November 1, 2018

3Q 2018 Financial Results

Taranto Steel Works Genova HDG Line

Disclaimer

Forward-Looking Statements

This document may contain forward-looking information and statements about ArcelorMittal and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements may be identified by the words “believe”, “expect”, “anticipate”, “target” or similar expressions. Although ArcelorMittal’s management believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ArcelorMittal’s securities are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond the control of ArcelorMittal, that could cause actual results and developments to differ materially and adversely from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the filings with the Luxembourg Stock Market Authority for the Financial Markets (Commission de Surveillance du Secteur Financier) and the United States Securities and Exchange Commission (the “SEC”) made or to be made by ArcelorMittal, including ArcelorMittal’s latest Annual Report on Form 20-F on file with the SEC. ArcelorMittal undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise.

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Capital allocation policy to maximise value for shareholders

Positioned to deliver value

• Continued improvement in results, reflecting structurally improved industry backdrop and Action 2020 benefits

• Unique global portfolio of competitive well-invested assets

• Industry leader in product and process innovation

• Action 2020 continues to structurally improve profitability

• Investing with focus and discipline

• Investment grade balance sheet

• Base dividend reinstated with intention to increase capital returns once net debt target achieved

ArcelorMittal has achieved notable progress on multiple strategic fronts and is increasingly well positioned to deliver sustainable value to its shareholders.

Financial results continue to evolve positively, with results for the first nine months of 2018 showing material improvement over the same period of 2017. This performance, the best nine months since 2011, reflects positive demand, structurally higher utilisation rates, and the benefits of our own business improvement.

The Action 2020 plan continues to differentiate ArcelorMittal from its peer group. Whilst we have already made significant progress on a number of key initiatives such as the Asset Optimization project in the US and the Transformation program in Europe, there is more to come. The business remains focussed on structurally improving costs, capturing the volume opportunities, and increasing the share of high added value products.

In recent years the Company has transformed its balance sheet and has achieved its financial priority of an investment grade credit rating following upgrades from all 3 rating agencies in 2018. We will continue to prioritise deleveraging until our net debt target of $6 billion is achieved.

Whilst our bias for deploying surplus cash continues to be debt reduction, the Company is investing with focus and discipline to improve future returns for shareholders. During 2018, we continue to invest in projects to support our ongoing transition towards higher added value products.

We have also made progress with our asset portfolio. In Brazil, we have further strengthened our long steel business through the acquisition of Votorantim which is now being rapidly integrated. In Europe, we have completed the acquisition of Ilva, the largest single-site integrated steel facility in Europe, with compelling synergies and significant improvement opportunity. And in India, we have been named the successful bidder for Essar Steel, which – subject to National Company Law Tribunal (“NCLT”) approval – will provide ArcelorMittal access to the world’s fastest growing steel-market and represents an exciting growth opportunity.

Finally, given the improving performance and market outlook, the Company has resumed dividend payments to shareholders. Once it achieves net debt at or below its target of $6 billion, the Company is committed to increase capital returns to shareholders.

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0.620.71

0.620.780.820.810.850.85

2014 2015 2016 2017 3Q182Q181Q18

1.4

2010

1.8

2007 2013

1.0

20112009

1.9

2008

2.5

3.1

2012

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Health & Safety Lost time injury frequency (LTIF) rate*Mining & steel, employees and contractors

* LTIF = Lost time injury frequency defined as Lost Time Injuries per 1.000.000 worked hours; based on own personnel and contractors

Safety is our priority

Our goal is to be the safest Metals & Mining company

Health & Safety performance

• LTIF rate of 0.62x in 3Q’18 vs. 0.71x in 2Q’18 and 0.67x in 3Q’17

• The Company’s efforts to improve the Group’s Health and Safety record will continue

• The Company is focused on further reducing the rate of severe injuries and fatality prevention

On our safety performance, the Lost time injury frequency rate (LTIFR) in 3Q 2018 was 0.62x incidents per million hours worked compared with 0.71x in 2Q 2018 and 0.67x in 3Q 2017.

These levels are in marked contrast with the 3.1x recorded in 2007, the first year of our merger. ArcelorMittal's performance is significantly better than the latest steel industry average of 1.0x, as compiled by the World Steel Association.

While this is encouraging, there is still more to do. We continue to roll out tailored safety programmes across the Group and maintain our focus on sharing learnings from serious occurrences to prevent serious injuries and fatalities.

We remain committed to the journey towards zero harm and must ensure that all levels of the organization are focused on this primary objective.

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Leadership in response to long term trends

Sustainable development - key to our resilience

Sustainable Development is driven by our vision to make steel the material of choice for the low carbon and circular economy

– Product innovation (e.g. S-in-motion solutions for automotive)

– Contribution to low carbon and circular economy (e.g. LanzaTech project on Carbon Capture and utilisation)

– Drive the development of environmental and social certification schemes for steel and mining

ArcelorMittal won two Steelie Awards at the Annual Dinner of the World Steel Association on Oct 16, 2018.

ArcelorMittal Brazil, won the Steelie Award in the ‘Excellence in Sustainability’ category for its water master plan which reduced the Company's water intake by more than 6,000,000 m3 /year, despite a 17% increase in production.

Company awarded the Steelie in the ‘Excellence in Life Cycle Assessment’ category for Steligence®. Steligence® goes beyond relying on steel’s excellent recycling credentials and low embedded carbon content to earn a construction project its sustainability designation.

Our sustainable development has been driven by our vision to make steel the material of choice for thelow carbon, circular and fair economy.

Three years ago, we launched ten sustainable development outcomes for our business. Theseoutcomes are designed to describe the business we need to become if we are to bring optimal long-termvalue to all stakeholders. They provide the framework to embed sustainable development across all ouroperations.

In this context, there are three focus areas where we see the greatest opportunities for transformation:

Firstly, product innovation. We will continue to innovate to provide solutions for our customerssustainable development needs. A great example of this is our S-in-motion suite of products for theautomotive industry.

Secondly, we are shaping our contribution to a low carbon and circular economy. This includes ourLanzaTech partnership to convert carbon-containing gas from its blast furnaces into bioethanol(construction at Gent, Belgium began in June 2018); and it includes how we are designing our newheadquarters in Luxembourg to showcase how steel buildings can be designed so that their steelcomponents are re-usable.

Thirdly, we are driving and influencing the development of credible environmental and social certificationschemes for both mining and steel production to give our customers new levels of complete mine-to-metal reassurance.

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While results impacted by sequential seasonal slowdown; clear YoY improvement

Year on year performance improvement continues in 3Q 2018

• EBITDA: $2.7bn (+41.8% vs. 3Q’17); 9M’18 $8.3bn (+32.7% YoY)

• Steel performance lower QoQ: impacted by negative price-cost effect and lower steel shipments (-5.5%) to 20.5Mt

• Mining performance lower QoQ: Impacted by lower marketable iron ore shipments (-14.4% QoQ); 9M’18 at 27.7Mt (+1.6% YoY)

• Net income: at $0.9bn* vs $1.9bn in 2Q’18

• Working capital investment of $1.7bn in 3Q’18

• Net debt of $10.5bn as of Sept 30, 2018; down $1.5bn as compared to Sept 30, 2017

1.9

3.12.7

2Q’183Q’17 3Q’18

+41.8%

EBITDA progression ($ billion)

Net debt ($ billion)

Note: YoY refers to 9M’18 vs. 9M’17; QoQ refers to 3Q’18 v 2Q’18; * includes $0.5bn impairment expenses primarily related to ILVA remedy assets sale

6.3

8.3

9M’17 9M’18

32.7%

$89/t $133/t $98/t $131/t

10.5

Sep 30, 2017 Jun 30, 2018Dec 31, 2017 Sept 30, 2018

12.0

10.110.5

-1.5

$141/t

The year on year improvement in ArcelorMittal performance continued in the third quarter with EBITDA of $2.7 billion for 3Q’18 as compared to $1.9 billion in 3Q’17.

Sequentially EBITDA declined by 11.2% as compared to $3.1 billion in 2Q’18.

Steel performance in 3Q’18 declined as compared to 2Q’18 primarily due to lower steel shipment volumes. This steel shipments decline can be largely attributable to normal seasonal patterns as well as: operational disruption in Europe (power outage in ArcelorMittal Méditerranée (Fos-sur-Mer, France), and a slower ramp up following a blast furnace repair in Poland); lower shipments in ACIS due to the required replenishment of inventory; and temporary market weakness in the US.

Our Mining business EBITDA declined in 3Q’18 as compared to 2Q’18 largely on account of lower market price iron shipments (-14.4%). Mining marketable iron ore shipments are now expected to grow ~5% for full year 2018 on YoY basis (down from previous guidance of 10% YoY).

Net income of 3Q’18 was lower at $0.9 billion (impacted by impairment charges of $509 million primarily related to remedy assets sale for the ILVA acquisition) as compared to $1.9 billion in the prior quarter.

During the third quarter of 2018, the Company invested $1.7 billion in working capital. This largely reflects a seasonal inventory build in our European operations as well as a replenishment of inventory in Ukraine following production losses that occurred during the first half of 2018.

Net debt of $10.5 billion as of September 30, 2018 was stable as compared to June 30, 2018. Net debt has declined by $1.5 billion over the past twelve months despite a $3.2 billion investment in working capital.

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• 9M’18 steel-only EBITDA up +43.9% YoY primarily due to positive price-cost effect (PCE) with all segments improving

• 3Q’18 steel-only EBITDA down 11.5% vs. 2Q’18

• ACIS: EBITDA up +12.8% Positive price-cost effect

• Brazil: EBITDA stable Positive steel volumes offset by Argentina hyperinflation accounting and forex headwinds

• Europe: EBITDA down -23.9% Performance impacted by seasonally lower steel shipments (-7.7%) and forex translation impact

• NAFTA: EBITDA down -6.0% lower steel shipments offset in part by positive price-cost effect

Steel: Contrasting segments performance

QoQ steel-only EBITDA improved in ACIS; declined in Europe (seasonal slowdown) and NAFTA

5.1

7.4

9M’17 9M’18

+43.9%

Steel-only EBITDA ($bn) and EBITDA/t ($/t)

$116/t $80/t

50

2Q’18 NAFTA Brazil Europe ACIS

2

Others 3Q’18

2,768

-47

-274

-512,448

2Q’18 to 3Q’18 steel-only EBITDA ($mn)

Note: YoY refers to 9M’18 vs. 9M’17 or 3Q’18 v 3Q’17; QoQ refers to 3Q’18 v 2Q’18

1.6

2.82.4

3Q’17 2Q’18 3Q’18

+54.6%

$119/t $127/t $73/t

The next 2 slides will look at the drivers behind the operating performance improvement in a little more detail.

Beginning first with the steel business.

Steel-only EBITDA in 3Q 2018 was up 54.6% YoY, but declined by 11.5% as compared 2Q’18, primarily driven by lower steel shipments (-5.5%).

As a result, on a per tonne basis, steel-only EBITDA/t decreased to $119/t in 3Q’18 from $127/t in 2Q’18.

On a per tonne basis, ACIS improved with a +12.8% increase in EBITDA QoQ, primarily driven by a positive price-cost effect.

Brazil segment performance remained stable, with higher steel shipment volumes (+9.4%) offset by hyperinflation accounting in Argentina and forex headwinds.

Europe EBITDA declined by 23.9%, driven by a 7.7% decline in steel shipments (this decline in shipments largely reflects the typical seasonal effect) and the foreign exchange loss following the depreciation of the euro.

Finally, NAFTA’s EBITDA declined by 6.0% as a result of lower steel shipments offset in part by positive price-cost effect.

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Mining performance

Mining profitability negatively impacted by lower shipment volumes * CFR China 62% Fe

3Q’182Q’18

305

281

-8.1%

EBITDA $m

• Mining performance: 3Q’18 EBITDA declined 8.1% QoQ primarily due to lower market priced iron ore shipments (-14.4% QoQ)

• Growth: Market priced iron ore shipments expected to grow ~5% in 2018 YoY (down from previous guidance of ~10% growth)

– AMMC: lower availability of material post pit wall issue which first occurred end of 2017

– Liberia: additional handling/logistics constraints for new Gangra product during wet season

• Focus on quality: ongoing commitment on quality, service and delivery

• Cost focus maintained: FCF breakeven remains $40/t*

Marketable iron ore shipments (Mt)

9M’18

27.2

9M’17

27.7

1.6%

3Q’182Q’18

10.0

8.5

-14.4%

Results in our Mining business declined with EBITDA decreasing by -8.1% in 3Q’18 to $281m as compared to 2Q’18 largely due to lower market priced iron ore shipments (-14.4% QoQ).

Market-priced iron ore shipments decreased during this quarter primarily driven by lower market-priced iron ore shipments in Ukraine due to logistical constraints, AMMC (lower available inventory following pit wall instability issues which first occurred in 4Q’17), and in Liberia (additional handling/logistic constraints for the new Gangra product during the wet season).

Due to these revised expectations in particular at Liberia and AMMC, market-priced iron ore shipments are now expected to grow by approximately 5% in 2018 as compared to 2017 (down from the previous guidance of 10% year on year growth).

ArcelorMittal’s Mining segment strategy remains to focus on product quality to optimize value in use whilst maintaining cost discipline to ensure that we maintain free cash flow breakeven of ~$40/t (CFR China 62% Fe).

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Further strengthening leadership in long products Brazil

• Consolidating the long products market in Brazil by combining Votorantim into our business with combined annual crude steel capacity of 5.1Mt.

• Combined businesses production facilities are geographically complementary, enabling higher service level to customers, economies of scale, higher utilization and efficiencies.

• ~$110m of identified synergies to drive value creation

Acquisition of Votorantim significantly strengthens ArcelorMittal’s business in Brazil

ArcelorMittal & Votorantim long businesses

Barra Mansa plant

Monelevade

Resende plant

Juiz de Fora

PiracicabaSao Paulo

Rio de Janeiro

Minas Gerais

ResendeBarra Mansa

• Rapid integration of Votorantim business with existing operations already captured a significant amount of synergies

• Health and safety training program rolled out

• SAP implemented and successfully integrated within the Group’s platform

• Footprint optimization ongoing with increased utilization of more efficient plants

Rapid integration

New market leader

Already the No. 1 steel producer in Brazil, ArcelorMittal’s acquisition of Votorantim significantly strengthened our presence in one of the premier emerging markets in the world.

The acquisition combines Votorantim’s 1.7Mt finished product capacity (Rebar, Wire rod, bars, Sections, Wires, Welded mesh, Trusses) into our longs business with combined annual crude steel capacity of 5.1Mt. The combined longs business can leverage our already advanced management methods with highly skilled labour force; structurally low cost, access to natural resources and iron ore and an extensive distribution business.

The integration is proceeding well. Within 6 months of ownership, we have captured a significant amount of the identified synergies - generated through the reduction of the company’s overhead costs and the realization of purchasing and logistics savings through the optimization of sales

distribution across several regions of the country.

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ILVA acquisition completed

Ilva is a strong fit within ArcelorMittal's existing business and strategy

• Legal completion of ILVA acquisition occurred November 1, 2018

• Annual leasing charge of €180m, with first quarterly instalment in 4Q’18

• Improvement plan now commences to capture identified synergies (€310m) and realise potential

• Includes €2.4bn investment program, of which €1.15bn environmental investment:

– €0.3bn stock pile coverage

– €0.2bn investment at coke ovens

– €0.2bn in waste water treatment

– €0.3bn environmental remediation (clean-up) which will be financed with funds seized from the Riva Group

• ILVA expected to be EBITDA accretive Yr 1

• Sale of agreed package of remedy assets has progressed: binding offer received for 4 assets with ongoing negotiations with parties regarding the saleof the other assets

Genova: Cold rolling, hot dip galvanising and tin plate capacities

Taranto: Integrated plant for production and sale of HRC, plates, pipes and tubes

1.15

2.402.10

1.25

0.30

Enviromental Industrial Total capex Riva funds utilised

Net capex

Capex commitment through 2024 (€bn)

Genoa: Cold rolling, hot dip galvanising and tin plate capacities

Industrial capex includes annual maintenance

Moving to the topic of Ilva.

Following the successful conclusion of negotiations, with Ilva’s unions on September 6, 2018, we are today pleased to announce the completion of our acquisition of Ilva and the commencement of ArcelorMittal’s lease and purchase agreement.

This is an important strategic acquisition for ArcelorMittal as Italy is Europe’s second largest steel market and we do not have any primary steel-making facilities in the country. ILVA is a tier-1 asset with significant potential. Taranto is Europe’s largest single-site steel making facility, very well positioned in terms of cost competitiveness. It is complemented by two high quality finishing facilities at Genova and Novi Ligure.

Following completion, we will now begin to implement our significant €2.4 billion investment programmes. This includes a €1.15bn environmental investment plan which will ensure that ArcelorMittal Italy is among the top-performers on environmental standards in European steelmaking and it will be a clear demonstration to our local stakeholders of our intent to deliver value for the benefit of all.

The industrial investment plan, including the reline of BF#5, will take crude steel production to 8Mt with the most competitive asset configuration. The figure of €1.25bn includes annual maintenance capex through 2024.

ILVA has excellent turnaround potential and presents a unique opportunity for ArcelorMittal to create value for our shareholders by leveraging our strengths – we have unique synergies and are in the best position to realise ILVA’s potential as a Tier-1 steel asset.

The acquisition of ILVA will have a limited impact on ArcelorMittal's balance sheet. For a minimum of 4-5 years we will be leasing the assets, with the annual leasing charge of €180 million effectively a down payment against the acquisition price of €1.8 billion. It should also be noted that the acquisition price includes €1 billion of net working capital. The capex associated with our investment will be spread over a number of years and we expect ILVA to be cash flow accretive (cash from operations greater than capex) by year 3 of ownership.

At the same time the divestment process to sell remedy assets is progressing well. We have received a binding offer to sell four Eastern European facilities (Ostrava, Galati, Skopje and Piombino).

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Negotiations are ongoing with buyers regarding the sale of the other assets – ArcelorMittal Dudelange in Luxembourg, and several finishing lines in Liege, Belgium – included in the divestment package.

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Essar: Adding a new high-growth pillar

Essar brings scale, turnaround opportunity and growth optionality

• ArcelorMittal received approval for acquisition of Essar*

• Upfront payment of $5.7bn** to ESIL creditors with a further $1.1bn** capital injection into the business to kickstart turnaround

• ArcelorMittal aims to increase shipments to 8.5Mt in medium term, with long term target of 12-15Mt through additional brownfield capacity expansion

• Iron ore pelletising integration in East India provides optionality:14Mtpa pellet capacity currently being expanded to 20Mtpa

• ArcelorMittal & NSSMC to finance their “India JV” through combination of partnership equity (1/3) and debt (2/3)

• Investment in the “India JV” expected to be equity accounted

* In-line with Essar Steel India Limited’s (ESIL) corporate insolvency process, the Company’s Resolution Plan must now be formally accepted by India’s National Company Law Tribunal (‘NCLT’) before completion, which is expected before the end of 2018; **at 73.2 Indian rupees / $1 .

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High quality raw material Largest pellet capacity in IndiaOne of the largest single location for flat steel in India

Complete basket of flat steel produtcs

Service centres in competitive locations Access to Port

Essar is largest flat integrated steel company in Western India (Hazira, Gujarat); 10Mtpa nominal capacity (current production 6.5Mtpa)

Following approval by the Essar committee of creditors ArcelorMittal has been named the successful bidder for Essar.

Essar Steel adds a new steel pillar to ArcelorMittal. This acquisition is fully aligned with ArcelorMittal’s strategy to leverage its core strengths to access new growth and value-added markets.

In partnership with NSMCC, we have acquired a large scale asset and instantly become one of the key players in the Indian flat steel sector. We have a unique opportunity to apply our strengths in operational improvement to create value for our shareholders.

The acquisition includes an upfront payment of c.$5.7 billion towards ESIL’s creditors, with a further c. $1.1 billion of capital injection into the business to support operational improvement, increase production levels and deliver enhanced levels of profitability and kickstart the turnaround of the business.

With this acquisition we are moving into the highly profitable and rapidly growing indian steel market. And we are doing so with significant scale.

One of the key factors in our attraction to Essar is the potential to improve its performance. We have medium term plan to increase shipments from the current level of around 6.5Mt up to 8.5Mt. Our longer term plan is to increase finished steel production up to 15Mt with further brownfield capacity expansion.

Essar currently has 14Mtpa of iron ore pelletising capacity (currently being expanded to 20Mtpa), the largest such capacity in India. But beyond the benefit of raw material security, this pelletising capacity of Essar provides unique advantages and optionality.

Our plan to turnaround the performance through increasing the production, improving the mix, and expanding the pellet production which is expected to bridge a significant proportion of this gap to the competition.

ArcelorMittal and Nippon Steel will have joint control of the JV. We will make decisions together and the JV will be jointly operated by both parties. The “India JV” will be financed 1/3 equity and 2/3 debt and as a results expect the investment to be equity accounted.

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11

EBITDA to net results

2,729

1,5671,123

899

183

Net incomeEBITDA

(509)

D&A

(653)

Impairment Net interest expense

Income from investments

Operating income

Forex and other fin. result

(475)

(152)

Taxes and non-

controlling interests

(224)

Pre-tax income

Positive net income driven by positive operating income negatively impacted by impairments

BASIC EPS 3Q’18

Weighted Av. No. of shares (in millions) 1,014

Earnings per share $0.89

3Q’18 EBITDA to net income analysis ($ million)

Includes non-cash mark-to-market losses of $114m related to

mandatory convertiblebonds call options and $0.1bn premium expense on the early

redemption of bonds

Primarily related to remedy asset sales for

Ilva acquisition

Reviewing some of the key elements of our waterfall from EBITDA to net income for 3Q’18.

Starting with EBITDA we reported $2.7 billion whilst depreciation slightly decreased to $653 million due to the appreciation of the US dollar against the Euro and scope impact from Ilva remedies shown as assets held for sale as from May 2018.

We booked an impairment of $0.5bn primarily related to remedy asset sales for the Ilva transaction. As a result we had an operating income of $1.6 billion.

Income from associates, joint ventures and other investments for 3Q’18 is $183 million.

Net interest expense of $152 million in 3Q’18 reflecting ongoing savings due to debt repayments and lower cost of debt.

Net financing cost includes $0.1 billion of premium expenses for early redemption of bonds, and non-cash mark to market losses of $0.1 billion related to the mandatory convertible bond call option.

Net income for the quarter was $0.9 billion.

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EBITDA to free cash flow

* Change in working capital: cash movement in trade accounts receivable plus inventories less trade and other accounts payable

Free cashflow negatively impacted by working capital investment

2,729

634

EBITDA

(1,713)

(382)

(147)

Cash flow from operations

(781)

Free cash flowChange in working capital*

Net financial cost, tax and others

Capex

3Q’18 EBITDA to free cash flow analysis ($ million)

Moving to the waterfall from EBITDA to free cash flow.

During 3Q’18, the Company invested $1.7 billion in operating working capital.

The third bar shows the combined impact of net financial cost, tax and other items totalling $0.4 billion.

Cash flow from operations remains positive (despite working capital investment), which together with capex of $0.8 billion has resulted in a negative free cash flow of $0.1 billion this quarter.

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3Q’18 net debt analysis

Net debt stable QoQ despite $1.7bn investment in working capital

147

37

38

Free cash flowNet debt at Jun 30, 2018

(184)

10,478

M&A Net debt at Sept 30, 2018

Forex and otherDividend

10,516

Jun 30, 2018 to Sept 30, 2018 ($ million) Includes cash received from Enerfos JV and the 2nd installment of disposal proceeds from ArcelorMittal USA’s 21% stake in the Empire

Iron Mining Partnership ($44m)

Includes dividends paid to POSCO (AMMC)

Includes working capital investment of $1.7bn

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The main components of the net debt movement during the quarter were the negative free cash flow of $147 million (impacted by $1.7bn investment in working capital), dividend payment of $37 million to minority shareholders of ArcelorMittal Mines Canada and forex offset in part by $184 million M&A proceeds largely from cash received from Enerfos JV and the 2nd installment of disposal proceeds from ArcelorMittal USA’s 21% stake in the Empire Iron Mining Partnership ($44m).

The combined result of these movements resulted in a marginal impact on net debt which remained stable at $10.5 billion at the end of the quarter.

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Liquidity and debt maturity profile

Investment grade rated by all three rating agencies

Liquidity at Sept 30, 2018 ($ billion)

Liquidity lines:

• $5.5bn lines of credit refinanced and extended in Dec 2016; two tranches:

• $2.3bn matures Dec 2019• $3.2bn matures Dec 2021

• Continued strong liquidity • Average debt maturity 3.9 Yrs

Debt maturity: Ratings*:

• S&P: BBB-, stable outlook• Moody’s: Baa3, stable outlook • Fitch: BBB-, stable outlook

5.5

2.5

8.0

Liquidity at Sept 30, 2018

Cash

Unused credit lines

Debt maturities at Sept 30, 2018 ($ billion)

1.0 0.9

1.9

1.3 1.5

2.2

1.6

0.5

0.2

0.4 0.2

0.5

0.8

202220192018 2020 2021 ≥2023

Other loans Commercial paper Bonds

* Investment grade credit rating upgrades: S&P in February 2018, Moody’s in June 2018 and Fitch in July 2018

At Sept 30, 2018, the Company had liquidity of $8.0 billion, consisting of cash and cash equivalents of $2.5 billion and $5.5 billion of available credit lines.

We have a manageable near term maturities schedule and have continued to reduced gross debt via active liability management.

We will continue to maintain a strong and healthy liquidity position and maintain an investment grade credit rating.

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• Continued improvement in results• Reflects healthy market backdrop and

Action 2020 delivery

Capital allocation policy to maximise value for shareholders

Investing with focus & discipline

Industry outlook improving

Strategy delivering

Transformed balance sheet

Commitment to return cash to shareholders

• Investment grade achieved• Deleveraging to continue

• Ex-China demand growth forecast to continue• Global capacity utilization improving• S232 and European safeguards insulating the

business from unfair trade

• Leveraging strengths to grow returns• Capitalizing on M&A opportunities whilst

maintaining strict balance sheet discipline

• Dividends reinstated• Commitment to increase capital returns to

shareholders once NFD target achieved

Building the strongest

foundations for sustainable

value creation

Positioned to deliver value

ArcelorMittal is positioned to deliver value. The execution of the Company’s strategy, combined with improved industry fundamentals, and the healthy market backdrop has resulted in improved results on a YoY basis. There is more to come from our Action 2020 initiatives in the coming periods, particularly from volume and mix improvements.

We have seen structural improvement in the global steel industry and demand growth. Healthy underlying market fundamentals are further protected by measures taken to safeguard the steel industry to insulate our core markets from unfairly priced imports.

The Company continues to invest with focus and discipline to further improve returns for shareholders.

In recent years, the Company has transformed its balance sheet. The Company is now investment grade rated and net debt to EBITDA is down to 1.0x. Deleveraging will continue as we target a net debt at or below $6 billion to support an investment grade rating at all points of the cycle.

The Company reinstated a base dividend of $0.10 per share in 2018, paid in June 2018 from 2017 results. The Company is committed to increasing shareholder returns once the Group’s net debt target is achieved.

ArcelorMittal will continue to deliver on its strategic priorities in order to build the strongest foundations for sustainable value creation.

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APPENDIX• Macro

• Demand outlook……………………………………………………………...17• Trade cases………………………………………………………….............18-19

• Industry leadership

• Action 2020………………………………………………………….………..20• Global automotive……………………………………………………...........21• Lanzatech project………………………………………………….…………22• Steligence® …………………………………………………………............23

• Investing with focus and discipline

• Balance sheet and capital allocation ……………………………………….24-26• MIndiana Harbour (US) - Indiana Harbor “footprint optimization project”.27• Kryvyi Rih (Ukraine) - Continuous caster upgrade………………………..28• Sosnowiec (Poland) - Modernization of wire rod mill……………………..29• Mexico HSM – Construction of new 2.5Mt hot strip mill……………….....30• Dofasco (Canada) - Hot strip mill modernization………………………….31• Burns Harbour (US) - New walking beam furnaces……………………....32• Vega Do Sul (Brazil) - Increase HD/CR capacity expansion.…………....33

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Strong global economic fundamentals support further expected steel demand expansion in 2018

Healthy demand environmentArcelorMittal Global PMI*

* ArcelorMittal estimates; ** Global apparent steel consumption (“ASC”) figures reflect the Company’s 2018 estimates, which remain unchanged from those presented in connection with the half year 2018 results announcement in August 2018.

Global

China

US

EU28

Brazil

CIS

Global ex China

+2.0% to +3.0%

+2.0% to +3.0%

+1.0% to +2.0%

+5.5% to +6.5%

+2.0% to +3.0%

+3.0% to +4.0%

+2.0% to +3.0%

ArcelorMittal ASC demand estimates 2018**

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36

38

40

42

44

46

48

50

52

54

56

58

(latest data point: Sep-2018, 52.7)

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NAFTA trade cases: Ongoing focus

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US

• All key flat rolled steel products AD/CVD cases have been implemented.

• Anti-circumvention investigations initiated by DOC for CRC and CORE imports from China (through Vietnam); final affirmative determination received May 17, 2018

• On June 12, 2018, the US industry filed anti-circumvention petitions with DOC for CRC and CORE imported from Korea and Taiwan (through Vietnam).

Section 232

• March 23, 2018: 25% tariffs imposed on all steel product categories began for most countries

• June 1, 2018: 25% tariffs imposed on steel products in Europe, Canada & Mexico (no change despite agreement on NAFTA as stillawaiting Canada) with the following exceptions:

• South Korea: Quota of 70% of 2015-2017 av. export volumes into US

• Brazil: Quota of 2015-2017 average export volumes into US à 70% for finished products; 100% for semi-finished products

• Argentina: Quota of 135% of 2015-2017 average exports

• Australia completely exempt from tariffs and quotas

• August 30, 2018: Trump issued a proclamation whereby there is now a product exclusion request process in place for countries where there is a quota, i.e. S. Korea, Argentina and Brazil

• Turkey: duties doubled to 50% from 25% due to currency devaluation

Canada: 25% retaliatory tariffs on US imports for most steel products, Provisional safeguard measures announced on October 11, 2018 on 7 steel products (hot rolled, prepaint, rebar, wire rod, energy tubulars, plate and stainless wire)

Mexico: 15-25% retaliatory tariffs on US imports for most steel products; Safeguard duties of 15% already in place for countries with no free trade agreement

Comprehensive solution for unfairly traded imports still required

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EU trade cases: Ongoing focus

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Comprehensive solution for unfairly traded imports still required

EUROPE

• All key flat rolled steel products Anti-dumping and countervailing duty cases have been implemented

• Monitoring for unfairly traded imports ongoing

Safeguard duties

• On July 19, 2018 EU commission initiated provisional safeguard duties on 23 products (5 excluded from original investigation) with a maximum duration of 200 days

• 100% quota based on average imports between 2015-2017 export volumes implemented

• The tariff rate quotas in operation for 200 calendar days set at pro-rata level to the annual figure

• Imports exceeding the quotas face a 25% tariff

• For countries which have AD/CVD duties in place, will continue to be imposed during the quota period; Once quota reached higher of AD/CVD or 25% tariffs will apply

• Certain 'developing' countries with a share of imports of <3% are exempt

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Transformation of the business ongoing Action 2020 drives sustainable improvement

Structural improvement: Action 2020

0.9

1.5

3.0

2020 Target

2016 2017

Action 2020 cumulative EBITDA improvement achievement vs. targets ($billion)• Europe: Transformation progressing well

• Savings in procurement/ productivity on track

• Enhanced use of digitalisation in the manufacturing process, supply chain and commercialisation

• NAFTA:

• Restoration of 80” hot strip mill and Indiana Harbour finishing ongoing – expected completion end of 2018

• Calvert utilisation 88% in 1H’18

• Mining: Remain focussed on – Product quality, service and asset reliability. FCF breakeven level of $40/t China CFR 62% Fe

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ArcelorMittal is the global leader in automotive steel and solutions

Industry leadership:Global automotive

• 2017 R&D spend $278m vs 2016 spend of $239m

• Automotive R&D is approx. 1/3 of this budget

• 1,400 full time researchers

• 10 worldwide research centres in Europe and Americas

• Majority of OEMs in EU & NAFTA rank ArcelorMittal #1 in Technology – Steel will remain key material for the body structure application

• Leader in AHSS* in both EU & NAFTA with the broadest portfolio of AHSS grades - best weight savings value vs alternative materials

• Achieved significant recognition from automakers for commitment to innovation, performance, quality and supplier diversity:

• Ford’s #1 for Supplier Performance Criteria for 7th consecutive year, Mar’18

• Honda R&D Americas, Inc.’s Award for Excellence in Innovation, Apr’18

• General Motors’ Supplier IMPACT Diamond Award, May’18

• General Motors’ Supplier Quality Excellence for AM/NS Calvert, May’18

• Nissan’s Supplier Diversity Award, Aug’18

• Automotive News’ PACE Award Finalist for inner and outer door ring system in 2019 Acura RDX, September 2018 (winner to be announced Apr’19)

World’s first door ring system – a co-engineering feat between ArcelorMittal, Honda R&D Americas and Magna - unveiled at

WCX18 for 2019 Acura RDXArcelorMittal Tailored Blanks Division produced 2 millionth

door ring on Oct. 26, 2018

*AHSS: Advanced High Strength Steels

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Technology to potentially revolutionise the capture of BF carbon gas and convert it into bioethanol

Industry leadership:Transformation technologies

• €150million project between ArcelorMittal & LanzaTech in Gent, Belgium, broke ground June 2018

• Technology to potentially revolutionise the capture of BF carbon gas and convert it into bioethanol

• Licensed by LanzaTech, a proprietory microbe feeds on carbon monoxide to produce bioethanol, to be used as transport fuel or potentially in the production of plastics

• Annual production of bioethanol from this demonstration expected to reach around 80m litres, which will yield an annual CO2 saving equivalent to 600 flights from London to New York

• The new installation will create up to 500 construction jobs over the next two years and 20 to 30 new permanent direct jobs. Commissioning and first production is expected by mid-2020

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Industry leadership:Steligence® - the intelligent construction choice

• Steligence® is based on extensive scientific research, independently peer-reviewed

• Makes the case for a holistic approach to construction that breaks down barriers, encouraging collaboration between construction industry professionals

• Designed to resolve the competing demands of creativity, flexibility, sustainability and economics

• Delivers efficiencies, benefits and cost savings to architects, engineers, construction companies, real estate developers, building owners, tenants and urban planners

• Will facilitate the next generation of high performance buildings and construction techniques, and create a more sustainable life cycle for buildings

• Our new Headquarters building is designed to showcase the Steligence® concept

A radical new concept for the use of steel in construction

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Social, economic and environmental benefits

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Investment grade rating achieved from all 3 rating agencies

Balance Sheet: deleveraging ongoing priority

• Investment grade rating achieved from all 3 rating agencies*

• 9M’18 interest costs ~65% lower than 9M’12

• Lower interest costs will ensure greater translations of EBITDA to FCF

Sept 30, 2017

17.8

Dec 31, 2012

Sept 30, 2014

Sept 30, 2015

Sept 30, 2016

Sept 30, 2018

12.2

21.8

10.512.0

16.8-1.5

* Investment grade credit rating upgrades: S&P in February 1, 2018, Moody’s in June 22, 2018 and Fitch in July 13, 2018

1.9 1.81.5 1.3 1.1

0.80.6

201520132012 FY’18F2014 2016 2017

-68%

Net debt ($billion)

Net interest ($billion)

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Capital allocation policy to maximise value for shareholders

Disciplined capital allocation

Targeting $6bn net financial debt (NFD) to ensure lowest cost balance sheet Maximise FCF potential

Robust balance sheet

Invest in strengths

Returns to shareholders

Investing in opportunities with focus and discipline Grow FCF potential of the business

Base dividend reinstated Capital returns to shareholders will increase to a portion of FCF once NFD target achieved

• Deleveraging remains our priority building the strongest platform for consistent capital returns to shareholders

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Capturing the best opportunities for growth whilst maintaining strict balance sheet discipline

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Brazil: Votorantim acquisition strengthens long products business in Brazil

Minimal initial balance sheet impact from debt assumed

Value to be created from significant synergies

Italy: Restore ILVA as leading Italian steel supplier

Acquisition cost spread over several years*

India: Essar Steel; a high growth market

Joint Venture with Nippon Steel

ArcelorMittal to finance its share of the equity component of the JV finance structure

Disciplined growth Prioritising deleveraging and balance sheet strength

Deleveraging is our priority…

… creating the strongest foundation for sustainable returns

* Purchase price of €1.8bn will be reduced by annual instalments of €180m for a minimum of 2 years

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ArcelorMittal USA progressing with a “footprint optimization project” at Indiana Harbor

Indiana Harbor “footprint optimization project”:

• Current configuration uncompetitive structural changes required across all cost elements

• #1 aluminize, 84” hot strip mill (HSM), #5 continuous galvanizing line (CGL), and steel shop No.2 now idled; all planned asset consolidation now complete

• Planned investments totalling ~US$200m:

− New caster at No.3 steelshop installed & commissioned 4Q’16

− Restoration of 80” hot strip mill and IH finishing ongoing

− Project completion expected in 2018

Indiana Harbor - USA Footprint

Indiana Harbor Plant 80”HSM: 5 Walking Beam Furnace No. 3SP: New Downcomer

No. 3SP: New #2 Caster

No. 3SP: New #2 Caster commissioning

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Kryvyi Rih - New LF&CC 2&3

Kryvyi Rih investments to ensure sustainability & improve productivity

• Facilities upgrade to switch from ingot to continuous casting route; additional billets capacity of 290kt/y

• Industrial target:

– Step-by-step steel plant modernization with state-of-art technology

– Product mix development

• Supportive target:

– Cost reduction

– Billet quality improvement for sustaining customers

– Better yield and productivity

− Project completion expected in 2019

Entry section o Continuous Annealing Line

Construction site of LF&CC

2&3 <–>

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Long Products strategy to grow HAV grades

Investing in ArcelorMittal Poland SosnowiecWire Rod Mill modernization• Sosnowiec is a double strand rolling mill located in Sosnowiec, Poland.

• The investment will introduce new and innovative techniques forthe production of high quality wire rod for high demanding applications(automotive app., steel cords, welding wires, cold heading screws,suspension springs, special ropes)

Investment features and benefits:

• Splitting of intermediate mill stands with new motors & drives avoidingmaterial twisting

• Modernized finishing blocks for rolling speed increasing up to 100m/s

• New state of art air distribution system and ring distributor

• New water boxes with accurate process control

• Outcome: Reduced tensile strength variation, improved grain size andsurface quality

Scope of equipment to be installed in WRM Sosnowiec in 2018:

• New guiding equipment for finishing blocks, new water boxes(traversing type), new laying heads (new type), new fans for air coolingconveyors, new air distribution system for fans, new automation controlsystem for water boxes and fans (water and air cooling)

Project completion expected in 2019.

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Mexico currently heavily reliant on imports of value-added steel; high growth expected

Indiana Harbor Plant

No. 3SP: New #2 Caster

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Disciplined capital allocation focused on value driven strategic initiatives: Mexico HSM• US$1.0bn 3Yr investment commitment

Construction of a new 2.5Mt hot strip mill

• Investments to sustain the competitiveness of mining operations

• Modernizing its existing asset base

• Expected capex of ~350m in 2018

• In-line with Action 2020 plan Project completion expected in 2020

• Current Status:

• Demolition complete

• Building erection started (early)

• Piling in coil storage areas substantially complete

• Deep foundations in finishing mill ongoing with some delays; recovery plan prepared

ArcelorMittal Mexico:

• Current production 4Mt increasing to ~5.3Mt (2.5Mt flat; 1.8Mt long and 1Mt semi-finished slabs)

• Vertically integrated with flat and long product capabilities

• ArcelorMittal Lazaro Cardenas’s raw materials and slabs shipped through a dedicated port facility (Mexico’s largest bulk handling port)

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Investments to modernize strip cooling & coiling flexibility to produce full range of target products

Dofasco – Hot strip mill Modernization

Dofasco Hot strip mill: Coiler Modernization Project:

• Replace existing three end of life coilers with two state of the art coilers and new runout tables. The strip cooling system will be upgraded and include innovative power cooling technology to improve product capability.

• Benefits of the project will be:• Improved safety.• Increased product capability to produce

higher value products.• Cost savings through improvements to

coil quality, unplanned delay rates; yield and improved energy efficiency.

• Project completion expected in 2020

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PROJECT: HSMMDATE: OCTOBER 2018IMAGE: COILER AND INSPECTION AREA CIVIL CONSTRUCTION

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AM USA expands surface capability at Burns Harbor to provide a sustained automotive footprint

Burns Harbor - New Walking Beam Furnaces

Burns Harbor Hot Mill - New Walking Beam Furnaces:

• Install 2 latest generation walking beam furnaces, including recuperators & stacks, building extension & foundations for new units

• Benefits associated to the project:• Hot rolling quality and productivity • Sustaining market position• Reducing energy consumption

• Project completion expected in 2021

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Growing high added value products in one of the most promising market

Indiana Harbor Plant

No. 3SP: New #2 Caster

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ArcelorMittal Vega: strengthening our positionin Brazilian value-added flat steel market

• Project scope

• Investment to sustain ArcelorMittal Brazil growth strategy in cold rolled and coated flat products to serve domestic and broader Latin American markets

• Strengthening ArcelorMittal’s position in automotive and construction through Advanced High Strength Steel products (AHSS)

• New CAL and CGL combiline to address a wide range of products and applications

• Optimization of current facilities to maximize site capacity and competitiveness; utilizing comprehensive digital and automation technology

• Project completion expected 2021

• 3 year investment to expand rolling capacity increase hot dipped / cold rolled coil capacity and construction of a new 700kt continuous annealing line (CAL) and continuous galvanising line (CGL) combiline

New CAL/CGL line

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Daniel Fairclough – Global Head Investor Relationsdaniel.fairclough@arcelormittal.com+44 207 543 1105

Hetal Patel – UK/European Investor Relationshetal.patel@arcelormittal.com+44 207 543 1128

Donna Pugsley– Investor Relations AssistantDonna.pugsley@arcelormittal.com+44 203 214 2893

Maureen Baker – Fixed Income/Debt Investor Relationsmaureen.baker@arcelormittal.com+33 1 71 92 10 26

Lisa Fortuna – US Investor Relationslisa.fortuna@arcelormittal.com+312 899 3985

We have released an ArcelorMittal investor relations app available free for download on IOS or android devices

ArcelorMittal IR app and contacts

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