Slides
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ArcelorMittal - 3Q 2025 Sustainability November 11, 2025 Helioroof® production
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Sustainability Highlights Q3 2025 Page 2 Focused on building the foundations for long-term safety improvement Implementation of a 3-year transformation plan underway; progress is visible across a number of KPIs In Q3 2025, global adoption of a new audit tracking tool and initiation of process safety management pilots marked key safety advancements, with a contractor-focused fatality prevention standard set to launch in Q4 2025. All these actions will provide a strong foundation for ‘one safety culture, underpinned by enhanced governance and assurance Encouraging EU trade policy momentum to restore fair competition European Commission has acted decisively on the Steel and Metals Action plan with the new proposed trade measure to restore the industry to healthy capacity utilization Swift implementation now required An effective CBAM is also required adjustments due to be proposed by the EU Commission proposal is due before year end EU tariff quota proposal + an effective CBAM can provide the foundation for the European business to earn its cost of capital Actively enabling the energy transition with investments that provide supportive economics ArcelorMittal is actively enabling the energy transition – we are supplying the steel required for new energy and mobility systems, and the steel required for infrastructure development. We are investing in high quality, high margin electrical steels (3.4Mt of additional EAF capacity by end of 2026) and building a competitive renewable energy portfolio (2.3GW in India, Brazil & Argentina). 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 injury frequency rate (LTIFR)1 Page 4 Journey to Zero Fatalities: 3-year transformation program underway Year 1 – Laying the foundations for improvement across the business 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 9M’25 Process safety management Enhanced Assurance Contractor Integration Key updates in 3Q’25 include: Process safety management (PSM) pilots (coke plant, sinter plant, DRI and EAF) have commenced These are ongoing to implement best-in-class PSM at our assets New tool adopted globally to track the level 2 audits and to ensure consistent audit methodology across the Group >30 level 2 audits have been completed so far this year with level 3 audits also now underway A new fatality prevention standard for contractors will be launched across the Group in 4Q’25 All segments will need to complete a full self- assessment within 6 months Improvement in serious injuries and fatalities this year compared to last year
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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 The recommendations are classified into six main areas: Improving the identification and understanding of operational risk exposure 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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Climate Page 6
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Relative change in historical absolute emissions1 since 2018 Crude steel CO2 emission intensity(2) – ArcelorMittal vs global average (tCO2/tonne of crude steel) Historical CO2 performance …Emissions intensity decreasing faster than the World Steel Association average 1.40 1.50 1.60 1.70 1.80 1.90 2.00 2.10 2.20 2018 2019 2020 2021 2022 2023 2024 0.40 0.50 0.60 0.70 0.80 0.90 1.00 1.10 1.20 2018 2019 2020 2021 2022 2023 World EU27 ArcelorMittal ArcelorMittal worldsteel 1. World data from UN Emissions Gap report, EU27 from the European Environmental Agency and ArcelorMittal data is on an adjus ted data basis; 2. Includes Scope 1, 2 and limited Scope 3 and is based on an unadjusted portfolio Page 7
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ArcelorMittal Europe: EU Steel and Metals Action plan Implementation now required … with a strong trade tool and an effective CBAM Stronger Trade tool Competitive energy for industryEffective CBAM Development of Lead Markets European Commission's Steel and Metals Action Plan Proposed new trade tool (Oct 2025) Swift implementation now required Officially commences 1 Jan 2026 4Q’25 legislative proposal to close loopholes on CBAM Requirement for an industrial energy price to provide certainty Regulation to drive demand for low carbon emission products Supporting a sustainable European steel industry and improving demand and cost competitiveness of low-carbon steel Page 8
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New EU Steel Tariff proposal supports a more positive outlook Stronger tariff framework proposed: New tariff trade tool sets imports quota at close to half 2024 imports with a 50% out-of-quota tariff Comprehensive coverage: The new trade tool covers all countries, with no exclusions except for EEA countries + “Melted and Poured” rule included: ensures improved traceability Supports positive outlook for capacity utilization: Based on Eurofer data, domestic capacity utilization rates could rise from current unsustainable levels (~65%) to more viable rates of 80–85%1 Higher capacity utilization should support more competitive returns on invested capital Next steps: - Approval via the ordinary EU legislative procedure, with trilogue negotiations to finalize the text - The quotas would be divided by country after negotiations with WTO and FTA countries Reduction in imports for flat products by ~8Mt; for long products by ~2Mt drive domestic producers operating leverage and profitability 20.8 12.3 5.6 2024 imports 3.5 New quota proposal ~10Mt Rapid implementation is essential to avoid dilution or delaying of its positive impact ~65% Current market 80-85% Viable level Estimated impact on EU imports (MT)1 Capacity utilization set to increase (%)1 Long Flat 1. Source: Eurofer data; FTA refers to Free Trade Agreement; WTO refers to World Trade OrganisationPage 9
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Carbon Border Adjustment Mechanism: Adjustments due by end of year An effective CBAM to support levelling the playing field for European steelmakers An effective CBAM can ensure a level playing field on carbon, equalizing the carbon costs incurred by domestic products and imports CBAM must be strengthened to achieve this objective and fair to all. Key areas include but are not limited to: • Scope: Inclusion of all steel-intensive finished products (e.g. auto parts) • Exports: Steel being exported out of Europe needs to be relieved of its carbon cost to be competitive globally • Circumvention: Avoid the high risk of market distortion that existing low carbon-based steel production directed to Europe and high-carbon production to other markets 4Q’25 Adjustments due from the Commission 2026 2027 2028 2029 2030 2031 2032 2033 2034 Free allocations (% of benchmark) It is vital that an effective CBAM is in place to remove the competitive imbalance that currently exists, and ensure a level playing field as free allowances are phased out over the next decade From 1 Jan 2026, financial obligations starts Surrender of CBAM certificates begins Payment on annual basis (payment in 2027 for 2026) Page 10
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ArcelorMittal is actively enabling the Energy Transition Creating value through investments in renewables, electrical steels, and green building solutions Building a competitive renewable energy portfolio 2.3GW in India, Brazil & Argentina (including investments through JVs) Non-cyclical EBITDA with low maintenance capex requirements consistent cash flow Investing in state-of-the-art EAFs Where there is a business case, we are investing in EAFs 3.4Mt of additional EAF capacity by end of 2026 through Calvert (US) and Gijon/Sestao (Spain) Potential next investments in Calvert, US and Dunkirk, France Enabling our customers’ shift to electrification (e.g. EVs) Building on a leading automotive franchise with electrical steels which are higher value-added products = higher margin 450Kt Non-grain orientated electrical steels (NOES) in US and EU by 2030 Expanding globally with innovative, low-carbon building solutions Custom-engineered building envelopes and structural components e.g. wall and roof insulation panels End-to-end offering: design, manufacturing and systems integration Leading sustainable solutions e.g. Helioroof®: the world’s first integrated solar insulated steel roof High quality electrical steels for new energy mobility systems Renewables, Brazil Helioroof® Page 11 Calvert
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Investing in state-of-the-art EAFs …Moving forward with economic projects Page 12 Gijon EAF, Spain– on track for completion 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, Spain– 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 EAF route today All Sestao production today is from 100% renewable (Guarantee of Origin) Calvert EAF, US– New 1.5Mt EAF ramp up continuing One of the most advanced steel making facilities in North America, complemented by new state-of-the-art EAF New 1.5Mt EAF commissioned; 1st slabs produced Jun’25 with facility now ramping up 100% ArcelorMittal ownership significantly bolsters our competitiveness in the strategically important US market
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ArcelorMittal Building Solutions Expanding Globally with Innovative, Low-Carbon Solutions Helioroof® - the world’s first integrated solar insulated steel roof • Combines insulation, waterproofing and photovoltaic power generation • Helioroof® modules are custom-made, up to 12 meters in length, with an energy output of up to 2.1kWp (kilowatt peak) per module—a world record in both size and power • 50% lighter and 25% lower carbon footprint than standard solar insulated roofs From European Leader to global solutions provider • 45 production and commercial sites across Europe • 5 additional sites worldwide (including India and Brazil) Comprehensive Portfolio for Construction • Custom-engineered building envelopes and structural components • End-to-end offering: design, manufacturing, and systems integration • Tailor-made solutions for diverse building applications • Providing leading sustainability solutions: our range with XCarb® RRP Page 13
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Electrical Steels Capturing domestic demand in Europe and US from electric vehicles and hybrid Calvert, USA 150kt of capacity Project has broken ground Domestic production capture US market share Mardyck, France 200kt of capacity Construction underway Saint-Chély d'Apcher, France • 100kt of capacity Production expertise since 1924 • Building on a leading automotive franchise in the US and EU with electrical steels 450Kt Non-grain oriented electrical steels (NOES) in US and Europe by 2030. • Growing EV production supports more electrical steel demand US & EU EV/PHEV production set to almost double by 20301 • Electrical steels are a higher value-added product = higher margin = higher ROCE Domestic production to match EU auto market share 1. Global EV Data Explorer – Data Tools - IEA Page 14
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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
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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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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 & 2025 The new human rights policy and the results of our saliency assessment are being used to update our related policies and procedures. In Q3 2025, an updated external stakeholder engagement procedure and launched a new training program for our social performance directors and managers across all segments to ensure consistency across the group and leverage best practice. 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 18
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New Local External Stakeholder Engagement Procedure Launched in Q3 2025 Page 19 The new local external stakeholder engagement procedure provides a more strategic view on how ArcelorMittal engages with 3rd parties: • Full alignment with the UN Guiding Principles on Business and Human Rights • Guidance to support teams globally to identify and help prevent negative impacts, reduce risks to the business and identify potential opportunities through meaningful and proactive engagement • A renewed focus on marginalized and/or vulnerable groups Proactive, inclusive and meaningful stakeholder engagement supports long-term stable and trusting relationships. This procedure is part of a series of guidance on social topics with additional procedures due in 2026
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Appendix
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ArcelorMittal Board and Governance: Climate- related matters and sustainability Page 21 Board Level Sustainability Committee reviews and provides guidance to management on developing and updating policies and procedures on sustainability- related activities Executive/ Management Level The Climate Change Panel supports the business in understanding the risks and opportunities associated with the transition to a low-carbon economy The Sustainable Development Panel discusses, coordinates and guides on material environmental and social issues, compliance and performance 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