ArcelorMittal today announces that it has signed agreements to invest new capital resulting in a shareholding of 40 percent in G Steel Public Company Limited ("G Steel"), a company listed on the Stock Exchange of Thailand.

G Steel and its subsidiary GJ Steel Public Company Limited ("GJ Steel"), which is also listed on the Stock Exchange of Thailand, are leading producers of hot-rolled coils. G Steel has an EAF-based medium slab rolling facility in Rayong and GJ Steel has an EAF-based thin slab rolling facility in Chonburi, with a combined annual capacity of over 2.5 million tonnes per annum. The companies together have over 1,400 employees.

ArcelorMittal is partnering with a group of major shareholders represented by the Leeswadtrakul family which is the founding shareholder of G Steel. ArcelorMittal has signed a shareholders agreement with the Leeswadtrakul family who will remain associated with the companies. ArcelorMittal has also signed a credit facility agreement with G Steel and GJ Steel for USD 500 million for working capital, capital expenditure and other corporate purposes.

Aditya Mittal, CFO and Member of the Group Management Board of ArcelorMittal said: "G Steel is an important component of our overall emerging markets strategy and will provide ArcelorMittal with a major manufacturing presence in Thailand and the ASEAN region where we expect steel demand to continue growing. Dr. Somsak Leeswadtrakul has built a high quality operation. We are confident that our global expertise and investment will develop the company's potential and will facilitate an operational, financial and commercial turnaround."

The investment by ArcelorMittal in G Steel is part of a broader plan by G Steel to strengthen its and GJ Steel's financial position.  The amount of capital to be invested by ArcelorMittal will be determined closer to the completion of the transaction. Completion of the transaction is conditional on a reduction in the outstanding liabilities of G Steel and GJ Steel and a range of other conditions, including regulatory approvals and approval of the shareholders of G Steel and GJ Steel.

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/

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