Luxembourg, August 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 six-month periods ended June 30, 2018.

Highlights:
Health and safety: LTIF rate of 0.71x in 2Q 2018; 1H 2018 LTIF of 0.67x vs. 0.78x 1H 2017
Operating income of $2.4 billion in 2Q 2018; 1H 2018 operating income of $3.9 billion, 32.5% higher YoY
EBITDA of $3.1 billion in 2Q 2018, 22.3% higher vs. 1Q 2018; 1H 2018 EBITDA of $5.6 billion, 28.6% higher YoY
Net income of $1.9 billion in 2Q 2018, 56.4% higher vs. 1Q 2018; 1H 2018 net income of $3.1 billion, +31.5% YoY
Steel shipments of 21.8Mt in 2Q 2018, +1.8% vs. 1Q 2018; 1H 2018 steel shipments of 43.1Mt, up 1.3% YoY
2Q 2018 iron ore shipments of 14.6Mt, of which 10.0Mt shipped at market prices (+5.4% YoY)
Gross debt of $13.5 billion as of June 30, 2018. Net debt decreased to $10.5 billion as of June 30, 2018, as compared to $11.1 billion as of March 31, 2018, despite further $1.2 billion working capital investment.

Strategic progress in 1H 2018:
Balance sheet: ArcelorMittal has achieved its financial priority of an investment grade credit rating following upgrades from all 3 credit rating agencies in 2018 (S&P in February, Moody's in June and Fitch in July);
Deleveraging remains the Group's priority and, in the absence of further working capital investment, progress towards $6 billion net debt target should accelerate

Structural improvement: The Group's strategy to drive structurally higher returns through the delivery of Action 2020 continues; we now operate from a more efficient, resized footprint in Europe utilising enhanced digitalization of operations to drive productivity improvements and support maintenance excellence;
Strategic investments continue in line with the continuous shift towards higher added value products including increased ultra-high strength steel capabilities at Gent/Liege (commissioned); investing in high-return opportunities such as the ongoing Mexico hot strip mill project;
Votorantim acquisition completed with integration underway to secure our position as the leading long product producer in Brazil; European Commission anti-trust approval received for the acquisition of Ilva

Industry leadership: ArcelorMittal's pioneering new installation at Gent, Belgium, to apply LanzaTech carbon capture and utilisation technology to convert carbon-containing gas from blast furnaces into bioethanol reflecting our position as the industry leader as well as the supplier-awards received from Honda, General Motors and Ford during 1H 2018;
The Group's ability to leverage its R&D capabilities is exemplified through the launch of Steligence®, ArcelorMittal's new concept for the use of steel in construction, which will facilitate the next generation of high performance buildings and construction techniques and create a more sustainable life-cycle for buildings

Shareholders returns: ArcelorMittal resumed dividends in May 2018 and bought-back $0.2 billion of shares in March 2018;
The Company is committed to increase shareholders returns once the Group's net debt target is achieved

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

2Q 18 1Q 18 2Q 17 1H 18 1H 17

Sales 19,998 19,186 17,244 39,184 33,330
Operating income 2,361 1,569 1,390 3,930 2,966
Net income attributable to equity holders of the parent 1,865 1,192 1,322 3,057 2,324
Basic earnings per share (US$)[2] 1.84 1.17 1.30 3.01 2.28

Operating income/ tonne (US$/t) 109 73 65 91 70
EBITDA 3,073 2,512 2,112 5,585 4,343
EBITDA/ tonne (US$/t) 141 118 98 130 102
Steel-only EBITDA/ tonne (US$/t) 127 101 83 114 83

Crude steel production (Mt) 23.2 23.3 23.2 46.5 46.8
Steel shipments (Mt) 21.8 21.3 21.5 43.1 42.5
Own iron ore production (Mt) 14.5 14.6 14.7 29.1 28.7
Iron ore shipped at market price (Mt) 10.0 9.1 9.5 19.1 18.1

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

"This is an encouraging set of results reflecting the structural improvements in both the global steel industry due to supply reform dynamics and within ArcelorMittal as a result of Action 2020. The significant improvement in our balance sheet and earnings outlook has been recognised by the main credit agencies and the Company has achieved its stated aim of regaining its investment grade credit rating.

The outlook for the second half of the year is encouraging as we anticipate current favourable market conditions continuing and are well positioned to capitalise on this from our leadership position across many key markets. We believe improvements in underlying industry fundamentals are sustainable, although there is still more to be done to thoroughly address the issue of global overcapacity. We will retain a deleveraging bias, whilst also pursuing selective opportunities to strengthen the foundations of sustainable value creation."

Second 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 second quarter period ended June 30, 2018 on: Wednesday August 1, 2018 at 9.30am US Eastern time; 2.30pm London time and 3.30pm CET.

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