Investors

Luxembourg, May 11, 2018 - 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] for the three-month period ended March 31, 2018.

Highlights:

• Health and safety: LTIF rate of 0.62x in 1Q 2018 as compared to 0.87x in 4Q 2017 and 0.80x in 1Q 2017
• Operating income increased to $1.6 billion in 1Q 2018 as compared to $1.2 billion in 4Q 2017, stable YoY
• EBITDA of $2.5 billion in 1Q 2018, 17.3% higher as compared to $2.1 billion in 4Q 2017, primarily reflecting higher average steel selling prices (+8.2%) and higher seaborne iron ore reference prices (+13.6%); 1Q 2018 EBITDA up 12.6% YoY
• Net income of $1.2 billion in 1Q 2018 as compared to $1.0 billion in both 4Q 2017 and 1Q 2017
• Steel shipments of 21.3 Mt in 1Q 2018, up 1.7% vs. 4Q 2017 and up 1.4% vs. 1Q 2017
• 1Q 2018 iron ore shipments of 13.8Mt (+3.6% YoY), of which 9.1Mt shipped at market prices (+5.5% YoY)
• Gross debt of $13.4 billion as of March 31, 2018. Net debt increased to $11.1 billion as of March 31, 2018, as compared to $10.1 billion as of December 31, 2017 due to working capital investment ($1.9 billion), share buyback ($0.2 billion)^[2] and forex ($0.2 billion); net debt is $1.0 billion lower when compared to net debt as of March 31, 2017

Financial highlights (on the basis of IFRS^[1]):

Commenting, Mr. Lakshmi N. Mittal, ArcelorMittal Chairman and CEO, said:

“The improvement in global steel market dynamics has continued into 2018, supporting an encouraging financial performance in the first quarter. EBITDA increased 13% year-on-year to $2.5 billion, while net income improved by 19% to $1.2 billion. The outlook for 2018 has strengthened as the year has progressed, with the combination of growing demand and supply-side reform driving higher capacity utilisation rates and healthy steel spreads globally. Against this improving backdrop, we continue to focus on structural improvement - through the delivery of our Action 2020 strategic plan - and investing with focus and discipline in opportunities that will drive higher future returns. Our acquisition of Ilva has now received competition clearance from the European Commission and we expect to complete this acquisition by the end of the second quarter 2018.”

[1] The financial information in this press release has been prepared consistently with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and as adopted by the European Union. The interim financial information included in this announcement has been also prepared in accordance with IFRS applicable to interim periods, however this announcement does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standard 34, “Interim Financial Reporting”. The numbers in this press release have not been audited. The financial information and certain other information presented in a number of tables in this press release have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column. In addition, certain percentages presented in the tables in this press release reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers. This press release also includes certain non-GAAP financial measures. ArcelorMittal presents EBITDA, and EBITDA/tonne, which are non-GAAP financial measures and defined in the Condensed Consolidated Statement of Operations, as additional measurements to enhance the understanding of operating performance. ArcelorMittal believes such indicators are relevant to describe trends relating to cash generating activity and provides management and investors with additional information for comparison of the Company’s operating results to the operating results of other companies. ArcelorMittal also presents net debt as an additional measurement to enhance the understanding of its financial position, changes to its capital structure and its credit assessment. ArcelorMittal also presents free cash flow, which is a non-GAAP financial measure defined in the Condensed Consolidated Statement of Cash flows, because it believes it is a useful supplemental measure for evaluating the strength of its cash generating capacity. Non-GAAP financial measures should be read in conjunction with and not as an alternative for, ArcelorMittal's financial information prepared in accordance with IFRS. Such non-GAAP measures may not be comparable to similarly titled measures applied by other companies.

[2] On March 28, 2018, ArcelorMittal announced the completion of its share buyback program. ArcelorMittal has repurchased 7 million shares for a total value of approximately €184 million (equivalent $226 million) at an approximate average price per share of €26.34 (equivalent to $32.36).

[3] At the Extraordinary General Meeting held on May 10, 2017, the shareholders approved a share consolidation based on a ratio 1:3, whereby every three shares were consolidated into one share (with a change in the number of shares outstanding and the accounting par value per share). The figures presented for the basic and diluted earnings per share reflect this change.