Luxembourg, November 8, 2016 - 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 and nine month periods ended September 30, 2016.

Highlights:
Health and safety: LTIF rate of 0.84x in 3Q 2016 as compared to 0.79x in 2Q 2016 and 0.78x in 3Q 2015
Operating income of $1.2 billion in 3Q 2016 lower as compared to $1.9 billion in 2Q 2016 (which included one-time $0.8 billion gain from employee benefits at ArcelorMittal USA[2])
EBITDA of $1.9 billion in 3Q 2016, 7.1% higher as compared to $1.8 billion in 2Q 2016; 40.4% higher YoY
Net income of $0.7 billion in 3Q 2016 as compared to net income of $1.1 billion in 2Q 2016 (which included one-time $0.8 billion gain from employee benefits at ArcelorMittal USA) and net loss of $0.7 billion in 3Q 2015
Steel shipments of 20.3Mt in 3Q 2016, a seasonal decline of 8.1% as compared to 2Q 2016; steel shipments of 63.9Mt in 9M 2016, down 1.5% YoY
Net debt decreased to $12.2 billion as of September 30, 2016, as compared to $12.7 billion at June 30, 2016; net debt lower by $4.6 billion as compared to $16.8 billion as of September 30, 2015

Outlook and guidance:
Lower steel prices in the US, together with the impact of rapidly rising metallurgical coal prices on steel spreads in other geographies, is expected to lead to a decline in profitability in 4Q 2016 as compared to 3Q 2016
Taking into account an expected full year investment in operating working capital of approximately $1 billion (versus previous estimate of ~$0.5 billion), the Company expects cash flows from operating activities to exceed capex in 2016

Financial highlights (on the basis of IFRS[1]):
(USDm) unless otherwise shown
3Q 16 2Q 16 3Q 15 9M 16 9M 15

Sales 14,523 14,743 15,589 42,665 49,597
Operating income 1,204 1,873 20 3,352 1,170
Net income/(loss) attributable to equity holders of the parent 680 1,112 (711) 1,376 (1,260)
Basic earnings/(loss) per share (US$)[3] 0.22 0.38 (0.31) 0.49 (0.54)
Operating income/tonne (US$/t) 59 85 1 52 18
EBITDA 1,897 1,770 1,351 4,594 4,128
EBITDA/ tonne (US$/t) 93 80 64 72 64
Steel-only EBITDA/ tonne (US$/t) 83 73 57 65 58
Crude steel production (Mt) 22.6 23.1 23.1 69.0 70.8
Steel shipments (Mt) 20.3 22.1 21.1 63.9 64.8
Own iron ore production (Mt) 13.7 13.5 15.4 41.3 47.3
Iron ore shipped at market price (Mt) 8.1 9.6 10.3 25.5 30.5

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

“Our third quarter results reflect the progress the Company is making to improve the underlying performance of the business, as well as improved market conditions since the start of the year. Despite seasonally lower shipments, EBITDA improved compared with both the second quarter and the same period of 2015.

Looking ahead, while real demand remains stable, we will be impacted by the unexpected significant increase in the price of coal. While expectations are for steel prices to align with the increased costs, in the interim the higher coal price will impact steel spreads and fourth quarter performance.

Overcapacity remains a concern, reinforcing the importance of a comprehensive trade response to minimise the impact of unfair trade across all product categories. But overall we remain pleased with the progress we have made this year. We are supported by a strong balance sheet, we have seen positive price momentum in our main markets and the organisation is fully aligned to successfully implement our five year strategic plan, Action 2020.”

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