Sustainable Development overview
February 2023

Sustainability governance
Sustainable development underpins ArcelorMittal’s purpose

Board oversight of SD progress each 
quarter by the Board Sustainability 
Committee → three independent directors, 
chaired by Clarissa Lins

Five sustainability themes used to ensure 
Board focus on all key aspects of 
sustainability over the year, via dashboards, 
progress reports

10 SD outcomes provide framework for SD
planning by business operations

Accountability for SD is led by the Executive
Vice President, Business Optimisation, 
reporting directly to the Executive Office

ResponsibleSteel and IRMA certification 
program to drive strong, consistent ESG 
management systems across business
Our 10 SD outcomes
1.
Safe, healthy, quality working 
lives for our people
2.
Products that accelerate more 
sustainable lifestyles
3.
Products that create 
sustainable infrastructure
4.
Efficient use of resources and
high recycling rates
5.
Trusted user of air, land and 
water
6.
Responsible energy user that 
helps create a lower carbon 
future
7.
Supply chains that our
customers trust
8.
Active and welcomed member 
of the community
9.
Pipeline of talented scientists 
and engineers for tomorrow
10.
Our contribution to society
measured, shared and valued 
Underpinned by transparent good 
governance
10 SD outcomes = ArcelorMittal’s equivalent of 17 UN SDGs
Page 2

Health & Safety and Diversity

Safety is our priority: committed to reach zero harm
* LTIF = Lost time injury frequency defined as Lost Time Injuries per 1.000.000 worked hours; based on own personnel and contractors; A Lost Time Injury (LTI) is an incident that 
causes an injury that prevents the person from returning to his/her next scheduled shift or work period. Figures presented for LTIF rates exclude ArcelorMittal Italia in its entirety and 
from 2021 onwards exclude ArcelorMittal USA following its disposal in December 2020. (Prior period figures have not been recast for the ArcelorMittal USA disposal); STI/LT refers to 
short term / long term incentive plan
0.70
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
2014
2007
2013
2012
2008
2009
2010
2011
2017
2015
2016
2018
2019
2020
2021
2022

Following full review of every aspect of safety a multi-pronged 
action plan has been deployed, building on and supporting the 
considerable policies and processes already in place

Global H&S team strengthened

Group’s H&S policy, standards and golden rules updated: 
comprehensive and effective dissemination throughout the 
Company has been rolled out

Safety training & mentoring upgraded: leadership presence on the 
shop floor now mandatory and central to day-to-day performance 
reviews

Instituted a “quarantine” for operations that have experienced a 
serious incident or deemed at risk of such an incident 

Remuneration links to H&S strengthened: 50% increase in the STI 
link to safety performance (with fatalities acting as a circuit 
breaker). STIP safety target 15% and LTIP to 10%
Health and safety performance (LTIF)*
Page 4
Focussed on detecting and reducing precursors of fatalities and severe injuries to eradicate harm across the Group

Gender diversity: Target to double women in management to 25% by 2030
Page 5

Women make up higher % of our workforce vs industry peers

Target to double % of women in our leadership positions

Global Diversity and Inclusion Council in place overseeing and steering the Group towards 
a more inclusive and diverse organisation

Launch of new diversity strategy designed to:
o Raise awareness of the importance of greater diversity
o Strengthen inclusive culture
o Increase focus on female talent in recruitment
o Increase focus on gender balance in leadership positions
ArcelorMittal - Diverse 
Talent Enables Smarter 
Steel - Our women
% of women in management
13%
14%
16%
25%
2020
2022
2021
2030 Target
ArcelorMittal’s Gender 
Diversity video

Climate Action Plan

Leading the industry towards low-carbon emissions steel
* Both Europe and groupwide targets are for CO2 equivalent (scope 1 + 2, steel and mining) per tonne crude steel; ** Planned Hamburg project dependent on 
funding; *** CO2 savings certificates, verified by an independent auditor, directly relate to CO2 savings from the Group’s investments in decarbonization 
technologies implemented across a number of its European sites; GSC refers to green steel certificates; SBTI refers to Science Based Targets Initiative
•
Plans aligned with the Company’s 2030 GHG emission reduction targets + net zero by 2050*
•
The Company is progressing on key European decarbonisation projects
•
Broad innovation portfolio of smart carbon and Innovative DRI technologies
•
Demand across all segments shows customer appetite for low-carbon solutions***
•
Since launch, the Innovation Fund investments has made investments of $158.5 million in six companies –
Heliogen, Form Energy, LanzaTech, H2Pro, TerraPower and Boston Metal. 
•
ArcelorMittal is an anchor partner in Breakthrough Energy’s Catalyst Program
Plans
•
Texas HBI plant acquired, securing high-quality metallics for low-carbon steelmaking
•
1st Smart Carbon project in Ghent (Belgium) inaugurated Dec-2022. 
•
Completed acquisition of 4 specialist scrap metal recyclers in Europe
•
Low- carbon emissions steel making project in Dofasco (Canada)
•
$0.6bn investment in renewable energy project in India, to supply 20% of AMNS India requirements
•
Continued advocacy on state aid approvals and design of EU Fit for 55 package competitive landscape for 
European steel
•
SBTi steel sector project ongoing with public consultation closed on 23 Jan 2023.  Public launch of guidance 
expected in Q2 2023.
•
ArcelorMittal Poland obtains ResponsibleSteel™certification in first for Eastern Europe
Progress
XCarb™
Policy
Page 7

Our decarbonisation strategy: ArcelorMittal’s net-zero roadmap
Our roadmap features five groupings of actions and initiatives (‘levers’) that act as stepping stones to achieving carbon- neutrality by 2050:
A
Steelmaking 
transformation
B
Energy 
transformation
C
Increased use 
of scrap
D
Sourcing clean  
electricity
E
Offsetting 
residual 
emissions
Page 8
Steel Making 
Transformation
•Switching from the 
BF-BOF (Blast 
Furnace- Basic 
Oxygen Furnace) to 
the DRI.
•From iron ore 
preparation in the 
sinter plant (using 
heat or pressure to 
compact a material) to 
the pellet plant (which 
compresses or 
moulds the iron 
material into the 
shape of the pellet).
•Ironmaking with 
pellets in the DRI is 
usually coupled with 
EAF
Energy 
Transformation
•Transformation from 
fossil fuel to clean 
energy vectors.
•Shifting from one or a 
combination of 3 
alternatives:
•clean electricity 
(which could be in 
the form of green 
hydrogen);
•fossil carbon with 
CCS; and
•use of circular 
carbon through 
natural or synthetic 
carbon cycles.
Increased use of 
Scrap
•As well as using scrap 
in the EAF, increase 
the use of low-quality 
scrap in BF- BOF 
steelmaking process 
by improving steel 
scrap sorting and 
classification, 
installing scrap pre-
melting technology 
and adjusting the 
steelmaking process 
to accommodate 
scrap. 
Clean Electricity
•Reducing scope 2 
emissions focusing on 
sourcing low-
carbon electricity
(e.g. purchasing 
renewable energy 
certificates and by 
direct power purchase 
agreements (PPA) 
with suppliers from 
renewable projects). 
Offsetting residual 
emissions
•Less than 5% of 
total emissions
•ArcelorMittal will buy 
high- quality offsets or 
launch projects to 
generate high- quality 
carbon credits that 
would not have 
happened without the 
company’s 
intervention

Policy conditions needed to make low-CO2 steel as cost-competitive as high-CO2 steel
Policy support and rising carbon prices need to work in tandem for ArcelorMittal to accelerate its decarbonisation to 1.5C alignment
Measures to 
incentivise 
production of low-
and near zero 
carbon emissions 
steel (e.g. ETS, 
carbon tax)
A fair 
competitive 
landscape to 
create a level 
playing field 
(e.g. CBAM)
Public funding 
support to help 
innovation and 
long-term 
investments 
(e.g. Carbon 
contracts for 
difference).
Market drivers 
for consumption 
of low- and near 
zero carbon 
emissions steel 
(e.g. public 
procurement 
standard, buyer 
commitments)
1
2
3
4
5
March 2022
Page 9
Access to sufficient 
amounts of clean 
energy and 
infrastructure at 
affordable prices: 
clean electricity, 
green hydrogen, 
sustainable 
biomass, CCS.

ArcelorMittal Net-zero roadmap
Updated to show announced projects in Europe and Canada
The waterfall chart 2030-2050 breakdown displayed on this slide is for illustrative purposes only.
Key
A.
Steelmaking transformation (footprint change, energy efficiency, pellets)
B.
Energy transformation (CCUS, hydrogen, bioenergy)
C.
Increased scrap use
D.
Sourcing clean electricity
E.
Offsetting residual emissions
Page 10

Building a better world with smarter steels
ArcelorMittal’s solutions enable customers to enhance their contribution to low carbon circular economy
Steel is as relevant as ever to the future success of our world: reusable, recyclable, strong and durable.
We are evolving the contribution steel can make, innovating to make our solutions smarter and increasingly sustainable.
Steligence ® enables architects and  
engineers to design building solutions 
that minimise material use while 
maximising space, flexibility and end of 
life recyclability
Page
11
S-in motion® offers solutions for electric 
vehicles including body-in-white, chassis and 
battery pack, enabling carmakers to extend 
drive range and enhance safety at the most 
affordable cost.
Magnelis® enhanced corrosion 
resistance for solar projects in harsh 
conditions, even in deserts and on water. 
Projects globally including PV and CSP 
structures

Providing customer solutions
Investing in innovative technologies
Strong customer appetite for XCarb® green 
steel certificates from a wide range of markets
First sales of certified green steel achieved in 
2020  
More projects coming online to increase 
available volumes of certificates
Applies to products made via the EAF route 
using high levels of scrap steel and 100% 
renewable energy
First deliveries of XCarb® recycled and 
renewably produced flat steel from ArcelorMittal 
Sestao in 2022
To have extremely low CO2 footprint that can be 
as low as ~300kg of CO2 per tonne of finished 
steel when the metallics are 100% scrap
XCarb: Investing in innovation and supporting our customers
A strategic investment fund to accelerate our 
decarbonization; primary focus on potential 
technological solutions to decarbonise steelmaking 
in a transformative and innovative way
To date, the fund has invested $158.5m** and is also 
an anchor partner in the Breakthrough Energy 
Catalyst
** On January 27, 2023, ArcelorMittal announced an investment of $36 million in Boston Metal
Page 12

Capex in 2023 to fund strategic growth and decarbonization 
Page 13

Capex of $3.5bn in FY 2022 is in line with the latest guidance 
and compares with $3.0bn in FY 2021

FY 2023 capex guidance in the range of $4.5bn-$5.0bn

Decarbonization project spend to increase by $0.2bn to 
$0.4bn 

Strategic capex spend to increase in 2023 largely due to 
catch up on previously announced projects 

2023 base / normative level guidance in the range of 
$2.8bn-$3.0bn
2.6
2.8
3.0
0.7
1.3
1.6
0.4
0.4
2023F low 
end of range
0.2
4.5
2022
2023F top 
of range
3.5
5.0
Capex ($bn)
Decarbonization
Strategic envelope
Base / normative

New 170kt Electrical Steels capacity project in France (Mardyck)
Page 14
New capacity 170kt of electrical steels:
of which 145kt for automotive applications
Reinforcing ArcelorMittal’s leadership in Automotive and 
accompanying our customers in the fast development of e-mobility

E-mobility is developing rapidly in Europe, pushed by EU CO2 
emissions regulation:
Switch to electric vehicles is accelerating
Fast growing demand of electrical steel grades 

Mardyck (Northern France) is very close and optimally connected to the 
European OEMs

Building a complete and state-of-art streamlined operation from HRC to 
finished products based on R&D innovation and will incorporate all the 
latest advanced digital/AI tools 

Ramp-up is expected from 2H 2024, for deliveries to automotive market 
as of 2025

Total capex of ~$0.5bn, with a potential to add >$100m in EBITDA
Logistically optimized product flow within existing bays

Acquisition of 80% stake in Corpus Christi HBI plant facilitates decarbonization  

Strategic acquisition valuing the business at $1bn (80% equity). 

Annual capacity of 2Mt HBI, a high-quality feedstock made through the 
direct reduction of iron ore used to produce high-quality steel grades in 
an EAF, a key component of our decarbonisation plan. It can also be 
used in BFs, resulting in lower coke consumption.  

HBI is a premium, compacted form of Direct Reduced Iron (‘DRI’) 
developed to overcome issues associated with shipping and handling 
DRI.

Optionality: Ideally located with its own deep-water port with unused 
land on the site which provides options for further development

voestalpine has retained a 20% interest in the plant - with a 
corresponding offtake agreement - ArcelorMittal would own 100% of any 
future development

The remaining balance of production to be delivered to 3rd parties under 
existing supply contracts, and to ArcelorMittal facilities, incl. AMNS 
Calvert in Alabama, upon commissioning of its 1.5Mt EAF
Page 15
HBI plant in Corpus Christi, Texas
Summary: ArcelorMittal  signed an agreement to acquire an 80% shareholding in voestalpine’s world-class Hot Briquetted Iron (HBI) plant located in Corpus Christi, 
Texas. The transaction enhances ArcelorMittal’s ability to produce the high-quality input materials required for low-carbon emissions steelmaking, and reinforces the 
Company’s position as a world leader in DRI production.

ArcelorMittal Belgium decarb progress: Carbalyst project inaugurated in Dec’22 
ArcelorMittal Belgium is frontrunner in terms of energy and CO2 efficiency 
will reduce CO2 emissions by 3.9Mt by 2030 vs 2018 and carbon neutral 
by 2050

Carbalyst: Carbon Capture and Utilization (CCU): converting waste gas 
into useful chemical compounds 

Collaboration between the steel and biotech (chemical) industry to 
reach a common goal of climate change mitigation

Technologies involving gas-fermentation using microbes to 
convert waste gases into advanced bioethanol for use in transport 
and to make plastics. 

Gross investment ~€200m Inaugurated Dec’22

Torero: Converts waste wood into biocoal for use as a raw material input 
into the BF, hence lowering the volume of coal used.

Use of biocoal in the BF results in biogenic gas which will be 
converted by the Steelanol facility into ethanol. 

Torero 1 (€35m investment) will start in Q2/Q3, will produce 
37.500 tons of bio-coal.   

0.3mt CO2 saving when Steelanol project is combined with 2 
Torero reactors

Using hydrogen as a reducing agent. 

€1.1bn investment consists of a Direct Reduced Iron (DRI) plant 
and 2 electric melting furnaces. 

Replace 1BF with a plant that will use gas and hydrogen to reduce 
iron ore 
•
Carbalyst and Torero combined EBITDA contribution estimated to
generate €40m a year (from the sale of bioethanol feedstocks)
Page 16

Canada: Transformational low-carbon emissions steelmaking project
Project summary: ArcelorMittal Dofasco to reduce annual CO2 emissions at its Hamilton, Ontario operations by 3.0Mt, within the next 7 years
Funding: Governments of Canada & Ontario having committed CAD$400m and CAD$500m respectively to the overall project cost of CAD$1.8bn 
Asset Plan
•
New 2.5Mt DRI plant and 2.4Mt EAF
•
DRI plant will be the largest single-module DR plant in Canada; initially operate on natural gas 
but will be constructed ‘hydrogen ready’
•
Modification of existing EAF and continuous casters to align productivity, quality and energy 
capabilities of all assets
•
High-quality steel products for automotive and packaging
Project status 
•
The decarbonisation investment project at the ArcelorMittal Dofasco plant in Hamilton, Ontario 
Canada continues to progress.
•
In conjunction with the supplier of our new Direct Reduced Iron (DRI) technology, engineering 
and design is ongoing for the DRI plant that will contribute to the annual reduction of 
approximately 3Mt of CO2 emissions at our Hamilton, Ontario operations.  This represents 
approximately 60% of emissions.  
Page 17
Drawing of the new DRI plant

Page 18
Scrap recyclers purchased to facilitate decarbonization
Alba Air 
(Germany)
John Lawrie 
(Scotland)
Ca. 410Kt 
processed 
material in 2021
10 scrap yards
323 FTEs
Riwald
(Netherlands)
Ca. 180Kt processed 
material in 2021
3 scrap yards and 1 
quayside facility for 
decommissioning 
projects 
41 FTEs
Aberdeen
Shetland
Evanton
Montrose
Ca. 340Kt processed 
material in 2021
2 scrap yards and 1 
office in Germany 
44 FTEs
Zlomex
(Poland)
Ca. 390Kt 
processed 
material in 2021
2 scrap yards and 
1 loading facility
121 FTEs
1.3Mt of combined scrap processing capacity

Accelerating the transition: XCarbTM innovation fund
Page 19
Investment
XCarbTM Innovation Fund – investments to date
Amount
Form Energy 
Technology company developing a breakthrough low-cost iron-air battery storage technology
$42.5m
Boston Metal
Technology company developing and commercialising a patented Molten Oxide Electrolysis 
(MOE) that uses clean electricity to break down iron ore
$36m*
LanzaTech
Technology company developing carbon recycling technologies including conversion of 
carbon waste gases to ethanol and textiles
$30m
TerraPower
Technology company investing in and developing ground-breaking nuclear technologies
$25m
Heliogen
Technology company focusing on ‘unlocking the power of sunlight to replace fossil fuels’
$20m
H2Pro 
Technology company developing innovative H2 electrolysis using thermally activated electro-
chemistry
$5m
Breakthrough 
Energy Catalyst 
Breakthrough Energy’s Catalyst program: an initiative Bill Gates founded to scale the 
technologies the world needs to reach net-zero emissions by 2050, including green 
hydrogen, direct air capture, energy storage + sustainable aviation fuels
$100m 
over next 
five 
years
•
ArcelorMittal’s XCarb innovation fund is a further sign of our commitment to aiding the development of technologies 
which can help to support the decarbonization of our company and the broader industry
•
To date, within the first two years of its inception, the fund has invested $158.5m in companies taking disruptive 
approach in areas such as hydrogen production, clean energy, long duration energy storage and novel steelmaking 
process.  In addition, the fund is also an anchor partner in the Breakthrough Energy Catalyst, committing $100 million 
over the next five years to fund first-of-a-kind projects that use key emerging climate technologies. 
•
The fund also launched the XCarb Accelerator Programme during summer 2022 to further support breakthrough start-
ups to accelerate the decarbonisation of the steel industry.
Note: Boston Metal investment in January 2023

We are helping to define the low-carbon emissions steel standard
Supports the creation of market demand for physical steel products which would be classified as lower, and 
ultimately near-zero, carbon emissions steel
3 core principles: 
1. Dual score system 

Decarbonisation progress rating system

LCA value for finished products (EPD for construction 
products)
2. Sliding scale based on the % of scrap used in production

Focuses decarbonisation on technology shifts rather than 
just increasing scrap rates with existing technology

Aligns with ResponsibleSteel™and International Energy 
Agency (‘IEA’) low-carbon emissions steel models
3. Clearly defined system boundary for decarbonisation 
rating, including

All iron and steelmaking processes up to hot rolled product

Upstream material inputs, excluding ferroalloys
Complements methods to reward virtual low-carbon steel, at least 
until significant amounts of physical low-carbon steel are available
The graph demonstrates the 
concept of how the 
decarbonisation rating system 
would work. A banded scoring 
system that largely neutralises 
the effect of scrap as the main 
decarbonisation method will 
incentivise technology shifts. 
Similar to ResponsibleSteel™
and the IEA, the threshold for 
near-zero steel should be set 
at a level which supports all 
potential decarbonisation 
routes.
A dual-score approach 
incentivises 
decarbonisation progress 
and provides a comparable 
and transparent values for 
embodied carbon emissions 
of steel products
Page 20

Climate Leadership: ArcelorMittal role in multiple initiatives to define carbon standards 
for the steel industry
Demand signal for near-
zero/net-zero steel
Guidance for investment in near-zero/net-zero steel
Standards and methodologies to 
assess GHG performance and 
1.5-alignment
We aim to drive alignment as far as possible between different initiatives
Page 21

Page 18
Consultation process 
held between Nov 23, 
2022, and 23 Jan 2023
Expected Q2 2023
SCIENCE BASED TARGET INITIATIVE (SBTi) - STEEL SECTOR GUIDANCE
Current Status 
Dec 2021
The proposed draft, which is currently under the final SBTi review, aims to encourage diverse 
types of companies in the steel sector to set science-based targets, while incentivizing three 
important aspects:
•
Decarbonization of ore-based production through levers other than only increasing scrap input
•
A general sectoral shift towards greater circularity in line with a 1.5C pathway
•
Decarbonization of secondary-based production - while conserving the carbon budget for the 
sector
The proposal has used the IEA NZE scenario to allocate the carbon budget and define emissions 
trajectory, ensuring its 1.5C alignment.
Current status

Global ResponsibleSteel site certification in France, Spain, Brazil and Poland; 
following progress in the Americas
Reduces our SD risk, improves our SD performance and meets our stakeholders’ rising SD requirements
Unique multistakeholder ESG standard for 
steel industry 
Value to customers, investors and 
steelmakers
Site certification requires independent 
assurance of management systems, 
governance and disclosure across broad 
range of ESG aspects: 
human rights and labour rights
water stewardship and biodiversity
climate change and greenhouse gas 
emission 
community relations and business 
integrity
Steel certification standard published Sept 
2022 drives demanding performance 
requirements on GHG performance levels 
and  responsible sourcing conditions

ArcelorMittal Tubarao, March 2022: first site in the Americas to receive certification against the 
ResponsibleSteel™site standard

As of December 2022, thirty of ArcelorMittal’s European steelmaking sites have been certified against 
ResponsibleSteel:
ArcelorMittal Belgium (Geel, Genk, Gent, Liège)
Luxembourg (Belval, Differdange and Rodange)
Germany (Bremen and Eisenhüttenstadt)
Spain (Avilés-Gijón, Sagunto, Lesaka-Legasa and Etxebarri
France (Dunkerque, Mardyck, Desvres, Montataire, Florange, Mouzon, Basse Indre, Fos-sur-Mer and 
Saint-Chély-d’Apcher)
Poland (Dąbrowa Górnicza, Kraków, Zdzieszowice, Świętochłowice, Sosnowiec, and Chorzów)
Brazil (Tubarão, Monlevade)

Further sites in Europe, Brazil and N America have commenced the rigorous independent audit process. Goal 
is to see steelmaking sites in 50% ArcelorMittal operating countries to be certified by 2025
Page 23

Leading record of disclosure on climate and sustainability
Integrated Annual Review 2021
Climate Action 
Europe Report
Three comprehensive Climate Action reports – two global and one Europe
TCFD index and ClimateAction 100 Net Zero Benchmark index
>20 GHG metrics published each year in ArcelorMittal Factbook
Climate 
Action 
Report 1
Factbook 2021
Page 24
Climate Action
Report 2

Appendix

Hamburg: EAF-DRI facility with ambitions to produce zero carbon emissions
Commitment of €55 million from Federal Government brings Hamburg closer to zero carbon-emissions steel production. EC 
approval still required.
Project summary
Europe’s only DRI-EAF plant where the switch to using hydrogen instead of natural gas in the iron ore reduction process is being 
prepared. Further project underway to test the ability of hydrogen to reduce iron ore and form DRI on an industrial scale, as well as testing 
carbon-free DRI in the EAF steelmaking process. At commercial maturity, the plant will produce 100,000 tonnes of DRI/year.
Asset plan and strategy

Collaborating with Shell, Mitsubishi and other 
cross-industry companies to form the Hamburg 
Green Hydrogen Hub, with the goal of 
generating energy from renewable sources.

The process of reducing iron ore with hydrogen 
will first be tested using grey hydrogen 
generated from gas separation.

In the future, the plant should also be able to 
run on green hydrogen when it is available in 
sufficient quantities at affordable prices, with the 
clean energy for hydrogen production potentially 
coming from wind farms off the coast of 
Northern Germany
Funding
The Federal 
Government has 
expressed its 
intention to 
provide €55 million 
of funding 
support towards 
the construction of 
the plant. 
European 
Commission 
approval still 
required.
Annual emission savings by 2025
0.1Mt CO2eq
Page 26

Spain: the world’s first full-scale zero carbon-emissions steel plant* at Sestao
New DRI installation in Gijón coupled with EAF in Sestao will allow the plant to become carbon-neutral by 2025
Project summary
ArcelorMittal’s Sestao plant in Spain will become the world’s first full-scale zero carbon-emissions steel plant. Central to this development 
will be the construction of a 2.3Mt low carbon hydrogen DRI unit in Gijón. Around 1Mt of DRI will be transported to Sestao to be used a 
feedstock for its two EAFs.
Funding
ArcelorMittal signed a 
memorandum of 
understanding (MoU) 
with the Spanish 
Government in July
2021 that will see a
€1bn investment in  
decarbonisation 
technologies at 
ArcelorMittal Asturias’ 
plant in Gijón, 
including a 2.3Mt
low carbon
hydrogen DRI plant
and hybrid EAF.
Asset plan and strategy

Metallic input into EAFs from zero carbon emission 
sources.  Increased % of circular, recycled scrap. Low 
carbon hydrogen-produced DRI from Gijon in Sestao’s two 
existing EAFs

Powering all steelmaking assets (EAFs, rolling mill, 
finishing lines) with renewable electricity e.g. a renewable 
energy power purchase agreement (PPA) or buying 
renewable energy guarantees of origin certificates (GOOs)

Several key emerging technologies to replace the 
remaining use of fossil fuel with carbon- neutral energy 
inputs, e.g. sustainable biomass or green hydrogen
XCarb
Following the successful first deliveries of XCarb® recycled 
and renewably produced flat steel from ArcelorMittal Sestao
in 2022, the company is now exploring possibilities to scale-
up production. During 2023, more XCarb® recycled and 
renewably produced coils will become available for 
customers in a wide range of steel grades and coatings. 
Cost
€1bn
Annual emission savings 
by 2025
4.8Mt CO2eq
Page 27

Canada: ArcelorMittal Mining Canada to produce 10Mtpa DRI pellets by 2025
Announcement of CAD$205m investment made with Government of Quebec to create one of world’s largest DRI pellet plants
Project summary
ArcelorMittal Mining Canada (AMMC) to invest CAD$205m in its Port-Cartier pellet plant, enabling this facility to convert its entire 
10Mtpa annual pellet production to direct reduced iron (DRI) pellets by 2025, delivering 200,000t direct CO2eq savings for AMMC. This 
conversion will play a strategic role in ArcelorMittal’s global efforts to reduce our Group’s CO2 emissions by 25% by 2030.
Funding
The Government  
of Quebec will 
contribute 
through an 
electricity rebate 
of up to 
CAD$80m
Employment
~250 jobs are 
expected to be 
created during 
the construction 
phase, from mid-
2023 - end 2025
Asset Plan

expand ArcelorMittal’s ability to produce high-quality
DRI-ready pellets

shift from current mix of 7Mtpa blast furnace pellets / 
3Mtpa DRI-ready pellets to 10Mtpa DRI-ready pellets 
annually

will feed significant demand for DRI pellets in 
ArcelorMittal’s planned DRI-EAF steelmaking plants 
in Canada and Europe
Carbon reduction

direct annual CO2eq reduction of ~200,000 tonnes
at Port-Cartier pellet plant via reduction in the 
energy required during the pelletizing process

equivalent to >20% of the plant’s total annual CO2eq
Cost
CAD$205m
Annual emission savings
by 2028 (tCO2eq)
200,000

Belgium: €1.1bn project for decarbonisation technologies at Ghent
ArcelorMittal Belgium to reduce CO2 emissions by c.3.9Mtpa by 2030*
Funding 
ArcelorMittal 
has signed a
letter of intent 
with the 
Governments 
of Belgium and 
Flanders, 
supporting a
€1.1bn project  
(EC approval 
still required).
Asset Plan

New 2.5Mt DRI plant and 2 new electric arc furnaces (EAF)

Gradual transition from BF to the DRI & EAF (replacing one
BF reaching end of life by 2030) resulting in 3Mt of CO2 
emissions reduction each year

New capacity to operate alongside Gents state-of-the-art BF 
B (restarted Mar’2021 with €195minvestment). BF B ready to 
take waste wood and plastics as a substitute for fossil carbon

DRI plant to operate alongside various decarbonisation 
projects including Gent’s Steelanol/Carbalyst and Torero 
projects (inaugurated in 2022) – annual CO2 emissions 
reduction of ~900Kt by 2030

Hybrid model of Smart Carbon and Innovative DRI 
steelmaking in Gent fits into ArcelorMittal Belgium’s CO2 
roadmap
Project summary
ArcelorMittal Belgium will reduce CO2 emissions by 3.9Mtpa by 2030, by building a 2.5Mt direct reduced iron (DRI) plant and two electric 
furnaces at its Gent site, to operate alongside its state-of-the-art blast furnace that is ready to take waste wood and plastics as a substitute 
for fossil carbon.
Cost of DRI/EAF shift
€1.1bn
Annual emission savings 
by 2030 for DRI/EAF
3.0Mt CO2eq
*3.9mt reduction includes 0.9mt CO2 reductions of Smart carbon initiatives
Page 33

ArcelorMittal contacts
Page 30
Daniel Fairclough – Global Head Investor Relations 
daniel.fairclough@arcelormittal.com +44 207 543 1105
Hetal Patel – UK/European Investor Relations 
hetal.patel@arcelormittal.com +44 207 543 1128
Maureen Baker – Fixed Income/Debt Investor Relations
maureen.baker@arcelormittal.com +33 1 71 92 10 26
Victoria Irving – ESG Investor Relations
victoria.irving@arcelormittal.com +44 7435 192206