Share buyback program 2023 -2025

Share buyback program of up to 85 million shares

Following publication of the first quarter 2023 results press release dated 4 May 2023 (the ‘ER Press Release’)[1], ArcelorMittal announces a new share buyback program of up to 85 million shares (the ‘Program’) under the authorization given by the annual general meeting of shareholders of 2 May 2023. The actual amount of shares that will be repurchased pursuant to this new Program will depend on the level of post-dividend Free Cash Flow generated over the period (the Company’s defined policy is to return a minimum of 50% of post-dividend annual FCF), the continued authorization by shareholders, and market conditions.

The key terms of the Program are summarized below:

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

Maximum amount allocated to the Program: ArcelorMittal intends to repurchase up to 85 million shares which is authorized by the 2023 AGM and applicable Market Abuse Regulation.

Duration: by May 2025

Reporting of transactions in accordance with Market Abuse Regulation

In accordance with Market Abuse Regulation, transactions relating to the 85 million shares buyback program are reported below:

Over the period 26 February to 1 March 2024 a total of 2,790,190 shares were bought at a weighted average price of EUR 24.1263. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 46.28% of its total target

Over the period 19 February to 23 February 2024 a total of 1,865,775 shares were bought at a weighted average price of EUR 24.5049. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 43% of its total target.

Over the period 12 February to 16 February 2024 a total of 909,203 shares were bought at a weighted average price of EUR 25.7382. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 40.81% of its total target.

Over the period 5 February to 9 February 2024 a total of 990,911 shares were bought at a weighted average price of EUR 26.5971. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 39.74% of its total target.

Over the period 29 January to 2 February 2024 a total of 857,482 shares were bought at a weighted average price of EUR 25.5795. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 38.57% of its total target.

Over the period 22 January to 26 January 2024 a total of 1,125,019 shares were bought at a weighted average price of EUR 25.0249. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 37.39% of its total target.

Over the period 15 January to 19 January 2024 a total of 1,907,348 shares were bought at a weighted average price of EUR 24.3082. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 36.24% of its total target.

Over the period 8 January to 12 January 2024 a total of 1,918,830 shares were bought at a weighted average price of EUR 24.7647. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 34% of its total target.

Over the period 2 January to 5 January 2024 a total of 726,345 shares were bought at a weighted average price of EUR 25.4236. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 31.74% of its total target.

Over the period 11 December to 15 December 2023 a total of 1,743,732 shares were bought at a weighted average price of EUR 23.9344. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 30.88% of its total target.

Over the period 4 December to 8 December 2023 a total of 1,538,027 shares were bought at a weighted average price of EUR 23.542. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 28.83% of its total target.

Over the period 27 November to 1 December 2023 a total of 4,549,707 shares were bought at a weighted average price of EUR 22.8385. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 27.02% of its total target.

Over the period 20 November to 24 November 2023 a total of 5,361,679 shares were bought at a weighted average price of EUR 22.176. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 21.67% of its total target.

Over the period 13 November to 17 November 2023 a total of 5,970,000 shares were bought at a weighted average price of EUR 21.3959. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 15.36% of its total target.

Over the period 14 August to 18 August 2023 a total of 200,000 shares were bought at a weighted average price of EUR 24.78. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 8.34% of its total target.

Over the period 7 August to 11 August 2023 a total of 1,000,000 shares were bought at a weighted average price of EUR 24.63. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 8.10% of its total target.

Over the period 31 July to 4 August 2023 a total of 200,000 shares were bought at a weighted average price of EUR 25.01. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 6.93% of its total target.

Over the period 29 May to 2 June 2023 a total of 2,467,205 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 6.69% of its total target.

Over the period 22 May to 26 May 2023 a total of 779,362 shares were bought at a weighted average price of EUR 23.93. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 3.79% of its total target.

Over the period 15 May to 19 May 2023 a total of 133,663 shares were bought at a weighted average price of EUR 23.79. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 2.87% of its total target.

Over the period 8 May to 12 May 2023 a total of 2,307,679 shares were bought at a weighted average price of EUR 24.92. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 2.71% of its total target.

[1]https://corporate.arcelormittal.com/media/press-releases/arcelormittal-reports-first-quarter-2023-results

Share buyback program 2022 -2023

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 27 March to 31 March 2023 a total of 6,441,601 shares were bought at a weighted average price of EUR 27.0120. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 100% of its total target of US$1.4 billion

Over the period 20 March to 24 March 2023 a total of 3,823,988 shares were bought at a weighted average price of EUR 25.9885. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 89.34% of its total target of US$1.4 billion

Over the period 13 March to 17 March 2023 a total of 3,747,359 shares were bought at a weighted average price of EUR 26.2539. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 83.01% of its total target of US$1.4 billion.

Over the period 6 March to 10 March 2023 a total of 1,626,773 shares were bought at a weighted average price of EUR 29.458. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 76.81% of its total target of US$1.4 billion.

Over the period 27 February to 3 March 2023 a total of 510,652 shares were bought at a weighted average price of EUR 28.7092. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 74.12% of its total target of US$1.4 billion.

Over the period 20 February to 24 February 2023 a total of 2,224,568 shares were bought at a weighted average price of EUR 28.0605. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 71.82% of its total target of US$1.4 billion.

Over the period 13 February to 17 February 2023 a total of 730,000 shares were bought at a weighted average price of EUR 27.42. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 69.59% of its total target of US$1.4 billion.

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 Dec 31 2023