1Q 2021 Key Highlights:

Health and safety performance: Protecting the health and wellbeing of employees remains the Company’s overarching priority; LTIF rate of 0.78x in 1Q 20212
Significantly improved operating performance in 1Q 2021, reflecting the continued demand recovery which supported a 6.5% sequential increase in steel shipments (to 16.5Mt vs. scope adjusted3 5Mt in 4Q 2020), the continued positive evolution of steel spreads, and the benefits of iron ore vertical integration
1Q 2021 operating income of $2.6bn vs. $2.0bn4 in 4Q 2020. EBITDA of $3.2bn in 1Q 2021, 88% higher than 4Q 2020 EBITDA of $1.7bn (vs. $1.0bn in 1Q 2020), represents the strongest quarter in a decade
Share of JV and associates net income of $0.5bn19 reflects strong performance at AMNS India and AMNS Calvert
Net income of $2.3bn in 1Q 2021 as compared to net income of $1.2bn and adjusted net income of $0.2bn in 4Q 20205
The Company delivered $0.3bn of free cash flow ($1.0bn net cash provided by operating activities less capex of $0.6bn less $0.1bn dividends paid to minorities) despite a $1.6bn investment in working capital, reflecting seasonal as well as market factors
Gross debt declined to $11.4bn (vs. $12.3bn end 2020) and net debt declined to $5.9bn (vs. $6.4bn end 2020)
XCarb™ launched, bringing together all of ArcelorMittal’s reduced, low and zero-carbon products and steelmaking activities, as well as wider initiatives and green innovation projects, into a single effort focused on achieving demonstrable progress towards carbon neutral steel. Additionally, during the quarter ArcelorMittal detailed concept plans to dramatically reduce CO2 emissions in Germany and in France, utilizing hydrogen-DRI and EAF steel-making technologies
Following the formation of a public-private partnership with Invitalia, ArcelorMittal Italia will be deconsolidated as of 2Q 2021. The new company, "Acciaierie d’Italia" will operate independently, with its own funding plans
The Company completed a $650m share buyback in 1Q 2021 following the partial sell-down of its equity stake in Cleveland Cliffs. Per its new policy21, a further $570m of capital is being returned to shareholders through a further share buyback program linked to free cash flow generated in 2020 (ongoing and to be completed by year end) and a $0.30/share base dividend will be paid in June 2021, subject to the approval of shareholders at the AGM
Financial highlights (on the basis of IFRS[1]):

(USDm) unless otherwise shown
1Q 21 4Q 20 3Q 20 2Q 20 1Q 20
Sales 16,193 14,184 13,266 10,976 14,844
Operating income / (loss) 2,641 1,998 718 (253) (353)
Net income / (loss) attributable to equity holders of the parent 2,285 1,207
(261) (559) (1,120)
Basic earnings / (loss) per common share (US$) 1.94 1.01 (0.21) (0.50) (1.11)
Operating income / (loss) / tonne (US$/t) 160 116 41 (17) (18)
EBITDA 3,242 1,726 901 707 967
EBITDA/ tonne (US$/t) 197 100 52 48 50
Steel-only EBITDA/ tonne (US$/t) 131 58 23 21 34
Crude steel production (Mt) 17.6 18.8 17.2 14.4 21.1
Steel shipments (Mt) 16.5 17.3 17.5 14.8 19.5
Own iron ore production (Mt) 13.3 15.3 14.8 13.5 14.4
Iron ore shipped at market price (Mt) 9.8 10.6 9.8 9.2 8.6

Commenting, Mr. Aditya Mittal, ArcelorMittal Cheif Executive Officer, said:

“The first quarter of this year has been our strongest in a decade. While this is naturally a very welcome development following a highly challenging 2020, we are mindful that Covid continues to be a health challenge across the world especially in developing economies. Nowhere is this more obvious at present than in India, where we have our AM/NS India JV with Nippon Steel. Our colleagues in India are sending support wherever we can, including providing daily amounts of oxygen from our sites to local hospitals and setting up temporary medical facilities. Our thoughts are with the people of India as they strive to bring this situation under control.”

"Operationally, we have had a very positive start to the year. We are seeing a continuation of the positive market dynamics of the fourth quarter and have been steadily bringing back production in-line with the demand recovery, which is supported by low inventory levels through the value chain. Our priorities for the remainder of the year and beyond are clear: to maintain a competitive cost advantage; to strategically grow through high-return projects in high-growth markets, whilst leveraging existing infrastructure to develop our iron-ore resource; to consistently return cash to shareholders via a defined capital return policy; and to lead on sustainable development.”

“Progress on our decarbonization journey continued with the launch of our XCarbTM initiative, our first significant step to create a market for low-carbon steel. We are already seeing an encouraging response from our customers. Looking to our wider sustainability commitments, we are very focused on improving our safety performance. Our global health and safety council has been reconfigured and tasked with implementing the changes required to drive a step change in our results. We have also announced a new target to double the amount of women in management to 25% by 2030, which will ensure that we have a rich and diverse workforce ready to take full advantage of future opportunities.”

First quarter 2021 earnings analyst conference call

ArcelorMittal management including Aditya Mittal, Chief Executive Officer and Genuino Christino, Chief Financial Officer will host will host a conference call for members of the investment community to present and comment on the three-month period ended March 31, 2020 on: Thursday May 6, 2021 at 9.30 US Eastern time, 14.30 GMT and 15.30 CET.