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 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).
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