Key figures for 2Q 2025

2Q 2025 key highlights:

Safety focus: Protecting employee health and safety is a core value of the Company. LTIF rate of 0.68x in 2Q 2025. dss+ safety audit recommendations implementation phase is underway

Sustained margin improvement: Despite continuous challenges, the Group’s results show the benefits of (i) asset optimization, (ii) regional and end market diversification, and (iii) strategic growth investments. 2Q 2025 EBITDA of $1.9bn, with a margin of $135/tonne that continues to show improvement vs. prior cycles. Net income of $1.8bn in 2Q 2025 (EPS of $2.35/sh) was positively impacted by $0.8bn exceptionals (net of impairments and tax effects)4. Adjusted net income of $1.0bn in 2Q 2025 (adjusted EPS of $1.32/sh)4

Operational momentum continues: Record quarterly iron ore production and shipments from Liberia, which remains on track to achieve its full expanded 20Mt capacity by end 2025; first slab cast at Calvert's new 1.5Mt EAF in the U.S.; India renewables reaching industrial scale and value add capacity commissioning underway

Financial strength maintained: Net debt of $8.3bn at the end of the quarter, with the increase of $1.5bn from the prior quarter end due largely to M&A impacts following the full consolidation of AM/NS Calvert, Tuper and ArcelorMittal Tailored Blanks Americas (AMTBA), which combined are expected to support higher normalized EBITDA of circa $0.3bn; liquidity remains at a robust $11.0bn7; during the quarter, S&P upgraded the Company’s credit rating to BBB (from BBB-)

Cash flow being reinvested for growth: Over the past 12 months, the Company has generated investable cash flow6 (net cash provided by operating activities less maintenance/normative capex) of $2.3bn. Over the same period, the Company has invested $1.1bn in strategic capex projects to enhance long-term EBITDA capacity, returned $1.1bn to shareholders via dividends/buybacks, and allocated a net $2.3bn to M&A

Key developments towards strategic objectives

Growth: ArcelorMittal has completed the acquisition of Nippon Steel’s 50% stake in AM/NS Calvert, gaining full control of one of North America’s most advanced steel making facilities. Calvert’s new 1.5Mt EAF, the first of its kind designed to supply exposed automotive grades, has been successfully commissioned, with the first slabs cast during the quarter. Together with a new 7-year slab supply agreement signed with NSC/USS, this ensures Calvert’s needs for U.S. “domestically melted and poured” material. Additionally, ArcelorMittal acquired control of the Brazilian pipe producer Tuper (a JV in which it already held a 40% interest) and regained control of AMTBA to accelerate growth in high-value tubular and automotive markets in North America

Organic growth: The Group's strong financial position enables the consistent funding of organic growth projects to support future profitability and investable cash flow. The Group‘s high return strategic growth projects, together with the impact of recent M&A, are expected to increase future EBITDA potential by $2.1bn6. The EBITDA benefit targeted for 2025 is $0.7bn, of which $0.2bn was captured in 1H 2025 EBITDA

Encouraging EU trade policy momentum to restore fair competition: the “Steel and Metals Action Plan” recognizes the factors needed to restore industry competitiveness; an effective carbon border and more efficient trade measures that limit import penetration to historical levels have the potential to support improved domestic steel capacity utilization rates and restore the industry’s health. It is imperative that these plans are swiftly turned into concrete actions, with announcements anticipated in 2H 2025 on the details of the new tool that will replace the current safeguard measures and a proposal to close major loopholes in the Carbon Border Adjustment Mechanism (CBAM)

Consistent shareholder returns: As per its capital allocation and return policy, in addition to its growing base dividend ($0.55/sh, paid in 2 equal instalments), the Company will continue to return a minimum of 50% of post-dividend annual free cash flow to shareholders. Since September 20205, the Company has used buybacks to reduce its fully diluted shares outstanding by 38%. So far in 2025, the Company has repurchased 8.8m shares at a total cost of $262m

Financial highlights (on the basis of IFRS 1):

“Half-way through the year, it is encouraging that we are seeing an improvement in our safety results compared with 2024. We are less than one year into what we know will be at least a three-year transformation, and there is meaningful progress to report on the implementation of the six-core safety-audit recommendations. I appreciate the commitment every employee is giving to ensuring that safety becomes a core value that underpins everything we do.

Turning to the financial performance, as anticipated we saw an improved quarter, with EBITDA per tonne reaching a healthy $135. The underlying strength of the business is good, but like every company we must navigate the backdrop of ongoing geopolitical and tariff disruptions.

Our primary focus is always to meet the requirements of the domestic markets, and our ability to produce high-quality melted and poured steels in the US was strengthened in the quarter as we took full ownership of Calvert. We have transformed Calvert from an advanced finishing operation into a low-carbon steelmaking facility capable of producing the highest-quality steels for all customer segments including automotive. Calvert will become a new center of excellence for ArcelorMittal in the United States.

We continue to execute other strands of our strategic growth agenda, which together with recent M&A, is expected to deliver an incremental $2.1 billion of EBITDA. This includes our mining operations in Liberia, which marked the inauguration of the new concentrator, enabling us to increase production capacity to 20 million tonnes. Liberia continues to demonstrate the benefits of diversification, delivering another quarter of record iron-ore production and shipments.

In Europe, trends towards increased government spending on defence and infrastructure, is clearly positive for the steel industry. However, while the Steel and Metals Action Plan signalled a clear intention to address the critical challenges, we are still awaiting updates to safeguards, the CBAM, and energy prices. It remains a crucial year for European steelmaking, and I sincerely hope that Europe will hold good onto its commitment to defend and prioritize its domestic steel industry.

Despite the many challenges facing global business today, I am confident that ArcelorMittal has a profile that will enable us to continue to grow and thrive. Our strong balance sheet and diverse business model allows us to invest in growth while delivering consistent shareholder returns through our ongoing program of share buybacks. And our unique global presence enables us to benefit from high-growth markets such as India and Brazil, as well as take advantage of new opportunities such as renewable energy."

Aditya Mittal, CEO ArcelorMittal