THIS ANNOUNCEMENT IS FOR INFORMATION ONLY AND IS NOT AN OFFER TO PURCHASE OR A SOLICITATION OF OFFERS TO SELL ANY SECURITIES.

ArcelorMittal (the ‘Company’ or ‘ArcelorMittal’) announced today that it has determined the final repurchase price for its previously announced repurchases of certain of its 5.50% Mandatorily Convertible Subordinated Notes due 2023 (the ‘Notes’).  

As previously announced on 13 December 2021, ArcelorMittal has entered into separate, privately negotiated agreements to repurchase approximately US$395 million in aggregate principal amount of the Notes. The price determination period in respect of those repurchases has now been completed, and the aggregate repurchase price that ArcelorMittal will pay for those Notes will be US$1.196 billion. The transactions are expected to close on 23 December 2021.

The repurchase of this aggregate principal amount of Notes is equivalent to repurchasing approximately 36.6 million shares of ArcelorMittal common stock that would otherwise be issuable at maturity under the Notes (at the minimum conversion ratio). Pursuant to the purchase agreements the Notes will be cancelled and therefore the repurchased Notes will not convert into common shares of the Company.

Following completion (subject to customary conditions) of the repurchases, approximately US$608 million aggregate principal amount of the Notes will remain outstanding. 

This transaction is a further step in the Company’s ongoing capital return program.

Citigroup Global Markets Inc. is acting as the exclusive agent in connection with the transaction.

About ArcelorMittal

ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and primary steelmaking facilities in 16 countries. In 2021, ArcelorMittal had revenues of $76.6 billion and crude steel production of 69.1 million metric tonnes, while iron ore production reached 50.9 million metric tonnes. Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. Steels made using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for electric vehicles and renewable energy infrastructure that will support societies as they transform through this century. With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that change. This is what we believe it takes to be the steel company of the future. ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS). For more information about ArcelorMittal please visit: http://corporate.arcelormittal.com/

http://corporate.arcelormittal.com/
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