<SEC-DOCUMENT>0001999371-25-010355.txt : 20250731
<SEC-HEADER>0001999371-25-010355.hdr.sgml : 20250731
<ACCEPTANCE-DATETIME>20250731134103
ACCESSION NUMBER:		0001999371-25-010355
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250731
FILED AS OF DATE:		20250731
DATE AS OF CHANGE:		20250731

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
		EIN:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35788
		FILM NUMBER:		251170821

	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_073125.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<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>

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


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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 6-K</B></P>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Dated <B>July 31, 2025</B></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: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARCELORMITTAL</B></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: 0; text-align: center">&nbsp;</P>

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

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  <td style="text-align: center; width: 35%">&nbsp;</TD>
  <td style="text-align: center; width: 15%">Form 20-F &#9746;</TD>
    <td style="text-align: center; width: 15%">Form 40-F &#9744;</TD>
  <td style="text-align: center; width: 35%">&nbsp;</TD></TR>
</TABLE>

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

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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 July 31, 2025, 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="font: 10pt Times New Roman, Times, Serif; width: 12%"><b><u>Exhibit No.</u></b></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 88%"><b><u>Description</u></b></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="ex99-1.htm">Exhibit 99.1</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Press release dated July 31, 2025, ArcelorMittal reports second quarter 2025</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 COLSPAN="3"><b>&nbsp;</b></TD>
  <TD><b>ARCELORMITTAL</b></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="3">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="3">Date 31 July 2025</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="3">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 5%">By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 41%">/s/ Henk Scheffer</TD>
  <TD STYLE="width: 5%">&nbsp;</TD>
  <TD STYLE="width: 49%">&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="3">Company Secretary &amp; Group Compliance &amp; Data Protection Officer</TD></TR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: left"><A HREF="arcelormittal-6k_073125.htm">ARCELORMITTAL 6-K</A></P>

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

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: right">EXHIBIT 99.1</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: right">&nbsp;</P>

<P STYLE="font: 14pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; color: red"><B>ArcelorMittal reports second quarter 2025</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt"><FONT STYLE="background-color: white"><B>Luxembourg, July 31</B></FONT><B>,
20<FONT STYLE="background-color: white">25 </FONT></B><FONT STYLE="background-color: white">- ArcelorMittal (referred to as &ldquo;ArcelorMittal&rdquo;
or the &ldquo;Company&rdquo; or the &quot;Group&quot;) (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world&rsquo;s
leading integrated steel and mining company, today announced resul</FONT>ts<SUP>1</SUP> f<FONT STYLE="background-color: white">or the
three-month and six-month periods ended June 30, 2025.</FONT></P>

<P STYLE="font: 12pt/112% Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify; color: red"><B>2Q 2025 key highlights:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Safety focus: </B>Protecting employee health
and safety is a core value of the Company. LTIF rate of 0.68x in 2Q 2025. dss+ safety audit recommendations implementation phase is underway</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>Sustained margin improvement:</B> Despite continuous challenges,
the Group&rsquo;s results show the benefits of (i) asset optimization, (ii) regional and end market diversification, and (iii) strategic
growth investments. 2Q 2025 EBITDA of $1.9bn, with a margin of $135/tonne that continues to show improvement vs. prior cycles. Net income
of $1.8bn in 2Q 2025 (EPS of $2.35/sh) was positively impacted by $0.8bn exceptionals (net of impairments and tax effects)<SUP>4</SUP>.
Adjusted net income of $1.0bn in 2Q 2025 (adjusted EPS of $1.32/sh)<SUP>4</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>Operational momentum continues: </B>Record quarterly iron ore
production and shipments from Liberia, which remains on track to achieve its full expanded 20Mt capacity by end 2025; first slab cast
at Calvert's new 1.5Mt EAF in the U.S.; India renewables reaching industrial scale and value add capacity commissioning underway</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>Financial strength maintained: </B>Net debt of $8.3bn at the end
of the quarter, with the increase of $1.5bn from the prior quarter end due largely to M&amp;A impacts following the full consolidation
of AM/NS Calvert, Tuper and ArcelorMittal Tailored Blanks Americas (AMTBA), which combined are expected to support higher normalized EBITDA
of circa $0.3bn; liquidity remains at a robust $11.0bn<SUP>7</SUP>; during the quarter, S&amp;P upgraded the Company&rsquo;s credit rating
to BBB (from BBB-)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>Cash flow being reinvested for growth:</B> Over the past 12 months,
the Company has generated investable cash flow<SUP>6 </SUP>(net cash provided by operating activities less maintenance/normative capex)
of $2.3bn. Over the same period, the Company has invested $1.1bn in strategic capex projects to enhance long-term EBITDA capacity, returned
$1.1bn to shareholders via dividends/buybacks, and allocated a net $2.3bn to M&amp;A</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>Growth: </B>ArcelorMittal has completed the acquisition of Nippon
Steel&rsquo;s 50% stake in AM/NS Calvert, gaining full control of one of North America&rsquo;s most advanced steel making facilities.
Calvert&rsquo;s new 1.5Mt EAF, the first of its kind designed to supply exposed automotive grades, has been successfully commissioned,
with the first slabs cast during the quarter. Together with a new 7-year slab supply agreement signed with NSC/USS, this ensures Calvert&rsquo;s
needs for U.S. &ldquo;domestically melted and poured&rdquo; material. Additionally, ArcelorMittal acquired control of the Brazilian pipe
producer Tuper (a JV in which it already held a 40% interest) and regained control of AMTBA to accelerate growth in high-value tubular
and automotive markets in North America</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>Organic growth: </B>The Group's strong financial position enables
the consistent funding of organic growth projects to support future profitability and investable cash flow. The Group&lsquo;s high return
strategic growth projects, together with the impact of recent M&amp;A, are expected to increase future EBITDA potential by $2.1bn<SUP>6</SUP>.
The EBITDA benefit targeted for 2025 is $0.7bn, of which $0.2bn was captured in 1H 2025 EBITDA</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>Encouraging EU trade policy momentum to restore fair competition:
</B>the &ldquo;Steel and Metals Action Plan&rdquo; recognizes the factors needed to restore industry competitiveness; an effective carbon
border and more efficient trade measures that limit import penetration to historical levels have the potential to support improved domestic
steel capacity utilization rates and restore the industry&rsquo;s health. It is imperative that these plans are swiftly turned into concrete
actions, with announcements anticipated in 2H 2025 on the details of the new tool that will replace the current safeguard measures and
a proposal to close major loopholes in the Carbon Border Adjustment Mechanism (CBAM)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>Consistent shareholder returns: </B>As per its capital allocation
and return policy, in addition to its growing base dividend ($0.55/sh, paid in 2 equal instalments), the Company will continue to return
a minimum of 50% of post-dividend annual free cash flow to shareholders. Since September 2020<SUP>5</SUP>, the Company has used buybacks
to reduce its fully diluted shares outstanding by 38%. So far in 2025, the Company has repurchased 8.8m shares at a total cost of $262m</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"></P>

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<P STYLE="font: 12pt/145% Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 0.25in; text-indent: -0.25in; color: red"><B>Financial highlights
(on the basis of IFRS<SUP>1</SUP>):</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(USDm) unless otherwise shown</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H 24</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Sales</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;15,926&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;14,798&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;16,249&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;30,724&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;32,531&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating income</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,932&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;825&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,046&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;2,757&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;2,118&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Net income attributable to equity holders of the parent</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,793&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;805&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;504&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;2,598&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,442&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted net income attributable to equity holders of the parent<SUP>4</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,005&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;805&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;677&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,810&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,434&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Basic earnings per common share (US$)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;2.35&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1.05&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;0.63&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;3.40&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1.80&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted basic earnings per common share (US$)<SUP>4</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1.32&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1.05</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.85</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">2.37</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1.79&#9;</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; 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating income/tonne (US$/t)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;140&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;60&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;75&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;101&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;77&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">EBITDA</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,860&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,580&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,862&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;3,440&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;3,818&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">EBITDA/tonne (US$/t)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;135&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;116&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;134&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;125&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;140&#9;</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">&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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Crude steel production (Mt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">14.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">14.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">14.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">29.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">29.1</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Steel shipments (Mt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">13.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">13.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">13.9</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">27.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">27.3</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Total Group iron ore production (Mt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">11.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">11.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">9.5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">23.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">19.7</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Iron ore production (Mt) (AMMC and Liberia only)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;8.3&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;8.4&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;5.9&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;16.7&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;12.4&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Iron ore shipment (Mt) (AMMC and Liberia only)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;9.9&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;8.0&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;6.2&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;17.9&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;12.5&#9;</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; 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>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Weighted average common shares outstanding (in millions)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;762&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;768&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;794&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;765&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;802&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/174% Arial, Helvetica, Sans-Serif; margin: 9pt 0 6pt; text-align: justify"><B>Commenting, Aditya Mittal, ArcelorMittal
Chief Executive Officer, said:</B></P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&ldquo;Half-way through the year, it is encouraging
that we are seeing an improvement in our safety results compared with 2024. We are less than one year into what we know will be at least
a three-year transformation, and there is meaningful progress to report on the implementation of the six-core safety-audit recommendations.
I appreciate the commitment every employee is giving to ensuring that safety becomes a core value that underpins everything we do.</P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; color: red">&nbsp;</P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 0">Turning to the financial performance, as anticipated we saw an improved
quarter, with EBITDA per tonne reaching a healthy $135. The underlying strength of the business is good, but like every company we must
navigate the backdrop of ongoing geopolitical and tariff disruptions.</P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 0; color: red">&nbsp;</P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 0">Our primary focus is always to meet the requirements of the domestic
markets, and our ability to produce high-quality melted and poured steels in the US was strengthened in the quarter as we took full ownership
of Calvert. We have transformed Calvert from an advanced finishing operation into a low-carbon steelmaking facility capable of producing
the highest-quality steels for all customer segments including automotive. Calvert will become a new center of excellence for ArcelorMittal
in the United States.</P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 0">We continue to execute other strands of our strategic growth agenda,
which together with recent M&amp;A, is expected to deliver an incremental $2.1 billion of EBITDA. This includes our mining operations
in Liberia, which marked the inauguration of the new concentrator, enabling us to increase production capacity to 20 million tonnes. Liberia
continues to demonstrate the benefits of diversification, delivering another quarter of record iron-ore production and shipments.</P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; color: red">&nbsp;</P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 0">In Europe, trends towards increased government spending on defense and
infrastructure, is clearly positive for the steel industry. However, while the Steel and Metals Action Plan signalled a clear intention
to address the critical challenges, we are still awaiting updates to safeguards, the CBAM, and energy prices. It remains a crucial year
for European steelmaking, and I sincerely hope that Europe will hold good onto its commitment to defend and prioritize its domestic steel
industry.</P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; color: red">&nbsp;</P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 0">Despite the many challenges facing global business today, I am confident
that ArcelorMittal has a profile that will enable us to continue to grow and thrive. Our strong balance sheet and diverse business model
allows us to invest in growth while delivering consistent shareholder returns through our ongoing program of share buybacks. And our unique
global presence enables us to benefit from high-growth markets such as India and Brazil, as well as take advantage of new opportunities
such as renewable energy.&quot;</P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 0; color: red">&nbsp;</P>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; color: red"><B>Safety and sustainable development</B></P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><B>Health and safety:</B></P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 0">Protecting employee health and safety is a core value of the Company.
LTIF rate of 0.68x in 2Q 2025 (vs 0.63x in 1Q 2025 and 0.57x in 2Q 2024).</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Company is on a three-year transformation program, following
a comprehensive safety audit performed in 2024. In the first year, the focus has been on laying the foundations for long-term improvements
across the organization. Key areas of progress have included:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The three lines of assurance have been strengthened with ~20
sites completing second line audits by 1H 2025, enabling the third line audits to commence. All the industrial sites second line audits
are planned to be performed within the next 2 years.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Enhanced safety leadership training has been rolled out to
senior management, providing a strong foundation for the Company to strengthen &lsquo;one safety culture&rsquo; across the Group. More
than 80 senior leaders have started the year long training (including 100% of targeted Vice Presidents).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Contractors are being fully embedded into our safety management
processes. This is being reinforced by the roll out of the Mandatory Life Saving Golden Rules Certification to contractors and a tighter
contractor sanction policy.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in; text-indent: -0.25in">In years 2 and 3, the Company will
embed these changes to ensure consistency, discipline and results in every region.</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><B>Own personnel and contractors &ndash; Lost
time injury frequency rate</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt 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">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H 24</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: Arial, Helvetica, Sans-Serif; font-size: 8pt">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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.29&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.23</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.31&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.26&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.14&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.39&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.32</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.15&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.35&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.13&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Europe</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1.23&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.16</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1.06&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1.21&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1.14&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1.26&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.22</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1.09&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1.24&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.98&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mining</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.11&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.23</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.15&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.17&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.16&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.54&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.45</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.47&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.50&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.60&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.68</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: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.63</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: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.57</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.66</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: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.59</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><B>Sustainable development highlights:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">European policy advocacy: The Steel and Metals Action Plan
identifies the actions required to ensure industry competitiveness. However, the Company urges faster and effective implementation of
the Steel and Metals Action Plan in 2H 2025 to support the sustainability of steelmaking in Europe and its transition to low carbon technologies.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Economic decarbonization via EAFs: The Company will have a
phased approach to decarbonization in Europe starting with EAFs. The Company has announced its intention to invest in a 2Mt EAF in Dunkirk
for &euro;1.2 billion, subject to the implementation of all the conditions in particular the efficient trade measure replacing the current
steel safeguards and an effective carbon border adjustment mechanism. The Company currently has 29 EAFs in the Group, with 21.5Mt per
year of capacity which will increase to 23.4Mt by 2026 with the two projects in Gijon and Sestao.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0; color: red"><B>Analysis of results for the six months ended June
30, 2025 versus results for the six months ended June 30, 2024</B></P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0">Sales for 1H 2025 decreased by 5.6% to $30.7 billion as compared
with $32.5 billion for 1H 2024, primarily due to 7.5% lower average steel selling prices.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0">Operating income for 1H 2025 of $2.8 billion was 30.2% higher as
compared to $2.1 billion in 1H 2024 primarily due to the net positive impact of $1.0 billion exceptional items and impairments. This includes
a $1.7 billion gain recognized on consolidation reflecting the assessed fair value of the asset less consideration paid and debt assumed
from acquiring Nippon Steel&rsquo;s 50% stake in AM/NS Calvert, partially offset by the final settlement of the purchase price of Votorantim's
long business in Brazil ($0.4 billion)<SUP>9</SUP> and $0.2 billion in impairments related to the announced divestments of Zenica integrated
steel plant and Prijedor iron ore mining business in Bosnia.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0">EBITDA decreased by 9.9% to $3,440 million in 1H 2025 as compared
to $3,818 million in 1H 2024, primarily driven by weaker results in the North America (S232 tariffs and their resultant impact on costs
and Canadian and Mexican pricing) and India and JVs segments (weaker average selling prices) offset in part by an improvement in the Europe
segment primarily due to higher volume and a positive price-cost effect.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0">Foreign exchange and net financing costs in 1H 2025 were an income
of $123 million (benefiting from the 12.8% depreciation of the US dollar against the euro), compared to a loss of $521 million in 1H 2024
(which was negatively impacted by the 3.1% appreciation of the US dollar against the euro).</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0">Net income increased to $2,598 million in 1H 2025 as compared to
$1,442 million in 1H 2024, mainly driven by $0.8 billion in exceptional items (net of impairments and tax effects) and higher foreign
exchange gains. Adjusted net income was $1,810 million in 1H 2025 as compared to $1,434 million in 1H 2024, with adjusted basic earnings
per common share of $2.37<SUP>4 </SUP>in 1H 2025 as compared to $1.79 for 1H 2024.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0">Net cash provided by operating activities in 1H 2025 was $1.1 billion
as compared to $1.0 billion in 1H 2024 and includes a working capital investment of $1.5 billion as compared to $1.6 billion in 1H 2024.
Free cash outflow during 1H 2025 of $0.8 billion includes capex of $1.9 billion (including strategic growth projects totaling $0.5 billion).
The free cash outflow, together with ongoing shareholder returns of $0.5 billion (including $0.2 billion of dividends) and M&amp;A (primarily
Calvert) during the period, led to an increase in net debt to $8.3 billion on June 30, 2025, as compared to $5.1 billion on December 31,
2024. Gross debt of $13.7 billion on June 30, 2025, as compared to $11.6 billion on December 31, 2024.</P>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0; color: red"><B>Analysis of results for 2Q 2025 versus 1Q 2025</B></P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0">Sales increased by 7.6% to $15.9 billion in 2Q 2025 as compared
to $14.8 billion in 1Q 2025 primarily due to 6.8% increase in average steel selling prices.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0">Operating income of $1.9 billion in 2Q 2025 was significantly higher
as compared to $825 million in 1Q 2025 primarily due to the net positive impact of $1.0 billion exceptional items and impairments as discussed
above.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0">EBITDA increased by 17.7% in 2Q 2025 to $1,860 million as compared
to $1,580 million in 1Q 2025, primarily due to a positive price-cost effect in Europe and higher contribution from India and JVs segment,
offset in part by a decline in North America (due to S232 tariff impacts as well as unplanned maintenance in Mexico) and Mining segment
(lower iron ore reference selling prices and higher costs more than offsetting the strong shipment performance).</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0">Net income increased to $1,793 million in 2Q 2025, as compared to
$805 million in 1Q 2025 (adjusted net income of $1,005 million in 2Q 2025)<SUP>4</SUP>, primarily due to impact of $0.8bn exceptional
items (net of impairments and tax effects)<SUP>4</SUP>.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0">Net cash provided by operating activities during 2Q 2025 amounted
to $1.4 billion, compared to net cash used in operating activities of $0.4 billion in 1Q 2025, reflecting mainly a $0.2 billion release
of working capital in 2Q 2025 as compared to a working capital investment of $1.7 billion in 1Q 2025. Capex for the quarter amounted to
$0.9 billion (including $0.2 billion spent on strategic growth projects) as compared to $1.0 billion (including $0.3 billion spend on
strategic growth projects) in 1Q 2025.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0">Free cash inflow of $0.5 billion, dividends paid to ArcelorMittal
shareholders of $0.2 billion, M&amp;A of $1.4 billion, and share repurchases of $0.2 billion resulted in an increase in net debt to $8.3
billion on June 30, 2025, as compared to $6.7 billion on March 31, 2025.</P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">&nbsp;</P>

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<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt"></P>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; color: red"><B>Analysis of operations</B></P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><B>North America</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(USDm) unless otherwise shown</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H 24</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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sales</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;3,102&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,877&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;3,162&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;5,979&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;6,509&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating income</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,848&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;350&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;338&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,198&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;923&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(152)</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(125)</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(129)</FONT></TD>
    <TD STYLE="background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(277)</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(249)</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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Exceptional items</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,742&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;&mdash;&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,742&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;&mdash;&#9;</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: Arial, Helvetica, Sans-Serif; font-size: 8pt">EBITDA</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;258&#9;</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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;475&#9;</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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;467&#9;</FONT></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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;733&#9;</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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,172&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Crude steel production (Kt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,034&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,255&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,823&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;4,289&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;4,003&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">- Flat shipments (Kt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,995&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,107&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,865&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;4,102&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;4,110&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">- Long shipments (Kt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;664&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;668&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;719&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,332&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,385&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Steel shipments* (Kt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,531&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,643&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,468&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;5,174&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;5,264&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Average steel selling price (US$/t)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,002&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;902&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,040&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;951&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,041&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0">* 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'25 357kt; 1Q'25 469kt; 2Q'24 476kt; 1H'25 826kt and 1H'24 957kt.</P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 6pt 0">Sales in 2Q 2025 increased by 7.8% to $3.1 billion, as compared
to $2.9 billion in 1Q 2025, primarily driven by an 11.1% increase in average steel selling prices. Excluding the impact of the consolidation
of AM/NS Calvert (on June 18, 2025) and AMTBA (on April 1, 2025), average selling prices were relatively stable. Furthermore, sales were
negatively impacted by a 4.2% decline in steel shipment volumes due to unplanned maintenance in Mexico and weaker apparent demand.</P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 0">Operating income in 2Q 2025 increased to $1.8 billion, largely due to
a $1.7 billion exceptional gain from the acquisition of Nippon Steel&rsquo;s 50% stake in AM/NS Calvert. Underlying operating performance
declined, primarily reflecting the additional costs imposed on the business by Section 232 tariffs (which were further increased to 50%
from June 4, 2025) as well as the impact of unplanned maintenance in Mexico (approximately $40 million) and the impacts of weaker apparent
demand on shipment volumes.</P>

<P STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 0">As a result, EBITDA in 2Q 2025 declined to $258 million as compared
to $475 million in 1Q 2025.</P>

<P STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 0">On June 18, 2025, ArcelorMittal completed the acquisition of Nippon
Steel&rsquo;s 50% equity stake in AM/NS Calvert, now fully owned and renamed ArcelorMittal Calvert. This consolidation brings 100% of
Calvert EBITDA ($614 million in 2024) within the North America segment; previously ~60% of this was captured in Group EBITDA (~45% within
North America segment and ~15% in India and JVs segment).</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><B>Brazil</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt 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; text-indent: 4.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(USDm) unless otherwise shown</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H 25</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="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H 24</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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sales</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,816&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,648&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;3,243&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;5,464&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;6,294&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating (loss)/income</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(137)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;306&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;325&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;169&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;627&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(91)</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(85)</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(88)</FONT></TD>
    <TD STYLE="background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(176)</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(182)</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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Exceptional items</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(453)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;&mdash;&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(453)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;&mdash;&#9;</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: Arial, Helvetica, Sans-Serif; font-size: 8pt">EBITDA</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;407&#9;</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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;391&#9;</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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;413&#9;</FONT></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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;798&#9;</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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;809&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Crude steel production (Kt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;3,540&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;3,579&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;3,607&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;7,119&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;7,171&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">- Flat shipments (Kt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,334&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,057&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,441&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;4,391&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;4,578&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">- Long shipments (Kt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,176&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,120&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,215&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,296&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,276&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Steel shipments (Kt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;3,498&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;3,158&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;3,637&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;6,656&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;6,817&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Average steel selling price (US$/t)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;747&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;774&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;826&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;760&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;854&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">Sales in 2Q 2025 increased by 6.4% to $2.8
billion as compared to $2.6 billion in 1Q 2025, primarily driven by a 10.8% increase in steel shipments, reflecting shipment timing and
seasonality compared to the prior quarter, offset in part by a 3.5% decline in average steel selling prices.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">There was an operating loss in 2Q 2025 of $137
million as compared to an operating income of $306 million in 1Q 2025. 2Q 2025 included an exceptional cost of $453 million mainly related
to the final settlement of the purchase price of Votorantim's long business in Brazil<SUP>9</SUP>. Without this one-time charge, performance
improved slightly with higher shipment volumes, offset in part by lower average steel selling prices.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0">EBITDA in 2Q 2025 increased by 4.1% to $407 million as compared
to $391 million in 1Q 2025, as discussed above.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>Europe</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(USDm) unless otherwise shown</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H 24</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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sales</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;7,653&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;7,218&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;7,822&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;14,871&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;15,669&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating income</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;150&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;90&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;194&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;263&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(283)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(280)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(268)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(563)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(542)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Impairment items</FONT></TD>
    <TD STYLE="background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(194)</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(194)</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;&mdash;&#9;</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: Arial, Helvetica, Sans-Serif; font-size: 8pt">EBITDA</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;627&#9;</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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;370&#9;</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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;462&#9;</FONT></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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;997&#9;</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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;805&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Crude steel production (Kt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;7,530&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;7,987&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;8,041&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;15,517&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;15,645&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">- Flat shipments (Kt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;5,239&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;5,418&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;5,206&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;10,657&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;10,508&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">- Long shipments (Kt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,073&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,111&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,204&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;4,184&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;4,143&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Steel shipments (Kt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;7,305&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;7,528&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;7,407&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;14,833&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;14,643&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Average steel selling price (US$/t)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;926&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;834&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;929&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;879&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;937&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 6pt 0">Crude steel production in 2Q 2025 declined as compared to 1Q 2025
primarily due to the planned reline of Dunkirk BF4, which restarted mid-July 2025.</P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 0">Sales in 2Q 2025 increased by 6.0% to $7.7 billion as compared to $7.2
billion in 1Q 2025, primarily due to a 11.0% increase in average steel selling prices offset in part by a 3.0% decline in steel shipment
volumes which was impacted by apparent demand. 2Q 2025 steel shipments were 1.4% lower year-on-year, reflecting a 6% decline in Long product
shipments whilst Flat product shipments were stable.</P>

<P STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 0">Operating income in 2Q 2025 of $150 million was higher as compared to
$90 million in 1Q 2025, primarily due to a positive price-cost effect, which was partially offset by lower steel shipments and impairments
of $194 million related to the disposal of Zenica and Prijedor in Bosnia.</P>

<P STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 0">EBITDA in 2Q 2025 of $627 million was 69.7% higher as compared to $370
million in 1Q 2025, primarily due to a positive price-cost effect, offset in part by lower steel shipments.</P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B>India and JVs </B></P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">Income from associates, joint ventures and
other investments was higher in 2Q 2025 at $199 million, as compared to $99 million in 1Q 2025 primarily due to a higher income from AMNS
India.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">ArcelorMittal has investments in various joint
ventures and associate entities globally. The Company considered AM/NS Calvert (50% equity interest prior to the full consolidation as
from June 18, 2025) and considers 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/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; text-indent: 0.25in">AMNS India</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(USDm) unless otherwise shown</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H 24</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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Production (Kt) (100% basis)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,827&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,684&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,867&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;3,511&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;3,851&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Shipments (Kt) (100% basis)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,775&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,882&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,892&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;3,657&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;3,908&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sales (100% basis)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,489&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,448&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,580&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,937&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;3,395&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">EBITDA (100% basis)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;200&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;101&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;237&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;301&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;549&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in; text-align: justify">Sales in 2Q 2025 increased by 2.8%
to $1.5 billion as compared to $1.4 billion in 1Q 2025, primarily due to an increase in average steel prices (supported by safeguard measures
introduced in April 2025), offset by a 5.7% decline in steel shipments.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in; text-align: justify">EBITDA during 2Q 2025 improved significantly
to $200 million as compared to $101 million in 1Q 2025, driven primarily by higher steel selling prices.</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; text-indent: 0.25in">AM/NS Calvert</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in; text-align: justify">Effective June 18, 2025, the AM/NS
Calvert operations have been fully consolidated following the transfer of 100% ownership to ArcelorMittal. From such date, AM/NS Calvert&rsquo;s
financial results are reported within the North America segment. For illustrative purposes only, standalone performance for AM/NS Calvert
in the second quarter is presented to provide additional clarity and context regarding segmental contributions.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in; text-align: justify"></P>

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<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(USDm) unless otherwise shown</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H 24</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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Production (Kt) (100% basis)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,245&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,258&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,202&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,503&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,418&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Shipments (Kt) (100% basis)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,257&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,141&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,145&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,398&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,276&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sales (100% basis)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,314&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,160&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,244&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,474&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,480&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">EBITDA (100% basis)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;224&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;158&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;166&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;382&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;354&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in; text-align: justify">Note: Production includes 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 AM/NS 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.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">Sales in 2Q 2025 increased by 13.2% to $1.3 billion as
compared to $1.2 billion in 1Q 2025, primarily due to higher average selling prices and 10.1% increase in shipments.&#9;</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">EBITDA during 2Q 2025 of $224 million was 41.5% higher
as compared to $158 million in 1Q 2025, primarily due to higher average selling prices and 10.1% increase in shipments (record quarterly
shipments achieved in 2Q 2025).</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B>Sustainable Solutions</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(USDm) unless otherwise shown</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H 24</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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sales</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,725&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,580&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,891&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;5,305&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;5,780&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating income</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;77&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;37&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;55&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;114&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;81&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(51)</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(50)</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(40)</FONT></TD>
    <TD STYLE="background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(101)</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(84)</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: Arial, Helvetica, Sans-Serif; font-size: 8pt">EBITDA</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;128&#9;</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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;87&#9;</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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;95&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;215&#9;</FONT></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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;165&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0">Sales in 2Q 2025 increased by 5.6% to $2.7 billion as compared to
$2.6 billion in 1Q 2025.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0">Operating income in 2Q 2025 was $77 million as compared to $37 million
in 1Q 2025, primarily due to a seasonal improvement in the construction business and ramp-up of the India renewables project (see below).</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0">EBITDA in 2Q 2025 of $128 million was 48.0% higher as compared to
$87 million in 1Q 2025, primarily due to seasonally higher construction business activity and improved EBITDA contribution from the ramp-up
of the India renewables project (operating at &gt;90% of target plant load and contributing $24 million EBITDA, in line with targeted
profitability).</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><B>Mining </B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(USDm) unless otherwise shown</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H 24</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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sales</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;857&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;735&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;641&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,592&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,370&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating income</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;196&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;253&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;150&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;449&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;396&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(66)</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(67)</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(66)</FONT></TD>
    <TD STYLE="background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(133)</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(131)</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: Arial, Helvetica, Sans-Serif; font-size: 8pt">EBITDA</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;262&#9;</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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;320&#9;</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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;216&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;582&#9;</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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;527&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Iron ore production (Mt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;8.3&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;8.4&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;5.9&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;16.7&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;12.4&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Iron ore shipment (Mt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;9.9&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;8.0&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;6.2&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;17.9&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;12.5&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0">Note: Mining segment comprises iron ore operations of ArcelorMittal
Mines Canada (AMMC) and ArcelorMittal Liberia.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0">Sales in 2Q 2025 increased by 16.6% to $857 million as compared
to $735 million in 1Q 2025, primarily due to 22.7% higher iron ore shipments, offset in part by 6.0% decline in iron ore reference prices.</P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 6pt 0">Iron ore production in 2Q 2025 marginally decreased to 8.3Mt as
compared to 8.4Mt in 1Q 2025. Production in ArcelorMittal Mines Canada (AMMC) was impacted by planned maintenance. Production in Liberia
reached a record level driven by operational improvements and ramp up of phase 2 infrastructure and mining equipment.</P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 6pt 0">Iron ore shipments in 2Q 2025 included ~2Mt of inventory from prior
periods that had accumulated at Port Cartier (AMMC) during the rehabilitation of the wharf.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0">Operating income in 2Q 2025 decreased by 22.5% to $196 million as
compared to $253 million in 1Q 2025, driven by impacts of lower iron ore prices (including lower premia) and higher costs offset in part
by higher iron ore shipments.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0">EBITDA in 2Q 2025 of $262 million was 18.0% lower as compared to
$320 million in 1Q 2025, as discussed above.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

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<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; color: red"><B>Recent developments</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">On June 18, 2025, in accordance with the definitive Equity
Purchase Agreement (the &ldquo;EPA&rdquo;) signed between ArcelorMittal and Nippon Steel Corporation (&ldquo;NSC&rdquo;) on October 11,
2024, the Company confirms that it has completed the acquisition of NSC&rsquo;s 50% equity stake in AM/NS Calvert, with ArcelorMittal
already holding the balance. The facility, now renamed ArcelorMittal Calvert, was originally acquired by ArcelorMittal and NSC in 2014
from ThyssenKrupp for total consideration of $1.55 billion. The operation was originally built at a cost of approximately $5 billion.
It commenced operations in 2010 and has a flat rolled steel capacity of 5.3 million metric tonnes, annually. It is one of the most advanced
steel making facilities in North America, with assets that include: State-of-the-art hot strip mill (HSM) designed to roll advanced high
strength steels (AHSS), Line Pipe and Stainless products; Continuous Pickling Line (CPL) and coupled Pickle Line-Tandem Cold Mill (PLTCM)
optimized for auto production (including exposed); and Coating and Continuous Annealing Lines, galvanized, galvanneal, aluminized, and
cold rolled, which can supply advanced automotive grades including Gen3 AHSS and Press Hardened Steel (PHS).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">On May 5, 2025, following approval by the Brazilian antitrust
authority CADE on April 4, 2025, ArcelorMittal acquired control of the Brazilian pipe producer Tuper, a joint venture in which it already
held a 40% interest for $0.2 billion. Tuper is one of the largest steel processing companies in Latin America serving oil and gas, civil
construction, infrastructure, industrial and automotive markets. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">On April 1, 2025, ArcelorMittal increased its interest in
the joint venture AMTBA from 80% to 90% and regained control following certain amendments of the shareholders' agreement. AMTBA manufactures
light-weighting solutions for the automotive industry through laser welding and has facilities across Canada, the United States and Mexico.
</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; color: red"><B>Outlook</B></P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 0">Due to ongoing tariff headwinds, economic activity remains subdued;
no restocking has been observed as customers maintain a &ldquo;wait and see&rdquo; approach. This has created some headwinds to demand
that were not anticipated at the beginning of the year, concentrated in the United States, where flat product apparent steel consumption
(ASC) is now forecast to decline slightly in 2025 within the range of -2.0% to 0% (as compared to growth of 1.0% to 3.0% forecast at the
beginning of the year). Section 232 tariffs have also increased costs and negatively impacted the supply/demand balance in Canada and
Mexico markets.</P>

<P STYLE="font: 12pt/112% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0">In Europe demand is faring relatively better, and flat product ASC growth
is expected in the range of -0.5% to +1.5% in 2025, only marginally below the forecast at the beginning of the year (+0% to +2.0%) due
to more limited direct tariff impacts and support from lower interest rates. Looking beyond the near-term challenges (seasonal demand
weakness and manufacturing activity at stable but low levels), inventories in Europe remain low, and the prospects of incremental trade
policy support, a strengthened carbon border adjustment mechanism, together with higher infrastructure and defense spending, may materially
improve the medium-term outlook.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0">So far this year, steel demand in Brazil has been stronger than initial
expectations, and the Company now forecasts positive ASC growth of up to 2.0% in 2025 (vs. a stable demand forecast previously). India
continues to be the fastest growing major steel market, with demand well supported particularly by infrastructure investment; ASC remains
on track to increase in the range of 6.0% to 7.0% in 2025.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 0">As a result, World ex-China ASC is now expected to grow by +1.5% to
+2.5% in 2025, as compared to the initial +2.5% to +3.5% guidance provided at the beginning of the year. China&rsquo;s steel industry
capacity remains unsustainable, and its elevated exports continue to weigh on ex-China fundamentals. China demand is expected to remain
broadly stable in 2025, with the tariff impacts on exports and real estate weakness being offset by manufacturing and infrastructure demand.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0">Further contributions from strategic growth projects and Calvert consolidation
should support 2H 2025 profitability which will face increased headwinds from Section 232 tariffs and impacts of seasonality. Free cash
flow is expected to be positive in 2025, supported by a release of working capital in 2H 2025.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0">Looking to the medium term, the Company remains positive on the steel
demand outlook and believes that it is optimally positioned to execute its strategy of growth with capital returns, and therefore has
made no changes to its investment or capital return plans. Capex for 2025 remains guided at $4.5&ndash;$5.0 billion, including $1.4&ndash;$1.5
billion for strategic growth and $0.3&ndash;$0.4 billion for decarbonization projects. Furthermore, the completion and ramp-up 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: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; color: red"><FONT STYLE="background-color: white"><B>ArcelorMittal
Condensed Consolidated Statements of Financial Position<SUP>1 </SUP></B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>In millions of U.S. dollars</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Jun 30, 2025</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Mar 31, 2025</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Dec 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>ASSETS</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right; line-height: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Cash and cash equivalents</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;5,443&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;5,319&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;6,484&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Trade accounts receivable and other</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;4,628&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;4,108&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;3,375&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Inventories</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;19,126&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;16,877&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;16,501&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Prepaid expenses and other current assets </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;3,576&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;3,362&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;3,022&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Assets held for sale<SUP>8</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;199&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total Current Assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;32,972&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;29,666&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;29,382&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 8pt">&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; line-height: 8pt">&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></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Goodwill and intangible assets </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;5,343&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;4,599&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;4,453&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Property, plant and equipment </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;39,621&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;34,705&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;33,311&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Investments in associates and joint ventures</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;10,668&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;11,711&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;11,420&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Deferred tax assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;8,586&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;8,904&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;8,942&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Other assets</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,688&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,867&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,877&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total Assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;98,878&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;91,452&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;89,385&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 8pt">&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; line-height: 8pt">&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></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>LIABILITIES AND SHAREHOLDERS&rsquo; EQUITY</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right; line-height: 8pt">&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></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Short-term debt and current portion of long-term debt</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;3,173&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;3,456&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;2,748&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Trade accounts payable and other</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;12,741&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;11,884&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;12,921&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Accrued expenses and other current liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;7,583&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;6,656&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;6,156&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Liabilities held for sale<SUP>8</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;103&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total Current Liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;23,600&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;21,996&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;21,825&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 8pt">&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; line-height: 8pt">&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></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Long-term debt, net of current portion</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;10,559&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;8,591&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;8,815&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Deferred tax liabilities </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;2,429&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;2,418&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;2,338&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Other long-term liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;5,820&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;5,148&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;5,121&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total Liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;42,408&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;38,153&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;38,099&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 8pt">&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; line-height: 8pt">&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></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Equity attributable to the equity holders of the parent</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;54,378&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;51,206&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;49,223&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Non-controlling interests</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;2,092&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;2,093&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;2,063&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total Equity</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;56,470&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;53,299&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;51,286&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total Liabilities and Shareholders&rsquo; Equity</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;98,878&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;91,452&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;89,385&#9;</B></FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0; color: red"><FONT STYLE="background-color: white"><B>ArcelorMittal
Condensed Consolidated Statements of Operations<SUP>1</SUP></B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt 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">&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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Three months ended</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Six months ended</B></FONT></TD></TR>
  <TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 45%; border-left: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>In millions of U.S. dollars unless otherwise shown</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Jun 30, 2025</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Mar 31, 2025</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Jun 30, 2025</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Jun 30, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Sales</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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;15,926&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;14,798&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;16,249&#9;</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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;30,724&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;32,531&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Depreciation (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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(697)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(656)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(635)&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(1,353)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(1,277)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Impairment items<SUP>2 </SUP>(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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(194)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(194)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Exceptional items<SUP>3 </SUP>(B)</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,162&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,162&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</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: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Operating income (A)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,932&#9;</B></FONT></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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;825&#9;</B></FONT></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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,046&#9;</B></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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;2,757&#9;</B></FONT></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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;2,118&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Operating margin %</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>&#9;12.1&#9;%</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>&#9;5.6&#9;%</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>&#9;6.4&#9;%</I></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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>&#9;9.0&#9;%</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>&#9;6.5&#9;%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 8pt">&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="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income from associates, joint ventures and other investments (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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;199&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;99&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;181&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;298&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;423&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Impairments and exceptional items of associates, joint ventures and other investments</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;48&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;48&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Net interest expense</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(73)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(48)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(7)&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(121)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(70)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Foreign exchange and other net financing gain/(loss)</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;8&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;115&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(260)&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;123&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(521)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-cash mark-to-market (loss)/gain until acquisition of c.28.4% Vallourec shares</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(173)&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;8&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Income before taxes and non-controlling interests</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;2,114&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;991&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;787&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;3,105&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,958&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&nbsp;Current tax expense</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(139)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(181)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(179)&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(320)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(500)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Deferred tax (expense)/benefit</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(146)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;12&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(96)&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(134)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;28&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income tax expense (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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(285)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(169)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(275)&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(454)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(472)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Net income including non-controlling interests</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,829&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;822&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;512&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;2,651&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,486&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Non-controlling interests loss</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(36)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(17)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(8)&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(53)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(44)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Net income attributable to equity holders of the parent</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,793&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;805&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;504&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;2,598&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,442&#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; 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Basic earnings per common share ($)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;2.35&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1.05&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;0.63&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;3.40&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1.80&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Diluted earnings per common share ($)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;2.34&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1.04&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;0.63&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;3.38&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1.79&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 8pt">&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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Weighted average common shares outstanding (in millions)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;762&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;768&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;794&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;765&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;802&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Diluted weighted average common shares outstanding (in millions)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;765&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;771&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;797&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;768&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;804&#9;</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">&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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>OTHER INFORMATION</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6">&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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>EBITDA (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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,860&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,580&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,862&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;3,440&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;3,818&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">EBITDA Margin %</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>&#9;11.7&#9;%</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>&#9;10.7&#9;%</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>&#9;11.5&#9;%</I></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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>&#9;11.2&#9;%</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>&#9;11.7&#9;%</I></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">&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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total Group iron ore production (Mt)</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;11.8&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;11.8&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;9.5&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;23.6&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;19.7&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Crude steel production (Mt)</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;14.4&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;14.8&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;14.7&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;29.2&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;29.1&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Steel shipments (Mt)</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;13.8&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;13.6&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;13.9&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;27.4&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;27.3&#9;</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0; color: red"><FONT STYLE="background-color: white"><B>ArcelorMittal
Condensed Consolidated Statements of Cash flows<SUP>1 </SUP></B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt 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-bottom: Black 1pt solid; border-top: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Three months ended</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Six months ended</B></FONT></TD></TR>
  <TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 45%; border-left: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>In millions of U.S. dollars </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Jun 30, 2025</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Mar 31, 2025</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Jun 30, 2024</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Jun 30, 2025</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Jun 30, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>Operating activities:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right; line-height: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-right: 0.75pt; text-align: right; line-height: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 8pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>Income attributable to equity holders of the parent</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,793&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;805&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;504&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;2,598&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,442&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Adjustments to reconcile net result 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; 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">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Non-controlling interests income</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;36&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;17&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;8&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;53&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;44&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Depreciation and impairments<SUP>2</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;891&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;656&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;635&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,547&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,277&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Exceptional items<SUP>3</SUP></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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(1,162)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(1,162)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Income from associates, joint ventures and other investments</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(199)</FONT></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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(99)</FONT></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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(181)</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(298)</FONT></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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(423)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Impairments and exceptional items of associates, joint ventures and other investments</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(48)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(48)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Deferred tax (benefit)/loss</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;146&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(12)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;96&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;134&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(28)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;221&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(1,712)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;84&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(1,491)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(1,635)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(262)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(9)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(73)</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(271)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;296&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #333333"><B>&#9;1,416&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #333333"><B>&#9;(354)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #333333"><B>&#9;1,073&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #333333"><B>&#9;1,062&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #333333"><B>&#9;973&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>Investing activities: </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; 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; 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Purchase of property, plant and equipment and intangibles (B)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(886)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(967)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(985)</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(1,853)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(2,221)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Other investing 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;123&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(62)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(57)</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;61&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;217&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #333333"><B>&#9;(763)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #333333"><B>&#9;(1,029)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #333333"><B>&#9;(1,042)</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #333333"><B>&#9;(1,792)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #333333"><B>&#9;(2,004)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; 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; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; 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; 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Net (payments)/proceeds 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(358)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;197&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,007&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(161)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;673&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(210)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(210)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(200)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Dividends paid to minorities shareholders (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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(16)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(30)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(7)</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(46)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(84)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Share buyback</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(168)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(94)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(293)</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(262)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(890)</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Lease payments and other financing activities (net)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(61)</FONT></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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(50)</FONT></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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;7&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(111)</FONT></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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(45)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Net cash (used)/provided 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #333333"><B>&#9;(813)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #333333"><B>&#9;23&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #333333"><B>&#9;514&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #333333"><B>&#9;(790)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #333333"><B>&#9;(546)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Net (decrease)/increase in cash and cash equivalents</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">&#9;(160)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">&#9;(1,360)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;545&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">&#9;(1,520)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(1,577)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Cash and cash equivalents transferred to assets held for sale</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">&#9;(29)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">&#9;(29)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Effect of exchange rate changes on cash</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">&#9;302&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">&#9;205&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(81)</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">&#9;507&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(271)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>Change in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>&#9;113&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>&#9;(1,155)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;464&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>&#9;(1,042)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;(1,848)</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">&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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #333333"><B>&#9;514&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #333333"><B>&#9;(1,351)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;81&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #333333"><B>&#9;(837)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;(1,332)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0; color: red"><B>Appendix 1: Capital expenditures<SUP>1</SUP></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(USD million)</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H 24</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: Arial, Helvetica, Sans-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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;113&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;110&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;100&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;223&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;211&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Brazil</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;139&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;180&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;211&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;319&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;414&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Europe</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;294&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;329&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;275&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;623&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;718&#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: Arial, Helvetica, Sans-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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;77&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;53&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;80&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;130&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;240&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Mining</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;208&#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: Arial, Helvetica, Sans-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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;262&#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: Arial, Helvetica, Sans-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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;497&#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: Arial, Helvetica, Sans-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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;55&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;60&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;57&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;115&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;141&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;886&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;967&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;985&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,853&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;2,221&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0; color: red"><B></B></P>

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<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0; color: red"><B>Appendix 1a: Strategic growth projects completed during
the last 4 quarters</B></P>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0; color: red"><B>&nbsp;</B></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="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white; line-height: 112%"><B>Segment</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white; line-height: 112%"><B>Site / unit</B></FONT></TD>
    <TD STYLE="width: 46%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white; line-height: 112%"><B>Capacity / details</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white; line-height: 112%"><B>Impact on EBITDA<SUP>6</SUP></B></FONT></TD>
    <TD STYLE="width: 13%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white; line-height: 112%"><B>Key date / forecast completion</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424; line-height: 112%">Sustainable Solutions</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424; line-height: 112%">Andhra Pradesh (India)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; line-height: 112%">Renewable energy project: 1GW of nominal solar and wind power</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; line-height: 112%">$0.1bn (incl. our share of net income in AMNS India)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; line-height: 112%">2Q 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424; line-height: 112%">Mining</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424; line-height: 112%">Liberia mine</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424; line-height: 112%">Iron ore expansion to 20Mt/year; blending a portion of the new concentrate with crushed ore product to produce a sinter feed blend (&gt;62% Fe)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; line-height: 112%">$450m </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; line-height: 112%">Commissioning underway</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424; line-height: 112%">North America</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424; line-height: 112%">Calvert</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; line-height: 112%">New 1.5Mt EAF and caster</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; line-height: 112%">$85m</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; line-height: 112%">Commissioned </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; color: red"><B>Appendix 1b: Ongoing strategic growth projects<SUP>10</SUP></B></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="width: 10%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white; line-height: 112%"><B>Segment</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white; line-height: 112%"><B>Site / unit</B></FONT></TD>
    <TD STYLE="width: 45%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white; line-height: 112%"><B>Capacity / details</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white; line-height: 112%"><B>Impact on EBITDA<SUP>6</SUP></B></FONT></TD>
    <TD STYLE="width: 13%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white; line-height: 112%"><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: 3.5pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black; line-height: 112%">Brazil</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black; line-height: 112%">Serra Azul mine</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black; line-height: 112%">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: 3.5pt; padding-bottom: 1.5pt; text-align: right; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black; line-height: 112%">$100m</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; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black; line-height: 112%">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; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black; line-height: 112%">Brazil</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black; line-height: 112%">Barra Mansa</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black; line-height: 112%">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; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black; line-height: 112%">$70m</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black; line-height: 112%">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; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black; line-height: 112%">Europe</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black; line-height: 112%">Mardyck (France)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; line-height: 112%">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; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black; line-height: 112%">$100m</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; line-height: 112%">2H 2025 ACL<BR>
2H 2026<BR>
 APL/REV</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black; line-height: 112%">North America</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black; line-height: 112%">Las Truchas mine (Mexico)</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black; line-height: 112%">Revamping project with 1Mtpa pellet feed capacity increase (to 2.3Mt/year) with DRI concentrate grade capability</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black; line-height: 112%">$50m</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black; line-height: 112%">2H 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black; line-height: 112%">AMNS India</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black; line-height: 112%">Hazira</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; line-height: 112%">Debottlenecking existing assets; AMNS India medium-term Phase 1 plans are to expand and grow in Hazira to ~15Mt by end of 2026; ongoing downstream projects; additional greenfield opportunities under development&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black; line-height: 112%">$0.4bn (our 60% share of net income for Phase 1 and ongoing downstream projects)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black; line-height: 112%">2H 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black; line-height: 112%">North America</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black; line-height: 112%">AM Calvert (US)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black; line-height: 112%">Advanced manufacturing facility for non-grain-oriented electrical steel (NOES) with a capacity of up to 150kt per year, essential for EV production and other commercial / industrial applications. The project consists of annealing and pickling line (APL), reversing cold mill (RCM) and annealing and varnishing (ACL)</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; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black; line-height: 112%">$230m</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; line-height: 112%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black; line-height: 112%">2H 2027</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0 3pt">&nbsp;</P>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0; color: red"><B>Appendix 2: Debt repayment schedule as of June 30,
2025</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&nbsp;(USD billion)</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2025</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2026</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; 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; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&ge;2029</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Bonds</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;0.9&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8.0</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Commercial paper</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;0.8&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;0.2&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; 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: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1.0</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Other loans</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">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: Arial, Helvetica, Sans-Serif; font-size: 8pt; 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; 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: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4.7</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total gross debt</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2.4</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2.0</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1.2</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: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>6.5</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: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13.7</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0">As of June 30, 2025, the average debt maturity is 7.6 years.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; color: red"><B>Appendix 3: Reconciliation of gross debt to net
debt</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Jun 30, 2025</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Mar 31, 2025</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Dec 31, 2024</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Gross debt </B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;13,732&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;12,047&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;11,563&#9;</B></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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Less: Cash and cash equivalents</FONT></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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(5,443)</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(5,319)</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(6,484)</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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Less: Cash and cash equivalents held as part of the assets held for sale<SUP>8</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(29)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">0</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Net debt (including Cash and cash equivalents held as part of assets held for sale)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;8,260&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;6,728&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;5,079&#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; background-color: #B6B6B6">&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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Net debt / LTM EBITDA</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1.2</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1.0</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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>0.7</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 11pt/174% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; color: red"><B>Appendix 4: Adjusted net income and adjusted basic
EPS</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(USD million)</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H 25</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1H 24</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.25pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Net income attributable to equity holders of the parent</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.25pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,793&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.25pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;805&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.25pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;504&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.25pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;2,598&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.25pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,442&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Impairment items<SUP>2</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(194)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(194)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Exceptional items<SUP>3</SUP></FONT></TD>
    <TD STYLE="background-color: #B6B6B6; padding-top: 3pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,162&#9;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="background-color: #B6B6B6; padding-top: 3pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,162&#9;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Impairments and exceptional items of associates, joint ventures, and other investments</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;48&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;48&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Mark-to-market (loss)/gain on purchase of stake in Vallourec</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(173)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;8&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt">Related tax impacts and one-off tax charges<SUP>3</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(228)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(228)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Adjusted net income attributable to equity holders of the parent</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,005&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;805&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;677&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,810&#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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,434&#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; background-color: #B6B6B6; padding-top: 3pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Weighted average common shares outstanding (in millions)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;762&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;768&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;794&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;765&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;802&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Adjusted basic EPS $/share</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1.32</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1.05</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>0.85</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2.37</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1.79</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/174% Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify; color: red"><B>Appendix 5: Terms and definitions</B></P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">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: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Adjusted basic EPS:</B> refers to adjusted net income divided
by the weighted average common shares outstanding.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Adjusted net income:</B> refers to reported net income(loss)
less impairment items and exceptional items (including mark-to-market on purchase of Vallourec shares and related tax impacts and one-off
tax charges).</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Apparent steel consumption:</B> calculated as the sum of production
plus imports minus exports.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Average steel selling prices:</B> calculated as steel sales
divided by steel shipments.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Cash and cash equivalents</B>: represent cash and cash equivalents,
restricted cash and short-term investments.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Capex:</B> represents the purchase of property, plant and equipment
and intangibles. The Group&rsquo;s capex figures do not include capex at the JVs level (i.e. AMNS India and AM/NS Calvert until June 18,
2025).</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Crude steel production: </B>steel in the first solid state
after melting, suitable for further processing or for sale.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Depreciation: </B>refers to amortization and depreciation.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>EPS: </B>refers to basic or diluted earnings per share.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>EBITDA:</B> defined as operating income (loss) plus depreciation,
impairment items and exceptional items and income (loss) from associates, joint ventures and other investments (excluding impairments
and exceptional items if any).</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 2.25pt 3pt 0"><B>EBITDA/tonne:</B> calculated as EBITDA divided by total
steel shipments.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 2.25pt 3pt 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: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Free cash flow (FCF)</B>: refers to net cash provided by operating
activities less capex less dividends paid to minority shareholders. The term free cash outflow is used when the difference is negative
(i.e., negative free cash flow)</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><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: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Gross debt</B>: long-term debt and short-ter<FONT STYLE="background-color: white">m
debt.</FONT></P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Impairment items: </B>refers to impairment charges.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><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: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Investable cash flow:</B> refers to net cash provided by operating
activities less maintenance/normative capex.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">&nbsp;</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"></P>

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<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">&nbsp;</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Iron ore reference prices:</B> refers to iron ore prices for
62% Fe CFR China. Pricing is generally linked to market price indexes and uses a variety of mechanisms, including current spot prices
and average prices over specified periods. Therefore, there may not be a direct correlation between market reference prices and actual
selling prices in various regions at a given time.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Kt:</B> refers to thousand metric tonnes.</P>

<P STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Liquidity: </B>defined as cash and cash equivalents (included
cash held as part of assets held for sale) plus available revolving credit facilities</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 2.25pt 3pt 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: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Maintenance/normative capex:</B> <FONT STYLE="background-color: white">refers
to capital expenditures outside of strategic capital expenditures and decarbonization projects (and includes cost reduction plans and
environment projects as well as general maintenance capital expenditures).</FONT></P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 2.25pt 3pt 0"><B>Mt: </B>refers to million metric tonnes.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 2.25pt 3pt 0"><B>Net debt:</B> long-term debt and short-term debt less
cash and cash equivalents (including cash and cash equivalents held as part of assets held for sale)</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><FONT STYLE="background-color: white"><B>Net debt/LTM EBITDA:</B>
ref</FONT>ers to Net debt divided by EBITDA for the last twelve months.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Net interest expense: </B>includes interest expense less interest
income.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Operating results:</B> refers to operating income(loss).</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Operating segments:</B> North America segment includes the
Flat, Long and Tubular operations of US, 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 and our renewables
operations in India. The Others segment includes the Flat, Long and Tubular operations of Ukraine and South Africa, the captive iron ore
mines in Ukraine, holding companies and intragroup stock margin eliminations. Mining segment includes iron ore operations of ArcelorMittal
Mines Canada and ArcelorMittal Liberia.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><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: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><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: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><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: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Working capital change (working capital investment / release):
</B>refers to movement of change in working capital - trade accounts receivable plus inventories less trade and other accounts payable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: red"><TR STYLE="vertical-align: top">
<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: 12pt/120% Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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: 12pt/120% Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Impairment charges of $194 million in 2Q 2025 related to announced
divestment of Zenica integrated steel plant and Prijedor iron ore mining business in Bosnia.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Exceptional gains of $1,162 million in 2Q 2025 includes a
$1,742 million gain from acquiring Nippon Steel&rsquo;s 50% stake in AM/NS Calvert (North America segment), partially offset mainly by
final settlement of the purchase price of Votorantim's long business in Brazil ($0.4 billion). One-off tax charges for $0.2 billion relate
to the reversal of a deferred tax asset and corresponding deferred tax expense which was partly offset by the positive tax impact relating
to the Votorantim settlement (both of which are considered exceptional items for the calculation of adjusted net income).</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">See Appendix 4 for the reconciliation of adjusted net income
and adjusted basic earnings per share. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">September 2020 was the inception date of the ongoing share
buyback programs. Under the new 10 million share buyback program launched in April 2025, the Company has repurchased 2 million shares
(~20%) in 2Q 2025 of the tranche.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/10.8pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The estimate of potential additional contribution to EBITDA
is based on assumptions once ramped up to full capacity and assuming prices/spreads generally in line with the averages of 2015-2020.
Other projects under development include the construction of a new high added value finishing line (cold rolling mill) and a continuous
coating line at Tubar&atilde;o facility. The project is undergoing internal approvals, and ArcelorMittal Brasil is currently moving forward
with detailed engineering (full feasibility study). As of June 30, 2025, last twelve months investable cash flow of $2.3 billion consisting
of cash flow from operations of $4.9 billion less normative/maintenance capex of $2.6 billion.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Liquidity at the end of June 30, 2025, of $11.0 billion consisted
of cash and cash equivalents of $5.5 billion (including cash and cash equivalents held as part of assets held for sale) and $5.5 billion
of available credit lines. On April 30, 2025, the facility agent confirmed that all Revolving Credit Facility (RCF) lenders have agreed
to our one-year extension request dated February 2, 2025. Consequently, the maturity of the ArcelorMittal $5.5 billion RCF is extended
by one year to May 29, 2030.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Assets and liabilities held for sale are related to the announced
divestment of Zenica integrated steel plant and Prijedor iron ore mining business in Bosnia (Europe) and Tubular subsidiaries.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The acquisition of Votorantim&rsquo;s long steel business
in Brazil in 2018 significantly strengthened ArcelorMittal&rsquo;s market position, adding approximately 2 million tonnes of annual production
capacity, increasing market share, and unlocking cost efficiencies alongside substantial operational, logistics, and procurement synergies.
As part of the original deal structure, Votorantim and ArcelorMittal retained certain put and call option rights. In March 2022, Votorantim
exercised its put option, resulting in a valuation dispute that proceeded to arbitration in Brazil. Following hearings in October 2024,
the parties reached a settlement in June 2025, under which ArcelorMittal Brasil will pay approximately $546 million over three years.
Net of amounts previously provisioned, ArcelorMittal recorded a net amount of $0.4 billion in 2Q 2025 as an exceptional item. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Updated status of selected strategic projects: Mardyck: Due
to the brownfield nature of this project, unforeseen challenges in civil works have caused delays in the annealing and varnishing lines
(ACL) part to 2H 2025 (previously 1H 2025). The annealing and pickling line (APL) and reversing mill (REV) part is also extended to 2H
2026 (previously 2H 2025) to perform additional studies to define the extent of the works. Las Truchas: delay from 1H 2026 to 2H 2026
is linked due to delays in obtaining environmental permits. AMNS India&rsquo;s auto downstream complex is expected to be fully commissioned
at the end of 2025. CGL3 was commissioned at Hazira in July 2025. Plans underway for further capacity expansion in Hazira and land acquisition
started for 7.3Mtpa greenfield project in Andhra Pradesh (east coast).</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; color: red"><B>Second quarter 2025 earnings
analyst conference call</B></P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 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, 2025 on: <B>Thursday July 31, 2025, at 9.30am
US Eastern time. 14.30pm London time and 15.30pm CET. </B></P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0">To access via the conference call and ask a question during the
Q&amp;A, please register in advance:</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0">https://register-conf.media-server.com/register/BIa9ddb069b791412ea06c4a5da9953318</P>

<P STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0">Alternatively, the webcast can be accessed at: https://edge.media-server.com/mmc/p/eo349ane/.</P>

<P STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0">A copy of the earnings call transcript will also be available on the website.</P>

<P STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

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<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0; color: red"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 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;, &quot;projected&quot;, &quot;potential&quot;, &quot;intend&quot; 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: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0; color: red"><B>Non-GAAP/Alternative Performance Measures</B></P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0">This press release also includes certain non-GAAP financial/alternative
performance measures. ArcelorMittal presents EBITDA and EBITDA/tonne, free cash flow (FCF), adjusted net income, adjusted basic earnings
per share and the 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. The definition of EBITDA includes 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, liquidity 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 net cash provided by operating activities
less maintenance/normative capex, and the Company thus believes that it represents a 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 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: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0; color: red"><B>About ArcelorMittal</B></P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 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 2024, ArcelorMittal had revenues of $62.4 billion
and crude steel production of 57.9 million metric tonnes, while iron ore production reached 42.4 million metric tonnes.</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 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: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 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: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0; color: red"><B>Enquiries</B></P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 0">ArcelorMittal investor relations: +44 207 543 1128; ESG: +44 203 214
2801 and Bonds/credit: +33 1 71 92 10 26.</P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 0">E-mail: investor.relations@arcelormittal.com</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0">ArcelorMittal corporate communications (e-mail: press@arcelormittal.com)
+44 207 629 7988. Contact: Paul Weigh +44 203 214 2419</P>

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