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 entered into separate, privately negotiated repurchase transactions with a limited number of holders of the Company’s 5.50% Mandatorily Convertible Subordinated Notes due 2023 (the ‘Notes’).

Pursuant to the transactions, the Company will repurchase approximately $395 million in aggregate principal amount of the Notes. The aggregate repurchase price payable by the Company will be based on the daily volume-weighted average price of the Company’s ordinary shares during a price determination period following execution of the repurchase agreements. The Company anticipates that holders of the outstanding Notes that it is repurchasing may unwind related hedge positions by buying ordinary shares of the Company during the price determination period.

Following completion (subject to customary conditions) of the repurchases, approximately $608 million aggregate principal amount of the Notes will remain outstanding. The Company will issue a press release following the end of the price determination period to announce the aggregate repurchase price for the aggregate principal amount of Notes repurchased.

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 one of the world’s leading integrated steel and mining companies with a presence in 60 countries and primary steelmaking operations in 15 countries. It is the largest steel producer in Europe, among the largest in the Americas, and has a growing presence in Asia through its joint venture AM/NS India. ArcelorMittal sells its products to a diverse range of customers including the automotive, engineering, construction and machinery industries, and in 2023 generated revenues of $68.3 billion, produced 58.1 million metric tonnes of crude steel and, 42.0 million tonnes of iron ore. Our purpose is to produce smarter steels 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 the 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. 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).

http://corporate.arcelormittal.com/
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