE="width: 45%">&nbsp;</TD>
  <TD STYLE="width: 33%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Name:</TD>
  <TD COLSPAN="2">Henk Scheffer</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Title:</TD>
  <TD COLSPAN="2">Company Secretary &amp; Group Compliance &amp;
Data Protection Officer</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>

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<TYPE>EX-99.1
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<FILENAME>ex99-1.htm
<DESCRIPTION>PRESS RELEASE DATED AUGUST 1, 2024
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<P STYLE="margin: 0"><B><A HREF="arcelormittal-6k_080124.htm">ARCELORMITTAL 6-K</A></B></P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 12pt 0 0"><B></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; color: red"><B>ArcelorMittal reports second quarter 2024 and
half year 2024 results</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B>Luxembourg, August 1, 2024 </B>- ArcelorMittal (referred to
as &ldquo;ArcelorMittal&rdquo; or the &ldquo;Company&rdquo; or the &ldquo;Group&rdquo;) (MT (New York, Amsterdam, Paris, Luxembourg), MTS
(Madrid)), the world&rsquo;s leading integrated steel and mining company, today announced results<SUP>1</SUP> for the three-month and
six-month periods ended June 30, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; color: red"><B>2Q
2024 key highlights:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B>Health and safety focus:</B> Protecting employee health
and safety remains the overarching priority of the Company; the Company-wide audit of safety by dss+ remains on track for completion by
3Q 2024 and will support our pathway to zero serious injuries and fatalities; LTIF<SUP>2</SUP> rate of 0.57 in 2Q 2024 and 0.59 in 1H
2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B>Resilient operating results: </B>Benefits of diversification
were apparent in the second quarter, with higher steel shipments (+3.2% vs. 1Q 2024) and lower costs helping to offset the impact of lower
steel prices; 2Q 2024 EBITDA<SUP>3</SUP> of $1.9bn (vs. $2.0bn in 1Q 2024) with EBITDA/t of $134/t in 2Q 2024 ($140/t in 1H 2024) continuing
to reflect structural improvements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B>Net income impacted by non-cash items: </B>$0.5bn in 2Q
2024 vs. $0.9bn in 1Q 2024 largely explained by the impact of the non-cash mark-to-market on Vallourec shares<SUP>10</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B>Financial strength: </B>Net debt of $5.2bn at the end of the
quarter (gross debt of $11.1bn and cash and cash equivalents of $5.9bn as of June 30, 2024) remains a strong foundation for continued
growth investment and capital returns</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B>Cash flow being reinvested for growth and shareholder returns:</B>
over the past 12 months, the Company has generated investable cash flow<SUP>18</SUP> of $2.6bn with $1.5bn invested on strategic growth
projects and $1.8bn returned to ArcelorMittal shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; color: red"><B>Key developments towards
strategic objectives:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B>Organic growth:</B> As expected the Vega CMC (Brazil) project
is ramping up and the 1GW renewables project in India has begun commissioning. Further projects nearing completion include: Calvert EAF
(US), Serra Azul (Brazil), electrical steel (France) and capacity expansion in Liberia. Strategic growth projects are estimated to add
$1.8 billion to the Company's EBITDA potential by the end of 2026<SUP>5</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B>Asset portfolio: </B>The Sustainable Solutions segment is
making progress towards the targeted doubling of EBITDA in the next 5 years. The Company has acquired Italpannelli&rsquo;s Italian and
Spanish businesses, building on ArcelorMittal&rsquo;s exposure to insulation panels for low carbon emissions buildings. Together with
Vallourec (which will be reported within India and JV segment), these acquisitions are estimated to add a further $0.2bn to EBITDA potential
in 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B>Consistent shareholder returns:</B> In addition to its growing
base dividend ($0.50/sh in 2024, of which the first $0.25/sh installment was paid in June 2024), the Company will continue to return a
minimum 50% of post-dividend FCF to shareholders through its share buyback programs. The Company repurchased 1.5% of its outstanding shares
during 2Q 2024 (4.2% during the 1H 2024)<SUP>11 </SUP>bringing the total reduction in fully diluted share count to 36% since September
2020<SUP>6</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; color: red"><B>Outlook
</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B>Company believes current market conditions are unsustainable:</B>
China&rsquo;s excess production relative to demand is resulting in very low domestic steel spreads and aggressive exports; steel prices
in both Europe and US are below the marginal cost. The Company expects apparent demand to be higher in 2H&rsquo;24 vs. 2H&rsquo;23 (which
was impacted by destocking particularly in Europe). As absolute inventory levels remain low, particularly in Europe, the Company remains
optimistic that restocking activity will occur once real demand begins to recover</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B>Disciplined capex investment:</B> Capex in 2024 continues
to be expected within the range of $4.5bn-$5.0bn range, including $1.4-1.5bn on our strategic growth projects<SUP>4,9</SUP>. A capital-efficient
decarbonization strategy is essential to achieving appropriate returns on investment. ArcelorMittal continues to optimize its decarbonization
pathway, with the objective of achieving its targets within the established budget</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B>Positive free cash flow outlook in 2024 and beyond: </B>The
Company expects the $1.6bn investment in working capital in 1H&rsquo;24 to reverse by year end, supporting the outlook for free cash flow
generation. The completion of the Company&rsquo;s strategic growth projects is expected to support structurally higher EBITDA and investable
cash flow in the coming periods</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; color: red"><B>Financial highlights
(on the basis of IFRS<SUP>1</SUP>):</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #5C7F92">
    <TD STYLE="border-top: black 1pt solid; width: 45%; border-bottom: black 1pt solid"><FONT STYLE="color: White"><B>(USDm) unless otherwise
    shown</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="color: White"><B>2Q
    24</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="color: White"><B>1Q
    24</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="color: White"><B>2Q
    23</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="color: White"><B>1H
    24</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="color: White"><B>1H
    23</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt">Sales</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">16,249</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">16,282</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">18,606</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">32,531</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">37,107</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Operating income</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,046</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,072</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,925</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,118</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">3,117</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt">Net income attributable to equity holders of the parent</TD>
    <TD STYLE="background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">504</TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">938</TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,860</TD>
    <TD STYLE="background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,442</TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,956</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Basic earnings per common share (US$)</TD>
    <TD STYLE="border-top: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">0.63</TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1.16</TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2.21</TD>
    <TD STYLE="border-top: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1.80</TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">3.47</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Operating income/tonne (US$/t)</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">75</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">80</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">136</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">77</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">109</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">EBITDA<SUP>3</SUP></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,862</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,956</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,998</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">3,818</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">5,138</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">EBITDA /tonne (US$/t)</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">134</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">145</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">211</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">140</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">179</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Crude steel production (Mt)</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">14.7</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">14.4</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">14.7</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">29.1</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">29.2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Steel shipments (Mt)</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">13.9</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">13.5</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">14.2</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">27.3</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">28.7</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Total Group iron ore production (Mt)</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">9.5</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">10.2</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">10.5</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">19.7</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">21.3</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Iron ore production (Mt) (AMMC and Liberia only)</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">5.9</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">6.5</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">6.4</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">12.4</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">13.1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Iron ore shipment (Mt) (AMMC and Liberia only)</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">6.2</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">6.3</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">6.6</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">12.5</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">14.0</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Weighted average common shares outstanding (in millions)</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">794</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">809</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">842</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">802</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">851</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B>Commenting, Aditya Mittal, ArcelorMittal
Chief Executive Officer, said:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">&ldquo;The Company continued to make good progress in the first half
of the year. Starting with safety, the comprehensive dss+ audit of all matters safety related is nearing completion. There has been excellent
engagement at all levels across the Group and no doubt the learnings and recommendations will be instrumental in helping us achieve our
safety goals.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">&ldquo;Our pipeline of attractive strategic growth projects, which combined
with recent acquisitions, have the estimated potential to increase EBITDA by $2.0 billion, are starting to come on-line. The Vega CMC
is ramping up and the 1GW renewables project in India has now started commissioning, with several other projects due to complete this
year.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">&ldquo;Demand continues to grow for our XCarb recycled and renewably
produced steels, which are currently shining brightly on the Eiffel Tower and Arc de Triomphe in the form of the Olympic &ldquo;Spectacular&rdquo;
rings and Paralympic &ldquo;Agitos&rdquo;. As important as our low carbon steel products, are our climate solutions. We have recently
launched the new HyMatch&reg; brand for hydrogen transport pipelines supporting the implementation of hydrogen infrastructure globally
and the recent acquisition of Italpannelli&rsquo;s Italian and Spanish businesses, builds our exposure to the attractive insulation panels
market for low carbon emissions buildings. We also continue to progress our decarbonization agenda, with groundbreaking having taken place
on the new 1.1 million tonne electric arc furnace in Gijon.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">&ldquo;Financially, performance in the second quarter was broadly similar
to the first, reflecting the continued subdued economic sentiment. Inventories are at a low level which will support apparent steel demand
growth ex-China of between 2.5% and 3% this year. The Company enjoys a healthy balance sheet, from which it can continue to invest for
growth and market share and consistently return cash to shareholders.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; color: red"><B>Safety and sustainable development</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B>Health and Safety focus: </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Protecting employee health and safety remains the overarching priority
of the Company. LTIF rate of 0.57 in 2Q 2024 (vs 0.61 in 1Q 2024 and 0.73 in 2Q 2023).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">The Company-wide safety audit by dss+, which encompasses the three pillars
of fatality prevention standards, process risk management, and policies, processes and governance, is progressing on schedule. The groundwork
was completed at the end of July and included:</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">155 onsite audits of the fatality prevention standards covering
the company&rsquo;s three main occupational risks (injured by a machine that was not properly isolated or turned off, crushed by a vehicle
or moving machine, and falling from height);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Process safety risk management assessments of 14 of our highest
priority countries and assets (including JVs);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">~300 interviews with the ArcelorMittal Board, senior leadership,
health and safety personnel and unions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">~100 focus groups on practical perception of safety issues
(&gt;70 took place onsite in 12 plants);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over 100 observations of key meetings to understand how health
and safety is discussed at all levels e.g. the Board Sustainability Committee to production meetings; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Review of policies and other documentation to understand how
effectively health and safety is governed and communicated.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Key recommendations will be published following completion of
the audit. There is a clear engagement and full support from leadership across the organization to make ArcelorMittal a better, safer
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B>Own personnel and contractors &ndash;
Lost Time Injury Frequency rate</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #5C7F92">
    <TD STYLE="vertical-align: bottom; width: 45%; border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="color: White">&nbsp;</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="color: White"><B>2Q
    24</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="color: White"><B>1Q
    24</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="color: White"><B>2Q
    23</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="color: White"><B>1H
    24</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="color: White"><B>1H
    23</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt">North America</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">0.31</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">0.00</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">0.25</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">0.14</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">0.18</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Brazil</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">0.15</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">0.08</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">0.30</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">0.13</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">0.32</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Europe</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1.06</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1.28</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1.51</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1.14</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1.38</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Sustainable Solutions</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1.09</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">0.89</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1.10</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">0.98</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">0.95</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Mining</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">0.15</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">0.16</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">0.00</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">0.16</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">0.11</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Others</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">0.47</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">0.76</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">0.60</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">0.60</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">0.62</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><B>Total</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>0.57</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>0.61</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>0.73</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>0.59</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>0.70</B></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B>Sustainable
development highlights<SUP>14</SUP>:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&bull;</STRIKE></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is progressing the decarbonization projects globally
to ensure we maximize our competitive advantage and deliver an acceptable return on investment.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9702;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The construction of the 1.1Mt EAF at the Gij&oacute;n plant
has started, representing the first in ArcelorMittal Europe&rsquo;s decarbonization program. The &euro;0.2 billion investment in state-of-the-art
technology will enable ArcelorMittal to produce high added value rails and wire rod (expected EBITDA $50 million)</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9702;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The 1GW India renewables project has begun commissioning.
Power evacuation (substations and transmission lines) are largely complete. The $0.7 billion capex project with an expected $0.1 billion
of EBITDA (including equity share of the net income benefit to AMNS India JV) will provide cost competitive and stable supply of round-the-clock
renewable power for AMNS India, representing over 20% of AMNS India&rsquo;s Hazira plants energy requirements.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9702;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ArcelorMittal continues to engage with Country Governments
to access low carbon energy for ArcelorMittal group at competitive prices for its DRI EAF projects. In Belgium, we have signed a letter
of intent for low-carbon electricity supply which follows a similar agreement in France with EDF.</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ArcelorMittal has been expanding its low carbon solutions
offering to capture demand for low carbon steel, which builds on solutions already available across the group, such as low carbon emissions
buildings (e.g. Steligence brand) and renewables (e.g. Magnelis<SUP>&reg; </SUP>coating for solar). </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9702;</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ArcelorMittal launched the HyMatch<SUP>&reg; </SUP>steel brand
for hydrogen transport pipelines supporting the implementation of hydrogen infrastructure globally</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9702;</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The recent acquisition of Italpannelli&rsquo;s Italian and
Spanish businesses, with a capacity of 13 million m<SUP>2</SUP> of sandwich panels a year, builds on ArcelorMittal&rsquo;s exposure to
insulation panels for low carbon emissions buildings</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ArcelorMittal
                                            continues to increase its XCarb<SUP>&reg;</SUP> recycled and renewably produced (RRP) low-carbon
                                            emissions product range and sales. XCarb<SUP>&reg;</SUP> products are on track to double
                                            sales in 2024 (vs. 2023). In addition, ArcelorMittal Europe Flat Products has the capability
                                            to produce 80% of its industry steel grades and dimensions in XCarb<SUP>&reg;</SUP> RRP,
                                            with the potential to expand.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; color: red"><B>Analysis of results for the six months ended June
30, 2024 versus results for the six months ended June 30, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Sales for 1H 2024 decreased by -12.3% to $32.5 billion as compared
with $37.1 billion for 1H 2023, primarily due to -7.5% lower average steel selling prices and a -4.6% decline in steel shipments. On a
scope adjusted basis (i.e. excluding Kazakhstan operations that were sold on December 7, 2023 and ArcelorMittal Pecem consolidated on
March 9, 2023<SUP>7</SUP>), 1H 2024 steel shipments were -1.1% lower as compared to 1H 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Operating income for 1H 2024 of $2.1 billion was -32.1% lower
as compared to $3.1 billion in 1H 2023 primarily driven by negative price-cost effect (predominantly on account of -7.5% lower average
steel selling prices) and lower steel shipment volumes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">EBITDA in 1H 2024 decreased by -25.7% to $3,818 million as compared
to $5,138 million in 1H 2023, primarily due to a negative price-cost effect, lower steel shipments including impacts of an illegal blockade
at our Mexican operations (that resulted in loss of volume in 2Q 2024 of ~0.4Mt and negatively impacted EBITDA by approximately ~$0.1
billion).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">ArcelorMittal&rsquo;s net income for 1H 2024 declined to $1,442
million as compared to $2,956 million for 1H 2023, largely due to lower operating results, lower income from equity method investments
and higher foreign exchange loss and financing costs (largely due to the US$ appreciation against most currencies) partially offset by
lower net interest expense. ArcelorMittal&rsquo;s basic earnings per common share for 1H 2024 was $1.80, as compared to $3.47 for 1H 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Net cash provided by operating activities in 1H 2024 was $1.0 billion
as compared to $3.0 billion in 1H 2023. Free cash outflow during 1H 2024 of $1.3 billion<SUP>8</SUP> includes a working capital investment
of $1.6 billion and capex of $2.2 billion (including strategic growth projects<SUP>9</SUP>). The free cash outflow together with ongoing
shareholder returns of $1.1 billion during the period, led to an increase in net debt to $5.2 billion on June 30, 2024, as compared to
$2.9 billion on December 31, 2023. Gross debt of $11.1 billion on June 30, 2024, as compared to $10.7 billion on December 31, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; color: red"><B>Analysis of results for 2Q 2024 versus 1Q 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Sales in 2Q 2024 were stable at $16.2 billion as compared to
$16.3 billion in 1Q 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Operating income of $1.0 billion in 2Q 2024 was -2.4% lower
as compared 1Q 2024 largely reflecting the impacts of an illegal blockade at our Mexican operations offset in part by higher steel shipments
(+3.2%).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">EBITDA in 2Q 2024 decreased by -4.8% to $1,862 million as compared
to $1,956 million in 1Q 2024, primarily due to weaker results in North America (impacted by an illegal blockade in Mexico), India and
JVs segment (planned maintenance in India) and Mining segment (lower iron ore prices) offset in part by an improvement in the Europe segment
primarily due to lower costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">ArcelorMittal recorded net income in 2Q 2024 of $504 million,
lower as compared to $938 million in 1Q 2024 largely due to non-cash mark-to-market on Vallourec shares<SUP>10 </SUP>(gain of $181 million
as of March 31, 2024, was then reversed by $173 million as of June 30, 2024).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">ArcelorMittal's basic earnings per common share for 2Q 2024
was $0.63 as compared to $1.16 in 1Q 2024.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Free cash flow during 2Q 2024 of $0.1 billion was impacted by capex
of $1.0 billion, including strategic growth projects<SUP>4</SUP>, offset in part by a working capital release of $0.1 billion. This together
with ongoing share buy backs ($0.3 billion) and dividends to ArcelorMittal shareholders ($0.2 billion) led to an increase in net debt
to $5.2 billion on June 30, 2024, as compared to $4.8 billion on March 31, 2024. Due to the seasonality of working capital needs, the
Company believes that a year-on-year comparison of net debt is more useful. Over the past 12 months net debt increased by $0.7 billion
as the Company funded strategic growth capex of $1.5 billion and returned $1.8 billion to ArcelorMittal shareholders (dividends $0.4 billion
and share buy backs $1.4 billion).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; color: red"><B>Analysis of operations<SUP>3</SUP></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><B>North America</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #5C7F92">
    <TD STYLE="border-top: black 1pt solid; width: 45%; border-bottom: black 1pt solid; padding-right: 2.65pt"><FONT STYLE="color: White"><B>(USDm)
    unless otherwise shown</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="color: White"><B>2Q
    24</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="color: White"><B>1Q
    24</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="color: White"><B>2Q
    23</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="color: White"><B>1H
    24</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="color: White"><B>1H
    23</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt">Sales</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">3,162</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">3,347</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">3,498</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">6,509</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">6,848</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Operating income</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">338</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">585</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">662</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">923</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,117</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt">Depreciation</TD>
    <TD STYLE="background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">(129)</TD>
    <TD STYLE="background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">(120)</TD>
    <TD STYLE="background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">(127)</TD>
    <TD STYLE="background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">(249)</TD>
    <TD STYLE="background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">(253)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">EBITDA</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">467</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">705</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">789</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,172</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,370</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Crude steel production (Kt)</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,823</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,180</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,244</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">4,003</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">4,420</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">- Flat shipments (Kt)</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,865</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,245</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,046</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">4,110</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">4,254</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">- Long shipments (Kt)</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">719</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">666</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">667</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,385</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,358</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Steel shipments* (Kt)</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,468</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,796</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,604</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">5,264</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">5,447</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Average steel selling price (US$/t)</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,040</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,042</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,116</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,041</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,052</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left">* North America steel shipments include slabs sourced
by the segment from Group companies (mainly the Brazil segment) and sold to the Calvert JV (eliminated in the Group consolidation). These
shipments can vary between periods due to slab sourcing mix and timing of vessels: 2Q'24 476kt; 1Q'24 481kt, 2Q'23 360kt; 1H'24 957kt
and 1H'23 834kt.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left">Sales in 2Q 2024 decreased by -5.5% to $3.2
billion, as compared to $3.3 billion in 1Q 2024 primarily on account of a -11.7% decrease in steel shipments, primarily flat products,
impacted by an illegal blockade at our Mexican operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left">Since May 24, 2024, ArcelorMittal Mexico steel
plant in Lazaro Cardenas and mine located in the Tenencia La Mira in the state of Michoac&aacute;n was impacted by an illegal blockade
by a group of workers due to their dissatisfaction with the distribution of profit sharing by the Company. In order to maintain safety
within and outside the plant, the Company halted the blast furnace and mining operations, and has undertaken mitigation actions to continue
to serve customers. The impact is an estimated loss of ~0.4Mt volume and $0.1 billion EBITDA in 2Q 2024. On July 19, 2024, ArcelorMittal
Mexico announced that it had reached a settlement with unions with an agreement to end the strike leading to a gradual restart of production/shipments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left">Operating income in 2Q 2024 decreased by -42.1%
to $338 million as compared to $585 million in 1Q 2024, primarily due to the impact of the illegal blockade (as discussed above) and a
negative price-cost impact.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left">EBITDA in 2Q 2024 of $467 million was -33.7%
lower as compared to $705 million in 1Q 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B>Brazil<SUP>7</SUP></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #5C7F92">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 46%; padding-right: 2.65pt"><FONT STYLE="color: White"><B>(USDm)
    unless otherwise shown</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="color: White"><B>2Q
    24</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="color: White"><B>1Q
    24</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="color: White"><B>2Q
    23</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="color: White"><B>1H
    24</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="color: White"><B>1H
    23</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt">Sales</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">3,243</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">3,051</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">3,826</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">6,294</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">6,894</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Operating income</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">325</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">302</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">553</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">627</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">876</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Depreciation</TD>
    <TD STYLE="background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">(88)</TD>
    <TD STYLE="background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">(94)</TD>
    <TD STYLE="background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">(105)</TD>
    <TD STYLE="background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">(182)</TD>
    <TD STYLE="background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">(177)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">EBITDA</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">413</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">396</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">658</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">809</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,053</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Crude steel production (Kt)</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">3,607</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">3,564</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">3,732</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">7,171</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">6,784</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">- Flat shipments (Kt)</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,441</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,137</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,363</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">4,578</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">4,103</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">- Long shipments (Kt)</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,215</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,061</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,234</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,276</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,451</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Steel shipments (Kt)</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">3,637</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">3,180</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">3,583</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">6,817</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">6,520</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Average steel selling price (US$/t)</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">826</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">886</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,001</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">854</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">991</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Sales in 2Q 2024 increased by +6.3% to $3.2 billion as compared
to $3.1 billion in 1Q 2024, primarily due to a +14.4% increase in steel shipments (including a seasonal recovery in demand in Brazil and
shipments timing delays from 1Q 2024) offset in part by a -6.7% decline in average steel selling prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Operating income in 2Q 2024 of $325 million was +7.7% higher as
compared to $302 million in 1Q 2024, due to higher shipments offset in part by a negative price-cost effect (lower selling prices more
than offsetting lower costs).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">EBITDA in 2Q 2024 increased by +4.3% to $413 million as compared to
$396 million in 1Q 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B>Europe</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #5C7F92">
    <TD STYLE="border-top: black 1pt solid; width: 45%; border-bottom: black 1pt solid"><FONT STYLE="color: White"><B>(USDm) unless otherwise
    shown</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="color: White"><B>2Q
    24</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="color: White"><B>1Q
    24</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="color: White"><B>2Q
    23</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="color: White"><B>1H
    24</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="color: White"><B>1H
    23</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt">Sales</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">7,822</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">7,847</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">8,686</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">15,669</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">17,766</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Operating income</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">194</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">69</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">436</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">263</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">744</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Depreciation</TD>
    <TD STYLE="background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">(268)</TD>
    <TD STYLE="background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">(274)</TD>
    <TD STYLE="background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">(270)</TD>
    <TD STYLE="background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">(542)</TD>
    <TD STYLE="background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">(533)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">EBITDA</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">462</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">343</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">706</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">805</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,277</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Crude steel production (Kt)</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">8,041</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">7,604</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">6,827</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">15,645</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">14,507</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">- Flat shipments (Kt)</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">5,206</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">5,302</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">5,049</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">10,508</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">10,517</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">- Long shipments (Kt)</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,204</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,939</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,068</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">4,143</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">4,216</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Steel shipments (Kt)</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">7,407</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">7,236</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">7,114</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">14,643</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">14,727</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Average steel selling price (US$/t)</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">929</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">945</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,048</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">937</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,026</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Sales in 2Q 2024 were stable at $7.8 billion, as compared to 1Q
2024, primarily due to improved steel shipment volumes (particularly long products which improved +13.7%) offset by a -1.7% decline in
average steel selling prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Operating income in 2Q 2024 was $194 million as compared to $69
million in 1Q 2024 primarily due to a positive price-cost effect (lower costs more than offsetting lower average steel selling prices)
and higher steel shipments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">EBITDA in 2Q 2024 of $462 million increased by +34.8% as compared to
$343 million in 1Q 2024.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B>India and JVs </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left">Income from associates, joint-ventures
and other investments (excluding impairments and exceptional items, if any) for 2Q 2024 was $181 million as compared to $242 million in
1Q 2024, primarily due to lower contributions from AMNS India and Calvert investees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left">ArcelorMittal has investments in various joint
ventures and associate entities globally. The Company considers 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 Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B>AMNS India</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, 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="color: White"><B>(USDm)
    unless otherwise shown</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="color: White"><B>2Q
    24</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="color: White"><B>1Q
    24</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="color: White"><B>2Q
    23</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="color: White"><B>1H
    24</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="color: White"><B>1H
    23</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt">Production (Kt) (100% basis)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">1,867</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">1,984</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">1,792</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">3,851</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">3,557</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Shipments (Kt) (100% basis)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,892</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,016</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,679</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">3,908</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">3,509</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Sales (100% basis)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,580</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,815</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,606</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">3,395</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">3,318</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">EBITDA (100% basis)</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">237</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">312</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">563</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">549</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">904</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left">Sales in 2Q 2024 declined by -12.9% to $1.6
billion as compared to $1.8 billion in 1Q 2024, primarily due to planned maintenance impacts on production and shipments (-6.2%) as well
as lower average steel selling prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left">EBITDA during 2Q 2024 declined to $237 million
as compared to $312 million in 1Q 2024, driven by a negative price-cost effect and lower shipments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B>Calvert<SUP>12</SUP></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, 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="color: White"><B>(USDm)
    unless otherwise shown</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="color: White"><B>2Q
    24</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="color: White"><B>1Q
    24</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="color: White"><B>2Q
    23</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="color: White"><B>1H
    24</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="color: White"><B>1H
    23</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt">Production (Kt) (100% basis)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">1,202</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">1,216</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">1,198</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">2,418</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">2,424</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Shipments (Kt) (100% basis)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,145</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,131</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,157</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,276</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,327</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Sales (100% basis)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,244</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,236</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,328</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,480</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,551</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">EBITDA (100% basis)</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">166</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">188</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">142</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">354</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">179</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Production, shipments and sales in 2Q 2024 were stable as compared
to 1Q 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Calvert EBITDA during 2Q 2024 of $166 million declined -11.6% as compared
to $188 million in 1Q 2024, primarily due to negative price-cost effect.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B>Sustainable Solutions<SUP>13</SUP></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #5C7F92">
    <TD STYLE="border-top: black 1pt solid; width: 45%; border-bottom: black 1pt solid"><FONT STYLE="color: White"><B>(USDm) unless otherwise
    shown</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="color: White"><B>2Q
    24</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="color: White"><B>1Q
    24</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="color: White"><B>2Q
    23</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="color: White"><B>1H
    24</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="color: White"><B>1H
    23</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt">Sales</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">2,891</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">2,889</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">3,218</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">5,780</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">6,330</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Operating income</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">55</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">26</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">120</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">81</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">189</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt">Depreciation</TD>
    <TD STYLE="background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">(40)</TD>
    <TD STYLE="background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">(44)</TD>
    <TD STYLE="background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">(39)</TD>
    <TD STYLE="background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">(84)</TD>
    <TD STYLE="background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">(70)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">EBITDA</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">95</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">70</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">159</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">165</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">259</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Sales in 2Q 2024 were stable at $2.9 billion as compared to 1Q 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Operating income in 2Q 2024 was higher at $55 million as compared to
$26 million in 1Q 2024, driven by seasonally improved Construction business and improved margins in the Projects business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">EBITDA in 2Q 2024 of $95 million was +36.6% higher as compared to
$70 million in 1Q 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">The 1GW India renewables project in Andhra Pradesh, Southern India
has begun commissioning. The $0.7 billion strategic project will combine solar and wind power and be supported by Greenko&rsquo;s hydro
pumped storage project, which helps to overcome the intermittent nature of wind and solar power generation. AMNS India also entered into
a 25 year off-take agreement with ArcelorMittal to purchase 250MW of renewable electricity annually from the project with &gt;20% of the
electricity requirement at AMNS India&rsquo;s Hazira plant coming from renewable sources. In total, the project is expected to add $0.1
billion to Group EBITDA following full ramp-up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">On May 31, 2024, ArcelorMittal Construction completed the acquisition
of Italpannelli Srl in Italy and Italpannelli Iberica in Spain (following the earlier purchase of Italpannelli Germany in March 2023).
The acquisition adds considerable strategic value to ArcelorMittal Construction&rsquo;s business, which now has 45 production and commercial
sites across Europe and 5 in other continents, including c. 20 panel lines and c. 80 profile lines. Italpannelli doubles ArcelorMittal
Construction&rsquo;s panel capacity, adds new product capabilities, provides access to new markets, and significant synergies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B>Mining</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #5C7F92">
    <TD STYLE="vertical-align: bottom; width: 45%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="color: White"><B>(USDm)
    unless otherwise shown</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="color: White"><B>2Q
    24</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="color: White"><B>1Q
    24</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="color: White"><B>2Q
    23</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="color: White"><B>1H
    24</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="color: White"><B>1H
    23</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt">Sales</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">641</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">729</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">680</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">1,370</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">1,584</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Operating income</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">150</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">246</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">225</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">396</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">599</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt">Depreciation</TD>
    <TD STYLE="background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">(66)</TD>
    <TD STYLE="background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">(65)</TD>
    <TD STYLE="background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">(56)</TD>
    <TD STYLE="background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">(131)</TD>
    <TD STYLE="background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">(112)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">EBITDA</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">216</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">311</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">281</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">527</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">711</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Iron ore production (Mt)</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">5.9</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">6.5</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">6.4</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">12.4</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">13.1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Iron ore shipment (Mt)</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">6.2</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">6.3</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">6.6</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">12.5</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">14.0</TD></TR>
  </TABLE>
<P STYLE="font: 9pt 0 0 Times New Roman, Times, Serif; margin: 0pt">Note: Mining segment comprises iron ore operations of ArcelorMittal
Mines Canada (AMMC) and ArcelorMittal Liberia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Sales in 2Q 2024 declined by -12.1% to $641 million as compared
to $729 million in 1Q 2024 primarily due to lower iron ore prices (-9.5%).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Iron ore production was impacted by wildfires in the Port Cartier
region, which disrupted rail operations at ArcelorMittal Mines Canada during the last few weeks of June, as well as maintenance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Operating income in 2Q 2024 was -39.2% lower at $150 million as
compared to $246 million in 1Q 2024 driven by lower iron ore reference prices and lower AMMC shipment volumes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">EBITDA in 2Q 2024 of $216 million was -30.4% lower as compared to
$311 million in 1Q 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; color: red"><B>Other recent developments</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 17, 2024, ArcelorMittal
announced the closing of its offering of US$500 million aggregate principal amount of 6.00% notes due 17 June 2034 and US$500 million
aggregate principal amount of 6.35% notes due 17 June 2054. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 29, 2024, ArcelorMittal
signed an agreement for a $5.5 billion revolving credit facility, replacing the $5.5 billion revolving credit facility dated December
19, 2018, which was amended on April 27, 2021. The agreement incorporates a single tranche maturing on May 29, 2029, with two one-year
extension options. As of June 30, 2024, the $5.5 billion revolving credit facility was fully available. Liquidity at the end of June 30,
2024 of $11.4 billion consisted of cash and cash equivalents of $5.9 billion and $5.5 billion of available credit lines.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; color: red"><B>Outlook</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Overall economic sentiment remains subdued with customers maintaining
a &ldquo;wait and see&rdquo; approach with no restocking yet apparent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Nevertheless, given the low inventory environment (particularly
Europe) as soon as real demand begins to gradually improve, apparent demand is expected to rebound.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Despite continued headwinds to real demand,
World ex-China apparent steel consumption (&ldquo;ASC&rdquo;) in 2024 is expected to grow by +2.5% to +3.0% as compared to 2023 (versus
previous guidance of +3.0% to +4.0%).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">ArcelorMittal expects the following demand
dynamics by key region:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the US, although real demand growth
is expected to remain lackluster due to the lagged impact of higher interest rates, the destocking that impacted apparent demand in 2023
is not expected to continue in 2024. As a result, apparent steel consumption of flat products is expected to grow by +1.0% to +3.0% (compared
to previous expectation of +1.5% to +3.5%);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In Europe, whilst the Company assumes a
decline in real demand, both automotive and machinery, the destocking that impacted apparent demand in 2023 is not expected to continue
in 2024. As a result, apparent demand for flat products is expected to grow only marginally within the range of +0.0% to +2.0% (compared
to previous expectation of growth within a range of +2.0% to +4.0%);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In Brazil, the Company continues to expect
a gradual recovery in real steel consumption to support an ASC growth within a range of +1.0% to +3.0% (compared to previous expectation
of +0.5% to +2.5% growth); </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In India, the Company continues to expect
another strong year with apparent steel consumption growth within the range of +7.5% to +9.5% (compared to previous expectation of +6.5%
to +8.5%);</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In China, economic growth is expected to weaken. The continued
weakness in real estate, and the lack of a significant stimulus means limited offsetting demand support from infrastructure spending.
As a result, steel consumption is expected to be relatively stable in the range of -1.0% to +1.0% (compared to previous guidance of +0.0%
to +2.0%).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">The Company remains positive on the medium/long-term steel demand
outlook and believes that it is optimally positioned to execute its strategy of growth with capital returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Capex in 2024 is expected within the $4.5-$5.0 billion range (of
which $1.4-$1.5 billion is expected as strategic growth capex).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; color: red"><B>ArcelorMittal
Condensed Consolidated Statements of Financial Position<SUP>1</SUP></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, 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-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="color: White"><B>In
    millions of U.S. dollars</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 11%; padding-right: 2.65pt; text-align: right"><FONT STYLE="color: White"><B>Jun
    30, 2024</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 11%; padding-right: 2.65pt; text-align: right"><FONT STYLE="color: White"><B>Mar
    31, 2024</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 11%; padding-right: 2.65pt; text-align: right"><FONT STYLE="color: White"><B>Dec
    31, 2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><B>ASSETS</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">Cash and cash equivalents</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">5,903</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">5,437</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">7,783</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">Trade accounts receivable and other</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">4,186</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">4,403</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">3,661</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">Inventories</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">17,690</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">18,372</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">18,759</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">Prepaid expenses and other current assets </TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">3,229</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">3,462</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">3,037</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><B>Total Current Assets</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>31,008</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>31,674</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>33,240</B></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">Goodwill and intangible assets </TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">4,947</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">5,016</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">5,102</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">Property, plant and equipment </TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">33,142</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">33,477</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">33,656</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">Investments in associates and joint ventures </TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">10,168</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">10,141</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">10,078</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">Deferred tax assets</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">9,563</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">9,521</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">9,469</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">Other assets</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,019</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,118</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,372</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><B>Total Assets</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>90,847</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>91,947</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>93,917</B></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><B>LIABILITIES AND SHAREHOLDERS&rsquo; EQUITY</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">Short-term debt and current portion of long-term debt</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,357</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">1,873</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,312</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">Trade accounts payable and other</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">12,493</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">12,674</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">13,605</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">Accrued expenses and other current liabilities</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">5,456</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">5,890</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">5,852</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><B>Total Current Liabilities</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>20,306</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>20,437</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>21,769</B></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">Long-term debt, net of current portion</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">8,770</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">8,348</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">8,369</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">Deferred tax liabilities </TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,270</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,330</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,432</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">Other long-term liabilities</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">5,202</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">5,175</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">5,279</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><B>Total Liabilities</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>36,548</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>36,290</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>37,849</B></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">Equity attributable to the equity holders of the parent</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">52,204</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">53,591</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">53,961</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">Non-controlling interests</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,095</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,066</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">2,107</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><B>Total Equity</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>54,299</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>55,657</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>56,068</B></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><B>Total Liabilities and Shareholders&rsquo; Equity</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>90,847</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>91,947</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>93,917</B></TD></TR>
  </TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; color: red"><B>ArcelorMittal
Condensed Consolidated Statements of Operations<SUP>1</SUP></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, 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"><FONT STYLE="color: White"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="color: White"><B>Three
    months ended</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="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: 2.65pt; padding-left: 2.65pt"><FONT STYLE="color: White"><B>In
    millions of U.S. dollars unless otherwise shown</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; padding-right: 2.65pt; text-align: right"><FONT STYLE="color: White"><B>Jun
    30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; padding-right: 2.65pt; text-align: right"><FONT STYLE="color: White"><B>Mar
    31, 2024</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="color: White"><B>Jun
    30, 2023</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="color: White"><B>Jun
    30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; padding-right: 2.65pt; text-align: right"><FONT STYLE="color: White"><B>Jun
    30, 2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><B>Sales</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><B>&#9;16,249&#9;</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><B>&#9;16,282&#9;</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><B>&#9;18,606&#9;</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><B>&#9;32,531&#9;</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><B>&#9;37,107&#9;</B></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">Depreciation (B)</TD>
    <TD STYLE="vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(635)&#9;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(642)&#9;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(680)&#9;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(1,277)&#9;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(1,310)&#9;</TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><B>Operating income (A)</B></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>&#9;1,046&#9;</B></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>&#9;1,072&#9;</B></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>&#9;1,925&#9;</B></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>&#9;2,118&#9;</B></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>&#9;3,117&#9;</B></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">Operating margin %</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><I>&#9;6.4%</I></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><I>&#9;6.6%</I></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><I>&#9;10.3%</I></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><I>&#9;6.5%</I></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><I>&#9;8.4%</I></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">Income from associates, joint ventures and other investments (excluding impairments) (C)</TD>
    <TD STYLE="vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;181&#9;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;242&#9;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;393&#9;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;423&#9;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;711&#9;</TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">Net interest expense</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(7)&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(63)&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(47)&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(70)&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(111)&#9;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">Foreign exchange and other net financing loss</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(260)&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(261)&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(133)&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(521)&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(250)&#9;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">Non-cash mark-to-market (loss)/gain until acquisition of 28.4% Vallourec shares<SUP>10</SUP></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(173)&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;181&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;&mdash;&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;8&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;&mdash;&#9;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><B>Income before taxes and non-controlling interests</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>&#9;787&#9;</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>&#9;1,171&#9;</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>&#9;2,138&#9;</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>&#9;1,958&#9;</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>&#9;3,467&#9;</B></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">Current tax expense</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(179)&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(321)&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(316)&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(500)&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(598)&#9;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">Deferred tax (expense)/benefit</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(96)&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;124&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;85&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;28&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;178&#9;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">Income tax expense (net)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(275)&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(197)&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(231)&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(472)&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(420)&#9;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><B>Income including non-controlling interests</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>&#9;512&#9;</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>&#9;974&#9;</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>&#9;1,907&#9;</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>&#9;1,486&#9;</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>&#9;3,047&#9;</B></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">Non-controlling interests income</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(8)&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(36)&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(47)&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(44)&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;(91)&#9;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><B>Net income attributable to equity holders of the parent</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>&#9;504&#9;</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>&#9;938&#9;</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>&#9;1,860&#9;</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>&#9;1,442&#9;</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>&#9;2,956&#9;</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Basic earnings per common share ($)</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;0.63&#9;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;1.16&#9;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;2.21&#9;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;1.80&#9;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;3.47&#9;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Diluted earnings per common share ($)</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;0.63&#9;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;1.16&#9;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;2.20&#9;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;1.79&#9;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;3.46&#9;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Weighted average common shares outstanding (in millions)</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;794&#9;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;809&#9;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;842&#9;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;802&#9;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;851&#9;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Diluted weighted average common shares outstanding (in millions)</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;797&#9;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;811&#9;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;845&#9;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;804&#9;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;853&#9;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><B>OTHER INFORMATION</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><B>EBITDA (A-B+C)</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>&#9;1,862&#9;</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>&#9;1,956&#9;</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>&#9;2,998&#9;</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>&#9;3,818&#9;</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><B>&#9;5,138&#9;</B></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">EBITDA Margin %</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><I>&#9;11.5%</I></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><I>&#9;12.0%</I></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><I>&#9;16.1%</I></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><I>&#9;11.7%</I></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><I>&#9;13.8%</I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">Total Group iron ore production (Mt)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;9.5&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;10.2&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;10.5&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;19.7&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;21.3&#9;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">Crude steel production (Mt)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;14.7&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;14.4&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;14.7&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;29.1&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;29.2&#9;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">Steel shipments (Mt)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;13.9&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;13.5&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;14.2&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;27.3&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&#9;28.7&#9;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">&nbsp;</P>

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; color: red"><B>ArcelorMittal
Condensed Consolidated Statements of Cash flows<SUP>1 </SUP></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, 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">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Three months ended</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; 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: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>In millions of U.S. dollars </B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Jun 30, 2024</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Mar 31, 2024</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Jun 30, 2023</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Jun 30, 2024</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Jun 30, 2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424"><B>Operating activities:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; 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; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>&#9;504&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>&#9;938&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>&#9;1,860&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>&#9;1,442&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>&#9;2,956&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; 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-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">Non-controlling interests income</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;8&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;36&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;47&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;44&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;91&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">Depreciation</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;635&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;642&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;680&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;1,277&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;1,310&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">Income from associates, joint ventures and other investments</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(181)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(242)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(393)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(423)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(711)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">Deferred tax expenses/(benefit)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;96&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(124)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(85)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(28)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(178)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">Change in working capital</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;84&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(1,719)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;178&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(1,635)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(597)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">Other operating activities (net)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(73)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;369&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(200)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;296&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;165&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424"><B>Net cash provided (used) by operating activities (A)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #333333"><B>&#9;1,073&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #333333"><B>&#9;(100)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #333333"><B>&#9;2,087&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #333333"><B>&#9;973&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #333333"><B>&#9;3,036&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424"><B>Investing activities: </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; 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; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(985)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(1,236)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(1,060)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(2,221)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(1,998)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">Other investing activities (net)<SUP>16</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(57)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;274&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;45&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;217&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(1,886)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424"><B>Net cash used in investing activities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #333333"><B>&#9;(1,042)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #333333"><B>&#9;(962)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #333333"><B>&#9;(1,015)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #333333"><B>&#9;(2,004)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #333333"><B>&#9;(3,884)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424"><B>Financing activities:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; 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; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;1,007&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(334)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(1,011)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;673&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(1,401)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">Dividends paid to ArcelorMittal shareholders </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(200)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(185)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(200)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(185)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">Dividends paid to minorities (C)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(7)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(77)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(12)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(84)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(65)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">Share buyback</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(293)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(597)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(227)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(890)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(704)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; 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; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;7&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(52)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(55)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(45)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(484)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net cash provided (used) by financing activities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #333333"><B>&#9;514&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #333333"><B>&#9;(1,060)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #333333"><B>&#9;(1,490)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #333333"><B>&#9;(546)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #333333"><B>&#9;(2,839)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">Net increase (decrease) in cash and cash equivalents</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">&#9;545&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">&#9;(2,122)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(418)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">&#9;(1,577)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(3,687)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">Effect of exchange rate changes on cash</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(81)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(190)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;64&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(271)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;212&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; 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; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>&#9;464&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>&#9;(2,312)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>&#9;(354)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>&#9;(1,848)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>&#9;(3,475)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424"><B>Free cash flow (A+B+C)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #333333"><B>&#9;81&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #333333"><B>&#9;(1,413)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>&#9;1,015&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #333333"><B>&#9;(1,332)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>&#9;973&#9;</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; color: red"><B>Appendix 1: Capital expenditures<SUP>1</SUP></B></P>

<P STYLE="font: 10pt 0 0 Times New Roman, Times, Serif; margin: 12pt 0 0"></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, 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: Times New Roman, Times, 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: Times New Roman, Times, Serif; font-size: 8pt; color: white"><B>2Q 24</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: Times New Roman, Times, Serif; font-size: 8pt; color: white"><B>1Q 24</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: Times New Roman, Times, Serif; font-size: 8pt; color: white"><B>2Q 23</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: Times New Roman, Times, Serif; font-size: 8pt; color: white"><B>1H 24</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: Times New Roman, Times, Serif; font-size: 8pt; color: white"><B>1H 23</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: Times New Roman, Times, Serif; font-size: 8pt; color: black">North America</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: Times New Roman, Times, Serif; font-size: 8pt; color: black">&#9;100&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: black">&#9;111&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: black">&#9;122&#9;</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: Times New Roman, Times, Serif; font-size: 8pt; color: black">&#9;211&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: black">&#9;237&#9;</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: Times New Roman, Times, 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: Times New Roman, Times, Serif; font-size: 8pt; color: black">&#9;211&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: black">&#9;203&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: black">&#9;215&#9;</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: Times New Roman, Times, Serif; font-size: 8pt; color: black">&#9;414&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: black">&#9;382&#9;</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: Times New Roman, Times, 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: Times New Roman, Times, Serif; font-size: 8pt; color: black">&#9;275&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: black">&#9;443&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: black">&#9;312&#9;</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: Times New Roman, Times, Serif; font-size: 8pt; color: black">&#9;718&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: black">&#9;633&#9;</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: Times New Roman, Times, Serif; font-size: 8pt; color: black">Sustainable Solutions</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: Times New Roman, Times, Serif; font-size: 8pt; color: black">&#9;80&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: black">&#9;160&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: black">&#9;84&#9;</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: Times New Roman, Times, Serif; font-size: 8pt; color: black">&#9;240&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: black">&#9;139&#9;</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: Times New Roman, Times, 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: Times New Roman, Times, Serif; font-size: 8pt; color: black">&#9;262&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: black">&#9;235&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: black">&#9;204&#9;</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: Times New Roman, Times, Serif; font-size: 8pt; color: black">&#9;497&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: black">&#9;372&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: black">Others</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: Times New Roman, Times, Serif; font-size: 8pt; color: black">&#9;57&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: black">&#9;84&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: black">&#9;123&#9;</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: Times New Roman, Times, Serif; font-size: 8pt; color: black">&#9;141&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: black">&#9;235&#9;</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: Times New Roman, Times, 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: Times New Roman, Times, Serif; font-size: 8pt; color: black"><B>&#9;985&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: black"><B>&#9;1,236&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: black"><B>&#9;1,060&#9;</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: Times New Roman, Times, Serif; font-size: 8pt; color: black"><B>&#9;2,221&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: black"><B>&#9;1,998&#9;</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; color: red"><B>Appendix 1a: Strategic growth projects completed
during the last 4 quarters </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="text-align: left; width: 9%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="color: White"><B>Segment</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; text-align: center; width: 24%; padding-top: 2.75pt; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="color: White"><B>Site
    / unit</B></FONT></TD>
    <TD STYLE="text-align: center; width: 47%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="color: White"><B>Capacity
    / details</B></FONT></TD>
    <TD STYLE="text-align: center; width: 10%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="color: White"><B>Impact
    on EBITDA *</B></FONT></TD>
    <TD STYLE="text-align: center; width: 10%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="color: White"><B>Key
    date</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.75pt; padding-bottom: 1.5pt">Brazil</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.75pt; padding-bottom: 1.5pt">ArcelorMittal Vega Do Sul</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.75pt; padding-bottom: 1.5pt">Increase hot dipped / cold rolled coil capacity and construction of a new 700kt continuous annealing line (CAL) and continuous galvanizing line (CGL) combiline</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right">$0.1bn</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right">2Q 2024 (first coil)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Sustainable Solutions </TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Andhra Pradesh (India)</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">Renewable energy project: 1GW of nominal capacity solar and wind power</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">$0.1bn (incl.our share of net income in AMNS India)</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;&nbsp;Commissioning has begun&nbsp;&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; color: red"><B>Appendix 1b: Ongoing strategic growth projects<SUP>17</SUP></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #5C7F92">
    <TD STYLE="text-align: left; width: 9%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Segment</B></FONT></TD>
    <TD STYLE="text-align: center; width: 24%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Site / unit</B></FONT></TD>
    <TD STYLE="text-align: center; width: 48%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Capacity / details</B></FONT></TD>
    <TD STYLE="text-align: center; width: 9%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Impact on EBITDA *</B></FONT></TD>
    <TD STYLE="text-align: center; width: 10%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Key date / forecast completion</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">Brazil</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">Serra Azul mine</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">Facilities to produce 4.5Mt/year DRI quality pellet feed by exploiting compact itabirite iron ore</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$100m</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2H 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">Brazil</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">Barra Mansa</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">Increase capacity of HAV bars and sections by 0.4Mt/pa</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$70m</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1H 2025<SUP>15</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">Brazil</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">Monlevade</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; 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-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$200m</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2H 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">Europe</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">Mardyck (France)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">New Electrical Steels. Facilities to produce 170kt NGO Electrical Steels (of which 145kt for Auto applications) consisting of annealing and pickling line (APL), reversing mill (REV) and annealing and varnishing (ACL) lines</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$100m</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2H 2024 (ACL)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Europe</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gijon (Spain)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Construction of a new 1.1Mt EAF to enable the production of low carbon-emissions steel for the long products sector, specifically rails and wire rod</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$50m</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">1H 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">North <BR>
America</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">Las Truchas mine (Mexico)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">Revamping project with 1Mtpa pellet feed capacity increase (to 2.3Mt/year) with DRI concentrate grade capability</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$50m</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2H 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">AMNS<BR>
 Calvert<BR>
 (US)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">Calvert**</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">New 1.5Mt EAF and caster</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$85m (our 50% share of net income)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">2H 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">AMNS<BR>
 India</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">Hazira**</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">Debottlenecking existing assets; AMNS India medium-term plans are to expand and grow initially to ~15Mt by early 2026 in Hazira (Phase 1A); ongoing downstream projects; Phase 1B to 20Mt planned; plans for expansion to 24Mt (including 1.5Mt long capacity) under preparation; additional greenfield opportunities under development </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.4bn (our 60% share of net income for Phase 1A and ongoing downstream projects)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2H 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">Mining</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">Liberia mine</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">Phase 2 premium produce expansion: Increase production capacity to 15Mt/year</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$350m</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4Q 2024<BR>
 (first concentrate) </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt 0 0 Times New Roman, Times, Serif; margin: 12pt 0 0">* Estimate of additional EBITDA based on full capacity and assuming
prices/spreads generally in line with the averages of the 2015-2020 period;</P>

<P STYLE="font: 10pt 0 0 Times New Roman, Times, Serif; margin: 0pt 0 0">** AMNS India and Calvert are share of net income</P>


<P STYLE="font: 10pt 0 0 Times New Roman, Times, Serif; margin: 12pt 0 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; color: red"><B>Appendix 2: Debt repayment schedule as of June
30, 2024</B></P>

<P STYLE="font: 10pt 0 0 Times New Roman, Times, Serif; margin: 12pt 0 0"></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 46%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; 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: 2.65pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>2024</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>2025</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>2026</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>2027</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>&ge;2028</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; 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-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Bonds</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">0.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">1.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">1.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">1.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">3.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>7.2</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Commercial paper</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;0.9&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; 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-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Other loans</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">0.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">0.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">0.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">0.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>3.0</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>Total gross debt</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>1.6</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>1.8</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>1.3</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>1.9</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.5</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>11.1</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">As of June 30, 2024, the average debt maturity is 6.9 years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; color: red"><B>Appendix 3: Reconciliation of gross debt to net
debt</B></P>
<P STYLE="font: 10pt 0 0 Times New Roman, Times, Serif; margin: 12pt 0 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 67%; border-top: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>(USD million)</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Jun 30, 2024</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Mar 31, 2024</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Dec 31, 2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>Gross debt </B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>&#9;11,127&#9;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>&#9;10,221&#9;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>&#9;10,681&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Less: Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(5,903)&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(5,437)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9;(7,783)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>Net debt </B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>&#9;5,224&#9;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>&#9;4,784&#9;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>&#9;2,898&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Net debt / LTM EBITDA</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">0.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">0.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">0.3</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; color: red"><B>Appendix 4: Terms and definitions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Unless indicated otherwise, or the context otherwise requires, references
in this earnings release to the following terms have the meanings set out next to them below:</P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Apparent steel consumption:</B> calculated as the sum of production
plus imports minus exports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Average steel selling prices:</B> calculated as steel sales divided
by steel shipments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Cash and cash equivalents</B>: represents cash and cash equivalents,
restricted cash and short-term investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Capex:</B> represents the purchase of property, plant and equipment
and intangibles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Crude steel production: </B>steel in the first solid state after
melting, suitable for further processing or for sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Depreciation: </B>refers to amortization and depreciation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>EPS: </B>refers to basic or diluted earnings per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>EBITDA:</B> defined as operating result plus depreciation, impairment
items and exceptional items and result from associates, joint ventures and other investments (excluding impairments and exceptional items
if any).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 2.25pt 0 0"><B>EBITDA/tonne:</B> calculated as EBITDA divided by total
steel shipments.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0"><B>Exceptional items: </B>income / (charges) relate to transactions
that are significant, infrequent or unusual and are not representative of the normal course of business of the period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Free cash flow (FCF)</B>: refers to net cash provided by operating
activities less capex less dividends paid to minority shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Gross debt</B>: long-term debt and short-term
debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Impairment items: </B>refers to impairment charges net of reversals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Income from associates, joint ventures and other investments</B>:
refers to income from associates, joint ventures and other investments (excluding impairments and exceptional items if any).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Investable cash flow:</B> refers to cashflow from operating activities
less maintenance capex.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Iron ore reference prices:</B> refers to iron ore prices for 62%
Fe CFR China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Kt:</B> refers to thousand metric tonnes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Liquidity:</B> cash and cash equivalents plus available credit lines
excluding back-up lines for the commercial paper program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 2.25pt 0 0"><B>LTIF:</B> refers to lost time injury frequency rate equals
lost time injuries per 1,000,000 worked hours, based on own personnel and contractors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Maintenance capex:</B> refers to recurring expenditures required
for a company to continue operating and sustain its growth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 2.25pt 0 0"><B>Mt: </B>refers to million metric tonnes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Net debt:</B> long-term debt
and short-term debt less cash and cash equivalents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Net debt/LTM EBITDA:</B> refers
to Net debt divided by EBITDA for the last twelve months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Net interest expense: </B>includes interest expense less interest
income.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Operating results:</B> refers to operating income(loss).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Operating segments:</B> North America segment includes the Flat,
Long and Tubular operations of Canada and 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 includes Bosnia and Herzegovina captive iron ore mines; Sustainable
Solutions division includes Downstream Solutions and Tubular operations of the European business. The Others segment includes the Flat,
Long and Tubular operations of Kazakhstan (till December 7, 2023), Ukraine and South Africa; and also includes the captive iron ore mines
in Ukraine and iron ore and coal mines in Kazakhstan (till December 7, 2023). Mining segment includes iron ore operations of ArcelorMittal
Mines Canada and ArcelorMittal Liberia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Own iron ore production:</B> includes total of all finished production
of fines, concentrate, pellets and lumps and includes share of production.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><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).</P>

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

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

<P STYLE="font: 10pt 0 0 Times New Roman, Times, Serif; margin: 12pt 0 0"></P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><B>Footnotes</B></TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, 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 results 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. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LTIF refers to lost time injury frequency rate equals lost
time injuries per 1,000,000 worked hours, based on own personnel and contractors.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As announced with ArcelorMittal&rsquo;s fourth quarter 2023
financial results, the Company has amended its presentation of reportable segments and EBITDA. The changes, applied as from January 1,
2024, are as follows: EBITDA is defined as operating result plus depreciation, impairment items and exceptional items and result from
associates, joint ventures and other investments (excluding impairments and exceptional items if any); The NAFTA segment has been renamed
&ldquo;North America&rdquo;, a core growth region for the Company; A new &lsquo;Sustainable Solutions&rsquo; segment is composed of a number
of high-growth, niche, capital light businesses, playing an important role in supporting climate action (including renewables, special
projects and construction business). Previously reported within the Europe segment, this is a growth vector of the Company and represents
businesses employing over 12,000 people at more than 260 commercial and production sites across 60+ countries. Following the sale of the
Company&rsquo;s operations in Kazakhstan, the remaining parts of the former &lsquo;ACIS&rsquo; segment have been assigned to &lsquo;Others&rsquo;;
there are no changes to the &lsquo;Brazil&rsquo; and &lsquo;Mining&rsquo; segments. &lsquo;India and JVs&rsquo; is now presented and the
share of net income of AMNS India and AMNS Calvert as well as the other associates, joint ventures and other investments is included in
EBITDA. India is a high growth vector of the Company, with our assets well-positioned to grow with the domestic market. These changes
have been applied as from January 1, 2024, and the comparative periods of 2023 shown herein have been retrospectively recast.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2Q 2024 includes decarbonization capex of $0.1 billion and
strategic growth capex of $0.3 billion. Strategic projects capex in 2Q 2024 primarily include investments for the Liberia expansion project
(first concentrate), Mardyck electrical steels, Serra Azul and the renewables energy project in India.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimate of additional contribution to EBITDA, based on
assumptions once ramped up to capacity and assuming prices/spreads generally in line with the averages of the 2015-2020 period. Out of
the total $1.8 billion EBITDA potential, it is considered that $0.3 billion has been achieved to date from the completio</FONT>n of the
Mexico HSM project on an observed run-rate basis.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 2020 was the inception date of the ongoing share
buyback programs.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">7.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 9, 2023, ArcelorMittal announced that following receipt
of customary regulatory approvals it had completed the acquisition of Companhia Sider&uacute;rgica do Pec&eacute;m (&lsquo;CSP&rsquo;)
in Brazil for an enterprise value of approximately $2.2 billion. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt 0 0 Times New Roman, Times, Serif; margin: 12pt 0 0"></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1H 2024 net cash provided by operating activities of $973
million (including working capital investment of $1,635 million) less capex of $2,221 million and dividends to minority shareholders of
$84 million.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1H 2024 includes decarbonization capex of $0.1 billion and
strategic growth capex of $0.7 billion. Strategic projects capex in 1H 2024 primarily include investments for the Liberia expansion project
(first concentrate), the renewables energy project in India and Mardyck electrical steels.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vallourec share price increased to &euro;17.20 as of March
31, 2024, as compared to &euro;14.64 contractually agreed at the signing of the share price agreement for 65.2 million shares on March
12, 2024 generating a non-cash mark-to-market gain of $181 million as of March 31, 2024 and causing a non-cash mark-to-market loss of
$173 million in 2Q 2024 as the Vallourec share price decreased to &euro;14.76 as of June 30, 2024. In accordance with IFRS, the Company
recognized this net gain as the final fair value of the investment is unknown until transaction closing.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #242424">11.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has repurchased 34.7 million shares during 1H
2024; totalling 60.9 million shares from the current 85 million share buyback program.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Production: Including 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.
Shipments: including shipments of finished products processed on a hire work basis for ArcelorMittal Group entities and third parties,
including stainless steel products. 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></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sustainable Solutions is focused on growing niche businesses
providing vital added-value support to growing sustainable related applications from a low-carbon, capital light asset base. These businesses
include: a) Construction solutions: Product offerings include sandwich panels (e.g. insulation), profiles, turnkey pre-fabrication solutions,
etc., to assist building in smarter ways and reduce the carbon footprint of buildings; b) Projects: Product range includes plates, pipes
&amp; tubes, wire ropes, reinforced steels, providing high-quality &amp; sustainable steel solutions for energy projects and supporting
offshore wind, energy transition and onshore construction; c) Industeel: EAF based capacity: High quality steel grades designed to meet
demanding customer specifications (e.g. XCarb&reg; for wind turbines); Supplying wide range of industries; energy, chemicals, mechanical
engineering, machinery, infrastructure, defence &amp; security; d) Renewables: investments in renewable energy projects; e) Metallics:
investment and development of the Company&rsquo;s scrap recycling and collection capabilities; f) Distribution &amp; service centers:
European services processor including slitting, cut-to-length, multi blanking, and press blanking and operating through an extensive network.
Sustainable Solutions segment is making progress towards the targeted doubling of EBITDA in the next 5 years expected to be achieved through
organic levers and targeted M&amp;A with different businesses growing at different rates.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">XCarb&reg; 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&reg; brand, we have launched three
XCarb&reg; initiatives: the XCarb&reg; innovation fund, XCarb&reg; green steel certificates and XCarb&reg; recycled and 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 are 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 baseline. The certificates 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 Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Barra Mansa (Brazil) strategic capex project is now expected
to be completed in 1H 2025 (revised from previous 2H 2024 timeframe)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company sold the remaining 4.23% stake in Erdemir in 1Q
2024, generating total proceeds of $0.2 billion. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other projects under development include: ArcelorMittal Texas:
Plans under development to double capacity and add CCS capability; Calvert (US): Option to add a second 1.5Mt EAF at lower capex intensity;
Electrical steels US (Alabama): 150kt NGO electrical steels for automotive; Government support received; engineering studies underway;
Liberia further expansion to 30Mt; and India further expansion: Hazira to 20Mt and Greenfield on the east coast of India.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investable cash flow is defined as cashflow from operating
activities less maintenance capex. From June 30, 2023, to June 30, 2024, cashflow provided by operating activities totalled $5.6 billion.
Total capex during this period was $4.8 billion of which maintenance capex was $3.0 billion, strategic capex of $1.5 billion and decarbonization
of $0.3 billion. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt 0 0 Times New Roman, Times, Serif; margin: 12pt 0 0"></P>


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<P STYLE="font: 11pt/174% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; color: red"><B>Second quarter 2024 earnings analyst
conference call</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">ArcelorMittal Management will host a conference call for members
of the investment community to present and comment on the three-month period ended June 30, 2024 on: <B>Thursday August 1, 2024, at 9.30am
US Eastern time; 14.30pm London time and 15.30pm CET. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">To access via the conference call and ask a question during the Q&amp;A,
please register in advance: <FONT STYLE="color: Blue">https://register.vevent.com/register/BI9f82767e8da148158be3f4cf77dd0e13</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Alternatively, the webcast can be accessed live on the day: <FONT STYLE="color: blue">https://edge.media-server.com/mmc/p/4p47v6en</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; color: red"><B>Forward-Looking
Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">This document contains 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; color: red"><B>Non-GAAP/Alternative
Performance Measures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">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/LTM EBITDA which are
non-GAAP financial/alternative performance measures, as additional measures to enhance the understanding of its operating performance.
As announced previously, the definition of EBITDA has been revised to include income from share of associates, JVs and other investments
(excluding impairments and exceptional items if any, of associates, JVs and other investments) because the Company believes this information
provides investors with additional information to understand its results, given the increasing significance of its joint ventures. 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. Investable cashflow is defined as cash flow after normative (maintenance) capex, and the Company
thus believes that it represents the cashflow that is available for allocation at management&rsquo;s discretion. The Company&rsquo;s guidance
as to additional EBITDA estimated to be generated from certain projects and with respect to working capital for the second half of 2024,
is based on the same accounting policies as those applied in the Company&rsquo;s financial statements prepared in accordance with IFRS.
ArcelorMittal is unable to reconcile, without unreasonable effort, such guidance to the most directly comparable IFRS financial measure,
due to the uncertainty and inherent difficulty of predicting the occurrence and the financial impact of items impacting comparability.
For the same reasons, ArcelorMittal is unable to address the significance of the unavailable information. Non-GAAP financial/alternative
performance measures should be read in conjunction with, and not as an alternative to, ArcelorMittal's financial information prepared
in accordance with IFRS. Comparable IFRS measures and reconciliations of non-GAAP financial/alternative performance measures are presented
herein.</P>

<P STYLE="font: 10pt 0 0 Times New Roman, Times, Serif; margin: 12pt 0 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; color: red"><B>About ArcelorMittal</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">ArcelorMittal is one of the world's leading steel and mining companies,
with a presence in 60 countries and primary steelmaking facilities in 15 countries. In 2023, ArcelorMittal had revenues of $68.3 billion
and crude steel production of 58.1 million metric tonnes, while iron ore production reached 42.0 million metric tonnes.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">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.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">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: https://corporate.arcelormittal.com/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; color: red"> <B>Enquiries</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">ArcelorMittal corporate communications (e-mail: press@arcelormittal.com)
+44 207 629 7988. Contact: Paul Weigh +44 203 214 2419</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>


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