Exhibit 99.1

ArcelorMittal reports first quarter 2019 results

Luxembourg, May  9, 2019 - ArcelorMittal (referred to as “ArcelorMittal” or the “Company”) (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world’s leading integrated steel and mining company, today announced results ¹ for the three-month period ended March 31, 2019.

Highlights:

Financial highlights (on the basis of IFRS ¹ ):

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Commenting, Mr. Lakshmi N. Mittal, ArcelorMittal Chairman and CEO, said:

“Our first quarter results reflect the challenging operating environment the industry has faced in recent months. Profitability has been impacted by lower steel pricing due to weaker economic activity and continued global overcapacity, as well as rising raw material costs as a result of supply-side developments in Brazil.

We continue to face a challenge from high levels of imports, particularly in Europe, where safeguard measures introduced by the European Commission have not been fully effective. Although we are somewhat encouraged by the firmer price environment in China, this is not being reflected in Europe where in order to adapt to the current market environment we have recently announced annualized production cuts of three million tonnes in our flat steel operations. It is important there is a level playing field to address unfair competition, and this includes a green border adjustment to ensure that imports into Europe face the same carbon costs as producers in Europe.

We remain focussed on our own initiatives to improve performance through delivery of our Action 2020 plan. Generating positive free cash flow, demonstrating progress in our efforts to further strengthen our balance sheet and improve shareholder returns are the priority.”

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Sustainable development and safety performance

Health and safety—Own personnel and contractors lost time injury frequency rate

Health and safety performance (inclusive of ArcelorMittal Italia (previously known as Ilva)), based on own personnel figures and contractors lost time injury frequency (LTIF) rate was 1.14x ² in the first quarter of 2019 (“1Q 2019”).

Excluding the impact of ArcelorMittal Italia, the LTIF was 0.66x for 1Q 2019 as compared to 0.70x for the fourth quarter of 2018 (“4Q 2018”) and 0.62x for the first quarter of 2018 (“1Q 2018”).

The Company’s efforts to improve its Health and Safety record remain focused on both further reducing the rate of severe injuries and preventing fatalities.

Own personnel and contractors—Frequency rate ²

Key sustainable development highlights for 1Q 2019:

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Analysis of results for 1Q 2019 versus 4Q 2018 and 1Q 2018

Total steel shipments in 1Q 2019 were 7.9% higher at 21.8Mt as compared with 20.2Mt for 4Q 2018 primarily due to higher steel shipments in Europe (+14.4%) due in part to the acquisition of ArcelorMittal Italia (following its consolidation from November 1, 2018) and NAFTA (+2.8%), offset in part by lower steel shipments in Brazil (-5.7%). Excluding the impact of ArcelorMittal Italia, steel shipments were 5.0% higher as compared to 4Q 2018.

Total steel shipments in 1Q 2019 were 2.2% higher as compared with 21.3Mt for 1Q 2018 primarily due to higher steel shipments in Europe (+8.0%) due in part to the acquisition of ArcelorMittal Italia and Brazil (+16.0%) due in part to the impact of the Votorantim acquisition following its consolidation as from April 2018, offset in part by lower steel shipments in NAFTA (-4.3%) and ACIS (-12.1%) which was impacted by operational issues in Temirtau, Kazakhstan. Excluding the impacts of the ArcelorMittal Italia and Votorantim acquisitions, steel shipments were 3.6% lower as compared to 1Q 2018.

Sales in 1Q 2019 were $19.2 billion as compared to $18.3 billion for 4Q 2018 and $19.2 billion for 1Q 2018. Sales in 1Q 2019 were 4.7% higher as compared to 4Q 2018 primarily due to higher steel shipments (+7.9%) and higher seaborne iron ore reference prices (+15.2%), offset in part by lower average steel selling prices (-3.1%) and seasonally lower market-priced iron ore shipments (-8.2%). Sales in 1Q 2019 were stable as compared to 1Q 2018 as the impacts of lower average steel selling prices (-3.1%) were offset by higher steel shipments (+2.2%) and higher seaborne iron ore reference prices (+10.8%).

Depreciation for 1Q 2019 was higher at $733 million as compared to $723 million for 4Q 2018. These charges now include the depreciation of right-of-use assets recognized for the first time within property, plant and equipment under IFRS 16 lease accounting, that were previously recorded in cost of sales and selling, general and administrative expenses. 1Q 2019 depreciation expense was higher than $711 million in 1Q 2018 primarily due to the impact of IFRS 16 partially offset by foreign exchange gains. As a result of IFRS 16 and the impact of ArcelorMittal Italia net of remedies, depreciation expense for FY 2019 is expected to increase to approximately $3.1 billion.

Impairment charges for 1Q 2019 were $150 million related to the remedy asset sales for the ArcelorMittal Italia acquisition. Impairment charges net of purchases gains for 4Q 2018 were $215 million ³ and primarily related to the acquisition of ArcelorMittal Italia and the remedy asset sales for the ArcelorMittal Italia acquisition. Impairment charges for 1Q 2018 were $86 million related to the agreed remedy package required for the approval of the Votorantim acquisition ⁴ .

Operating income for 1Q 2019 was lower at $0.8 billion as compared to $1.0 billion in 4Q 2018 and $1.6 billion in 1Q 2018 primarily driven by weaker operating conditions (negative price-cost effect in the steel segments) reflecting both the impact of the decline in steel prices since 4Q 2018 and higher raw material prices, offset in part by the impact of higher seaborne iron ore reference prices and higher steel shipments. Operating income for 4Q 2018 included $202 million for PIS/Cofins tax credits ¹⁰ related to prior periods recognized in Brazil, offset in part by $113 million in charges related to a blast furnace dismantling in Florange (France), and $60 million related to the new collective labour agreement in the US (including a signing bonus). Operating income for 1Q 2018 were $146 million related to a provision taken in respect of a litigation case that was paid in 3Q 2018 ⁵ . Operating results for 1Q 2019, 4Q 2018, and 1Q 2018 were impacted by impairment charges net of purchase gains as discussed above.

Income from associates, joint ventures and other investments for 1Q 2019 was $208 million as compared to $227 million for 4Q 2018 and $212 million for 1Q 2018. 1Q 2019 and 1Q 2018 were positively impacted by the annual dividend declared by Erdemir ($93 million and $87 million, respectively). 4Q 2018 was positively impacted by $0.1 billion in currency translation gains following the disposal of ArcelorMittal’s investment in MacSteel (South Africa).

Net interest expense (interest expense less interest income) in 1Q 2019 was $161 million as compared to $140 million in 4Q 2018 and lower than $164 million in 1Q 2018. 1Q 2019 net interest increased due to new bonds issued during the quarter and the first-time adoption of IFRS 16 leases. The Company expects full year 2019 net interest expense to increase to approximately $0.65 billion from previous guidance of approximately $0.6 billion primarily due to the impact of IFRS 16.

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Foreign exchange and other net financing losses (revaluation of financial instruments, net foreign exchange income/expense (i.e., the net effects of transactions in a foreign currency other than the functional currency of a subsidiary) and other net financing costs (which mainly include bank fees, accretion of defined benefit obligations and other long-term liabilities)) in 1Q 2019 were $231 million as compared to $556 million for 4Q 2018 and $174 million in 1Q 2018. Foreign exchange loss for 1Q 2019 was $48 million as compared to a loss of $7 million in 4Q 2018 and a gain of $72 million in 1Q 2018 ⁶ . 1Q 2019 includes non-cash mark-to-market losses of $6 million related to the mandatory convertible bonds call option as compared to losses of $443 million in 4Q 2018 and $35 million in 1Q 2018.

ArcelorMittal recorded an income tax expense of $135 million in 1Q 2019 as compared to an income tax benefit of $711 million for 4Q 2018 and an income tax expense of $203 million for 1Q 2018. The income tax benefit for 4Q 2018 includes a $0.8 billion deferred tax benefit recorded mainly in Luxembourg resulting from the expectation of higher future profits.

Income attributable to non-controlling interests was $36 million for 1Q 2019 as compared to $91 million for 4Q 2018 and $48 million in 1Q 2018 and relates primarily to profits in ArcelorMittal Mines Canada and Bekaert (Brazil). Income attributable to non-controlling interests in 4Q 2018 included the share of currency translation gain following the disposal of MacSteel as mentioned above.

ArcelorMittal recorded a net income for 1Q 2019 of $0.4 billion, or $0.41 basic earnings per share, as compared to a net income for 4Q 2018 of $1.2 billion, or $1.18 basic earnings per share, and a net income for 1Q 2018 of $1.2 billion, or $1.17 basic earnings per share.

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Analysis of segment operations

NAFTA segment crude steel production increased by 7.2% to 5.4Mt in 1Q 2019 as compared to 5.0Mt in 4Q 2018. This increase reflects higher production in the US, despite an approximate 100kt loss due to a power outage at Burns Harbor, and to a much lesser extent the eventual restart of the blast furnace in Mexico which had suffered delays following scheduled maintenance in 3Q 2018.

Steel shipments in 1Q 2019 increased by 2.8% to 5.3Mt as compared to 5.2Mt in 4Q 2018 with improvements in the flat business (+7.8%) offset by weaker long product shipments (-19.0%), primarily in Mexico due to less availability of material due to delayed restart of the blast furnace as discussed above.

Sales in 1Q 2019 increased by 4.7% to $5.1 billion as compared to $4.9 billion in 4Q 2018, primarily due to higher steel shipments (+2.8%) offset in part by lower average steel selling prices (-0.9%, flat products were down -2.3% whilst long products increased 1.7%).

Operating income in 1Q 2019 of $216 million was lower as compared to $310 million in 4Q 2018 and $308 million in 1Q 2018. The decrease in operating income in 1Q 2019 as compared to 4Q 2018 was primarily due to negative price-cost effect offset in part by higher steel shipment volumes. Operating income in 1Q 2019 was also negatively impacted by $32 million on account of the Burns Harbor power outage discussed above. The decrease in operating income in 1Q 2019 as compared to 1Q 2018 was primarily due to lower steel shipments (-4.3%). Operating results for 4Q 2018 had been impacted by charges of $60 million related to the new collective labour agreement in the US (which included a signing bonus).

Brazil segment crude steel production decreased by 5.6% to 3.0Mt in 1Q 2019 as compared to 3.2Mt for 4Q 2018.

Steel shipments in 1Q 2019 decreased by 5.7% to 2.9Mt as compared to 4Q 2018, due to lower export volumes for both flat and long products, partially offset by increased domestic shipments of flat products.

Sales in 1Q 2019 decreased by 11.2% to $2.2 billion as compared to $2.4 billion in 4Q 2018, due to lower steel shipments offset in part by 2.4% higher average steel selling prices mainly due to improvement in long products.

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Operating income in 1Q 2019 was lower at $239 million as compared to $398 million in 4Q 2018 but higher than $215 million in 1Q 2018. The decrease in operating income in 1Q 2019 as compared to 4Q 2018 reflected the impact in 4Q 2018 of $202 million related to PIS/Cofins tax credits related to prior periods recognized in Brazil, partially offset by a positive price-cost effect in Q1 2019. 4Q 2018 included a provision of $17 million for employee related charges. The decrease in operating income in 1Q 2019 as compared to 1Q 2018 was primarily due to foreign exchange translation impact and challenging market conditions in Argentina. Operating income in 1Q 2018 had been impacted by impairment of $86 million (Cariacica and Itaúna industrial plants in Brazil) related to the agreed remedy package required for the approval of the Votorantim acquisition.

Europe segment crude steel production increased by 6.8% to 12.4Mt in 1Q 2019 as compared to 11.6Mt in 4Q 2018 due in part to the ArcelorMittal Italia acquisition (consolidated as from November 1, 2018).

Steel shipments in 1Q 2019 increased by 14.4% to 11.6Mt as compared to 10.1Mt in 4Q 2018. Excluding the impact of ArcelorMittal Italia, steel shipments increased by 9% as compared to 4Q 2018, but were 2.8% lower than 1Q 2018.

Sales in 1Q 2019 were $10.5 billion, 7.5% higher as compared to $9.8 billion in 4Q 2018, with higher steel shipments, as discussed above, offset in part by 5.4% lower average steel selling prices (both flat and long products declining).

Impairment charges net of purchase gains for 1Q 2019 and 4Q 2018 were $150 million and $215 million, respectively, primarily related to the ArcelorMittal Italia acquisition in 4Q 2018 and the associated remedy asset sales for the ArcelorMittal Italia in 2018 and 1Q 2019. Impairment charges net of purchase gains for 1Q 2018 were nil.

Operating income in 1Q 2019 was $11 million as compared to $98 million in 4Q 2018 and $580 million in 1Q 2018. Despite higher steel shipments, operating income declined in 1Q 2019 as compared to 4Q 2018 primarily due to a negative price-cost effect. Operating income in 1Q 2019 decreased as compared to 1Q 2018, primarily due to lower steel shipments, foreign exchange, negative price-cost effect and losses of ArcelorMittal Italia. Operating results were impacted by impairment charges net of purchase gains as discussed above. Operating income for 4Q 2018 was impacted by charges of $113 million related to a blast furnace dismantling in Florange (France), while operating income for 1Q 2018 was impacted by charges of $146 million related to a provision taken in respect of a litigation case that was paid in 3Q 2018.

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ACIS segment crude steel production in 1Q 2019 increased by 11.7% to 3.3Mt as compared to 3.0Mt in 4Q 2018 primarily due to the restart of production in Temirtau (Kazakhstan) following an explosion at a gas pipeline in 4Q 2018.

Steel shipments in 1Q 2019 were stable at 2.7Mt as compared to 4Q 2018.

Sales in 1Q 2019 decreased by 6.7% to $1.6 billion as compared to $1.8 billion in 4Q 2018 primarily due to lower average steel selling prices (-3.6%).

Operating income in 1Q 2019 was lower at $64 million as compared to $121 million in 4Q 2018 and $290 million in 1Q 2018. Operating income decreased in 1Q 2019 as compared to 4Q 2018 primarily due to a negative price-cost effect. Operating income in 1Q 2019 was lower as compared to 1Q 2018, primarily due to lower steel shipments (-12.1%) and negative price-cost effect.

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Own iron ore production in 1Q 2019 decreased by 5.8% to 14.1Mt as compared to 14.9Mt in 4Q 2018, due to seasonally lower production in ArcelorMittal Mines Canada ⁷ (AMMC), the temporary suspension of Serra Azul in Brazil (following evacuation on February 8, 2019 which has since been restarted on March 18, 2019; see key recent developments), and lower production in Temirtau and Hibbing (US) offset by increased production in Liberia. Own iron ore production in 1Q 2019 decreased by 3.7% as compared to 1Q 2018 primarily due to lower production in Temirtau, Mexico and Serra Azul in Brazil offset in part by increased production at AMMC.

Market-priced iron ore shipments in 1Q 2019 decreased by 8.2% to 9.2Mt as compared to 10.0Mt in 4Q 2018, primarily driven by seasonally lower market-priced iron ore shipments in AMMC. Market-priced iron ore shipments in 1Q 2019 were largely stable as compared to 1Q 2018 driven by higher shipments in Liberia, offset by lower shipments in AMMC (extreme weather conditions) and in Ukraine. Market-priced iron ore shipments for FY 2019 are expected to be broadly stable as compared to FY 2018 with increases in Liberia and AMMC to be offset by lower volume in Mexico (in part due to the end of life of Volcan mine).

Own coal production in 1Q 2019 decreased by 6.8% to 1.2Mt as compared to 1.3Mt in 4Q 2018 primarily due to lower production at Princeton (US). Own coal production in 1Q 2019 decreased by 19.7% as compared to 1.5Mt in 1Q 2018 due to lower production at Kazakhstan and Princeton (US).

Market-priced coal shipments in 1Q 2019 were stable at 0.7Mt as compared to 4Q 2018. Market-priced coal shipments in 1Q 2019 increased by 59.9% as compared to 1Q 2018 primarily due to increased shipments at Kazakhstan.

Operating income in 1Q 2019 increased to $313 million as compared to $241 million in 4Q 2018 and $242 million in 1Q 2018. The increase in operating income in 1Q 2019 as compared to 4Q 2018 was primarily due to the impact of higher seaborne iron ore reference prices (+15.2%) offset in part by lower market-priced iron ore shipments (-8.2%). Operating income in 1Q 2019 was higher as compared to 1Q 2018, primarily due to higher seaborne iron ore reference prices (+10.8%).

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Liquidity and Capital Resources

For 1Q 2019 net cash provided by operating activities was $971 million as compared to $2,170 million in 4Q 2018 and $160 million in 1Q 2018. The cash provided by operating activities during 1Q 2019 reflects in part a working capital investment of $553 million (largely on account of higher steel shipment volumes) (composed of an outflow for trade accounts receivable of $748 million, an outflow for inventories of $230 million and an inflow for trade accounts payable and other of $425 million) as compared to a working capital release of $430 million in 4Q 2018 (composed of an inflow for trade accounts receivable of $638 million, an outflow for inventories of $2,054 million and an inflow for trade accounts payable and other of $1,846 million). The net cash provided by operating activities during 1Q 2018 reflected a working capital investment of $1,869 million (composed of an outflow for trade accounts receivable of $1,079 million, an outflow for inventories of $684 million and an outflow for trade accounts payable and other of $106 million).

Due to a smaller than anticipated release in 4Q 2018, the Group invested more in working capital than expected in 2018 ($4.4 billion versus guidance of $3.0-3.5 billion). The Group continues to expect this excess working capital to be released over the course of 2019. The 1Q 2019 working capital investment followed the normal seasonal pattern but was less pronounced than in prior years given the excess build-up in 4Q 2018. The extent of any further changes in working capital in 2019 will be dictated by market conditions, particularly the price and volume environment in the final weeks of the year.

Net cash used in investing activities during 1Q 2019 was $693 million as compared to $1,926 million during 4Q 2018 and $676 million in 1Q 2018. Capex decreased to $947 million in 1Q 2019 as compared to $1,156 million in 4Q 2018 and increased as compared to $752 million in 1Q 2018. Capex in 2019 is expected to increase to $4.3 billion (as compared to $3.3 billion in 2018) reflecting carry over from underspend in 2018, the impact of ArcelorMittal Italia, the continued projected high return investments in Mexico and Brazil and other strategic projects (largely cost optimization). Net cash provided by other investing activities in 1Q 2019 of $254 million primarily includes $0.3 billion due to the rollover of the Indian rupee hedge at market price which protects the dollar funds needed for the Essar transaction as per the resolution plan approved by the Committee of Creditors and the National Company Law Tribunal in Ahmedabad, offset in part by the quarterly lease payment for the ArcelorMittal Italia acquisition ($51 million). Net cash used in other investing activities in 4Q 2018 of $770 million primarily includes $1.0 billion investment for the repayment of Uttam Galva and KSS Petron debts (India), quarterly lease payment for ArcelorMittal Italia acquisition ($52 million) offset in part by MacSteel (South Africa) disposal proceeds ($220 million). Net cash provided by other investing activities in 1Q 2018 of $76 million primarily included proceeds from the sale of Frydek Mistek in Czech Republic.

Net cash used in financing activities in 1Q 2019 was $344 million as compared to $411 million and $33 million in 4Q 2018 and 1Q 2018, respectively. In 1Q 2019, net outflow of debt repayments and issuances of $136 million includes $1 billion repayment of amounts borrowed in connection with the purchase of the Uttam Galva and KSS Petron debts, $0.9 billion repayment of the €750 million 5-year, 3% bond at maturity; and offset in part by $1.6 billion cash received from the issuance of two new bonds (€750 million 2.25% notes due 2024 and $750 million 4.55% notes due 2026) and $0.2 billion commercial paper issuance. In 4Q 2018, net outflow of debt repayments and issuances of $406 million primarily includes repayment of short-term facilities. During 1Q 2019, the Company paid dividends of $46 million to minority shareholders in AMMC (Canada). During 4Q 2018, the Company paid dividends of $32 million primarily to minority shareholders in Bekaert (Brazil). During 1Q 2018, the Company paid dividends of $50 million to minority shareholders in AMMC (Canada).

During 1Q 2019, the Company completed its share buyback programme having repurchased 4 million shares for a total value of $90 million (€80 million) at an approximate average price per share of $22.42 (€19.89 per share).

Outflows from lease principal payments and other financing activities (net) were $72 million in 1Q 2019 as compared to inflows of $27 million in 4Q 2018 and outflows of $20 million in 1Q 2018. The cash outflow increased as a result of the first-time application of IFRS 16, as the repayments of the principal portion of the operating leases are presented under financing activities (previously reported under operating activities). 4Q 2018 also included the net proceeds from transactions with minority shareholders primarily in relation to the ArcelorMittal Italia transactions.

As of March 31, 2019, the Company’s cash and cash equivalents amounted to $2.2 billion as compared to $2.4 billion at December 31, 2018 and $2.3 billion at March 31, 2018.

Gross debt increased to $13.4 billion as of March 31, 2019, as compared to $12.6 billion at December 31, 2018, following the adoption of the new IFRS 16 Leases standard effective from January 1, 2019, which requires most operating leases to be recognized on the balance sheet as debt ($1.2 billion). As of March 31, 2019, net debt increased to $11.2 billion as compared to $10.2 billion as of December 31, 2018, largely due to the impact of IFRS 16 lease accounting as discussed above. Excluding the impact of IFRS 16, net debt was $10.0 billion, lower as compared to December 31, 2018 ($10.2 billion).

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As of March 31, 2019, the Company had cash and cash equivalents (including restricted cash) of $2.2 billion and $5.5 billion of available credit lines ⁸ . The $5.5 billion credit facility contains a financial covenant not to exceed 4.25x Net debt / LTM EBITDA (as defined in the facility). As of March 31, 2019, the average debt maturity was 4.9 years.

Key recent developments

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Recent publications and filings

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Outlook and guidance

Based on year-to-date growth and the current economic outlook, ArcelorMittal expects global apparent steel consumption (“ASC”) to grow further in 2019 by between +1.0% to +1.5% (up from previous expectation of +0.5% to +1.0% growth). By region:

ArcelorMittal expects ASC in US to grow by +0.5% to +1.5% in 2019 (no change from previous expectation), driven by continued growth in machinery and non-residential construction. In Europe, driven by weak manufacturing and declining automotive production, demand is now expected to contract by up to -1.0% (versus previous expectation of a slight growth of up to +1.0%). In Brazil, our 2019 ASC forecasts have been slightly moderated to grow in a range of +3.0% to +4.0% (from previous expectation of +3.5% to +4.5%) after weaker than expected economic growth early in 2019. In the CIS, ASC is expected to grow +1.0% to +2.0% in 2019 (no change from previous expectation). Overall, World ex-China ASC is expected to grow by approximately +1.0% to +2.0% in 2019 (down from previous expectation of +2.0% to +3.0%). In China, overall demand is expected to now grow by between +0% to +1.0% in 2019 (up from previous forecast for a contraction in demand by -0.5% to -1.5%), due to economic stimulus and as real estate demand continues to surprise on the upside.

Given these demand expectations, the positive scope effect of the ArcelorMittal Italia and Votorantim acquisition (net of the remedy assets sales for the ArcelorMittal Italia acquisition), the expectation that operational disruptions (both controllable and uncontrollable) that negatively impacted 2018 shipments will not recur, offset in part by impact of European production reduction, the Group’s steel shipments are expected to increase in 2019 vs 2018.

Market-priced iron ore shipments for FY 2019 are expected to be broadly stable as compared to FY 2018 with increases in Liberia and AMMC to be offset by lower volume in Mexico (in part due to the end of life of Volcan mine).

Capex is expected to be $4.3 billion including the continued investment in high returns projects in Mexico and Brazil. Interest expense is expected to increase in 2019 to approximately $0.65 billion as compared to previous forecast of $0.6 billion (primarily due to IFRS 16 impact) while cash taxes, pensions and other cash costs are expected to increase primarily on account of certain cash tax settlements deferred from 2018 and non-recurrence of certain gains on other accounts.

Due to a smaller than anticipated release in the final quarter of 2018, the Group invested more in working capital than expected in 2018 ($4.4 billion versus guidance of $3.0-3.5 billion). The Group expects this additional investment of approximately $1 billion to be released over the course of 2019. The extent of any further changes in working capital in 2019 will be dictated by market conditions, particularly the price and volume environment in the final weeks.

The Company will continue to prioritize deleveraging and believes that $7 billion (previous target of $6 billion adjusted to reflect impact of IFRS 16) is an appropriate net debt target that will sustain investment grade metrics even at the low point of the cycle. The Company will continue to invest in opportunities that will enhance future returns. By investing in these opportunities with focus and discipline, the cash flow generation potential of the Company is expected to increase.

At meeting of shareholders at the Annual General Meeting on May 7, 2019, the shareholders voted in favor of an increase in the base dividend for 2019 ¹¹ (paid from 2018 earnings) to $0.20 per share from $0.10 per share. ArcelorMittal intends to progressively increase the base dividend paid to its shareholders, and, on attainment of the net debt target, the Company is committed to returning a portion of annual FCF to shareholders.

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ArcelorMittal Condensed Consolidated Statement of Cash flows ¹

Appendix 1: Product shipments by region

Note: “Others and eliminations” are not presented in the table

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Appendix 2a: Capex

Note: “Others” are not presented in the table

Appendix 2b: Capex projects

The following tables summarize the Company’s principal growth and optimization projects involving significant capex.

Completed projects in most recent quarter

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Appendix 3: Debt repayment schedule as of March 31, 2019

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Appendix 4: Reconciliation of gross debt to net debt

Appendix 5: Terms and definitions

Unless indicated otherwise, or the context otherwise requires, references in this earnings release report to the following terms have the meanings set out next to them below:

Apparent steel consumption: calculated as the sum of production plus imports minus exports.

Average steel selling prices: calculated as steel sales divided by steel shipments.

Cash and cash equivalents: represents cash and cash equivalents, restricted cash and short-term investments.

Capex: represents the purchase of property, plant and equipment and intangibles.

Crude steel production: steel in the first solid state after melting, suitable for further processing or for sale.

Foreign exchange and other net financing (loss) / gain: include foreign currency exchange impact, bank fees, interest on pensions, impairments of financial assets, revaluation of derivative instruments and other charges that cannot be directly linked to operating results.

Free cash flow (FCF) : refers to net cash provided by operating activities less capex.

Gross debt : long-term debt, plus short-term debt and IFRS 16 liabilities impact (including that held as part of the liabilities held for sale).

LTIF: lost time injury frequency rate equals lost time injuries per 1,000,000 worked hours, based on own personnel and contractors.

MT: refers to million metric tonnes

Market-priced tonnes: represent amounts of iron ore and coal from ArcelorMittal mines that could be sold to third parties on the open market. Market-priced tonnes that are not sold to third parties are transferred from the Mining segment to the Company’s steel producing segments and reported at the prevailing market price. Shipments of raw materials that do not constitute market-priced tonnes are transferred internally and reported on a cost-plus basis.

Mining segment sales: i) “External sales”: mined product sold to third parties at market price; ii) “Market-priced tonnes”: internal sales of mined product to ArcelorMittal facilities and reported at prevailing market prices; iii) “Cost-plus tonnes”—internal sales of mined product to ArcelorMittal facilities on a cost-plus basis. The determinant of whether internal sales are reported at market price or cost-plus is whether the raw material could practically be sold to third parties (i.e. there is a potential market for the product and logistics exist to access that market).

Net debt: long-term debt, plus short-term debt and IFRS 16 liabilities impact less cash and cash equivalents (including those held as part of assets and liabilities held for sale).

Net interest expense: includes interest expense less interest income

On-going projects: refer to projects for which construction has begun (excluding various projects that are under development), even if such projects have been placed on hold pending improved operating conditions.

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Operating results: refers to operating income/(loss).

Operating segments: NAFTA segment includes the Flat, Long and Tubular operations of USA, Canada and Mexico. The Brazil segment includes the Flat, Long and Tubular operations of Brazil and its neighboring countries including Argentina, Costa Rica and Venezuela. The Europe segment comprises the Flat, Long and Tubular operations of the European business, as well as Downstream Solutions. The ACIS segment includes the Flat, Long and Tubular operations of Kazakhstan, Ukraine and South Africa. Mining segment includes iron ore and coal operations.

Own iron ore production: includes total of all finished production of fines, concentrate, pellets and lumps and includes share of production (excludes strategic long-term contracts).

PMI: refers to purchasing managers index (based on ArcelorMittal estimates)

Seaborne iron ore reference prices: refers to iron ore prices for 62% Fe CFR China

Shipments: information at segment and group level eliminates intra-segment shipments (which are primarily between Flat/Long plants and Tubular plants) and inter-segment shipments respectively. Shipments of Downstream Solutions are excluded.

Working capital change (working capital investment / release): Movement of change in working capital –change in trade accounts receivable plus change in inventories less change in trade accounts payable and other.

YoY : refers to year-on-year.

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Footnotes

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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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