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ArcelorMittal reports third quarter 2021 results Luxembourg , November 11 , 2021 - 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 1,2 for the three - months and nine - months period ended September 30 , 2021 . • Highlights : Health and safety performance : Protecting the health and wellbeing of employees remains the Company's overarching priority ; LTIF rate³ of 0.76x in 3Q 2021 as compared to 0.89x in 2Q 2021 ; 0.80x in 9M 2021 Improved operating results in 3Q 2021 , with a positive evolution of steel spreads more than offsetting 8.4 % lower steel shipments 17 ( vs. 2Q 2021 ) due to weaker demand ( in particular automotive order cancellations ) as well as production constraints and order shipment delays which are expected to reverse in 4Q 2021 • 3Q 2021 operating income of $ 5.3bn compares to $ 4.4bn in 2Q 2021 • • • EBITDA of $ 6.1bn in 3Q 2021 , the strongest quarter since 2008 and 19.9 % higher than 2Q 2021 Share of JV and associates net income in 3Q 2021 of $ 0.8bn including solid performance at AMNS India and AMNS Calvert5 Net income of $ 4.6bn in 3Q 2021 is the highest level since 2008 ( vs. $ 4.0bn in 2Q 2021 ) 6 • Lower steel shipments and price impacts led to $ 2.9bn investment in working capital during 3Q 2021 Free cash flow ( FCF ) 14 of $ 1.6bn generated in 3Q 2021 ( $ 2.4bn net cash provided by operating activities less capex of $ 0.7bn less minority dividends $ 0.2bn ) ; Company expects a working capital release to support higher FCF in 4Q 2021 Gross debt declined by $ 1bn to $ 8.2bn ( vs. $ 9.2bn as end of 2Q 2021 and $ 12.3bn as end of 2020 ) ; net debt declined to $ 3.9bn , the lowest level since the merger ( vs. $ 5.0bn as end of 2Q 2021 and $ 6.4bn as end of 2020 ) Strategic update : • Consistently returning capital : • ° Based on strong 3Q 2021 cash flow , share buyback increased by a further $ 1.0bn , bringing the capital returns announced since September 2020 to $ 6bn Continued leadership on decarbonization : ° Post 2Q 2021 results , ArcelorMittal and the Government of Canada announced a plan to invest CAD $ 1.8bn in order to reduce CO2 emissions at Dofasco by 2.9Mt ; finalizing Government of Canada support and in discussions with Government of Ontario ArcelorMittal Mines Canada ( AMMC ) to invest CAD $ 205m in its Port - Cartier pellet plant , enabling this facility to convert its entire 10Mtpa annual pellet production to DRI pellets by the end of 2025 The Company signed a letter of intent with the governments of Belgium and Flanders , supporting € 1.1bn investment in decarbonization technologies at its flagship Gent plant о ArcelorMittal joined Breakthrough Energy's Catalyst program as an anchor partner