Luxembourg, November 1, 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 and nine-month periods ended September 30, 2018.

Highlights:
Health and safety: LTIF rate of 0.62x in 3Q 2018 as compared to 0.71x in 2Q 2018 and 0.67x in 3Q 2017
Operating income in 3Q 2018 decreased to $1.6 billion (which includes $0.5 billion impairment primarily related to the Ilva remedy assets sale) as compared to $2.4 billion in 2Q 2018, 26.9% higher YoY
EBITDA of $2.7 billion in 3Q 2018, 11.2% lower as compared to $3.1 billion in 2Q 2018, primarily reflecting lower steel shipments (-5.5%) and the negative impact from hyperinflation accounting in Argentina ($0.1 billion); 3Q 2018 EBITDA up 41.8% YoY
Net income of $0.9 billion in 3Q 2018 as compared to $1.9 billion in 2Q 2018 and $1.2 billion in 3Q 2017
Crude steel production of 23.3Mt in 3Q 2018, up 0.5% vs. 2Q 2018 and down 1.4% vs. 3Q 2017
Steel shipments of 20.5Mt in 3Q 2018, down 5.5% vs. 2Q 2018 and down 5.4% vs. 3Q 2017
3Q 2018 iron ore shipments of 14.2Mt (-5.6% YoY), of which 8.5Mt shipped at market prices (-6.1% YoY)
Gross debt of $13.0 billion as of September 30, 2018. Net debt as of September 30, 2018 stable at $10.5 billion as compared to June 30, 2018 despite further working capital investment of $1.7 billion; net debt is $1.5 billion lower when compared to net debt as of September 30, 2017

Financial highlights (on the basis of IFRS[1]):
(USDm) unless otherwise shown
3Q 18 2Q 18 3Q 17 9M 18 9M 17

Sales 18,522 19,998 17,639 57,706 50,969
Operating income 1,567 2,361 1,234 5,497 4,200
Net income attributable to equity holders of the parent 899 1,865 1,205 3,956 3,529
Basic earnings per share (US$)[2] 0.89 1.84 1.18 3.89 3.46

Operating income/ tonne (US$/t) 76 109 57 86 65
EBITDA 2,729 3,073 1,924 8,314 6,267
EBITDA/ tonne (US$/t) 133 141 89 131 98
Steel-only EBITDA/ tonne (US$/t) 119 127 73 116 80

Crude steel production (Mt) 23.3 23.2 23.6 69.8 70.4
Steel shipments (Mt) 20.5 21.8 21.7 63.6 64.2
Own iron ore production (Mt) 14.5 14.5 14.2 43.5 42.9
Iron ore shipped at market price (Mt) 8.5 10.0 9.1 27.7 27.2

Commenting, Mr. Lakshmi N. Mittal, ArcelorMittal Chairman and CEO, said:
Commenting, Mr. Lakshmi N. Mittal, ArcelorMittal Chairman and CEO, said:

“As anticipated market conditions in the third quarter remained favourable, resulting in significantly improved EBITDA for the first nine months compared with 2017. We continue to see robust real demand and healthy utilization rates across all steel segments.

“We continue to make good progress with the implementation of our Action 2020 plan, which will improve the performance of our existing business and targets further growth in higher added value products. We are also expanding our business through the execution of a targeted and disciplined strategy to create long-term value. Within 6 months of taking ownership of Votorantim we have captured a significant amount of synergies, and have strengthened our long steel business in Brazil. We are confident we will be similarly successful in integrating and delivering rapid improvement at Ilva, Europe’s single largest integrated steel-making facility, which completed today. And in India, we have recently been named the successful bidder for Essar Steel which provides a unique opportunity to establish a meaningful production presence in the world’s fastest growing steel-market.

“The progress the industry and our Company has made is significant but we remain cognizant of the challenges, including continued global overcapacity, and we remain concerned with the high level of imports in various markets. We continue to prioritize net debt reduction and a strong balance sheet to ensure we can prosper in all market conditions.”

Third quarter 2018 earnings analyst conference call

ArcelorMittal management (including CEO and CFO) will host a conference call for members of the investment community to discuss the third quarter period ended September 30, 2018 on: Thursday November 1, 2018 at 10.30am US Eastern time; 2.30pm London time and 3.30pm CET.

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