Luxembourg, May 11, 2018 - ArcelorMittal (referred to as “ArcelorMittal” or the “Company”) (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world’s leading integrated steel and mining company, today announced results[1] for the three-month period ended March 31, 2018.

Highlights:
Health and safety: LTIF rate of 0.62x in 1Q 2018 as compared to 0.87x in 4Q 2017 and 0.80x in 1Q 2017
Operating income increased to $1.6 billion in 1Q 2018 as compared to $1.2 billion in 4Q 2017, stable YoY
EBITDA of $2.5 billion in 1Q 2018, 17.3% higher as compared to $2.1 billion in 4Q 2017, primarily reflecting higher average steel selling prices (+8.2%) and higher seaborne iron ore reference prices (+13.6%); 1Q 2018 EBITDA up 12.6% YoY
Net income of $1.2 billion in 1Q 2018 as compared to $1.0 billion in both 4Q 2017 and 1Q 2017
Steel shipments of 21.3 Mt in 1Q 2018, up 1.7% vs. 4Q 2017 and up 1.4% vs. 1Q 2017
1Q 2018 iron ore shipments of 13.8Mt (+3.6% YoY), of which 9.1Mt shipped at market prices (+5.5% YoY)
Gross debt of $13.4 billion as of March 31, 2018. Net debt increased to $11.1 billion as of March 31, 2018, as compared to $10.1 billion as of December 31, 2017 due to working capital investment ($1.9 billion), share buyback ($0.2 billion)[2] and forex ($0.2 billion); net debt is $1.0 billion lower when compared to net debt as of March 31, 2017

Financial highlights (on the basis of IFRS[1]):
(USDm) unless otherwise shown

1Q 18 4Q 17 3Q 17 2Q 17 1Q 17

Sales 19,186 17,710 17,639 17,244 16,086
Operating income 1,569 1,234 1,234 1,390 1,576
Net income attributable to equity holders of the parent 1,192 1,039 1,205 1,322 1,002
Basic earnings per share (US$)[3] 1.17 1.02 1.18 1.30 0.98

Operating income/ tonne (US$/t) 73 59 57 65 75
EBITDA 2,512 2,141 1,924 2,112 2,231
EBITDA/ tonne (US$/t) 118 102 89 98 106
Steel-only EBITDA/ tonne (US$/t) 101 89 73 83 83

Crude steel production (Mt) 23.3 22.7 23.6 23.2 23.6
Steel shipments (Mt) 21.3 21.0 21.7 21.5 21.1
Own iron ore production (Mt) 14.6 14.4 14.2 14.7 14.0
Iron ore shipped at market price (Mt) 9.1 8.4 9.1 9.5 8.7

Commenting, Mr. Lakshmi N. Mittal, ArcelorMittal Chairman and CEO, said:
“The improvement in global steel market dynamics has continued into 2018, supporting an encouraging financial performance in the first quarter. EBITDA increased 13% year-on-year to $2.5 billion, while net income improved by 19% to $1.2 billion. The outlook for 2018 has strengthened as the year has progressed, with the combination of growing demand and supply-side reform driving higher capacity utilisation rates and healthy steel spreads globally. Against this improving backdrop, we continue to focus on structural improvement - through the delivery of our Action 2020 strategic plan - and investing with focus and discipline in opportunities that will drive higher future returns. Our acquisition of Ilva has now received competition clearance from the European Commission and we expect to complete this acquisition by the end of the second quarter 2018.”

First quarter 2018 earnings analyst conference call

ArcelorMittal will hold a conference call hosted by Heads of Finance and Investor Relations for members of the investment community to discuss the three-month period ended March 31, 2018 on: Friday May 11, 2018 at 9.30am US Eastern time; 2.30pm London time and 3.30pm CET.

The dial in numbers are:
Location

Toll free dial in numbers

Local dial in numbers

Participant

UK local: 0800 0515 931 +44 (0)203 364 5807 10560913#
US local: 1 86 6719 2729 +1 24 0645 0345 10560913#
US (New York): 1 86 6719 2729 + 1 646 663 7901 10560913#
France: 0800 914780 +33 1 7071 2916 10560913#
Germany: 0800 965 6288 +49 692 7134 0801 10560913#
Spain: 90 099 4930 +34 911 143436 10560913#
Luxembourg: 800 26908 +352 27 86 05 07 10560913#

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