27 May 2020 – ArcelorMittal (‘the Company’), the world’s leading steel and mining company, has today published its 2019 integrated annual review, ‘Inventing smarter steels for a better world’. The review, which can be accessed at https://corporate.arcelormittal.com/corporate-library/reporting-hub/integrated-annual-review-2019, underpins the Company’s commitment to transparent reporting. It has been produced in-line with the International Integrated Reporting Council’s framework and demonstrates the Company’s approach to ensuring it brings long-term, sustainable value to its broad stakeholder base.

The review provides an overview of the progress the Company made in 2019 and outlines how it is addressing its challenges. Specifically, the review details how ArcelorMittal performed last year across four distinct areas, namely: health and safety performance; delivering financial value; innovating smarter steels and solutions; and driving environmental and social sustainability.

Commenting, Lakshmi Mittal, Chairman and CEO, ArcelorMittal, said:

“I am fundamentally optimistic about the long-term outlook for steel because, as the world’s population further increases and living standards continue to improve for everyone, demand for materials will also increase. Our product is also an integral component in much of the infrastructure that will support a net zero carbon economy, including wind and solar farms, electric vehicles and low-carbon buildings. But we also need to work to significantly reduce our direct carbon footprint. Beyond the challenge of trialling and scaling up potential technologies, the biggest hurdle will be the significantly higher costs which cannot be supported by the profitability of the industry alone. This is why policy intervention is so critical, both to provide access to finance as well as to ensure a level playing field.

“As steelmaking develops, it is important to also develop the skills of our employees and to ensure we can retain and attract the people we need for continued success. We have already strengthened our digitalisation teams and are also boosting our research and development teams with 3D printing experts as we explore the potential for printing steel from steel powders. We believe the steel industry offers interesting and complex challenges, and ArcelorMittal an entrepreneurial, global environment in which to grow and prosper.

“Undoubtedly there will be significant COVID-19 repercussions for some time to come. But I do expect the fundamentals to reassert themselves, for the world to continue with its development, to continue to grow, to continue to want to give a better quality of life to more people, and to continue to prioritise sustainability. There will be challenges, as there are always challenges, but steel has a critical role to play in the world of the future as it has in the world of the past. And I am sure ArcelorMittal, as the world’s leading and only global steel company, will continue to be a material supplier of choice, inventing smarter steels for the better world we all hope to see.”

Key highlights of ArcelorMittal’s sustainable development approach and progress discussed in the review include:

       ·The steps the Company is taking to address its carbon challenge, encapsulated in our commitment to supporting the objectives of the Paris Agreement, and our ambition to significantly reduce emissions across the group, including a 30% reduction in carbon emissions in Europe by 2030, and carbon neutrality in Europe by 2050.