ArcelorMittal : Annual report 2023 – English

Table of Contents

Management report

Introduction

Page

Company overview3

History and development of the Company3

Forward-looking statements9

Key transactions and events in 202310

Sustainable development highlights - striving to

be a leader in the decarbonization of the steel 11

industry

Risk Factors and Control 15

Business overview

Business strategy 37

Research and development 39

Sustainable development 44

Products 70

Sales and marketing 74

Intellectual property 74

Government regulations 75

Organizational structure 88

Properties and capital expenditures

Property, plant and equipment 90

Capital expenditures 105

Mineral reserves and resources 107

Operating and financial review

Economic conditions 128

Operating results 151

Liquidity and capital resources 165

Disclosures about market risk 172

Outlook 174

Management and employees

Directors and senior management 174

Compensation 186

Employees 202

Corporate governance 208

Shareholders and markets

Major shareholders 217

Related party transactions 220

Markets 221

Page

New York Registry Shares 221

Dividend distributions 221

Purchases of equity securities by the issuer and 222 affiliated purchasers

Share capital 223

Additional information

Memorandum and Articles of Association 224

Material contracts 233

Exchange controls and other limitations 234

affecting security holders

Taxation 235

Evaluation of disclosure controls and 239

procedures

Glossary - definitions, terminology and principal 241

subsidiaries

Chief executive officer and chief financial 244

officer's responsibility statement

Consolidated financial statements

245

Consolidated statements of operations 246

Consolidated statements of other 247 comprehensive income

Consolidated statements of financial position 248

Consolidated statements of changes in equity 249

Consolidated statements of cash flows 250

Notes to the consolidated financial statements 251

Report of the réviseur d'entreprises agréé - 366 consolidated financial statements

INTRODUCTION

Company overview

ArcelorMittal is one of the world's leading integrated steel and mining companies. ArcelorMittal is the largest steel producer in Europe and among the largest in the Americas, and a growing presence in Asia including India through its joint venture AMNS India.

Crude steel	58.1
production
(million tonnes)	59.0
42.0
Iron ore production
(million tonnes)*
45.3
55.6
Steel shipments
(million tonnes)
55.9
68.3
Sales
(billion USD)
79.8

2023

2022

*Iron ore production includes production from ArcelorMittal Mining Canada G.P. and ArcelorMittal Infrastructure G.P. ("AMMC"), ArcelorMittal Liberia and captive mines.

ArcelorMittal has steel-making operations in 15 countries, including 37 integrated and mini-mill steel-making facilities. As of December 31, 2023, ArcelorMittal had approximately 126,756 employees.

ArcelorMittal produces a broad range of high-quality finished and semi-finished steel products ("semis"). Specifically, ArcelorMittal produces flat products, including sheet and plate, and long products, including bars, rods and structural shapes. It also produces pipes and tubes for various applications. ArcelorMittal sells its products primarily in local markets and to a diverse range of customers in approximately 140 countries, including the automotive, appliance, engineering, construction and machinery industries. ArcelorMittal's mining operations produce various types of mining products including iron ore lump, fines, concentrate, pellets, sinter feed and coking coal.

As a global steel producer, the Company is able to meet the needs of different markets. Steel consumption and product requirements clearly differ between developed markets and developing markets. Steel consumption in developed economies is weighted towards flat products and a higher value-added mix, while developing markets utilize a higher proportion of longproducts and commodity grades. To meet these diverse needs, the Company maintains a high degree of product diversification and seeks opportunities to increase the proportion of higher value-added products in its product mix.

History and development of the Company

ArcelorMittal results from the merger in 2007 of its predecessor companies Mittal Steel Company N.V. and Arcelor, each of which had grown through acquisitions over many years. Since its creation ArcelorMittal has experienced periods of external growth as well as consolidation and deleveraging (including through divestment).

ArcelorMittal's success is built on its core values of sustainability, safety, quality and leadership and the entrepreneurial boldness that has empowered its emergence as the first truly global steel and mining company. Acknowledging that a combination of structural issues and macroeconomic conditions will continue to challenge returns in its sector, the Company has adapted its footprint to the new demand realities, redoubled its efforts to control costs and repositioned its operations with a view toward outperforming its competitors. ArcelorMittal's research and development capability is strong and includes several major research centers as well as strong academic partnerships with universities and other scientific bodies.

Against this backdrop, ArcelorMittal's strategy is to leverage four distinctive attributes that will enable it to capture leading positions in the most attractive areas of the steel industry's value chain, from mining at one end to distribution and first-stage processing at the other: global scale and scope; superior technical capabilities; a diverse portfolio of steel and related businesses, one of which is mining; and financial capabilities. The Company's strategy is further detailed under "Business overview-Business strategy".

ArcelorMittal's steel-making operations have a high degree of geographic diversification. In 2023, approximately 39% of its crude steel was produced in the Americas, approximately 50% was produced in Europe and approximately 11% was produced in other countries, such as South Africa and Ukraine. In addition, ArcelorMittal's sales of steel products are spread over both developed and developing markets, which have different consumption characteristics. ArcelorMittal's mining operations, including captive mines are present in North America, South America, Africa, Europe and the CIS region. Captive mines are integrated into the Company's global steel-making facilities.

Competitive strengths

As shown by the following graph, ArcelorMittal has a diversified portfolio of steel and mining products to meet a wide range of customer needs across many steel-consuming sectors, including automotive, appliance, engineering, construction, energy and machinery and via distributors.

* Other steel sales mainly represent metal processing, machinery, electrical equipment and domestic appliances **Other sales mainly represent mining, chemicals & water, slag, waste, sale of energy and shipping

The Company believes that the following factors contribute to ArcelorMittal's success in the global steel and mining industry:Market leader in steel. ArcelorMittal had annual achievable production capacity of approximately 81.0 million tonnes of crude steel for the year ended December 31, 2023. Steel shipments for the year ended December 31, 2023 totaled 55.6 million tonnes. ArcelorMittal has significant operations in many countries which are described in "Properties and capital expenditures". In addition, many of ArcelorMittal's operating units have access to developing markets that are expected to experience, over time, above-average growth in steel consumption (such as Central and Eastern Europe, South America, India, Africa, CIS and Southeast Asia).

The Company sells its products in local markets and through a centralized marketing organization to customers in approximately 140 countries. ArcelorMittal's diversified product offering, together with its distribution network and research and development ("R&D") programs, enable it to build strong relationships with customers, which include many of the world's major automobile and appliance manufacturers. The Company is a strategic partner to many major original equipment manufacturers ("OEMs") and has the capability to build long-term contractual relationships with them based on early vendor involvement, contributions to global OEM platforms and common value-creation programs.

A world-class mining business. ArcelorMittal has a global portfolio of 9 (following the disposal of Kazakhstan iron ore and coal mining operations) operating units with mines in operation and development and is among the largest iron ore producers in the world. In 2023, ArcelorMittal sourced a large portion of its raw materials from its own mines and facilities including leases. The table below reflects ArcelorMittal's self-sufficiency through its mining operations in 2023.

Millions of metric tonnes Iron ore

ConsumptionSourced from own mines/ facilities2, 3

Self-sufficiency %

PCI & coal1 Coke

74.1 29.9 17.3

42.0 2.0 17.0

57% 7% 98%

Scrap & DRI

26.1

15.5

59%

• 1. Includes coal only for the steelmaking process and excludes steam coal for power generation. ArcelorMittal's consumption of PCI and coal was 5.8 million tonnes and 24.1 million tonnes, respectively, for the year ended December 31, 2023.

• 2. Assumes 100% consumption of ArcelorMittal's iron ore and coal shipments.

• 3. Includes Kazakhstan iron ore and coal mining operations, which were sold on December 7, 2023. Iron ore and coal production is included in the table through the transaction closing date. See "Properties and capital expenditures -Mineral reserve and resources" and "Introduction-Key transactions and events in 2023".

The Company has iron ore mining activities in Brazil, Bosnia, Canada, Liberia, Mexico, Ukraine, South Africa and through its joint venture in India and associate in Canada (Baffinland). On December 7, 2023, the Company divested its mining operations in Kazakhstan in the context of the sale of ArcelorMittal Temirtau, see "-Key transactions and events in 2023". ArcelorMittal's main mining products include iron ore lump, fines, concentrate, pellets and sinter feed. In addition, ArcelorMittal produces substantial amounts of direct reduced iron ("DRI") which is a scrap substitute used in its mini-mill facilities to supplement external metallic purchases and also a vital material for the production of steel through the electric arc furnace ("EAF") route which will grow substantially in the context of decarbonization. As of December 31, 2023, ArcelorMittal's iron ore reserves (including reserves at mines where ArcelorMittal owns less than 100%, based on ArcelorMittal's

ownership percentage even if ArcelorMittal is entitled to mine all the reserves, and including reserves for which use is restricted) were estimated at 3,937 million tonnes run of mine. See "Properties and capital expenditures-Mineral reserves and resources" for a detailed list of the entities with mineral reserves and resources and ownership structure. The Company's long-life iron ore reserves and resources provide a measure of security of supply and an important natural hedge against raw material volatility and global supply constraints. The seaborne iron ore mining business is managed as a separate segment which enhances ArcelorMittal's ability to optimize capital allocation.

ArcelorMittal's facilities have good access to shipping facilities, including through ArcelorMittal's own, or partially owned, 17 deep-water port facilities and linked railway sidings.

Market-leading automotive steel business. ArcelorMittal has a leading market share (approximately 15% of the worldwide market) in automotive, and is a leader in the fast-growing advanced high-strength steels ("AHSS") segment, specifically for flat products. ArcelorMittal is the first steel company in the world to embed its own engineers within an automotive customer to provide engineering support. The Company begins working with OEMs as early as five years before a vehicle reaches the showroom, to provide generic steel solutions, co-engineering and help with the industrialization of the project. These relationships are founded on the Company's continuing investment in R&D and its ability to provide well-engineered solutions that help make vehicles lighter, safer and more fuel-efficient.

In 2023, ArcelorMittal extended the S-in Motion® catalog according to the automotive market trends. The S-in Motion® battery electric vehicles ("BEV") catalog of steel solutions has been adapted to include specific products for BEV's including new designs focused on battery protection. Advanced and especially ultra-high strength steels, innovative press hardened steels, and laser welded blanks are especially highlighted as key solutions for optimal performance (passenger safety/ lightweighting) and battery protection. The growth of various types of electric vehicles will impact design and manufacturing leading to demand for different materials and steel grades, and more AHSS for battery protection. For instance, both the battery box and body structure have to protect the battery in the event of a crash. AHSS products are among the most affordable solutions on the market for these specific applications. In a context where the supply of electric vehicles, and especially BEVs, is expected to grow quickly.

Recently, the automotive industry's priority has turned towards the simplification of the vehicle manufacturing complexity linked to the rising importance of electrical vehicles. ArcelorMittal's response is the ArcelorMittal Multi-Part Integration™ ("MPI")concept integrating a large number of parts into one single component combining PHS (Usibor®) and laser welding technology. On top of further lightweighting opportunities, the new solutions offer concepts to simplify operations by optimizing the amount of robots, by reducing the shop floor size, and by cutting the hours of labor per vehicle in the assembly shop by up to 30%. These achievements were mainly possible with the combination of extra-large laser welded blanks and the new generation of Press Hardening steels Usibor® 2000 and Ductibor® 1000.

In the automotive industry, ArcelorMittal mainly supplies the geographic markets where its production facilities are located, which are Europe, North and South America, South Africa and China through Valin ArcelorMittal Automotive Steel Co., Ltd ("VAMA"), a joint venture with Hunan Valin. VAMA's product mix is oriented toward higher value products and mainly toward the OEMs to which the Company sells tailored solutions based on its products. With sales and service offices worldwide and production facilities in North and South America, South Africa, Europe and China, ArcelorMittal believes that it is uniquely positioned to supply global automotive customers with the same products worldwide. The Company has multiple joint ventures and has also developed a global downstream network of partners through its distribution solutions activities. This provides the Company with a proximity advantage in virtually all regions where its global customers are present.

Examples of MPI are the rear H-Frame and the double door ring. Following the launch of H-frame project in China with Dongfeng Voyah in 2022, the Company launched several new projects in 2023 (including designing and structure strengthening projects) for OEMs. Furthermore, after the initial success of MPI Door-Ring concepts in the U.S. and China with both legacy and newcomer OEMs, in 2023, the Company succeeded in a breakthrough of the Door-Ring concept with several OEMs in Europe as well. As of December 31, 2023, more than 50 different vehicles are designed by ArcelorMittal with the Door-Ring concept and approximately 100 projects are currently in progress.

Sustainability (with focus on CO2 emission reduction in the supply chain) has become a key requirement in the automotive industry linked to the importance of sustainability in the holistic electrical vehicle marketing concept. In 2021, ArcelorMittal launched two solutions under the XCarb™ brand: XCarb™ green steel certificates and XCarb™ recycled and renewably produced ("RRP"), which was well received in automotive industry and markets. The first XCarb® RRP steels were successfully launched in Europe and in North America, exhibiting potential for reduction in CO2 emissions. In 2023, the Company entered into an agreement with General Motors for supplying XCarb® RRP steels in North America.

For further details on the new products under development, see "Business overview-Research and development".

Diversified and efficient producer. As a global steel manufacturer with a leading position in many markets, ArcelorMittal benefits from scale and production cost efficiencies in various markets and a measure of protection against the cyclicality of the steel industry and raw materials prices.

• • Diversified production process. In 2023, approximately 43.2 million tonnes of crude steel were produced through the basic oxygen furnace process ("BOF") and approximately 14.9 million tonnes through the electric arc furnace ("EAF") process. This provides ArcelorMittal with greater flexibility in its raw material and energy use, and increased ability to meet varying customer requirements in the markets it serves.

• • Product and geographic diversification. By operating a portfolio of assets diversified across product segments and geographic areas, ArcelorMittal benefits from a number of natural hedges. As a global steel producer with a broad range of high-quality finished and semi-finished steel products, ArcelorMittal is able to meet the needs of diverse markets. Steel consumption and product requirements vary between mature economy markets and developing economy markets. Steel consumption in mature economies is largely from flat products and a higher value-added mix, while developing markets utilize a higher proportion of long products and commodity grades. As developing economies mature and markets evolve, local customers will require increasingly advanced steel products. To meet these diverse needs, ArcelorMittal maintains a high degree of product diversification and seeks opportunities to increase the proportion of its product mix consisting of higher value-added products.

• • Upstream integration. ArcelorMittal believes that its own raw material production provides it with a competitive advantage over time. Additionally, ArcelorMittal benefits from the ability to optimize its steel-making facilities' efficient use of raw materials, its global procurement strategy and the implementation of Company-wide knowledge management practices with respect to raw materials. Certain of the Company's operating units also have access to infrastructure, such as deep-water port facilities, railway sidings and engineering workshops that lower transportation and logistics costs.

• • Downstream integration. ArcelorMittal's downstream integration, primarily through its Europe segment for distribution solutions, enables it to provide customized steel solutions to its customers more effectively. TheCompany's downstream assets have cut-to-length, slitting and other processing facilities, which provide value additions and help it to maximize operationalefficiencies.

Dynamic responses to market challenges and opportunities. ArcelorMittal's management team has a strong track record and extensive experience in the steel and mining industries.

In 2020, the Company successfully reduced fixed costs, including through temporary measures, in line with lower production resulting from the impacts of the COVID-19 pandemic. These savings limited the increase in fixed costs as activity and production levels recovered, thus leading to lower fixed costs per tonne. In total, $1.0 billion of structural cost improvements were identified within this fixed cost reduction program. In 2021, the Company achieved $0.6 billion of fixed cost savings relating to its previously announced $1.0 billion structural improvement plan. Savings were achieved through productivity gains and footprint optimization (following closures at Kraków, coke plant in Florange, and Saldanha); and SG&A savings including a 20% reduction in corporate office costs including headcount reduction. The Company did not make progress on its plan related to repairs and maintenance following the decision taken to maintain such expenditures at higher levels to ensure operational reliability.

In February 2022, the Company announced a new three-year $1.5 billion value plan ($1.4 billion scope adjusted for the sale of ArcelorMittal Temirtau operations on December 7, 2023) focused on creating value through well-defined commercial and operational initiatives. This plan did not include the impact of strategic capital expenditure projects (which are followed separately). The plan includes commercial initiatives, including volume/mix improvements and operational improvements (primarily in variable costs). The plan aims at protecting operating income potential of the business from rising inflationary pressures, improving its relative competitive position vis-à-vis its peers and supporting sustainably higher profits. The plan progressed during 2023, and the actions taken in 2022 and 2023 have so far yielded cumulative benefits of $0.8 billion (approximately 60% of the scope adjusted target). These include $0.3 billion of commercial initiatives, $0.3 billion of variable costs savings and $0.2 billion of fixed and logistic cost savings. With the ongoing focus to execute and deliver the value plan initiatives, the Company expects to achieve the remainder of the targets as planned in 2024.

Proven expertise in acquisitions

ArcelorMittal's management team has proven expertise in successfully acquiring and subsequently integrating operations. The Company takes a disciplined approach to investing and uses teams with diverse areas of expertise from different

business units across the Company to evaluate opportunities, conduct due diligence and monitor integration and post-acquisition performance. The Company introduces focused capital expenditure programs, implements Company-wide best practices, balances working capital, ensures adequate management resources and introduces safety and environmental improvements at acquired facilities. ArcelorMittal believes that these operating and financial measures have improved the operating performance and the quality of steel produced at such facilities.

In recent years, the Company has focused on portfolio optimization including assets disposals and strategic M&A activity (see also "- Key transactions and events in 2023"). In 2022, ArcelorMittal acquired a 80% interest in voestalpine's world-class Hot Briquetted Iron ("HBI") plant in Texas and in 2023, the Company completed the acquisition of Companhia Siderúrgica do Pecém ("CSP") renamed ArcelorMittal Pecém in Brazil, a world-class operation, producing high-quality slab at a globally competitive cost. To further support its decarbonization strategy, ArcelorMittal completed the acquisitions of Riwald Recycling and Italpannelli Germany, which complement the Company's existing geographic presence and strengthen the product portfolio of ArcelorMittal Downstream Solutions' construction business.

Sustainability leadership.

ArcelorMittal is committed to leading the industry's efforts to decarbonize, and to being part of the solution to the world reaching net-zero by 2050. As a milestone to its 2050 net-zero target, the Company has set a group target of reducing its CO2 emissions intensity by 25% by 2030, and in its European operations, by 35% by 2030 (scope 1 and 2 emissions). As innovation is central to the Company's success given the onus it places on research and development ("R&D") with the goal of ensuring ArcelorMittal is at the forefront of the evolution of steelmaking processes and products, the Company has developed the industry's broadest and most flexible suite of low-emissions steelmaking technologies and has integrated them into two pathways, Smart Carbon and Innovative-DRI, both of which hold the potential to deliver carbon-neutral steelmaking.

Other information

ArcelorMittal is a public limited liability company (société anonyme) that was incorporated for an unlimited period under the laws of the Grand Duchy of Luxembourg on June 8, 2001. ArcelorMittal is registered at the R.C.S. Luxembourg under number B 82.454.

The mailing address and telephone number of ArcelorMittal's registered office are:

ArcelorMittal

24-26, Boulevard d'Avranches L-1160 Luxembourg

Grand Duchy of Luxembourg Telephone: [phone]

ArcelorMittal's agent for U.S. federal securities law purposes is:

ArcelorMittal Sales & Administration LLC

833 W. Lincoln Highway, Suite 200E, Schererville, IN 46375

Telephone: [phone]

Internet site

ArcelorMittal maintains an Internet site atwww.arcelormittal.com. Information contained on or otherwise accessible through this Internet site is not a part of this annual report. All references in this annual report to this Internet site and to any other Internet sites (other than to specific documents furnished to or filed with the SEC and specifically incorporated by reference herein) are inactive textual references and are for information only. The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC atwww.sec.gov.

ArcelorMittal produces a range of publications to inform its shareholders. These documents are available in various formats: they can be viewed online or downloaded. Please refer towww.arcelormittal.com, where they can be located within the Investors menu, under Financial Reports, or within the Corporate Library. Any request for documents may be sent to:[e-mail] ArcelorMittal's registered office.

Sustainable development

ArcelorMittal's sustainable development information is detailed in the Integrated Annual Review available within the Corporate Library onwww.arcelormittal.com. The 2023 information is expected to be published during the second quarter of 2024. For further information, please refer to the section "Sustainable Development".

ArcelorMittal as parent company of the ArcelorMittal group

ArcelorMittal, incorporated under the laws of Luxembourg, is the parent company of the ArcelorMittal group and is expected to continue this role during the coming years. The Company has no branch offices.

Listings

ArcelorMittal's shares (also referred to as "ordinary shares" or "common shares" throughout this report) are traded on several exchanges: New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish Stock Exchanges of

Barcelona, Bilbao, Madrid and Valencia (MTS). Its primary stock exchange regulator is the Luxembourg CSSF ("Commission de Surveillance du Secteur Financier"). ArcelorMittal's CSSF issuer number is E-0001.

On May 19, 2023, ArcelorMittal's outstanding 5.50% Mandatorily Convertible Subordinated Notes ("MCNs") matured and were converted into shares, leaving no MCNs outstanding or listed on the NYSE.

Indexes

ArcelorMittal is a member of more than 145 indices including: STOXX Europe 600, S&P Europe 350, CAC40, MSCI Pan-Euro, Bloomberg World Index, IBEX 35, Euronext Paris CAC Basic Materials Index, DAXglobal Steel EUR Price and EuronextAmsterdam AEX Basic Materials Index. Recognized for its commitments to sustainable development, ArcelorMittal is also included in the FTSE4Good Index, Euronext Vigeo Europe 120 and the Euronext Most Advanced Benelux 20. Furthermore, ArcelorMittal has been participating in the Carbon Disclosure Project since 2005 and the United National Global Compact since 2003.

Share price performance

During 2023, the price of ArcelorMittal shares increased by 8.2% in dollar terms compared to 2022 year on year; the chart below shows a comparison between the performance of ArcelorMittal's shares and the Eurostoxx600 Basic Resource (SXPP).

Capital return policy

On May 2, 2023, at the annual general meeting of shareholders ("AGM"), the shareholders approved the dividend of $0.44 per share proposed by the Board of Directors. The dividend amounted to $369 million and payment included two installments; the first installment of $185 million was paid on June 15, 2023 and the second installment of $184 million was paid on December 7, 2023.

In accordance with its capital return policy, the Company expects to pay a base annual dividend (to be progressivelyincreased over time). In addition, a minimum of 50% of the amount of free cash flow (calculated as net cash provided by operating activities less purchases of property, plant and equipment and intangibles ("capital expenditures") less dividends paid to non-controlling shareholders) remaining after paying the base annual dividend is allocated to a share buyback program. Should the ratio of net debt to operating income (loss) less depreciation, impairment and special items be greater than 1.5x then the share buyback will not be made.

During 2023, as part of its capital return policy and pursuant to the authorization given by the annual general meeting of shareholders on May 4, 2022, ArcelorMittal completed a share buyback program on March 31, 2023. On May 5, 2023, the Company announced another share buyback program pursuant to the authorization of the AGM held on May 2, 2023, which remains outstanding as of the date of this annual report. Including the $8.6 billion from share buyback programs that were completed from 2020 to 2022 and $1.2 billion from shares repurchased during 2023, the Company returned in total $12 billion to shareholders under the above-mentioned capital return policy. Additional buybacks under the outstanding buyback program announced in May 2023 will be allocated to the 2024 capital return (targeting 50% of post-dividend free cash flow as per the policy). For further information on buybacks, see "Purchases of equity securities by the issuer and affiliated purchasers".

In February 2024, the Board of Directors recommended a 14% increase of the base annual dividend to $0.50/share (from $0.44/share paid in 2023) to be paid in two equal installments in June 2024 and December 2024, subject to the approval of shareholders at the annual general meeting of shareholders in April 2024.

Investor relations

ArcelorMittal has a dedicated investor relations team at the disposal of analysts and investors. By implementing high standards of financial information disclosure and providing clear, regular, transparent and even-handed information to all its shareholders, ArcelorMittal aims to be the first choice for investors in the sector.

To meet this objective and provide information to fit the needs of all parties, ArcelorMittal implements an active and broad investor communications policy: conference calls, road shows with the financial community, regular participation at investor conferences, plant visits and meetings with individual investors.

ArcelorMittal's senior management plans to meet investors and shareholder associations in such events throughout 2024.

Investors may use the following e-mails or contact numbers to reach the investor relations team:

[e-mail]

Sustainable responsible investors

[phone] [phone]

The Investor Relations team is also a source of information for the growing sustainable responsible investment community. The team organizes special events on ArcelorMittal's corporate responsibility strategy and answers all requests for informationsent to the Group [e-mail] may be contacted at [phone].

Financial calendar

The schedule is available on ArcelorMittal's websitewww.arcelormittal.comunder Investors, Financial calendar.

Financial results*:

Results for the 1st quarter 2024	May 2, 2024
Results for the 2nd quarter 2024 and 6 months 2024	August 1, 2024
Results for the 3rd quarter 2024	November 7, 2024
Meeting of shareholders:
Annual general meeting of shareholders	April 30, 2024

* Earnings results are issued before the opening of the stock exchanges on which ArcelorMittal is listed.

Cautionary Statement Regarding Forward-Looking Statements

This annual report contains forward-looking statements based on estimates and assumptions. This annual report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, among other things, statements concerning the business, future financial condition, results of operations and prospects of ArcelorMittal, including its subsidiaries. These statements usually contain the words "believes", "plans", "expects", "anticipates", "intends", "estimates" or other similar expressions. For each of these statements, you should be aware that forward-looking statements involve known and unknown risks and uncertainties. Although it is believed that the expectations reflected in these forward-looking statements are reasonable, there is no assurance that the actual results or developments anticipated will be realized or, even if realized, that they will have the expected effects on the business, financial condition, results of operations or prospects of ArcelorMittal.

These forward-looking statements speak only as of the date on which the statements were made, and no obligation has been undertaken to publicly update or revise any forward-looking statements made in this annual report or elsewhere as a result of new information, future events or otherwise, except as required by securities and other applicable laws and regulations. A detailed discussion of principal risks and uncertainties which may cause actual results and events to differ materially from such forward-looking statements is included in the section titled "Risk factors".

All information that is not historical in nature and disclosed under "Operating and financial review" is deemed to be a forward-looking statement.

Market information

This annual report includes industry data and projections about the Company's markets obtained from industry surveys, market research, publicly available information and industry publications. Statements on ArcelorMittal's competitive position contained in this annual report are based primarily on public sources including, but not limited to, published information from the Company's competitors. Industry publications generally state that the information they contain has been obtained from sources believed to be reliable but that the accuracy and completeness of such information is not guaranteed and that the projections they contain are based on a number of significant assumptions. The Company has not independently verified this data or determined the reasonableness of such assumptions. In addition, in many cases the Company has made statements in this annual report regarding its industry and its position in the industry based on internal surveys, industry forecasts and market research, as well as the Company's experience. While these statements are believed to be reliable, they have not been independently verified.

Financial information

This annual report contains the audited consolidated financial statements of ArcelorMittal and its consolidated subsidiaries, including the consolidated statements of financial position as of December 31, 2023 and 2022, and the consolidated statements of operations, other comprehensive income, changes in equity and cash flows for each of the years ended December 31, 2023, 2022 and 2021. ArcelorMittal's consolidated financial statements were prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and as adopted by the European Union.

The financial information and certain other information presented in a number of tables in this annual report 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 annual report 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 on the rounded numbers. This annual report includes net debt, operating working capital, gearing and free cash flow, which are non-GAAP financial measures. ArcelorMittal believes net debt, operating working capital, gearing and free cash flow to be relevant to enhance the understanding of its financial position and provides additional information to investors and management with respect to the Company's operating cash flows, capital structure and credit assessment. In addition, it refers to "special" items in its capital return policy which will be used to determine if the base dividendwill be paid. "Special" items relate to events or charges that the Company does not consider to be part of the normal income generating potential of the business. Items may qualify as "special" although they may have occurred in prior years or are likely to recur in following years. Non-GAAP financial measures should be read in conjunction with and not as an alternative for, ArcelorMittal's financial information prepared in accordance with IFRS. Such non-GAAP measures may not be comparable to similarly titled measures applied by other companies.

Key transactions and events in 2023

During 2023, ArcelorMittal completed several financing and liability management transactions. Please refer to "Operating and financial review-Liquidity and capital resources- Financings" of this report for a summary of these transactions.

• • On April 3, 2023, the Company announced that it had completed the 60,431,380 shares buyback program announced on July 29, 2022 under the authorization given by the annual general meeting of shareholders of May 4, 2022.

• • On April 28, 2023, the Company announced that 25 million treasury shares were cancelled to keep the number of treasury shares the Company holds within appropriate levels.

• • On May 5, 2023, ArcelorMittal announced the commencement of a new buyback program of up to 85 million shares under the authorization given by the annual general meeting of shareholders of May 2, 2023, to be completed by May 2025. The actual amount of shares that will be repurchased pursuant to this program will depend on the level of post-dividend free cash flow generated over the period (the Company's defined policy is to return a minimum of 50% of post-dividend annual free cash flow), the continued authorization by shareholders, and market conditions.

• • On May 19, 2023, the Company delivered a total of 57,057,991 treasury shares upon mandatory conversion of the 24,290,025 outstanding 5.50% mandatorily convertible subordinated notes due May 18, 2023.

• • On October 28, 2023, ArcelorMittal confirmed that earlier in the day, a tragic accident occurred at its Kostenko coal mine which resulted ultimately in 46 fatalities. No words can adequately convey the devastation the Company feels following this accident. ArcelorMittal and the government of Kazakhstan signed a preliminary agreement for a transaction that would transfer ownership to the Republic of Kazakhstan, and on December 8, 2023, ArcelorMittal announced the completion of the sale of ArcelorMittal Temirtau to Qazaqstan Investment Corporation ("QIC"), a state-controlled direct investment fund. Under the terms of

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