Share buyback program 2022

Share buyback program for an aggregate maximum amount of US$1.4 billion

Following publication of the second quarter 2022 and half year 2022 results press release dated 28 July 2022 (the ‘ER Press Release’)[1], ArcelorMittal announces a new share buyback program of 60,431,380 shares in the amount of approximately US$1.4 billion at current share price [2] (the ‘Program’) under the authorization given by the annual general meeting of shareholders of 4 May 2022, bringing the total 2022 buybacks announced so far to US$3.4 billion. For the background to this Program, reference is made to the ER Press Release. The Program is expected to be completed by the end of May 2023, subject to market conditions.

The Significant Shareholder has decided not to participate in the Program consistent with the position announced in the press release dated 25 February 2022[3].

The key terms of the Program are summarized below:

Objectives: The shares acquired under this Program are intended (i) To meet ArcelorMittal’s obligations under debt obligations exchangeable into equity securities; (ii) to reduce ArcelorMittal’s share capital, and/or (iii) to meet ArcelorMittal’s obligations arising from employee share programs.

Maximum amount allocated to the Program: ArcelorMittal intends to repurchase 60,431,380 shares for an aggregate maximum amount of approximately US$1.4 billion which is authorized by the 2022 AGM and applicable Market Abuse Regulation.

Duration: Till the end of May 2023

Reporting of transactions in accordance with Market Abuse Regulation

In accordance with Market Abuse Regulation, transactions relating to the US$1.4 billion shares buyback program are reported below:

Over the period 31 October to 4 Novembre 2022 a total of 2,017,708 shares were bought at a weighted average price of EUR 22.59. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 68.39% of its total target of US$1.4 billion.

Over the period 24 October to 28 October 2022 a total of 1,508,838 shares were bought at a weighted average price of EUR 22.85. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 65.05% of its total target of US$1.4 billion.

Over the period 17 October to 21 October 2022 a total of 2,250,000 shares were bought at a weighted average price of EUR 22.36. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 62.55% of its total target of US$1.4 billion.

Over the period 10 October to 14 October 2022 a total of 2,250,000 shares were bought at a weighted average price of EUR 21.57. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 58.83% of its total target of US$1.4 billion.

Over the period 3 October to 7 October 2022 a total of 2,250,000 shares were bought at a weighted average price of EUR 21.32. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 55.10% of its total target of US$1.4 billion.

Over the period 26 September to 30 September 2022 a total of 5,850,000 shares were bought at a weighted average price of EUR 20.40. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 51.38% of its total target of US$1.4 billion.

Over the period 19 September to 23 September 2022 a total of 2,120,000 shares were bought at a weighted average price of EUR 21.69. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 41.70% of its total target of US$1.4 billion.

Over the period 12 September to 16 September 2022 a total of 1,250,000 shares were bought at a weighted average price of EUR 22.12. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 38.19% of its total target of US$1.4 billion.

Over the period 5 September to 9 September 2022 a total of 1,149,843 shares were bought at a weighted average price of EUR 22.51. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 36.12% of its total target of US$1.4 billion.

Over the period 29 August to 2 September 2022 a total of 1,732,133 shares were bought at a weighted average price of EUR 24.00. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 34.22% of its total target of US$1.4 billion.

Over the period 22 August to 26 August 2022 a total of 5,103,527 shares were bought at a weighted average price of EUR 23.44. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 31.35% of its total target of US$1.4 billion.

Over the period 15 August to 19 August 2022 a total of 4,232,831 shares were bought at a weighted average price of EUR 24.30. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 22.91% of its total target of US$1.4 billion.

Over the period 8 August to 12 August 2022 a total of 3,565,272 shares were bought at a weighted average price of EUR 24.42. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 15.90% of its total target of US$1.4 billion.

Over the period 1 August to 5 August 2022 a total of 6,046,287 shares were bought at a weighted average price of EUR 23.59. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 10.01% of its total target of US$1.4 billion.

[1] https://corporate.arcelormittal.com/media/press-releases/arcelormittal-reports-second-quarter-2022-results

[2] Based on share price as at 26.07.22 of $22.90/share

[3] https://corporate.arcelormittal.com/media/press-releases/arcelormittal-announces-that-its-significant-shareholder-has-decided-not-to-further-participate-in-its-1-billion-share-buyback-program

ArcelorMittal Shares Status As Of September 30 2022