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27th July 2023 Q2 and 1H 2023 financial results Leadership presentation ArcelorMittal - 2Q 2025 Sustainability August 2025
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Sustainability Highlights H1 2025 Page 2 Progressing our safety journey to zero: ▪ Implementation of a 3-year transformation plan underway; early progress is encouraging ▪ By the end of H1 progress is already visible: The enhanced safety assurance model has improved oversight and consistency. Safety leadership training and integration of contractors are key to achieving a unified safety culture Encouraging EU trade policy momentum to restore fair competition: ▪ The Steel and Metals Action Plan recognises the factors needed to restore industry competitiveness ▪ Imperative that the EC delivers in H2 2025 a stronger trade defence tool and an effective CBAM to support the sustainability of steelmaking in Europe and its transition to low carbon technologies Positioned for climate infrastructure demand ▪ 6% of our revenues came from products that support the build out of clean energy systems, low-carbon buildings, electric vehicles and climate adaptation solutions → demand set to grow ▪ Economic decarbonization: Focused on generating a return on investment → capex to be contained within the annual capex envelope of $4.5-5.0bn Smarter steels for people and planet
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Health & Safety Page 3
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1. LTIFR = Lost time injury frequency rate defined as Lost Time Injuries (LTI) per 1,000,000 worked hours (own personnel and contractors); A LTI is an incident that causes an injury that prevents the person from returning to his/her next scheduled shift or work period Group lost time injuries frequency rate (LTIFR)1 Page 4 Protecting employee health and safety is a core value of the Company Implementation of the safety audit recommendations is underway → early progress encouraging 0.68 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q’25 2Q’25 Enhanced assurance Safety Culture Contractor integration Year 1- Laying the foundations for change: • A year-long program launched for >80 senior leaders (incl. 100% of targeted VPs) • Training designed to embed a unified “one safety culture” across the Group • ~20 sites completed second-line audits by 1H'25 enabling third-line audits to begin • All industrial sites are scheduled for second-line audits within the next two years Years 2 & 3: Focused on embedding the changes to drive consistency, discipline and results • Contractors are being fully embedded in safety management processes • Reinforced by Mandatory Life Saving Golden Rules Certification and tighter contractor sanction policy
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Recommendations from the safety audit A B C D E Process Safety Management Occupational Risk Management Aligned Support Functions Safety Governance & Assurance Leadership Competencies CULTURE The recommendations are classified into six main areas: Improving the identification and understanding of operational risk exposure Strengthening the existing Health & Safety Assurance Model Improving contractor safety management standards Integrating health & safety elements into supporting business processes Continuing to embed safety values, mindsets and behaviours to strengthen the “one safety culture” Safety CultureRisk Management Adopting industry best practices for Process Safety Management (PSM) Strengthening the existing health & safety assurance model Page 5
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Implementing the safety audit recommendations: Year 1 progress ArcelorMittal is in year one of a three-year program implementing dss+ safety audit recommendations to achieve zero fatalities and serious injuries. Page 6 Key achievements in 2025: (1) Operational Risk • ~890 self-assessment fatality prevention standards audits complete • Standardized guidance issued for sites on risk management and control (2) Assurance Model • Strengthened with 3 lines of assurance • 20+ sites completed second-line audits ready for the third line (3) Safety Culture • Safety leadership training launched for 80+ senior leaders • 100% targeted VPs included (4) Contractors Safety • Life Saving Golden Rules Certification rolled out • Strengthening contractor safety management standards (5) Process Safety Management • New Process Safety Management framework has been launched across diverse set of assets with external support (6) Business Processes • Safety leadership competency model finalized and integrated into the ArcelorMittal competency model
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A snapshot at half year: Key KPIs Page 7 0 0.04 0.08 0.12 0.16 2023 2024 6M 2025 0 1 2 3 4 5 2023 2024 6M 2025 Fatality Frequency rate1 Total Recordable Injury rate2 1. Fatality frequency rate = Number of fatalities per million hours worked including employees and contractors; 2. Total Recordable Injury rate =The total recordable injury rate (TRIR) includes a broader set of incidents than lost time injury frequency rate (LTIFR), and does not require someone to be a bsent from work for their injury to be included
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Decarbonization Page 8
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Economic Decarbonization – Building on the Policy Momentum Encouraging policy Rapid action required Expanding Solutions XCarb® & Climate- related infrastructure Economic Decarbonization progressing ▪ EC Steel & Metals Action Plan recognizes the factors needed to restore industry competitiveness (an efficient CBAM and more efficient trade measures that limit import penetration ▪ Imperative that these plans are swiftly turned into concrete actions → announcements anticipated in 2H 2025 (details of new tool that will replace the current safeguard measures and a proposal to close major loopholes in the CBAM ▪ Ongoing engagement with the EC and Member States to build on this momentum ▪ Sales of XCarb® low carbon emissions steel 0.4Mt in 2024 ▪ Expansion in Sestao (1.6Mt flat EAF) and Gijon (1.1Mt Long EAF) progressing well → expanding low carbon emissions steel capacity ▪ Capturing demand from climate infrastructure projects (e.g. ArcelorMittal products for electrical steels for EVs, rail, renewables) → ~6% of global revenue in 2024 and set to increase ▪ Disciplined, competitive decarbonization with capex to be contained within the annual capex envelope of $4.5- 5bn ▪ A phased approach to decarbonization starting with EAFs → 29 EAFs in the group with 21.5Mt per year of capacity which will increase to 23.4Mt by 2026 with the two projects in Gijon and Sestao ▪ Intention to invest in a 2Mt EAF in Dunkirk for €1.2bn, subject to implementation of all the conditions in particular the current steel safeguards and an effective CBAM Page 9
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Stronger trade tool (safeguards) Recovery of market share lost to imports due to global excess capacity and unfair trade Effective CBAM Development of lead markets Competitive energy for industry European Commission's Steel and Metals Action Plan Improve demand and cost-competitiveness of low- carbon steel and avoid carbon leakage Domestically melted and poured 1. Trade defense instruments include the enforcement of anti -dumping measures Stronger enforcement of trade defense instruments1 Page 10 ArcelorMittal Europe: policy direction is encouraging EC’s “Steel and Metals Action Plan” recognises the critical issues required to revitalise European steel industry >> Critically important that plans are converted into rapid actions <<
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Low Emission Steel Standard (LESS) A unified standard supports development of LEAD markets to adopt low carbon steel Page 11 Solar panels 1G W 2 GW 1GW 2GWLESS is a voluntary standard which represents almost 45% of steel production in Europe ▪ ArcelorMittal entities in Belgium, France, Luxembourg, Spain and Germany are all members of the Low Emission Steel Standard ▪ ArcelorMittal Belgium CEO Fredrik Van De Velde has joined the LESS board of directors An important next step needs to be binding sustainability criteria in public projects, to boost the use of low-carbon emission steels and to create green lead markets which are vital “….We want to see sustainability criteria integrated as a standard in public procurement rules across the EU member states, to make lead markets for low- emissions steel a reality: This will be essential for scaling up both public and private demand for these products” Dr Frederik Van De Velde, CEO of ArcelorMittal Belgium LESS provides a transparent and technology-neutral framework to classify and label steel products based on their carbon footprint and scrap content Both ResponsibleSteel and LESS propose the adoption of a “steel decarbonisation scale” accounting for the ratio of scrap and primary iron used in steelmaking.
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Economic decarbonization projects are progressing in Spain Gijon EAF– on track for completion Q1 2026 ▪ 1.1Mt production capacity of semi-finished steel products, which will be supplied to the rail and wire- rod mills plant ▪ Demand for low carbon rails and wire rods in the automotive construction and rail infrastructure sectors (particularly public procurement contracts) ▪ Lead to 35% CO2 emissions reduction → 1Mt CO2 emissions reduction a year (once ramped up) Sestao– expanding production to 1.6Mt by 2026 ▪ Increasing capacity to produce XCarb® recycled and renewably produced low-carbon emissions steel ▪ An advantageous position as very few producers in Europe capable of producing low carbon emission flat steel via the Electric Arc Furnace route today ▪ All Sestao production today is from 100% renewable (Guarantee of Origin)Page 12
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~$4trn Water Infrastructure ~$8trn Rail Infrastructure ~$20trn Energy Infrastructure Climate Solutions – ArcelorMittal well positioned for growing infrastructure investment Page 13 ~$32 trillion infrastructure global investment needed 2025 - 20401 6% of ArcelorMittal’s global revenues related to Climate Solutions in 2024 and set to increase. ArcelorMittal’s Climate solutions includes infrastructure (e.g. steel for rail, renewable energy, climate adaptation, low carbon buildings and water) and packaging Water pipelines Tram and train rails Hydrogen pipelinesSolar panels Wind Turbines Electricity distribution ArcelorMittal has strong product capabilities to capture demand 1. Global Infrastructure Hub
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A spotlight on German (low carbon) Infrastructure ArcelorMittal XCarb© steel for Germany’s largest underground railway project (Hamburg’s U5 underground line) Page 14 Solar panels 1G W 2 GW 1GW 2GW Hamburg’s U5 underground line provides a reference for the €500bn German Infrastructure fund: ▪ A new transport artery connecting outer districts in the east and west with the city centre ▪ 1,100 tonnes of XCarb® recycled and renewably produced rebar from ArcelorMittal used are produced in an EAF from recycled material using 100% renewable energy ▪ Emissions are ~300kg CO2/t vs 2,100kg CO2/t for steel produced conventionally in a blast furnace → >85% reduction “….ArcelorMittal is one of the suppliers whose end product has significantly reduced CO2 emissions through the use of recycled scrap and green electricity. This means that the U5 can also serve as a model for other public construction projects” Klaus Uphoff, Technical Director of HOCHBAHN U5 Projekt GmbH Germany’s EUR 500bn Infrastructure Fund is expected to add 1.5-2% to annual steel demand in Europe, with further potential from second order demand impacts (e.g. impacts on higher machinery, construction equipment and transportation demand)
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ArcelorMittal XCarb® journey 1. In accordance with the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard and verified by DNV GL Business Assurance Services. XCarb® products designed to help customers reduce their Scope 3 emissions CO2 attribute certificates generated by decarbonization investments on the blast furnace route. Enables reporting of an equivalent reduction in your and your customers’ Scope 3 emissions1 Benefits – Available with all steel grades – Contributes to CO2 reduced balance sheet – Supports customers’ sustainability strategy Steel made in electric arc furnace with high scrap content and 100% renewable energy, offering with a third-party verified Product Carbon Footprint. Benefits – Available in a wide range of specific steel grades – Supports customers’ sustainability strategy – Contributes to circular economy Available now Available now Page 15 0.2 0.4 2023 2024 2x XCarb® sales (Mt)
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XCarb low carbon emissions steel & the Renault Emblème project A vision for the future of automotive and steel Page 16 ArcelorMittal steel contributing to a significant CO2 emission reduction over the vehicle’s lifecycle from: ▪ Lightweighting ▪ Reducing the amount of steel used in the car through the use of advanced high strength steels (AHSS) and press hardenable steels (PHS) → reducing the overall energy consumption during production ▪ Weight reduction of the car through the body-in-white was a critical factors in reducing emissions → less weight uses less energy to move the car ▪ Low Carbon emissions XCarb® recycled and renewable steel grades are available on the market These grades are produced using a high proportion of recycled content (guaranteed >75%) and 100% renewable electricity, significantly reducing CO₂ emissions compared to conventional steelmaking “The Renault Emblème is a perfect example of how the right materials, design, and production processes can create a vehicle with an exceptional 90% reduction in CO₂ emissions over the vehicle’s lifetime compared to an equivalent model running on fossil fuels.“ Pascal Tribotte, Renault Emblème Project Leader
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Conventional steels vs XCarb® CO2 reduction Wind Turbines (towers & foundations) XCarb® recycled and renewably produced Heavy Plate Steel Solar Panels XCarb® recycled and renewably produced Magnelis® Insulation XCarb® recycled and renewably produced Organic coated Steel product CO2 reduction with XCarb® recycled and renewably produced material Examples of customers purchasing 2.6tCO2/t Heavy plate 2.51tCO2/t Magnelis 2.72tCO2/t Organic Coated 0.9tCO2/t Heavy plate 0.9tCO2/t Magnelis 1.16tCO2/t Organic Coated –65% –65% Conventional Steel XCarb® –57% Page 17 Climate solutions (e.g. wind turbines) moving to adopt XCarb® low carbon emissions steel
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Social - Human Rights
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Human Rights: Updating our Approach ArcelorMittal is determined to respect all internationally recognized human rights, including, but not limited to, those covered under the International Bill of Human Rights, the ILO Declaration on Fundamental Rights at Work, and implementing the UN Guiding Principles on Business and Human Rights (‘UNGPs’). Enhanced human rights policy: published in 2023 A revised and updated Human Rights policy. The new policy applies to our own people and their working environment, the handling of human rights within our value chain, and the rights of communities within which we operate Saliency assessment: completed five- month intensive saliency assessment in 2023 The risks were assessed following the UNGPs methodology. Twelve issues were identified including health and safety, human rights in the value chain and supply chain and climate change. For the full list see our Integrated Annual Review 2023 Processes and procedures: Embedding our enhanced policy during 2024 The new human rights policy and the results of our saliency assessment are being used to update our related policies and procedures on human rights. In 1H 2024, we have developed new human rights training for employees and suppliers, updated the Code of Responsible Sourcing and a new procedure for (3rd party) due diligence which includes responsible sourcing Grievance mechanism: Updated corporate whistleblower (1Q 2024) & new corporate governance mechanism procedure (3Q 2024) We have updated our corporate level whistleblower approach to include all human rights & launched a new corporate grievance mechanism procedure in 3Q 2024. In addition, we are updating our guidance for all operational grievance mechanisms at our sites Page 19
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Appendix
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ArcelorMittal Board and Governance: Climate- related matters and sustainability Page 21 Board Level ▪ Sustainability Committee has oversight and reviews progress on health and safety, decarbonization and sustainability- related activities Executive/ Management Level ▪ The Climate Change Panel’s mandate is to coordinate progress on climate change between different functions and segments ▪ The Sustainable Development Panel’s role is to discuss how best to strengthen the company’s environmental, social and governance (ESG) oversight ▪ The Investment Allocations Committee authorises large capex projects and reviews the carbon emissions impact of all proposals 5 meetings (2023) 3 members 6 meetings (2023) 4 members ArcelorMittal Board Level Board Sustainability Committee ARGC Audit Committee Executive/ Management Level Executive Officers/ Management Committee Climate Change Panel Sustainable Development Panel Health & Safety Council Investment Allocations Committee Cross ArcelorMittal forums and Meetings Meetings and forums to allow cross-group discussions and integration Board Sustainability Committee ARCG1 Audit & Risk Committee 1. Appointments, Remuneration and Corporate Governance Committee
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Page 22 Disclaimer Forward-Looking Statements This document contains forward-looking information and statements about ArcelorMittal and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements may be identified by the words “believe”, “expect”, “anticipate”, “target”, “projected”, “potential”, “intend” or similar expressions. Although ArcelorMittal’s management believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ArcelorMittal’s securities are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond the control of ArcelorMittal, that could cause actual results and developments to differ materially and adversely from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the filings with the Luxembourg Stock Market Authority for the Financial Markets (Commission de Surveillance du Secteur Financier) and the United States Securities and Exchange Commission (the “SEC”) made or to be made by ArcelorMittal, including ArcelorMittal’s latest Annual Report on Form 20-F on file with the SEC. ArcelorMittal undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise. Non-GAAP/Alternative Performance Measures This document includes supplemental financial measures that are or may be non-GAAP financial/alternative performance measures, as defined in the rules of the SEC or the guidelines of the European Securities and Market Authority (ESMA). They may exclude or include amounts that are included or excluded, as applicable, in the calculation of the most directly comparable financial measures calculated in accordance with IFRS. Accordingly, they should be considered in conjunction with ArcelorMittal's consolidated financial statements prepared in accordance with IFRS, including in its annual report on Form 20-F, its interim financial reports and earnings releases. Comparable IFRS measures and reconciliations of non-GAAP/alternative performance measures thereto are presented in such documents, in particular the earnings release to which this presentation relates. Daniel Fairclough – Global Head Investor Relations daniel.fairclough@arcelormittal.com +44 207 543 1105 Hetal Patel – General Manager Investor Relations hetal.patel@arcelormittal.com +44 207 543 1128 Srivathsan Manoharan – Manager Investor Relations srivathsan.manoharan@arcelormittal.com +44 7920 439 760 Victoria Irving – Manager Investor Relations & Sustainability victoria.irving@arcelormittal.com +44 7435 192 206 Maureen Baker – Fixed Income/Debt Investor Relations maureen.baker@arcelormittal.com +33 1 57 95 50 35 Benoit Cuisiniere – Manager Investor Relations (France) benoit.cuisiniere@arcelormittal.com +33 1 57 95 50 38 Investor relations contacts