ArcelorMittal announces the issuance on 28 December via a wholly-owned Luxembourg subsidiary of a $750m bond mandatorily convertible into preferred shares of such subsidiary.

The bond was placed privately with a Luxembourg affiliate of Calyon and will not be listed.

The bond will have a maturity of 17 months and ArcelorMittal will be entitled to call it in the year prior to maturity.

The subsidiary will invest the proceeds of the bond issuance and an equity contribution by ArcelorMittal in notes linked to shares of the listed companies Eregli Demir Ve Celik Fab. T. AS ("Erdemir") of Turkey and Macarthur Coal Limited of Australia, both of which are held by ArcelorMittal subsidiaries. The subsidiary may also, in agreement with Calyon, invest in other financial instruments.

ArcelorMittal has no intention to sell its shares in Erdemir or Macarthur.

In ArcelorMittal's consolidated financial statements, the mandatory convertible bond is expected to be recorded as minority interest (in the amount of approximately $696m) and debt (in the amount of approximately $54m).

About ArcelorMittal

ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and primary steelmaking facilities in 18 countries. In 2019, ArcelorMittal had revenues of $70.6 billion and crude steel production of 89.8 million metric tonnes, while iron ore production reached 57.1 million metric tonnes. Our goal is to help build a better world with smarter steels. 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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