# EDGAR Filing Document

**Accession Number:** 0001243429
**File Stem:** 0001243429-26-000020
**Filing Date:** 2026-3
**Character Count:** 1547894
**Document Hash:** e1a932936d2b80326cc7194a12fde6ae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001243429-26-000020.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001243429-26-000020

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 260

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ArcelorMittal
- **CENTRAL INDEX KEY:** 0001243429
- **STANDARD INDUSTRIAL CLASSIFICATION:** STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35788
- **FILM NUMBER:** 26729619

**BUSINESS ADDRESS:**
- **STREET 1:** 24-26, BOULEVARD D?AVRANCHES
- **STREET 2:** L-1160 LUXEMBOURG
- **CITY:** GRAND DUCHY OF LUXEMBOURG
- **STATE:** N4
- **ZIP:** 00000
- **BUSINESS PHONE:** 35247922151

**MAIL ADDRESS:**
- **STREET 1:** 24-26, BOULEVARD D?AVRANCHES
- **STREET 2:** L-1160 LUXEMBOURG
- **CITY:** GRAND DUCHY OF LUXEMBOURG
- **STATE:** N4
- **ZIP:** 00000

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ARCELOR
- **DATE OF NAME CHANGE:** 20030618

?xml version='1.0' encoding='ASCII'? mt-20251231

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 20-F** 

**☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR**

**☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended December 31, 2025**

**OR**

**☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR**

**☐SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Commission file number 001-35788**

**ARCELORMITTAL** 

**(Exact name of Registrant as specified in its charter)**

**N/A**

**(Translation of Registrant's name into English)**

**Grand Duchy of Luxembourg**

**(Jurisdiction of incorporation or organization)**

**24-26, Boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg**

**(Address of principal executive offices)**

**Henk Scheffer, Company Secretary, 24-26, Boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg. Email: company.secretary@arcelormittal.com**

**(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)**

**Securities registered or to be registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Ordinary Shares** | **MT** | **New York Stock Exchange** |

---

**Securities registered or to be registered pursuant to Section 12(g) of the Act:**

**None**

**Securities for which there is reporting obligation pursuant to Section 15(d) of the Act:**

**None** 

Indicate the number of outstanding shares of the issuer's classes of capital or common stock as of the close of the period covered by the annual report:

**Ordinary Shares**

761,125,819

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities

Exchange Act of 1934.

Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the

preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T

(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of

"large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒Accelerated filer ☐Non-accelerated filer ☐Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the

extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange

Act. ☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after

April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over

financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect

the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of

the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☐ International Financial Reporting Standards as issued by the International Accounting Standards

Board ☒ Other ☐

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

Item 17 ☐ Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

**Table of contents**

---

| | |
|:---|:---|
| **Management report** | ***Page*** |
| ***Introduction***  |  |
| Company overview | <u>[3](#ic26a5071275b48648ff7814b62725365_25)</u> |
| History and development of the Company | <u>[3](#ic26a5071275b48648ff7814b62725365_28)</u> |
| Cautionary statement regarding forward-looking <br>statements<br>| <u>[6](#ic26a5071275b48648ff7814b62725365_43)</u> |
| Key transactions and events in 2025  | <u>[7](#ic26a5071275b48648ff7814b62725365_46)</u> |
| Sustainable development highlights  | <u>[8](#ic26a5071275b48648ff7814b62725365_49)</u> |
| Risk factors and control | <u>[9](#ic26a5071275b48648ff7814b62725365_52)</u> |
| ***Business overview*** |  |
| Business strategy | <u>[24](#ic26a5071275b48648ff7814b62725365_64)</u> |
| Research and development | <u>[29](#ic26a5071275b48648ff7814b62725365_67)</u> |
| Products | <u>[31](#ic26a5071275b48648ff7814b62725365_73)</u> |
| Sustainable development | <u>[34](#ic26a5071275b48648ff7814b62725365_70)</u> |
| Raw materials and energy | <u>[42](#ic26a5071275b48648ff7814b62725365_82)</u> |
| Sales and marketing | <u>[43](#ic26a5071275b48648ff7814b62725365_91)</u> |
| Intellectual property | <u>[44](#ic26a5071275b48648ff7814b62725365_94)</u> |
| Government regulations | <u>[44](#ic26a5071275b48648ff7814b62725365_97)</u> |
| Organizational structure | <u>[58](#ic26a5071275b48648ff7814b62725365_109)</u> |
| ***Properties and capital expenditures*** |  |
| Property, plant and equipment | <u>[59](#ic26a5071275b48648ff7814b62725365_115)</u> |
| Capital expenditures | <u>[67](#ic26a5071275b48648ff7814b62725365_139)</u> |
| Mineral reserves and resources  | <u>[69](#ic26a5071275b48648ff7814b62725365_5275)</u> |
| ***Operating and financial review*** |  |
| Key factors affecting results of operations | <u>[84](#ic26a5071275b48648ff7814b62725365_148)</u> |
| Operating results | <u>[94](#ic26a5071275b48648ff7814b62725365_178)</u> |
| Liquidity and capital resources | <u>[98](#ic26a5071275b48648ff7814b62725365_181)</u> |
| Disclosures about market risk | <u>[102](#ic26a5071275b48648ff7814b62725365_190)</u> |
| Outlook | <u>[104](#ic26a5071275b48648ff7814b62725365_193)</u> |
| ***Management and employees*** |  |
| Directors and senior management | <u>[105](#ic26a5071275b48648ff7814b62725365_199)</u> |
| Compensation | <u>[115](#ic26a5071275b48648ff7814b62725365_202)</u> |
| Employees | <u>[129](#ic26a5071275b48648ff7814b62725365_205)</u> |
| Corporate governance | <u>[131](#ic26a5071275b48648ff7814b62725365_208)</u> |
| Insider Dealing Regulations | <u>[142](#ic26a5071275b48648ff7814b62725365_211)</u> |

---

---

| | |
|:---|:---|
| ***Shareholders and markets*** |  |
| Major shareholders | <u>[143](#ic26a5071275b48648ff7814b62725365_217)</u> |
| Related party transactions | <u>[145](#ic26a5071275b48648ff7814b62725365_223)</u> |
| Markets | <u>[146](#ic26a5071275b48648ff7814b62725365_226)</u> |
| New York Registry Shares | <u>[146](#ic26a5071275b48648ff7814b62725365_229)</u> |
| Dividend distributions | <u>[146](#ic26a5071275b48648ff7814b62725365_232)</u> |
| Purchases of equity securities by the issuer and <br>affiliated purchasers<br>| <u>[147](#ic26a5071275b48648ff7814b62725365_235)</u> |
| Share capital | <u>[149](#ic26a5071275b48648ff7814b62725365_238)</u> |
| ***Additional information*** | ***Page*** |
| Memorandum and Articles of Association | <u>[149](#ic26a5071275b48648ff7814b62725365_244)</u> |
| Material contracts | <u>[158](#ic26a5071275b48648ff7814b62725365_250)</u> |
| Exchange controls and other limitations affecting <br>security holders<br>| <u>[159](#ic26a5071275b48648ff7814b62725365_253)</u> |
| Taxation | <u>[160](#ic26a5071275b48648ff7814b62725365_256)</u> |
| Evaluation of disclosure controls and procedures | <u>[164](#ic26a5071275b48648ff7814b62725365_262)</u> |
| Management's report on internal control over <br>financial reporting<br>| <u>[165](#ic26a5071275b48648ff7814b62725365_265)</u> |
| Report of Independent Registered Public <br>Accounting Firm<br>| <u>[166](#ic26a5071275b48648ff7814b62725365_268)</u> |
| Principal accountant fees and services | <u>[167](#ic26a5071275b48648ff7814b62725365_271)</u> |
| Glossary - definitions, terminology and principal <br>subsidiaries<br>| <u>[168](#ic26a5071275b48648ff7814b62725365_274)</u> |
| Exhibits | <u>[171](#ic26a5071275b48648ff7814b62725365_280)</u> |
| Signatures | <u>[173](#ic26a5071275b48648ff7814b62725365_283)</u> |
| **Consolidated financial statements** | <u>[174](#ic26a5071275b48648ff7814b62725365_286)</u> |
| Report of Independent Registered Public <br>Accounting Firm<br>(Ernst & Young S.A., PCAOB ID 1367)<br>| <u>[175](#ic26a5071275b48648ff7814b62725365_289)</u> |
| Consolidated statements of operations | <u>[178](#ic26a5071275b48648ff7814b62725365_295)</u> |
| Consolidated statements of other comprehensive <br>income<br>| <u>[179](#ic26a5071275b48648ff7814b62725365_298)</u> |
| Consolidated statements of financial position | <u>[180](#ic26a5071275b48648ff7814b62725365_301)</u> |
| Consolidated statements of changes in equity | <u>[181](#ic26a5071275b48648ff7814b62725365_304)</u> |
| Consolidated statements of cash flows | <u>[182](#ic26a5071275b48648ff7814b62725365_307)</u> |
| Summary of notes to consolidated financial <br>statements<br>| <u>[183](#ic26a5071275b48648ff7814b62725365_310)</u> |

---

**Form 20-F Cross Reference Guide**

---

| | | | |
|:---|:---|:---|:---|
| **Item** | **Form 20-F Caption** | **Reference in current report** | **Page** |
| [Presentation of financial and certain other i](#ic26a5071275b48648ff7814b62725365_274)nformation | [Presentation of financial and certain other i](#ic26a5071275b48648ff7814b62725365_274)nformation | Glossary - definitions, terminology and principal <br>subsidiaries<br>| [168](#ic26a5071275b48648ff7814b62725365_274) |
| Cautionary statement regarding forward-looking statements | Cautionary statement regarding forward-looking statements | Cautionary statement regarding forward-looking <br>statements<br>| [6](#ic26a5071275b48648ff7814b62725365_43) |
| Part I |  |  |  |
| Item 1. | Identity of Directors, Senior Management and Advisers | Not applicable |  |
| Item 2. | Offers Statistics and Expected Timetable | Not applicable |  |
| Item 3. | Key Information |  |  |
| A. | [Reserved] | Not applicable |  |
| B. | Capitalization and indebtedness | Not applicable |  |
| C. | Reasons for the offer and use of proceeds | Not applicable |  |
| [D.](#ic26a5071275b48648ff7814b62725365_52) | [Risk factors](#ic26a5071275b48648ff7814b62725365_52) | Risk Factors and Control | [9](#ic26a5071275b48648ff7814b62725365_52) |
| Item 4. | Information on the Company |  |  |
| [A.](#ic26a5071275b48648ff7814b62725365_28) | [History and development of the Company](#ic26a5071275b48648ff7814b62725365_28) | History and development of the Company, Key <br>transactions and events in 2025, Recent developments, <br>Sustainable development highlights, Capital expenditures, <br>Raw materials, Sources and uses of cash, Note 2 to the <br>consolidated financial statements <br>| [3](#ic26a5071275b48648ff7814b62725365_28), [7](#ic26a5071275b48648ff7814b62725365_46), [8](#ic26a5071275b48648ff7814b62725365_49), [8](#ic26a5071275b48648ff7814b62725365_49), <br>[67](#ic26a5071275b48648ff7814b62725365_139), [89](#ic26a5071275b48648ff7814b62725365_157), [101](#ic26a5071275b48648ff7814b62725365_187) <br>and [191](#ic26a5071275b48648ff7814b62725365_340)<br>|
| [B.](#ic26a5071275b48648ff7814b62725365_64) | [Business overview](#ic26a5071275b48648ff7814b62725365_64) | Company overview, Key transactions and events in 2025, <br>Risk management process, Business overview - Business <br>strategy, Sustainable development, Markets, Research <br>and development, Products, Sales and marketing, <br>Purchasing, Intellectual property, Government regulations, <br>Mineral reserves and resources, Raw materials, Note 2 to <br>the consolidated financial statements<br>| [3](#ic26a5071275b48648ff7814b62725365_25), [7](#ic26a5071275b48648ff7814b62725365_46), [20](#ic26a5071275b48648ff7814b62725365_55), [24](#ic26a5071275b48648ff7814b62725365_64), <br>[34](#ic26a5071275b48648ff7814b62725365_70), [28](#ic26a5071275b48648ff7814b62725365_79), [31](#ic26a5071275b48648ff7814b62725365_73), <br>[43](#ic26a5071275b48648ff7814b62725365_91), [44](#ic26a5071275b48648ff7814b62725365_97), [43](#ic26a5071275b48648ff7814b62725365_88), <br>[44](#ic26a5071275b48648ff7814b62725365_94), [69](#ic26a5071275b48648ff7814b62725365_5275), [89](#ic26a5071275b48648ff7814b62725365_157) <br>and [174](#ic26a5071275b48648ff7814b62725365_286)<br>|
| [C.](#ic26a5071275b48648ff7814b62725365_112) | [Organizational structure](#ic26a5071275b48648ff7814b62725365_112) | Organizational structure | [58](#ic26a5071275b48648ff7814b62725365_109) |
| [D.](#ic26a5071275b48648ff7814b62725365_115) | [Property, plant and equipment](#ic26a5071275b48648ff7814b62725365_115) | Property, plant and equipment, Capital expenditures, <br>Mineral reserves and resources<br>| [59](#ic26a5071275b48648ff7814b62725365_115), [67](#ic26a5071275b48648ff7814b62725365_139) and <br>[69](#ic26a5071275b48648ff7814b62725365_5275)<br>|
| Item 4A. | Unresolved staff comments |  |  |
| Item[5.](#ic26a5071275b48648ff7814b62725365_25) | [Operating and Financial Review and](#ic26a5071275b48648ff7814b62725365_25)Prospects |  |  |
| [A.](#ic26a5071275b48648ff7814b62725365_178) | [Operating results](#ic26a5071275b48648ff7814b62725365_178) | Key factors affecting results of operations, Operating <br>results, "Operating and financial review—Operating <br>results" in the annual report on Form 20-F for the year <br>ended December 31, 2024<br>| [84](#ic26a5071275b48648ff7814b62725365_148) and [94](#ic26a5071275b48648ff7814b62725365_178) |
| [B.](#ic26a5071275b48648ff7814b62725365_181) | [Liquidity and capital resources](#ic26a5071275b48648ff7814b62725365_181) | Liquidity and capital resources, "Operating and financial <br>review—Liquidity and capital resources—Sources and <br>uses of cash" in the annual report on Form 20-F for the <br>year ended December 31, 2024 <br>| [98](#ic26a5071275b48648ff7814b62725365_181) |
| C. | Research and development, patents and licenses, etc. | Research and development | [29](#ic26a5071275b48648ff7814b62725365_67) |
| [D.](#ic26a5071275b48648ff7814b62725365_193) | [Trend information](#ic26a5071275b48648ff7814b62725365_193) | Outlook, Key factors affecting results of operations | [104](#ic26a5071275b48648ff7814b62725365_193) and [84](#ic26a5071275b48648ff7814b62725365_148) |
| E. | Critical Accounting Estimates | Critical accounting policies and use of judgments and <br>estimates <br>| [94](#ic26a5071275b48648ff7814b62725365_175) |
| Item[6.](#ic26a5071275b48648ff7814b62725365_196) | [Directors, Senior Management and](#ic26a5071275b48648ff7814b62725365_196)Employees |  |  |
| [A.](#ic26a5071275b48648ff7814b62725365_199) | [Directors and senior management](#ic26a5071275b48648ff7814b62725365_199) | Directors and senior management | [105](#ic26a5071275b48648ff7814b62725365_199) |
| [B.](#ic26a5071275b48648ff7814b62725365_202) | [Compensation](#ic26a5071275b48648ff7814b62725365_202) | Compensation | [115](#ic26a5071275b48648ff7814b62725365_202) |
| [C.](#ic26a5071275b48648ff7814b62725365_208) | [Board practices](#ic26a5071275b48648ff7814b62725365_208) | Corporate governance, Directors and senior management | [131](#ic26a5071275b48648ff7814b62725365_208) and [105](#ic26a5071275b48648ff7814b62725365_199) |
| [D.](#ic26a5071275b48648ff7814b62725365_205) | [Employees](#ic26a5071275b48648ff7814b62725365_205) | Employees | [129](#ic26a5071275b48648ff7814b62725365_205) |
| [E.](#ic26a5071275b48648ff7814b62725365_220) | [Share ownership](#ic26a5071275b48648ff7814b62725365_220) | Management share ownership, Compensation | [144](#ic26a5071275b48648ff7814b62725365_220) and [115](#ic26a5071275b48648ff7814b62725365_202) |
| F. | Disclosure of a registrant's action to recover erroneously awarded <br>compensation.<br>| Not applicable |  |
| Item[7.](#ic26a5071275b48648ff7814b62725365_214) | [Major Shareholders and Related Party](#ic26a5071275b48648ff7814b62725365_214)Transactions |  |  |
| [A.](#ic26a5071275b48648ff7814b62725365_217) | [Major shareholders](#ic26a5071275b48648ff7814b62725365_217) | Major shareholders | [143](#ic26a5071275b48648ff7814b62725365_217) |
| [B.](#ic26a5071275b48648ff7814b62725365_223) | [Related party transactions](#ic26a5071275b48648ff7814b62725365_223) | Related party transactions | [145](#ic26a5071275b48648ff7814b62725365_223) |
| C. | Interest of experts and counsel | Not applicable |  |
| Item[8.](#ic26a5071275b48648ff7814b62725365_241) | [Financial](#ic26a5071275b48648ff7814b62725365_241)Information |  |  |
| A. | Consolidated statements and other financial information | Consolidated financial statements as of and for the year <br>ended December 31, 2025, Export sales, Legal <br>proceedings, Other information - Capital return policy<br>| [174](#ic26a5071275b48648ff7814b62725365_286), [94](#ic26a5071275b48648ff7814b62725365_178) and <br>[3](#ic26a5071275b48648ff7814b62725365_37)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| B. | Significant changes | Recent developments, Operating and financial review | [8](#ic26a5071275b48648ff7814b62725365_49) and [84](#ic26a5071275b48648ff7814b62725365_145) |
| Item 9. | The Offer and Listing |  |  |
| A. | Offer and listing details | Markets | [146](#ic26a5071275b48648ff7814b62725365_226) |
| B. | Plan of distribution | Not applicable |  |
| C. | Markets | Markets | [146](#ic26a5071275b48648ff7814b62725365_226) |
| D. | Selling shareholders | Not applicable |  |
| E. | Dilution | Not applicable |  |
| F. | Expenses of the issue | Not applicable |  |
| Item 10. | Additional Information |  |  |
| [A.](#ic26a5071275b48648ff7814b62725365_238) | [Share capital](#ic26a5071275b48648ff7814b62725365_238) | Share capital | [149](#ic26a5071275b48648ff7814b62725365_238) |
| [B.](#ic26a5071275b48648ff7814b62725365_247) | [Memorandum and articles of association](#ic26a5071275b48648ff7814b62725365_247) | Memorandum and Articles of Association | [149](#ic26a5071275b48648ff7814b62725365_244) |
| [C.](#ic26a5071275b48648ff7814b62725365_250) | [Material contracts](#ic26a5071275b48648ff7814b62725365_250) | Material contracts | [158](#ic26a5071275b48648ff7814b62725365_250) |
| [D.](#ic26a5071275b48648ff7814b62725365_253) | [Exchange controls](#ic26a5071275b48648ff7814b62725365_253) | Exchange controls and other limitations<br>affecting security holders<br>| [159](#ic26a5071275b48648ff7814b62725365_253) |
| [E.](#ic26a5071275b48648ff7814b62725365_256) | [Taxation](#ic26a5071275b48648ff7814b62725365_256) | Taxation | [160](#ic26a5071275b48648ff7814b62725365_256) |
| F. | Dividends and paying agents | Paying agents, Earnings distribution | [146](#ic26a5071275b48648ff7814b62725365_226) and [100](#ic26a5071275b48648ff7814b62725365_184) |
| G. | Statements by experts | Reserves and Resources (iron ore and coal) and Exhibits <br>15.1, 15.2, 15.3, 15.4, 15.5, 15.6, 15.7, 15.8, 15.9 and <br>15.10 <br>| [69](#ic26a5071275b48648ff7814b62725365_5275) and [171](#ic26a5071275b48648ff7814b62725365_280) |
| H. | Documents on display | History and development of the Company | [3](#ic26a5071275b48648ff7814b62725365_28) |
| I. | Subsidiary information | Not applicable |  |
| J. | Annual Report to Security Holders | Not applicable |  |
| Item[11.](#ic26a5071275b48648ff7814b62725365_190) | [Quantitative and Qualitative Disclosures about Market](#ic26a5071275b48648ff7814b62725365_190)Risk | Disclosures about market risk, Note 6 to consolidated <br>financial statements<br>| [102](#ic26a5071275b48648ff7814b62725365_190) and [174](#ic26a5071275b48648ff7814b62725365_286) |
| Item 12. | Description of Securities Other Than Equity Securities |  |  |
| A. | Debt Securities | Not applicable |  |
| B. | Warrants and Rights | Not applicable |  |
| C. | Other Securities | Not applicable |  |
| [D.](#ic26a5071275b48648ff7814b62725365_229) | [American Depositary Shares](#ic26a5071275b48648ff7814b62725365_229) | New York Registry Shares | [146](#ic26a5071275b48648ff7814b62725365_229) |
| Part II |  |  |  |
| Item 13. | Defaults, Dividend Arrearages and Delinquencies |  |  |
| Item 14. | Material Modifications to the Rights of Security Holders and Use of <br>Proceeds<br>|  |  |
| Item[15.](#ic26a5071275b48648ff7814b62725365_262) | [Controls and](#ic26a5071275b48648ff7814b62725365_262)Procedures | Evaluation of disclosure controls and<br>procedures, Management's report on internal control<br>over financial reporting and Internal control procedures, <br>Report of Independent Registered Public Accounting Firm<br>| [164](#ic26a5071275b48648ff7814b62725365_262), [165](#ic26a5071275b48648ff7814b62725365_265), <br>[21](#ic26a5071275b48648ff7814b62725365_58) and [166](#ic26a5071275b48648ff7814b62725365_268)<br>|
| Item 16A. | Audit committee financial expert | Corporate governance | [131](#ic26a5071275b48648ff7814b62725365_208) |
| Item 16B. | Code of Ethics | Corporate governance — Code of Business Conduct | [131](#ic26a5071275b48648ff7814b62725365_208) |
| Item[16C.](#ic26a5071275b48648ff7814b62725365_586) | [P](#ic26a5071275b48648ff7814b62725365_586)rincipal[Accountant Fees and](#ic26a5071275b48648ff7814b62725365_586)Services | Principal accountant fees and services | [167](#ic26a5071275b48648ff7814b62725365_271) |
| Item 16D. | Exemptions from the Listing Standards for Audit Committees |  |  |
| Item[16E.](#ic26a5071275b48648ff7814b62725365_235) | [Purchases of Equity Securities by the Issuer and Affiliated](#ic26a5071275b48648ff7814b62725365_235)<br>Purchasers<br>| Purchases of equity securities by the issuer and affiliated <br>purchasers<br>| [147](#ic26a5071275b48648ff7814b62725365_235) |
| Item 16F. | Change in Registrant's Certifying Accountant | Not applicable |  |
| Item 16G. | Corporate Governance | Corporate governance | [131](#ic26a5071275b48648ff7814b62725365_208) |
| Item 16H. | Mine Safety Disclosure | Not applicable |  |
| Item 16I. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | Not applicable |  |
| Item 16J. | Insider Trading Policies | Corporate governance —Insider Dealing Regulations, <br>Exhibit 11.1<br>| [142](#ic26a5071275b48648ff7814b62725365_211) and [171](#ic26a5071275b48648ff7814b62725365_280) |
| Item 16K | Cybersecurity | Risk Factors and Control — Cybersecurity | [22](#ic26a5071275b48648ff7814b62725365_61) |
| Part[III](#ic26a5071275b48648ff7814b62725365_286) |  |  |  |
| Item 17. | Financial statements | Consolidated financial statements | [174](#ic26a5071275b48648ff7814b62725365_286) |
| Item 18. | Financial statements | Consolidated financial statements | [174](#ic26a5071275b48648ff7814b62725365_286) |
| Item[19.](#ic26a5071275b48648ff7814b62725365_280) | Exhibits | Exhibits | [171](#ic26a5071275b48648ff7814b62725365_280) |

---

Management report<br>

INTRODUCTION

Company overview

ArcelorMittal is one of the world's leading integrated steel and

mining companies. ArcelorMittal is the largest steel producer in

Europe and among the largest in the Americas, and a growing

presence in Asia including India through its joint venture AMNS

India.

![297](mt-20251231_g1.gif)

\*Iron ore production includes production from ArcelorMittal Mining Canada G.P.

and ArcelorMittal Infrastructure G.P. ("AMMC"), ArcelorMittal Liberia and captive

mines.

ArcelorMittal has steel-making operations in 14 countries,

including 34 integrated and mini-mill steel-making facilities. As

of December 31, 2025, ArcelorMittal had approximately

125,554 employees.

ArcelorMittal produces a broad range of high-quality finished

and semi-finished steel products ("semis"). Specifically,

ArcelorMittal produces flat products, including sheet and plate,

and long products, including bars, rods and structural shapes.

It also produces pipes and tubes for various applications.

ArcelorMittal sells its products primarily in local markets and to

a diverse range of customers in approximately 126 countries,

including the automotive, appliance, engineering, construction

and machinery industries. ArcelorMittal's mining operations

produce various types of mining products including iron ore

lump, fines, concentrate, pellets and sinter feed.

As a global steel producer, the Company is able to meet the

needs of different markets. Steel consumption and product

requirements clearly differ between developed markets and

developing markets. Steel consumption in developed

economies is weighted towards flat products and a higher

value-added mix, while developing markets utilize a higher

proportion of long products and commodity grades. To meet

these diverse needs, the Company maintains a high degree of

product diversification and seeks opportunities to increase the

proportion of higher value-added products in its product mix.

History and development of the Company

ArcelorMittal results from the merger in 2007 of its predecessor

companies Mittal Steel Company N.V. and Arcelor, each of

which had grown through acquisitions over many years. Since

its creation ArcelorMittal has experienced periods of external

growth as well as consolidation and deleveraging (including

through divestment).

ArcelorMittal's success is built on its core values of safety,

sustainability, quality and leadership and the entrepreneurial

boldness that has empowered its emergence as the first truly

global steel and mining company.

ArcelorMittal's strategy is to leverage four distinctive attributes

that will enable it to capture leading positions in the most

attractive areas of the steel industry's value chain, from mining

at one end to distribution and first-stage processing at the

other: global scale and scope; superior technical capabilities; a

diverse portfolio of steel and related businesses, one of which

is mining; and financial capabilities. The Company's strategy is

further detailed under "Business overview—Business strategy".

ArcelorMittal's steel-making operations have a high degree of

geographic diversification. In 2025, approximately 40%

of its crude steel was produced in the Americas, approximately

53% was produced in Europe and approximately 7% was

produced in other countries, such as South Africa and Ukraine.

In addition, ArcelorMittal's sales of steel products are spread

over both developed and developing markets, which have

different consumption characteristics. ArcelorMittal's mining

operations, including captive mines are present in North

America, South America, Africa and Europe. Captive mines are

integrated into the Company's global steel-making facilities.

Other information

ArcelorMittal is a public limited liability company (*société* 

*anonyme*) that was incorporated for an unlimited period under

the laws of the Grand Duchy of Luxembourg on June 8, 2001.

ArcelorMittal is registered at the R.C.S. Luxembourg under

number B 82.454. The mailing address and telephone number

of ArcelorMittal's registered office are:

ArcelorMittal

24-26, Boulevard d'Avranches

L-1160 Luxembourg,

Grand Duchy of Luxembourg

Telephone: +352 4792-1

ArcelorMittal's agent for U.S. federal securities law purposes is:

Management report<br>

ArcelorMittal Sales & Administration LLC

833 W. Lincoln Highway, Suite 200E,

Schererville, IN 46375

Telephone: +219 256 7303

***Internet site***

ArcelorMittal maintains an Internet site at

www.arcelormittal.com. Information contained on or otherwise

accessible through this Internet site is not a part of this annual

report. All references in this annual report to this Internet site

and to any other Internet sites (other than to specific

documents furnished to or filed with the SEC and specifically

incorporated by reference herein) are inactive textual

references and are for information only. The SEC maintains an

internet site that contains reports, proxy and information

statements, and other information regarding issuers that file

electronically with the SEC at www.sec.gov.

ArcelorMittal produces a range of publications to inform its

shareholders. These documents are available in various

formats: they can be viewed online or downloaded. Please

refer to www.arcelormittal.com, where they can be located

within the Investors menu under Financial Reports, or within

the Corporate Library. Any request for documents may be sent

to: company.secretary@arcelormittal.com or ArcelorMittal's

registered office.

*Sustainable development*

ArcelorMittal's sustainable development information is detailed

in its Sustainability Report, which is expected to be published

during the second quarter of 2026. It will be available within the

Corporate Library on www.arcelormittal.com. For further

information, please refer to the section "Sustainable

Development".

*ArcelorMittal as parent company of the ArcelorMittal group*

ArcelorMittal, incorporated under the laws of Luxembourg, is

the parent company of the ArcelorMittal group and is expected

to continue this role during the coming years. The Company

has no branch offices.

*Listings*

ArcelorMittal's shares (also referred to as "ordinary shares" or

"common shares" throughout this report) are traded on several

exchanges: New York (MT), Amsterdam (MT), Paris (MT),

Luxembourg (MT) and on the Spanish Stock Exchanges of

Barcelona, Bilbao, Madrid and Valencia (MTS). Its primary

stock exchange regulator is the Luxembourg CSSF

("Commission de Surveillance du Secteur Financier").

ArcelorMittal's CSSF issuer number is E-0001.

*Indices*

ArcelorMittal is a member of approximately 105 indices

including: STOXX Europe 600, S&P Europe 350, CAC40,

Bloomberg Europe 600 Price Return Index and Euronext 100

Index. Recognized for its commitments to sustainable

development, ArcelorMittal is also included in the MSCI Europe

and World ESG Enhanced Focus Climate Transition

Benchmark Indices.

*Share price performance*

During 2025, the price of ArcelorMittal shares increased significantly by 97% in dollar terms compared to 2024 year on year; the chart

below shows a comparison between the performance of ArcelorMittal's shares and the Eurostoxx600 Basic Resource (SXPP).

![Share price chart 2025.jpg](mt-20251231_g2.jpg)

Management report<br>

*Capital return policy*

On May 6, 2025, at the annual general meeting of

shareholders ("AGM"), the shareholders approved the dividend

of $0.55 per share proposed by the Board of Directors. The

dividend amounted to $421 million and payment included two

installments. The first installment of $210 million was paid on

June 11, 2025, and the second installment of $211 million was

paid on December 3, 2025.

In accordance with its capital return policy, the Company

expects to pay a base annual dividend (to be progressively

increased over time). In addition, a minimum of 50% of the

amount of free cash flow (calculated as net cash provided by

operating activities less purchases of property, plant and

equipment and intangibles ("capital expenditures") less

dividends paid to non-controlling shareholders) remaining after

paying the base annual dividend is allocated to a share

buyback program. If the ratio of net debt to EBITDA is greater

than 1.5x, then ArcelorMittal will not carry out any share

buyback.

On April 1, 2025, ArcelorMittal completed the 85 million share

buyback program announced on May 5, 2023 under the

authorization given by the annual general meeting of

shareholders of May 2, 2023 and continued under the April 30,

2024 annual general meeting of shareholders authorization. On

April 7, 2025, ArcelorMittal announced the commencement of a

new share buyback program (the "Program") with share

repurchases to be conducted in tranches that may be

announced through May 2030. Repurchases under the first

tranche of the Program, which is for up to 10 million shares

commenced immediately, under the authorization given by the

annual general meeting of shareholders of April 30, 2024 and

subsequently under the authorization given by the annual

general meeting of shareholders held on May 6, 2025. The

actual amount of shares to be repurchased in various tranches

pursuant to the Program will depend on the level of post-

dividend free cash flow generated over the period (the

Company's defined policy is to return a minimum of 50% of

post-dividend annual free cash flow), the continued

authorization by shareholders and market conditions. The

shares acquired under the Program are intended primarily to

reduce ArcelorMittal's share capital, to meet ArcelorMittal's

obligations arising from employee share programs and/or to

meet such other purposes as announced at the time of each

tranche.

Including the $11.1 billion of shares repurchased under

previous and current share buyback programs from 2020 to

2024 and $0.3 billion from shares repurchased during 2025,

the Company returned in total $14.4 billion to shareholders

under the above-mentioned capital return policy. Also, see

"Operating and financial review—Earnings distribution".

Additional buybacks under the current share buyback program

will be allocated to the 2026 capital return. At December 31,

2025, ArcelorMittal had repurchased 2 million shares

representing 20% of the current share buyback program for a

total value of $58 million. For further information on buybacks,

see "Purchases of equity securities by the issuer and affiliated

purchasers".

In February 2026, the Board of Directors recommended an

increase of the base annual dividend to $0.60/share (from

$0.55/share paid in 2025) to be paid in four equal installments

in March, June, September and December, subject to the

approval of shareholders at the annual general meeting of

shareholders in May 2026 and taking into account that the first

quarter dividend payment in March 2026 shall be an interim

dividend.

*Investor relations*

ArcelorMittal has a dedicated investor relations team at the

disposal of analysts and investors. By implementing high

standards of financial information disclosure and providing

clear, regular, transparent and even-handed information to all

its shareholders, ArcelorMittal aims to be the first choice for

investors in the sector.

To meet this objective and provide information to fit the needs

of all parties, ArcelorMittal implements an active and broad

investor communications policy: conference calls, road shows

with the financial community, regular participation at investor

conferences, plant visits and meetings with individual investors.

ArcelorMittal's senior management plans to meet investors and

shareholder associations in such events throughout 2026.

Investors may use the following e-mails or contact numbers to

reach the investor relations team:

---

| | |
|:---|:---|
| investor.relations@arcelormittal.com | +44 207 543 1128 |
| creditfixedincome@arcelormittal.com | +33 1 7192 1026 |

---

*Sustainable responsible investors*

The Investor Relations team is also a source of information for

the growing sustainable responsible investment community.

The team organizes special events on ArcelorMittal's corporate

responsibility strategy and answers all requests for information

sent to the Group at investor.relations@arcelormittal.com or

may be contacted at +44 7861 397 073.

*Financial calendar*

The schedule is available on ArcelorMittal's website

www.arcelormittal.com under Investors, Financial calendar.

---

| | |
|:---|:---|
| Financial results\*: |  |
| Results for the first quarter of 2026 | April 30, 2026 |
| Results for the second quarter of 2026 and half year 2026 | July 30, 2026 |
| Results for the third quarter of 2026 | November 5, 2026 |
| Meeting of shareholders: |  |
| Annual general meeting of shareholders | May 5, 2026 |

---

Management report<br>

\* Earnings results are issued before the opening of the stock exchanges on

which ArcelorMittal is listed.

Cautionary Statement Regarding Forward-Looking Statements

This annual report contains forward-looking statements based

on estimates and assumptions. This annual report contains

forward-looking statements within the meaning of the Private

Securities Litigation Reform Act of 1995. Forward-looking

statements include, among other things, statements

concerning the business, future financial condition, results of

operations and prospects of ArcelorMittal, including its

subsidiaries. These statements usually contain the words

"believes", "plans", "expects", "anticipates", "intends",

"estimates", "targets" or other similar expressions. For each of

these statements, you should be aware that forward-looking

statements involve known and unknown risks and

uncertainties. Although it is believed that the expectations

reflected in these forward-looking statements are reasonable,

there is no assurance that the actual results or developments

anticipated will be realized or, even if realized, that they will

have the expected effects on the business, financial condition,

results of operations or prospects of ArcelorMittal.

These forward-looking statements speak only as of the date on

which the statements were made, and no obligation has been

undertaken to publicly update or revise any forward-looking

statements made in this annual report or elsewhere as a result

of new information, future events or otherwise, except as

required by securities and other applicable laws and

regulations. A detailed discussion of principal risks and

uncertainties which may cause actual results and events to

differ materially from such forward-looking statements is

included in the section titled "Introduction—Risk Factors and

Control—Risk factors".

All information that is not historical in nature and disclosed

under "Operating and financial review" is deemed to be a

forward-looking statement.

**Market information**

This annual report includes industry data and projections about

the Company's markets obtained from industry surveys, market

research, publicly available information, and industry

publications. Statements on ArcelorMittal's competitive position

contained in this annual report are based primarily on public

sources including, but not limited to, published information from

the Company's competitors. Industry publications generally

state that the information they contain has been obtained from

sources believed to be reliable but that the accuracy and

completeness of such information are not guaranteed and that

the projections they contain are based on a number of

significant assumptions. The Company has not independently

verified this data or determined the reasonableness of such

assumptions. In addition, in many cases the Company has

made statements in this annual report regarding its industry

and its position in the industry based on internal surveys,

industry forecasts, market research, as well as the Company's

experience. While these statements are believed to be reliable,

they have not been independently verified.

**Financial information**

This annual report contains the audited consolidated financial

statements of ArcelorMittal and its consolidated subsidiaries,

including the consolidated statements of financial position as of

December 31, 2025 and 2024, and the consolidated

statements of operations, other comprehensive income,

changes in equity and cash flows for each of the years ended

December 31, 2025, 2024 and 2023. ArcelorMittal's

consolidated financial statements were prepared in accordance

with International Financial Reporting Standards ("IFRS") as

issued by the International Accounting Standards Board

("IASB").

The financial information and certain other information

presented in a number of tables in this annual report have

been rounded to the nearest whole number or the nearest

decimal. Therefore, the sum of the numbers in a column may

not conform exactly to the total figure given for that column. In

addition, certain percentages presented in the tables in this

annual report reflect calculations based upon the underlying

information prior to rounding and, accordingly, may not conform

exactly to the percentages that would be derived if the relevant

calculations were based on the rounded numbers. This annual

report includes net debt, operating working capital and gearing,

which are non-GAAP financial measures. ArcelorMittal believes

net debt, operating working capital and gearing to be relevant

to enhance the understanding of its financial position and

provides additional information to investors and management

with respect to the Company's operating cash flows, capital

structure and credit assessment. In addition, it refers to free

cash flow and EBITDA in its capital return policy, which will be

used to determine if the base dividend will be paid as well as in

certain incentive plans. For these purposes, EBITDA is defined

as operating income plus depreciation, impairment expenses,

special items and income (loss) from associates, joint ventures,

and other investments (excluding impairments). "Special items"

relate to events or charges that the Company does not

consider to be part of the normal income generating potential

of the business. Items may qualify as "special" although they

may have occurred in prior years or are likely to recur in

following years. Non-GAAP financial measures should be read

in conjunction with and not as an alternative for, ArcelorMittal's

financial information prepared in accordance with IFRS. Such

non-GAAP measures may not be comparable to similarly titled

measures applied by other companies.

Management report<br>

Key transactions and events in 2025

During 2025, ArcelorMittal completed several acquisitions,

capital market, share buyback transactions and divestment

processes. Please refer to notes 2.2.4, 2.3, 6.1.2 and 11.1 to

the consolidated financial statements for further details.

• On March 3, 2025, ArcelorMittal announced the

appointment of Jorge Luiz Ribeiro de Oliveira, Vice

President of ArcelorMittal and CEO of ArcelorMittal South

America Flat Products, as Executive Vice President and

an Executive Officer of ArcelorMittal as well as President

of ArcelorMittal Brasil effective April 1, 2025, to succeed

Jefferson de Paula who retired effective April 1, 2025.

• On June 18, 2025, in accordance with the definitive Equity

Purchase Agreement (the "EPA") signed between

ArcelorMittal and Nippon Steel Corporation ("NSC") on

October 11, 2024, the Company confirmed that it had

completed the acquisition of NSC's 50% equity stake in

AMNS Calvert, with ArcelorMittal already holding the

balance. The facility, subsequently renamed ArcelorMittal

Calvert, was originally acquired by ArcelorMittal and NSC

in 2014 from ThyssenKrupp for total consideration of $1.55

billion. The operation was originally built at a cost of

approximately $5 billion. It commenced operations in 2010

and has a flat rolled steel capacity of 5.3 million metric

tonnes, annually. It is one of the most advanced steel

finishing facilities in North America. In addition, a new

seven-year domestic slab supply agreement with NSC has

commenced, averaging 750,000 metric tonnes per year,

ensuring a significant portion of the slab requirements are

melted and poured in the United States. The feasibility of a

steelmaking expansion at the site, which would further

strengthen its U.S. domestic production capability, is being

assessed. The new steelmaking facility, integrated with

ArcelorMittal's HBI facility in Texas, will enable

ArcelorMittal Calvert to supply automotive customers with

lower CO2 embodied steel, melted and poured in the

United States. In accordance with the terms of the EPA,

ArcelorMittal paid $1 consideration for the shares of NS

Kote Inc., which holds 50% of the equity interest of AMNS

Calvert, in addition to cash and loans receivable of

approximately $0.9 billion.

• On September 1, 2025, ArcelorMittal South Africa

announced the commencement of the Long Steel

Business ("Longs Business") wind down implementation

plan ahead of the end of the six-month deferral period

ending on September 30, 2025. Continuation of operations

during this period had been enabled by a facility provided

by the Industrial Development Corporation of South Africa

SOC Limited in the amount of ZAR 1.7 billion ($95 million)

but efforts to secure funding to operate the Longs

Business beyond September 30, 2025 have failed. The

wind down was completed by the end of January 2026.

• On October 30, 2025, following merger control clearance

and the fulfillment of all conditions precedent, ArcelorMittal

completed the sale of its operations in Bosnia and

Herzegovina, ArcelorMittal Zenica, an integrated steel

plant, and ArcelorMittal Prijedor, an iron ore mining

business which supplies the Zenica plant, to Pavgord

Group. The Company recorded non-cash loss on disposal

of approximately $0.2 billion (including foreign exchange

losses recorded in equity since the date of acquisition).

Recent developments

• On January 29, 2026, ArcelorMittal confirmed that it had

been served by the Extraordinary Commissioners of

Acciaierie d'Italia S.p.A. ("ADI") with a writ of summons to

appear before the Court of Milan. ADI operates the Italian

steel plants owned and formerly managed by Ilva S.p.A.

('Ilva') (which is also in Extraordinary Administration).

Since 2021, ADI's holding company, Acciaierie d'Italia

Holding S.p.A. ("ADIH"), has been operated under joint

and equal control with Invitalia, an entity wholly controlled

by the Italian Ministry of Economy and Finance and

appointed by the Italian Government to implement a

public-private partnership with ArcelorMittal aimed at

relaunching and acquiring Ilva's business. The claim

alleges that ADI was mismanaged and that value was

intentionally transferred from ADI to ArcelorMittal (causing

ADI to become insolvent). The action is brought against

multiple parties - including ArcelorMittal, together with all

individuals who have served on the board of directors of

ADI. It seeks damages valued at €7.0 billion, with an

alternative valuation of €3.65 billion. ArcelorMittal is also

involved in several Italian judicial appeals relating to the

placement of ADI and ADIH in insolvency and under

extraordinary administration. ArcelorMittal will defend its

position vigorously. Moreover, in June 2025, ArcelorMittal

initiated an international arbitration against the Republic of

Italy for unlawful expropriation and discriminatory

treatment in relation to its investments in ADI, claiming

damages in excess of €1.8 billion.

• On January 30, 2026, the Government of the Republic of

Liberia and ArcelorMittal announced that they have signed

an amendment to the existing Mineral Development

Agreement ("MDA"), which was ratified on January 29,

2026 via the Liberian legislative process, extending the

duration of the agreement to 2050, with a right to renew for

a further 25 years. See "Properties and Capital

Expenditures—Mineral reserves and resources—Mining".

The agreement solidifies ArcelorMittal's long-term mining

expansion and commitment to Liberia and provides for the

Government's desire to make the Tokadeh to Buchanan

Management report<br>

rail corridor accessible to multiple users. The Company is

undertaking feasibility studies for further expansion

beyond 20 million tonnes per annum. The railway capacity

is being expanded so it can transport up to 30 million

tonnes annually. This railway capacity will be reserved for

ArcelorMittal's use. Under the terms of the agreement

ArcelorMittal will pay $200 million to the Government of

Liberia for certain rights it acquires, namely the mining

rights extension and reserved access to railroad capacity

the Company is investing in.

• Subsequent to the announcement of its 2025-2030 share

buyback program (the '2025 buyback program'), together

with an initial tranche of share repurchases, on April 7,

2025, ArcelorMittal and the Significant Shareholder have

entered into a share repurchase agreement on March 5,

2026. Under this agreement, the Significant Shareholder

has agreed to sell, on each trading day on which

ArcelorMittal purchases shares under the 2025 buyback

program, an equivalent number of shares in the proportion

of the Significant Shareholder's (44.6% at February 28,

2026) of outstanding shares of ArcelorMittal. Shares

repurchased from the Significant Shareholder will count

towards repurchases made under the 2025 buyback

program and will be made at the same weighted average

price as the ArcelorMittal Shares purchased under the

2025 buyback program on the relevant trading day in the

open market. The Significant Shareholder may terminate

this agreement at any time after the completion of the

buybacks under the initial tranche. The effect of the share

repurchase agreement is to maintain the Significant

Shareholder's percentage of voting rights in ArcelorMittal's

issued share capital (net of treasury shares) resulting from

purchases made under the Program. As a reminder, the

2006 Memorandum of Understanding entered into in

connection with the merger of Mittal Steel and Arcelor

includes a standstill that sets a 45% limit on the Significant

Shareholder's ownership of the Company's issued shares

(subject to certain limited exceptions). This share

repurchase agreement ensures that the Significant

Shareholder's voting rights will not passively exceed the

45% threshold, thereby preserving a robust free float. See

"Shareholders and Markets—Purchases of equity

securities by the issuer and affiliated purchasers" and

"Additional information—Material contracts—Memorandum

of Understanding".

Sustainable development highlights

• On February 6, 2025, ArcelorMittal announced that it is

proceeding with plans to construct an advanced

manufacturing facility in Calvert, Alabama that could

deliver up to 150,000 tonnes of domestic production

capacity of non-grain-oriented electrical steel ("NOES")

annually, depending on the product mix. NOES plays a

crucial role in the performance and efficiency of electric

motors used to power battery electric vehicles, plug in

hybrid electric vehicles and hybrid vehicles as well as

other specialized commercial, industrial, and power

generation applications. Given the nature of the US auto

market (larger vehicles, full-size pickups, SUVs) there is

rapidly growing demand for the most sophisticated NOES

for which there is limited US domestic supply capabilities.

Plans at ArcelorMittal Calvert include an annealing pickling

line, cold-rolling mill, annealing coating line, packaging and

slitter line, and ancillary equipment needed for operations.

The planned investment is expected to create up to 1,300

jobs during the construction phase and more than 200

permanent positions to support the plant's ongoing

operations. Estimated net capital expenditure is $1.3

billion (net of $0.3 billion of currently planned federal, state

and local support). The plant is anticipated to commence

production in the second half of 2027.

• On May 8, 2025, ArcelorMittal announced that its largest

renewable energy venture, a 975 MW solar and wind

project located in Andhra Pradesh, southern India, has

recently started providing clean electricity to AMNS India,

ArcelorMittal's 60/40 Indian steelmaking joint venture with

Nippon Steel. The $0.7 billion project – developed,

constructed and commissioned by AM Green Energy, a

wholly owned ArcelorMittal subsidiary - is expected to

reduce AMNS India's carbon emissions by 1.5 million

tonnes per year, supporting AMNS India's target to reduce

the carbon intensity of the steel it produces by 20% by

2030 (against a 2021 baseline).

• On May 15, 2025, ArcelorMittal confirmed its intention to

invest €1.2 billion in a first EAF in Dunkirk to decarbonize.

This, together with the recent investments announced

(€254 million in Dunkirk and €53 million in Fos) and the

new electric steels production unit under construction in

Mardyck, which is set to complete by end of this year

(€500 million investment), totals €2 billion of investment

and demonstrates ArcelorMittal's intention to maintain a

thriving and sustainable steel-making business in France.

• On June 19, 2025, ArcelorMittal announced that it cannot

proceed with its previously announced direct reduced iron

("DRI") and EAF plans for the decarbonization of its flat

steelmaking sites in Bremen and Eisenhüttenstadt. As the

contract with the Federal government of Germany, for €1.3

billion of financial assistance required construction on the

DRI-EAF project to commence by June 2025, the

Company has been obliged to formally notify the

government that it cannot proceed with these investments,

given the realities of the market and the economics of low-

carbon emissions steelmaking. In line with the Company's

Management report<br>

intention to take a phased approach to its decarbonization

in Europe, the next step in Bremen and Eisenhüttenstadt

will focus on detailed planning for the construction of

EAFs, to be ready for a scenario in which there is a strong

business case for EAF-based production in these sites.

• On December 22, 2025, ArcelorMittal announced three

new renewable energy projects in India totaling 1GW of

nominal solar and wind capacity. Upon completion the

projects will double ArcelorMittal's renewable energy

capacity in India to 2GW and increase the Company's total

global renewable energy capacity to 3.3GW. Total capital

expenditure for the three projects is anticipated to be $0.9

billion and the power generated will be supplied to AMNS

India, ArcelorMittal's 60/40 Indian steelmaking joint

venture with NSC.

Recent developments

• On February 10, 2026, ArcelorMittal announced the

construction of an EAF at its steelmaking site in Dunkirk –

a strategic €1.3 billion investment which marks a major

step in the decarbonization of ArcelorMittal's steel

production in France. The start-up of this 2-million-tonne

EAF is scheduled for 2029. It is expected to produce steel

with three times less CO2 compared with a blast furnace

(0.6 tonne CO2 per tonne of steel in the EAF based on a

mix of scrap, HBI/DRI and hot metal). Its funding will be

supported by Energy Efficiency Certificates ("CEE"), a

regulatory mechanism that promotes energy savings and

CO₂ reduction. The amount of support will represent 50%

of the €1.3 billion investment.

Risk Factors and Control

Risk factors

ArcelorMittal's business, financial condition, results of

operations, reputation or prospects could be materially and

adversely affected by one or more of the risks and

uncertainties described below.

*I. Risks related to the global economy and the mining and steel* 

*industry*

**Prolonged low steel and (to a lesser extent) iron ore** 

**prices, low steel demand and/or steel/iron ore oversupply** 

**would have an adverse effect on ArcelorMittal's results of** 

**operations, cash flows and financial position.**

ArcelorMittal's profitability is highly sensitive to volatile steel

and iron ore prices. Steel price movements directly affect

margins, while iron ore price changes influence both ore

revenues and steel pricing, with timing lags that can compress

margins. Contract structures have, and in the future may,

extend the impact of declining steel prices beyond movements

in spot markets.

Prices for both commodities are driven by supply–demand

conditions and inventory cycles, which in turn depend on

trends in cyclical end-use sectors (particularly the automotive

industry) and broader macroeconomic factors such as

geopolitical tensions (including conflicts, such as the ongoing

military conflicts in the Middle East), trade policies, monetary

policy shifts, and disruptive events. Economic downturns have

historically resulted in lower steel demand and prices, reduced

operating income, and lower operating cash flows.

Persistent global overcapacity—particularly in long products—

continues to pressure the industry. The imbalance is amplified

during periods of economic weakness, contributing to weaker

demand, increased exports, and lower prices (regionally and/or

globally). China's reduced steel demand since the second

quarter of 2024 has not been matched by equivalent

production cuts, leading to increased Chinese exports into

global markets, including the Company's core regions, thereby

depressing prices and increasing inventories. See also "—

Unfair trade practices, import tariffs and/or barriers to free trade

could negatively affect steel prices and ArcelorMittal's results of

operations in various markets."

Inventory cycles also influence apparent demand and pricing.

Distributors often accumulate steel during low-price periods

and later destock, delaying the effect of rising demand on

prices. Conversely, expectations of lower prices can lead

customers to reduce purchases and destocking, adding

downward pressure. In 2025, demand remained subdued with

limited restocking. In 2026, global ASC growth is expected to

improve gradually. Demand is supported by fading uncertainty,

increased fiscal spending (such as in the U.S., Germany and

China), and lagged positive impact from lower interest rates,

absent any renewed tariff shocks. Therefore, renewed tariff

shocks would very likely negatively affect demand.

Oversupply in the iron ore market has previously depressed

prices, which may recur if global economic conditions

deteriorate, Chinese demand weakens further, new mining

capacity increases supply, or steel demand declines.

Prolonged periods of low steel and iron ore prices, or sustained

oversupply in key markets, would materially and adversely

affect ArcelorMittal's results, cash flows, and financial

condition.

**Volatility in the prices and supply of raw materials and** 

**energy or mismatches between steel prices and raw** 

**material prices could adversely affect ArcelorMittal's** 

**results of operations, cash flows and financial position.**

ArcelorMittal's profitability depends on reliable and

competitively priced supplies of raw materials and energy,

while the prices of both have been highly volatile. Steel

production requires significant volumes of iron ore, coking coal,

coke and energy. Although the Company sourced 72% of its

Management report<br>

iron ore internally from its mining operations in 2025, it remains

exposed to supply and price volatility for third-party purchases.

Ongoing industry decarbonization may further increase or

destabilize costs, particularly for energy, CO₂ and scrap. See

"Business overview—Products—Mining products", "Business

overview—Raw materials and energy" and "Operating and

financial review—Key factors affecting results of operations—

Raw materials".

Energy and transportation are also major input costs. Prices for

electricity, natural gas, industrial gases, diesel and transport

services are sensitive to supply–demand conditions and

geopolitical conflicts. While some supply contracts are

long-term, ArcelorMittal has experienced and remains exposed

to significant price fluctuations and potential curtailments

during peak usage periods, as well as supply disruptions, in

particular due to geopolitical disruptions. Such events can

result (and have in the past resulted) in sharp and prolonged

increased and volatile energy and transportation costs

(including recently due to the escalating military conflicts in the

Middle East), reductions in steel demand from affected

customers, and production cuts.

Steel and raw material prices do not always move in tandem,

particularly in Europe and North America. Sudden spikes in raw

material or energy costs can create negative price-cost effects,

which are considered structural in the industry. See "Operating

and financial review—Key factors affecting results of

operations". Compressed steel spreads have, in the past, led

the Company to reduce or idle production at certain facilities.

These actions do not eliminate all operating costs, can result in

increased expenses to resume production and may affect the

long-term condition of idled assets.

**Unfair trade practices, import tariffs and/or barriers to free** 

**trade could negatively affect steel prices and** 

**ArcelorMittal's results of operations in various markets.** 

ArcelorMittal is exposed to the effects of dumping and other

unfair trade practices, as well as to government subsidies that

support steel producers in certain countries, particularly those

with centrally controlled economies such as China. Periods of

weak global steel demand heighten the risk of increased

volumes of unfairly traded imports into ArcelorMittal's key

markets—Europe, North America and Brazil—placing

downward pressure on prices and demand for its products.

The Company is also vulnerable to import tariffs, trade barriers,

protectionist measures and major trade disputes given its

global footprint. These risks have in part been realized and

continue to increase since 2025 following actions by countries

including the United States, Brazil, Turkey and India. For

example, the U.S. Section 232 measures have imposed a 50%

tariff on all steel imports as from June 2025; additional tariffs

have been applied to products containing significant steel

content, such as automobiles; and additional tariffs have at

times been suggested by the U.S. administration. Export sales

to the U.S. amounted to $6.9 billion in 2025 compared to $6.7

billion in 2024. Retaliatory measures have also been

announced by China, Canada and the European Union. As in

2018, Section 232 measures have negatively affected the

Company's North America segment through their impact on

costs and Canadian and Mexican pricing and have also

negatively impacted the exports of the Brazil segment. Trade

policy uncertainty has further weighed on economic activity and

demand. The potential effects of additional tariffs or prolonged

trade tensions on global growth, steel demand, steel and iron

ore prices, and input costs remain unclear.

In addition, certain ArcelorMittal operations are respondents in

anti-dumping and countervailing duty cases, and the

Company's exports have been—and may continue to be—

subject to such duties or other trade restrictions.

See also "Government regulations—Foreign trade".

**Russia's invasion of Ukraine, international reaction to it (in** 

**particular in the form of sanctions) and any regional or** 

**global escalation of the conflict, could adversely affect the** 

**Company's business, results of operations and financial** 

**condition.**

The Company has significant operations in Ukraine, consisting

of a steel plant and (captive) mines. See "Properties and

capital expenditures—Property, plant and equipment—Others".

ArcelorMittal Kryvyi Rih ("AMKR") has been operating its open

pit mines and steel facilities at various levels of under-capacity

since 2022 due to various difficulties (including at 73% and

35% capacity, respectively, in 2025). The Company cannot

predict the duration of the idling or of lower production as it will

depend on the remaining course of the conflict and the

establishment of safe and stable operating and logistical

conditions thereafter, as well as potential repairs of any

damages sustained. The Russian army has also blocked ports

in Odessa, complicating and increasing the cost of exports

(including steel and iron ore) from Ukraine. The ongoing

conflict, its impact on demand, logistics (with respect to both

supply and delivery) and costs and any resulting further

reduced production, sales and income at its Ukrainian

operations have caused the Company to record impairment

charges (and may be required to record additional charges in

the future). For further information on these risks, see notes 1.3

and 5.3 to the consolidated financial statements.

The imposition of extensive sanctions on Russia by the EU, the

U.S., the UK and other countries could affect the Company's

sourcing of raw materials from sanctioned countries. Any

business conducted in Russia and with Russian counterparties

also carries the risk of non-compliance with economic

sanctions (and the attendant financial and reputational adverse

consequences), despite best efforts to comply. In addition,

sanctions may remain in place beyond the duration of any

Management report<br>

military conflict and have a long-lasting impact on the region

and could adversely impact the Company's results of

operations and financial condition. More generally the conflict

could have a further material adverse effect on the overall

macroeconomic environment, including as a result of any

substantial military escalation at a regional or global level (see

"—Volatility in the prices and supply of raw materials and

energy or mismatches between steel prices and raw material

prices could adversely affect ArcelorMittal's results of

operations, cash flows and financial position").

**Competition from other materials and alternative steel-**

**based technologies could reduce market prices and** 

**demand for steel products and thereby reduce** 

**ArcelorMittal's cash flows and profitability.**

In many of its applications, steel competes with other materials

that may be used as substitutes, such as aluminum, concrete,

composites, glass, plastic and wood. In particular, as a result of

increasingly stringent regulatory requirements, as well as

developments in alternative materials, designers, engineers

and industrial manufacturers, especially those in the

automotive industry, have increased their use of lighter weight

and alternative materials, such as aluminum and plastics.

A loss of market share to substitute materials, increased

government regulatory initiatives favoring the use of alternative

materials, as well as the development of additional new

substitutes for steel products could significantly reduce market

prices and demand for steel products and thereby reduce

ArcelorMittal's cash flows and profitability.

New technologies such as carbon free steelmaking could also

result in a loss of market share if competitors develop and

deploy this kind of technology before, or more effectively than

ArcelorMittal. In addition, to the extent regulatory requirements

and/or customer demand for low carbon or carbon neutral steel

increase, competition with respect to low CO2 steel

technologies may become more significant, leading to

substantial input cost increases, due to the need to accelerate

investments in new production methods, equipment and

facilities.

*II. Risks related to sustainability* 

**The Group's announced carbon-intensity reduction targets** 

**are contingent on supportive economics enabled by policy** 

**and market conditions, including competitive energy** 

**prices, timely availability of cost-competitive clean energy,** 

**permitting and infrastructure delivery, effective trade and** 

**carbon-leakage tools, and the emergence of lead markets** 

**for low-carbon steel at scale. Future developments may** 

**affect such assumptions, and this may render the** 

**achievement of ArcelorMittal's targets more difficult, or** 

**even impossible, to achieve for cost or other reasons.**

The Company's decarbonization strategy includes the objective

of net zero by 2050. The Company's medium-term objective

and associated decarbonization capital expenditures are

currently under review to reflect technology readiness levels,

supportive cost and availability of clean energy, associated

infrastructure build-out, and permitting timelines. ArcelorMittal's

ability to achieve its objectives depends on numerous factors

and assumptions, including cost-competitive clean energy

supply, practical sequencing of asset technology conversions,

the maturity and availability of shared infrastructure, demand

signals (e.g., contracts-for-difference, lead-market

procurement), and fair competition instruments at the border.

The development and deployment of low-emissions

technologies depends on supportive economics enabled by

coherent policy and market conditions—including predictable

carbon-cost signals where applicable, competitive energy

pricing, and robust demand for low-carbon-emissions steel to

secure a genuine level playing field. For example, in June

2025, the Company announced that it was unable to proceed

with its previously announced plans for the decarbonization of

certain German flat-steelmaking sites due to market and

energy economics, including weak demand, high levels of

imports, high power costs, the lack of viability of green

hydrogen at scale, and the non-competitiveness of natural-gas

DRI as an interim solution. The Company indicated a phased

approach prioritizing planning for EAFs, subject to supportive

economics. While the EU remains the most advanced region in

combining a domestic emission trading system ("EU-ETS")

with a Carbon Border Adjustment Mechanism ("CBAM"), the

Company continues to seek supportive policies to address

carbon leakage and circumvention and to maintain fair

competition. CBAM entered its definitive regime on January 1,

2026 (following the 2023–2025 transitional phase). The

Commission's December 2025 package operationalized the

regime and proposed scope extensions to steel-intensive

downstream goods and stronger anti-circumvention rules; the

timelines and content of these proposed extensions remain

subject to the ordinary legislative procedure. This may not be

sufficient to address issues related to downstream imports

containing high-carbon-emissions steel. The EU has also

proposed a new Tariff Rate Quota ("TRQ") system, which

would complement any CBAM obligations. Any future

international arrangement could affect the implementation or

effectiveness of CBAM.

In addition, ArcelorMittal's targets have been supported by the

expectation that public funding and supportive policy would

complement private investment during the transition. Although

funding from certain governments has been approved, such

support is subject to changes in government and policy and

may ultimately not be achieved. The Company's principal

decarbonization risk relates to European market economics,

while policy developments in other jurisdictions (e.g., U.S.

legislative and executive actions in 2025 affecting clean-energy

Management report<br>

tax credits and eligibility) also introduce uncertainty for

counterparties and supply chains.

A lack of governmental and societal support could make the

Company's targets more costly, more difficult, or even

impossible to achieve. If the Company is unable to make the

necessary investments to decarbonize and reach its targets

due to the design of governmental policy in Europe or other

jurisdictions where it operates, this could negatively affect its

competitiveness, profitability, cash flows, financing costs,

results of operations, and financial condition, as well as harm

its reputation. Similarly, pursuing decarbonization investments

that are not economically competitive could have comparable

effects on the Company's market position and profitability.

**Laws and regulations restricting emissions of greenhouse** 

**gases could force ArcelorMittal to incur increased capital** 

**and operating costs and could have a material adverse** 

**effect on ArcelorMittal's results of operations, financial** 

**condition and reputation.** 

The integrated steel process involves significant carbon

footprint. Compliance with new and more stringent

environmental obligations relating to greenhouse gases

("GHG") emissions, including as part of the EU's "Fit for 55"

package, may require additional capital expenditures or

modifications in operating practices. See "Business Overview

—Government regulations—Environmental laws and

regulations".

The new laws are interconnected, and they combine: tightening

and extending the existing EU-ETS; increased use of

renewable energy; greater energy efficiency; a faster roll-out of

low emission transport modes and the infrastructure and fuels

to support them; an alignment of taxation policies with the

European Green Deal objectives; the CBAM to prevent carbon

leakage; and tools to preserve and grow natural carbon sinks.

From 2026 onward, EU operations face higher carbon-cost

exposure as free allocations begin to phase out through 2034

and CBAM enters its definitive regime (following the 2023–

2025 transitional phase). Phase IV (2021–2030) is in force;

EUA prices have been volatile and remain above pre-2020

levels, with uncertainty about future trajectories. The

progressive phase-out of free allocations (2026–2034) will

increase the Company's net requirements to purchase

emission allowances for installations in sectors within the

scope of the EU-ETS and thereby raising exposure to carbon

costs, while CBAM obligations ramp up in parallel for imports.

As a result, the Company will be subject to additional

carbon-cost exposure arising from allowance purchases and

interactions between the EU-ETS and CBAM. Additionally, the

effectiveness and design of CBAM remain subject to

uncertainty, including due to potential circumvention through

resource shuffling, the extent to which costs may be absorbed

(rather than passed through) and the lack of an export solution

and have been recognized in Commission reviews and industry

analyses; proposed anti-circumvention measures and

extensions of CBAM to certain downstream products. Although

CBAM became financially binding for imports made from

January 1, 2026, the timing of certificate sales, surrender

obligations and pricing—linked to EU-ETS auction prices—may

affect cash flows and lead to administrative burdens.

Similar regulations have been implemented to date in several

jurisdictions, and additional measures may well be enacted in

the future in other jurisdictions. Whether in the form of a

national or international cap-and-trade emissions permit

system, a carbon tax or acquisition of emission rights at market

prices, emissions controls, reporting requirements, or other

regulatory initiatives, such environmental regulations could

have a negative effect on ArcelorMittal's production levels,

results of operations, cash flows and credit ratings. These

regulations could also negatively affect the Company's

suppliers and customers, which could translate into higher

costs and lower sales.

Furthermore, many developing nations have not yet instituted

significant GHG regulations, and the Paris Agreement

specifically recognizes that GHG emissions will peak later in

developing countries. As the Intended Nationally Determined

Contributions ("INDC") for developing nations under the Paris

Agreement may be less stringent than for developed nations in

light of different national circumstances, ArcelorMittal may be at

a competitive disadvantage relative to steelmakers having

more or all of their production in developing countries.

Depending on the extent of the difference between the

requirements in developed regions (such as Europe) and

developing regions (such as China), this competitive

disadvantage could be severe and has resulted, and in the

future may result, in production cuts due to relatively higher

carbon costs rendering production structurally unprofitable.

See "Properties and capital expenditures—Property, plant and

equipment" for further information regarding production levels

by segment.

In addition, the Company is exposed to the risk of frameworks

and regulations being adopted that are ill-adapted to steel

industry dynamics. For example, the most established

framework for carbon pricing and emissions trading schemes is

currently the EU-ETS discussed above. As indicated above,

while a CBAM has been adopted to limit competitive distortions

from the ETS, its effectiveness will depend on the robustness

of anti-circumvention provisions, the treatment of exports, and

demand-side instruments that create lead markets.

Furthermore, in December 2025, the Council and Parliament

reached a provisional agreement to amend the European

Climate Law, introducing a binding intermediate 2040 target of

a 90% reduction in net GHG emissions compared to 1990,

implying future reviews of the post-2030 policy architecture and

Management report<br>

EU-ETS cap. On February 10, 2026, Parliament backed a

political agreement with the Council on this topic.

For further information on environmental laws and regulations

and how they affect the Company's operations, see "Business

overview—Government regulations—Environmental laws and

regulations" and note 9.1 to the consolidated financial

statements.

**ArcelorMittal is subject to strict environmental, health and** 

**safety laws and regulations that could give rise to a** 

**significant increase in costs and liabilities.** 

ArcelorMittal is subject to a broad range of environmental,

health and safety ("EHS") laws and regulations in each of the

jurisdictions in which it operates. These laws and regulations

impose increasingly stringent standards regarding health and

safety, air emissions, discharges of wastewater, emission or

discharge of pollutants, the use, handling and transportation of

hazardous, toxic or dangerous materials, waste disposal

practices and the remediation of environmental contamination,

and permit requirements, among other things. The costs of

complying with, and the imposition of liabilities pursuant to

these laws and regulations can be significant, including to

comply with new and more stringent obligations, and may

require additional capital expenditures or modifications in

operating practices, including in connection with any corrective

actions. Failure to comply or to take corrective action can result

in civil and or criminal penalties being imposed, the revocation

or suspension of permits, requirements to curtail or suspend

operations, substantial fines or sanctions, enforcement actions,

natural resource damages claims, cleanup and closure costs,

and lawsuits by third parties.

Despite ArcelorMittal's efforts to comply with EHS laws and

regulations, and monitor and reduce accidents at its facilities,

health, safety and environmental incidents or accidents,

including those involving serious injury or death, have occurred

and may in the future occur. Such accidents could include (and

in certain instances have included) explosions or gas leaks,

fires or collapses in underground mining operations, crushing

incidents, vehicular accidents, falls while working at heights,

and other accidents involving mobile equipment, or exposure to

radioactive or other potentially hazardous, toxic or dangerous

materials, which have had, and could in the future have,

significant adverse consequences for the Company's workers

and facilities, as well as the environment. For example, each

year the Company's operations have suffered several fatal

accidents.

Certain of these incidents may result in costs and liabilities and

negatively impact the Company's reputation or the operations

of the affected facilities. Such accidents could lead to

production stoppages, loss of personnel, loss of key assets, or

put at risk the Company's employees (and those of sub-

contractors and suppliers) or persons living near affected sites.

In addition, any gap between community and worker

expectations and ArcelorMittal's EHS perceived performance,

as a result of any accidents, safety incidents or even the

perception of potential safety or environmental issues, may

negatively impact community relations, labor relations,

customer relations and the Company's reputation and result in

disruptions to the Company's operations. ArcelorMittal's

operations may also be located in areas where individuals or

communities could regard its activities as having a detrimental

effect on their natural environment and conditions of life, and

actions taken by such individuals or communities in response

to such concerns could compromise ArcelorMittal's profitability

or, in extreme cases, the viability of an operation or the

development of new activities in the relevant region or country.

ArcelorMittal also incurs costs and liabilities associated with the

assessment and remediation of contaminated sites, and in its

mining activities, those resulting from tailings and sludge

disposal, effluent management, and rehabilitation of land

disturbed during mining processes. In addition to the impact on

current facilities and operations, environmental remediation

obligations can give rise to substantial liabilities in respect of

divested assets and past activities. This may also be the case

for acquisitions when liabilities for past acts or omissions are

not adequately reflected in the terms and price of the

acquisition. ArcelorMittal could become subject to further

remediation obligations in the future, as additional

contamination is discovered or clean-up standards become

more stringent.

In addition, if sustainability information disclosed in accordance

with regulatory requirements (such as under the Corporate

Sustainability Reporting Directive, Taxonomy Regulation or

California's climate disclosure laws) or otherwise results in

financial institutions or other stakeholders (including the public)

viewing investments in steel and mining as undesirable, it may

become more difficult and/or more expensive for the Company

to obtain financing. While the Company has taken significant

steps and continues to adapt its operations in light of climate

change and the need for sustainability, such steps may not be

in line with future frameworks or regulations or market views of

investment suitability. Moreover, the Company may in the

future face increasing shareholder activism and/or litigation in

relation to sustainability matters.

For further information, see "Business overview—Sustainable

development—Health and safety" and "Business overview—

Government regulations—Environmental laws and regulations"

and note 9.1 to the consolidated financial statements.

Management report<br>

*III. Risks related to ArcelorMittal's operations*

**ArcelorMittal could experience labor disputes that could** 

**have an adverse effect on its operations and financial** 

**results.**

A majority of ArcelorMittal's employees and contractors are

represented by labor unions and covered by collective

bargaining or similar agreements, which are subject to periodic

renegotiation. Strikes and work stoppages have occurred, and

are likely to occur in the future, at various ArcelorMittal facilities

prior to or during negotiations preceding new collective

bargaining agreements, during wage and benefits negotiations

or during other periods for other reasons, in particular in

connection with any announced intentions to adapt its footprint.

Strikes or work stoppages, particularly when prolonged, could

disrupt ArcelorMittal's operations and relationships with its

customers, as well as limit its ability to rationalize operations

and reduce labor costs in certain markets, resulting in an

adverse effect on its operations and financial results.

**Disruptions to ArcelorMittal's manufacturing processes** 

**and mining operations caused for example by equipment** 

**failures, natural disasters, accidents, explosions,** 

**epidemics or pandemics, geopolitical conflicts or extreme** 

**weather events could adversely affect its operations,** 

**customer service levels and financial results and liabilities**

Steel manufacturing processes are dependent on critical steel-

making equipment, such as furnaces, continuous casters,

rolling mills and electrical equipment (such as transformers),

and such equipment may incur downtime as a result of

unanticipated failures or other events, such as fires,

explosions, furnace breakdowns or as a result of natural

disasters, accidents, epidemics or pandemics or severe

weather conditions. ArcelorMittal's manufacturing plants and

mines have experienced, and may in the future experience,

plant shutdowns or periods of reduced production as a result of

such events.

ArcelorMittal's mining operations, in particular, are subject to

the hazards and risks usually associated with the exploration,

development and production of natural resources through

either open-pit or underground mining operations, any of which

could result in production shortfalls or damage to persons or

property, delay production, increase production costs and

result in death or injury to persons, damage to property and

liability for ArcelorMittal, some or all of which may not be

covered by insurance, as well as substantially harm

ArcelorMittal's reputation, both as a Company focused on

ensuring the health and safety of its employees and more

generally. Certain of these incidents have resulted or may

result in fatalities, production stoppages, governmental

investigations or proceedings and/or in costs and liabilities and

negatively impact the Company's reputation or the operations

of the affected facilities. Such hazardous incidents could also

lead to loss of key personnel, loss of key assets, or health and

safety risks for ArcelorMittal's employees (and those of sub-

contractors and suppliers) or persons living near affected sites.

See also "—ArcelorMittal is subject to strict environmental,

health and safety laws and regulations that could give rise to a

significant increase in costs and liabilities". Conflicts may also

cause interruptions to operations; see "—Russia's invasion of

Ukraine, international reaction to it (in particular in the form of

sanctions) and any regional or global escalation of the conflict,

could adversely affect the Company's business, results of

operations and financial condition".

In addition, natural disasters and severe weather conditions

have led, and could in the future lead, to significant damage at

ArcelorMittal's production facilities and general infrastructure or

cause shutdowns, including due to earthquakes, tsunamis,

tornados, hurricanes and bush fires. More generally, changing

weather patterns and climatic conditions in recent years,

possibly due to climate change, have added to the

unpredictability and frequency of natural disasters.

Severe weather conditions can also affect ArcelorMittal's

operations in particular due to the long supply chain for certain

of its operations and the location of certain operations in areas

subject to harsh winter conditions (i.e., Canada) or areas that

are susceptible to droughts (i.e., South Africa, Mexico and

Brazil). Water in particular is crucial to the steelmaking

process, and the risk that the authorities may restrict licenses

to withdraw water as a result of chronic drought could increase

operating costs and reduce production capacity. Flooding has

also affected ArcelorMittal's operations, impacting shipment

volumes due to handling and logistic constraints. Damage to

ArcelorMittal production facilities due to natural disasters and

severe weather conditions could, to the extent that lost

production cannot be compensated for by unaffected facilities,

adversely affect its business, results of operations or financial

condition. More generally, these severe weather conditions

could increase in frequency and severity due to climate

change.

**ArcelorMittal's reserve and resource estimates may** 

**materially differ from mineral quantities that it may be able** 

**to actually recover; ArcelorMittal's estimates of mine life** 

**may prove inaccurate; and changes in iron ore prices,** 

**operating and capital costs and other assumptions used** 

**to calculate these estimates may render certain reserves** 

**and resources uneconomical to mine.** 

There is a degree of uncertainty attributable to the estimation

of mineral reserves and resources. Until mineral reserves and

resources are actually mined and processed, the quantity of

metal and grades must be considered as estimates only and

no assurance can be given that the indicated levels of metals

will be produced.

The estimation of mineral reserves and resources is a

subjective process that is partially dependent upon the

Management report<br>

judgment of the qualified persons preparing such estimates.

The process relies on the quantity and quality of available data

and is based on knowledge, mining experience, statistical

analysis of drilling and sampling results and industry practices.

Valid estimates made at a given time may significantly change

when new information becomes available.

ArcelorMittal periodically updates its mineral reserve and

resources estimates based on the conclusions of the relevant

qualified persons with respect to new data generated from

exploratory and infill drilling campaigns, results from technical

studies and the experience acquired during the operation of the

mine and metallurgical processing, as well as changes to the

assumptions used to calculate these estimates. Additional data

generated may not be consistent with the data on which

previous mineral resources and mineral reserves were based.

Therefore, estimates may change from period to period or may

need to be revised, and there can be no assurance that the

mineral resources or mineral reserves in this report will be

recovered at the grade, quality or quantities presented.

As a result, there can be uncertainty in the assumptions used

that may materially impact and result in significant changes to

the Company's current estimates. The assumptions that can

fluctuate may include, but are not limited to: market prices

including long-term forecasts; operating and capital costs;

changes to estimation input parameters and techniques; and

changes to cut-off grades, mining, and metallurgical recovery

rates and, with respect to mineral resources, further

engineering, legal and economic feasibility that would allow for

the conversion to mineral reserves. These changes may also

render some or all of ArcelorMittal's current proven and

probable mineral reserves and measured and indicated mineral

resources uneconomic to exploit and may ultimately result in a

reduction of mineral reserves and resources. In addition, no

assurance can be given that mineral resources (in particular

inferred mineral resources, which are subject to a greater

amount of uncertainty as to their existence and their economic

and legal feasibility) will be upgraded to a higher category or

that any of the mineral resources not already classified as

mineral reserves will be reclassified as mineral reserves.

If a project proves not to be economically feasible by the time

ArcelorMittal is able to exploit it, ArcelorMittal may incur

substantial losses and be obliged to recognize impairments. In

addition, potential changes or complications involving

metallurgical and other technological processes that arise

during the life of a project may result in delays and cost

overruns that may render the project not economically feasible.

In addition, ArcelorMittal faces rising extraction costs over time

as reserves deplete.

**ArcelorMittal's reputation and business could be** 

**materially harmed as a result of data breaches, data theft,** 

**unauthorized access or suspected or successful hacking.**

ArcelorMittal's operations depend on the secure and reliable

performance of its information technology systems.

ArcelorMittal, has experienced, and continues to experience,

increasing intrusion attempts on its computer networks through

sophisticated and targeted phishing, ransomware and virus

attacks, some of which have resulted, and may in the future

result, in breaches of its information technology security. See

"—Cybersecurity".

Adverse consequences of technological advances like Industry

4.0, Cloud Computing, Internet of Things, GenAi and

Blockchain may continue to increase threats or cause damage

to ArcelorMittal, for example by impacting shop-floor systems

supporting production and maintenance and thereby forcing

plant operations to revert to manual mode with loss of

production, resulting in new risks to ArcelorMittal's operations

and systems. Because the techniques used to obtain

unauthorized access, disable or degrade service or sabotage

systems change frequently and often are not recognized until

launched against a target, the Company may be unable to

anticipate these techniques or to implement in a timely manner

effective and efficient countermeasures. Although ArcelorMittal

performs annual cyber maturity assessments in many of its

business units, which are supplemented by in-depth cyber

audits and penetration testing exercises performed by

ArcelorMittal Global Assurance, the risk of significant data

breaches, data theft, unauthorized access, successful hacking,

or third-party compromise cannot be eliminated. There may

also be an increased risk of cybersecurity breaches due to

ongoing geopolitical tensions involving Russia or China. See

also "—Cybersecurity".

If unauthorized parties attempt or manage to bring down the

Company's website or force access into its information

technology systems, they may be able to misappropriate

personal and confidential information, cause interruptions in

the Company's operations, damage its computers or process

control systems or otherwise damage its reputation and

business. Any compromise of the security of the Company's

information technology systems or those of its suppliers or

service providers could impact the Company's ability to

maintain operations, disrupt the provision of services, result in

a loss of confidence in the Company's security measures,

subject it to litigation, civil or criminal penalties, regulatory

actions (e.g., under the EU's General Data Protection

Regulation) or adverse publicity, any of which could adversely

affect its financial condition and results of operations.

*IV. Risks related to ArcelorMittal's acquisitions and investments* 

**ArcelorMittal has grown through acquisitions and may** 

**continue to do so. Failure to manage external growth and** 

**difficulties completing planned acquisitions or integrating** 

Management report<br>

**acquired companies could harm ArcelorMittal's future** 

**results of operations, financial condition and prospects.**

The Company has made several large acquisitions in recent

years. To the extent ArcelorMittal continues to pursue

significant acquisitions, the associated financing may

(depending on the structure) result in increased debt, leverage

and gearing. Acquisitions also entail increased operating costs,

as well as greater allocation of management resources away

from daily operations. Managing acquisitions requires the

continued development of ArcelorMittal's financial and

management information control systems, the integration of

acquired assets with existing operations, the adoption of

manufacturing best practices, handling any labor disruptions

that may arise, attracting and retaining qualified management

and personnel as well as the continued training and

supervision of such personnel, and the ability to manage the

risks and liabilities associated with the acquired businesses.

Acquisitions also have resulted, and may in the future result, in

subsequent disputes or financial liabilities, including in respect

of put options granted to selling shareholders over a retained

minority stake. See note 9.3 to the consolidated financial

statements for further information. In addition, acquisitions may

entail future capital expenditures, either as a condition or in

order to realize synergies, operational efficiencies or strategic

benefits. Such capital expenditure may not provide the

anticipated return on investment. More generally, failure to

manage acquisitions could have a material adverse effect on

ArcelorMittal's business, financial condition, results of

operations or prospects.

**ArcelorMittal is currently and in the future may be subject** 

**to legal proceedings or other proceedings, which could** 

**negatively affect the Company's profitability and cash** 

**flows in a particular period.** 

ArcelorMittal's profitability or cash flows in a particular period

could be affected by adverse rulings in current and future legal

proceedings against the Company, which may be long and

protracted, entail substantial legal expenses, involve significant

management time and result in substantial provisions or losses

being recorded. See "—Key transactions and events in 2025—

Recent developments" and note 9.3 to the consolidated

financial statements.

**ArcelorMittal's strategic growth, maintenance and** 

**decarbonization projects are subject to financing,** 

**execution and completion risks.** 

The Company has announced a number of strategic growth

and decarbonization projects, which are capital intensive, and

also regularly invests in significant maintenance capital

expenditures. See "Properties and capital expenditures—

Property, plant and equipment—Investments in joint ventures"

and "Properties and capital expenditures—Capital

expenditures". The cost or time to complete any of these

projects may prove to be greater than originally anticipated.

Timely completion in accordance with budgeted amounts and

successful operation may be affected by factors beyond the

control of ArcelorMittal. These factors include receiving

financing on reasonable terms, obtaining or renewing required

regulatory approvals and licenses, securing and maintaining

adequate property rights to land and mineral resources, local

opposition to land acquisition or project development, stability

and economic viability of applicable regulatory framework,

managing relationships with or obtaining consents from other

shareholders, revision of economic viability projections,

demand for the Company's products, local environmental or

health-related conditions, and general economic conditions.

Any of these factors may cause the Company to delay, modify

or forego some or all aspects of its development projects. For

investment projects that the Company expects to fund primarily

through internal sources, these sources may prove insufficient

depending on the amount of internally generated cash flows

and other uses of cash, and the Company may need to choose

between incurring external financing or foregoing the

investment. The Company cannot guarantee that it will be able

to execute its greenfield, brownfield or other investment

projects, and to the extent that they proceed, that it will be able

to complete them on schedule, within budget, or achieve the

volumes, revenues or anticipated return on its investment.

Conversely, should the Company decide to postpone or cancel

development projects, it could incur various negative

consequences such as litigation or impairment charges, as well

as loss of anticipated strategic benefits.

**ArcelorMittal faces risks associated with its investments in** 

**joint ventures and associates.** 

ArcelorMittal holds numerous joint venture and associate

investments with a total carrying amount of $10.4 billion as of

December 31, 2025. See "Properties and capital expenditures

—Property, plant and equipment—Investments in joint

ventures" and note 2.4 to the consolidated financial

statements. These investments expose the Company to

several risks.

First, joint ventures and associates inherently involve shared

control or significant influence rather than full control, creating

risks of deadlock, slower decision-making and challenges in

executing strategy. Where partners manage operations, there

is also a risk that their practices may not fully align with

ArcelorMittal's standards, including controls, health, safety,

environmental and community requirements, which could lead

to higher costs, including for remediation measures, reduced

output or operational incidents affecting results and reputation.

Second, joint ventures may require significant financial support.

Although they are responsible for their own debt, ArcelorMittal

has guaranteed certain obligations (see note 9.4). If a joint

venture faces financial difficulties, the Company may be

required to make substantial cash contributions, extend loans

Management report<br>

or honor guarantees, and may also face losses on its

investment.

Financial exposure is particularly high for strategic joint

ventures undergoing expansion and development. AMNS India

is in particular pursuing large-scale growth initiatives that may

not materialize as planned or may require

higher-than-expected capital. It has also undertaken recent

acquisitions financed through its own cash and existing

facilities (including shareholder-guaranteed financings), and

future acquisitions are expected to follow a similar approach.

Its announced $7.7 billion capital expenditure program may

also face cost overruns. These risks are compounded by the

need for alignment between joint venture partners.

ArcelorMittal's joint venture and associate investments have

resulted—and may continue to result—in impairments; for

example, the Company recorded a $1.4 billion impairment on

its investment in ADI in 2023.

*V. Risks related to ArcelorMittal's financial position and* 

*organizational structure* 

**Changes in assumptions underlying the carrying value of** 

**certain assets, including as a result of adverse market** 

**conditions, could result in the impairment of such assets,** 

**including intangible assets such as goodwill.** 

At each reporting date, in accordance with the Company's

accounting policy described in note 5.3 to the consolidated

financial statements, ArcelorMittal reviews the carrying

amounts of its tangible and intangible assets (goodwill is

reviewed annually or whenever changes in circumstances

indicate that the carrying amount may not be recoverable) to

determine whether there is any indication that the carrying

amount of those assets may not be recoverable through

continuing use. If any such indication exists, the recoverable

amount of the asset (or cash-generating unit) is reviewed in

order to determine the amount of the impairment, if any.

If certain of management's estimates change during a given

period, such as the discount rate, capital expenditures,

expected changes to average selling prices, growth rates,

shipments and direct costs, the estimate of the recoverable

amount of goodwill or the asset could fall significantly and

result in impairment. The Company has recorded significant

impairment charges over the years, including recently. While

impairment does not affect reported cash flows, decreases of

the estimated recoverable amount and the related non-cash

charge in the consolidated statements of operations have had

and could have a material adverse effect on ArcelorMittal's

results of operations. Substantial amounts of goodwill and

tangible and intangible assets remain recorded on the

Company's consolidated statement of financial position. As of

December 31, 2025, the Company's balance sheet included

$4.3 billion of goodwill.

More generally, no assurance can be given as to the absence

of significant further impairment losses in future periods,

particularly if market conditions deteriorate. In particular,

changes in key assumptions used in the Group's impairment

tests, due to market conditions, regulations (including

environmental and carbon emission regulations) or other

reasons (for example, assumptions regarding decarbonization

costs) may result in additional impairment losses being

recognized in the future. As disclosed in note 5.3 to the

consolidated financial statements, reasonably possible

changes in key assumptions could cause an impairment loss to

be recognized in respect of the AMKR and Brazil. For further

information on these risks and uncertainties in assumptions,

see also note 1.3 to the consolidated financial statements.

**ArcelorMittal's indebtedness could have an adverse** 

**impact on its results of operations and financial position,** 

**and the market's perception of ArcelorMittal's leverage or** 

**of certain financial transactions may affect the price of its** 

**securities.** 

As of December 31, 2025, ArcelorMittal had total debt

outstanding of $13.4 billion, $5.5 billion of cash and cash

equivalents and restricted cash, and $5.5 billion available to be

drawn under existing credit facilities. The Company also relies

on its true sale of receivables programs ($5.0 billion of trade

receivables sold at December 31, 2025), as a way to manage

its working capital cycle. A substantial increase in indebtedness

could contribute to the Company's vulnerability to adverse

economic and competitive pressures in its industry, limit

flexibility in planning for, or reacting to, changes in its business

and industry; limit its ability to borrow additional funds on terms

that are acceptable to the Company or at all. More generally, a

deterioration of market conditions may impact ArcelorMittal's

ability to refinance its indebtedness on acceptable conditions or

at all. In addition, credit rating agencies could downgrade

ArcelorMittal's ratings either due to factors specific to

ArcelorMittal, a prolonged cyclical downturn in the steel

industry and mining industries, macroeconomic trends (such as

global or regional recessions or economic shocks) or trends in

credit and capital markets more generally. The margin under

ArcelorMittal's principal credit facilities and certain of its

outstanding bonds is subject to adjustment in the event of a

change in its long-term credit ratings, and downgrades that

occurred in the past resulted in increased interest expense.

Restrictive covenants in ArcelorMittal's debt instruments

(current or future) may limit ArcelorMittal's operating and

financial flexibility. Failure to comply with any covenant would

enable the lenders to accelerate ArcelorMittal's repayment

obligations. In addition, the mere market perception of a

potential event of default could have a negative impact on

ArcelorMittal's ability to refinance its indebtedness on

acceptable conditions.

Management report<br>

In addition to the foregoing specific risks relating to

ArcelorMittal's indebtedness, the prices of its securities may be

affected by the markets' perception of its leverage or any

potential financial transactions, such as equity offerings, which

may be implemented to increase financial flexibility.

**ArcelorMittal's ability to fully utilize its recognized** 

**deferred tax assets depends on its profitability and future** 

**cash flows.** 

At December 31, 2025 and 2024, ArcelorMittal had $8.9 billion

recorded as deferred tax assets on its consolidated statement

of financial position. The deferred tax assets can be utilized

only if, and only to the extent that, ArcelorMittal's operating

subsidiaries generate adequate levels of taxable income in

future periods to offset the tax loss carry forwards and reverse

the temporary differences prior to expiration. At December 31,

2025, the amount of future income required to recover

ArcelorMittal's deferred tax assets of $8.9 billion was at least

$38.9 billion at certain operating subsidiaries.

ArcelorMittal's ability to generate taxable income is subject to

general economic, financial, competitive, legislative, regulatory

and other factors that are beyond its control. If ArcelorMittal

generates lower taxable income than the amount it has

assumed in determining its deferred tax assets, then the value

of deferred tax assets will be reduced. In addition, assumptions

regarding the future recoverability of deferred tax assets

depend on management's estimates of future taxable income

in accordance with the tax laws applicable to ArcelorMittal's

subsidiaries in the countries in which they operate. If in the

course of its assessments management determines that the

carrying amount of any of its deferred tax assets may not be

recoverable pursuant to such prevailing tax laws, the

recoverable amount of such deferred tax assets may be

impaired.

**Underfunding of pension and other post-retirement benefit** 

**plans at some of ArcelorMittal's operating subsidiaries** 

**could require the Company to make substantial cash** 

**contributions to pension plans or to pay for employee** 

**healthcare, which may reduce the cash available for** 

**ArcelorMittal's business.** 

ArcelorMittal's principal operating subsidiaries in Brazil,

Canada, Europe and South Africa provide defined benefit

pension and other post-retirement benefit plans to their

employees. Some of these plans are currently underfunded,

see note 8.2 to the consolidated financial statements for the

total value of plan assets and any deficit.

ArcelorMittal's funding obligations depend upon future asset

performance, which is tied to equity and debt markets to a

substantial extent, the level of interest rates used to discount

future liabilities, actuarial assumptions and experience, benefit

plan changes and government regulation. Because of the large

number of variables that determine pension funding

requirements, which are difficult to predict, as well as any

legislative action, future cash funding requirements for

ArcelorMittal's pension plans and other post-employment

benefit plans could be significantly higher than current

estimates. Increases in the general life expectancy assumption

have contributed to increases in the defined benefit obligation.

In these circumstances, funding requirements could have a

material adverse effect on ArcelorMittal's business, financial

condition, results of operations or prospects.

**ArcelorMittal's results of operations could be affected by** 

**fluctuations in foreign exchange rates, particularly the** 

**euro to U.S. dollar exchange rate, as well as by exchange** 

**controls imposed by governmental authorities in the** 

**countries where it operates.** 

ArcelorMittal operates and sells products globally and as a

result, its business, financial condition, results of operations or

prospects could be adversely affected by fluctuations in

exchange rates. A substantial portion of ArcelorMittal's assets,

liabilities, operating costs, sales and earnings are denominated

in currencies other than the U.S. dollar (ArcelorMittal's

reporting currency). Accordingly, its results of operations are

subject to translation risk (i.e., the U.S. dollar value of revenue

and profits generated in other currencies and its debt

denominated in other currencies), including, as has been

recently occurred, due to the reclassification of the cumulative

foreign exchange translation reserve upon a disposal of a

subsidiary, and transaction risk (i.e., a mismatch between the

currency of costs and revenue).

Moreover, ArcelorMittal operates in several countries whose

currencies are, or have in the past been, subject to limitations

imposed by those countries' central banks, or which have

experienced sudden and significant devaluations. In emerging

countries where ArcelorMittal has operations and/or generates

substantial revenue, such as Argentina, Brazil, India, South

Africa, Venezuela and Ukraine, the risk of significant currency

devaluation is high.

Currency devaluations, the imposition of new exchange

controls or other similar restrictions on currency convertibility,

or the tightening of existing controls in the countries in which

ArcelorMittal operates could adversely affect its business,

financial condition, results of operations or prospects.

**The Significant Shareholder could exercise significant** 

**influence over the outcome of shareholder votes.** 

At December 31, 2025, HSBC Trustee (C.I.) Limited, as trustee

of a fully discretionary trust (referred to as the "Significant

Shareholder"), beneficially owned (within the meaning of Rule

13d-3 under the Securities Exchange Act of 1934, as

amended) ordinary shares amounting to 340,088,546 in the

aggregate (when aggregated with ordinary shares of

ArcelorMittal held directly by Mr. Lakshmi N. Mittal and Mrs.

Usha Mittal), representing 44.68% of ArcelorMittal's then

Management report<br>

outstanding shares. As a result, the Significant Shareholder

could exercise significant influence over the decisions adopted

at the ArcelorMittal general meetings of shareholders, including

matters involving mergers or other business combinations, the

acquisition or disposition of assets, issuances of equity and

obtaining funding through debt. The Significant Shareholder

could also exercise significant influence over a change of

control of ArcelorMittal. Mr. Lakshmi N. Mittal and Mrs. Usha

Mittal are discretionary beneficiaries of the trust. For further

information on the Company's major shareholders, see

"Shareholders and markets—Major shareholders".

*VI. Legal and regulatory risks* 

**The income tax liability of ArcelorMittal may substantially** 

**increase if the tax laws and regulations in countries in** 

**which it operates change or become subject to adverse** 

**interpretations or inconsistent enforcement.** 

Taxes payable by companies in many of the countries in which

ArcelorMittal operates are substantial and include value-added

tax, excise duties, profit taxes, payroll-related taxes, property

taxes, mining taxes and other taxes. Tax laws and regulations

in some of these countries may be subject to frequent change,

varying interpretation and inconsistent enforcement. Ineffective

tax collection systems and national or local government budget

requirements may increase the likelihood of the imposition of

arbitrary or onerous taxes and penalties, which could have a

material adverse effect on ArcelorMittal's financial condition

and results of operations. In addition to the usual tax burden

imposed on taxpayers, these conditions create uncertainty as

to the tax implications of various business decisions. This

uncertainty could expose ArcelorMittal to significant fines and

penalties and to enforcement measures despite its best efforts

at compliance, and could result in a greater than expected tax

burden. See note 10 to the consolidated financial statements.

It is possible that tax authorities in the countries in which

ArcelorMittal operates will introduce additional revenue raising

measures. The introduction of any such provisions or

modification of tax rates, tax laws, treaties in an adverse

manner may affect the overall tax efficiency of ArcelorMittal

and may result in significant additional taxes becoming payable

and adversely effect on the Company's financial condition,

results of operations, cash flows, liquidity and ability to pay

dividends.

**ArcelorMittal is subject to economic policy, military,** 

**political, social and legal risks and uncertainties** 

**particularly in the markets (including emerging ones) in** 

**which it operates or proposes to operate, and these** 

**uncertainties may have a material adverse effect on** 

**ArcelorMittal's business, financial condition, results of** 

**operations or prospects.** 

ArcelorMittal operates in numerous emerging markets, where

economic modernization and infrastructure improvements are

assumed in its business strategy but cannot be assured.

Several of these markets continue to face difficult operating

conditions and remain vulnerable to economic crises triggered

by political or external shocks, which can amplify structural

imbalances. Recent crises in countries such as Argentina and

Turkey have negatively affected ArcelorMittal's key markets in

Brazil and the EU. Any slowdown in economic development or

insufficient investment in critical infrastructure—such as

reliable electricity and natural gas networks—could disrupt

production and adversely affect the Company's business,

financial condition and results.

Many jurisdictions where ArcelorMittal operates are undergoing

political transitions or face ongoing instability. These

environments may experience slow reform progress, shifts

between political systems, and episodes of civil unrest or

armed conflict. In some regions, such as Michoacán, Sinaloa

and Sonora in Mexico, operations are also exposed to acute

drug-related violence. Additionally, military conflicts, including

in Ukraine, may directly or indirectly affect operations or

impede the Company's ability to conduct business in affected

countries or neighboring countries or have other consequences

that could result in prolonged disruptions and volatility in the

Company's business.

Legal systems in several emerging markets may have weaker

judicial independence, less robust property-rights protection

and limited mechanisms for enforcing court judgments or

arbitral awards. Assets in certain jurisdictions may be subject to

expropriation risks, as illustrated by Venezuela's history of

selective nationalizations. While ArcelorMittal views emerging

markets as key long-term growth drivers and expects to direct

significant near-term capital expenditure to them, legal and

institutional constraints could materially hinder the execution of

its growth plans and ongoing operations.

**ArcelorMittal is subject to an extensive, complex and** 

**evolving regulatory framework which may expose it and** 

**its subsidiaries, joint ventures and associates to** 

**investigations by governmental authorities, litigation and** 

**fines, in relation, among other things, to antitrust and** 

**compliance matters. The resolution of such matters could** 

**negatively affect the Company's strategy, operations,** 

**profitability and cash flows in a particular period or harm** 

**its reputation.**

ArcelorMittal's business encompasses multiple jurisdictions

and complex regulatory frameworks, including in relation to

antitrust, and economic sanctions, anti-corruption and anti-

money laundering matters. Laws and regulations in these

areas are complex and constantly evolving and enforcement of

them continues to increase. ArcelorMittal may as a result

become subject to increasing limitations on its business

activities and to the risk of fines or other sanctions for non-

compliance. From time to time, the Company is subject to

Management report<br>

review by authorities that monitor market power in any of the

markets in which it operates. To the extent that ArcelorMittal is

deemed by relevant authorities to exhibit significant market

power, it can be subject to various regulatory obligations and

restrictions, such as disposing of assets or granting access to

its operations to third parties or being prevented from

completing acquisitions, which could thereby adversely affect

its results of operations and profitability. As a result of its

position in the steel industry and its historical growth through

acquisitions, ArcelorMittal could be subject to governmental

investigations and lawsuits by private parties based on antitrust

laws. These could require significant expenditures and result in

liabilities or governmental orders that could have a material

adverse effect on ArcelorMittal's business, operating results,

financial condition and prospects. An adverse ruling in such

type of proceedings could subject ArcelorMittal to substantial

administrative penalties and/or civil damages. No assurance

can be given that the Company will not be identified as having

significant market power in any relevant markets in the future

and that it will not be subject to additional regulatory

requirements.

ArcelorMittal's governance and compliance processes, which

include the review of internal controls over financial reporting

as well as a Code of Business Conduct and other rules and

protocols for the conduct of business, may not prevent

breaches of laws and regulations or internal policies relating to

compliance matters at ArcelorMittal or its subsidiaries, as well

as to instances of non-compliant behavior by its employees,

contractors or other agents. Moreover, while ArcelorMittal's

management concluded that the material weaknesses

identified in 2023 had been remediated as of December 31,

2024, any new material weakness in internal control over

financial reporting could reduce confidence in the Company's

published information, impact access to capital markets or the

trading price of its securities. The risk of non-compliance is

also present at ArcelorMittal's joint ventures and associates

where ArcelorMittal has a non-controlling stake and does not

control governance practices or accounting and reporting

procedures.

Furthermore, ArcelorMittal is subject to evolving laws,

regulations, policies, and international accords relating to

matters beyond its core operations, including environmental

sustainability, climate change, human capital, and employment

matters. Some of these have recently come under increasing

scrutiny. For example, the U.S. administration has targeted

diversity, equity and inclusion ("DEI") initiatives and

investigated certain private entities with respect to DEI

initiatives, including publicly traded companies. If ArcelorMittal

does not successfully manage expectations across varied

stakeholder interests, it could erode stakeholder trust and

impact its reputation. Such scrutiny could also expose

ArcelorMittal to the risk of litigation, investigations and

enforcement actions or challenges, including by U.S. federal or

state authorities, or result in reputational harm.

Unfavorable outcomes in current and potential future litigation

and investigations relating to antitrust and compliance matters

could reduce ArcelorMittal's liquidity and negatively affect its

profitability, cash flows, results of operations and financial

condition, as well as harm its reputation.

**U.S. investors may have difficulty enforcing civil liabilities** 

**against ArcelorMittal and its directors and senior** 

**management.** 

ArcelorMittal is incorporated under the laws of the Grand

Duchy of Luxembourg with its principal executive offices and

corporate headquarters in Luxembourg. The majority of

ArcelorMittal's directors and senior management are residents

of jurisdictions outside of the United States. The majority of

ArcelorMittal's assets and the assets of these persons are

located outside the United States. As a result, U.S. investors

may find it difficult to effect service of process within the United

States upon ArcelorMittal or these persons or to enforce

outside the United States judgments obtained against

ArcelorMittal or these persons in U.S. courts, including actions

predicated upon the civil liability provisions of the U.S. federal

securities laws. Likewise, it may also be difficult for an investor

to enforce in U.S. courts judgments obtained against

ArcelorMittal or these persons in courts in jurisdictions outside

the United States, including actions predicated upon the civil

liability provisions of the U.S. federal securities laws. It may

also be difficult for a U.S. investor to bring an original action in

a Luxembourg court predicated upon the civil liability provisions

of the U.S. federal securities laws against ArcelorMittal's

directors and senior management and non-U.S. experts named

in this annual report.

Risk management process

Management is responsible for internal control in the Company

and has implemented on an ongoing basis a robust short,

medium and long-term risk – including environmental, social

and governance ("ESG")-related risks – management and

control system, which is designed to ensure its business is

focused on achieving its objectives and that significant risks

are identified and mitigated. The system is also designed to

ensure compliance with relevant laws and regulations.

The Company's risk management and internal control system

is designed to determine risks in relation to the achievement of

business objectives and appropriate risk responses. The

establishment and maintenance of a risk identification and

management process is the responsibility of site/segment/

corporate function management. Risks are owned and

monitored by management. Risk officers designated by

management facilitate the conversations and help monitor the

action plans. Critical risks are escalated through existing

reporting lines. Critical risk decisions are not dissociated from

Management report<br>

the other decisions. Risks are analyzed by building models and

developing scenarios to understand potential financial impacts.

Short-term risks (within a 12-month time frame) are identified

through a bottom-up process by respective management

teams. Business segments and corporate functions consolidate

the identified risks and report the top ones as part of the

periodic reporting to key internal stakeholders. The Company

uses a risk management framework based on a blend of a

COSO (the Committee of Sponsoring Organizations of the

Treadway Commission) 2013, ISO 31000 and an in-house

model. Sites assess risks, including ESG and climate-related

risks, by assigning them a probability of occurrence, potential

financial impact and/or non-financial consequences. Global

trends, and the risks and opportunities identified as arising

from them, are used to inform the Company's strategic outlook

and planning.

Based on management reviews, reviews of the design and

implementation of the Company's risk management approach

and business and functional risk committees, management

provides an assessment each year, as required by law, of the

effectiveness of the Company's risk management process.

It should be noted, however, that the above does not imply that

these systems and procedures provide certainty as to the

realization of operational and financial business objectives, nor

can they prevent all misstatements, inaccuracies, errors, fraud

and non-compliance with rules and regulations.

The Audit & Risk Committee assists the Board of Directors with

the oversight of risks to which the ArcelorMittal Group is

exposed and in the monitoring and review of the risk-

management framework and process.

The Global Assurance Department facilitates the risk

management process and provides support enabling business

as well as corporate functions to identify these risks and

opportunities to the business based on social, environmental,

regulatory, workforce, stakeholder, resource, technological and

other trends, and specify mitigation actions. A consolidated

report is shared on a half-yearly basis with the key

stakeholders.

With respect to climate, the work is coordinated by

ArcelorMittal's executive officer for corporate business

optimization in consultation with segment CEOs; discussed on

a regular basis by the Group Management Committee; and

overseen by the Executive Office, which provides leadership

and guidance. The Company's climate strategy financial risks

are brought to the attention of the Group Management

Committee and where financially significant at group level, are

addressed at the Corporate Finance and Tax Committee.

Central to the Company's approach is its work to advocate for

policy support strategy to ensure that ArcelorMittal can respond

to rising carbon prices with viable investments in

decarbonization technologies. At the same time, all of

ArcelorMittal's business segments are required to prepare

carbon emission reduction plans to reach net zero by 2050 as

part of the annual planning cycle.

With respect to security, the Company has put in place means

to ensure the security of its people, assets and intellectual

property by supporting business units on security governance,

security risk management, operational security, strategy and

continuous improvement. It develops and promotes security

policies, procedures, tools and processes to support security

process owners with identifying and assessing security risks,

related to people, assets and intellectual property. It also

identifies gaps, and implements appropriate leading practice

security controls to promote more secure and resilient business

environments.

As regards risks relating to the security of information systems,

ArcelorMittal has developed governance and security rules

which describe the recommended organization, infrastructure

and operating procedures. These provisions are applied across

the Company under the responsibility of the business

segments. The Group Chief Information Security Office defines

cyber security policies available and applicable for all

segments/units globally and develops general directives in

cyber security reflecting mission, goals and values of

ArcelorMittal. The cyber security policy focuses on protecting

information systems against disclosure to unauthorized users

(confidentiality), improper modification (integrity) and non-

access when required (availability). In addition, cyber maturity

assessments are performed annually in many business units

and supplemented by in-depth cyber audits and penetration

testing exercises performed by the Global Assurance

Department. For more detailed information regarding the

Company's cybersecurity risk management and strategy, see

"Cybersecurity" below.

Regarding risks relating to changes in the regulatory

environment and business ethics, the Legal, Compliance &

Company Secretary Department ("LCCSD") reporting to the

Chief Financial Officer establishes the Company's legal policy.

It provides effective advice to assist in identification and

monitoring of legal, regulatory and governance risks. The

LCCSD is supported by regional and segment general

counsels located across the business, who are further

supported by unit or country general counsels. The

Compliance structure is headed by Group Compliance and the

Data Protection Officer who report to the Group General

Counsel. The Group Compliance and Data Protection Officer is

supported by a Corporate Compliance team and a Group-wide

compliance network.

Internal control procedures

ArcelorMittal's internal control framework is based on the

COSO 2013. It includes the following five components: control

Management report<br>

environment, risk assessment, control activity, information and

communication and monitoring activities.

ArcelorMittal's internal controls aim to provide reasonable

assurance but not absolute assurance because of the inherent

limitations around effectiveness and efficiency of business

operations, reliability of financial information, compliance with

laws and regulations and compliance with policies and

procedures. The organization of ArcelorMittal's internal control

is aligned with group organization following which corporate

functions, business segments and operational entities are

directly accountable for establishing and maintaining effective

and adequate internal controls and procedures that conform to

the regulatory framework. The principles of control fit into the

framework of the rules of corporate governance. In particular,

these rules task the Audit & Risk Committee with monitoring

the effectiveness of the internal control and risk management

systems and of the internal audit, particularly as regards the

procedures for preparing and dealing with accounting, financial

and non-financial reporting.

Control environment

ArcelorMittal's control environment is primarily based on its

Code of Business Conduct and supported by a comprehensive

framework of policies and procedures in areas such as human

rights, anti-corruption and insider dealing. These documents

reflect the principles and concepts of the UN Global Compact,

the OECD Guidelines on Multinational Enterprises and UN

Sustainable Development Goal 16: peace, justice and strong

institutions. The Company's Code of Business Conduct defines

what acting with integrity means in practice. It applies to all

directors, officers and employees of ArcelorMittal worldwide. To

maintain knowledge about the Code of Business Conduct and

other aspects of compliance, employees take part in training

programs based on a matrix system covering economic

sanctions, prevention of corruption, insider dealing regulation,

fraud awareness and prevention, anti-trust issues, human

rights, data protection and the Code of Business Conduct

every three years.

The Board of Directors, with the support of its Committees,

ensures that internal control functions operate properly. The

Audit & Risk Committee monitors the effectiveness of internal

control and risk management systems implemented by the

Board of Directors and management. As part of its role to foster

open communication, the Audit & Risk Committee meets at

least annually with management, the head of Global Assurance

and the Company's independent accountants in separate

executive sessions to discuss any matters that the Audit & Risk

Committee or each of these persons believe should be

discussed privately. Management's responsibility is to ensure

that the organizational structure plans, executes, controls and

periodically assesses the Company's activities. It regularly

reviews the relevance of the organizational structures so as to

be in a position to adapt them swiftly to changes in the

activities and in the environment in which they are carried out.

The business segments' and operational entities' management

are responsible for the internal control and risk management

system within their scope of responsibility.

ArcelorMittal has defined responsibilities that cover the three

dimensions of internal control: operational management, which

is responsible for implementing internal control, support

functions such as Finance, Legal, Treasury, Human

Resources, Health & Safety and Sustainability & Environment

which prescribe the internal control systems, verify their

implementation and effectiveness and assist operational

employees, and Global Assurance who, through their audit

reports, provide recommendations to improve the effectiveness

of the systems.

Following a risk-based approach, business processes and/or

management systems may be the subject of an internal audit

performed by the Global Assurance Department reporting to

both the Audit & Risk Committee Chair and the Group

Executive Chairman in accordance with the international

framework of the internal audit and its Code of Ethics. The

audit plan, which is risk based, is submitted annually to the

Audit & Risk Committee. The Global Assurance Department

presents its results to the management of operational entities

and business segments and reports to the Audit & Risk

Committee, Executive Office and Group CFO.

The design and effectiveness of the key operational, financial

and information technology controls related to internal control

over financial reporting, are regularly examined and assessed

in compliance with the Sarbanes-Oxley Act.

Cybersecurity

*Risk management and strategy*

The Group Chief Information Security Officer and Head of

Cyber Risk follow the Group risk management program as

defined by the Global Assurance Enterprise Risk function in the

management of risks relating to the security of information

systems. For further information on the Global Assurance

team, see "Corporate governance—Sustainability committee—

Global Assurance". The Group CISO is an experienced

information technology and operation technology executive. He

is a leading international chief information officer with proven

expertise in cyber security, digital transformation, IT integration

and business enablement. He joined ArcelorMittal in 2024 from

a leading transportation / logistics company where he served

as their IT senior vice president and international CIO from

2017. He holds an MBA in international management from the

Thunderbird School of Global Management, Glendale, Arizona,

USA, and a Bachelor of Engineering in electronics and

communication from the National Institute of Technology,

Trichy, India.

Management report<br>

On a quarterly basis, the Group CISO provides a cybersecurity

risk report to the Group Finance Risk Committee, headed by

the Group CFO, based on risks identified at the segment level,

which in turn reports to and assists the Board of Directors in

fulfilling its oversight responsibilities with respect to legal and

regulatory requirements, including cybersecurity. Risks

identified in the report are considered potential risks that may

affect all functions and departments across the Group.

The office of the CISO has identified the following key risk

areas:

1. Cyber attacks related to extortion, state sponsored actors,

espionage or external threats resulting in financial loss;

2. Data breaches from exfiltration of Personal Data (PII) or

Intellectual Property (IP) resulting in financial loss;

3. Cyber fraud from external or internal actors;

4. Disruption of operations resulting from cyber-related

outages;

5. Impacts on the business resulting from third party or supply

chain cyber incidents;

6. Inability to recover from or restore services in timely manner

(business resilience);

7. Inability to identify, detect or prevent spread of attacks

across the Company (defensibility);

8. Regulatory fines, penalties or lawsuits due to

misrepresentation of material incidents, poor cyber practices,

or inadequate protection or usage of artificial intelligence

("AI") technologies; and

9. Negative company reputation resulting from a loss of

confidence with investors and partners due to poor cyber

assessments.

As part of the risk management process, the Group's local IT

teams, segment CIOs and segment CISOs also identify local

cyber risks and report to the Group Finance Risk Committee.

The office of the CISO defines policies and procedures related

to cyber and information security as well as to the permissible

and secure uses of cloud, operational technology ("OT") and

the internet of things ("IoT") within the Company. ArcelorMittal

follows the National Institute of Standards and Technology

Cybersecurity Framework ("NIST CSF"). The Group's

cybersecurity policies and standards focus on protecting

information systems against disclosure to unauthorized users

(confidentiality), improper modification (integrity) and non-

access when required (availability). These polices are

implemented across the Group and the standards are tracked

and reported on a quarterly basis. Additionally, the Company

has in place a global incident and crisis process with special

procedures for ransomware and data privacy (e.g., to increase

protection and address breaches). Most Group entities

undergo periodic security penetration testing exercises led by

the Group CIO/ CISO team or external third parties throughout

the year. Global Assurance as part of risk based approach also

conducts penetration tests independently.

The Company engages a wide range of third parties as part of

the implementation and operationalization of its cybersecurity

policies, cyber defense strategies and general cyber risk

management, including specialist assessors, security

consultants, IT auditors, forensic analysts, malware analysts

and other third-party specialists. All third-party security

providers that handle Company data or otherwise have access

to ArcelorMittal's network and systems are required to

complete a rigorous risk assessment program in an online

platform, which includes checks for data and cloud security,

access, incident reporting and physical protection in

accordance with the NIST CSF as well as applicable Company

cybersecurity policies.

In addition, Cyber Maturity Assessments are performed

annually by an external consultant across many entities and

segments for both IT and OT, as well as the Group Cyber

Governance and Technology program. Assessments are

interview and evidence-based exercises focusing on many key

cyber processes, such as Vulnerability and Incident

Management, Patching and Change Management, Malware

Protection, Network Monitoring, Business Continuity and

Disaster Recovery, and Software Security. Additionally, Global

Assurance, as part of its risk based approach, performs cyber

audits and penetration tests (as part of the annual plan).

ArcelorMittal has been a long-standing customer of the BitSight

risk rating service and has defined specific target levels and

KPIs for cybersecurity in the BitSight platform. These risk

measures are monitored daily and reported quarterly to the

Data Protection Committee, led by the Group Data Protection

Officer with representation from Group Compliance, Group HR

and the Group CISO. BitSight also reports ArcelorMittal's risk

profile to Glass-Lewis for purposes of investor reporting.

The office of the CISO has put in place an extensive online

dashboard and reporting process that tracks various metrics

related to cybersecurity risks across various operating units.

Such measures include:

1. BitSight External Cyber Ratings and Risk Factors

2. Cyber Awareness Education and Training

3. Phishing Exercises and Success Rates

4. Third Party Vendor Assessment Risk levels

5. Obsolescence Level

6. Endpoint Detection and Response ("EDR") and Network

Detection and Response ("NDR") effectiveness

7. Active Directory Security Posture

Management report<br>

8. Cloud Security Posture

9. Breach Detection effectiveness

10. Incident Response effectiveness

*Cybersecurity Related Events in 2025*

In 2025, ArcelorMittal did not experience any cyber-attacks,

cybersecurity threats or other information security incidents

that materially affected or were reasonably likely to materially

affect the Company's business strategy, results of operations

or financial condition. See "Introduction—Risk Factors and

Control—Risk factors—ArcelorMittal's reputation and business

could be materially harmed as a result of data breaches, data

theft, unauthorized access or suspected or successful

hacking".

*Governance*

ArcelorMittal has implemented a distributed organizational

model. At the Group level, the Group CISO defines the global

cybersecurity strategy and roadmap.

The global cybersecurity strategy and roadmap is informed by

the ArcelorMittal Security Incident Classification and Escalation

Procedures as well as the ArcelorMittal Cyber Crisis

Management Procedures (collectively, the "Cybersecurity

Policy and Procedures"). The Cybersecurity Policy and

Procedures define the core principles of security risk

management and the procedures for security management,

including the roles and responsibilities of key personnel,

strategy and measures to cope with information security

breaches and related communication procedures.

Every cybersecurity occurrence or threat that rises to a specific

level defined in the Cybersecurity Procedures is reviewed in

the various security councils set out below and communicated

to the appropriate committees as defined in the Cybersecurity

Procedures. Any such cyber incident is promptly reported by

the Group CISO to (a) the Global Ransomware Crisis

Committee and (b) the Group CFO and Disclosure Committee

for decision-making regarding external communication to

regulators or investors.

In fulfilling its oversight responsibilities, the Board oversees

cyber risks and incidents via the Audit & Risk Committee and

approves proposals or modifications to the Cybersecurity

Procedures. The Audit & Risk Committee relies on information

provided from Global Assurance, to which the Group CFO

provides information about risks. The Group CFO provides

information to both the Audit & Risk Committee and the Group

CEO.

The following teams are organized under and report to the

Group CISO:

• the Group Chief Information Officer ("CIO") Council (headed

by the Group CISO and made up of segment CIOs and

other specialists) leads and manages the different business

segments, which are responsible for the implementation

and management of security controls, processes and

technology within their respective business segments.

• the Group Chief Information Security ("CISO") Council

(headed by the Group CISO and consisting of security

officers from core segments CIOs, and Global Assurance)

is responsible for decision-making relating to all security

topics, defining roadmaps and execution of strategies and

protection within their respective segments.

• the Global Ransomware Crisis Committee made up of

various heads of leadership functions such as Legal, IT,

Treasury, Communication, Investor Relations and Global

Assurance, with the assistance of a third-party service

provider acting as the Company's ransomware negotiator

and advising partner, is responsible for advancing and

implementing the decision-making processes in the event of

a ransomware outbreak across the Company and any

demands for ransom payments.

• the Data Protection Committee consisting of Group

Compliance, Group HR and Group CISO, and led by the

Group's Data Privacy Officer, meets quarterly to review any

incidents or risks involving data privacy matters, and its

recommended actions are implemented across the Group.

BUSINESS OVERVIEW

Business strategy

ArcelorMittal's strategy is designed to maintain its position as

one of the world's leading integrated steel and mining company

for the long-term, enabling it to deliver value to shareholders

and all stakeholders through the cycle in a rapidly changing

world, where material demand is expected to continue to rise

but an increasingly sustainable and circular economy are

required. ArcelorMittal is an established metals & mining

industry leader, with a unique offering of global scale, product

diversity and supply chain integration, backed by continuous

innovation and a strong balance sheet. With an established

track record of consistent free cash flow generation, access to

higher growth markets, and a commitment to low-carbon steel

making toward net zero by 2050, ArcelorMittal is well

positioned to deliver long term sustainable value to

stakeholders.

Having seen the value in creating the only truly global steel and

mining champion, ArcelorMittal seeks to maintain a leading

position in attractive product-market segments worldwide

through active portfolio management. It operates through all

parts of the steel value chain, wherever the Company sees

opportunities to create value. This includes the mining of raw

materials through to downstream transformation and

distribution activities, especially where these provide synergies

Management report<br>

to ArcelorMittal's core activities in steel. The Company sees the

value of being present in both developed markets, with higher

per capita steel demand and sophisticated, high-value product

offerings, and developing markets, which offer strong long-term

growth potential.

Its large and global asset base provides ArcelorMittal a unique

opportunity to benchmark and leverage scale and scope to

maintain world-class operations that produce a wide range of

steels for the mobility, construction, infrastructure, industrial

and energy sectors. The Company's research and

development team is relentlessly pushing both process and

product innovation frontiers, inventing smarter steels to further

enhance its product and service offerings to meet evolving

needs of ArcelorMittal's customers. Embracing digitalization

across all its functions is enabling the Company not only to

release value through efficiencies but to also transform the way

it operates and in some cases change the very value chain

itself. And taking advantage of steel's unique ability to be

completely reusable and recyclable, ArcelorMittal is developing

innovative processes that use less energy, emit less carbon,

and reduce costs.

Maintaining a strong balance sheet provides the financial

flexibility critical to ongoing investment in ArcelorMittal's

existing asset base as well as enabling it to take advantage of

opportunities to transform for the future, ensuring long-term

sustainability and consistent shareholder returns.

The Company's ability to successfully execute this strategy is

down to its people. Recognizing its unique organizational DNA,

ArcelorMittal works to maintain the entrepreneurial spirit and

passion for excellence that supported its growth and is key to

its future success. And wherever ArcelorMittal is in the world,

the safety and wellbeing of its people is always its first priority.

**Three themes**

**Steel.** ArcelorMittal looks to expand its leadership role in

attractive markets and segments by leveraging the Company's

technical capabilities and its global scale and scope. These are

critical differentiators for sophisticated customers that value the

distinctive technical and service capabilities the Company

offers. Such customers are typically found in the automotive,

energy, infrastructure and a number of smaller markets where

ArcelorMittal is a market leader. In addition, the Company is

present in, and will further develop, attractive steel businesses

that benefit from favorable market structures or geographies. In

developing attractive steel businesses, ArcelorMittal's goal is to

be the supplier of choice by anticipating customers'

requirements and exceeding their expectations. It will invest to

develop and grow these businesses and enhance its ability to

serve its customers. Given the volatile nature of the industry,

these investments will be highly disciplined, leveraging

advanced project management capabilities, balancing financial

and sustainable considerations with targeted strategic

opportunities. Commodity steel markets will inevitably remain

an important part of ArcelorMittal's steel portfolio. Here, a lean

cost structure should limit the downside in weak markets while

allowing the Company to capture the upside in strong markets.

Finally, ArcelorMittal is developing a strategic response to the

challenges and opportunities posed by decarbonization, which

it believes will fundamentally change the market structure of

the steel industry.

**Mining.** ArcelorMittal is working to continue to create value

from its world-class mining business. Mining forms part of the

steel value chain but typically enjoys a number of structural

advantages, such as a steeper cost curve. The Company's

strategy is to create value from its most significant assets,

through selective expansion and de-bottlenecking, by

controlling cost and capital expenditure, and by supplying

products that are highly valued by steel producers.

ArcelorMittal's financial capability has allowed it to continue to

invest in key mining assets (in particular AMMC as well as

ArcelorMittal Liberia and Serra Azul), while the diversity of its

steel and mining portfolio facilitates the ability of the mining

business to optimize the value of its products in the

steelmaking process. The Company's mining business aspires

to be the supplier of choice for a balanced mix of both internal

and external customers, while at the same time providing a

natural hedge against market volatility for its steel operations.

The mining business should also support the decarbonization

of the steel footprint through optimization of mining product mix

by supplying raw materials needed for the low emissions

footprints.

**All operations.** ArcelorMittal strives to achieve best-in-class

competitiveness. Operational excellence, including health and

safety, the number one priority, is at the core of the Company's

strategy in both steel and mining. The Company steadily

optimizes its asset base to ensure it is achieving high operating

rates with its best assets. Its technical capabilities and the

diversity of its portfolio of businesses underpin a strong

commitment to institutional learning and continuous

improvement through measures such as benchmarking and

best-practice sharing. Innovation in products and processes

also plays an important role while supporting overall

competitiveness. In addition, ArcelorMittal continues to

optimize its decarbonization pathway to ensure that the

Company remains competitive and achieves an appropriate

return on the required investment.

**Five key strategic enablers**

Critical to implementing this strategy are five key enablers:

**A clear license to operate.** Many of ArcelorMittal's businesses

are located in regions that are in the early stages of economic

development. Practically all are resource-intensive. The

Company recognizes that it has an obligation to act responsibly

Management report<br>

towards all stakeholders. ArcelorMittal's commitment to

sustainability and safety is outlined below. See "Business

overview—Sustainable development". Sustainability and safety

are core values that underline ArcelorMittal's efforts to be both

the world's safest steel and mining company and a responsible

environmental steward.

**A strong balance sheet.** The Company maintains a strong

balance sheet with credit metrics consistent with an investment

grade credit rating. This provides a strong foundation for its

balanced capital allocation: to invest in organic growth,

consistently reward shareholders, and maintain the flexibility,

on a selective basis, to pursue acquisitive growth opportunities.

**A decentralized organizational structure.** ArcelorMittal's

scale and scope are defining characteristics that give it a

competitive advantage. They also introduce complexity and the

risks of inefficiency, bureaucracy and diffuse accountability. To

manage these risks, the Company favors a structure in which

the responsibility for profit and loss is focused on business

units aligned with markets.

**Active portfolio management.** Throughout the Company's

history, it has sought to grow and strengthen the business

through acquisitions. That remains the case. The acquisition of

existing assets and businesses is typically seen as a more

attractive growth path than greenfield investment. The

Company is, however, also willing to dispose of businesses

that cannot meet its performance standards or that have more

value to others.

**The best talent.** ArcelorMittal's success will depend on the

quality of its people, and its ability to engage, motivate and

reward them. As detailed below, the Company is committed to

investing in its people and ensuring a strong leadership

pipeline. See "Management and Employees—Employees—

Employee development". It will continue to improve its

processes to attract, develop and retain the best talent.

ArcelorMittal's ability to execute its strategy is supported by

several enduring competitive strengths:

***Market leader in steel.*** ArcelorMittal had annual achievable

production capacity of approximately 74.6 million tonnes of

crude steel for the year ended December 31, 2025 (76.7 million

tonnes in 2024). Steel shipments for the year ended December

31, 2025 totaled 54.0 million tonnes (54.3 million tonnes in

2024). ArcelorMittal has significant operations in many

countries which are described in "Properties and capital

expenditures". In addition, many of ArcelorMittal's operating

units including through its joint ventures have access to

developing markets that are expected to experience, over time,

above-average growth in steel consumption (such as Central

and Eastern Europe, South America, India, Africa and

Southeast Asia).

The Company sells its products in local markets and through a

centralized marketing organization to customers in

approximately 126 countries. ArcelorMittal's diversified product

offering, together with its distribution network and research and

development ("R&D") programs, enable it to build strong

relationships with customers, which include many of the world's

major automobile and appliance manufacturers. The Company

is a strategic partner to many major original equipment

manufacturers ("OEMs") and has the capability to build long-

term contractual relationships with them based on early vendor

involvement, contributions to global OEM platforms and

common value-creation programs.

***A world-class mining business.*** ArcelorMittal has a global

portfolio of 8 operating units with mines in operation and

development and is among the largest iron ore producers in

the world. In 2025, ArcelorMittal sourced a large portion of its

raw materials from its own mines and facilities including leases.

The table below reflects ArcelorMittal's self-sufficiency through

its mining operations in 2025.

---

| | | | |
|:---|:---|:---|:---|
| Millions of metric tonnes | Consumption | Sourced from <br>own mines/<br>facilities<sup>2</sup><br>| Self-<br>sufficiency % <br>|
| Iron ore | 69.3 | 49.9 | 72% |
| PCI & coal<sup>1</sup> | 26.3 |  | —% |
| Coke | 15.8 | 14.4 | 91% |
| Scrap & DRI | 24.8 | 13.6 | 55% |

---

1. Includes coal only for the steelmaking process and excludes steam coal for

power generation. ArcelorMittal's consumption of PCI and coal was 6.1 million

tonnes (6.3 million tonnes in 2024) and 20.3 million tonnes (21.3 million

tonnes in 2024), respectively, for the year ended December 31, 2025.

2. Assumes 100% consumption of ArcelorMittal's iron ore and coal shipments.

The Company has iron ore mining activities in Brazil, Canada,

Liberia, Mexico, Ukraine, South Africa and through its joint

venture in India and associate in Canada (Baffinland). As of

December 31, 2025, ArcelorMittal's iron ore reserves (including

reserves at mines where ArcelorMittal owns less than 100%,

based on ArcelorMittal's ownership percentage even if

ArcelorMittal is entitled to mine all the reserves, and including

reserves for which use is restricted) were estimated at 3,728

million tonnes run of mine. See "Properties and capital

expenditures—Mineral reserves and resources" for a detailed

list of the entities with mineral reserves and resources and

ownership structure. The Company's long-life iron ore reserves

and resources provide a measure of security of supply and an

important natural hedge against raw material volatility and

global supply constraints. The seaborne iron ore mining

business is managed as a separate segment which enhances

ArcelorMittal's ability to optimize capital allocation.

Management report<br>

ArcelorMittal's facilities have good access to shipping facilities,

including through ArcelorMittal's own, or partially owned, 18

deep-water port facilities and linked railway sidings.

***Market-leading automotive steel business***. ArcelorMittal has

a leading market share (approximately 16% of the worldwide

market) in automotive, and is a leader in the fast-growing

advanced high-strength steels ("AHSS") segment, specifically

for flat products. ArcelorMittal is the first steel company in the

world to embed its own engineers within an automotive

customer to provide engineering support. The Company begins

working with OEMs as early as five years before a vehicle

reaches the showroom, to provide generic steel solutions, co-

engineering and help with the industrialization of the project.

These relationships are founded on the Company's continuing

investment in R&D and its ability to provide well-engineered

solutions that help make vehicles lighter, safer and more fuel-

efficient.

ArcelorMittal has continued to extend the S-in Motion® catalog

according to the automotive market trends. The S-in Motion®

battery electric vehicles ("BEV") catalog of steel solutions has

been adapted to include specific products for BEV's including

new designs focused on battery protection. Advanced and

especially ultra-high strength steels, innovative press hardened

steels, and laser welded blanks are especially highlighted as

key solutions for optimal performance (passenger safety/

lightweighting) and battery protection. The growth of various

types of electric vehicles is expected to impact design and

manufacturing leading to demand for different materials and

steel grades, and more AHSS for battery protection. For

instance, both the battery box and body structure have to

protect the battery in the event of a crash.

In 2025, in a rapidly evolving automotive industry, flexibility is a

core component. ArcelorMittal's Multi Part Integration® (MPI)

program maximizes automotive manufacturers' abilities to

adapt through the power of less: less parts, less processes,

less floor space, less time, less materials, less CO₂ and less

assembly costs to harness the strength of steel. MPI uses

ArcelorMittal's press-hardened steels (PHS) and patented

laser-welding technology to streamline manufacturing and

reduce assembly complexity by maximizing part integration.

This modular solution can be applied across all powertrains

and can be used to simplify the design and production of the

battery pack, chassis, and body-in-white applications for e-

mobility and micro-mobility.

In the automotive industry, ArcelorMittal mainly supplies the

geographic markets where its production facilities are located,

which are Europe, North and South America, South Africa,

India through its joint venture AMNS India, and China through

Valin ArcelorMittal Automotive Steel Co., Ltd ("VAMA"), a joint

venture with Hunan Valin. VAMA's product mix is oriented

toward higher value products and mainly toward the OEMs to

which the Company sells tailored solutions based on its

products. With sales and service offices worldwide and

production facilities in North and South America, South Africa,

Europe, India and China, ArcelorMittal believes that it is

uniquely positioned to supply global automotive customers with

the same products worldwide. The Company has multiple joint

ventures and has also developed a global downstream network

of partners through its distribution solutions activities. This

provides the Company with a proximity advantage in virtually

all regions where its global customers are present.

Sustainability (with focus on CO2 emission reduction in the

supply chain) has become a key requirement in the automotive

industry linked to the importance of sustainability in the holistic

electrical vehicle market. Since 2021, ArcelorMittal has

launched two solutions under the XCarb® brand: XCarb® steel

certificates and XCarb® recycled and renewably produced,

which were well received in automotive industry and markets

upon their launch in Europe and North America, exhibiting

potential for reduction in CO2 emissions. ArcelorMittal also

combines manufacturing simplification and sustainability with

the development in Europe of the XCarb® Door Ring.

For further details on the new products under development,

see "Business overview—Research and development".

***Diversified and efficient producer.*** As a global steel

manufacturer with a leading position in many markets,

ArcelorMittal benefits from scale and production cost

efficiencies in various markets and a measure of protection

against the cyclicality of the steel industry and raw materials

prices.

• *Diversified production process*. In 2025, approximately

41.2 million tonnes of crude steel were produced through

the basic oxygen furnace ("BOF") and approximately 14.4

million tonnes through the EAF process. This provides

ArcelorMittal with greater flexibility in its raw material and

energy use, and increased ability to meet varying

customer requirements in the markets it serves.

• *Product and geographic diversification*. By operating a

portfolio of assets diversified across product segments and

geographic areas, ArcelorMittal benefits not only from the

ability to focus on the most attractive market segments

globally but also from a number of natural hedges. As a

global steel producer with a broad range of high-quality

finished and semi-finished steel products, ArcelorMittal is

able to meet the needs of diverse markets. Steel

consumption and product requirements vary between

mature economy markets and developing economy

markets. Steel consumption in mature economies is

largely from flat products and a higher value-added mix,

while developing markets utilize a higher proportion of long

Management report<br>

products and commodity grades. As developing

economies mature and markets evolve, local customers

are expected to require increasingly advanced steel

products. To meet these diverse needs, ArcelorMittal

maintains a high degree of product diversification and

seeks opportunities to increase the proportion of its

product mix consisting of higher value-added products.

• *Upstream integration*. ArcelorMittal believes that its own

raw material production provides it with a competitive

advantage over time. Additionally, ArcelorMittal benefits

from the ability to optimize its steel-making facilities'

efficient use of raw materials, its global procurement

strategy and the implementation of Company-wide

knowledge management practices with respect to raw

materials. Certain of the Company's operating units also

have access to infrastructure, such as deep-water port

facilities, railway sidings and engineering workshops that

lower transportation and logistics costs.

• *Downstream integration*. ArcelorMittal's downstream

integration, primarily through its Europe segment for

distribution solutions, enables it to provide customized

steel solutions to its customers more effectively. The

Company's downstream assets have cut-to-length, slitting

and other processing facilities, which provide value

additions and help it to maximize operational efficiencies.

***Dynamic responses to market challenges and***

***opportunities.*** ArcelorMittal's management team has a strong

track record and extensive experience in the steel and mining

industries.

In 2024, the Company completed the previously announced

three-year $1.5 billion value plan ($1.4 billion scope adjusted

for the sale of ArcelorMittal Temirtau operations on December

7, 2023) focused on creating value through well-defined

commercial and operational initiatives. The actions taken

during this period yielded cumulative benefits of $1.4 billion

(approximately 100% of the scope adjusted target). These

included $0.4 billion of commercial initiatives, $0.7 billion of

variable costs savings and $0.2 billion of logistic and other

improvements.

***Proven expertise in acquisitions***

ArcelorMittal's management team has proven expertise in

successfully acquiring and subsequently integrating operations.

The Company takes a disciplined approach to investing and

uses teams with diverse areas of expertise from different

business units across the Company to evaluate opportunities,

conduct due diligence and monitor integration and post-

acquisition performance. The Company introduces focused

capital expenditure programs, implements Company-wide best

practices, balances working capital, ensures adequate

management resources and introduces safety and

environmental improvements at acquired facilities. ArcelorMittal

believes that these operating and financial measures have

improved the operating performance and the quality of steel

produced at such facilities.

In recent years, the Company has focused on portfolio

optimization, including assets disposals (such as its steel and

mining operations in Kazakhstan in 2023 and in Bosnia and

Herzegovina in 2025) and strategic M&A activity including the

acquisition of the flat products facility ArcelorMittal Pecém in

Brazil in 2023 and in 2024 a 28% stake in Vallourec, which

presents a compelling opportunity to increase the Company's

exposure to the attractive, downstream, value-added tubular

market, as well as several steel recycling and construction

businesses in the Sustainable Solutions segment. In 2025,

ArcelorMittal acquired control of the former joint ventures

ArcelorMittal Tailored Blanks Americas (supplying light-

weighting solutions to the automotive industry), Tuper (a

Brazilian pipe manufacturer) and AMNS Calvert in Alabama

(U.S.), one of the most advanced steel finishing facilities in

North America (see also "Introduction— Key transactions and

events in 2025").

***Sustainable development***

ArcelorMittal is committed to the industry's efforts to

decarbonize and to being part of the solution to the world

reaching net-zero by 2050. As innovation is central to the

Company's success given the onus it places on research and

development with the goal of ensuring ArcelorMittal is at the

forefront of the evolution of steelmaking processes and

products, the Company has developed a flexible yet

comprehensive approach to advancing low-emissions

steelmaking technologies with the potential to enable low- and

near-zero emissions steelmaking.

Markets

As shown by the following graph, ArcelorMittal has a diversified

portfolio of steel and mining products to meet a wide range of

customer needs across many steel-consuming sectors,

including automotive, appliance, engineering, construction,

energy and machinery and via distributors.

Management report<br>

![296](mt-20251231_g3.gif)

\* Other steel sales mainly represent metal processing, machinery, electrical

equipment and domestic appliances

\*\*Other sales mainly represent mining, chemicals & water, slag, waste, sale of

energy and shipping

For the construction market, which represented 20% of the

Company's revenue in 2025, ArcelorMittal offers the most

complete range of grades and specifications of structural steel,

façade, ceiling and floor systems, sheet piles solutions for

foundations and underground car park systems, steel plumbing

solutions and a complete portfolio of reinforcement products.

This includes rebar developed specifically for areas with high

seismic activity, and steel fibers for tunnelling and other

infrastructure projects.

Automotive and mobility, which represented 17% of the

Company's revenue in 2025, offers a complete range of flat

high strength steel products:

• Drawing steels provide a range of non-alloyed mild steels

designed for deep and extra-deep drawing applications.

• High-yield high strength steels ("HSS") allow complex parts

to be formed for both visible and non-visible parts.

• First Generation AHSS offer carmakers their first chance to

make significant weight reductions to their vehicles. Third

Generation AHSS steels have been specifically developed

for OEMs who utilize cold stamping and forming

technologies. These grades are particularly suitable for

automotive safety, enhancing crash resistance.

• Martensitic steels are particularly useful in anti-intrusion

applications where they contribute to light-weighting while

enhancing safety.

• Press hardenable steels ("PHS") offer ultra high strength and

the ability to form complex shapes. This makes them ideal

for hot stamping processes and enables OEMs to achieve

excellent weight reductions across the vehicle.

• ArcelorMittal's iCARe® range of electrical steels for e-

mobility enables OEMs to design compact, light-weight,

efficient and power-dense traction motors with unmatched

range; iCARe® steels also help to light-weight the motors

and electrical systems in conventional internal combustion

engine (ICE) vehicles.

ArcelorMittal's mobility market also includes maritime transport

(all varieties of ships, including general cargo carriers,

container ships, cruise ships and large tankers that carry

liquefied natural gas) and rail transport (railway tracks and

trains).

In the energy market, ArcelorMittal is a leading supplier of

specialist steels to the wind energy industry, supplying heavy

plates and coils for towers, reinforcing bars and ballast for

foundations, and supplying electrical steels for generators. For

solar energy, the Company provides the high-performance

steels, coatings and structural solutions that the latest

generation of solar photovoltaic and solar thermal installations

are built from. Although the renewable energy revolution is

underway, the world will still rely on traditional fossil fuels such

as oil and gas during a transitional phase. ArcelorMittal

supplies the steels for onshore and offshore platforms, liquified

natural gas ships, pipelines, refineries, and fuel storage. Steel

plates are also a core component for pressure vessels and

many other major structural applications in power generation

and petrochemical processing.

In addition, ArcelorMittal offers an extensive range of products

serving all parts of the packaging industry. This includes tin or

chromium plated steel with a wide range of mechanical

properties, and a variety of coating options.

Research and development

The Company's Global Research and Development ("R&D" or

"Global R&D") division provides the technical foundation for the

sustainability and commercial success of the Company by

stimulating innovative thinking and the continuous

improvement of products and processes.

The Company operates 14 research sites in 9 countries around

the world. In 2025, ArcelorMittal's R&D expense was $335

million (compared to $285 million and $299 million in 2024 and

Management report<br>

2023, respectively). In addition, the Company capitalized $41

million of research and development expenses in 2025

(compared to $29 million in 2024 and $26 million in 2023).

In 2025, R&D launched 19 new products and solutions to

accelerate sustainable lifestyles, and 22 products and solutions

to support sustainable construction, infrastructure and energy

generation.

Among its R&D initiatives, in 2025, the Company undertook a

total of 213 Life Cycle Assessment ("LCA") studies related to

steel products and the processes used to produce them, all

guided by the relevant standards.

In the Company's S-in Motion® catalog, the PHS family has

been enriched with Usibor® 2000 enhanced, best-in-class

material for car bodies with regards to safety and lightweight.

AHSS products are among the most affordable solutions on the

market for both passengers and battery protection.

Driven by the growth of the Electric Vehicle market, numerous

electrical steels are under development for implementation in

new models in the coming 5 years; among them 420Save

27-14 has reached commercial stage.

For public transportation, the reduction of CO2 emissions in rail

production is expected in 2026, with R&D providing strong

support throughout 2025 to anticipate the transition from BF-

BOF to EAF routes. ArcelorMittal is fully involved in the

development of solutions dedicated to the Global Energy

Transition. In the renewable energy area, Magnelis® long

lasting coating combined with Hyper® high strength steels

have become a material of choice for light weight solar

mounting systems. Heavy coating weight up to 800g/m² and

Hyper® grades up to 700MPa yield strength were introduced to

the market in 2025 for customer testing. Additionally, the

Company is working on the development of solutions suitable

for the hydrogen economy, electricity grids, carbon capture,

storage and use, and bioenergy.

The production of a complete range of low-CO2 steels allows

for a reduction in carbon footprint by up to 65%. 10 new

XCarb® Recycled and Renewably Produced ("RRP") products

have been commercialized in 2025 for the Automotive, Energy

and Construction markets. A new route has been developed at

European plants in Hamburg and Gijón to produce tire-cord

with 50-100% scrap to answer customers' specifications for

sustainable steel solutions. For all of these products,

Environmental Product Declarations ("EPD") and Product

Carbon Footprint ("PCF") certificates have been released.

XCarb<sup>®</sup> RRP steels (flat, long, tubular, profiles, sandwich

panels) have been incorporated into Steligence<sup>®</sup> building

concepts. Steligence<sup>®</sup> is the holistic platform for

environmentally friendly and cost-effective steel solutions for

circular use (design for re-use), resilience with respect to

exceptional events (floods and storms), as well as solutions for

thermal retrofit or solar energy harvesting. Helioroof<sup>®</sup>, a

building integrated PhotoVoltaic sandwich panel solution has

reached commercial stage. First pilot buildings are under

construction.

In construction and infrastructure, R&D pursued the

development of new sections and sheet piles products at the

Belval, Rodange and Differdange plants in Luxembourg, taking

full advantage of digital and AI solutions to predict product

quality and mechanical properties, optimize production flows,

facilitate rolling operations, and monitor non-quality.

In process research, the focus remained on innovations in the

following domains:

*By-products and circular economy.* 

The Company is advancing its circularity goals through

innovative models, cutting-edge methods, and collaborative

partnerships.

In 2025, R&D developed models to predict by-product quality

"ByP" in new steelmaking routes under different operational

conditions and steel grades. In 2026, as part of ArcelorMittal's

European decarbonization program, a new EAF will begin

operating in Gijón, Spain. These models forecast ByP qualities,

enabling effective by-product management for this new asset.

Other circular economy efforts which continued in 2025 involve

using mining tailings as secondary raw materials, either by

creating marketable products or by reusing them internally and

in construction.

*Progress against air pollution.* 

In 2025, R&D continued to develop scientific models and

advanced AI algorithms to quantify dust emissions, including

diffuse sources.

ArcelorMittal also has research activities focused on innovative

de-dusting and gas cleaning technologies (Nitrogen Oxides

("NOx"), and Sulphur Oxides ("SOx")). In 2025, R&D tests

proved significant multipollutant emissions reduction at a semi-

industrial scale.

*Progress in water management.* 

ArcelorMittal is actively seeking solutions to address water

vulnerability in certain regions. In 2025, the R&D team

commissioned a sophisticated pilot plant in Tubarão, Brazil,

equipped with solar-powered sensors designed to monitor

fundamental water quality parameters. The pilot project

produced encouraging results during its testing phase

throughout the year.

*R&D continues supporting ArcelorMittal's three* 

*decarbonization routes:* 

The Company's Volteron™ iron electrolysis project

successfully operated the 1:1 vertical cell pilot, and John

Cockerill, its partner in this initiative, has completed the

Management report<br>

engineering design for a full-scale industrial plant, thereby

demonstrating the technology's techno-economic feasibility.

Regarding the EAF route, the Company's new EAF and scrap

expert control systems are running pilots in Differdange and

Sestao, respectively. First trials with cold agglomeration

products in Contrecoeur's and Acindar's DRI plants were

conducted, with promising results in both cases.

In 2025, the R&D team, along with the Group's CTO team,

validated the techno-economic feasibility of Green Blast

Furnace Top Gas Recycling which uses oxygen for a pilot blast

furnace in Germany, one of the initiatives in decarbonization of

the blast furnace route.

In 2025, ArcelorMittal continued deploying advanced models to

improve the energy efficiency of reheating furnaces. These

solutions have been industrialized across 23 furnaces in 19

plants, delivering meaningful reductions in energy consumption

and supporting the Company's decarbonization objective.

Building on this success, an upgraded model with online

integration was implemented in 14 furnaces, combining energy

efficiency with productivity gains and helping to relieve

bottlenecks, achieving up to 7% higher output in some cases.

Additionally, an advanced mathematical model was

implemented to optimize internal gas management. This

innovation reduces reliance on natural gas and maximizes the

use of coke oven gas, contributing to lower emissions and

improved operational efficiency.

*Process research and development for products differentiation:* 

In electrical steels, R&D has continued the development of

electrical steel plants, with good progress made in the

technology used to remove silica from pickling liquor and to

improve surface quality and flatness. R&D also supported new

investments in Mardyck (France) and Calvert (U.S.).

*Mining Process Improvement:*

The Mining segment and Global R&D are investing in

decarbonizing pellet production by lowering curing

temperatures and adjusting binders, which will reduce CO2

emissions. Additionally, Global R&D is developing a real-time

surveillance platform to monitor and manage safety at all

ArcelorMittal's tailings facilities globally. R&D is also working on

the reduction of the energy spent on beneficiation of iron ore, a

key lever for cost reduction and more sustainable mining.

*Digital*

In 2025, Global R&D, Group CTO and Flat Brazil Operations

received an important external recognition "Manufacturing

Leadership Award" with an internally developed AI solution

which supported ArcelorMittal Vega in their expansion case.

In 2025, ArcelorMittal spearheaded a strategic initiative called

Accelerate Digital Innovation or ADII and aimed at accelerating

the adoption of AI and digital solutions across production

facilities. As part of this effort, six plants have been carefully

selected to represent diverse geographies and production lines

(both flat and long products) to be digitally accelerated.

Efforts have continued to be made on a range of additional

projects, such as:

• Internally developed predictive maintenance platform

successfully deployed in major plants to monitor critical

equipment.

• Robotics has been an important focus point for the

development of new applications aiming to increase the

safety and efficiency of the Company's operations.

• The Company's significantly mature AI-based product

development platform allows speeding up the development

of several families of products and providing solutions to

develop new products with high added value. In the frame of

the transition to EAF production, AI is already guiding

industrial trials, while improving the Company's metallurgical

knowledge and in-house developed models.

• More traditional and globally deployed advanced process

models are being reworked, incorporating new AI algorithms.

• Several of the Company's expansion plans are thoroughly

modelled in advance combining AI and mathematical

optimization techniques to a very high level of sophistication,

allowing for the accuracy of the representation of the new

investment under many different business scenarios.

Products

Product overview

Information regarding segment sales by geographic area and

sales by type of products can be found in note 3 to

ArcelorMittal's consolidated financial statements.

ArcelorMittal has a high degree of product diversification

relative to other steel companies. Its plants manufacture a

broad range of finished and semi-finished steel products with

different specifications, including many complex and highly

technical and sophisticated products that it sells to demanding

customers for use in high-end applications.

ArcelorMittal's principal steel products include:

• semi-finished flat products such as slabs;

• finished flat products such as plates, hot- and cold-rolled

coils and sheets, hot-dipped and electro-galvanized coils and

sheets, tinplate and color coated coils and sheets;

• semi-finished long products such as blooms and billets;

• finished long products such as bars, wire-rods, structural

sections, rails, sheet piles and wire-products; and

• seamless and welded pipes and tubes.

ArcelorMittal's main mining products include iron ore lump,

fines, concentrate, pellets and sinter feed.

Management report<br>

***Steel-making process***

Historically, primary steel producers have been divided into

"integrated" and "mini-mill" producers. Over the past few

decades, a third type of steel producer has emerged that

combines the strengths of both the integrated and the mini-mill

processes. These producers are referred to as "integrated

mini-mill producers".

***Integrated steel-making***

In integrated steel production, coal is converted to coke in a

coke oven, and then combined in a blast furnace with iron ore

and fluxes to produce hot metal. This is then combined with

scrap in a converter, which is also referred to as BOF, to

produce raw or liquid steel. Once produced, the liquid steel is

metallurgically refined and then transported to a continuous

caster for casting into a slab, bloom or billet or cast directly as

ingots. The cast steel is then further shaped or rolled into its

final form. Various finishing or coating processes may follow

this casting and rolling. Recent modernization efforts by

integrated steel producers have focused on cutting costs

through eliminating unnecessary production steps, reducing

manning levels through automation, and decreasing waste

generation. Integrated mills are substantially dependent upon

iron ore and coking coal which, due to supply and demand

imbalances, shortening of contract durations and the linkage

between contract prices and spot prices, have been

characterized by price volatility in recent years.

***Mini-mills***

A mini-mill employs an EAF to directly melt scrap and/or scrap

substitutes such as direct reduced iron, thus entirely replacing

all of the steps up to and including the energy-intensive blast

furnace. A mini-mill incorporates the melt shop, ladle

metallurgical station, casting, and rolling into a unified

continuous flow. The quality of steel produced by mini-mills is

primarily limited by the quality of the metallic raw materials

used in liquid steel-making, which in turn is affected by the

limited availability of high-quality scrap or virgin ore-based

metallics for use in the EAFs. Mini-mills are substantially

dependent on scrap, which has been characterized by price

volatility in recent years, and the cost of electricity.

***Integrated mini-mills***

Integrated mini-mills are mini-mills that produce their own

metallic raw materials consisting of high-quality scrap

substitutes, such as DRI. Unlike most mini-mills, integrated

mini-mills are able to produce steel with the quality of an

integrated producer, since scrap substitutes, such as DRI, are

derived from virgin iron ore, which has fewer impurities. The

internal production of scrap substitutes as the primary metallic

feedstock provides integrated mini-mills with a competitive

advantage over traditional scrap-based mini-mills by insulating

the integrated mini-mills from their dependence on scrap,

which continues to be subject to price volatility. The internal

production of metallic feedstock also enables integrated mini-

mills to reduce handling and transportation costs. The high

percentage use of scrap substitutes such as DRI also allows

the integrated mini-mills to take advantage of periods of low

scrap prices by procuring a wide variety of lower-cost scrap

grades, which can be blended with the higher-purity DRI

charge. Integrated mini-mills are substantially dependent upon

iron ore which has been characterized by price volatility in

recent years (as described for integrated steel production

above). In addition, because the production of direct reduced

iron involves the use of significant amounts of natural gas,

integrated mini-mills are more sensitive to the price of natural

gas also than are mini-mills using scrap.

*Key steel products*

Steel-makers primarily produce two types of steel products: flat

products and long products. Flat products, such as sheet or

plate, are produced from slabs. Long products, such as bars,

rods and structural shapes, are rolled from blooms and/or

billets.

***Flat products***

S*lab*. A slab is a semi-finished steel product obtained by the

continuous casting of steel or rolling ingots on a rolling mill and

cutting them into various lengths. A slab has a rectangular

cross-section and is used as a starting material in the

production process of other flat products (e.g., hot-rolled sheet,

plates). Slabs are typically between 200 millimeters and 250

millimeters thick.

*Hot-rolled sheet.* Hot-rolled sheet is minimally processed steel

that is used in the manufacture of various non-surface critical

applications, such as automobile suspension arms, frames,

wheels, and other unexposed parts in auto and truck bodies,

agricultural equipment, construction products, machinery,

tubing, pipe and guard rails. All flat-rolled steel sheet is initially

hot-rolled, a process that consists of passing a cast slab

through a multi-stand rolling mill to reduce its thickness to

typically between 2 millimeters and 25 millimeters, depending

on the final product. Flat-rolled steel sheet that has been

wound is referred to as "coiled". Alternatively, hot-rolled sheet

can be produced using the thin slab casting and rolling

process, where the hot-rolled sheet thickness produced can be

less than one millimeter. This process is generally used in a flat

products mini-mill, but some integrated examples exist as well.

*Cold-rolled sheet.* Cold-rolled sheet is hot-rolled sheet that has

been further processed through a pickle line, which is an acid

bath that removes scaling from steel's surface, and then

successively passed through a rolling mill without reheating

until the desired gauge, or thickness, and other physical

properties have been achieved. Cold-rolling reduces gauge

and hardens the steel and, when further processed through an

annealing furnace and a temper mill, improves uniformity,

Management report<br>

ductility and formability. Cold-rolling can also impart various

surface finishes and textures. Cold-rolled steel is used in

applications that demand higher surface quality or finish, such

as exposed automobile and appliance panels. As a result, the

prices of cold-rolled sheet are higher than the prices of hot-

rolled sheet. Typically, cold-rolled sheet is coated or painted

prior to sale to an end-user.

*Coated sheet*. Coated sheet is generally cold-rolled steel that

has been coated with zinc, aluminum or a combination thereof

to render it corrosion-resistant and to improve its paintability.

Hot-dipped galvanized, electro-galvanized and aluminized

products are types of coated sheet and in recent times hot

dipped coatings composed of zinc, magnesium and aluminum

have grown in popularity. These are also the highest value-

added sheet products because they require the greatest

degree of processing and tend to have the strictest quality

requirements. Coated sheet is used for many applications,

often where exposed to the elements, such as automobile

exteriors, major household appliances, roofing and siding,

heating and air conditioning equipment, air ducts and switch

boxes, external structural applications as well as in certain

packaging applications, such as food containers.

*Plates.* Plates are produced by hot-rolling either reheated slabs

or ingots. The principal end uses for plates include various

structural products such as for bridge construction, storage

vessels, tanks, shipbuilding, line pipe, industrial machinery and

equipment.

*Tinplate.* Tinplate is a light-gauge, cold-rolled, low-carbon steel

usually coated with a micro-thin layer of tin. Tinplate is usually

between 0.14 millimeters and 0.84 millimeters thick and offers

particular advantages for packaging, such as strength,

workability, corrosion resistance, weldability and ease in

decoration. Food and general line steel containers are made

from tinplate.

*Electrical steels.* There are two principal types of electrical

steel: non-grain oriented fully processed steels and non-grain

oriented semi-processed steels. Non-grain oriented fully

processed steels are iron-silicon alloys with varying silicon

contents and have similar magnetic properties in all directions

in the plane of the sheet. They are principally used for motors,

generators, alternators, ballasts, small transformers and a

variety of other electromagnetic applications. A wide range of

products, including a newly developed thin gauge material for

high frequency applications, are available. Non-grain oriented

semi-processed steels are largely non-silicon alloys sold in the

not finally annealed condition to enhance punchability. Low

power loss and good permeability properties are developed

after final annealing of the laminations.

***Long products***

*Billets/Blooms.* Billets and blooms are semi-finished steel

products. Billets generally have square cross-sections up to

180 millimeters by 180 millimeters, and blooms generally have

square or rectangular cross-sections greater than 180

millimeters by 180 millimeters. These products are either

continuously cast or rolled from ingots and are used for further

processing by rolling to produce finished products like bars,

wire rod and sections.

*Bars.* Bars are long steel products that are rolled from billets.

Merchant bar and reinforcing bar (rebar) are two common

categories of bars. Merchant bars include rounds, flats, angles,

squares, and channels that are used by fabricators to

manufacture a wide variety of products such as furniture, stair

railings, and farm equipment. Rebar is used to strengthen

concrete in highways, bridges and buildings.

*Special bar quality ("SBQ") steel.* SBQ steel is the highest

quality steel long product and is typically used in safety-critical

applications by manufacturers of engineered products. SBQ

steel must meet specific applications' needs for strength,

toughness, fatigue life and other engineering parameters. SBQ

steel is the only bar product that typically requires customer

qualification and is generally sold under contract to long-term

customers. End-markets are principally the automotive, heavy

truck and agricultural sectors, and products made with SBQ

steel include axles, crankshafts, transmission gears, bearings

and seamless tubes.

*Wire rods*. Wire rod is ring-shaped coiled steel with diameters

ranging from 5.5 to 42 millimeters. Wire rod is used in the

automotive, construction, welding and engineering sectors.

*Wire products*. Wire products include a broad range of

products produced by cold reducing wire rod through a series

of dies to improve surface finish, dimensional accuracy and

physical properties. Wire products are used in a variety of

applications such as fasteners, springs, concrete wire,

electrical conductors and structural cables.

*Structural sections*. Structural sections or shapes are the

general terms for rolled flanged shapes with at least one

dimension of their cross-section of 80 millimeters or greater.

They are produced in a rolling mill from reheated blooms or

billets. Structural sections include wide-flange beams, bearing

piles, channels, angles and tees. They are used mainly in the

construction industry and in many other structural applications.

*Rails*. Rails are hot-rolled from a reheated bloom. They are

used mainly for railway rails but they also have many industrial

applications, including rails for construction cranes.

*Seamless tubes*. Seamless tubes have outer dimensions of

approximately 25 millimeters to 508 millimeters. They are

Management report<br>

produced by piercing solid steel cylinders in a forging operation

in which the metal is worked from both the inside and outside.

The final product is a tube with uniform properties from the

surface through the wall and from one end to the other.

*Steel sheet piles*. Steel sheet piles are hot rolled products used

in civil engineering for permanent and temporary retaining

structures. Main applications are the construction of quay

walls, jetties, breakwaters, locks and dams, river

reinforcements and channel embankments, as well as bridge

abutments and underpasses. Temporary structures like river

cofferdams are made with steel sheet piles. A special

combination of H beams and steel sheet piles are sometimes

used for the construction of large container terminals and

similar port structures.

*Welded pipes and tubes*. Welded pipes and tubes are

manufactured from steel sheet that is bent into a cylinder and

welded either longitudinally or helically.

***Mining products***

ArcelorMittal's mining products correspond to iron ore which is

also one of the main raw materials for steel operations (see "—

Raw materials and energy—Iron ore").

ArcelorMittal's mining operations produce a diversified range of

iron ore products, including sinter feed fines, concentrates, BF

and DR pellets, supplying both internal steelmaking and

external markets. Production has expanded in recent years,

with notable growth in Liberia and high-grade iron ore output in

Canada that is increasingly suited to direct reduction

applications. ArcelorMittal's extensive iron ore reserves and

global footprint support both current steel production and

evolving feedstock needs in the context of decarbonization.

Sustainable development

Governance structure

The Company's governance structure is based around the

following supervisory bodies:

*The three Board of Directors Committees*: Audit and Risk

Committee; Appointments, Remuneration and Corporate

Governance Committee ("ARCG Committee") and the

Sustainability Committee.

*Management Committees and Panels*: Management

Committee, Corporate Finance and Tax Committee ("CFTC"),

Investment Allocation Committee ("IAC"), Global Health and

Safety Council, Climate Change Panel, Sustainable

Development Panel, and Equality Panel.

*The Board of Directors Committees*

For information regarding the structure and responsibilities of

the Audit and Risk Committee, ARCG Committee and the

Sustainability Committee, please refer to "Management and

employees—Corporate governance—Board of Directors

committees".

*Management Committees and Panels* 

**Management Committee ("MC")**

The MC plays an important role in debating and developing the

Company's policies and strategy and brings to the table

representatives from all major segments, regions and functions

to discuss relevant items for the entire Company.

**Corporate Finance and Tax Committee ("CFTC")** 

The CFTC defines the principles for ArcelorMittal's finance

community and presents and supports financial and business

solutions for the Group by providing the expertise, excellence

in execution and stability for the continuous, sustainable and

competitive development of the Group including assessment of

financial risks related to the Company's climate strategy while

developing and promoting its people. The responsibilities of the

CFTC extend across all finance and tax activities in the Group,

covering treasury, funding, taxation, accounting and

performance management, Sarbanes-Oxley compliance and

insurance. They are not limited to corporate level activities

only. The CFTC is chaired by the CFO and EVP, Mr. Genuino

Christino, and has main responsibilities covering treasury,

funding, taxation, accounting and performance management,

SOX and insurance.

**Investment Allocations Committee ("IAC")**

The IAC authorizes large capital expenditure projects, including

those designed to deliver safety and environmental

improvements, carbon reductions, and reviews the carbon

footprint impact of all proposals. The IAC is chaired by Mr.

Aditya Mittal, CEO of ArcelorMittal.

**Global Health and Safety Council**

The Global Health and Safety Council, which includes Health &

Safety ("H&S") managers from across the Company, ensures

best practices are shared across the Company. See —Health

and Safety.

**Climate Change Panel ("CCP")**

CCP consists of senior managers from relevant corporate

functions and key operations across the Group. It guides

engagement and advocacy with external stakeholders on

climate change and decarbonization and supports the business

in understanding the risks and opportunities associated with

the transition to a low carbon economy.

**Sustainable Development Panel ("SDP")**

SDP consists of senior managers from relevant corporate

functions and key operations. It discusses, coordinates and

guides engagement on issues related to material

environmental and social issues, stakeholder engagement,

Management report<br>

compliance and performance on environmental (non-climate),

human rights and social performance issues.

Materiality

The starting point for the Company's sustainability reporting

and planning is to assess sustainability issues that are most

material in their impacts for external and internal stakeholders,

against the issues seen by the Company as having the most

actual or potential impact on its business and value, as well as

material sustainability topics from a financial perspective. This

assessment allows the Company to identify which issues to

prioritize and address. It also provides the basis for the

Company's sustainability planning and programs including

investment decisions, and serves as a benchmark to assess

progress.

The Company's most material sustainability topics are:

• Safety

• Climate

• People (including equal opportunities and non-

discrimination)

• Air, water, land, biodiversity and ecosystems

• Communities

• Value chains that the Company's stakeholders trust

• The value of ArcelorMittal's products to the circular

economy

• Business conduct

Reporting

The Company is committed to reporting on its governance,

strategy, risks and performance relating to each of its material

issues in its key publications including Annual reports and

Sustainability Reports.

In 2025, the Company published its Sustainability Report

adhering to the requirements of the EU Non-Financial

Reporting Directive (NFRD), reflecting the guiding principles of

international organizations and frameworks such as IFRS,

Global Reporting Initiative ("GRI"), Sustainability Accounting

Standards Board ("SASB"), the United Nations Global

Compact ("UNGC"), and the United Nations Sustainable

Development Goals ("UN SDGs").

In 2025, alongside making disclosures to the Carbon

Disclosure Project ("CDP") on climate change and water, and

conducting numerous customer surveys and investor

engagement, the Company published several country-specific

sustainability reports as required by its subsidiaries operating

in various jurisdictions.

The Company also released its Report on Payments to

Governments in Respect of Extractive Activities for the year

ended December 31, 2024.

The Company publishes a special disclosure report in

compliance with the US Dodd Frank Act Section 1502 and has

been complying with the reporting requirements of the EU's

conflict minerals regulation.

Health and Safety

ArcelorMittal's operations are subject to a broad range of laws

and regulations relating to the protection of human health and

safety ("H&S").

*Health and safety governance*

ArcelorMittal has a clear and strong H&S management system

(SMS), which includes the H&S policy, standards e.g. Fatality

Prevention Standards (FPS), guidance, training and life-saving

golden rules. These provide a minimum baseline for the

business units / segments to build upon with site specific plans,

and are aimed at reducing, on a continuing basis, the severity

and frequency of serious injuries and fatalities. Key elements of

the policy include:

• All fatalities and work-related illness can and must be

prevented; H&S always comes first in all decisions and

actions at all levels of ArcelorMittal;

• Enhanced emphasis on management's role while

recognizing and reinforcing that all employees need to be

actively involved in H&S management, making it clear that

working safely is a condition of employment for everyone at

ArcelorMittal;

• Explicitly stating that everyone is empowered to act and

pause activities if they see a situation which they deem to be

a potential risk;

• Stressing the need to report and analyze all incidents, so

that employees and management from across the Company

can learn from them; and

• Highlighting the role effective management systems and

sharing of best practices has in driving continuous

improvements.

The Group's safety policies and standards are developed by

the corporate H&S team, which monitors safety performance

KPIs across all sites and segments. In addition, the Global

Health and Safety Council (GHSC), which includes H&S

managers from across the Company, ensures best practices

are shared across the Group.

The CEOs of the business units are accountable for

establishing and maintaining the safety culture, effectively

implementing the SMS in their operations, and delivering

strong safety performance within their perimeter of

responsibility. This includes developing site-specific

improvement plans.

The business unit CEOs and segments are supported by a

three-lines assurance model which was enhanced in 2025 (see

Management report<br>

Governance and Assurance section below). The findings will

be shared with the Board Audit and Risk Committee.

The Board Sustainability Committee (SC) discusses safety on

a quarterly basis, with additional safety focused meetings

scheduled between regular meetings as required.

*Executive Compensation*

The executive short-term incentive plan for 2025 was linked to

the Recordable Injury Rate ("RIR") which is a change to the

proactive Potential Serious Injuries and Fatalities ("PSIF") used

in 2024. This change was made as the proactive PSIFs had

reached a maximum level at many of the Company's entities

and as such, ArcelorMittal wanted to move forward with a KPI

that would continue to incentivize improvement. The target has

been set at 93% of the previous year's recordable injury rate.

In addition, there is a fatality frequency rate circuit breaker. For

the Executive Office, this is already at nil and for the rest of the

Group it is set at 0.006 in 2025 and nil in 2026. The proportion

of bonuses linked to this scheme to safety is 15%.

Safety performance also represents 20% award vesting for the

Executive Office long-term incentive plan and 15% for the

Executive Officers plan, increased from 10% in 2024 to

reinforce the focus on safety across the Company. The Fatality

Frequency Rate ("FFR") is the KPI used for the long-term

incentive. For 2025 grants, the long-term incentive for the

Executive Office and Executive Officers is based on achieving

an FFR of zero.

*Three-year safety transformation program* 

The Company completed the first year of its three-year safety

transformation program, which supports ArcelorMittal's journey

to be a zero fatality and serious injury company. In 2025, the

Company focused on setting the foundations for change across

the whole Group. During years two and three, these changes

will be embedded to ensure consistency, discipline and results

in every region supporting the Company to reach and sustain

world class levels of safety performance.

Roadmaps have been set at both the corporate and site level

that are based on five dimensions: Governance and

assurance; leadership competencies; occupational risk

management; process safety management and alignment of

support functions. Progress in 2025 has been measured

against all these dimensions. Key highlights include:

*Governance and assurance* 

The H&S assurance model has been strengthened, with three

lines of assurance across all business units/segments/

corporate functions, to provide more comprehensive oversight.

It will provide a structured approach to verify that the Company

is promoting a proactive and interdependent safety culture and

is managing safety through a risk reduction management

system. Line 1 assurance will be under the responsibility of the

site/unit management. Line 2 assurance will be at the level of

the segment management and corporate functions (Group

H&S and CTO). Line 3 assurance, which provides assurance

on safety processes, will be embedded in the Global

Assurance function (an independent assurance function). The

findings will be shared with the Board Audit and Risk

Committee.

In addition, a new tool has been adopted globally to track the

level 2 audits and to ensure consistent audit methodology

across the Group. 50 level 2 audits have been completed in

2025 with level 3 audits also now underway.

*Leadership competencies* 

To support leaders with the right skills, a new safety leadership

competency model has been developed which highlights

minimum expectations on the safety-specific knowledge, skills

and behaviors required for different roles. In 2026, all leaders

will be assessed against this competency model, and any

identified gaps will be supported through dedicated training and

development actions.

An enhanced safety leadership training was rolled out to senior

management, providing a strong foundation for the Company

to strengthen the 'one safety culture' across the Group. More

than 80 senior leaders took part in the year long program,

covering key safety leadership skills including effective

communication. Curated trainings based on the new safety

leadership competency model are being developed and will be

made available on the Company's global learning platform,

accessible to everyone.

*Occupational risk management* 

To strengthen the identification and understanding of

operational risk exposure, the Company has provided clear

guidance for sites including on hazard identification, risk

assessment and control, amongst other areas. These

requirements bring together best practices from the

organization and outline how to manage risk in a consistent

way. These steps are supporting the Company in building a

more consistent, preventative and risk-informed culture across

the Group.

Furthermore, all sites are reporting the status of their FPS on

an ongoing basis in line with the role out of any updates (all

FPS will be updated by 2026). As the FPS are updated,

minimum critical controls are being embedded into the

requirements and supporting guidance is providing support to

ensure consistent adherence around the Group.

*Process Safety Management* 

The new Process Safety Management Framework (PSM) was

launched in 2025. 12 pilots have commenced covering a range

of different assets (coke plant, DRI module, steel plant, pellet

plant, sinter plant and electric arc furnace) and across many

geographies (Europe, North America, Brazil and India). The

Management report<br>

aim of these pilots is to implement best-in-class PSM which will

be shared and rolled out across all assets across the Group.

*Integrating H&S elements into support business processes* 

In 2025, H&S has been strengthened across the Company's

human resources processes and practices from the hiring

process to career path guidelines. In addition to the new Safety

Leadership competency model, the global resourcing policy,

guidance on job descriptions and behavioral interviews have

been updated to incorporate key requirements on safety. H&S

has also been strongly integrated into the Company's

performance management guidelines. Furthermore to support

consequence management, 'Just and Fair Culture' framework

has been rolled out across the Group which sets a consistent

approach across the Group and implementation is being

tracked and audited as part of the enhanced 3 lines of

assurance.

*Embedding contractors* 

Contractors are being fully embedded into ArcelorMittal's safety

management processes across the Group. As such, the

Company has been rolling out its Life Saving Golden Rules

Certification to contractors and has implemented a tighter

contractor sanction policy – contractor evaluation will be

considered in the overall contractor evaluation at the Group

level and used for determining future awards of work to

contractors.

Furthermore, to improve contractors' safety management, a

new fatality prevention standard for contractors has been

drafted to be launched across the Group in early 2026 and all

segments will need to complete a full self-assessment by the

end of 2026. The monitoring and assessment of contractors

will be captured across all 3 lines of assurance. The aim of the

Contractors' Safety Management Standard is to ensure a

shared understanding of responsibilities and consistent

application of best practices.

*Performance in 2025* 

In 2025, in the first year of ArcelorMittal's three-year safety

transformation program, there has been strong engagement

across the Group on safety which is evident across all key

safety KPIs. There was a significant reduction in the FFR to

0.014x in 2025 (from 0.035x in 2024), the RIR reduced by

~20% to 3.85 (from 4.80x in 2024) and there was an

improvement in the Lost Time Injury Frequency Rate ("LTIFR")

rate to 0.65x in 2025 (compared with 0.70x in 2024).

However, there is much more to be done on safety to meet the

Company's target of zero fatalities and serious injuries. In

2025, there were six fatalities in five events, of which two were

ArcelorMittal employees and four were contractors. Thorough

investigations were conducted to determine the circumstances

surrounding these incidents with the learnings being used to

strengthen the Company's engineering controls, FPSs and are

being embedded into the segment specific roadmaps. The

Company remains steadfast in its commitment to building a

workplace where every individual returns home safely.

Safety is one of the Company's core values. Each business

unit has a tailored safety roadmap that details the steps

needed to support a reduction in variability in the safety

performance. The Company is clear on what it needs to do to

build on this first year and to demonstrate continued progress.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the year ended December 31**<sup>1</sup> | **LTIFR 2025** | **LTIFR 2024** | **Fatalities** <br>**2025**<br>| **Fatalities** <br>**2024**<sup>2</sup><br>| **FFR 2025** | **FFR 2024**<sup>2</sup> | **RIR 2025** | **RIR 2024** |
| North America | 0.18 | 0.27 | 1 | 1 | 0.018 | 0.019 | 2.22 | 3.34 |
| Brazil | 0.29 | 0.21 | 1 | 3 | 0.009 | 0.028 | 3.26 | 3.79 |
| Europe | 1.34 | 1.34 | 1 | 4 | 0.009 | 0.036 | 5.94 | 7.65 |
| Sustainable Solutions | 1.27 | 1.01 | 2 | 2 | 0.062 | 0.059 | 6.58 | 7.17 |
| Mining | 0.20 | 0.18 |  | 1 | 0.000 | 0.036 | 1.98 | 2.31 |
| Others | 0.49 | 0.81 | 1 | 3 | 0.014 | 0.041 | 2.74 | 2.83 |
| TOTAL | 0.65 | 0.70 | 6 | 14 | 0.014 | 0.035 | 3.85 | 4.80 |

---

1. Information is reported on a provisional basis at reporting date and may be revised retrospectively following a comprehensive review that extends beyond the publication of

the annual report. All data is based on ArcelorMittal Group (excluding joint ventures and associates) and includes acquisitions and disposals as from and until their date of

acquisition and disposal, respectively.

2. The 2024 fatality figure in Brazil has been revised retrospectively as a result of an injury that occurred in 2024 but was later determined fatal.

Climate change

The Company continues to make progress towards its ambition

to reach net zero by 2050, reducing its historical absolute

Scope 1 and 2 emissions from 188 million tonnes CO2e in

2018 to 98.3 million tonnes CO2e in 2025 (47% reduction)

while managing climate-related transition and physical risk.

The Company is well positioned given existing capabilities in

EAF steelmaking and low-carbon emission metallics to provide

access to low-carbon intensity steel products to its customers.

ArcelorMittal's progress and activities related to

decarbonization have been across three key areas:

• Fostering the development of a supportive environment for

decarbonization in Europe;

• Disciplined, competitive decarbonization capital expenditure;

and

Management report<br>

• Enabling and investing in the energy transition.

*Fostering the development of a supportive environment for* 

*decarbonization in Europe*

The Company announced in November 2024 that it was unable

to take a final investment decision constructing new DRI-EAF

assets in Europe given European policy, energy and market

conditions. Since then, the Company has been encouraged by

the effort that the European Commission ("EC") has taken to

understand the challenges it is facing. On March 19, 2025, the

EC published its Steel and Metals Action plan, designed to

strengthen the European steel and metal sector's

competitiveness and safeguard its future. It outlined the

European Commission's intention to:

• Address unfair trade by introducing effective protection

measures beyond June 30, 2026, when the safeguards

expire;

• Prevent carbon leakage through amendments to the CBAM;

• Lower energy prices for energy intensive industrials like

steel; and

• De-risk decarbonization projects through lead markets and

public support.

The EC has taken decisive action on these measures and, on

October 7, 2025, presented a new Tariff Rate Quota ("TRQ")

mechanism to protect the steel industry from global

overcapacity. It is intended to support the European steel

industry in raising capacity utilization toward healthy levels of

80–85% (up from the current 65% reported by Eurofer),

improving profitability and enabling investment with greater

confidence. It is now imperative that this is implemented.

On December 17, 2025, the EC also provided an update on the

CBAM announcing proposed measures to close loopholes to

prevent circumvention and strengthen the efficacy of the

mechanism. Together, the new TRQ mechanism and an

effective CBAM will provide the foundation for ArcelorMittal's

European business to earn its cost of capital. See

"Government regulations—Foreign trade".

Beyond ensuring fair competition, it will also be essential to

create lead markets and stimulate demand for low-carbon

emission steel, for example through public procurement and

the introduction of sustainability criteria in downstream sectors

such as automotive, construction, white goods, clean energy

and infrastructure. This should be complemented by the

progressive enforcement of content requirements in steel-

intensive products and the development of a carbon-intensity

label for steel based on a sliding-scale approach to give the

market clear, comparable information. For example, the Low

Emission Steel Standard ("LESS") is a voluntary standard

which represents almost 45% of steel production in Europe.

ArcelorMittal entities in Belgium, France, Luxembourg, Spain

and Germany are all members of the LESS.

In addition, of critical importance is visibility of industry access

to competitive clean energy.

Important steps have been taken by the EC but it is now

imperative that they are implemented as swiftly as possible.

ArcelorMittal will continue to advocate for the enabling

conditions required to support a viable transition of the steel

sector.

*Disciplined, competitive decarbonization capital expenditure* 

**Advancing decarbonization across the Company's** 

**operations.** 

The policy context shapes ArcelorMittal's phased approach to

decarbonization, beginning with the construction of state-of-

the-art EAFs, which in 2025 represented 26% of total crude

steel production, up from 19% in 2018. The Company is

investing in EAFs and expects to have 3.4 million tonnes of

additional EAF capacity by the end of 2026, providing Group

capacity of 30 million tonnes. This capacity is based on two

projects in Spain (Gijón and Sestao) and the new EAF in the

U.S. (Calvert) which was commissioned and is ramping up

production.

*Gijón, Spain*

ArcelorMittal continues with the construction of an EAF for long

products at its Gijón plant, which is expected to produce its first

heat in the first quarter of 2026. This investment of €213 million

will be the first major EAF project to be implemented within the

Company's decarbonization program in Europe and will

constitute the first step towards low-carbon emissions

steelmaking in Asturias.

*Sestao, Spain*

Sestao is in an advantageous position as one of the only

producers in Europe capable of producing low-carbon emission

flat steel via the EAF route today. There has been good

progress with the Company's efforts to increase production to

1.6 million tonnes by 2026 at the plant in Sestao which has two

EAFs. Once complete, much of this production will be XCarb®

RRP low-carbon emissions steel.

Sestao is also Europe's first Compact Strip Production ("CSP")

mill line that combines continuous casting, heating and rolling

of slabs, and the plant can produce steel from melting start to

coiling finish in approximately three hours. This type of plant

benefits from energy saving compared to conventional

production, due to its simplified and shortened production cycle

minimizing reheating needs.

*ArcelorMittal Calvert, USA* 

In 2025, ArcelorMittal completed the acquisition of the

remaining 50% of AMNS Calvert, one of the most advanced

steel finishing facilities in North America, from NSC. The

Management report<br>

Calvert site is complemented by a new state-of-the-art 1.5

million tonnes EAF which produced its first slabs in June 2025

and the facility is ramping up production. The new steelmaking

facility, integrated with ArcelorMittal's HBI facility in Texas, will

enable Calvert to supply automotive customers with lower CO2

embodied steel, melted and poured in the United States. See

"Properties and capital expenditures—Capital expenditures".

*Dunkirk, France* 

In February 2026, the Company confirmed the construction of

a 2-million-tonne EAF in Dunkirk, with a strategic investment of

approximately €1.3 billion. Its start-up is scheduled for 2029

and it will produce steel with three times less CO2 compared

with a blast furnace. See "Introduction—Sustainable

development highlights—Recent developments". To support

the operation of the EAF, the Company has also signed a new

agreement in December 2025 with EDF to secure a long-term

supply of low-carbon electricity for its French sites, which

provides visibility on the energy costs.

Despite this progress, as disclosed in the 2024 Sustainability

Report published in April 2025, the Company still faces

significant challenges in meeting its 2030 carbon emissions

intensity target. The low-carbon iron-making technologies

required to meet that target, including green hydrogen,

biomass and CCS, are still in the process of becoming mature,

scalable and cost-competitive, and are only expected to be

viable at scale after 2030.

**Optimizing asset portfolio for a low-carbon future**

Asset optimization across the Group – divesting carbon

intensive assets such as Ilva (Italy), Kazakhstan, Bosnia (see

below) and closed/idled inefficient capacity (e.g. Poland BF) -

has also helped create a leaner, lower carbon and more

competitively positioned portfolio.

On October 30, 2025, following merger control clearance and

the fulfillment of all conditions precedent, ArcelorMittal

completed the sale of its operations in Bosnia and

Herzegovina, which included an integrated steel plant

operating well above the Company's average emissions

intensity. See "Introduction—Key transactions and events in

2025".

This asset optimization strategy is not positioned as an

emission-reduction measure in itself, but as a disciplined

portfolio decision that supports the long-term transition of the

business. ArcelorMittal has reduced its CO2e intensity by 4.1%

in 2025 (vs 2018).

**Reducing operational vulnerability to climate hazards**

In 2024, the Company completed an asset-level screening to

assess exposure to climate hazards including flooding,

extreme precipitation, heat, cold, fire, drought, wind, and hail,

using a third-party climate data analytics tool. Building on this

foundation, in 2025 the Company developed a climate

adaptation toolkit to help sites carry out in-depth risk

assessments tailored to their local conditions, operational

characteristics, growth plans, workforce and community

context, and environmental management needs. The toolkit

includes a climate-risk assessment tool to identify material

risks at the process level, along with an adaptation plan

workbook to guide the design of mitigation measures,

implementation planning, and ongoing monitoring and

evaluation. It was piloted at one site in 2025, and will be rolled

out across the remaining sites starting in 2026, accompanied

by capacity-building activities to support effective adoption.

*Investing in the energy transition*

ArcelorMittal has continued to invest in the energy transition

and to develop innovative products that accelerate

decarbonization across industries, supporting stakeholders in

reducing emissions and enhancing the competitiveness of low-

carbon value chains across the following areas:

**Scaling renewable energy for ArcelorMittal's operations** 

**and its value chain**

As mentioned above, ArcelorMittal's investments are guided by

the objective of ensuring a viable, long-term transition of its

operations and value chain, with capital allocated in areas

where decarbonization is technically feasible, economically

justified and aligned with future market requirements.

ArcelorMittal's investments in renewables provide the

Company with non-cyclical operating income with low

maintenance capital expenditure requirements and a

consistent cash flow.

In 2025, ArcelorMittal continued to develop a portfolio of high-

quality renewable energy assets, delivering attractive returns

on investment. The Company has 1.6GW of renewable

capacity (equity share) already commissioned including mainly

India (1GW), Brazil (0.6GW), and Argentina (0.1GW). A further

1.2GW is under development and will be commissioned by

2028, including projects in India (1GW), Brazil (0.1GW) and

Argentina (0.1GW). See also "Properties and capital

expenditures—Capital expenditures".

**Electrical steels offering for the e-mobility, renewable** 

**energy and digital future** 

Electrical steels are essential for both the low-carbon and

digital transitions. They are used in electric motors, generators,

transformers, and other equipment that enable electrified

transport, renewable energy generation, power grids, and data

infrastructure. As demand for these applications grows, so

does the need for high-performance electrical steels.

ArcelorMittal is expanding its capacity to meet this demand in

sectors such as e-mobility, renewable energy (including hydro

and wind), and emerging areas like data centers.

ArcelorMittal, with French government support, is establishing

a new electrical steels production unit at its Mardyck, site near

Management report<br>

Dunkirk, adding new electrical steel production lines (see

"Properties and capital expenditures—Capital expenditures").

Together with the Saint-Chély-d'Apcher site in southern

France, this expansion will triple the Company's annual

electrical steel production capacity to 280,000 tonnes.

Simultaneously, a dedicated management team for European

electrical steel operations has also been established to

improve responsiveness and efficiency.

In 2025, ArcelorMittal also announced plans for a new NOES

manufacturing facility in Alabama, U.S, see "Properties and

capital expenditures—Capital expenditures". The project is

expected to create up to 1,300 jobs during construction and

more than 200 permanent positions once operational. In total,

ArcelorMittal is investing in 0.4 million tonnes of NOES in the

U.S. and EU by 2028.

**Advancing low-carbon building solutions**

Meeting climate goals will require new materials and design

approaches that lower embodied carbon, improve thermal

performance and enable the integration of renewable energy in

the built environment. Innovation in products is therefore

relevant to support the decarbonization of homes, commercial

spaces and industrial facilities.

Recently, ArcelorMittal Construction renamed to ArcelorMittal

Building Solutions, reflecting its role as a full-spectrum partner

providing not only products, but complete systems, expertise,

and innovation throughout the building life cycle, supporting

more sustainable, future-ready construction practices.

One example of such solutions are the Company's insulated

materials, which are designed to deliver high thermal efficiency.

Their combination of structural rigidity, mechanical

performance and low weight makes sandwich panels a cost-

efficient option for applications such as roofing and façades,

helping customers in various sectors to reduce energy

consumption.

In 2025, ArcelorMittal Building Solutions officially inaugurated

its Helioroof® production line in Contrisson, France, marking a

major milestone in sustainable building innovation. This next-

generation roofing solution seamlessly combines steel panels,

thermal insulation, and solar cells into a single, ready-to-install

module delivering exceptional energy performance with a lower

weight and significantly reduced carbon footprint compared to

traditional roofing with separate solar panels.

These actions illustrate the progress the Company has made in

capturing business opportunities linked to the low-carbon

transition.

*Climate governance and risk management* 

ArcelorMittal's Board oversees climate-related issues through a

governance structure that includes a Board-level Sustainability

Committee and an executive-level Climate Change Panel. The

Board approves related policies and incentive structures, while

accountability for implementation and compliance with local

requirements sits with local CEOs.

The Board has also linked executive remuneration to progress

on climate objectives. Since 2021, the long-term incentive

plans have included ESG criteria, including climate action.

Performance share units (PSUs) are partly contingent on

achieving the Company's CO₂ emissions target by the end of

the vesting period, representing 10% of the performance

criteria for the Executive Office (and the CFO in 2025) and 5%

of the performance criteria for other Executive Officers.

The IAC evaluates the carbon impacts of major projects, as a

part of their review process, to ensure that economic and

environmental considerations are balanced in investment

decisions. The IAC assesses both financial returns and

alignment with climate targets, ensuring that investments

support the Company's long-term growth while managing

transition risks and meeting its decarbonization strategy.

*Carbon performance (based on 2025 data)*

In 2025, the adjusted Group CO₂e intensity KPI increased

slightly by 1.1% compared to 2024. This was primarily due to

crude steel production declining more sharply than emissions,

particularly in the integrated route where a significant

proportion of emissions is fixed and does not decrease in line

with output. Temporary increases in emissions from purchased

electricity, together with changes in the site mix within the

portfolio (i.e. which sites were operating and their production

levels), also contributed to the higher intensity. As a result,

emissions per tonne of steel increased, even though absolute

CO₂ emissions decreased year-on-year by 3.1%.

The Company also reports 2018 data adjusted for structural

changes to its portfolio to enable like-for-like comparison over

time. On this basis, CO₂e intensity has decreased by 4.1%

since 2018, from 1.86 tCO₂e/tcs to 1.79 tCO₂e/tcs. Adjusted

absolute emissions corresponding to the Company's global KPI

(Scope 1 and 2, steel and mining) have decreased by 27%

compared with 2018.

The following indicators are used to measure and monitor

ArcelorMittal's decarbonization progress:

Management report<br>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Metric** | **Unit** | **Scope + perimeter** | **2018** <br>**(Baseline)**<br>| **2024** | **2025** | **2018-2025** <br>**Reduction**<br>|
| Adjusted absolute CO2e footprint<sup>1</sup> | Million tonnes | ArcelorMittal Scope 1+2 | 135.5 | 101.4 | 98.3 | 27.0% |
| Adjusted absolute CO2e footprint<sup>1</sup> | Million tonnes | Europe Scope 1+2 | 65.3 | 50.0 | 47.2 | 28.0% |
| Adjusted Group CO2e intensity KPI<sup>1</sup> (steel and mining) | tCO2e/tcs | ArcelorMittal Scope 1+2 | 1.86 | 1.77 | 1.79 | 4.1% |
| Adjusted Europe CO2e intensity KPI<sup>1</sup> (steel) | tCO2e/tcs | Europe Scope 1+2 | 1.69 | 1.61 | 1.63 | 3.2% |
| CO2e intensity steel only<sup>2</sup> | tCO2e/tcs | Steel Scope 1+2+limited Scope 3 | 2.09 | 1.87 | 1.86 | 10.8% |
| Adjusted CO2e intensity<sup>1,2</sup>steel only | tCO2e/tcs | Steel Scope 1+2+limited Scope 3 | 1.96 | 1.87 | 1.86 | 4.9% |

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1. Prior period figures have been retrospectively adjusted for structural changes to the ArcelorMittal portfolio in 2025 to enable a like for like annual comparison.

2. This indicator includes limited upstream Scope 3 emissions from purchased goods that a steelmaker would normally be expected to produce, such as coke, slabs, burnt

lime in order to maintain a consistent system boundary and so a like for like comparison.

**Tailings management** 

The Company has implemented a comprehensive tailings

management framework based on the leading industry

guidelines from the Mining Association of Canada (MAC), the

Canadian Dam Association (CDA), and the Global Industry

Standard for Tailings Management (GISTM). The Company's

aim is to ensure that all its Tailings Storage Facilities (TSFs)

are structurally sound and safe, supported by independent

audits and reviews.

The Company manages 26 TSFs, categorized as:

• Active: 16

• Dormant: 2

• Care & Maintenance: 4

• Closure: 1

• Construction: 3

A strong governance framework and three-level assurance

process, including internal and external audits, is in place. In

2025, the Company conducted a full third-party GISTM audit

and completed a significant set of quantitative risk

assessments as part of the ongoing risk management strategy.

Tailings specialists are embedded within operations, and all

TSFs have emergency response plans activated by a Trigger

Action Response Plan (TARP). The Company has been

reviewing these emergency response plans across all sites to

ensure they are aligned with the international best practice

standards.

This work is supported by a continuous improvement program

that promotes reduced moisture disposal methodologies (e.g.

high-density thickened tailings or filtered tailings where

appropriate) and leverages proven new technologies to monitor

facilities globally in real-time. The Company has also upgraded

its internal monitoring infrastructure, deploying iSMART, a new

cloud-based TSF data monitoring system. This GIS monitoring

platform integrates all safety data, including information from

on-site instruments (such as piezometers and inclinometers

that measure deformation) and remote monitoring technologies

like InSAR satellite monitoring. This service provides a

predictive view by taking monthly, high-precision photos to

track movement in millimeter increments over time, allowing

the Company to detect very small changes and upward/

downward trends.

The Company is assessing all mining operations for transition

in line with these principles and developing customized design

solutions for non-conventional tailings system management.

Tailings thickening steps have been implemented in the

Company's assets in Mexico, and reduced moisture disposal

methodologies are in use in Brazil, Canada, and Mexico. The

Company's operation Peña Colorada, Mexico, commissioned a

dry stack facility during 2024, and further studies are ongoing

across a range of operations on how tailings can be

dewatered.

Risk assessments were undertaken on all ArcelorMittal's TSFs

during 2021 and 2022, from which the Company implemented

a range of priority action plans and developed a risk reduction

program, including operational and monitoring improvements. A

follow up risk assessment process commenced during 2024.

A major milestone achievement in 2025 was the completion of

the check dam at ArcelorMittal Serra Azul TSF in Brazil and the

commencement of its decommissioning, a process planned to

take several years.

Stakeholder engagement is an important part of the

Company's tailings management approach, aligning directly

with GISTM Principle 1 (Affected Communities). The Company

is committed to establishing and maintaining open, transparent,

and effective communication channels with all affected

communities, local authorities, and other stakeholders. This

includes timely disclosure of relevant, accessible, and

understandable information, and fulfilling the GISTM

requirement for a Participating Stakeholder process. The

Company adheres to its Stakeholder Engagement Procedure,

which formalizes this commitment and guides engagement

activities. The Company is also developing comprehensive

best practice guidance for resettlement to ensure any

necessary land access or community relocation is conducted

Management report<br>

fairly, respectfully, and in a manner that improves livelihoods,

prioritizing the rights and well-being of those affected.

The Company is also a member of AMIRA, a global research

group, and has been working with them on projects, including

the identification of liquefaction triggers.

Raw materials and energy

ArcelorMittal's mining and raw materials supply strategy

consists of:

• Acquiring and expanding production of raw materials, in

particular iron ore but as well some other specific products

such as refractory, while keeping the cost under control;

• Exploiting its global purchasing reach, pursuing the lowest

unit price available based on the principles of total cost of

ownership and value-in-use through aggregated purchasing,

supply chain and consumption optimization; and

• Leveraging local and low cost advantages on a global scale.

ArcelorMittal's priority is to optimize output and production from

its existing sources focused mainly on iron ore.

Iron ore

ArcelorMittal sources significant portions of its iron ore needs

from its own mines in Ukraine, Canada, Mexico, Liberia and

Brazil. Several of ArcelorMittal's steel plants also have in place

off-take arrangements with suppliers located near its

production facilities.

For further information on Mining segment iron ore production,

see "Operating and financial review—Operating results". For

further information on each of ArcelorMittal's principal iron ore

mining operations including total mining production of iron ore,

see "Properties and capital expenditures—Property, plant and

equipment" and "Properties and capital expenditures— Mineral

reserves and resources".

ArcelorMittal is also a party to contracts with other mining

companies that provide long-term, stable sources of raw

materials. The Company has multi-year iron ore supply

contracts with Vale to cover its requirements for the EU units,

worldwide direct reduction units and for ArcelorMittal Brasil.

ArcelorMittal's principal international iron ore suppliers include

Vale in Brazil, Luossavaara-Kirunavaara AB in Sweden,

Baffinland Iron Mines Corporation ("BIM") in Canada, IOC (Rio

Tinto Ltd.) in Canada, Samarco in Brazil, Anglo-American

(Minas Rio in Brazil), and Metinvest in Ukraine.

ArcelorMittal believes that its portfolio of mining assets and

long-term supply contracts can play an important role in

preventing disruptions in the production process. (see

"Operating and financial review—Key factors affecting results

of operations—Raw materials").

Coal

ArcelorMittal's principal coal suppliers include the BHP Billiton

Mitsubishi Alliance ("BMA"), Stanmore, Peabody, and Glencore

in Australia, Alpha, CORE and Warrior in the United States,

and JSW in Poland.

Metallics (scrap)

ArcelorMittal procures the majority of its scrap requirements

locally and regionally. Certain plants supplement this by

importing EU-origin scrap, typically transported by ship to

optimize sourcing. Scrap is generally purchased on the spot

market on a weekly or monthly basis or through short-term

contracts.

Alloys

ArcelorMittal purchases its requirements of bulk and noble

alloys from a number of global, regional and local suppliers on

contracts that are linked to generally-accepted indices or

negotiated on a quarterly basis.

Base metals

The majority of the Company's base metal needs, including

zinc, tin, aluminum and nickel are purchased under annual

volume contracts. Pricing is based on the market-accepted

indices. Material is sourced from both local and global

producers.

Electricity

ArcelorMittal generally procures its electricity through tariff-

based systems in regulated areas such as parts of the United

States and South Africa, through direct access to markets in

most of its European mills or through bilateral contracts

elsewhere. The duration of these contracts varies significantly

depending on the area and type of arrangement.

For integrated steel mills, plant off-gases from various process

steps are utilized to generate a significant portion of the plant's

electricity requirements and lower the purchase volumes from

the grid. This is either produced by the plant itself or with a

partner in the form of a co-generation contract.

Natural gas

ArcelorMittal procures much of its natural gas requirements for

its Canadian and Mexican operations from the natural gas spot

market or through short-term contracts entered into with local

suppliers, with prices fixed either by contract or tariff-based

spot market prices. For its European and Ukrainian operations,

with a contractual mix of "all-in" bilateral supply and direct

access to the market, ArcelorMittal sources its natural gas

requirements with European short term/spot-indexed supply

contracts. The remainder of ArcelorMittal's natural gas

consumption is generally sourced from regulated markets.

Management report<br>

Industrial gases

Most of ArcelorMittal's industrial gas requirements are

produced and supplied under long-term contracts with various

suppliers in different geographical regions.

Coke

ArcelorMittal has its own coke-making facilities at most of its

integrated mill sites, including in Canada, Brazil, Spain, France,

Germany, Belgium, Poland, South Africa, and Ukraine. While

ArcelorMittal meets most of its own coke requirements, certain

of ArcelorMittal's operating subsidiaries purchase coke mainly

from seaborne market from Indonesia, Colombia, Japan,

Australia, and China and certain of its subsidiaries occasionally

also sell excess coke at market prices to third parties.

Shipping

ArcelorMittal Shipping ("AM Shipping") provides ocean

transportation solutions to ArcelorMittal's manufacturing

subsidiaries and affiliates. AM Shipping determines cost-

efficient and timely approaches for the transport of raw

materials, such as iron ore, coal, coke and scrap, and semi-

finished and finished products. AM Shipping is also responsible

for providing shipping services to the Company's sales

organizations. It provides complete logistics solutions from

plants to customer locations using various modes of transport.

In 2025, AM Shipping arranged transportation for

approximately 51.41 million tonnes of raw materials and about

7.12 million tonnes of finished products. The key objectives of

AM Shipping are to ensure cost-effective and timely shipping

services to all units. AM Shipping also acts as the coordinator

for Global Chartering Ltd., the Company's joint venture with

DryLog Ltd., a Monaco based shipping company.

Sales and marketing

In 2025, ArcelorMittal sold 54.0 million tonnes of steel products.

Sales

The majority of steel sales from ArcelorMittal are destined for

domestic markets. For these domestic markets, sales are

usually approached as a decentralized activity that is managed

either at the business unit or at the production unit level. For

certain specific markets, such as automotive, there is a global

approach offering similar products manufactured in different

production units around the world. In instances where

production facilities are in relatively close proximity to one

another, and where the market requirements are similar, the

sales function is aggregated to serve a number of production

units. In the EU and in South America, ArcelorMittal owns a

large number of service and distribution centers. Depending on

the level of complexity of the product, or the level of service

required by the customer, the service center operations form

an integral part of the supply chain to ArcelorMittal's

customers. Distribution centers provide access to

ArcelorMittal's products to smaller customers that cannot or do

not want to buy directly from the operating facility.

The Group prefers to sell exports through its international

network of sales agencies to ensure that all ArcelorMittal

products are presented to the market in a cost-efficient and

coordinated manner.

Sales are executed at the local level, but are conducted in

accordance with the Group's sales and marketing and code of

conduct policies.

For some global industries with customers in more than one of

the geographical areas that ArcelorMittal serves, the Company

has established customized sales and service functions. This is

particularly the case for the automotive industry. Sales through

this channel are coordinated at the Group level with respect to

contract, price and payment conditions.

Marketing

Marketing follows the sales activity very closely and is by

preference executed at the local level. In practice, this leads to

a focus on regional marketing competencies, particularly where

there are similarities among regional markets in close

geographical proximity. Local marketing provides guidance to

sales on forecasting and pricing. At the global level, the

objective is to share marketing intelligence with a view towards

identifying new opportunities, either in new products or

applications, new product requirements or new geographical

demand. Where a new product application is involved, the in-

house research and development unit of ArcelorMittal is

involved in developing the appropriate products.

An important part of the marketing function at ArcelorMittal is to

develop short-range outlooks that provide future perspectives

on the state of market demand and supply. These outlooks are

shared with the sales team in the process of finalizing the sales

strategy for the immediate future and with senior management

when market conditions call for production adjustments.

Globally, sales and marketing activities are coordinated to

ensure a harmonized approach to the market. The objective is

to provide similar service experiences to all customers of

ArcelorMittal in each market.

Purchasing

ArcelorMittal has implemented a global procurement process

for its major procurement requirements, including raw

materials, capital expenditure items, energy and shipping.

ArcelorMittal's centralized procurement teams also provide

services such as optimization of contracts and the supply base,

logistics and optimizing different qualities of materials suitable

for different plants and low cost sourcing.

By engaging in these processes, ArcelorMittal seeks to benefit

from economies of scale in a number of ways, including by

establishing long-term relationships with suppliers that

Management report<br>

sometimes allow for advantageous input pricing, pooling its

knowledge of the market fundamentals and drivers for inputs

and deploying specialized technical knowledge. This enables

ArcelorMittal to achieve a balanced supply portfolio in terms of

diversification of sourcing risk in conjunction with the ability to

benefit from a number of its own raw materials sources.

ArcelorMittal has institutionalized the "total cost of ownership"

methodology as its way of conducting its procurement activities

across the Group. This methodology focuses on the total cost

of ownership for decision making, with the goal of lowering the

total cost of production through minimization of waste,

improved input material recovery rates and higher rates of

recycling.

Sustainability principles are embedded into ArcelorMittal

general procurement conditions, purchasing contracts, in the

onboarding process and supplier performance management in

the area of safety, health, environment, human rights and

employee relations.

Intellectual property

ArcelorMittal owns and maintains a patent portfolio covering

processes and steel products, including uses and applications

that it creates, develops and implements in territories

throughout the world. Such patents and inventions primarily

relate to steel solutions with new or enhanced properties, as

well as new technologies that generate greater cost-

efficiencies.

ArcelorMittal also owns trademarks, both registered and

unregistered, relating to the names and logos of its companies

and the brands of its products. ArcelorMittal has policies and

systems in place to monitor and protect the confidentiality of its

know-how and proprietary information. The Company applies a

general policy for patenting selected new inventions, and its

committees organize an annual patent portfolio screening by

individuals from the Company's R&D and business sectors in

order to optimize the global efficiency of the Company's patent

portfolio. The Company's patent portfolio includes more than

16,000 patents and patent applications, mostly recent and

medium-term, for more than 1,015 patent families, with 128

inventions newly-protected in 2025. Because of this constant

innovation, the Company does not expect the lapse of patents

that protect older technology to materially affect medium term

revenue.

In addition to its patent portfolio, ArcelorMittal is constantly

developing technical know-how and other unpatented

proprietary information related to design, production process,

decarbonization solutions for steel production and use of high

quality steel products, leading to development of new

applications or to improvement of steel solutions proposed to

its customers, such as the ones aiming at weight reduction for

vehicles. ArcelorMittal has also been granted licenses for

technologies developed by third parties in order to allow it to

propose comprehensive steel solutions to customers.

ArcelorMittal is not aware of any pending lawsuits alleging

infringement of others' intellectual property rights that could

materially harm its business.

Government regulations

ArcelorMittal's operations are subject to various regulatory

regimes in the regions in which it conducts its operations. The

following is an overview of the principal features of the

Company's regulatory regimes, as of December 31, 2025, that

affect or are likely to significantly affect the Company's

operations.

See also "Introduction—Risk factors and Control", "Business

Overview—Sustainable Development—Health and Safety" and

note 9.3 to the consolidated financial statements.

Environmental laws and regulations

ArcelorMittal's operations are subject to a broad range of laws,

directives and regulations relating to air emissions, surface and

groundwater protection, wastewater storage, treatment and

discharges, the use and handling of hazardous or toxic

materials, waste management, recycling, treatment and

disposal practices, the remediation of environmental

contamination, the protection of soil, biodiversity and

ecosystems or rehabilitation (including in mining).

As environmental laws and regulations in the European Union

("EU") stemming from the Green Deal and other jurisdictions

continue to become more stringent, ArcelorMittal expects to

spend substantial resources, including operating and capital

expenditures, to achieve or maintain ongoing compliance.

Further details regarding specific environmental proceedings

involving ArcelorMittal, including provisions to cover

environmental remedial activities and liabilities,

decommissioning and asset retirement obligations are

described in note 9.1 to ArcelorMittal's consolidated financial

statements.

Globally, the regulatory backdrop to environmental compliance

in industry is developing rapidly and becoming more stringent,

in conjunction with more extensive disclosure requirements,

notably through the roll-out of the Corporate Sustainability

Reporting Directive ("CSRD") reporting and preparation for

Task Force on Nature-related Financial Disclosure ("TNFD").

Environmental impacts such as that of air emissions are

coming under greater scrutiny as evidenced by the updated air

quality guidelines issued by the World Health Organization

("WHO") in September 2021. These guidelines have

contributed to the recent adoption of the Air Quality Directive

(Directive (EU) 2024/2881), alongside the updated Best

Available Techniques Reference Document ("BREF") for the

Ferrous Metals Processing Industry, among others. These

changes will result in stricter environmental norms concerning

Management report<br>

pollution (emissions to air, water and land), broader impacts on

natural environments, habitats and biodiversity, and energy

efficiency and resource efficiency, as well as promoting more

sustainable industrial production (part of the European

Commission's Green Deal for a climate-neutral continent) and

increased transparency of information available to public.

EU

The revised Industrial Emission Directive (Directive 2024/1785

or "IED 2.0") entered into force in August 2024 with an overall

aim to minimize the impact of pollution on people's health and

the environment by reducing harmful industrial and intensive

livestock emissions across the EU. The IED 2.0 imposes

stricter rules for defining emission limit values and in respect of

permit requirements as well as tighter compliance and control

rules with additional enforcement provisions. The operators of

industrial installations will need to develop transformation plans

to achieve the EU's 2050 zero pollution, circular economy, and

decarbonization goals. The revised directive focuses on

resource use performance levels, as well as lower chemical

pollution through requirements for a reduced use of toxic

chemicals. The Directive has to be transposed into national

laws by July 1, 2026. Furthermore, the new EU Industrial

Emissions Portal Regulation (EU) 2024/1244 which replaces

the European Pollutant Release and Transfer Register

Regulation ("E-PRTR") entered into force in May 2024. This

revision enhances public access to information related to

industrial emissions. Between 2026 and 2027, the European

Commission ("EC") will work on implementing rules, with the

first report under the revised directive (describing releases and

resource use in 2027) scheduled for publication in 2028.

With regard to water policy, in June 2025, the European Water

Resilience Strategy was presented by the EC, paving the way

for a water-smart Europe for people, the economy and the

ecosystems, containing concrete actions up to 2030 to make

Europe water resilient. In relation to these, the effective

implementation of the relevant provisions of the Water

Framework Directive will be stress-tested in 2026, in particular

concerning permitting. The EC will also intensify the dialogue

with stakeholders and Member States facing specific

challenges in the implementation of the Water Framework

Directive.

On December 10, 2025, the EC presented a simplification

package so-called "Environment Omnibus" with the aim to

remove unnecessary administrative obligations and reduce

complexity in the fields among others of industrial emissions,

circular economy and environmental assessments.

As part of this package, the EC is proposing a Regulation to

speed up environmental assessments, ensuring a common,

coherent and simplified umbrella for faster and efficient

procedures, assessing impacts on the environment, including

impacts by development projects on habitats, birds and water,

as well as human health. The proposed changes aim at

reducing the administrative burden for businesses, while

keeping the EU's ambitious objectives to protect the

environment and human health.

Furthermore, the Soil Monitoring Law, which entered into force

on December 16, 2025, aims to address key soil threats in the

EU, including the contamination and loss of soil biodiversity. It

applies to all the soil types in the EU and will require Member

States to monitor and assess soil health addressing the

identification of contaminated sites as well in EU. Member

States have a three-year deadline from its entry into force to

transpose the new rules into national law.

In the context of supply chain, the German Supply Chain Due

Diligence Act 2022 ("Lieferkettensorgfaltspflichtengesetz"),

which came into force in January 2023, provides a legal

framework for fulfilling human rights due diligence obligations

and requires that German companies undertake due diligence

in their supply chains and motivate their contract partners

abroad to protect internationally recognized human rights and

environmental standards.

In 2025, the EU introduced a series of political and legislative

adjustments affecting corporate sustainability obligations, most

notably under the CSRD and the Corporate Sustainability Due

Diligence Directive ("CSDDD" or "CS3D"). CSRD, which

significantly expands mandatory sustainability reporting for

large EU and non-EU companies operating in the EU, became

subject to an omnibus simplification process in 2025 that raised

the size thresholds for companies in scope, postponed certain

reporting deadlines, and simplified or deferred several sector-

specific and data-intensive European Sustainability Reporting

Standards.The postponement of reporting deadlines was

introduced by the Stop-the-Clock Directive, while the deferral of

the requirement to report on certain data-points was introduced

by the Quick Fix Delegated Act. Both instruments are now in

force. These changes are intended to reduce short-term

administrative burdens while preserving the Directive's central

architecture of double materiality, mandatory assurance and

ESRS-based disclosure. The omnibus simplification efforts

included parallel negotiations on CSDDD, which resulted in the

postponement of transposition and application deadlines

through the Stop-the-Clock Directive and in a provisional

political compromise that increases company-size thresholds,

establishes risk-base due diligence, narrows the due-diligence

duty primarily to direct business partners, and provides

Member States with additional flexibility for transposition.

Importantly, the previously proposed obligation to adopt and

implement binding climate transition plans under CSDDD was

removed, while climate-transition-related requirements under

CSRD are oriented toward enhanced disclosure rather than

enforceable implementation. While these changes moderate

the pace and breadth of compliance, they maintain the EU's

overall direction of travel toward enhanced sustainability

Management report<br>

transparency and responsible business conduct, with further

EC guidance in 2026 expected to shape practical

implementation. The changes were published in the official

journal of the EU on February 26, 2026, and will enter into

force 20 days after its publication.

On July 14, 2021, the European Commission adopted the Fit

for 55 Package with a view to adapting climate and energy

legislation to the 2030 ambition set by the European Climate

Law. The EU also committed internationally to its 55%

reduction target. Most of the initiatives of the Fit for 55 Package

have been adopted as of December 31, 2024, amending

several pieces of legislation that were already applicable to

ArcelorMittal, such as the EU-ETS, the Renewable Energy

Directive ("RED") and the Energy Efficiency Directive ("EED")

as well as introducing CBAM. CBAM is a tool to put an

equivalent price to that faced by domestic production on the

carbon emitted during the production of certain goods that are

imported into the EU. The CBAM established a transition

period from October 1, 2023, to December 31, 2025, during

which there was no financial obligation besides the possibility

of penalties being imposed for failures to report. There are

some implementation rules stemming from the ETS and CBAM

that are still currently under preparation.

In addition, the Energy Taxation Directive ("ETD") was

expected to be revised in 2025 but the Council and EU

Member States failed to reach an agreement on a number of

key provisions.

ArcelorMittal's activities in the 27 member states of the EU are

subject to the EU-ETS, which was launched in 2005 pursuant

to European Directive 2003/87/EC, relating to GHG emissions.

The EU-ETS is based on a cap-and-trade principle, setting a

cap on GHG emissions from covered installations that is then

reduced over time. Within this cap, companies receive

emission allowances which they can sell to or buy from one

another as needed. The limit on the total number of allowances

available ensures that they have a value. In order to achieve

the EU 2030 55% reduction ambition, the ETS requires sectors

under ETS to reduce their emissions by 62%. As required by

the EU Climate Law, the Commission has begun to define a

Europe-wide 2040 target. In February 2024, the Commission

presented its assessment for a 2040 climate target for the EU,

recommending reducing the EU's net GHG emissions by 90%

by 2040 relative to 1990. In December 2025, the European

Parliament and the Council reached a provisional agreement

on the 2040 target:

• 90% GHG emissions reduction by 2040, with a

contribution of up to 5% from "high-quality" international

credits starting in 2036;

• ETS2 delayed by one year to 2028;

• biennial review clause for the 2040 target, with possible

adjustments; and

• possibility to compensate for hard-to-abate ETS emissions

through domestic removals.

Adoption is expected by the first quarter of 2026. The review of

the ETS will follow to reflect the adopted 2040 target.

The implementation rules for the second trading period of

Phase IV (2026-2030) will further reduce current benchmark

values, although the adopted approach will prevent a large

disruptive decrease of the hot metal benchmark. Still, the

resulting shortage in free allocation levels would put the

European steel industry at a significant disadvantage versus

global competition (see note 9.1 to the consolidated financial

statements). To prevent such disadvantages, CBAM has been

established for a limited number of sectors, including steel, with

a transitional period that started in October 2023 and ran until

the end of December 2025, with the initiation of CBAM financial

liability in 2026. In the case of the steel sector, only direct

emissions will be covered, allowing access to indirect cost

compensation. However, the EC announced a report to follow

in 2027 with evaluation of ways to extend the scope further to

indirect emissions. On the other hand, free allocation to

covered sectors will be progressively phased out as follows:

2026: 97.5%, 2027: 95%, 2028: 90%, 2029: 77.5%, 2030:

51.5%, 2031: 39%, 2032: 26.5%, 2033: 14%, and 0% as from

2034. The agreement does not include a solution for exports.

In December 2025, the EC published a proposal for a

Regulation establishing the Temporary Decarbonization Fund,

aimed at providing a transitory financial support in the period

2028-2029 to address the remaining risk of carbon leakage in

the years 2026-2027 associated exports. A more lasting

solution will be discussed in the context of the upcoming ETS

review.

On February 26, 2025, the Commission put forward the

'Omnibus' package, aiming to simplify existing legislation in the

fields of sustainability and investment, respectively. The CBAM

part of this simplification package was adopted in October

2025 where a key element of the package is an exemption

threshold of 50 tonnes for CBAM goods. Companies importing

less than 50 tonnes of goods subject to CBAM annually will be

exempt from CBAM obligations. This measure is expected to

exempt approximately 182,000 importers, mostly SMEs and

individuals, while still covering over 99% of emissions in scope.

Other provisions such as the compliance calendar, use of

default values, hedging obligation and calculation of certificate

prices were also modified. Several implementing acts to

supplement the CBAM regulation are still under development,

while some were adopted by the end of 2025.

Moreover, the revised Renewable Energy Directive ("REDIII")

was adopted in November 2023, increasing the current EU-

level target of at least 32% of renewable energy sources in the

Management report<br>

overall energy mix to at least 42.5% by 2030. Member States

must also collectively endeavor to increase the share of energy

from renewable sources in the EU's gross final consumption of

energy in 2030 to 45%. The REDIII aims to deploy renewables

across all sectors, particularly in sectors where progress in

integrating renewables had been slower.

Additionally, the revised EED raised the EU energy efficiency

target, making it binding for EU countries to collectively ensure

an additional 11.7% reduction in energy consumption by 2030

compared to the 2020 reference scenario projections.

Furthermore, the revised Land Use, Land Use Change and

Forestry Regulation ("LULUCF") sets a target for net GHG

removals at 310 million tonnes of CO2 equivalent as a sum of

the values of the GHG net emissions and removals by Member

States in 2030. The LULUCF sector is connected to all

ecosystems and economic activities that rely on the land and

the services it provides, thus directly impacting ArcelorMittal's

sites.

Furthermore, the Eco-design for Sustainable Product

Regulation ("ESPR") is a cornerstone in the European Green

Deal for more environmentally sustainable and circular

products. The new regulation acts as a framework and

complements existing product regulation. The regulation is

implemented following a work-plan through secondary

legislation by Delegated Acts. The ESPR framework will make

"Digital Product Passports" mandatory and must ensure that

relevant environmental information is transferred along the

supply chain on a need-to-know basis.

Under the ESPR umbrella, the Construction Products

Regulation ("CPR") was revised in 2025, and the End-of-Life

Vehicles ("ELV") rules will shift to a regulation in 2026. Both will

strengthen sustainability, recyclability or recycled-content

requirements, including steel products serving these markets.

Under the Industrial Decarbonization Accelerator Act ("IDAA"),

the EU will introduce a voluntary low-carbon label initially for

steel. This label will indicate the carbon intensity of industrial

products based on ETS and CBAM methodology, enabling

manufacturers to differentiate on environmental performance

and potentially command a "green premium" in markets. The

formal legislative proposal for IDAA, including a voluntary

low-carbon label covering steel is scheduled for the first quarter

of 2026.

Environmental requirements impacting industrial operations are

also becoming more stringent in various other jurisdictions.

Argentina

Argentina's goal is to achieve carbon neutrality by 2050, and it

has defined its NDCs for 2030, reinforcing them through its

participation in COP 30. The country submitted its third NDC,

updating its emissions target for the 2030-2035 period and

committing to not exceeding 375 MtCO₂e. This renewal was

also accompanied by the Third National Communication on

Adaptation to Climate Change, a detailed report on

vulnerabilities and adaptation measures in the face of climate

change.

Additionally, the Renewable Energy Law set mandatory

national targets for electricity consumption from renewable

energy sources: 8% in 2018; 12% in 2019/20; 16% in 2021/22;

18% in 2023/24; and 20% in 2025. All energy-intensive

industries must contribute to these mandatory national targets,

but no significant impact on the Company is expected. Acindar

has outlined its renewable energy business plan, and the

targets are being met through renewable energy supply

agreements between Acindar and PCR (PO Bicentenario - Luz

de tres Picos) / GEAR.

Brazil

In 2025, Brazil introduced several major federal and state

regulations. At the federal level, Law No. 15,269/2025

modernized the electricity sector with measures to improve

energy security, reduce tariffs, and provide tax incentives. The

General Environmental Licensing Law (Law No. 15,190/2025),

effective in 2026, streamlined and standardized environmental

licensing. Decree No. 12,481/2025 established the National

Maritime Policy, and Portaria GM/MMA No. 1,332/2025 set

guidelines for regulatory impact analysis within the Ministry of

the Environment.

States also issued key regulations. Espírito Santo implemented

new air-quality standards (Decree No. 6,076-R/25). Minas

Gerais updated rules on environmental fine conversion

(Decree No. 48,994/2025). Rio de Janeiro's INEA established

new procedures for managing contaminated areas (Resolução

INEA No. 327/2025). Santa Catarina published rules on the

use of industrial waste and strengthened auditing and licensing

procedures. São Paulo updated solid-waste control

requirements (CETESB DD No. 20/C and 77/C) and clarified

administrative sanctions under the Public Procurement Law

(Resolução SEMIL No. 01/2025).

Paraná introduced incentives for industrial decarbonization

(Law No. 22,624/2025) and detailed state environmental

licensing rules through multiple normative instructions.

Canada

In Canada, AMMC received the renewed de-pollution

attestations, pending since 2019, for the Mont-Wright and Fire

Lake facilities in 2025, introducing stricter standards and

requiring several additional studies. The Pellet Plant's

attestation remains pending; however, its existing industrial

permit from April 8, 2015, continues to apply until the provincial

authority issues the renewal. These permits establish targets

for water, air, soil, and waste management, as well as the

monitoring and reporting frequencies and requirements for

each target.

Management report<br>

Furthermore, the Contrecoeur West depollution attestation was

scheduled to be renewed in 2023; the renewal application was

filed in June 2023, and is awaiting further input from the

Government. The Contrecoeur East depollution attestation is

scheduled to be renewed in 2026, the application was

submitted in October 2025. Also, starting January 1, 2024,

royalty rates are payable for contaminated soils for landfilling

(CAD$10/t - indexed to CAD $11.33/t as of January 1, 2025) or

treating (CAD$5/t).

At the national level, the Environment and Climate Change

Canada ("ECCC"), a department of the Government of

Canada, updated the Base-Level Industrial Emissions

Requirements ("BLIERs") under the federal Air Quality

Management System, resulting in the need for substantial

investments to comply with emission regulations. Provincial

regulations in Ontario and Quebec will also require additional

emissions reductions.

The ECCC, the Iron Ore Company of Canada, and AMMC

have entered into an environmental performance agreement

effective from January 5, 2018 until June 1, 2026. The

agreement is designed to facilitate the implementation of

BLIERs developed for the iron ore pellet sector. Specifically, it

outlines the composition, timelines, and objectives of the NOx

Working Group. The agreement aims to ensure compliance

with BLIERs limits for Particulate Matter ("PM") 2.5 and SO2

while also overseeing the implementation of the approach to

studying NOx.

In Ontario, the BLIER requires all coke plants in the province to

install coke oven gas desulphurization in order to meet SO2

limits by the end of December 2025. In 2023, ArcelorMittal

Dofasco received an exemption from the ECCC due to its

ongoing decarbonization efforts. Currently, on a plant-wide

basis, ArcelorMittal Dofasco's facility is meeting its BLIERs

objective.

In Canada, carbon pricing regulations have become

increasingly stringent. For example, the Order Amending

Schedule 3 to the GHG Pollution Pricing Act: Statutory Orders

and Regulation ("SOR")/2022-210 introduces amendments to

set the royalty amounts per tonne of GHG emitted for the years

2023 to 2030.

As from January 1, 2022, ArcelorMittal Dofasco and Ontario

industries have been regulated on carbon pricing under the

Ontario Emissions Performance Standards ("EPS"),

transitioning out of the Federal output-based pricing system

("OBPS"). The Federal government intends to ensure

provincial GHG programs are rigorous enough to meet Federal

carbon reduction targets (40 - 45% lower than in 2005 by

2030).

In March 2023, the Federal government updated the federal

benchmark. Ontario subsequently published changes to the

EPS carbon tax program for 2023 and 2030, which includes (i)

changes to carbon pricing from CAD$50/t CO2e to CAD$65/t in

2023 and increasing CAD$15/t annually up to CAD$170/t

CO2e by 2030, and (ii) changes to the stringency factors:

-2.4% in 2023 and -1.5% annually from 2024 to 2030.

As part of the Ontario EPS program, the Ontario provincial

authority signaled a recognition of the significant transformation

in the steel sector for those large steel producers expected to

make the transition to clean steel production in the coming

years. In consideration of the changes at these facilities,

stringency factors would be set equal to one for the transition

period up to 2030; thus, exemptions will be considered for first

movers in the steel sector. Final details have been provided

and the Director's official issuance notice for the amendments

were issued in the second quarter of 2024.

The development of an approach to address facility-specific

emissions targets for the innovative DRI facilities has been

completed, often based on three years of performance

following the start-up of a facility. Detailed discussions

concluded in 2023, and the final Director's order was issued in

the first quarter of 2024. The proposed approach to address

ArcelorMittal Dofasco's decarbonization program during the

transformation periods has also been developed. Compliance

of Director's order is to be achieved by reducing GHGs as well

as additional first-mover considerations by the regulator.

In Quebec, the 2030 Plan for a Green Economy sets a 37.5%

GHG emission reduction target by 2030 compared with 1990

levels, with the goal that Quebec reaches carbon neutrality by

2050. Separate consultations by the government of Quebec

are underway with large GHG emitters regarding the cap-and-

trade program regulation for the second and subsequent

compliance periods from 2021 to 2030. Quebec completed the

consultations for the 2021 to 2023 compliance period. For the

period 2024 to 2030, negotiations are still in progress to

minimize the financial impact of regulatory changes on

ArcelorMittal's operating subsidiaries in Canada.

As part of Canada's climate plan to reduce emissions and

accelerate the use of clean technologies and fuels, in June

2022, the final Clean Fuel Regulations ("CFR") under the

Canadian Environmental Protection Act 1999 ("CEPA") were

registered, bringing the 2017 Clean Fuel Standard ("CFS") into

law. It came into force upon registration, except for two

sections repealing the pre-existing Renewable Fuels

Regulations ("RFRs"), which will come into force on September

30, 2024. The CFS establishes lifecycle carbon intensity

requirements separately for liquid, gaseous, and solid fuels that

are used in transportation, industry, and buildings. This

performance-based approach, intended to incentivize

innovation, development, and use of a broad range of lower-

carbon fuels, alternative energy sources, and technologies,

only requires liquid fuel (e.g., gasoline, diesel, home heating

Management report<br>

oil) suppliers to reduce the carbon intensity of their fuels.

Gaseous and solid fossil fuels have been eliminated from the

scope. The regulations will increase production costs for

primary suppliers, which would increase prices for liquid fuel

consumers.

Liberia

In Liberia, AML significantly expanded its iron ore operations,

driven by the commissioning of a major ore concentrator in

Tokadeh and a large-scale Phase II expansion aimed at

increasing annual production capacity from 5 million to up to 20

million tonnes. These developments positioned Liberia as one

of ArcelorMittal's top global investment priorities, with

substantial infrastructure upgrades in rail and port facilities,

local hiring, and community development commitments.

AML operates under Liberia's MDA framework and is subject to

the Minerals and Mining Law (2000), related mining

regulations, the Environmental Protection and Management

Law, and oversight by the Ministry of Mines & Energy (MME),

Environmental Protection Agency (EPA), National Bureau of

Concession (NBC), among other governmental branches.

Continuing discussions and amendments to the MDA in 2025

included negotiations on user-operator railway frameworks,

fiscal terms, and compliance obligations. An amendment to the

MDA was ratified on January 29, 2026, see "Introduction—Key

transactions and events in 2025—Recent developments".

Essentially, Government regulation could materially affect

AML's business, particularly through: (i) the Senate

investigations and compliance reviews, and (ii) the proposed

amendments that could alter rail access, investment

conditions, and operational obligations.

These regulatory shifts have direct implications for AML's

logistics operations and long-term investment strategies.

Amongst the key environmental matters in 2025 included: (a)

Environmental compliance disputes, with some legislators

claiming AML proceeded without proper impact assessments -

claims later disproven by the Liberian EPA - verified ESIA

reports and renewed permits covering mining areas and the

Port of Buchanan; (b) EPA investigations, included a formal

probe into an October 2025 sediment-runoff incident at the

Yuelliton mining area that allegedly affected nearby waterways

and farmlands -this incident triggered regulatory scrutiny and

potential corrective actions-; and (c) public environmental

concerns, including reports of pollution impacts on local rivers

and calls for stricter oversight of waste management and water

protection measures.

Mexico

In March 2022, Mexico published a new standard on

wastewater discharges, reducing the maximum permissible

limits and introducing new parameters for quarterly monitoring

and reporting to the National Water Commission

("CONAGUA"). ArcelorMittal internally defined a preliminary

action plan to enhance wastewater quality discharges in line

with the requirement of the standard through operational

controls. In April 2023, with prior authorization from

CONAGUA, ArcelorMittal submitted an action plan outlining

milestones to bring wastewater discharge in compliance with

the new standard. This program is scheduled to conclude in

February 2027, with progress reports required to update on the

program's milestones.

Additionally, due to the recent reform of the National Mining

Regulation ("NMR"), several significant changes have been

made, mostly related to environmental, water and waste

management. With respect to water, the changes primarily

relate to water access by the population (in preference to

industrial use of water), which may have an impact on the

ability to use water for iron ore transportation. Several

constitutional claims against the NMR were submitted

(including claims by ArcelorMittal Mexico). The final rulings are

expected to be resolved by the district courts in 2026, since the

Supreme Court already issued a precedent in favor of the

enforcement of the NMR. As part of these ongoing trends in

water management, ArcelorMittal Mexico joined the initiative of

a National Agreement on Water and signed the agreement on

November 14, 2024, voluntarily assigning 56.5% of its

concessioned volume to the National Water Commission for

2025. To fulfil its commitments under the Paris Agreement, the

federal government of Mexico has published rules and

principles for an ETS applicable to entities generating more

than 100,000 tonnes of CO2 per year. Since 2020, a pilot of the

ETS has been implemented by ArcelorMittal México Long and

Flat Segments and Services areas ("SERSIINSA"), along with

other relevant companies. This pilot stage is still in progress,

and it is expected that new rules for the operational stage will

potentially be issued by the first quarter 2026. During the pilot

stage, ArcelorMittal México consistently adhered to the

environmental authority's ("SEMARNAT") emission calculation

and reporting criteria for the ETS. ArcelorMittal's CO2

emissions reports have consistently showed zero deficits.

Despite the initial plan for the operational stage to start in 2023,

In January 2024, SEMARNAT presented a proposal of the

operating rules of the ETS with new growth factors and

reduction factors for the mechanism to assign free emission

allowances for all participants sectors. The authority has not

officially defined operational stage rules, but an unofficial final

proposal is expected soon.

In addition, since 2023, there has been a very marked trend by

state governments in Mexico to implement green taxes on CO2

emissions, which caused an additional tax impact on different

sectors that participate in other federal government schemes

(e.g., ETS). Working groups have been formed within several

trade associations and business chambers to promote

Management report<br>

initiatives that minimize the economic impacts on the industrial

sector.

On December 26, 2025, SEMARNAT, through the National

Forestry Commission, issued a resolution establishing

reference costs for environmental compensation for land-use

changes in forest areas. This reform will impact new mining

projects requiring land-use changes in areas designated for

forestry, as it significantly increases the environmental

compensation amounts payable. The increase may exceed

500% compared to the previous 2023 regulation. The

applicable amounts will depend on the surface area, type of

vegetation, and environmental conditions of the project site.

India

ArcelorMittal commissioned a 1GW solar and wind power

project in 2025 which is governed by a wide range of ESG, and

activity-based regulations—including key environmental laws

such as the Environment Protection Act, 1986; social and labor

laws; governance requirements under the Companies Act; and

several activity-based regulations covering noise, hazardous

waste, air and water pollution, battery handling, and biomedical

waste—collectively ensuring compliant and responsible project

operations.

South Africa

Proposed amendments to the Carbon Tax Act issued on

November 17, 2025 through the TLAB ease the previously

planned reduction of tax-free allowances in response to

stakeholder concerns about the rapid carbon-tax escalation.

The proposal increases the offsets allowance by 5% and

extends the carbon-budget allowance to December 2025. It

also introduces a penalty rate of R640/tCO₂e for emissions

exceeding the allocated carbon budget, which will only apply

once the National GHG Carbon Budget and Mitigation Plan

Regulations are finalized. AMSA is engaging with the DFFE to

secure a realistic carbon-budget intensity, noting that an overly

strict budget could lead to significant penalties. AMSA also

stresses the need to maintain tax-free allowances until

decarbonization becomes technically and financially viable,

especially for hard-to-abate processes. Non-compliance with

mitigation-plan obligations may also result in fines or

imprisonment.

The Draft Sectoral Emission Targets ("SETs") issued in April

2024 remain subject to cabinet approval and are expected to

be released for public consultation in early 2026.

On October 29, 2025, the National Treasury published a

consultation document on developing South Africa's

carbon-credit market, proposing reforms to modernize the

Carbon Offset Administration System and attract investment in

low-carbon projects. AMSA supports establishing a credible,

internationally aligned secondary carbon-credit market and

underscores the need for a coherent, integrated policy

framework that avoids overregulation and excessive burdens

on industry.

Ukraine

Ukraine continues to advance its environmental and

climate-policy framework. The State Environmental Policy

Strategy up to 2030 and the 2023–2025 Action Plan set

stronger pollution-reduction and resource-efficiency targets,

supported by an updated Nationally Determined Contribution

("NDC") requiring reduced GHG emissions by 2030. The Law

on the National Pollutant Release and Transfer Register

("N-PRTR") Law, effective since October 2023, enhances

transparency on industrial pollution but poses no new financial

risks, as reporting has already been in place for two years.

From September 1, 2025, the list of regulated pollutants was

expanded to include additional chemical substances and, for

the first time, physical and biological factors such as noise,

vibration, and radiation.

The Integrated Prevention and Control of Industrial Pollution

("IPPC") Law, adopted in July 2024 and effective August 8,

2025, introduces an integrated permitting system and requires

new installations to obtain permits immediately, while existing

installations have four years to comply. Procedures for

developing BAT conclusions and issuing integrated permits

were adopted in 2025, though BAT itself has not yet been

approved. BAT requirements for existing sites will apply no

earlier than four years after martial law ends, giving companies

a 4 to 11-year window to comply, with investment needs to be

defined in the next three years.

Environmental monitoring reforms adopted in 2023 will take

effect six months after martial law ends, establishing a

nationwide monitoring system. In 2025, operators with

integrated permits were obligated to install automated systems

transmitting real-time emissions data to authorities.

Ukraine is also preparing for a national ETS. The 2024 Climate

Policy Law and the Climate Law (October 2024) set

climate-governance structures and a 2050 climate-neutrality

goal. Action plans adopted in 2025 outline steps for MRV

implementation and ETS development.

Alignment with EU chemical standards is progressing through

technical regulations based on CLP and REACH (approved in

2024), with phased implementation and extended

pre-registration deadlines set by the Government in December

2025. Companies are developing required documentation,

classifying chemical hazards, and conducting pre-registration.

Wastewater regulation continues under the 2023 law aligned

with EU Directive 91/271/EEC, implemented via a three-year

action plan. Broader waste-management reform began in 2022

with the Waste Management Law, requiring EIAs and permits

for waste treatment and hazardous-waste licensing. New

procedures for issuing waste-treatment permits were adopted

Management report<br>

in 2023 and updated in 2024, with further 2025 bylaws

governing facility operations and environmental monitoring—

many effective only after martial law ends. Work is underway to

align waste practices at the Steel and Coke Plants with current

requirements, although rules for mining-waste management

remain incomplete.

United States

ArcelorMittal's operating subsidiaries in the United States are

subject to numerous and evolving environmental laws and

regulations including, at the federal level, the Clean Air Act (the

"CAA"), the Clean Water Act (the "CWA"), the Resource

Conservation and Recovery Act ("RCRA"), the Comprehensive

Environmental Response, Compensation and Liability Act

("CERCLA"), the Oil Pollution Act of 1990 ("OPA"), the Safe

Drinking Water Act and the Toxic Substances Control Act, as

well as applicable state and local environmental requirements.

As discussed further below, these laws and regulations

concern the generation, storage, transportation, disposal,

emission or discharge of pollutants, contaminants and

hazardous substances into the environment, the reporting of

such matters, and the general protection of public health and

safety, natural resources, wildlife and the environment.

Inspections by, and claims for alleged violations can be brought

by, among others, the U.S. Environmental Protection Agency

(the "U.S EPA"), state agencies, and in certain instances local

governments and private parties, and can result in penalties,

damages, injunctive relief, the obligation to take corrective

action (such as incur the cost of cleanups) or to make

investments (including capital and operating expenditures to

detect and/or control air emissions or in relation to water

treatment), and/or limitations or prohibitions on certain of the

Company's current or planned activities, any of which could be

substantial.

The CAA imposes stringent limits on air emissions with a

federally mandated operating permit program and, among

other things, regulates hazardous air pollutants through the

development and promulgation of National Emission Standards

for Hazardous Air Pollutants ("NESHAP") and Maximum

Achievable Control Technology ("MACT") standards. The CAA

also requires the U.S. EPA to develop and implement National

Ambient Air Quality Standards ("NAAQS") for criteria pollutants,

which include particulate matter (PM) - consisting of PM10 and

PM2.5, lead, carbon monoxide, nitrogen dioxide, sulfur dioxide

and ozone. The CAA and analogous state and local laws

require certain of the Company's facilities to obtain and

maintain air permits in order to operate. Air permits can impose

new or expanded obligations to limit or prevent current or

future emissions and to add costly pollution control equipment.

For example, ArcelorMittal's subsidiary in Texas was required

to make investments to comply with 2023 amendments to the

NAAQS PM standards.

The U.S EPA has recently made changes or considered

changes to several rules that impact or may impact the

Company's operations.

New source performance standards for EAFs and argon-

oxygen decarburization vessels ("AOD") were finalized through

an interim final rule in 2024, lowering several emission limits

that could affect future EAF construction but do not affect

Calvert's phase I and phase II EAF, which were permitted in

2021. Further, in March 2025, the U.S EPA announced, as part of its

plan for significant deregulatory action, that it will reconsider

multiple NESHAPs (affecting, among other industrial sectors,

integrated iron and steel manufacturing) and NAAQS criteria

(and specifically the PM2.5 standards, which impact

manufacturing) as well as ending the "Good Neighbor

Plan" (which replaced several pending or disapproved State

Implementation Plans ("SIPs")) for Regional Ozone Transport

for the 2015 Ozone National Ambient Air Quality Standard and

affects, among other things, the regulation of boilers and

reheat furnaces for the iron and steel industry) and instead

work with states on SIPs to improve air quality. In November

2025, the U.S. EPA requested the D.C. Circuit vacate the 2024

PM standards, which would put the 2020 rule back in place

(which had retained prior standards without revision). In

January 2026, the U.S. EPA announced a proposal to approve

eight states' SIPs pertaining to the 2015 eight-hour ozone

NAAQS. If finalized, those states would no longer need another

Good Neighbor Plan and could implement the remainder of

their SIPs. The U.S. EPA is also conducting an entirely new

review of the 2020 ozone NAAQS (which had been lowered to

70 parts per billion) after facing court challenges by several

states and non-governmental organizations.

Although a reduction in regulations impacting operations in the

U.S. may be possible at the federal level in the short-term, with

changing administrations and increased regulation by certain

states, there is no guarantee that the regulation of air

emissions in the United States will not increase over time.

The U.S. EPA has issued regulations on Per- and

Polyfluoroalkyl Substances ("PFAS") under several

environmental statutes and continues to introduce additional

regulations. The Company is currently replacing one source of

PFAS onsite at Calvert, and does not knowingly introduce

PFAS in its manufacturing processes, but will continue to

review new regulations related to PFAS and their potential

impact to the Company.

RCRA governs the handling, recycling and disposal of solid

and hazardous wastes and hazardous secondary materials

and management of active hazardous waste facilities. Certain

of the Company's facilities generate wastes and secondary

materials subject to regulation under RCRA. Some of these

materials, for example EAF dust, may be categorized as

Management report<br>

hazardous waste, requiring special handling for disposal or for

the recovery of metallics. Pursuant to Subtitle C and Subtitle D

of RCRA, the U.S. EPA and authorized state or local

environmental agencies may conduct inspections to identify

alleged violations or areas where there may have been

unauthorized disposal of waste or releases of solid or

hazardous constituents into the environment and require the

facilities to pay penalties and/or take corrective action to

address any such disposal or releases.

Under CERCLA, and other analogous federal statutes such as

OPA (which applies to releases of petroleum), current and

former site owners and operators, and other potentially

responsible parties (including generators, arrangers and

transporters of hazardous substances), may be liable for the

remediation of hazardous substances, regardless of fault or the

legality of the original disposal activity. Many states have

statutes and regulations similar to CERCLA and OPA that can

also impose liability for releases of hazardous substances. The

Company is not presently considered a major contributor to

any major cleanups under CERCLA.

The CWA and similar state and local laws apply to aspects of

the Company's operations and impose permitting requirements

such as monitoring and reporting, as well as regulatory

restrictions and obligations related to the discharge of

wastewater, storm water, and dredged or fill material into

jurisdictional waters. These regulations can result in

remediation obligations, including wetland remediation.

The adoption of more stringent regulatory requirements or

changes to current standards, laws or regulations could have

significant financial implications on operations. The Company

continues to carefully monitor all developments in this area and

to proactively engage with regulators as appropriate to define

its regulatory obligations.

ArcelorMittal closely monitors local, national, and international

negotiations, and regulatory and legislative developments, and

endeavors to reduce its emissions where appropriate.

Foreign trade

ArcelorMittal operates manufacturing facilities in many

countries and sells its products worldwide. In 2025, several

countries and regions, among others the U.S., Canada, the

EU, Mexico, and Turkey, either continued or initiated

investigations into whether to impose or maintain trade

remedies (usually in the form of anti-dumping or safeguard

measures) in response to injury, or the threat thereof, caused

by increasing steel imports originating from various steel

producing countries.

*Global*

Under both international agreements and the domestic trade

laws of most countries, trade remedies are available to protect

domestic industries from injury, or the threat of injury, caused

by imports that are either dumped or subsidized. While the

specific procedures and standards for imposing such measures

vary among jurisdictions, most are based on common

principles established under the World Trade Organization

("WTO") agreements. In the last year, however, certain

jurisdictions - most notably the European Union - have begun

to develop additional trade measures compatible with the WTO

yet outside the traditional instruments, aimed at addressing

persistent global overcapacity and unfair trade market

distortions that could not be adequately covered by

conventional measures.

Dumping occurs when a product is exported at a price lower

than the comparable price of the like product in the ordinary

course of trade in the exporter's domestic market, or where

such a comparison is not possible, at a price below a

constructed normal value, which generally reflects the full cost

of production (including selling, general and administrative

expenses) plus a reasonable margin for profit. Subsidization

arises where a government or public body provides a financial

contribution, income or price support that confers a benefit on

the recipient; examples include direct grants, loans on below-

market terms, or tax incentives.

Where investigations establish the existence of injurious

dumping or subsidization, the remedies typically available

include:

• Anti-dumping duties, imposed to offset the margin of

dumping found to cause material injury;

• Countervailing duties or, in some cases, suspension

agreements, imposed to neutralize the amount of subsidy

causing injury; and

• Safeguard measures, applied on a global basis to a

particular product, regardless of its country of origin, where

increased imports cause or threaten serious injury to a

domestic industry.

Under WTO rules, all Members are required to review anti-

dumping and countervailing duty measures at least every five

years. Safeguard measures applied for a duration exceeding

three years must undergo a mid-term review, and the total

period of application of a safeguard measure shall not exceed

eight years.

In a number of markets in which ArcelorMittal has

manufacturing operations, the Company may benefit from

trade actions implemented to address market distortions

consistent with WTO regulations, such as the examples

mentioned above. In other situations, certain of ArcelorMittal's

operations may be named as respondents in anti-dumping and

countervailing duty investigations, and the Company's exported

products may be subject to anti-dumping or countervailing

duties, or other trade restrictions.

Management report<br>

*United States*

Tariffs: For the financial years ended December 31, 2023 and

2024, a tariff of 25% applied under Section 232 of the Trade

Expansion Act ("Section 232") to steel products imported from

all countries to United States with the exception of:

• Exemptions for imports from Australia, Canada and

Ukraine, Mexican steel products melted and poured in

North America;

• Annual quotas for imports from Argentina, Brazil and

South Korea;

• A tariff rate quota for steel imports from the EU with the

annual import volume set at 3.3 million tonnes and

allocated by product category and on an EU member state

basis and a tariff of 25% for imports above such volume;

and

• Tariff rate quotas for imports from the UK and Japan.

With regard to China, in addition to the above 25% steel tariffs

under Section 232, in September 2024, in response to an

investigation of China's unfair trade practices, the U.S.

increased tariffs on imports of Chinese steel from 7.5% to 25%,

under Section 301 of the Trade Expansion Act ("Section 301").

This tariff under Section 301 is in addition to applicable tariffs

under Section 232 and existing anti-dumping and

countervailing duties described below.

Effective March 12, 2025, the U.S. reinstated the 25% tariffs on

all steel and aluminum imports under Section 232, revoking

previously negotiated country-specific exemptions and quota

arrangements. Subsequently, on June 4, 2025, the U.S.

administration doubled these duties to 50% for all countries

except the UK which remains subject to a 25% tariff on steel

and aluminum products. Later actions were taken, and are

ongoing, to expand Section 232 coverage to include a wide

range of steel and aluminum derivative products, such as

household appliances and fabricated components, where the

steel/aluminum content is subject to the tariff.

Anti-dumping: In 2022, the U.S. completed reviews of anti-

dumping and countervailing duty measures in place on

corrosion-resistant, cold-rolled, and hot-rolled steel, and cut-to-

length steel plate, continuing most duties for another five years.

In January 2023, the U.S. initiated an anti-dumping

investigation regarding tin mill products from eight countries,

including Canada. ArcelorMittal Dofasco was named as a

respondent in the case. In February 2024, a final decision

confirmed that no measures will be imposed on any of the

targeted eight countries.

In September 2024, companies in the U.S. industry filed an

anti-dumping duty petition on imports of corrosion-resistant

steel products ("CORE") from ten countries and a

countervailing duty petition against CORE from four countries.

Canada and Mexico were included in both petitions. In the third

quarter of 2025, the U.S. Department of Commerce and the

U.S. International Trade Commission issued final affirmative

determinations against all named countries, resulting in the

imposition of anti-dumping and countervailing duties. These

duties will remain in effect for at least five years, pending the

first sunset review.

*European Union*

Tariffs: In February 2019, the EU Commission imposed

definitive safeguard measures on imports of 26 steel product

categories. These measures took the form of TRQs designed

to prevent serious injury to the EU steel industry from a surge

in imports, emphasized even further by the U.S Section 232

tariffs. The TRQs were allocated both on a country-specific

basis, reflecting each exporting country's average import

volumes into the EU during the three years prior to 2018, while

a residual global quota was made available to other exporting

countries without individual allocations.

Imports exceeding the applicable TRQ levels are subject to a

25% duty, with certain developing countries exempted if their

import share for a given product remains below 3%. The

measures also provided for annual increases (liberalization) to

be compatible with WTO law. Because of the quota design,

some exporters have tended to front-load their exports to fully

utilize national quotas early in the period and then access the

residual quotas in later quarters, ensuring maximum use of the

available volumes.

Effective April 1, 2022, all Russian and Belarusian quota

volumes were redistributed across other country-specific

quotas and the residual quota based on 2021 imports. The

redistribution followed the EU's introduction of import bans on a

broad range of Russian and Belarusian steel products. The

bans and quotas also cover semi-finished steel ("slabs") which

are, however, subject to a gradually phased quota regime until

September 30, 2028. Imports of pig iron and direct reduced

iron from Russia were banned from January 1, 2026 following

a quota reduction period.

Since their implementation in 2019, the European Commission

has carried out four reviews of the safeguard measures, in

2021, 2022, 2023, in the first half of 2024 and more recently in

April 2025 with the safeguard measures currently extended

until June 30, 2026.

In March 2025, the European Commission unveiled its

European Steel and Metals Action Plan, outlining the short-

and medium-term work program aimed at enhancing the

competitiveness of the European steel and metal industries.

The plan announced the European Commission's intention to

introduce a highly effective trade measure to fight against

global overcapacities.

Management report<br>

Following the launch of the plan, effective from April 2025, the

European Commission tightened the steel safeguard measure

to shield the EU steel industry from surging imports.

Furthermore, on October 7, 2025, the European Commission

proposed a new regulation addressing the negative effects of

global overcapacity in the EU steel sector ("new trade

measure") and aimed at reinforcing protection against

overcapacity and unfair trade practices. The proposal includes

a significant reduction of the overall tariff-free import quota to

18.3 million tonnes, approximately 47% lower than 2024 levels

in line with 2013 import market shares, and a doubling of tariffs

on import exceeding these quotas to 50%. The proposal also

introduced a "melt and pour" origin requirement to ensure that

only steel genuinely produced within qualifying countries

benefits from the quotas, thereby limiting circumvention

through minimal third-country processing.

The measure would apply to all countries except for Norway,

Iceland and Liechtenstein, and the Company expects it to enter

into force between April and July 2026, depending on the pace

of the EU legislative process. While the proposal is consistent

with WTO obligations, it goes beyond the standard trade

instruments such as anti-dumping, countervailing and

safeguard measures, reflecting the EU's broader strategy to

align trade policy with industrial and decarbonization objectives

while fighting the rising global overcapacity.

In addition to duties related to trade measures, the CBAM

commenced from January 1, 2026 after a transitional period of

two years. From this point onward, financial obligations apply,

meaning importers must purchase and surrender CBAM

certificates corresponding to the verified embedded emissions

of imported goods. The number of certificates required is

calculated based on product-specific emission values, using

either actual emissions data provided by producers or default

values set by the European Union when reliable data is

unavailable, often differentiated by country of origin. Certificate

prices are aligned with the weekly average price of allowances

under the EU Emissions Trading System. The first surrender of

CBAM certificates and related payments take place in 2027,

covering emissions embedded in imports during the 2026

calendar year. In December 2025, the European Commission

also proposed expanding the scope to include steel-intensive

downstream products, signaling a gradual broadening of the

mechanism.

Anti-dumping: In 2025, the EU Commission adopted new anti-

dumping measures on imports of hot-rolled flat ("HRF")

products from Japan, Vietnam, and Egypt imposing duties

ranging from 7% to 32%, on tinplate from China and

provisional anti-dumping measures for high pressure seamless

steel cylinders from China. Anti-dumping measures on organic

coated steel imported from China were confirmed. Additionally,

on September 18, 2025, the Commission officially initiated a

new investigation into imports of cold-rolled flat ("CRF") steel

products from India, Japan, Taiwan, Turkey and Vietnam. A

number of AD measures in force are currently being reviewed,

such as steel road wheels imported from China, and different

stainless steel cold and hot rolled products from India,

Indonesia, China and Taiwan. The EU Commission is also now

aiming at expanding the level of protection to the whole value

chain, with new investigations being launched to finished or

semi-finished steel products, for instance a case initiated in

December 2025 on welding wire imported from China.

*Canada*

In Canada, as a result of the opening of a safeguard

investigation on certain flat and long products, provisional

measures were put in place on October 25, 2018 in the form of

quotas and a 25% tariff on steel imports. Final safeguard

measures were subsequently implemented in relation to plate

and stainless wire, but not on rebar, hot rolled, pre-paint, wire

rod and energy tubular.

For flat-rolled products, twelve cold-rolled and corrosion-

resistant anti-dumping and countervailing duty measures were

extended for hot-rolled from China, Brazil, Ukraine and India

under a five-year review (HRSS), while Ukraine was removed

from the measures. In September 2024, six cold-rolled anti-

dumping and subsidy measures (CSR) were continued for

another five years, and in November 2024, Canada continued

four corrosion-resistant anti-dumping measures (COR) for

another five years. In December 2024, the Canadian

Government self-initiated a new corrosion-resistant and anti-

dumping measure (COR3) against Turkey (Borcelik), with a

final no-dumping decision in July 2025. In September 2025,

Canada initiated a sunset review on the COR2 corrosion-

resistant anti-dumping case against two countries, with a

decision due in July 2026.

For long-products, nineteen rebar anti-dumping and

countervailing duty measures were implemented between 2015

to 2021 (RB1-RB4), with ten measures continued in two

separate five-year reviews in 2020 (RB1) and 2022 (RB2). In

May 2024, a new rebar anti-dumping case (RB5) was initiated

against three countries, and implemented in January 2025. A

new wire rod anti-dumping case against three countries (WR)

was initiated in March 2024 and implemented in October 2024.

A new wire anti-dumping case against ten countries was

initiated in April 2025, and implemented in January 2026.

In trade policy, to align with the U.S. Section 301 duties on

Chinese unfair trade practices, the Canadian government

implemented a Section 53 surtax of 100% on Chinese electric

vehicles, effective October 1, 2024, and 25% Section 53 surtax

on Chinese steel ad aluminum, effective October 22, 2024. In

February 2024, the Canadian government announced

implementation of a "Country of Melted and Poured" steel

import monitoring system, with mandatory reporting effective

Management report<br>

November 2024. In July 2025, the Canadian government then

implemented a Section 53 surtax 25% on all steel and

aluminum imports melted and poured in China. These surtaxes

are in addition to any duties or tariffs applicable to Chinese

steel and aluminum.

The Canadian government implemented a steel Tariff-Rate

Quota (TRQ) system in June 2025, and revised it in August

2025 and December 2025. It currently applies to 23 product

categories, with an annual quota of 75% of 2024 volumes for

free trade agreement (FTA) countries (not including US or

Mexico), and 20% quota for non-FTA countries. The above

quota surtax is 50%.

In response to the US 232 steel tariffs vs Canada, Canada

applied 25% retaliatory steel surtaxes against the US in March

2025, followed in April by a remission for steel used in

manufacturing or processing, which has been extended from

October 16, 2025 to December 16, 2025 and then to January

31, 2026, when it expired, and was replaced by a new

remission covering US steel for use in auto, auto parts and

aerospace.

Effective December 26, 2025, the Canadian government

implemented a 25% surtax on imports of steel derivatives from

all countries, with the surtax applied to the full value of product.

With respect to government procurement, the Canadian

Federal Government announced a "Buy Canada" steel policy in

December 2025, covering federal procurement, federal

infrastructure funding programs, grants and contribution

agreements.

In November 2025, the Canadian government announced a 1

year rail support program that, beginning spring 2026, will

reduce rail freight costs by up to 50% for steel and lumber

companies that ship their products across Provinces. The

intent of this program is to reduce transportation costs and

boost competitiveness for sectors like steel, to better compete

with offshore imports, particularly into Western Canada, where

domestic rail costs are significant.

Key currency regulations and exchange controls

As a holding company, ArcelorMittal is dependent on the

industrial franchise fees from, earnings and cash flows of, and

dividends and distributions from, its operating subsidiaries to

pay expenses, meet its debt service obligations, pay any cash

dividends or distributions on its ordinary shares or conduct

share buy-backs. Significant cash or cash equivalent balances

may be held from time to time at subsidiaries where

repatriation of funds may be affected by tax and foreign

exchange policies, including in Argentina, Brazil, China, South

Africa, India and Ukraine. Such policies are briefly summarized

below; however, none of these are currently significant in the

context of ArcelorMittal's overall liquidity.

*Argentina*

The Argentinian foreign exchange market is regulated by the

Argentine Central Bank ("BCRA"), which has introduced

measures affecting the foreign exchange market since 2018 in

an effort to improve macroeconomic conditions and bring

stability to the country. In December 2023, the government

devalued the Argentine peso ("ARS") against the U.S. dollar to

establish an official exchange rate of around 800 pesos per

U.S. dollar and after that, since April 2025, Argentina started to

operate under a currency tolerance band regime from

USDARS 1,000 to USDARS 1,400, requiring the BCRA to

intervene as the regime includes a 1% monthly increase on

both sides of the band. Starting in 2025, certain payments were

allowed under the additional condition that they are linked to

annual results and audited financial statements. This change

aimed to balance the need to preserve international reserves

with the goal of attracting foreign investment.

*Brazil*

The Central Bank of Brazil ("BCB") operates, consistent with

the inflation targeting rate, a free floating foreign exchange

regime that aims to reduce excessive volatility, although

intervention has become more regular in recent years. The

BCB regulates all currency inflows and outflows in Brazil, and

the country's foreign exchange regime does not permit free

convertibility of the currency. Nevertheless, the BCB does not

directly determine the exchange rate. The Brazilian Real is fully

deliverable onshore (i.e., physical settlement of the designated

currency at maturity), but is non-deliverable offshore. As a

result, foreign currency transactions must be executed with an

institution authorized by the BCB to carry out such

transactions, which is responsible for ensuring compliance with

the local foreign exchange regulation. With proper

documentation, the repatriation of registered invested capital

and remittance of profits do not require prior approval from the

BCB. Profits can be freely remitted as dividends or as interest

on capital to foreign shareholders or portfolio investors. From

January 1, 2026, dividends paid or credited to non-resident

investors are subject to a 10% withholding income tax, in

accordance with legislative amendments enacted in November

2025. *China*

China's foreign exchange regime has undergone significant

liberalization in recent years. The People's Bank of China

("PBOC") maintains the Chinese renminbi in a managed float

with reference to a basket of currencies. The CNY, which refers

to the Chinese renminbi on the onshore market, is partially

convertible and has a non-deliverable offshore market. CNY

foreign currency spot transactions under $50,000 per year do

not require supporting documents. All onshore transactions

involving foreign exchange are strictly controlled by the State

Administration of Foreign Exchange. The foreign currency

exchange fixing rate is announced every morning at 9:15

Management report<br>

Beijing time, and the interbank market is only allowed to trade

within 2% of the fixing rate for onshore CNY versus U.S. dollar.

Since 2021, repatriating capital or profits out of China includes

increased layers of inspection and security from the

government. The PBOC has decided to increase the amount of

foreign-currency deposits that financial institutions need to hold

as reserves, as from June 2021, in order to curb sell-offs of

foreign currencies after the renminbi's value climbed to a

record high. The CNH, which is the Chinese renminbi traded

offshore, became deliverable in Hong Kong in July 2010. The

CNH can generally be transferred freely between offshore

accounts and interaction with the onshore market is growing,

although transfers of CNH from Hong Kong to onshore China

are subject to regulations and approval by the PBOC.

*India*

The Reserve Bank of India ("RBI") maintains the Indian rupee

("INR") in a managed floating regime. The INR is partially

convertible and has a non-deliverable offshore market.

Onshore deliverable forwards are also available out to 10

years. The most common and liquid tenor in the forwards

market is one year or less. The RBI monitors the value of the

INR against the REER (Real Effective Exchange Rate). The

INR exchange rate is determined in the interbank foreign

exchange market. The INR is convertible for exports and

imports of goods and services as well as unilateral transfers,

including repatriating profits from foreign-funded companies, as

well as for daily recurring transactions in the ordinary course of

business. However, the INR is restricted on capital accounts

(purchase and sale transactions of foreign assets and

liabilities) and there are specific transactions that have to be

authorized by the RBI or other relevant government

departments for routine capital account transactions, e.g.

foreign currency borrowings under the approval route or foreign

direct investments that are not permitted under the automatic

route. A daily benchmark fixing is published by the Financial

Benchmark of India Limited for INR against U.S. dollar, EUR,

JPY and GBP. Other capital account transactions - such as

foreign direct investment, external commercial borrowings,

issuances of foreign-currency bonds, and overseas securities

or equity investments - are permitted in India, but only in

accordance with the specific limits, conditions, and approval

from local applicable regulation. India's UFCE (Unhedged

Foreign Currency Exposure) regulations require banks to

measure and penalize borrowers' unhedged foreign-currency

positions through higher provisioning and capital charges,

pushing corporates to reduce foreign exchange risk. As a

result, companies face incentives to adopt documented

financial or natural hedges to avoid increased borrowing costs

and meet banks' stricter UFCE-monitoring requirements.

*South Africa*

The South African Reserve Bank ("SARB") operates a

managed floating exchange rate system. The South African

rand ("ZAR") is deliverable and largely convertible, and the

SARB is gradually relaxing exchange rate controls. The

currency is deliverable and traded out to 10 years, although

liquidity is highest in tenors of two years or less. Since January

1, 2014, companies may apply for approval to establish a

holding company to hold their offshore investments. Subject to

certain conditions, listed companies may place ZAR 5 billion

per year with such holding companies, which can be

transferred offshore without exchange control approval, and

unlisted companies may transfer ZAR 3 billion per year. All

funds transferred into or out of South Africa must be declared

to the SARB. Active currency hedging with maturity of more

than 12 months requires documentary evidence of firm and

ascertainable commitment. In most cases, there are no

restrictions on capital inflows. However, all incoming loans are

subject to the SARB's approval and institutions' overseas

investments are restricted to 45% of retail assets for retirement

funds and long-term insurers.

*Ukraine*

The National Bank of Ukraine ("NBU") is responsible for the

country's monetary policy. Due to the ongoing war with Russia

since February 2022, on shore liquidity on Ukrainian Hryvnya

has been significantly reduced, leading to the NBU

implementing strong regulation to control foreign exchange

transactions. From 2024, NBU has introduced important

updates to its foreign exchange regulations. NBU is easing

foreign exchange restrictions to support small businesses and

Ukrainians abroad, with no significant effect on the exchange

rate or international reserves. Among those, businesses will be

able to repatriate dividends accrued since January 2023

without an end date, still subject to an overall per-month limit

equivalent to EUR 1 million and resident customers will be

allowed to buy foreign exchange from banks by making forward

transactions. In September 2025, NBU authorized postal

operators and international carriers to make cross-border

transfers to pay U.S. customs duties where the final recipients

are the U.S. customs or tax authorities. These measures aim to

maintain economic stability, support business operations, and

effectively manage foreign currency reserves.

Disclosure pursuant to Section 219 of the Iran Threat

Reduction & Syria Human Rights Act (ITRA) regarding

ArcelorMittal's business with customers in Iran

Section 219 of the Iran Threat Reduction and Syria Human

Rights Act of 2012 added Section 13(r) to the U.S. Securities

Exchange Act of 1934, as amended (the Exchange Act).

Section 13(r) requires an issuer to disclose in its annual reports

whether it or any of its affiliates knowingly engaged in certain

activities, transactions or dealings relating to Iran or with

certain designated natural persons or entities involved in

terrorism or the proliferation of weapons of mass destruction.

Disclosure is required even where the activities, transactions or

dealings are conducted outside the United States by non-

Management report<br>

US persons in compliance with applicable law, and whether or

not the activities are sanctionable under U.S. law.

In 2025, neither ArcelorMittal nor any of its affiliates engaged in

activities, transactions or dealings with Iran or such designated

natural persons or entities requiring disclosure under Section

13(r).

ArcelorMittal continues to monitor developments in this area, in

particular the status of U.S. sanctions and EU sanctions, and

the expansion of the EU Blocking Regulation (Council

Regulation (EC) 2271/96), including sanctions with respect to

other countries such as China, Russia and Venezuela.

ArcelorMittal carefully monitors political risk and sanctions

exposure and has procedures and systems in place intended

to manage those risks.

However, ArcelorMittal's business is subject to an extensive,

complex and evolving regulatory framework. It is possible that

ArcelorMittal may face conflicting obligations or risks under

U.S. direct and secondary sanctions and the EU Blocking

Regulation, or other conflicting instruments. Despite its

governance, compliance policies and procedures and

continuous efforts to comply with all applicable sanctions

regimes, its systems and procedures may not always prevent

the occurrence of violations which may lead to regulatory

penalties or cause reputational harm to operating subsidiaries,

joint ventures or associates. See "Introduction—Risk Factors

and Control."

Management report<br>

Organizational structure

ArcelorMittal is a holding company with no business operations of its own. All of ArcelorMittal's significant operating subsidiaries are indirectly owned by ArcelorMittal through

intermediate holding companies. The following chart represents the operational structure of the Company, including ArcelorMittal's significant operating subsidiaries or business

divisions and not its legal or ownership structure.

![Group Chart - 2025.jpg](mt-20251231_g4.jpg)

Management report<br>

Please refer to the "Glossary—definitions, terminology and

principal subsidiaries" for a listing of the Company's principal

subsidiaries, including country of incorporation. Please refer to

note 2.2.1 of the consolidated financial statements for the

ownership percentages of these subsidiaries. Unless otherwise

stated, the subsidiaries as listed have share capital consisting

solely of ordinary shares, which are held directly or indirectly by

the Company, and the voting rights held by the Company are

proportional to its ownership interests.

***Investments in joint ventures***

ArcelorMittal has investments in joint ventures accounted for

under the equity method as detailed in note 2.4 to

ArcelorMittal's consolidated financial statements. See section

"Properties and Capital Expenditures—Property, plant and

equipment—Investments in joint ventures" for further details.

***Reportable segments***

ArcelorMittal reports its business in the following six reportable

segments corresponding to continuing activities: North

America, Brazil, Europe, India and joint ventures ("JVs"),

Sustainable Solutions and Mining. The Company's operations

in South Africa and Ukraine are included in Others.

North America produces flat, long and tubular products. Flat

products include slabs, hot rolled coil, cold rolled coil, coated

steel products and plate and are sold primarily to customers in

the following sectors: automotive, energy, construction,

packaging and appliances and via distributors and processors.

Flat product facilities are located at three integrated and mini-

mill sites located in three countries. Long products include wire

rod, sections, rebar, billets, blooms and wire drawing. Long

production facilities are located at two integrated and mini-mill

sites located in two countries. In 2025, shipments from North

America totaled 10.3 million tonnes (10.1 million tonnes in

2024). The raw material supply of the North America

operations includes sourcing from iron ore captive mines in

Mexico to supply the steel facilities.

Brazil produces flat, long and tubular products. Flat products

include slabs, hot rolled coil, cold rolled coil and coated steel.

Flat product facilities are located at two integrated sites in one

country. Long products comprise sections, wire rod, bar and

rebars, billets and wire drawing. These products are sold

primarily to customers in the construction, power generation

and agribusiness sectors, as well as in the automotive and

household appliances industries. Long production facilities are

located at six integrated and mini-mill sites located in two

countries. In 2025, shipments from Brazil totaled 13.9 million

tonnes (14.1 million tonnes in 2024). The raw material supply

of the Brazil operations includes sourcing from captive iron ore

mines in Brazil.

Europe produces flat and long products. Flat products include

hot rolled coil, cold rolled coil, coated products, tinplate, plate

and slab. These products are sold primarily to customers in the

automotive, general industry and packaging sectors. Flat

product facilities are located at eight integrated and mini-mill

sites located in five countries. Long products include sections,

wire rod, rebar, billets, blooms and wire drawing. Long product

facilities are located at eight integrated and mini-mill sites in

five countries. In 2025, shipments from Europe totaled 28.4

million tonnes (28.7 million tonnes in 2024). The raw material

supply of Europe operations included sourcing from iron ore

captive mines in Bosnia & Herzegovina until their sale in

October 2025.

India and JVs includes all of the Company's interests in joint

ventures, associates and other investments. The Company

believes India is a high growth vector, with its JV assets well-

positioned to grow with the domestic market.

Sustainable Solutions is composed of a number of niche

capital-light businesses that play an important role in

supporting climate action (including renewables, special

projects and construction business) and which ArcelorMittal

believes have high growth potential. It is also an in-house

trading and distribution arm of ArcelorMittal which primarily

provides distribution of long and flat products as well as value-

added and customized steel solutions through further steel

processing to meet specific customer requirements. It is a

growth vector of the Company and represents more than 300

commercial and production sites across more than 60

countries.

Mining comprises the Company's seaborne iron ore mining

operations in Canada and Liberia. It provides the Company's

steel operations with high quality and low-cost iron ore

reserves and also sells mineral products to third parties. In

2025, iron ore production in the Mining segment totaled

approximately 35.3 million tonnes (27.9 million tonnes in 2024).

ArcelorMittal's captive mines, whose production is mainly

consumed by their respective steel segments, form part of

such segments and are therefore not included in the Mining

segment.

PROPERTIES AND CAPITAL EXPENDITURES

Property, plant and equipment

ArcelorMittal has steel production facilities, as well as iron ore

mining operations, in North and South America, Europe, Asia

and Africa.

All of ArcelorMittal's operating subsidiaries are substantially

owned by ArcelorMittal through intermediate holding

companies, and are grouped into the five reportable segments

and Others as described above (excluding India and JVs).

Unless otherwise stated, ArcelorMittal owns all of the assets

described in this section. Regarding ArcelorMittal's iron ore

captive and seaborne mines, see "—Mineral reserves and

Management report<br>

resources" below, where information is provided in accordance

with SEC Regulation S-K, Subpart 1300 ("S-K 1300").

For further information on environmental issues that may affect

ArcelorMittal's utilization of its assets, see "Business overview

—Government regulations" and notes 1.2 and 9.1 to

ArcelorMittal's consolidated financial statements.

*Steel production facilities of ArcelorMittal*

The following table provides an overview by type of steel

facility of the principal production units of ArcelorMittal's

operations. The facilities included in the tables are listed from

upstream to downstream in the steel-making process.

---

| | | | |
|:---|:---|:---|:---|
| Facility | Number of <br>Facilities <br>| Capacity <br>(in million tonnes <br>per year)<sup>1</sup><br>| Production in 2025 <br>(in million tonnes)<sup>2</sup><br>|
| Coke Oven Battery | 32 | 19.0 | 15.7 |
| Sinter Plant  | 16 | 61.8 | 40.5 |
| Blast Furnace  | 30 | 57.9 | 39.8 |
| Basic Oxygen Furnace <br>(including Tandem <br>Furnace) <br>| 38 | 63.8 | 44.8 |
| DRI/HBI Plant  | 10 | 9.7 | 6.0 |
| Electric Arc Furnace  | 27 | 24.0 | 14.6 |
| Continuous Caster—<br>Slabs <br>| 27 | 58.9 | 39.2 |
| Hot Rolling Mill  | 14 | 54.5 | 34.2 |
| Pickling Line  | 20 | 22.9 | 10.2 |
| Tandem Mill  | 24 | 28.6 | 17.6 |
| Annealing Line <br>(continuous / batch) <br>| 24 | 10.7 | 5.0 |
| Skin Pass Mill  | 15 | 9.0 | 3.6 |
| Plate Mill  | 5 | 1.7 | 0.7 |
| Continuous Caster—<br>Bloom / Billet <br>| 27 | 26.4 | 15.9 |
| Breakdown Mill <br>(Blooming / Slabbing <br>Mill) <br>| 1 | 6.0 | 0.4 |
| Billet Rolling Mill  | 2 | 1.1 | 0.6 |
| Section Mill  | 18 | 10.8 | 5.1 |
| Bar Mill  | 16 | 7.1 | 4.7 |
| Wire Rod Mill  | 14 | 9.5 | 5.4 |
| Hot Dip Galvanizing Line  | 42 | 17.4 | 13.5 |
| Electro Galvanizing Line  | 6 | 1.5 | 0.7 |
| Tinplate Mill  | 9 | 2.1 | 1.0 |
| Color Coating Line | 15 | 2.5 | 1.5 |
| Seamless Pipes | 2 | 0.2 | 0.1 |
| Welded Pipes | 80 | 2.7 | 0.8 |

---

1. Reflects design capacity and does not take into account other constraints in

the production process (such as, upstream and downstream bottlenecks and

product mix changes). As a result, in some cases, design capacity may be

different from the current achievable capacity.

2. Production facility details include the production numbers for each step in the

steel-making process. Output from one step in the process is used as input

in the next step in the process. Therefore, the sum of the production

numbers does not equal the quantity of sellable finished steel products.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Crude steel production by process in 2025 (in million tonnes) | Crude steel production by process in 2025 (in million tonnes) | Crude steel production by process in 2025 (in million tonnes) | Crude steel production by process in 2025 (in million tonnes) |  |
| Segment | BOF | EAF | Total | Achievable <br>Capacity<br>|
| North America | 2.6 | 5.2 | 7.8 | 12.5 |
| Brazil | 10.9 | 3.4 | 14.3 | 16.4 |
| Europe | 23.7 | 5.5 | 29.2 | 39.5 |
| Sustainable Solutions and <br>Others<br>| 4.0 | 0.3 | 4.3 | 6.2 |
| Total | 41.2 | 14.4 | 55.6 | 74.6 |

---

---

| | | |
|:---|:---|:---|
| Facilities |  |  |
| Segment | Blast furnaces | EAF |
| North America | 3 | 9 |
| Brazil | 7 | 7 |
| Europe | 14 | 8 |
| Sustainable Solutions |  | 3 |
| Others | 6 |  |
| Total | 30 | 27 |

---

Management report<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| North America |  |  | Crude Steel |  |  |
| Unit | Country | Locations | Production in 2025 <br>(in million tonnes per year)<sup>1</sup><br>| Type of plant | Products |
| ArcelorMittal Dofasco  | Canada | Hamilton | 3.0 | Integrated, Mini-mill | Flat |
| ArcelorMittal Texas HBI | USA | Corpus Christi (TX) | n/a | Iron-Making | Hot briquetted iron |
| ArcelorMittal Mexico | Mexico | Lázaro Cárdenas, Celaya | 2.9 | Mini-mill, Integrated, <br>and Downstream<br>| Flat, Long/ Bar, Wire <br>Rod<br>|
| ArcelorMittal Long Products Canada | Canada | Contrecoeur East, West | 1.8 | Mini-mill | Long/ Wire Rod, Bars, <br>Slabs<br>|
| ArcelorMittal Tubular Products | Canada,USA,<br>Mexico<br>| Brampton, London, <br>Woodstock, Hamilton, <br>Shelby², <br>Marion,Monterrey<br>| n/a | Downstream | Pipes and Tubes |
| ArcelorMittal Calvert | USA | Calvert, AL | 0.1 | Mini-mill and <br>Downstream<br>| Flat |
| ArcelorMittal Tailored Blanks Americas | Canada, USA, <br>Mexico<br>| Woodstock, Detroit (MI), <br>Silao<br>| n/a | Downstream | Laser Welded Blanks |

---

1. n/a = not applicable (no crude steel production).

*ArcelorMittal Dofasco*

ArcelorMittal Dofasco ("Dofasco") is Canada's largest

manufacturer of flat rolled steels. Dofasco's steel-making plant

uses both integrated and EAF-based steelmaking processes

and supplies the automotive, construction, packaging,

manufacturing, pipe and tube and steel distribution markets.

*ArcelorMittal Texas HBI*

ArcelorMittal Texas HBI is one of the largest of its kind in the

world and produces Hot Briquetted Iron ("HBI"), a high quality

feedstock made through the direct reduction of iron ore which

is used to produce high-quality steel grades in an EAF, but it

can also be used in blast furnaces, resulting in lower coke

consumption.

*ArcelorMittal Mexico*

ArcelorMittal Mexico operates an integrated route and EAF

route using DRI. Its flat products supply specialized steel

applications in the automotive, line pipe manufacturing,

shipbuilding and appliance industries. Its long products serve

the construction and drawing industry.

For details on ArcelorMittal Mexico mining assets production

and other related information, see "—Mineral reserves and

resources".

*AMLPC*

AMLPC is the largest mini-mill in Canada and has the flexibility

to use either DRI or scrap, depending on their respective

economics. AMLPC's products are primarily sold in Canada

and the U.S. and principally serves the automotive, appliance,

transportation, machinery and construction industries. It also

produces slabs that are used within ArcelorMittal.

*ArcelorMittal Calvert*

In June 2025, ArcelorMittal acquired control of ArcelorMittal

Calvert, its former joint venture with NSC (see note 2.2.4 to the

consolidated financial statements). ArcelorMittal Calvert has a

hot strip mill with 5.3 million tonnes capacity, pickling and cold

rolling facilities with 3.6 million tonnes capacity and finishing

facilities with a total capacity of 2.1 million tonnes. Slabs for

Calvert's operations are sourced from ArcelorMittal plants in

Brazil and Mexico and from former ArcelorMittal USA (the five-

year agreement for 1.5 million tonnes annually entered into

with Calvert on December 9, 2020 following the divestment to

Cleveland-Cliffs terminated on December 9, 2025). The

acquisition also includes a new seven-year domestic slab

supply agreement with NSC averaging 750,000 tonnes per

year. Calvert serves the automotive, construction, pipe and

tube, service center and appliance/ HVAC industries.

Calvert has completed the construction of an on-site

steelmaking facility with a 1.5 million tonnes capacity EAF,

designed to produce slabs for the existing operations and

replace part of the purchased slabs. The facility produced its

first heat in June 2025. See "—Capital expenditures".

On February 6, 2025, ArcelorMittal announced a project to

construct an advanced manufacturing facility for non-grain

oriented electrical steel (NOES) in Calvert, Alabama. See

"Introduction—Sustainable development highlights".

*ArcelorMittal Tailored Blanks Americas ("AMTBA")*

In April 2025, ArcelorMittal acquired control of AMTBA, a

former joint venture in which it increased its interest from 80%

to 90%. AMTBA manufactures light-weighting solutions for the

automotive industry.

Management report<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| BRAZIL |  |  | Crude Steel |  |  |
| Unit | Country | Locations | Production in 2025 <br>(in million tonnes per <br>year) <sup>1</sup><br>| Type of plant | Products |
| Sol | Brazil | Vitoria | n/a | Coke-Making | Coke |
| ArcelorMittal Tubarão | Brazil | Vitoria | 6.8 | Integrated | Flat |
| ArcelorMittal Vega  | Brazil | São Francisco do Sul | n/a | Downstream | Flat |
| ArcelorMittal Brasil | Brazil | João Monlevade | 1.1 | Integrated | Long/ Wire Rod |
| ArcelorMittal Brasil | Brazil | Juiz de Fora, Piracicaba | 1.9 | Mini-mill | Long/ Bar, Wire Rod  |
| ArcelorMittal Brasil  | Brazil | Barra Mansa,<br>Resende<br>| 0.9 | Mini-mill | Long/Rebar, Wire rod, Bars, <br>Sections, Wires<br>|
| ArcelorMittal Pecém  | Brazil | Pecém | 3.0 | Integrated | Flat |
| Acindar  | Argentina | Villa Constitucion | 0.6 | Mini-mill | Long/ Wire Rod, Bar  |
| ArcelorMittal Costa Rica  | Costa Rica | Costa Rica | n/a | Downstream | Long/ Wire Rod |
| Industrias Unicon | Venezuela | Barquisimeto, Matanzas, <br>La Victoria<br>| n/a | Downstream | Pipes and Tubes |

---

1. n/a = not applicable (no crude steel production).

*ArcelorMittal Brasil*

ArcelorMittal Brasil's flat products serve customers in the

automotive, appliances, construction and distribution

segments.

A project is under development to construct a new high value

added finishing line (cold rolling mill) and a continuous coating

line at Tubarão facility. The project is undergoing internal

approvals, and ArcelorMittal Brasil is currently moving forward

with detailed engineering (full feasibility study). In May 2025,

ArcelorMittal acquired full control of the Brazilian pipe producer

Tuper, a former joint venture in which it held a 40% interest, to

strengthen its tubular business in Latin America. In November

2025, ArcelorMittal acquired Tekno, a pioneer in the

implementation of coil coating in Brazil. The Pecém facility was

acquired by ArcelorMittal in 2023 and has access via

conveyors to the port of Pecém, a large-scale deepwater port

located 10 kilometers from the plant.

ArcelorMittal Brasil's long products are used in the civil

construction, industrial manufacturing, agricultural and

distribution sectors. An extensive distribution network operates

across the country selling to retail customers. In addition, Belgo

Bekaert Arames Ltda manufactures wire products for

agricultural and industrial end-users, and Belgo-Mineira

Bekaert Artefatos de Arame Ltda. produces steel cords used in

the tire industry. ArcelorMittal Brasil also owns forests, and its

subsidiary ArcelorMittal Bioflorestas produces charcoal from

eucalyptus forestry operations that is used to fuel its furnaces

in Juiz de Fora and to exchange for pig iron with local

producers.

The investment in a new sections mill at Barra Mansa was

completed in the second half of 2025. See "—Capital

expenditures".

For details on Brazil mining assets, production and other

related information, see "—Mineral reserves and resources".

*Acindar*

Acindar is the largest long steel producer in Argentina. It

manufactures and distributes products to meet the needs of the

construction, industrial and agricultural sectors. It has an in-

house distribution network that serves end-users across

Argentina.

Management report<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| EUROPE |  |  | Crude Steel |  |  |
| Unit | Country | Locations | Production in 2025 <br>(in million tonnes <br>per year) <sup>1</sup><br>| Type of plant | Products |
| ArcelorMittal Bremen | Germany | Bremen, Bottrop | 2.9 | Integrated | Flat, Coke |
| ArcelorMittal Eisenhüttenstadt | Germany | Eisenhüttenstadt | 1.8 | Integrated | Flat |
| ArcelorMittal Belgium | Belgium | Ghent, Geel, Genk, Liège | 5.4 | Integrated and <br>Downstream<br>| Flat |
| ArcelorMittal France | France | Dunkirk, Mardyck, <br>Montataire, Desvres, <br>Florange, Mouzon, Basse-<br>Indre<br>| 4.2 | Integrated and <br>Downstream<br>| Flat |
| ArcelorMittal Méditerranée<sup>2,3</sup> | France | Fos-sur-Mer, Saint-Chély | 1.6 | Integrated and <br>Downstream<br>| Flat |
| ArcelorMittal España<sup>4</sup> | Spain | Avilés, Gijón, Etxebarri, <br>Lesaka, Sagunto<br>| 3.3 | Integrated and <br>Downstream<br>| Flat, Long/ Rails, Wire Rod, <br>Plates<br>|
| ArcelorMittal Avellino & Canossa | Italy | Avellino | n/a | Downstream | Flat |
| ArcelorMittal Poland⁵ | Poland | Kraków, Swietochlowice, <br>Dabrowa Gornicza, <br>Chorzow, <br>Sosnowiec, <br>Zdzieszowice<br>| 3.2 | Integrated and <br>Downstream<br>| Flat, Coke, Long/ Sections, Wire <br>Rod, Sheet Piles, Rails<br>|
| ArcelorMittal Sestao | Spain | Bilbao | 0.6 | Mini-mill | Flat |
| ArcelorMittal Belval & Differdange  | Luxembourg | Esch-Belval, Differdange, <br>Rodange<br>| 1.8 | Mini-mill | Long/ Sheet Piles, Rails, <br>Sections & Special Sections<br>|
| ArcelorMittal Olaberria-Bergara  | Spain | Olaberría, Bergara  | 1.1 | Mini-mill | Long/ Sections |
| ArcelorMittal Gandrange  | France | Gandrange | n/a | Downstream | Long/ Wire Rod, Bars  |
| ArcelorMittal Warszawa  | Poland | Warsaw | 0.5 | Mini-mill | Long/ Bars |
| ArcelorMittal Hamburg | Germany | Hamburg | 0.7 | Mini-mill | Long/ Wire Rods  |
| ArcelorMittal Duisburg  | Germany | Ruhrort, Hochfeld | 0.9 | Mini-mill | Long/ Billets, Wire Rod  |
| Sonasid  | Morocco | Nador, Jorf Lasfar | 0.8 | Mini-mill | Long/ Wire Rod, Bars, Rebars in <br>Coil <br>|
| ArcelorMittal Zenica⁶ | Bosnia and <br>Herzegovina<br>| Zenica | 0.4 | Mini mill/Integrated | Long/Wire Rod,Bars |

---

1. n/a = Not applicable (no crude steel production).

2. Blast furnace #1 at Fos-sur-Mer was idled in September 2023 due to low market demand. It remained idle during 2024 and 2025. Blast Furnace #1 is expected to restart

in the second quarter of 2026. Following a fire outbreak at the Fos-sur-Mer site on October 8, 2025, the steel shop was temporarily shut down; production resumed in

December 2025.

3. Coke oven battery 2 has been hot idled and temporarily closed in 2025.

4. Following an incident in late September 2025, Blast Furnace B at the Gijón plant was taken offline and shutdown procedures were subsequently initiated.

5. Due to deteriorating market conditions, blast furnace no. 3 has been temporarily idled in Dąbrowa Górnicza since July 2025.

6. ArcelorMittal Zenica was divested in the fourth quarter of 2025. See "Introduction—Key Transactions and events in 2025".

*ArcelorMittal Bremen* 

ArcelorMittal Bremen produces and sells a wide range of flat

products, which includes sales to the automotive and primary

transformation sectors.

*ArcelorMittal Eisenhüttenstadt*

ArcelorMittal Eisenhüttenstadt produces and sells a wide range

of flat steel products to automotive, distribution, metal

processing, construction and appliances industry customers in

Germany, Central, and Eastern Europe.

*ArcelorMittal Belgium*

ArcelorMittal Belgium includes the ArcelorMittal Ghent

integrated site and the finishing facilities of ArcelorMittal Liège.

Its products are mainly used in the automotive industry and in

household appliances, tubes, containers, radiators and

construction.

ArcelorMittal has finalized the construction of two industrial

scale plants at its site in Ghent in connection with the Carbalyst

and Torero projects, which are leveraging breakthrough smart

carbon technologies to enable the use of circular carbon.

Technical ramp-up of the facility is in progress.

In April 2025, ArcelorMittal Belgium's offer was accepted to

acquire the Flémalle production facilities in Wallonia following

the bankruptcy of the Belgian branch of Liberty Galati.

*ArcelorMittal France*

Certain of ArcelorMittal France's steel products are designed

for the automotive market while other products are designed

for the consumer goods and appliances market as well as

packaging market.

ArcelorMittal France is building a new production unit for

electrical steels at its Mardyck site, which is expected to

produce its first coils in 2026. See "—Capital expenditures".

Management report<br>

ArcelorMittal France has also decided to construct a 2 million

tonne EAF in Dunkirk, see "Introduction—Sustainable

development highlights—Recent developments".

*ArcelorMittal Méditerranée*

ArcelorMittal Méditerranée's steel plant in Fos-sur-Mer

produces coils to be made into wheels, pipes for energy

transport and coils for finishing facilities for exposed and non-

exposed parts of car bodies, as well as for the construction,

home appliance, packaging, pipe and tube, engine and office

material industries. The Saint-Chély d'Apcher plant produces

electrical steel mainly for electrical motors.

*ArcelorMittal España*

ArcelorMittal España's two main facilities of Avilés and Gijón

operate as a single integrated steel plant. The facilities are also

connected by rail to the region's two main ports, Avilés and

Gijón. Raw materials are received at the port of Gijón, where

they are unloaded at a dedicated dry-bulk terminal, which is

linked to steel-making facilities by conveyor belt. A variety of

products are shipped through the Avilés port facilities to other

units of the Group and to ArcelorMittal España's customers.

The Company is in the process of constructing a new 1 million

tonne EAF for long products at the Gijón site. See "Business

overview—Sustainable development—Climate change".

*ArcelorMittal Poland* 

ArcelorMittal Poland is the largest steel producer in Poland

ArcelorMittal Poland's Zdzieszowice coke plant with five coke

oven batteries produces and supplies coke to ArcelorMittal

subsidiaries and third parties.

ArcelorMittal Poland produces a wide range of flat and long

steel products mainly sold in the domestic market. ArcelorMittal

Poland's principal customers are in the construction,

engineering, transport, mining and automotive industries.

*ArcelorMittal Belval & Differdange*

ArcelorMittal is investing at its Belval site €67 million in the

construction of a new EAF which is scheduled to be

commissioned in the first half of 2026 and will offer improved

energy efficiency and increase steel production capacity in

Luxembourg by almost 15%, reaching 2.5 million tonnes of

steel per year.

*ArcelorMittal Olaberria-Bergara*

The Olaberría facility's products are sold to the local

construction market as well as to export markets, while the

Bergara facility's products are sold primarily to the local

European construction market.

*ArcelorMittal Hamburg*

ArcelorMittal Hamburg operates Europe's only DRI-EAF plant

and its products are mainly sold in the European market,

primarily to automotive and engineering customers.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Sustainable Solutions | Sustainable Solutions |  | Crude Steel |  |  |
| Unit | Main countries of <br>presence<br>| Main locations | Production in <br>2025 <br>(in million tonnes <br>per year) <sup>1</sup><br>| Type of plant | Products |
| Industeel | France, Belgium | Charleroi, Le Creusot, Chateauneuf, <br>Saint-Chamond, Dunkirk<br>| 0.3 | Mini-mill and <br>Downstream<br>| Flat (complete range of high-quality <br>steel grades)<br>|
| Building Solutions | France, Germany, <br>Spain, Italy, Slovakia, <br>Poland, India,Brazil<br>| Contrisson, Haironville, Trier, <br>Reichshof, Zaragosa, Cervera, <br>Abruzzo, Senica, <br>Swietochlowice,Mangaon, <br>Toboado,Araquari,Lorena<br>| n/a | Downstream | Steel building solutions (including <br>insulation, sandwich panels, profiles <br>and turnkey pre-fabrication solutions)<br>|
| Projects | UAE, Netherlands, <br>USA, Brazil, China, <br>Egypt<br>| Hamriyah, Jebel Ali, Heijningen, <br>Hoogeveen, Serra, Changzhou, <br>Badr City <br>| n/a | Downstream | Customized steel solutions for <br>complex projects in civil infrastructure <br>and energy<br>|
| Service Centers and <br>Distribution<br>| France, Germany, <br>Belgium, UK, Spain, <br>Poland, Luxembourg<br>| Neuwied, Geel, Krakow, Bytom, <br>Differdange<br>| n/a | Downstream | Tailor-made solutions of flat steel <br>processed products. Sales entities <br>serving small customers with wide <br>range of steel products<br>|
| Tubular Products  | Romania, Czech <br>Republic, Germany, <br>France, Spain<br>| Roman, Karvina, Altensteig-<br>Walddorf, Hautmont, Chevillon, <br>Vitry, Lexy, Rettel, Vincey, <br>Legutiano, Zalain-Lesaka, <br>Berrioplano<br>| n/a | Downstream | Pipes and Tubes |
| Recycling | Germany, Netherlands, <br>United Kingdom<br>| Eppingen, Frankfurt, Sennfeld, <br>Almelo, Beverwijk, Aberdeen<br>| n/a | Downstream | Scrap collection and recycling |
| AM Green Energy | India | Andhra Pradesh | n/a | Renewable energy | Solar and wind power |
| Wire Solutions<sup>2</sup> | France, Luxembourg, <br>Poland, United <br>Kingdom<br>| Bissen, Bourg en Bresse, Revigny, <br>Marnaval, Perigueux, Sycow<br>| n/a | Downstream | Wire products |

---

1. n/a = not applicable (no crude steel production).

Management report<br>

2. Wire Solutions, previously reported under Europe segment, was transferred to the Sustainable Solutions in the second half of 2025.

*Renewables*

AM Green Energy's renewable energy project was

commissioned in the second quarter of 2025. See "Business

overview—Sustainable development—Climate change" and

"—Capital expenditures".

*Recycling* 

Recycling plays an increasingly important role in

decarbonization. ArcelorMittal is investing and developing its

scrap recycling and collection capabilities (with combined

collection capacity of approximately 1 million tonnes).

Mining

ArcelorMittal's Mining segment has iron ore production facilities in Canada and Liberia. For information regarding ArcelorMittal's Mining

segment see "—Mineral reserves and resources".

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Others |  |  | Crude Steel |  |  |
| Unit | Country | Locations | Production in 2025 <br>(in million tonnes per <br>year) <br>| Type of plant | Products |
| AMKR<sup>1</sup> | Ukraine | Kryvyi Rih | 1.7 | Integrated | Long |
| ArcelorMittal South Africa<sup>2</sup> | South Africa | Vanderbijlpark, Newcastle | 2.3 | Integrated Mini-mill <br>Downstream<br>| Flat, Long, Pipes and <br>Tubes<br>|

---

1. AMKR is currently operating its open pit mining and steel facilities at 73% and 35%, respectively.

2. Coke oven batteries 8 and 9 were closed in September 2025 upon reaching end of life, and Kiln 3 and 4 lines were closed in 2025 in Vanderbijlpark. Operations at the

Newcastle facility were definitively stopped in the fourth quarter of 2025.

*ArcelorMittal South Africa*

ArcelorMittal South Africa ("AMSA") is one of the largest steel

producers in Africa and is listed on the JSE Limited in South

Africa. In 2025, 80% of its products were sold in the South

African domestic market, while Africa is its largest export

market. It also sells into Europe and sells minor tonnage into

the Americas and Asia. On September 1, 2025, AMSA

announced the commencement of the Long Steel Business

wind down and placed accordingly the Newcastle blast furnace

into temporary care and maintenance. The wind down was

completed by the end of January 2026. See "Introduction—Key

transactions and events in 2025".

*ArcelorMittal Kryvyi Rih*

AMKR's long product range are sold to a range of industries,

such as the hardware, construction, re-rolling and fabrication

industries. The markets for its products include Ukraine,

Europe, North Africa, Middle East, North America and China. In

addition, AMKR includes an export sales network which

supplies a complete range of steel products not only from

Kryvyi Rih but also from other plants of the Group to customers

outside of their respective home markets.

For details on AMSA and AMKR mining assets, see "—Mineral

reserves and resources".

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments in joint ventures |  |  |  |  |  |
| Unit | Country | Locations | Capacity in 2025 <br>(in million tonnes per <br>year) <br>| Type of plant | Products |
| AMNS India | India | Hazira, Gujarat | 8.8 <sup>1</sup> | Integrated | Flat |
| VAMA | China | Loudi, Hunan | 2.0 <sup>2</sup> | Steel processing | Automotive steel finishing |

---

1. Crude steel capacity.

2. Cold rolled coils, aluminized coils, hot dip galvanized coils production capacity.

*AMNS India*

AMNS India is an integrated flat carbon steel manufacturer -

from iron ore to ready-to-market products with achievable

crude steel capacity of 8.8 million tonnes per annum. Its

manufacturing facilities comprise iron making, steelmaking and

downstream facilities spread across India.

In 2019, ArcelorMittal and Nippon Steel Corporation ("NSC"),

Japan's largest steel producer and the third largest steel

producer in the world, created a joint venture to own and

operate AMNS India with ArcelorMittal holding a 60% interest

and NSC holding 40%. Through the agreement, both

Management report<br>

ArcelorMittal and NSC are guaranteed equal board

representation and participation in all significant financial and

operating decisions.

AMNS India's main steel manufacturing facility is located at

Hazira, Gujarat in western India. It also has:

• two iron ore beneficiation plants close to the mines in

Kirandul and Dabuna, with slurry pipelines that then

transport the beneficiated iron ore slurry to the pellet plants

in the Kirandul-Vizag and Dabuna-Paradeep systems;

• downstream facilities in Pune, Khopoli and Gandhidham; and

• six service centers in the industrial clusters of Hazira, Indore,

Bahadurgarh, Chennai, Kolkata and Pune. It has a complete

range of flat rolled steel products, including value added

products, and significant iron ore pellet capacity with two

main pellet plant systems in Kirandul-Vizag and Dabuna-

Paradeep, which have the potential for expansion. Its

facilities are located close to ports with deep draft for

movement of raw materials and finished goods.

In terms of iron ore pellet capacity, the Kirandul-Vizag system

has 8 million tonnes of annual pellet capacity; and the Dabuna-

Paradeep system has 12 million tonnes of annual pellet

capacity.

AMNS India completed the acquisition of the portfolio of

strategic infrastructure assets from Essar Group. The

remaining assets which were pending due to regulatory

approvals have been acquired during 2024 and include a 16

million-tonne per annum all-weather, deep draft terminal at

Visakhapatnam, Andhra Pradesh (along with an integrated

conveyor connected to AMNS India's iron ore pellet plant in the

port city) and a 100-kilometer Gandhar - Hazira transmission

line, connecting AMNS India's steelmaking complex with the

central electricity grid.

AMNS India intends to further debottleneck existing operations

(steel shop and rolling parts) in the medium term. The first

phase of expansion represents capital expenditures of

approximately $7.7 billion ($0.8 billion for debottlenecking, $0.2

billion for operational readiness, $1.0 billion for downstream

projects and $5.7 billion for upstream projects) and started in

October 2022. It aims to increase production at the Hazira

facility to 15 million tonnes of rolled products by the second

half of 2026. Following the construction of two blast furnaces,

the capacity increase of the existing blast furnace 1 went from

2.2 to 2.8 million tonnes per annum, and it also includes a cold

rolling mill 2 complex and galvanizing and annealing line, steel

shop, hot strip mill and ancillary equipment (including coke,

sinter, networks, power, gas, oxygen plant, etc.) and raw

material handling. Continuous galvanizing line (CGL) No. 4

was commissioned in December 2023 and enabled AMNS

India to launch the Magnelis product for the growing renewable

energy sector. CGL No. 3 has been commissioned in July 2025

to produce highest strength steel for the automotive sector.

Plans are under development to expand the production

capacity by establishing a greenfield integrated steel plant with

an 8.2 million tonnes annual capacity at Rajayapeta in Andhra

Pradesh, a strategically significant project. This facility will play

a critical role in advancing AMNS India's objective of scaling its

total steelmaking capacity to 40 million tonnes per annum. See

"—Capital expenditures".

For details on Indian mines production and other information,

see " —Mineral reserves and resources".

*AMNS Calvert* 

On June 18, 2025, ArcelorMittal acquired control of AMNS

Calvert, a former joint venture with NSC. See "—North

America" and note 2.2.4 to the consolidated financial

statements.

*VAMA* 

Valin ArcelorMittal Automotive Steel ("VAMA") is a joint venture

between ArcelorMittal and Hunan ValinSteel Co., Ltd which

produces steel (1.5 million tonne capacity) for high-end

applications in the automotive industry. VAMA supplies

international automakers and first-tier suppliers as well as

Chinese car manufacturers and their supplier networks. It is

well positioned to take advantage of the growing electric

vehicle market In February 2021 a project was launched to

increase its capacity by 40% to 2 million tonnes with self-

funded expansion involving capital expenditures of $195

million. The capital expenditures related to new continuous hot

galvanizing line ("CGL") capacity of 450 thousand tonnes per

year to reach 1.6 million tonnes per year in CGL/CAL

combined capacity and 2.0 million tonnes per year in pickling

line and tandem cold mill ("PLTCM"). The project has been

operating at full capacity since July 2023.

*Ventos de Santo Antonio*

On May 5, 2023, ArcelorMittal Brasil formed the joint venture

Ventos de Santo Antonio Comercializadora de Energia S.A.

("VdSA") with Casa dos Ventos, one of Brazil's largest

developers and producers of renewable energy projects, to

develop a 554 MW wind power project aiming to secure and

decarbonize a considerable proportion of the Company's

wholly-owned subsidiary ArcelorMittal Brasil's future electricity

needs in the central region of Bahia in north-east Brazil. The

wind project was fully completed in October 2025. ArcelorMittal

Brasil holds a 55% stake in the joint venture, with Casa dos

Ventos holding the remaining 45%. The $0.8 billion project

aims to secure and decarbonize a considerable proportion of

ArcelorMittal Brasil's future electricity needs and is estimated to

provide 38% of ArcelorMittal's Brasil's total electricity needs in

2030, pursuant to a 20-year power purchase agreement to be

entered into with the joint venture for the supply of electricity.

Management report<br>

VdSA is equity accounted and ArcelorMittal's total equity

investment will be $0.15 billion.

In August 2024, ArcelorMittal Brasil also signed contracts with

Casa dos Ventos and Atlas Renewable Energy for the

development of two joint ventures for solar energy projects with

a combined capacity of 465 MW, equivalent to approximately

14% of its current electricity requirements in Brazil. Solar

project with Atlas reached the commercial operating date in

October 2025, while Solar project with Casa dos Ventos is

expected to complete first quarter of 2026. See "Introduction—

Sustainable development highlights".

*NEMM*

On October 16, 2024, in the framework of their New Energy

Magnetic Material ("NEMM") project, ArcelorMittal and China

Oriental formed two joint ventures with equal ownership to be

engaged principally in the production and sale of electrical

steel grade hot-rolled coil substrates and cold-rolled non-

oriented or oriented electrical steel for the Chinese automotive

market. The project envisages the construction of an upstream

plant and a downstream plant with production commencing in

2027. See note 2.4.1 to the consolidated financial statements for

further information on investments in joint ventures.

Capital expenditures

The Company's capital expenditures were $4.3 billion, $4.4 billion and $4.6 billion for the years ended December 31, 2025, 2024 and

2023, respectively. The following table summarizes the Company's principal growth and optimization projects involving significant

capital expenditures that are currently ongoing. In 2026, capital expenditures are expected to be in the range of $4.5 to 5.0 billion, of

which $1.4 to $1.6 billion is expected as strategic growth capital expenditure, $0.3 billion on projects related to decarbonization and

$2.8 to $3.1 billion on maintenance and other ongoing capital expenditures. ArcelorMittal expects to fund these capital expenditures

primarily through internal sources. See "Operating and financial review—Liquidity and capital resources—Sources and uses of cash—

Net cash used in investing activities" and note 3.1 to the consolidated financial statements for further information, including capital

expenditures by segment.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Completed Projects | Completed Projects | Completed Projects | Completed Projects |  |
| Segment | Site / Unit | Capacity / particulars | Key date / Forecast <br>completion<br>| Note # |
| Sustainable Solutions | Andhra Pradesh (India) | Renewable energy project: 1GW of nominal capacity solar and <br>wind power<br>| Second quarter 2025 | a |
| Mining | Liberia mine | Iron ore expansion to 20 million tonnes per year; blending a <br>portion of the new concentrate with crushed ore product to <br>produce a sinter feed blend (>62% Fe)<br>| Commissioning <br>underway<br>| b |
| North America | Calvert | New 1.5 million tonnes EAF and caster | Commissioned | c |
| Brazil | Serra Azul mine | Facilities to produce 4.5 million tonnes per year DRI quality <br>pellet feed by exploiting compact itabirite iron ore<br>| Commissioning <br>underway<br>| d |
| Brazil | Barra Mansa | Increase capacity of HAV bars and sections by 0.4 million <br>tonnes per year<br>| Commissioning <br>underway<br>| e |

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Management report<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| Ongoing Projects\* | Ongoing Projects\* | Ongoing Projects\* | Ongoing Projects\* |  |
| Segment | Site / Unit | Capacity / particulars | Key date / Forecast <br>completion<br>| Note # |
| Europe | Mardyck (France) | Facilities to produce 155 thousand tonnes per year non-grain <br>oriented electrical steels ("NOES") (of which 125 thousand tonnes <br>per year for auto applications), reversing mill ("REV") and annealing <br>and pickling line ("APL").<br>| Second half 2026 for <br>REV and first half <br>2027 for APL<br>| f |
| North America | Las Truchas mine <br>(Mexico)<br>| Revamping project with 1 million tonnes per year pellet feed <br>capacity increase (to 2.3 million tonnes per year) with DRI <br>concentrate grade capability<br>| First half 2027 | g |
| North America | Calvert | Advanced manufacturing facility for NOES with a capacity of up to <br>150 thousand tonnes per year, essential for EV production and <br>other commercial / industrial applications. The project consists of <br>APL, reversing cold mill ("RCM") and annealing and varnishing <br>("ACL").<br>| Second half 2027 | h |
| Sustainable Solutions | Gujarat (India) | Hybrid renewable energy project comprising 300 megawatts of <br>alternating current ("MWac") solar capacity, approximately 250 MW <br>of wind capacity, and a 300 MWh Battery Energy Storage System <br>("BESS")<br>| First half 2028 | i |
| Sustainable Solutions | Rajasthan (India) | Large-scale renewable energy investment involving the <br>development of a 400 MWac (560 megawatts peak) solar power <br>plant, integrated with a 500 MWh BESS, located in Bikaner, <br>Rajasthan, India<br>| First half 2028 | j |
| Joint Ventures | Joint Ventures | Joint Ventures | Joint Ventures | Joint Ventures |
| AMNS India  | Hazira (Gujarat) | Debottlenecking existing assets; medium-term Phase 1 plans are to <br>expand and grow in Hazira to approximately 15 million tonnes per <br>year; ongoing downstream projects; additional greenfield <br>opportunities under development <br>| Second half 2026 | k |

---

\*Ongoing projects refer to projects for which construction has begun (excluding various projects that are under development).

a.A $0.7 billion investment in the 1 GW renewable energy project launched in 2022 by ArcelorMittal. The project integrates solar and wind power generation, coupled with

energy storage solution through a co-located pumped hydro storage plant, which helps to overcome the intermittent nature of wind and solar power generation. The

project is owned and funded by ArcelorMittal. AMNS India entered into a 25 year off-take agreement with ArcelorMittal to purchase renewable electricity annually from the

project, resulting in over 20% of the electricity requirement at AMNS India's Hazira plant coming from renewable sources, reducing carbon emissions by approximately 1.5

million tonnes per year. 100% of the solar modules and the wind turbines were installed in the first half of 2025, and the full capacity was commissioned by the end of the

third quarter of 2025.

b.ArcelorMittal Liberia has been operating at 5 million tonnes per annum of direct shipping ore ("DSO") since 2011 (Phase 1) and restarted construction of a concentrator

and associated infrastructure (Phase 2). An opportunity to increase rail and port shipment capacity to 20 million tonnes per annum led to a revised project capital

expenditure of $1.8 billion (previously $1.4 billion), reflecting a multiple product approach (sinter feed and concentrate) following revised mining plan and additional

investment in material handling, port infrastructure, covered stockpile and power supply. The revised scope allows for an additional 5 million tonnes per annum of blended

product, bringing total shipment capacity to 20 million tonnes per annum (previously 15 million tonnes per annum). By blending a portion of the new concentrate with

crushed ore product, a sinter feed blend (>62% Fe) can be produced, increasing Liberia's marketable production. Of the targeted 20 million tonnes, 75% or 15 million

tonnes of sinter feed is to be made up of a blend of concentrate and crushed ore, and remaining 25% or 5 million tonnes is to be high-grade concentrate. Commissioning

is progressing, and full project completion and production from all lines are expected by the first half of 2026. Approximately 10 million tonnes of shipment were reached in

2025, with a 20 million tonnes shipment target in 2026. In addition, a phased plan to expand capacity up to 30 million tonnes per annum, including DRI-quality

concentrate, is under study.

c.ArcelorMittal Calvert is investing in a new 1.5 million tonnes EAF and caster. The facility is currently in the hot commissioning phase with the first heat produced on June

14, 2025. The new EAF project with investment over $1 billion, integrated with ArcelorMittal's HBI facility in Texas, will enable Calvert to supply automotive customers with

lower CO2 embodied steel, melted and poured in the U.S. The new EAF has a strong product mix of advanced steel grades, including Exposed, Dual Phase ("DP"),

Multiphase ("MP"), Third Generation (Gen-3) steels, and PHS namely Usibor®. Option to add an additional 1.5 million tonnes EAF at lower capital expenditure intensity is

being studied.

d.The Serra Azul project's current investment forecast is approximately $0.5 billion. The DRI quality pellet feed is expected to primarily supply ArcelorMittal Mexico steel

operations. All assembly activities were completed in the third quarter of 2025. Hot commissioning reached 90% completion by December 2025 and the pellet feed DRI

product has already met the required quality specifications, and the first vessel is expected in 2026.

e.Approximately $0.3 billion investment in the Barra Mansa (Brazil) sections mill aims to expand domestic market share and profitability with higher added value ("HAV")

products like merchant and special bars. Commissioning started in October 2025, and the project has transitioned into the ramp-up phase, which is currently in progress

alongside ongoing testing.

f.ArcelorMittal, with French government support, is establishing a new electrical steels production unit at Mardyck, complementing its Saint-Chély d'Apcher plant. The first

phase of the project consisting of annealing and varnishing line ("ACL") was completed and is undergoing commissioning. Due to the brownfield nature of this project,

unforeseen challenges and complexity in civil works and erection activities,, the project cost has been revised to $0.8 billion. This has caused delays in the second phase

which consists of REV and APL and is now expected to be commissioned in the second half of 2026 and first half of 2027 (previously scheduled for the second half of

2025 and second half of 2026), respectively. Following a reassessment of the product portfolio, the production volume of non-grain oriented electrical steels was revised

to 155 thousand tonnes per year (previously reported as 170 thousand tonnes per year).

g.The approximately $0.2 billion investment project in Las Truchas will enable concentrate production to the blast furnace route (2.0 million tonnes per year) and DRI route

(0.3 million tonnes per year) for a total of 2.3 million tonnes per year. The primary target is to supply ArcelorMittal Mexico steel operations with high quality feed. Due to

Management report<br>

delays in obtaining environmental permits, amplified by the strike and the illegal blockade of the mine in the second and third quarters of 2024 as well as unforeseen

challenges, production is now expected to start in the first half of 2027 (previously scheduled for the second half of 2026). The refurbishment of two clarifiers is essentially

complete and ready for equipment installation. Piling work for the main mill building is completed. Construction work will commence in early 2026.

h.ArcelorMittal Calvert is investing in an advanced manufacturing facility in Calvert, Alabama that could deliver up to 150,000 tons of domestic production capacity of NOES

annually, depending on the product mix. The project includes an annealing pickling line, cold-rolling mill, annealing coating line, packaging and slitter line, and ancillary

equipment needed for operations. The facility would be situated near existing Calvert operations. As the project progresses, estimated net capital expenditure has

increased to $1.3 billion (previously reported as $0.9 billion), net of $0.3 billion of currently planned federal, state and local support, due to tariffs, additional work required

and an increase in labor cost and prices. The plant is anticipated to commence production in the second half of 2027.

i.An investment of approximately $0.5 billion in a 550 MWac solar–wind hybrid renewable energy project (comprising 300 MWac of solar capacity and approximately 250

MW of wind capacity) and a planned 300 MWh BESS, located in Gujarat, India. Wind portfolio contracts are currently in progress, with land included under the OEM

contracts. The project is expected to deliver approximately 150 MW of round-the-clock renewable power to AMNS India, reducing carbon emissions by approximately 0.9

million tonnes of CO₂ per year for AMNS Indian. Completion date of the project is expected in the first half of 2028.

j.An investment of approximately $0.3 billion for a renewable energy project consisting of 400 MWac solar power plant, integrated with a 500 MWh BESS, located in

Bikaner, Rajasthan, India. Construction commenced in the second quarter of 2025, with completion targeted for the first half of 2028. The project is designed to supply

approximately 190 MW during solar hours and 125 MW during evening peak hours. The project is expected to deliver electricity to AMNS India, reducing its carbon

emissions by approximately 0.65 million tonnes of CO₂ per year. Orders have been placed for the power evacuation scope, and Requests for Proposal for solar modules

have been launched in the market.

k.AMNS India medium-term plans are to expand and grow initially to approximately 15 million tonnes of rolled products by the second half of 2026 in Hazira (phase 1)

including automotive downstream and enhancements to iron ore operations, with estimated capital expenditure of approximately $7.7 billion ($0.8 billion for

debottlenecking, $0.2 billion for operational readiness, $1.0 billion for downstream projects and $5.7 billion for upstream project). As part of phase 1, a Continuous

Galvanizing Steel line ("CGL3") capable of producing AHSS for automotive sector was successfully commissioned in July 2025. Further capacity expansion is underway

at Hazira, Studies for options to further expand capacity at Hazira, while plans are under development for an 8.2 million tonnes greenfield integrated steel plant on the

East Coast in Rajayyapeta, Andhra Pradesh as part of AMNS India's broader growth strategy aimed at increasing its total steelmaking capacity to 40 million tonnes per

annum.

In addition, in 2025, the Company approved 14 multi-year

projects with identified environmental benefits and involving

capital expenditures of $150 million and 29 multi-year projects

with identified energy benefits and involving capital expenditure

of $1,163 million (including new renewable energy projects in

India). The latter also includes 10 multi-year projects

specifically targeted to decarbonization involving capital

expenditures of $138 million. Capital expenditures related to

decarbonization initiatives amounted to $0.3 billion for the year

ended December 31, 2025 and are expected to remain stable

at $0.3 billion in 2026, with main spend focusing on the

finalization of engineering studies on new EAF facilities in

Europe (flat products) and the launch of the EAF project in

Dunkirk, the completion of the EAF project in Gijón (long

products) and the capacity expansion in Sestao (flat products),

as well as the DR pellet project in AMMC. ArcelorMittal's joint

ventures have also announced significant capital expenditure

projects. See "—Investments in joint ventures".

Mineral reserves and resources

ArcelorMittal has iron ore production facilities in North America

(Canada and Mexico), South America (Brazil), Europe

(Ukraine), Africa (Liberia), and in India through its joint venture

AMNS India. ArcelorMittal also operated iron ore and coal

production facilities in Kazakhstan, which were sold on

December 7, 2023, and iron ore production facilities in Bosnia,

which were sold on October 30, 2025. See note 2.3 to the

consolidated financial statements for further information.

Following the sale of the Kazakhstan operations, there was no

coal production in 2025 or 2024, while coal production for 2023

was 2.0 million tonnes. The Company has two categories of

mining operations, namely captive mines and seaborne

oriented operations. Captive mines whose production is mainly

consumed by their respective steel segments form part of such

segments. The seaborne iron ore mining operations at AMMC

and AML correspond to the Mining segment.

ArcelorMittal considers its iron ore mining operations in the

aggregate to be material to its business.

Management report<br>

The following tables provide an overview of ArcelorMittal's principal mining operations. The production of Run of Mine ("ROM") iron ore

and coal is that which is attributable to ArcelorMittal based on ArcelorMittal's ownership interest in the mining operations. All production

figures below are stated as wet tonnages.

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| | | | | |
|:---|:---|:---|:---|:---|
| Operations/Projects | Segment | % of Ownership <br>Interest<br>| Type of Ownership <br>Interest<br>| In Operation Since |
| Iron Ore | Iron Ore | Iron Ore | Iron Ore | Iron Ore |
| Mexico (Excluding Peña Colorada) | North America | 100.0 | subsidiary | 1976 |
| Peña Colorada - Mexico | North America | 50.0 | joint operation | 1974 |
| Brazil | Brazil | 100.0 | subsidiary | 1944 |
| Bosnia | Europe | 51.0 | subsidiary | 2008 |
| AMKR Open Pit | Others | 95.1 | subsidiary | 1959 |
| AMKR Underground | Others | 95.1 | subsidiary | 1933 |
| AML | Mining | 85.0 | subsidiary | 2011 |
| AMMC | Mining | 85.0 | subsidiary | 1976 |
| Vallourec Pau Branco mine | Not Consolidated | 27.8 | associate | 1980 |
| India | Not Consolidated | 60.0 | joint venture | 1961 |
| Baffinland | Not Consolidated | 25.2 | associate | 2014 |
| 2023 aggregate ROM iron ore production, millions of tonnes<sup>1</sup> | 2023 aggregate ROM iron ore production, millions of tonnes<sup>1</sup> | 98.4 | 98.4 | 98.4 |
| 2024 aggregate ROM iron ore production, millions of tonnes<sup>2</sup> | 2024 aggregate ROM iron ore production, millions of tonnes<sup>2</sup> | 100.7 | 100.7 | 100.7 |
| 2025 aggregate ROM iron ore production, millions of tonnes<sup>3</sup> | 2025 aggregate ROM iron ore production, millions of tonnes<sup>3</sup> | 112.3 | 112.3 | 112.3 |
| Coal | Coal | Coal | Coal | Coal |
| Karaganda - Kazakhstan |  | 100.0 | subsidiary | 1956 |
| 2023 aggregate ROM coal production, millions of tonnes<sup>1</sup> | 2023 aggregate ROM coal production, millions of tonnes<sup>1</sup> | 5.8 | 5.8 | 5.8 |

---

1. Total ROM iron ore and coal production in 2023 includes Kazakhstan iron ore and coal mining operations, which were sold on December 7, 2023. Iron ore and coal

production is included in the table through the transaction closing date.

2. Total ROM iron ore production in 2024 does not include Vallourec Pau Branco mine.

3. Total ROM iron ore in 2025 includes Bosnia iron ore operations, which were sold on October 30, 2025 and excludes Vallourec Pau Branco mine. Iron ore production for

Bosnia is included in the table through the transaction closing date.

Management report<br>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | % of <br>Ownership <br>Interest | 2025 | 2025 | 2024 | 2024 | 2023 | 2023 |
| | % of <br>Ownership <br>Interest | ROM <br>Millions of <br>Tonnes<br>| Product <br>Millions of <br>Tonnes<br>| ROM <br>Millions of <br>Tonnes<br>| Product <br>Millions of <br>Tonnes<br>| ROM <br>Millions of <br>Tonnes<br>| Product <br>Millions of <br>Tonnes<br>|
| Pena Colorada - Mexico | 50.0 | 13.7 | 3.5 | 7.9 | 2.7 | 12.8 | 4.1 |
| *At ownership interest* |  | 6.9 | 1.8 | 3.9 | 1.4 | 6.4 | 2.1 |
| ArcelorMittal Mexico<sup>1</sup> | 100.0 | 2.7 | 1.0 | 4.6 | 1.2 | 4.4 | 2.1 |
| North America |  | 16.4 | 4.5 | 12.5 | 3.9 | 17.2 | 6.2 |
| *At ownership interest* |  | 9.6 | 2.8 | 8.5 | 2.6 | 10.8 | 4.2 |
| Andrade | 100.0 | 2.7 | 2.0 | 2.4 | 1.8 | 2.4 | 2.0 |
| Serra Azul | 100.0 | 3.4 | 0.3 | 5.1 | 1.1 | 2.7 | 1.5 |
| Brazil |  | 6.1 | 2.3 | 7.5 | 2.9 | 5.1 | 3.5 |
| ArcelorMittal Prijedor<sup>2</sup> | 51.0 | 1.3 | 0.8 | 1.4 | 1.0 | 1.7 | 1.2 |
| *At ownership interest* |  | 0.7 | 0.4 | 0.7 | 0.5 | 0.9 | 0.6 |
| AMKR Open Pit | 95.1 | 18.4 | 7.6 | 19.0 | 7.8 | 11.1 | 4.6 |
| *At ownership interest* |  | 17.5 | 7.2 | 18.1 | 7.4 | 10.6 | 4.4 |
| AMKR Underground | 95.1 | 0.0 | 0.0 | 0.2 | 0.2 | 0.3 | 0.3 |
| *At ownership interest* |  | 0.0 | 0.0 | 0.2 | 0.2 | 0.3 | 0.3 |
| ArcelorMittal Temirtau Open Pit<sup>3</sup> | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2.2 | 1.4 |
| ArcelorMittal Temirtau Underground<sup>3</sup> | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.6 | 1.0 |
| Others |  | 18.4 | 7.6 | 19.2 | 8.0 | 15.2 | 7.3 |
| *At ownership interest* |  | 17.5 | 7.2 | 18.3 | 7.6 | 14.7 | 7.1 |
| AMMC - Canada<sup>4</sup> | 85.0 | 71.7 | 25.6 | 63.8 | 24.2 | 65.3 | 22.4 |
| *At ownership interest* |  | 60.9 | 21.8 | 54.3 | 20.5 | 55.5 | 19.0 |
| AML - Liberia<sup>5</sup> | 85.0 | 11.5 | 9.7 | 3.2 | 3.8 | 3.9 | 3.6 |
| *At ownership interest* |  | 9.8 | 8.2 | 2.7 | 3.2 | 3.3 | 3.0 |
| Mining |  | 83.2 | 35.3 | 67.0 | 28.0 | 69.2 | 26.0 |
| *At ownership interest* |  | 70.7 | 30.0 | 57.0 | 23.7 | 58.8 | 22.0 |
| AMNS India | 60.0 | 11.0 | 9.7 | 11.7 | 9.8 | 10.8 | 10.7 |
| *At ownership interest* |  | 6.6 | 5.8 | 7.0 | 5.9 | 6.5 | 6.4 |
| Baffinland | 25.23 | 4.2 | 4.4 | 6.6 | 5.8 | 6.2 | 5.6 |
| *At ownership interest* |  | 1.1 | 1.1 | 1.7 | 1.5 | 1.6 | 1.4 |
| Vallourec Pau Branco mine<sup>6</sup> | 27.8 |  |  |  | 5.4 |  | 7.1 |
| *At ownership interest* |  |  |  |  | 0.5 |  | 0.0 |

---

1. ArcelorMittal Mexico's 2025 production data reflects output from the Las Truchas deposit only. In previous years, the figures also included production from the San Jose

and El Vulcan deposits, which were depleted in 2024 and 2019, respectively.

2. The total production related to ArcelorMittal Prijedor is included in the table through the closing date of the sale of the facility on October 30, 2025.

3. Total production related to ArcelorMittal Temirtau is included in the table through the transaction closing date of the sale of the facility on December 7, 2023.

4. AMMC is structured in two partnerships ArcelorMittal Mining Canada G.P. and ArcelorMittal Infrastructure Canada G.P., which are both held at 85% by ArcelorMittal with a

15% non-controlling interest held by 9404-5515 Québec Inc., a consortium constituted of POSCO, South Korean Steel Company and China Steel Corporation, among

others.

5. ArcelorMittal's ownership of AML is 85%, with the remaining 15% owned by the Liberia Government.

6. Vallourec reports its production in its own filings (ROM data is not published), which were not available when the 2024 Annual report was prepared. ArcelorMittal

completed the acquisition of a 28.4% equity stake in Vallourec in August 2024 (27.8% as of December 31, 2025). As a result, the ownership-based production is not

reported for 2023, and the 2024 production figures reflect only the data for the fourth quarter. Similarly, production data for 2025 is unavailable at the date of filing of this

Annual Report..

Management report<br>

Summary of ArcelorMittal's Mining Operations

ArcelorMittal's production stage iron ore mining operations include AMMC and AML in the Mining segment. They also include the

production stage captive mines of the North America and Brazil segments, Ukraine, as well as the exploration stage captive mine of

AMSA. ArcelorMittal has either 100%, equal or majority interest in these mining operations. In addition, the Company owns a 60%

interest in the AMNS India joint venture and a 25.23% interest in the associate Baffinland. On August 6, 2024, the Company acquired a

28.4% interest (27.8% at December 31, 2025) in the associate Vallourec that owns and operates the Pau Branco mine in Brazil.

ArcelorMittal's mining operations included full ownership of the captive iron ore and coal mines in Kazakhstan until the sale of

ArcelorMittal Temirtau in December 2023. ArcelorMittal Prijedor (Bosnia) was the only captive mining operation within the Europe

segment; it was sold in October 2025.

![World Map AM.jpg](mt-20251231_g5.jpg)

Management report<br>

North America

*ArcelorMittal Mexico Mining Assets*

ArcelorMittal Mexico operates two iron ore mines in production stage in Mexico, the Las Truchas mines and the Peña Colorada mine

through a joint operation with Ternium. The San José mines stopped production in 2024 due to reserve depletion.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Mine and <br>mine type<br>| Operator | Title, mineral <br>rights, leases or <br>options and <br>acreage<br>| Geographical <br>location<br>| Permit <br>conditions<br>| Product and geology | Processing plants and <br>other available facilities <br>|
| Peña <br>Colorada - <br>open pit, <br>production <br>stage<br>| Peña <br>Colorada<br>| 4,301 hectares <br>of surface rights <br>and mineral <br>rights over <br>39,978 hectares <br>across 20 <br>concessions<br>| 60 kilometers <br>to the north-<br>east of the <br>port city of <br>Manzanillo <br>(Minatitlán <br>province) in <br>the north-<br>western part <br>of the State of <br>Colima<br>| 30-year <br>renewable <br>concessions <br>granted by the <br>Mexican federal <br>government; <br>expiration dates <br>range from <br>2043 to 2062<sup>1</sup><br>| Products - Concentrates and pellets.<br>Geology -<br>•complex polyphase iron ore <br>deposit,<br>•Iron mineralization consists of <br>banded to massive concentrations <br>of magnetite within breccia zones <br>and results from several <br>magmatic, metamorphic and <br>hydrothermal mineralization <br>stages with associated skarns, <br>dykes and late faults sectioning <br>the entire deposit.<br>| Concentrating facility and a two-<br>line pelletizing facility. The <br>beneficiation plant and the <br>pelletizing plant are located at the <br>mine and in Manzanillo, <br>respectively. Major processing <br>facilities include a primary <br>crusher, a dry cobbing plant, two <br>autogenous mills, three horizontal <br>and two vertical ball mills, and <br>several stages of magnetic <br>separation. The concentrate is <br>sent as a pulp through a pipeline <br>from the mineral processing plant <br>to the pelletizing facilities. The <br>magnetite concentrate and pellets <br>are transported from Manzanillo <br>to ArcelorMittal Mexico, as well as <br>to Ternium's steel plants, by ship <br>and by rail. <br>|
| Las <br>Truchas - <br>open pit, <br>production <br>stage <br>| ArcelorMittal <br>Mexico<br>| 53,812 hectares <br>of mineral <br>rights, of which <br>4,261 support <br>the Las Truchas <br>operations in <br>Mexico<sup>2</sup><br>| 27 kilometers <br>north-west of <br>the town of <br>Lázaro <br>Cárdenas in <br>the State of <br>Michoacán<br>| 50-year <br>renewable <br>concessions <br>granted by the <br>Mexican federal <br>government; <br>expiration dates <br>range from <br>2044 to 2053<br>| Product - Concentrates<br>Geology <br>•consist of massive concentrations <br>of magnetite of irregular <br>morphology, mainly occurring <br>along a geological trend, about 7 <br>kilometers long and about 2 <br>kilometers wide. <br>•classified as hydrothermal <br>deposits, which may have <br>originated from late-stage plutonic <br>activity injecting through older <br>sedimentary rocks and <br>mineralization occurs in <br>disseminated and irregular <br>massive concentrations of <br>magnetite within metamorphic <br>rocks and skarns. The <br>mineralization also occurs as <br>fillings of faults, breccia zones, <br>and fractures.<br>| The concentration plant <br>includes two primary crushers, <br>two secondary crushers and <br>three tertiary crushers, two ball <br>mills, two bar mills, and two wet <br>magnetic separation circuits. The <br>concentrated ore is pumped from <br>the mine site through a 26-<br>kilometer slurry pipeline to the <br>steel plant facility in Lázaro <br>Cárdenas.<sup>3</sup><br>|

---

1. The applicability of a new regulation from 2023 has reduced the concession period from 50 to 30 year does not apply retroactively and does not affect Peña Colorada's

existing concessions.

2. There is an ongoing land dispute that may have a potential impact on surface rights for the Las Truchas operations (including a potential loss of 1,000 ha).

3. ArcelorMittal Mexico launched a project to increase pellet feed production to 2.3 million tonnes per annum and improve concentrate grade in Las Truchas; see "—Capital

expenditures".

Management report<br>

Brazil

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Mine and <br>mine type<br>| Operator | Title, mineral <br>rights, leases or <br>options and <br>acreage<br>| Geographical <br>location<br>| Permit <br>conditions<br>| Product and geology | Processing plants and <br>other available facilities <br>|
| Andrade - <br>open pit, <br>production <br>stage<br>| ArcelorMittal <br>Brasil<br>| Mineral rights: <br>2,885 hectares<br>Land lease: <br>3,347 hectares<br>| Located in the <br>north-eastern <br>part of the Iron <br>Quadrangle, 5 <br>kilometers from <br>the town of João <br>Monlevade and <br>80 kilometers <br>east of Belo <br>Horizonte in the <br>Brazilian state of <br>Minas Gerais<br>| Mining <br>legislation in <br>Brazil does <br>not <br>predetermine <br>the duration <br>of mineral <br>rights and as <br>such, these <br>rights are <br>considered <br>valid to the <br>point of mine <br>exhaustion.<sup>1</sup><br>| Products - Concentrates<br>Geology <br>•base stratigraphic section consists of <br>quartzites and sericite-quartzites of <br>the Moeda formation, followed by <br>schists of the Batatal formation, both <br>forming the Caraça group. <br>•Mineral bodies are part of the <br>overlying Cauê formation, which <br>represents the base of the Itabira <br>Group. The Caraça and Itabira groups <br>compose the base of the <br>Paleoproterozoic Minas Supergroup. <br>The Cauê formation rocks are <br>covered by dolomites and marbles, <br>and sometimes weathered phylites <br>and schists, belonging to the <br>Gandarela formation.<br>| Mine includes crushing and <br>screening facility, as well as a <br>concentration plant used to <br>improve the quality of the <br>sinter feed to the Monlevade <br>plant.<br>The concentrated iron ore <br>product is transported to the <br>Monlevade steel plant <br>through a private railway line.<br>|
| Serra Azul <br>- open pit, <br>production <br>stage<br>| ArcelorMittal <br>Brasil<br>| Mineral rights: <br>375 hectares<br>Surface rights: <br>288 hectares<br>| Located <br>approximately 70 <br>kilometers <br>southwest of <br>Belo Horizonte in <br>the Brazilian <br>state of Minas <br>Gerais. <br>| Mining <br>legislation in <br>Brazil does <br>not <br>predetermine <br>the duration <br>of mineral <br>rights and as <br>such these <br>rights are <br>considered <br>valid to the <br>point of mine <br>exhaustion.<br>| Products - Iron ore<br>Geology <br>•Located in the western part of the Iron <br>Quadrangle, in the iron rich Cauê <br>Formation of the Itabira Group. The <br>mineralization occurs as friable, semi-<br>compact and compact itabirites and <br>banded hematite-silica rocks, with <br>varying degrees of weathering and <br>oxidation. <br>•Serra Azul mines and processes <br>friable, compact and semi-compact <br>itabirites.<br>| Serra Azul operates a <br>processing plant consisting of <br>a crushing facility and a <br>three-line concentration <br>facility, including screening, <br>magnetic separation, spirals <br>separators and jigging. Iron <br>ore product is transported by <br>truck to two railway terminals <br>located 35 and 50 kilometers <br>from the mine site for <br>distribution to local <br>purchasers of sinter feed or <br>for export through third-party <br>port facilities located in the <br>Rio de Janeiro State. <br>|

---

1. In 2022, the resource model of Andrade was updated, resulting in a new pit optimization and mine schedule, with updated Life of Mine schedule for the Itabirite and

Hematite ores. The new life of mine extends to 2077, with average annual ROM capacity of 1.8 million tonnes.

*Serra Azul Mine* 

In 2021, an updated resource model was generated,

incorporating the results of a 1,508 meter drilling program

completed in late 2020. The drilling program targeted further

definition of the friable itabirite ("IF") ore bodies, and the

updated model has been used to reassess the mine life for the

current IF phase of the Serra Azul Mine. This resulted in a

revised life of mine for the IF phase, with mining operations

extended until the end of the first quarter of 2025. After

finalizing the IF phase, the mine stopped its production until the

compact itabirite ("IC") and semi-compact itabirite ("ISC")

processing plant operations started again in the fourth quarter

of 2025.

Following the integration of the Serra Azul Mine into

ArcelorMittal Brasil in 2020, an expansion project for the Serra

Azul Mine was approved, extending the mine's life until 2056.

The project considers producing 4.5 million tonnes per annum

of DRI quality pellet feed by processing IC and ISC material.

The IC and ISC processing plant operations started in the

fourth quarter of 2025. (see also "—Capital expenditures").

In February 2019, the Company decided to implement the

evacuation plan for its dormant Serra Azul tailing dam after an

updated stability report raised precautionary concerns following

incidents in Brazil mining sector. Downstream communities

were evacuated to allow further testing and the implementation

of additional safety measures. The Company entered into an

agreement with Federal and State Public Prosecutors and

affected families to provide temporary assistance and establish

the technical requirements to restore safety standards. This

agreement was extended in February 2020, and negotiations

continued in 2021, resulting in a Complementary Agreement

Term defining new compensation guidelines for impacts

caused by the preventive evacuation. Additionally, a new

Complementary Agreement covering the governance and

responsibilities to implement all reparation measures chosen

by the community was initiated in 2023 and finalized in 2025.

As of December 31, 2025, the Company had completed 942

indemnification agreements with affected families. The

agreement also requires the construction of a check dam,

which was finished in August 2025, and deconstruction of the

tailing dam by 2032.

Management report<br>

Europe

ArcelorMittal Prijedor was a captive mine and supplied all of its iron ore production to the ArcelorMittal Zenica steel plant, until both the

mine and steel plant were sold in October 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Mine and <br>mine type<br>| Operator | Title, mineral <br>rights, leases <br>or <br>options and <br>acreage<br>| Geographical <br>location<br>| Permit <br>conditions<br>| Product and geology | Processing <br>plants and <br>other <br>available <br>facilities <br>|
| Omarska - <br>open pit<sup>1</sup>, <br>production <br>stage<br>| ArcelorMittal <br>Prijedor<br>| 1,946 hectares <br>of land and <br>mineral rights<br>| 25 kilometers <br>south-east of <br>the town of <br>Prijedor, <br>Bosnia & <br>Herzegovina<br>| Current <br>concession was <br>signed in 2018 <br>for a period of 6 <br>years and the <br>renewal process <br>is ongoing as of <br>the date of this <br>annual report.<sup>1</sup><br>| Products - Ore<br>Geology <br>•Buvac deposit is located within Carboniferous <br>clastic (shale and sandstones) and carbonate <br>(limestone, dolomite, and ankerite) sequences, <br>with massive siderite-limonite mineralization <br>forming an integral part of the formation.<br>•Iron ore is predominantly limonite-goethite with <br>associated quartz, carbonates, and silicates of <br>the illite type. The limonite-goethite <br>mineralization was formed during the oxidization <br>of the upper parts of the primary siderite bodies.<br>•Ore body is asymmetrical, lens-shape and <br>elongated in a northeast - southwest direction, <br>dipping at about 8° toward the north-east from <br>the surface to a depth of 210 meters. The <br>deposit is approximately 1.5 kilometer long and <br>1.0 kilometer wide. <br>| After a primary stage <br>of crushing within <br>the pit, the ore is <br>transported to a <br>processing plant via <br>a conveyor. The <br>processing plant on <br>site performs <br>crushing, screening, <br>gravity separation, <br>magnetic separation <br>and filtration.<br>|
| Ljubija <br>mine - <br>open pit<sup>2</sup> in <br>stand-by <br>phase<br>| ArcelorMittal <br>Prijedor<br>| 739 hectares <br>of land and <br>mineral rights<br>| 20 kilometers <br>south-west of <br>the town of <br>Prijedor, <br>Bosnia & <br>Herzegovina<br>| Current <br>concession was <br>signed in 2022 <br>for a period of 6 <br>years, with an <br>option to renew <br>upon the expiry, <br>in accordance <br>with updated life <br>of mine.<br>| Products - Ore<br>Geology - Deposit is located within Carboniferous <br>and Permian-Triassic formation rocks, which are <br>partly covered by thin Quaternary rocks. The ore <br>within these formations is primarily composed of <br>siderite and ankerite with secondary limonite iron <br>facies.<br>| Ore is only crushed <br>and screened.<br>|

---

1. ArcelorMittal Prijedor was the registered holder of the mining rights at the Omarska mine exploitation field. Land tenure and mineral rights issued are indefinite and were

considered to be of sufficient duration to enable all reported mineral reserves on the properties to be mined in accordance with life of mine production schedules.

2. In 2022, ArcelorMittal Prijedor acquired additional mining and land rights and started iron ore mining on a trial basis at Ljubija Mine. ArcelorMittal Prijedor was founded in

2004 (at the time LNM Holdings) with the Company having 51% controlling interest and local mining company Iron Ore Mine Ljubija owning the remaining 49% stake.

Management report<br>

Others

Iron ore mining operations forming part of Others include AMKR open pit and underground mines in Ukraine and Thabazimbi mine in South Africa.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Mine and mine <br>type<br>| Operator | Title, mineral <br>rights, leases or <br>options and <br>acreage<br>| Geographical <br>location<br>| Permit conditions | Product and geology | Processing plants and <br>other available facilities <br>|
| Ukraine - two <br>open pit mines <br>(Novokryvorizke <br>and <br>Valyavkinske <br>deposits) and <br>one <br>underground <br>mine<sup>1</sup> (Kirova <br>deposit), all <br>mines are at <br>production <br>stage<br>| AMKR | Surface <br>operations: 775 <br>hectares of <br>mineral rights and <br>4,827 hectares of <br>surface rights<br>Underground <br>mine: 57.9 <br>hectares of <br>mineral rights and <br>160 hectares of <br>surface rights<br>| Located within the <br>southern part of <br>the Krivorozhsky <br>iron-ore basin, <br>within the borders <br>of the city of <br>Kryvyi Rih, 150 <br>kilometers <br>southwest of <br>Dnipro, Ukraine<br>| Subsoil use <br>permits for the <br>underground mine <br>were renewed in <br>2021 for the next <br>20 years, and <br>mineral rights for <br>surface pits are <br>due to expire in <br>2038, while the <br>land lease <br>agreements are <br>valid until 2060 for <br>open pit mines <br>and 2061 for <br>underground <br>mine.<br>| Products - Concentrates <sup>2</sup><br>Geology <br>•Iron mineralization at <br>Novokryvorizke and <br>Valyavkinske deposits is <br>hosted by early Proterozoic <br>rocks containing multiple <br>altered ferruginous quartzite <br>strata with shale layers.<br>•Major iron ore bearing units in <br>the open pit mines have a <br>carbonate-silicate-magnetite <br>composition. In addition, <br>oxidized, iron-rich quartzite is <br>mined simultaneously with <br>primary ore and is stored <br>separately for possible future <br>processing. <br>•Only the magnetite <br>mineralization is included in <br>the 2025 open pit iron ore <br>reserve estimates. The high-<br>grade iron ore of the Kirova <br>deposit is hosted by a <br>ferruginous quartzite with <br>martite and jaspilite.<br>| •Concentrating facility <br>and crushing facility <br>to produce final <br>product.<br>•Iron ore extracted <br>from the open pits is <br>crushed at the mine <br>site through primary <br>crushing, loaded on <br>a rail-loading facility <br>and transported to <br>the concentrator.<br>•Concentration facility <br>includes crushing, <br>grinding, <br>classification, <br>magnetic separation <br>and filtering.<br>•The iron ore is <br>extracted from the <br>underground mine <br>by a modified sub-<br>level caving method <br>and is crushed and <br>screened at surface <br>into lump and sinter <br>ore, before being <br>transported by rail to <br>the AMKR steel <br>plant.<br>|
| South Africa - <br>Thabazimbi <br>mine, <br>exploration <br>stage<br>| ArcelorMittal <br>South Africa <br>(AMSA)<sup>3</sup><br>| Surface rights: <br>10,952.8 hectares<br>Mineral rights: <br>8,662.3 hectares<br>| Located in the <br>Limpopo Province <br>in north-east part <br>of South Africa, <br>approximately 200 <br>km north-west of <br>Pretoria<br>| Mineral and <br>surface rights are <br>valid until 2039<br>| The Vanderbijl iron ore deposit <br>at Thabazimbi is located on <br>the northern margin of the <br>Transvaal sub-basin. The <br>Transvaal Supergroup was <br>deposited in an open marine <br>sedimentary basin developed <br>on the Kaapvaal Craton within <br>fluvial, deltaic to marine <br>depositional environments.<br>The iron ore deposits are <br>developed at or close to the <br>transitional contact zone of the <br>combined footwall dolomites <br>and upper transitional shale <br>beds (including the overlying <br>an approximately 15 meter <br>thick chert-rich shale layer) of <br>the Malmani Subgroup and the <br>overlying BIFs of the Penge <br>Formation.<br>| Open pit operations at <br>Thabazimbi ceased in <br>2016, and the mine is <br>currently only engaged <br>in the rehandling of iron <br>ore from stockpiles of <br>ROM material from <br>historical production.<br>|

---

1. The mine is 95.1% owned by ArcelorMittal and is integrated into the ArcelorMittal Kryvyi Rih steel business as a captive mine. ArcelorMittal acquired the operations in

2005. Operations began at the Kryvyi Rih open pit mines in 1959 and at the Kryvyi Rih underground mine in 1933.

2. As a result of the ongoing war in Ukraine, iron ore production was planned according to the consumption at AMKR steel plant and logistics availability. In 2025 and 2024,

open pit iron ore production was at approximately 73% of its maximum capacity. Mining at open pit continued without stoppages in 2025. The underground mine was

mostly idle in 2025 due to lower demand for sintered ore. Iron ore production at the underground mine in 2025 was approximately 3% of maximum capacity (as compared

to 26% in 2024).

3. The mine is 100% owned by ArcelorMittal South Africa and open pit operations ceased in 2016.

Management report<br>

Mining

Iron ore mining operations forming part of the Mining segment include AMMC in Canada and AML in Liberia.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Mine and <br>mine type<br>| Operator | Title, mineral <br>rights, leases <br>or <br>options and <br>acreage<br>| Geographical <br>location<br>| Permit conditions | Product and geology | Processing plants and <br>other available facilities <br>|
| AMMC - 3 <br>deposits - <br>Mont-<br>Wright, Fire <br>Lake (both <br>open pit <br>and <br>production <br>stage) and <br>Mont-Reed<sup>1</sup> <br>(exploration <br>stage)<br>| AMMC | 34,601 <br>hectares of <br>mineral rights <br>across six <br>mining leases, <br>five patented <br>parcels and <br>623 map <br>designated <br>claims<br>| Located in <br>Québec, Canada, <br>Mont-Wright is <br>located near <br>Fermont, and Fire <br>Lake is located 85 <br>kilometers south-<br>east of Fermont. <br>The Mont-Reed <br>deposit is located <br>approximately 130 <br>kilometers <br>southwest of <br>Mont-Wright <sup>2</sup><br>| No expiration <br>dates or lease <br>fees for patented <br>parcels<br>but active leases <br>are valid for a <br>period of ten <br>years. All current <br>leases expire <br>between 2026 and <br>2033 and can be <br>renewed as <br>needed, with <br>reports on <br>material moved <br>disclosed to the <br>government on a <br>yearly basis.<br>| Products - Concentrates and <br>pellets<br>Geology<br>•Lake Superior–type banded <br>iron formations, the <br>metamorphic equivalent to <br>other iron formations within the <br>Labrador Trough iron district. <br>Mont-Wright and Fire Lake are <br>hematite-rich deposits. Mont-<br>Reed has a greater ratio of <br>magnetite.<br>| •Ore processing plant located <br>on-site at Mont-Wright, as <br>well as a pelletizing plant <br>located at the Port-Cartier <br>port.<br>•Ore from Mont-Wright and <br>Fire Lake is processed at the <br>Mont-Wright processing <br>plant, with material from Fire <br>Lake brought in by train. <br>•Feed ore material is fed <br>through the crusher and <br>concentrated in the <br>processing plant using a <br>gravity separation method.<br>•Concentrate is shipped to <br>Port-Cartier, Québec, <br>Canada, via private railroad, <br>to the pelletizing facilities and <br>port operations. <br>|
| AML - open <br>pit<sup>3</sup>, <br>production <br>stage<br>| ArcelorMittal <br>Liberia<br>| Per MDA, <br>approximately <br>51,342 <br>hectares <br>within which <br>AML has the <br>rights to <br>explore or <br>mine iron ore<br>| Mt. Tokadeh, Mt. <br>Gangra and Mt <br>Yuelliton deposits <br>("Western Range <br>Project") in <br>northern Liberia, <br>located <br>approximately 300 <br>kilometers <br>northeast of <br>Monrovia<br>| •The MDA is <br>valid until 2050.<br>•Class A mining <br>license for the <br>Mt. Tokadeh, <br>Mt. Gangra and <br>Mt Yuelliton <br>deposits and <br>two Mineral <br>Exploration <br>Licenses<sup>4</sup><br>| Products - direct shipping ore <br>("DSO"), and sinter feed<br>Geology <br>•Nimba range consists of <br>itabirites in a 250 to 450-<br>meter-thick recrystallized iron <br>formation. <br>•Although the iron deposits at <br>Mt. Tokadeh, Mt. Gangra and <br>Mt Yuelliton fit the general <br>definition of itabirite as <br>laminated metamorphosed <br>oxide-facies iron formation, <br>they are of lower iron grade <br>than the ore previously mined <br>at the Nimba deposit. <br>•Tropical weathering effects <br>have caused the <br>decomposition of the rock <br>forming minerals resulting in <br>enrichment in the iron content.<br>| The materials-handling <br>operation consists of stockyards <br>at both the mine and port areas, <br>which are linked by a 250-<br>kilometer single track railway <br>running from Mt. Tokadeh to the <br>port of Buchanan. The facilities <br>at the port consist of tail pulley <br>platforms, a conveyor system, a <br>quayside including bays for iron <br>ore storage, a fuel quayside <br>jetty, an equipment workshop, <br>and the final product storage.<br>|

---

1. The mines at Mont-Wright and Fire Lake are operated by AMMC and are both open-pit producing mines, consolidated in one production schedule and life of mine

supporting the AMMC property's disclosed mineral reserves. The deposit at Mont-Reed is currently in an exploration stage.

2. Headquarters of the mines are based in Greater Montreal. Fermont, the town site built to support the mining operations, is located 16 kilometers east of the Mont-Wright

mining complex and is connected by Highway 389 to Baie-Comeau, which is 570 kilometers away. The Mont-Wright and Fire Lake mines are located approximately 400

kilometers north of the city of Port-Cartier and approximately 1,000 kilometers north-east of Montreal.

3. The construction of the mine commenced in 1960 by a group of Swedish companies, which ultimately became the Liberian American-Swedish Minerals Company

("LAMCO"), and production commenced at the Nimba deposit in 1963. After LAMCO ceased production in 1992, AML signed a Mineral Development Agreement ("MDA") in

2005 with the Liberian Government. On December 28, 2006, AML signed the First Amendment to the MDA with the Liberian Government. On January 23, 2013, the parties

signed the Second Amendment to the MDA. The Government of the Republic of Liberia and ArcelorMittal have signed a new amendment to the existing MDA, ratified on

January 29, 2026 and extending the duration of the agreement to 2050, with a right to renew for an additional term of 25 years. See "Introduction—Key transactions and

events in 2025—Recent developments".

4. In addition to the rights to explore and mine iron ore, the Liberian Government has granted the right to develop, use, operate and maintain the Buchanan to Yekepa railroad

and the Buchanan port with certain conditions, along with an area at Buchanan for township and industrial facilities for material handling and workshops.

*AML* 

In 2013, AML began construction of a Phase 2 project targeting

the production of 15 million tonnes per annum of iron ore

concentrate. This project was, subsequently suspended due to

the onset of Ebola in West Africa and the declaration of force

majeure declaration by the onsite contracting companies. AML

finalized an updated feasibility study during 2019-2020,

integrating enhanced processing technologies and transitioning

from wet tailings disposal to dry stack tailings. The Phase 2

expansion includes a concentrator designed to produce up to

15 million tonnes per annum of iron ore concentrate, together

with significant investments in rail infrastructure between

Tokadeh and Buchanan, upgrades to existing port

Management report<br>

infrastructure including the construction of an additional berth

at the port of Buchanan, and other supporting infrastructure,

including two power plants.

AML achieved record iron ore production and shipments in

2025, delivering 10 million tonnes, supported by operational

improvements and the ongoing ramp-up of the Phase 2

expansion. As the expansion progresses, iron ore shipments

are expected to increase toward approximately 20 million

tonnes per annum in 2026, reflecting the continued ramp-up of

the Phase 2 expansion and concentrator operations toward

their respective design capacities. The Company intends to

sustain higher production and shipment levels, subject to

operating performance, ore availability, and market conditions.

In parallel studies are underway to evaluate options to expand

the resource base supporting crushed blend ore, optimize

mass recovery through the potential inclusion of regrinding and

flotation circuits for the tailings, and increase concentrator

capacity.

The concentrator expansion represents a brownfield

development and is currently in the commissioning and ramp-

up phase. First iron ore concentrate was produced during

commissioning activities in the fourth quarter of 2024, and

production continues as additional concentrator lines are

commissioned toward their design capacity. The Company is

undertaking feasibility studies for further expansion of its iron

ore asset beyond the current Phase 2 capacity of 20 million

tonnes per annum. The revised feasibility study will also

contemplate a future change to the processing infrastructure to

enable the production of high-quality concentrate from the

magnetite dominant fresh ores (Phase 3). See also

"Introduction—Key transactions and events in 2025—Recent

developments" and "—Capital expenditures".

Joint Ventures and Associates

AMNS India, a 60/40 joint venture between ArcelorMittal and NSC, has two production stage open pit mining operations in Odisha,

India. AMNS India holds a further three composite licenses in India, two in the State of Chhattisgarh and one in Maharashtra, these are

exploration target stage prospects that are being evaluated.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Mine and <br>mine type<br>| Operator | Title, mineral <br>rights, leases <br>or <br>options and <br>acreage<br>| Geographical <br>location<br>| Permit conditions | Product and geology | Processing <br>plants and <br>other <br>available <br>facilities <br>|
| Thakurani <br>Mine - open <br>pit<sup>1</sup>, at <br>production <br>stage<br>| AMNS <br>India<br>| Surface and <br>mineral rights <br>over 228 <br>hectares<br>| Located 320 <br>kilometers to the <br>north of the <br>Odisha's capital <br>Bhubaneswar <br>and 4 kilometers <br>east of the town <br>of Barbil<br>| Permit in place for <br>5.5 million tonnes <br>per annum of ore <br>production <sup>2</sup><br>| Products - Iron ore<br>Geology<br>•Lies in the south-eastern part of the <br>Singhbhum-Keonjhar-Bonai iron ore <br>belt, a narrow NNE-SSW directional <br>trending folded syncline that runs <br>through northern Odisha and <br>southern Jharkhand, India.<br>•The enriched sequence is a <br>traditional Banded Iron Formation <br>that has been subject to significant <br>weathering that has enriched the <br>iron ore deposits.<br>•Ore is generally of the friable <br>hematite type; however, more <br>competent hematite ores and friable <br>goethite ores are also present.<br>| Mining operation at Thakurani <br>is being carried out by <br>conventional mining methods <br>using excavators and trucks <br>for ore transportation to a <br>mobile crushing facility. Ore is <br>crushed and screened on site <br>before being transported by <br>road to the Dabuna <br>beneficiation plant located <br>approximately 40 kilometers <br>to the south. Beneficiated <br>material is then transported by <br>slurry pipeline to the <br>pelletizing plant at Paradip, <br>located on the coast of Bay of <br>Bengal.<br>|
| Ghoraburhani <br>– Sagasahi <br>mine - open <br>pit<sup>3</sup>, at <br>production <br>stage<br>| AMNS <br>India<br>| Surface and <br>mineral rights <br>over 139 <br>hectares<br>| Located in the <br>Sundargarh <br>district of <br>Odisha, state of <br>India<br>| Mining lease deed <br>was granted in <br>2021, for a period <br>of 50 years and <br>permits production <br>of up to 7.16 <br>million tonnes per <br>annum of ore <br>primarily for <br>captive usage<br>| Products - Iron ore<br>Geology <br>•Lies in the south- western part of <br>the Singhbhum-Keonjhar-Bonai <br>iron ore belt. <br>•The enriched sequence is a <br>traditional Banded Iron Formation <br>that has been subject to significant <br>weathering and deformation that <br>has enriched the iron ore deposits.<br>•Ore is generally of lateritic iron <br>ore/hard laminated ore on the top <br>followed by soft laminated ore and <br>friable hematite with intercalations <br>of friable shaly ore and limonitic <br>ore are also present.<br>| Conventional mining methods, <br>using excavators and trucks <br>for ore transportation to a <br>mobile screening & crushing <br>facility, where ore is crushed <br>and screened on site before <br>being transported by road to <br>the Dabuna beneficiation plant <br>located approximately 28 <br>kilometers to the south-east. <br>Beneficiated material is then <br>transported by 253 kilometers <br>slurry pipeline to the <br>pelletizing plant at Paradip.<br>|

---

1. The operation and mining rights to the Thakurani operations were obtained by AMNS India in February 2020 through the Indian Government Mining Block auction scheme.

The Thakurani mine has been operated since 1961 and has both mature mining pits and undeveloped resource areas. AMNS India commenced mining operations in 2020,

following the demobilization of the previous claim holder, Kaypee Enterprises.

Management report<br>

2. The ramp-up to a capacity of 5 million tonnes per annum was completed in 2021. The mining lease deed was granted in 2020 for a period of 50 years. Until June 2021, all

production from the mine had to be consumed by specified AMNS India end use plants, after which up to 25% of production may be sold to a third party. The permitted

production rate was increased to 7.99 million tonnes per year from 2023 after a submission approved by the Indian Bureau of Mines in late 2020.

3. The operation and mining rights to the Ghoraburhani – Sagasahi operations were obtained through the AMNS India takeover of Essar Steel India Limited (ESIL) in

December 2019. Mining commenced in 2021.

Baffinland

ArcelorMittal has a non-controlling interest at the associate Baffinland iron ore mine.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Mine and <br>mine type<br>| Operator | Title, mineral <br>rights, leases or <br>options and <br>acreage<br>| Geographical <br>location<br>| Permit conditions | Processing plants and <br>other available facilities <br>|
| Mary River <br>mine - open <br>pit<sup>1</sup>, at <br>production <br>stage<br>| Baffinland <br>Iron Mines <br>Corporation<br>| Total mineral <br>tenures cover an <br>area of <br>approximately <br>257,267 <br>hectares ("ha"):<br>mineral leases <br>37,814 ha<br>mineral claims <br>212,843 ha<br>exploration <br>areas 6,610 ha<br>| Located within <br>the Arctic Circle <br>on north Baffin <br>Island, in the <br>Qikiqtani Region <br>of Nunavut, <br>Canada, <br>approximately <br>1,000 kilometers <br>northwest of <br>Iqaluit, the capital <br>of Nunavut<br>| The current renewal <br>term expires August <br>26, 2034 at which <br>point they will be <br>renewed for a <br>subsequent 21-year <br>term pursuant to <br>Section 62 of the <br>Nunavut Mining <br>Regulations<br>Products - Iron ore <sup>2</sup><br>Geology <br>•Comprises five high <br>grade deposits and six <br>prospects, which <br>represent high grade <br>examples of Algoma-type <br>iron formation consisting <br>of magnetite, hematite <br>and specular hematite <br>mineralization. <br>•The project began <br>commercial production on <br>Deposit No. 1 in 2014.<br>| •Two main operating locations – <br>the mine site at Mary River and <br>Milne Port, located <br>approximately 86 kilometers <br>north-west of the mine site.<br>•Mary River mine is self-<br>sustaining and is equipped with <br>an airstrip and aerodrome. It is <br>a conventional open pit truck <br>and shovel operation.<br>•Ore is delivered to crushers <br>before the crushed product is <br>transported via the Tote road to <br>Milne Port.<br>•Milne Port has been fully <br>developed to accommodate a 5 <br>million-tonne ore stockpile, an <br>ore dock, maintenance facility, <br>and associated infrastructure for <br>the operation of the port <br>facilities. <br>|

---

1. In March 2011, ArcelorMittal acquired 70% of the Mary River mine project, with Nunavut Iron Ore Inc. ("NIO"), an affiliate of The Energy and Minerals Group ("EMG"),

owning the remaining 30%. In February 2013, ArcelorMittal and NIO entered into a joint arrangement and equalized their shareholdings at 50/50. Subsequently, following

equity funding commitments and conversion of preferred shares into equity, both exercised by NIO only, ArcelorMittal's share over time decreased to 25.23% as of

December 31, 2020. In September 2020, the corporate structure was reorganized whereby NIO became the sole parent company of Baffinland, while ArcelorMittal together

with EMG became shareholders of NIO. Following this reorganization, ArcelorMittal retained its participation in the project and as of December 31, 2025, holds a 25.23%

interest in NIO.

2. Baffinland can only ship during the open water season (typically July to October), but may conduct haulage of ore to the port throughout the year.

*Baffinland*

In 2023 and 2024, Baffinland operated within an approved

Early Revenue Phase, which permitted up to 6.0 million tonnes

per annum to be hauled to and shipped from Milne Port. The

current permitting limit on trucking and shipping is 4.2 million

tonnes per annum.

Baffinland had approved a project involving the construction of

a railway to replace the existing truck-haul operation for the

transport of iron ore from Mary River to Milne Inlet, as well as

the expansion of mining, crushing and screening operations

and port ship loading capacity (the "Northern Rail Expansion").

On May 13, 2022, the Nunavut Impact Review Board ("NIRB")

formally recommended that Baffinland's proposed Northern

Rail Expansion not move forward at this time, citing potential

environmental impact concerns on the local wildlife and culture,

among other things. On November 16, 2022, the Minister of

Northern Affairs accepted the NIRB's recommendation and

rejected Northern Rail Expansion. Beginning in 2023,

Baffinland's expansion activities and related capital

expenditures have been primarily directed toward expanding

the mining and processing operations at the Mary River mine

site and connecting the mine site south to the Steensby port

(for which it has already obtained the major permits) (the

"Steensby Expansion"). Baffinland continues to advance the

financing plans for the Steensby Expansion and expects the

overall financing process to conclude in the first half of 2026.

Management report<br>

Vallourec Mineração Pau Branco Mine

In August 2024, ArcelorMittal completed the acquisition of a 28.4% equity stake (27.8% at December 31, 2025) in the associate

Vallourec.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Mine and <br>mine type<br>| Operator | Title, mineral <br>rights, leases or <br>options and <br>acreage<br>| Geographical <br>location<br>| Permit conditions | Product and geology | Processing <br>plants and <br>other <br>available <br>facilities <br>|
| Pau Branco <br>mine - open <br>pit, <br>exploration <br>stage<br>| Vallourec <br>Tubos do <br>Brasil SA <br>(VBR)<br>| See below. | Located in the <br>city of <br>Brumadinho in <br>the State of <br>Minas Gerais, <br>Brazil, 30 <br>kilometers south <br>of Belo <br>Horizonte.<br>| See below. | Products - Iron ore<br>Geology - Consists of <br>hematite rich itabirite ore <br>that is part of the iron <br>formations within the <br>Minas Supergroup, <br>Quadrilátero Ferifero <br>(Iron Quadrangle), Brazil.<br>| •Mine concentrates and enriches the <br>mined hematite ore via jigs, spirals <br>and magnetic separators to a +60% <br>Fe hematite product that it supplies <br>to blast furnaces and the pellet plant <br>of Vallourec's affiliates located at <br>Jeceaba in Minas Gerais.<br>•Jeceaba steel mill site is located <br>120 kilometers south of Belo <br>Horizonte and consists of a <br>premium rolling mill; a steel mill <br>(with a blast furnace and electrical <br>furnace), which supplies steel bars <br>for production at the Jeceaba and <br>Barreiro plants; a pellet unit that <br>produces pellets used by the <br>Jeceaba blast furnaces and the <br>local Brazilian market; and finishing <br>lines. <br>•The Barreiro site is an integrated <br>unit that combines production and <br>hot rolling equipment for the tube <br>finishing lines.<br>•Beyond supplying Vallourec's own <br>steel-making operation, the majority <br>of the mine's iron ore production is <br>also sold to external customers.<br>|

---

Vallourec extracts iron ore at its Vallourec Tubos do Brasil SA

(VBR) Pau Branco open pit mine and these operations and

structures are duly licensed. VBR's Mining Unit (formerly

Vallourec Mineração Ltda.) has been extracting iron ore at its

Pau Branco open pit mine since the early 1980s. The mining

operations were temporarily suspended in January 2022 due to

flooding and damage to the Cachoeirinha waste pile. However,

operations were partially restarted in May 2022. Vallourec

requested the state mining and environmental authorities to

release the pile fully in the fourth quarter of 2022. In May 2023,

the Pau Branco iron ore mine resumed production levels after

receiving permits to operate the Cachoeirinha waste pile.

The Pau Branco mine is classified as an "exploration stage

property", as that term is defined under S-K 1300, because no

proven or probable mineral reserves have been determined in

accordance with S-K 1300. As a result and even though the

Pau Branco mine has produced iron ore historically and is

expected to continue such production, the mine will remain

classified as an "exploration stage property", as that term is

defined under S-K 1300, until such time as proven or probable

mineral reserves have been determined and disclosed in

accordance with S-K 1300. ArcelorMittal cannot guarantee that

proven or probable mineral reserves will be determined and

disclosed in accordance with S-K 1300 for the Pau Branco

mine.

Estimates of Iron Ore Mineral Reserves and Mineral

Resources

For the meanings of certain technical terms used in this annual

report, see "Glossary - definitions, terminology and principal

subsidiaries".

The estimates of mineral resources and mineral reserves at the

Company's mines and projects and the estimates of the mine

life included in this report have been prepared by qualified

persons, in accordance with the guidelines for mining property

disclosure requirements in accordance with S-K 1300.

Qualified persons are either employees of ArcelorMittal or third

parties or employees of a third party who are not affiliates of

ArcelorMittal, and neither such third parties or their employers

has an ownership, royalty or other interest in the property for

which they have estimated mineral reserves or mineral

resources. No qualified persons have been employed on a

contingent basis. For additional information about the qualified

persons identified below, please see the exhibits to this annual

report.

Only measured and indicated mineral resources, where the

level of geological certainty associated was sufficient to allow a

qualified person to apply modifying factors in sufficient detail to

support mine planning and evaluation of the economic viability

of the deposit, were converted to proven or probable mineral

Management report<br>

reserves for each of the mineral properties under the summary

disclosure.

The 2025 mineral resource and mineral reserve estimates at

the AMMC mining property have been prepared by qualified

persons who are employees of ArcelorMittal.

The 2025 mineral resource and reserve estimates for the Las

Truchas mine (consolidated as Mexico, excluding Peña

Colorada in the tables below) were prepared by qualified

persons of SLR Consulting (Canada) Ltd. Mineral resource and

reserve estimates for the Peña Colorada mine have been

prepared by qualified persons who are employees of Peña

Colorada.

The 2025 mineral resource and reserve estimates for the

Andrade and Serra Azul mines (consolidated as Brazil in the

tables below) were prepared by qualified persons who are

employees of ArcelorMittal.

The mineral resource and reserve estimates for the AMKR

(Ukraine) open pit and underground operations as of

December 31, 2025 were prepared by a qualified person of

LLC "KAI" with the support of the AMKR team.

For 2025, mineral resource and reserve estimates for the

Thakurani and Ghoraburhani – Sagasahi mines (India in the

tables below) were prepared by qualified persons of DMT

Consulting Private Limited.

AML's 2025 mineral resources and mineral reserves were

estimated by qualified persons who are employees of

ArcelorMittal.

In 2025, a qualified person of SLR Consulting (Canada) Ltd

updated the mineral resources estimate for the Vanderbijl pit at

Thabazimbi (South Africa in tables below). Estimates of mineral

reserves are not reported in 2025 for AMSA's iron ore

operation Thabazimbi.

The mineral resources and reserves for the Mary River Mine

(Baffinland in the tables below) as of December 31, 2025 were

calculated by annual depletion method by qualified persons

who are employees of Baffinland Iron Mines based on the

original estimates of a qualified person of SLR Consulting

(Canada) Ltd.

The point of reference of reporting all of ArcelorMittal's mineral

resources and reserves in the tables below is in situ for

resources and the point of delivery of the ROM material to the

processing plant for reserves. All material is reported on a wet

basis and grades on a dry basis. The effective date for

reporting of all mineral resources and reserves is December

31, 2025.

For each of the mining operations under the summary

disclosure, economic viability of the declared mineral reserves

has been determined by the qualified persons using a

discounted cash flow analysis, demonstrating that extraction of

the mineral reserve is economically viable under reasonable

investment and market assumptions. The estimated mine life

reported in this table corresponds to the duration of the

production schedule of each operation based on the 2025

year-end iron ore reserve estimates only. The production varies

for each operation during the mine life and as a result the mine

life is not the total reserve tonnage divided by the 2025

production. Mine life of each operation is derived from the life

of mine plans and corresponds to the duration of the mine

production scheduled from mineral reserve estimates only. The

demonstration of economic viability is established through the

application of a life of mine plan for each operation or project

providing a positive net present value on a cash-forward

looking basis, considering the entire value chain. Economic

viability is demonstrated using forecasts of operating and

capital costs based on historical performance, with forward

adjustments based on planned process improvements,

changes in production volumes and in fixed and variable

proportions of costs, and forecasted fluctuations in costs of raw

material, supplies, energy and wages. Mineral reserve

estimates are updated annually in order to reflect new

geological information and current mine plan and business

strategies. The Company's reserve estimates are of in-place

material after adjustments for mining depletion and mining

losses and recoveries, with no adjustments made for metal

losses due to processing. For a description of risks relating to

reserves and reserve estimates, see "Introduction—Risk

Factors and Control—Risk factors—Risks related to

ArcelorMittal's operations".

The reported iron ore reserves contained in this report do not

exceed the quantities that the Company estimates could be

extracted economically if future prices were at similar levels to

the average contracted price for the three years ended

December 31, 2025. The Company establishes optimum

design and future operating cut-off grade based on its forecast

of commodity prices, adjusted for local market conditions,

freight, inland logistics costs, and final product value in use

premiums/penalties, and operating and sustaining capital

costs. The cut-off grade varies from operation to operation and

during the life of each operation in order to optimize cash flow,

return on investments and the sustainability of the mining

operations. Such sustainability in turn depends on expected

future operating and capital costs. Estimates of reserves and

resources can vary from year to year due to the revision of

mine plans in response to market and operational conditions, in

particular market price. See "Introduction—Risk Factors and

Control—Risk factors—Risks related to ArcelorMittal's

operations—ArcelorMittal's reserve and resource estimates

may materially differ from mineral quantities that it may be able

to actually recover; ArcelorMittal's estimates of mine life may

prove inaccurate; changes in iron ore prices, operating and

Management report<br>

capital costs and other assumptions used to calculate these

estimates may render certain reserves and resources

uneconomical to mine."

To ensure that mineral resource estimates for all mines satisfy

the requirements for reasonable prospects for economic

extraction ("RPEE") requirement, reasonable technical and

economic factors were considered by qualified persons in the

process of derivation of the ultimate mineral resource pit shells

or underground constraining wireframes and other spatial

controls used to constrain the mineralization. Factors used are

current, considered to be reasonably developed, and are

based on generally accepted industry practice and experience.

Tonnage and grade estimates are reported as 'Run of Mine'.

Tonnage is reported on a wet metric basis. Metallurgical

recoveries are accounted for in the concentrate tonnes

calculation based on historical processing data and are

variable as a function of head grade.

ArcelorMittal owns less than 100% of certain mining

operations; mineral reserve and mineral resource estimates

have been adjusted to reflect ownership interests and therefore

reflect the portion of total estimated mineral reserves and

resources of each mine attributable to ArcelorMittal as per the

Company's ownership interest in each mine at December 31,

2025. The classification of the iron ore reserve estimates as proven

or probable reflects the variability in the mineralization at the

selected cut-off grade, the mining selectivity and the production

rate and ability of the operation to blend the different ore types

that may occur within each deposit.

The following table summarizes ArcelorMittal's mineral reserve

estimates as of December 31, 2025 in the aggregate, and by

commodity and country and for certain individual properties

(each property containing 10% or more of ArcelorMittal's

combined mineral reserves and certain properties containing

less). Mineral reserve quantities are rounded to million tonnes.

Unless indicated otherwise below, for the purpose of

determining iron ore mineral reserves, ArcelorMittal has used a

long-term iron ore reference price of $80 per tonne for 62% Fe

fines, based on supply/demand fundamentals and industry cost

curve adjusted upwards or downwards for mine specific factors

and further adjusted for grade, logistics, and other adjustments.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Iron Ore | % of <br>Ownership <br>Interest<sup>11</sup> | Proven <br>Mineral Reserves | Proven <br>Mineral Reserves | Probable <br>Mineral Reserves | Probable <br>Mineral Reserves | Total <br>Mineral Reserves | Total <br>Mineral Reserves |
| Iron Ore | % of <br>Ownership <br>Interest<sup>11</sup> | Millions of <br>Tonnes<br>| % Fe<sup>1</sup> | Millions of <br>Tonnes <br>| % Fe<sup>1</sup> | Millions of <br>Tonnes<br>| % Fe<sup>1</sup> |
| Canada |  | 1607 | 30.9 | 201 | 42.2 | 1808 | 32.2 |
| AMMC<sup>2</sup> | 85.0 | 1519 | 29.0 | 125 | 28.9 | 1644 | 29.0 |
| Baffinland<sup>3</sup> | 25.2 | 88 | 64.3 | 76 | 63.8 | 164 | 64.1 |
| Mexico |  | 74 | 23.7 | 124 | 23.3 | 198 | 23.5 |
| Mexico (Excluding Peña <br>Colorada)<sup>4</sup><br>| 100.0 | 21 | 32.4 | 61 | 27.6 | 82 | 28.9 |
| Peña Colorada - Mexico<sup>5</sup> | 50.0 | 53 | 20.3 | 63 | 19.2 | 116 | 19.7 |
| Brazil<sup>6</sup> | 100.0 | 170 | 46.1 | 256 | 37.5 | 426 | 41.0 |
| Ukraine |  | 57 | 35.2 | 417 | 34.1 | 474 | 34.2 |
| Ukraine Open Pit<sup>7</sup> | 95.1 | 53 | 34.0 | 407 | 33.6 | 460 | 33.6 |
| Ukraine Underground<sup>8</sup> | 95.1 | 4 | 52.6 | 10 | 55.0 | 14 | 54.3 |
| South Africa | 100.0 |  |  |  |  |  |  |
| Liberia<sup>9</sup> | 85.0 | 80 | 48.9 | 676 | 41.6 | 756 | 42.4 |
| India<sup>10</sup> | 60.0 |  |  | 66 | 62.4 | 66 | 62.4 |
| Total Iron Ore |  | 1988 | 32.8 | 1740 | 38.8 | 3728 | 35.6 |

---

1. Unless stated otherwise, % Fe represents total Fe content for all sites except Peña Colorada where it represents magnetic Fe content only.

2. Mineral reserves for AMMC are estimated at a cut-off grade of 15% and a mass recovery of 32.3%, for a life of mine of 26 years.

3. Mineral reserves for Baffinland are estimated based on a long-term iron ore price of $102.8 per tonne for 62% Fe fines CFR North China, at a cut-off grade of 55% and a

mass recovery of 100%, for a life of mine of 22 years.

4. Mineral reserves for Las Truchas are estimated at a cut-off grade of 10% Fe magnetic. The Fe recovery of Fe magnetic is 90%, for a life of mine of 12 years. There are

currently on-going land disputes on parts of the property, having potential impact of surface right for the Las Truchas operations. The affected Mineral Reserves represent

37% of the total estimated Mineral Reserves and were downgraded from Proven Mineral Reserves to Probable Mineral Reserves where applicable.

5. Mineral reserves for Peña Colorada are estimated at the cut-off grade of 10% Fe magnetic. The average Fe recovery for the mineral reserves is 71.2% based on Fet

metallurgical recovery, for the life of mine of 16 years.

6. Mineral reserves for Serra Azul are estimated at 29% Fe cut-off grade and a mass recovery of 44%, for a life of mine of 31 years. Mineral reserves for Andrade are

reported at a cut-off grade of 20% Fe and 77.3% mass recovery at average, for a life of mine of 45 years.

7. Mineral reserve for Ukraine Open Pit is estimated at an average mass recovery of 38.9%. Cut-off grade applied at Novokryvorizke and Valyavkinske deposit is 12% Fe

and 16% Fe, respectively. Life of mine considered for the two pits combined is 20 years.

Management report<br>

8. Mineral reserve for Ukraine Underground mine is estimated based on a price of $59.8 per tonne of product calculated based on assumptions of a non-marketable material

supplied to its integrated steel plant, at cut-off grade of 51.6% Fe and a mass recovery of 100%, for a life of mine of 20 years.

9. Mineral reserves for Liberia are estimated at a cut-off grade of 40% Fe, with an average mass recovery of 56.9% for the oxide and transitional material, and at a 30% Fe

cut-off grade and a mass recovery of 43.2% for all fresh material, for a life of mine of 30 years.

10. Mineral reserves for Thakurani and Ghoraburhani – Sagasahi are estimated using a long-term iron ore price of $42 per tonne based on IBM (Indian Bureau of Mines) ten

years forecasted price; Mineral reserves for Thakuranii are estimated at 55% Fe cut-off grade and a mass recovery of 95%, for the 9-year life of mine. Mineral reserves for

Ghoraburhani – Sagasahi are estimated at 55% Fe cut-off grade and a mass recovery of 88.49%, for the 11-year life of mine.

11. As per S-K 1300, reported mineral reserves as of December 31, 2025 reflect ArcelorMittal's ownership interest at each individual business unit.

The following table summarizes ArcelorMittal's mineral

resource estimates as of December 31, 2025 in the aggregate,

and by commodity and country and for certain individual

properties (each property containing 10% or more of

ArcelorMittal's combined measured and indicated mineral

resources and certain properties containing less). Mineral

resource quantities are rounded to million tonnes. The reported

mineral resources reflect ArcelorMittal's ownership interest at

each individual business unit and are reported, exclusive of

mineral reserves, on a wet basis. Mineral resource quantities

are rounded to million tonnes. Iron ore mineral resources are

estimated based on the same long-term price forecast used for

reserves, adjusted based on the applicable revenue factor and

adjusted upwards or downwards for mine specific factors and

further adjusted for grade, logistics, likely mining dimensions,

location and other modifying factors with the assumed and

justifiable technical and economic conditions to show

reasonable prospects for economic extraction.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Iron Ore | % of <br>Ownership <br>Interest<sup>12</sup> | Measured Mineral <br>Resources | Measured Mineral <br>Resources | Indicated <br>Mineral Resources | Indicated <br>Mineral Resources | Measured & <br>Indicated Mineral <br>Resources | Measured & <br>Indicated Mineral <br>Resources | Inferred Mineral <br>Resources | Inferred Mineral <br>Resources |
| Iron Ore | % of <br>Ownership <br>Interest<sup>12</sup> | Millions of <br>Tonnes<br>| % Fe <sup>1</sup> | Millions of <br>Tonnes <br>| % Fe<sup>1</sup> | Millions of <br>Tonnes<br>| % Fe<sup>1</sup> | Millions of <br>Tonnes <br>| % Fe<sup>1</sup> |
| Canada |  | 1636 | 27.1 | 1640 | 29.0 | 3276 | 28.1 | 1877 | 29.0 |
| AMMC<sup>2</sup> | 85.0 | 1636 | 27.1 | 1637 | 28.9 | 3273 | 28.0 | 1794 | 27.4 |
| Baffinland<sup>3</sup> | 25.2 |  | 62.1 | 3 | 63.0 | 3 | 62.9 | 83 | 64.3 |
| Mexico |  | 29 | 26.4 | 95 | 28.2 | 124 | 27.8 | 12 | 29.4 |
| Mexico (Excluding Peña Colorada)<sup>4</sup> | 100.0 | 12 | 29.6 | 59 | 32.6 | 71 | 32.1 | 11 | 30.3 |
| Peña Colorada - Mexico<sup>5</sup> | 50.0 | 17 | 24.2 | 36 | 20.9 | 53 | 22.0 | 1 | 19.3 |
| Brazil<sup>6</sup> | 100.0 | 88 | 51.3 | 184 | 48.2 | 272 | 49.2 | 104 | 40.3 |
| Ukraine |  | 79 | 33.1 | 401 | 34.6 | 480 | 34.3 | 38 | 52.9 |
| Ukraine Open Pit<sup>7</sup> | 95.1 | 77 | 32.5 | 387 | 33.8 | 464 | 33.6 | 6 | 36.8 |
| Ukraine Underground<sup>8</sup> | 95.1 | 2 | 56.6 | 14 | 56.6 | 16 | 56.6 | 32 | 55.9 |
| South Africa<sup>9</sup> | 100.0 |  |  | 89 | 52.0 | 62 | 52.0 | 71 | 50.0 |
| Liberia<sup>10</sup> | 85.0 |  | 43.2 | 1064 | 38.2 | 1064 | 38.2 | 715 | 37.8 |
| India<sup>11</sup> | 60.0 |  |  | 48 | 56.6 | 48 | 56.6 | 63 | 61.7 |
| Total Iron Ore |  | 1832 | 28.5 | 3521 | 34.3 | 5327 | 32.3 | 2880 | 33.2 |

---

1. Unless stated otherwise, % Fe represents total Fe content for all sites except Peña Colorada where it represents magnetic Fe content only.

2. Mineral resources for AMMC are estimated at a cut-off grade of 15% Fe for Mont-Wright and Fire Lake; a cut-off of 15% WREC was applied for Mont-Reed.

3. Mineral resources for Baffinland are estimated at a cut-off grade of 55% and a mass recovery of 100%.

4. Mineral resources for Las Truchas are estimated at a cut-off grade of 10% Fe magnetic and Fe recovery of 90%.

5. Mineral resources for Peña Colorada are estimated at a cut-off grade of 10% Fe magnetic.

6. Mineral resources for Serra Azul are estimated at 29% Fe cut-off grade, and mineral resources for Andrade are reported at a cut-off grade of 20% Fe.

7. Mineral resources for Ukraine Open Pit are estimated at a cut-off grade at Novokryvorizke and Valyavkinske deposit of 12% Fe and 16% Fe, respectively.

8. Mineral resources for Ukraine Underground mine are estimated based on assumptions of a non-marketable material supplied to its integrated steel plant, at a cut-off

grade of 51.6% Fe and a mass recovery of 100%.

9. Mineral resources for Thabazimbi are estimated at a 40% Fe cut-off grade and metallurgical recovery of 60%.

10. Mineral resources for Liberia are estimated at a cut-off grade of 40% Fe, with an average mass recovery of 56.9% for the oxide and transitional material, and at a 30% Fe

cut-off grade and mass recovery of 43.2% for all fresh material.

11. Mineral resources for Thakurani mine and Ghoraburhani – Sagasahi mine are estimated at a 45% Fe cut-off grade and a mass recovery of 95% and 88.49%, respectively.

12. As per S-K 1300, reported mineral resources as of December 31, 2025 reflect ArcelorMittal's ownership interest at each individual business unit.

*Cautionary note concerning mineral reserve and mineral* 

*resource estimates:* With regard to ArcelorMittal's reported

resources, investors are cautioned not to assume that any or

all of ArcelorMittal's mineral deposits that constitute either

'measured mineral resources', 'indicated mineral resources' or

'inferred mineral resources' (estimated in accordance with S-K

Management report<br>

1300) will ever be converted into mineral reserves. There is a

reasonable level of uncertainty as to the existence of 'inferred

mineral resources' and their economic and legal feasibility, and

it should not be assumed that any or all of an 'inferred mineral

resource' will be upgraded to a higher category.

Internal Controls

ArcelorMittal mining and exploration properties employ robust

quality control and quality assurance processes and

procedures to ensure the validity and integrity of data utilized in

the estimation of mineral resources and mineral reserves.

ArcelorMittal has developed an Orebody Knowledge and

Management Framework, comprising a comprehensive set of

internal guidelines and management standards that govern the

resource and mining activities conducted at its properties. The

framework and its associated documents describe the systems

and processes to be developed and implemented at

ArcelorMittal properties to effectively manage activities and

data for the estimation and mining of its mineral resources and

reserves. This framework and its associated documents are

compiled and managed by a centralized corporate team of

experienced and qualified technical experts and are reviewed

and updated on a regular basis.

To increase rigor over internal controls and ensure the integrity

of its reported mineral resource and mineral reserve

disclosures, ArcelorMittal implements Quartex's (former K2fly)

Mineral Resource Governance and Model Manager platforms

globally. This has enabled enhanced control over the

consolidation of the Company's mineral resource and reserves

disclosures. The Quartex solutions were deployed in 2024 after

a successful implementation and configuration into the

ArcelorMittal global mining portfolio and are being used in

conjunction with Regulation SK-1300 reporting.

Databases are compiled and managed by experienced

personnel engaged directly by the operating entities and

business units, following documented procedures. Sample data

derived from activities such as, but not limited to, exploration

drilling and field sampling, is subject to thorough sample

security and integrity protocols, field and laboratory quality

assurance and quality control processes, and data validation

procedures.

Field quality control processes and procedures will vary based

on the specific nature of the drilling or sampling program, but

will nominally include the use of duplicate samples, blank

control samples and certified reference materials. Samples

processed and analyzed at internal and external laboratories

are subject to additional laboratory quality control processes

including, but not limited to, duplicate samples and certified

reference materials. Data verification workflows are employed

for each program to ensure the quality and integrity of all data

incorporated into the databases.

Historical data is subject to rigorous verification processes prior

to inclusion in resource estimation databases. These

procedures can include, but are not limited to, external

database validation by independent parties, internal database

audits, and spatial and statistical analyses. Where historical

data cannot be verified to the satisfaction of the relevant

qualified person, it is excluded from the databases used in the

estimation processes.

Where applicable, all mineral resource and mineral reserve

estimates are reconciled against mine production data and

operational results. Geological interpretations and estimation

parameters are updated, and modifying factors, cost and price

assumptions are validated and adjusted.

There are inherent risks associated with all mineral resource

and mineral reserve estimations. See "Introduction—Risk

Factors and Control—Risk factors—Risks related to

ArcelorMittal's operations".

OPERATING AND FINANCIAL REVIEW

Key factors affecting results of operations

Overview

The steel industry, and the iron ore and coal mining industries,

which provide its principal raw materials, have historically been

highly cyclical. They are significantly affected by general

economic conditions, consumption trends as well as by

worldwide production capacity and fluctuations in international

steel trade and tariffs. This is due to the cyclical nature of the

automotive, construction, machinery and equipment and

transportation industries that are the principal consumers of

steel.

In 2022, the global economy was adversely affected by supply

chain issues, high inflation, consequential tightening of

monetary policy and Russia's invasion of Ukraine (itself

aggravating inflationary pressures, particularly in the energy

sector). All these shocks weighed on growth in ArcelorMittal's

core developed markets (EU, U.S.), with a negative impact on

steel demand and pricing. During 2023 and 2024, the lagged

impact of monetary tightening and weak real steel demand

weighed on prices in the core developed markets, negatively

impacting ArcelorMittal's profitability. In 2025, heightened

uncertainty, particularly trade-related, negatively impacted the

global economy. However, despite subdued growth in real steel

demand in core developed markets, steel prices were

supported by improved trade protection – most notably in the

U.S., followed by the EU toward the end of the year.

The European market significantly impacts the Company's

prospects, and economic growth has been lackluster in 2023

and 2024, with industrial recession leading to continued

contraction in manufacturing output. In 2025, there was limited

improvement as economic growth remained sluggish, with

Management report<br>

industrial activity stagnating at weak levels. European industrial

sectors were negatively impacted not only by heightened

uncertainty but also weakening exports, particularly in the

automotive sectors due to specific U.S. section 232 tariffs.

While increased fiscal spending in Germany over the next 5

years targeting infrastructure is supportive of steel demand,

implementation delays meant there was limited impact in 2025.

Despite the subdued demand environment, higher imports in

the fourth quarter ahead of CBAM and trade tool

implementation led to some restocking. Over medium term,

higher fiscal spending from Germany, particularly on

infrastructure and to lesser extent, defence spending and data

center expansion, is expected to support steel demand.

In the U.S., average effective tariffs rose to approximately 15%

by the end of 2025, from only 2% in 2024. However, the

inflationary impact of tariffs was contained (due to front-loading

activity and re-routing), and the Federal Reserve resumed

cutting interest rates in September 2025. Economic growth was

supported by resilient domestic consumption and strong high-

tech investment, which offset some negative impacts from

heightened uncertainty. While manufacturing output remained

resilient due to the delayed tariff impact on demand, higher-for-

longer interest rates and elevated uncertainty negatively

impacted the construction sector, particularly real estate,

partially offset by stronger infrastructure activity. Combined with

stronger activity in the energy sector, steel demand for long

steel products including pipe and tubes outperformed flat steel

products. Resilient demand, alongside section 232 tariffs of

50% that significantly reduced imports, supported strong prices

in the U.S.

The Company has significant sales in emerging markets.

Demand in some markets, such as Brazil, rebounded during

2024 to well above pre-pandemic levels. However, inflation has

accelerated in these markets, driven by resilient domestic

demand and looser fiscal policy. In 2025, with inflation in Brazil

at 5% and above the target range (1.5% to 4.5%), interest

rates were raised sharply during the first half of 2025 and kept

at elevated levels for the remainder of 2025. Higher interest

rates negatively impacted economic activity, leading to limited

growth in steel demand in Brazil. In addition, Chinese imports

into Brazil surged over 2025 due to insufficient trade protection

putting downward pressure on pricing, and the Section 232

measures have negatively affected Brazil through their impact

on price realization, which has negatively impacted exports of

Brazil.

Another important market for the Company is India, where

steel demand has grown strongly by approximately 10% on

average since 2022. In 2025, while steel demand growth

slowed slightly due to more stringent fiscal deficit targets

constraining government spending on infrastructure projects,

the steel demand environment remained robust. In the medium

term, India is expected to continue to show healthy growth in

steel demand, supported by strong domestic factors such as

population growth.

Historically, demand dynamics in China have also substantially

affected the global steel business, mainly due to significant

changes in net steel exports. Continued weakness in Chinese

steel demand, coupled with relatively ample domestic supply,

has seen net Chinese crude flat steel exports increase from 3.4

million tonnes per month during 2022, to 5.2 million per month

during 2023, 6.1 million tonnes per month during the first half of

2024 and reaching record highs of 6.6 million tonnes per month

during the second half of 2024. In 2025, Chinese steel demand

remained weak as the property correction continued, though

weaker real estate sector's steel demand was partially offset by

infrastructure spending and resilient manufacturing sectors.

Despite higher U.S. section 232 tariffs, these sectors benefitted

from front-loading of ex-China demand and export re-routing.

As a result, despite lower steel production as reported by the

National Bureau of Statistics ("NBS"), net Chinese crude flat

steel exports remained high, averaging approximately 6.3

million tonnes per month during 2025. While the 2026 outlook

for domestic demand remains largely dependent on the timing

and scale of the government stimulus to support growth,

Chinese overcapacity and the need to export is expected to

persist across most industries. Moreover, the Company

continues to expect Chinese steel demand to decline in the

medium-term, as infrastructure spending has been front-loaded

and real estate demand is expected to weaken structurally due

to lower levels of rural-to-urban migration. If the expected

decline in demand does not coincide with renewed capacity

closures, this could result in steel exports from China

remaining at or above current peak levels and have a negative

impact on global steel prices and spreads.

Unlike many commodities, steel is not completely fungible due

to wide differences in its shape, chemical composition, quality,

specifications and application, all of which affect sales prices.

Accordingly, there is still limited exchange trading and uniform

pricing of steel, whereas there is increased trading of steel raw

materials, particularly iron ore. Commodity spot prices can

vary, which causes sales prices from exports to fluctuate as a

function of the worldwide balance of supply and demand at the

time sales are made.

ArcelorMittal's sales are made based on shorter-term purchase

orders as well as some longer-term contracts to certain

industrial customers, particularly in the automotive industry.

Steel price surcharges are often implemented on steel sold

pursuant to long-term contracts to recover increases in input

costs. However, longer term contracts with low steel prices will

not reflect increases in spot steel prices that occur after

contract negotiation; similarly low contract prices (if contract

pricing is renegotiated when steel prices are low, for example,

steel contracts that reset annually) will continue to affect results

even as spot steel prices increase. Spot market steel, iron ore

Management report<br>

and coal prices and short-term contracts are more driven by

market conditions.

One of the principal factors affecting the Company's operating

profitability is the relationship between raw material prices and

steel selling prices. Profitability depends in part on the extent to

which steel selling prices exceed raw material prices, and

specifically the extent to which changes in raw material prices

are passed through to customers in steel selling prices.

Complicating factors include the extent of the time lag between

(a) the raw material price change and the steel selling price

change and (b) the date of the raw material purchase and of

the actual sale of the steel product in which the raw material

was used (average cost basis). In recent periods, steel selling

prices have not always been correlated with changes in raw

material prices, although steel selling prices may also be

impacted quickly due in part to the tendency of distributors to

increase purchases of steel products early in a rising cycle of

raw material prices and to hold back from purchasing as raw

material prices decline. With respect to (b), as average cost

basis is used to determine the cost of the raw materials

incorporated, inventories must first be worked through before a

decrease in raw material prices translates into decreased

operating costs. In some of ArcelorMittal's segments, in

particular Europe and North America, there are several months

between raw material purchases and sales of steel products

incorporating those materials. Although this lag has been

reduced in recent years by changes to the timing of pricing

adjustments in iron ore contracts, it cannot be eliminated and

exposes these segments' margins to changes in steel selling

prices in the interim (known as a "price-cost squeeze"). This

lag can result in inventory write-downs, as seen in 2022 when

steel prices fell sharply. In addition, steel prices can decline

more quickly than raw material costs, a pattern observed

multiple times in the past. In 2022, steel spreads—particularly

in Europe—were compressed by elevated energy prices,

especially for gas, and by destocking among stockists and

end-users in the second half of the year, which reduced the

Company's deliveries and profitability.

The fourth quarter of 2022 marked the peak of the destocking

cycle, with inventory levels across ArcelorMittal's key markets

falling to low levels. As destocking eased in the first quarter of

2023, apparent demand recovered from the fourth-quarter

lows, supporting a rebound in steel prices and spreads.

However, as economic growth weakened across the

Company's core developed markets—due to the lagged effects

of interest-rate increases—elevated steel prices and spreads

unwound during the second and third quarters of 2023. This

pressured results in the third and fourth quarters of 2023, given

the significant lag between transactions and deliveries,

particularly for flat products. Prices and spreads in the

Company's core markets remained relatively weak through

2024 as apparent demand stabilized at historically low levels in

both Europe and the United States. In 2025, however, despite

a subdued demand environment, prices and spreads in the

Company's core markets were supported by trade protection,

especially in the U.S.

Volatility on steel margins aside, the results of the Company's

Mining segment (which sells externally as well as internally)

are directly impacted by iron ore prices. See "—Raw materials

—Iron ore". The Company believes current prices are

unsustainable over the medium term, if as expected, Chinese

steel demand weakens further, which would lead to further falls

in iron ore prices and negatively impact ArcelorMittal's

revenues and profitability. See also "Introduction—Risk Factors

and Control—Risk factors—Risks related to the global

economy and the mining and steel industry—Prolonged low

steel and (to a lesser extent) iron ore prices, low steel demand

and/or steel/iron ore oversupply would have an adverse effect

on ArcelorMittal's results of operations, cash flows and financial

position."

Economic environment

Over the last several years, the global economy has

undergone several negative shocks, starting from the

COVID-19 disruption in 2020-21, followed by subsequent high

inflation and elevated interest rates environment in 2022-23,

particularly in developed economies. In 2024, the global

economy started to stabilize, with GDP growth holding steady

at 2.8% as disinflation continued, allowing major central banks

to start cutting interest rates. In 2025, despite higher trade

barriers and significant policy uncertainty, particularly from U.S.

tariff policy, the global economy has been resilient and GDP

growth is estimated at 2.9% year-on-year. Front-loading of

goods production and trade ahead of the introduction of higher

tariff rates, in addition to trade rerouting, was a key supporting

factor in the early part of the year. Easier global financial

conditions as most central banks continue to cut interest rates,

in addition to supportive fiscal spending in major economy such

as the U.S. and Germany, real income growth, and strong AI-

related investments in some countries, particularly the United

States, are all providing broader support for demand. These

factors offset headwinds stemming from the gradual

implementation of new trade policy barriers, still-elevated policy

uncertainty, and declining residential investment.

Despite a period of high inflation and high interest rates, U.S.

GDP growth was resilient at 2.9% in 2023 and 2.8% in 2024,

as loose fiscal spending supported both household

consumption and public investment. In 2025, the U.S. tariffs

and policy implementation led to heightened uncertainty,

particularly during the first half of 2025 when the U.S.

"Liberation" tariff was announced in April. However, the actual

impact of the tariffs was more contained due to front-loading

and rerouting of imports, as well as successful bilateral

negotiations during the second half of the year that rolled back

Management report<br>

some tariffs. The direct economic impact of tariffs on inflation

has been limited, partly due to front-loaded demand and

restrained price pass-through to consumers. However, initial

concerns about the potential impacts of tariffs on inflation led

the U.S. Federal Reserve to keep interest rates at elevated

levels (4.25%-4.5%) until it resumed cutting rates in the fourth

quarter of 2025. Higher-for-longer interest rates, together with

prolonged uncertainty, negatively affected private investment

by prompting businesses to adopt a "wait-and-see" until there

is more clarity for capital deployment. An exception has been

strong growth in AI-driven investments. Overall, GDP growth is

estimated to have slowed to around 2% in 2025. With the

average effective U.S. tariff rising to 14% by end of 2025 from

2% in 2024, the impact of tariffs is likely to continue in 2026.

Since the Russian invasion of Ukraine in 2022, EU economies

have stagnated at weak levels due to high inflation which led to

increased interest rates in 2023 and 2024, negatively impacted

household consumption and investment. From 3.6% in 2022,

GDP growth slowed to 0.5% in 2023 and 1% in 2024. High

interest rates and prices, particularly energy prices, affected

European industrial sectors more severely than other parts of

the economy, causing major export-oriented economies such

as Germany to experience GDP contraction in both 2023 and

2024. In 2025, growth remained lackluster with only marginal

improvement, as industrial activity continued to stagnate at

weak levels and U.S. tariffs, policy uncertainty, and a stronger

euro negatively impacted exports and investment. To support

growth, the European Central bank ("ECB") continued cutting

interest rates to 2.15%. Although Germany's fiscal spending

plan for 2025-29 is substantial, implementation bottlenecks

have delayed the positive impact of fiscal easing, which is

focused on infrastructure. As a result, GDP growth in 2025 is

estimated to have remained subdued at around 1.5%.

China's economy has remained resilient despite the ongoing

property sector downturn since 2022, as government fiscal

spending has supported domestic investment, coupled with

strong exports, which have been the main growth driver.

Lackluster domestic consumption, combined with excess

manufacturing capacity, resulted in very low inflation in 2023

and 2024. From 3% growth in 2022, GDP growth remained

steady at 5.4% in 2023 and 5% in 2024. In 2025, despite

higher US tariffs on Chinese export, exports have remained

resilient due to trade-flow rerouting. Meanwhile, domestic

weakness in the real estate sector persists, with residential

sales and starts remained sluggish and at low levels. The

Chinese government has continued with fiscal support, mainly

by boosting infrastructure investment, with a smaller share

directed toward household consumption via government

subsidies. While low inflation prompted the government's anti-

involution campaign to curb overcapacity during the second

half of 2025, weak domestic demand has kept inflation muted.

As a result, the dual trend of stronger manufacturing and

infrastructure activity offsetting real estate weakness continued

in 2025, further bifurcating the economy. With growth engines

remaining centered around investment and export, similar to

the last 2 years, GDP growth in 2025 is expected to remain

stable at around 5%.

In Brazil, after growing around 3% annually over the last 3

years, economic activity started to slow in 2025, particularly

during the second half of the year. This was due to the Central

Bank tightening monetary policy amid persistently high

inflation, raising the key policy rate to 15% in July 2025 and

keeping it steady during the second half (up from 11.25% in

November 2024). Both retail sales and industrial production

stagnated, while investment was negatively impacted by high

interest rates. As a result, GDP growth slowed to 2.6% in 2025.

In contrast, India continues to experience robust growth, and

GDP is expected to grow by 7.7% in 2025, following 6.7% in

2024. Private consumption remained the main growth driver, in

addition to strong public investment focused on infrastructure

spending. With inflation contained at around 2%, interest rates

were cut throughout the year, declining to 5.5% from 6.75% at

the end of 2024. Coupled with lower interest rates supporting

investment, GDP growth is expected to remain robust in 2026.

After global apparent steel consumption ("ASC") increased by

over 3% in 2021 as the global economy rebounded post-

pandemic, ASC declined by over 2% in 2022 due to weaker

demand from China caused by COVID-19 restrictions, as well

as weaker ex-China ASC due to a destocking cycle. Global

ASC was broadly stable in 2023 and 2024, as the continued

decline in China ASC, caused by the property correction, was

offset by further ASC growth in ex-China. In 2025, the dynamic

between China and ex-China remained. China ASC is

estimated to have declined by approximately 2% year-on-year,

driven by continued contraction in real estate steel demand,

only partially offset by infrastructure and manufacturing activity

supported largely by exports. Meanwhile, ex-China ASC growth

is estimated approximately at 1.5% year-on-year in 2025.

Growth in ex-China continued to be supported by developing

markets, also estimated at roughly 1.5% year-on-year in 2025,

particularly India, where ASC growth is estimated at 8%

year-on-year. By contrast, after declining since 2022, steel

demand in developed markets started to stabilize, with ASC

estimated to be only slightly weaker than in 2024, as weaker

ASC in "Developed Asia" (including in particular Japan, South

Korea and Taiwan) was offset by ASC growth in the U.S. and,

to a lesser extent, the EU. Overall, with weaker China demand

offset by growth in ex-China, global ASC is estimated to have

remained broadly stable in 2025. In 2026, in the absence of

renewed shocks from tariffs or conflicts, global ASC growth is

expected to improve gradually, as demand is supported by

fading uncertainty, increased fiscal spending (such as U.S.,

Germany and China) and lagged positive impact from lower

interest rates.

Management report<br>

Source: GDP and industrial production data and estimates sourced from Oxford

Economics Jan 19, 2026. ASC data for U.S. from American Iron and Steel

Institute (AISI) to Nov 2025, estimates for Dec 2025. ASC data for Brazil from

Brazilian Steel Institute to Dec 2025. ASC data for EU27 from Eurofer to Nov

2025, estimates for Dec 2025. ASC data for India from Joint Plant Committee

(Indian government primary agency, under Ministry of Steel) to Nov 2025,

estimate for Dec 2025. All estimates are internal ArcelorMittal estimates.

Steel production

After global production declined to 1.88 billion tonnes in 2022

as compared to 2021, production was broadly stable in 2023.

In 2024, production declined marginally by approximate 1%

year-on-year, largely driven by lower production in China. Ex-

China production was more stable, as stronger production in

developing markets ex-China offset weaker production in

developed markets. See "Introduction—Risk Factors and

Control—Risk factors—Risks related to ArcelorMittal's

operations—Disruptions to ArcelorMittal's manufacturing

processes and mining operations caused for example by

equipment failures, natural disasters, accidents, explosions,

epidemics or pandemics, geopolitical conflicts or extreme

weather events could adversely affect its operations, customer

service levels and financial results and liabilities".

This trend continued in 2025. Overall, global steel production in

2025 declined by approximately 2% year-on-year. This largely

reflects the reportedly lower steel production in China, where

official NBS data publication indicated a decline of

approximately 4.5% year-on-year, reflecting weaker domestic

demand as the property-sector correction since 2022

continues, leading to significant Chinese steel exports.

Meanwhile, world ex-China steel production increased

marginally by almost 1% year-on-year, despite stronger steel

production in developing ex-China where outputs rose by 3%,

including an approximate 11% increase in India. Growth in

developing ex-China steel production was partially offset by

weaker production in developed markets, where production

declined by 2% year-on-year. This was driven largely by

continued production declines in Developed Asia

(approximately 4.5%) due to weak domestic steel demand in

Japan and South Korea, as well as high export volumes from

China. Meanwhile, production in the Company's major

markets, the EU and the U.S., was broadly stable year-on-year,

as lower production in the EU (approximately 2% year-on-year

decline) was offset by higher production in the U.S. (about 3%

year-on-year increase)

Source: Steel production data are compiled using World Steel data for 70

countries for which monthly data is available (which together account for 98% of

World production). 70 countries Include: Austria, Belgium, Bulgaria, Croatia,

Czechia, Finland, France, Germany, Greece, Italy, Luxembourg, Netherlands,

Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Macedonia,

Norway, Serbia, Türkiye, United Kingdom, Bahrain, Iran, Iraq, Jordan, Kuwait,

Oman, Qatar, Saudi Arabia, United Arab Emirates, Yemen, Canada, Cuba, El

Salvador, Guatemala, Mexico, United States, Belarus, Kazakhstan, Russia,

Ukraine, Argentina, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, Uruguay,

Venezuela, Algeria, Egypt, Libya, Morocco, South Africa, Tunisia, Australia,

China, India, Japan, Mongolia, New Zealand, Pakistan, South Korea, Taiwan

(China), Thailand, Viet Nam. Production data is available through December

2025, with some World Steel annual estimates for missing countries.

Trade and import competition

*Europe* 

There has been a trend of imports growing more strongly than

domestic demand in the EU since 2012. In 2022, import

penetration was at 20%, with the Russian invasion of Ukraine

in February triggering an energy crisis in Europe, causing both

ASC and imports to decline sharply during the second half of

2022. In 2023, import penetration declined to 19% as imports

contracted more than ASC due to subdued demand

environment, before rebounding to 20% in 2024 as imports

rose despite relatively weaker ASC growth. In 2025, while

imports were relatively subdued during the first half of the year,

front-loading ahead of the CBAM and trade tools

implementation led to an uptick in imports during the second

half of the year. Coupled with still weak growth in ASC, import

penetration rose to approximately 21% in 2025.

Source: Eurostat imports and Eurofer ASC data to November 2025, internal

Company estimates for December 2025. All historical data now refers to EU27

after UK left the European Union.

*United States* 

After increasing in 2022 and pushing import penetration above

23%, steel imports declined more sharply than ASC in 2023,

resulting in import penetration falling to approximately 21%. In

2024, as imports broadly stabilized while ASC (mainly long

products, pipes and tubes) continued to decline slightly, import

penetration rose marginally to 22%. In 2025, with the 25% tariff

on steel products starting in March 2025 and increasing to 50%

from June 2025, imports fell sharply—by approximately 18%

year-on-year. Meanwhile, ASC grew, largely driven by long

products, pipes and tubes, offsetting weaker demand in flat

products. As a result, import penetration declined to

approximately 18%.

Source: American Iron and Steel Association total/regional imports data and ASC

data to November 2025, internal Company estimate for December 2025

*China* 

In 2022, Chinese finished steel exports were broadly stable at

67.4 million tonnes, compared with the previous year. As

demand in China began to weaken due to the property

downturn, and with a significant price gap between domestic

and export markets, Chinese finished steel exports increased

sharply in 2023, reaching 91.2 million tonnes. With domestic

demand remaining weak, this trend continued in 2024 and

2025, with finished steel exports rising to 111 million tonnes in

2024 and 119 million tonnes in 2025. While most Chinese

exports are directed to regions that are not core to the

Company's business—largely due to trade protection

measures—Chinese exports continue to negatively affect the

Company both directly and indirectly. See "Business overview

—Government regulations—Foreign trade" and "Introduction—

Risk Factors and Control—Risk factors—Risks related to the

Management report<br>

global economy and the mining and steel industry—Unfair

trade practices, import tariffs and/or barriers to free trade could

negatively affect steel prices and ArcelorMittal's results of

operations in various markets."

Source: General Administration of Customs of the People's Republic of

China.Trade data available to December 2025.

Steel prices

In relation to flat products, European hot rolled coil ("HRC")

prices (both Northern and Southern), U.S. domestic Midwest

HRC prices and Chinese HRC prices, VAT excluded, over the

2023-2025 period generally reflected an overall downward

trend. Price movements remained largely stagnant throughout

2025 except in the U.S., where prices improved in 2025 as

compared to 2024, mostly driven by import tariffs imposed by

Trump administration. Likewise, in relation to long products,

European medium and rebar prices and Turkish rebar prices

experienced a similar trend over those periods. Movements in

these prices over those periods have been driven by a number

of factors affecting demand and supply in such markets,

including the effects of the ongoing war in Ukraine, inflation,

recessionary concerns, supply chain constraints and labor

shortages that weakened manufacturing and demand in certain

industries, import levels and domestic mill outages (e.g., for

maintenance or otherwise) and import tariffs.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Flat products |  |  |  |  |
| Source: S&P <br>Global <br>Commodity <br>Insights <br>(Platts) | Northern <br>Europe<br>| Southern <br>Europe<br>| United <br>States<br>| China |
| Source: S&P <br>Global <br>Commodity <br>Insights <br>(Platts) | Spot HRC <br>average <br>price per <br>tonne<br>| Spot HRC <br>average <br>price per <br>tonne<br>| Spot HRC <br>average <br>price per <br>tonne<br>| Spot HRC <br>average <br>price per <br>tonne, VAT <br>excluded<br>|
| Q1 2023 | € 786  | € 767  | $1021 | $551 |
| Q2 2023 | € 764  | € 737  | $1161 | $499 |
| Q3 2023 | € 649  | € 636  | $867 | $482 |
| Q4 2023 | € 650  | € 639  | $1010 | $485 |
| Q1 2024 | € 719  | € 706  | $1041 | $492 |
| Q2 2024 | € 633  | € 625  | $858 | $475 |
| Q3 2024 | € 598  | € 597  | $751 | $416 |
| Q4 2024 | € 556  | € 551  | $774 | $434 |
| Q1 2025 | € 601  | € 596  | $899 | $420 |
| Q2 2025 | € 625  | € 604  | $981 | $400 |
| Q3 2025 | € 563  | € 539  | $922 | $421 |
| Q4 2025 | € 602  | € 588  | $947 | $412 |

---

---

| | | | |
|:---|:---|:---|:---|
| Long products |  |  |  |
| Source: S&P <br>Global <br>Commodity <br>Insights (Platts) | Europe medium <br>sections<br>| Europe rebar | Turkish rebar |
| Source: S&P <br>Global <br>Commodity <br>Insights (Platts) | Spot average <br>price per tonne<br>| Spot average <br>price per tonne<br>| Spot FOB <br>average price <br>per tonne<br>|
| Q1 2023 | € 964  | € 722  | $708 |
| Q2 2023 | € 889  | € 649  | $637 |
| Q3 2023 | € 805  | € 577  | $569 |
| Q4 2023 | € 766  | € 606  | $574 |
| Q1 2024 | € 772  | € 633  | $602 |
| Q2 2024 | € 753  | € 610  | $582 |
| Q3 2024 | € 768  | € 615  | $576 |
| Q4 2024 | € 770  | € 595  | $580 |
| Q1 2025 | € 793  | € 602  | $562 |
| Q2 2025 | € 789  | € 622  | $548 |
| Q3 2025 | € 757  | € 606  | $537 |
| Q4 2025 | € 743  | € 582  | $552 |

---

Raw materials

The primary raw material inputs for a steelmaker are iron ore,

coking coal, solid fuels, metallics (e.g., scrap), alloys,

electricity, natural gas and base metals. ArcelorMittal is

exposed to price volatility in each of these raw materials with

respect to its purchases in the spot market and under its long-

term supply contracts. In the longer term, demand for raw

materials is expected to continue to correlate closely with the

steel market, with prices fluctuating according to supply and

demand dynamics. Since most of the minerals used in the

steelmaking process are finite resources, their prices may also

rise in response to any perceived scarcity of remaining

accessible supplies, combined with the evolution of the pipeline

of new exploration projects to replace depleted resources.

As for pricing mechanisms, quarterly and monthly pricing

systems are the main type of contract pricing mechanisms, but

spot purchases have gained a greater share, in particular since

2020, as steelmakers have developed strategies to benefit

from increasing spot market liquidity and volatility. Pricing is

generally linked to market price indexes and uses a variety of

mechanisms, including current spot prices and average prices

over specified periods. Therefore, there may not be a direct

correlation between market reference prices and actual selling

prices in various regions at a given time.

*Iron ore*

In 2023, iron ore market reference prices averaged $119.54/t,

relatively stable compared to an average of $120.03/t in 2022.

The first quarter of 2023 began with an increase in reference

prices mainly driven by prevailing bolstered sentiment on scrap

of COVID control in China, which was later counteracted by the

disappointing actual economy recovery, largely dragged by its

real estate woes and sliding exports. By the end of 2023, iron

ore market reference prices increased to $141.92/t on

December 27, a record high for the period dating back to June

Management report<br>

9, 2022, driven by lower port inventory, stimulus anticipation

and strong demand outlook for Chinese economy in the first

quarter of 2024, following the deposits rate cut by Chinese

commercial banks on December 22, 2023.

In 2024, iron ore market reference prices dropped to an

average of $109.46/t, down by $10.08/t compared to an

average of $119.54/t in 2023. Prices fell for the first three

quarters of 2024 due to persistently sluggish demand amid

economic weakness generally and a real estate slowdown

specifically, but recovered slightly in the fourth quarter of 2024

on boosted sentiment from stimulus policies.

In 2025, iron ore market reference prices dropped to an

average of $101.87/t, down by $7.59/t compared to an average

of $109.46/t in 2024. Prices fell for the first two quarters of

2025 weighted by lower Chinese steel demand amid U.S.

President's Trump's "Liberation Day" tariffs, steel anti-dumping

actions from Vietnam and South Korea, and surging seaborne

supply. Prices recovered in the third and fourth quarters arising

from "anti-involution" policy-driven sentiment, major

infrastructure announcements (such as the CNY 1.2 trillion

Yarlung Tsangpo dam), ongoing concern on mid-grade supply

with the CMRG-BHP negotiation, record high imports amid firm

pig iron output despite weak downstream steel demand and

rising inventories.

*Coking coal* 

Coking coal prices in 2023 averaged $295.97/t as compared to

$364.22/t in 2022. Although coking coal prices decreased

slightly in 2023, they still remained at a historic high at year

end. Supply disruption in Australia, caused by the wet season,

port maintenance, higher vessel queues, and lower production

from BHP, South 32, and Anglo due to longwall issues, coupled

with strong demand from India and China, kept the prices at an

elevated level. In the Chinese market, continuous mine

accidents and safety checks resulted in increased domestic

coking coal prices.

In 2024, coking coal prices averaged $241.32/t as compared to

$295.97/t in 2023, driven by weak global steel demand amid

increased supply due to eased weather-related disruptions

starting in the third quarter of 2024, despite the fire accident in

Anglo's Grosvenor mine at the end of June 2024. China

reduced its coal imports from seaborne Australian supply as

Australian prices lost competitiveness compared to falling

Chinese domestic coking coal prices and Indian demand was

muted due to weakening margins of steel mills. China and

India account for almost 40% of global demand for seaborne

supply, and these two countries are the main participants in the

global spot market.

In 2025, coking coal prices averaged $189.92/t, down by

$51.40/t compared to an average of $241.32/t in 2024. Prices

remained stagnant for the first three quarters of 2025 mainly

due to weak demand from China despite supply disruptions at

key mines (Moranbah North, Appin, Oaky Creek). China resold

cargos in the second and third quarters as domestic prices hit

the lowest since mid-2020. Prices recovered in the fourth

quarter to $200.67/t with rising Chinese domestic prices after

an "anti-involution" campaign announced in early July, and

return in Indian demand amid tight seaborne spot availability.

ArcelorMittal has continued to leverage its iron ore and coking

coal supply chain and diversified supply portfolio as well as the

flexibility provided by contractual terms to mitigate regional

supply disruptions and also mitigate part of the market price

volatility.

---

| | | |
|:---|:---|:---|
|  | Iron ore | Coking coal |
| **Source:** <br>**Fastmarkets**<br>| Reference average <br>price per tonne <br>(Delivered to China, <br>Metal Bulletin index, <br>62% Fe)<br>| Reference average price <br>per tonne (premium hard <br>coking coal FOB <br>Australia index)<br>|
| Q1 2023 | 125.28 | 342.52 |
| Q2 2023 | 110.43 | 240.93 |
| Q3 2023 | 114.00 | 264.37 |
| Q4 2023 | 128.25 | 335.07 |
| Q1 2024 | 123.58 | 308.76 |
| Q2 2024 | 111.80 | 243.83 |
| Q3 2024 | 99.75 | 211.44 |
| Q4 2024 | 103.40 | 203.96 |
| Q1 2025 | 103.45 | 186.56 |
| Q2 2025 | 97.18 | 186.76 |
| Q3 2025 | 101.65 | 185.69 |
| Q4 2025 | 105.16 | 200.67 |

---

*Scrap* 

The Company refers to the German suppliers' index Delivered

at Place as its market reference.

The average index price for 2025 was €313/t as compared to

€359/t in 2024, a €46/t or 12.8% decrease compared to 2024.

The average price in 2023 was €365/t.

Turkey remains the main scrap buying country in the

international market.

Scrap Index HMS 1&2 CFR Turkey, North Europe origin,

averaged at $345/t in 2025, with the yearly high at $371/t in

March and the yearly low in September at $334/t. Scrap Index

HMS 1&2 CFR Turkey, North Europe origin, averaged at $377/t

in 2024 with the yearly high in January 2024 at $414/t and

yearly low at $341/t in December 2024.

In 2025, average European domestic scrap prices of grade E3

were at $353/t. In 2024, the average European domestic scrap

prices of grade E3 were at $389/t.

In the domestic U.S. market, No. 1 busheling index delivered

Midwest increased from an average of $486/t in 2024 to $502/t

in 2025. On the export market, HMS export FOB New York

Management report<br>

average prices for 2025 were at $317/t, a decrease of $31/t

compared to 2024.

*Ferro alloys and base metals* 

*Ferro alloys* 

The underlying price driver for manganese alloys is ordinarily

the price of manganese ore, which was at the level of $4.52

per dry metric tonne unit ("dmt") (for 44% lump ore) on Cost,

Insurance and Freight ("CIF") China for 2025, representing a

18.3% decrease from $5.53/dmt in 2024 ($5.22/dmt in 2023).

Manganese ore prices decreased in 2025 as compared to

2024 on the back of subdued worldwide demand for

manganese alloys and increased supply of manganese ore.

High carbon ferro manganese prices decreased by 4.9% from

$1,292/t in 2024 to $1,229/t in 2025 ($1,244/t in 2023), silicon

manganese decreased by 5.2% from $1,336/t in 2024 to

$1,266/t in 2025 ($1,266/t in 2023) and medium carbon ferro

manganese prices decreased only slightly from $1,790/t in

2024 to $1,785/t in 2025 ($1,832/t in 2023). Demand for

manganese alloys remained weak throughout 2025, however,

the safeguard measures adopted by the EU led to an increase

in EU manganese alloys prices towards the end of 2025.

*Base metals* 

Base metals used by ArcelorMittal are zinc, tin and aluminum

for coating, aluminum for deoxidization of liquid steel and nickel

for producing stainless or special steels. ArcelorMittal partially

hedges its exposure to its base metal inputs in accordance with

its risk management policies.

The average price of zinc for 2025 was $2,867/t, representing

a 3.2% increase as compared to the 2024 average price of

$2,777/t (the 2023 average was $2,649/t).

The average price of tin for 2025 was $34,112/t, 13.0% higher

than the 2024 average of $30,191/t (the 2023 average was

$25,895/t).

The average price of aluminum for 2025 was $2,630/t,

representing a 8.7% increase compared to the 2024 average of

$2,419/t (the 2023 average was $2,252/t).

The average price of nickel for 2025 was $15,160/t,

representing a 9.8% decrease compared to the 2024 average

of $16,812/t (the 2023 average was $21,474/t).

*Energy market and CO2*

Solid fuels, electricity and natural gas are some of the primary

energy inputs for a steelmaker. ArcelorMittal is exposed to

price volatility in each of these energy types with respect to its

purchases in the spot market and under its long-term supply

contracts.

*Oil* 

A combination of geopolitical tensions and macroeconomic

conditions has amplified price volatility of brent crude oil from

2023 to 2025, including the war in Ukraine, conflicts and

political risks in key regions such as the Middle East,

Venezuela and Russia, production decisions by the

Organization of Petroleum Exporting Countries ("OPEC") and

other producing nations, embargoes on Russian oil, U.S. trade

tariffs, monetary policy actions (including by the U.S. Federal

Reserve), and overall weak global oil demand and strong

supply capabilities have contributed to a downward price trend.

Brent crude oil price averaged $68.23 per barrel ("bbl") in 2025

as compared to $79.86/bbl in 2024 ($82.15/bbl in 2023). In the

first half of 2025, brent crude oil price averaged $70.84/bbl, a

$12.55/bbl decrease as compared to $83.39/bbl in the first half

of 2024. In the second half of 2025, the price averaged at

$65.62/bbl, a $10.74/bbl decrease as compared to $76.36/bbl

in the second half of 2024.

*CO2* 

The average price for one tonne of CO2 emitted in 2025

increased by 12.6% from €66.5 per tonne of carbon dioxide

equivalent ("tCO2e") in 2024 to €74.9/tCO2e in 2025. The

average price for one tonne of CO2 emitted in 2024 decreased

by 21.9% compared to the previous year.

Variations in the price per tonne of carbon dioxide equivalent is

driven by a number of factors, including expectations of tighter

future supply, driven by anticipated reductions in the emissions

cap, declining free allocation, and signals from EU

policymakers regarding more ambitious climate and emissions-

reduction targets, along with compliance buying, temperatures

and natural gas prices and storage levels (impacting level of

power generation from coal power plants).

Launched in 2005, the EU-ETS is currently in its fourth phase,

stretching from January 2021 to December 2030. On June 22,

2022, the European Parliament agreed on its position

regarding the EU-ETS reform (main elements: 2030 emission

reduction target, CBAM and end of free allocation).

Because the integrated steel process leads to substantial CO2

emissions, costs related to European Union Allowances

("EUAs") and the fluctuations in EUA prices can significantly

affect the Company's costs of production. The Company

recognized a CO2 emission obligation provision of $506 million

at December 31, 2025 with respect to its shortfall. See note 9

to the consolidated financial statements. The Company also

uses derivative financial instruments to manage its exposure to

fluctuations in prices of emission rights allowances from time to

time. See note 6 to the consolidated financial statements for

further information.

Management report<br>

The following table shows quarterly average prices of oil and

CO2 for the past three years:

---

| | | |
|:---|:---|:---|
| Commodities |  |  |
| Source: Thomson <br>Reuters | Brent crude oil<br>spot average price $per barrel<br>| European Union <br>allowance<br>average price<br>€ per ton of CO2e<br>|
| Source: Thomson <br>Reuters |  |  |
| Q1 2023 | 82.10 | 89.92 |
| Q2 2023 | 77.73 | 88.57 |
| Q3 2023 | 85.92 | 85.69 |
| Q4 2023 | 82.85 | 76.85 |
| Q1 2024 | 81.76 | 61.67 |
| Q2 2024 | 85.03 | 69.65 |
| Q3 2024 | 78.71 | 68.36 |
| Q4 2024 | 74.01 | 66.38 |
| Q1 2025 | 74.98 | 75.17 |
| Q2 2025 | 66.71 | 69.95 |
| Q3 2025 | 68.17 | 72.99 |
| Q4 2025 | 63.08 | 81.50 |

---

*Natural gas*

In Europe, the overall spot price (or TTF) average for natural

gas in 2025 was €36.29/MWh, a 4.0% increase in comparison

to previous year. In 2024 natural gas prices averaged at €34.9/

MWh, a 15% decrease in comparison to 2023. TTF prices over

the 2023-2025 period have been impacted by several factors,

including the crisis in Ukraine and other geopolitical tensions

and conflicts (e.g., in the Middle East), US tariff

implementations, imports of liquefied natural gas ("LNG") (e.g.,

from the U.S.), temperatures, maintenance of pipelines,

inventory levels, coal & CO2 prices, and poor performance of

wind power generation, especially in the first half of 2025.

Russian transit gas into Europe ceased at the end of 2024,

which had an impact on 2025. Hedge fund speculative

activities on TTF also grew significantly over the past two

years, leading to higher volatility.

In the U.S., Henry Hub ("HH", the main gas hub in Louisiana)

prices in 2025 increased to an average of $3.6/MMBtu, a 50%

year-on-year increase, amid gas demand growth, including

domestic consumption and LNG exports, outpaced supply

increases, leading to a tightening market and the drawing down

of natural gas storage inventories. In 2025, the United States

cemented its position as the world's largest LNG exporter,

shipping a record estimated 111 million metric tonnes of the

fuel (a 24% increase from 2024). In 2024, prices had dropped

to an average of $2.4/MMBtu, a 11.1% year-on-year decrease

as compared to $2.7/MMBtu in 2023. HH prices over the

2023-2025 period have been impacted by several factors,

including disruptions in gas production (e.g., from severe

weather events like freeze-offs or fires), increased LNG

production capacity, demand for LNG exports (including from

Europe), inventory levels, and temperatures.

In 2025, the Japan Korea Marker ("JKM", the LNG benchmark

price assessment for spot physical cargoes delivered ex-ship

into Japan, South Korea, China and Taiwan) average price

increased to $12.2/MMBtu, a 2.5% increase year-on-year. In

2024, the JKM average price had dropped to $11.9/MMBtu, a

17% decrease compared to 2023. JKM prices over the

2023-2025 period have been impacted by several factors,

including the crisis in Ukraine and other geopolitical tensions

(e.g., Middle East), temperatures, ability to switch to oil and

domestic gas consumption, the revival of nuclear-powered

electricity generation in Japan and Korea, adverse weather

events (e.g., cyclones), and reduced Australian LNG output

due to outages. Subdued Chinese LNG demand was the main

driver of the JKM price decline over the last 12 months.

The following table shows quarterly average spot prices of

natural gas for the past three years:

---

| | | | |
|:---|:---|:---|:---|
| Natural gas | EEX PEGAS | Reuters | Reuters |
| Period | TTF<br>Spot average <br>price <br>€ per MWh<br>| Henry Hub<br>Spot average <br>price <br>$ per MMBtu<br>| JKM<br>Spot average <br>price <br>$ per MMBtu<br>|
| Period |  |  |  |
| Q1 2023 | 53.31 | 2.74 | 18.07 |
| Q2 2023 | 35.29 | 2.33 | 11.08 |
| Q3 2023 | 33.49 | 2.66 | 12.59 |
| Q4 2023 | 41.01 | 2.92 | 15.82 |
| Q1 2024 | 27.50 | 2.10 | 9.42 |
| Q2 2024 | 31.82 | 2.32 | 11.10 |
| Q3 2024 | 35.65 | 2.23 | 13.00 |
| Q4 2024 | 43.30 | 2.98 | 13.91 |
| Q1 2025 | 46.87 | 3.87 | 14.01 |
| Q2 2025 | 35.66 | 3.51 | 12.36 |
| Q3 2025 | 32.53 | 3.07 | 11.83 |
| Q4 2025 | 30.11 | 4.04 | 10.85 |

---

*Electricity - Europe* 

Due to the regional nature of electricity markets, prices follow

mainly local drivers (i.e., energy mix of the respective country,

power generation from renewables such as nuclear, country

specific energy policies, etc.), as well as temperatures and

natural gas prices (positively correlated).

In 2023, power prices mainly followed the same trend as

natural gas prices. Day-ahead power prices in North-West

Europe remained elevated and volatile, reflecting continued

gas-linked price formation despite improving supply

fundamentals. Increasing renewable generation led to more

frequent low-price and negative-price hours, though fossil fuels

still set marginal prices during periods of low wind and solar

output.

In 2024, European power demand remained at the lower end

of the 7-year range due to mild weather and availability of

power generation from renewables. Wholesale day-ahead

Management report<br>

prices declined across North-West Europe, driven by lower gas

prices and higher availability of renewable and nuclear

generation. Price volatility persisted, with a rising number of

negative-price hours as renewable output increasingly

exceeded demand during off-peak periods.

In 2025, aligned with historical trends, power prices were

greatly affected by natural gas and CO2 prices, and the

marginal cost of power generation from gas power plants

became the key indicator for electricity prices. Prices also

shaped by stable underlying demand, similar to 2024 levels,

and high levels of renewable generation. Overall, prices in

Germany remained significantly higher than France due to its

dependency on thermal generation units, while France relies

on cheaper and robust nuclear fleet. For Belgium, Germany

and France power prices acted as a floor and ceiling

throughout the year.

The following table shows quarterly average spot prices of

electricity in Germany, France and Belgium for the past three

years:

---

| | | | |
|:---|:---|:---|:---|
| Electricity |  |  |  |
| Source: EEX | Germany<br>Baseload spot <br>average price <br>€ per MWh<br>| France<br>Baseload spot <br>average price <br>€ per MWh<br>| Belgium<br>Baseload spot <br>average price <br>€ per MWh<br>|
| Source: EEX |  |  |  |
| Q1 2023 | 115.80 | 130.33 | 127.40 |
| Q2 2023 | 92.29 | 91.58 | 92.81 |
| Q3 2023 | 90.78 | 85.71 | 87.14 |
| Q4 2023 | 82.27 | 81.22 | 82.36 |
| Q1 2024 | 67.67 | 62.94 | 67.20 |
| Q2 2024 | 71.76 | 29.83 | 54.09 |
| Q3 2024 | 75.99 | 51.14 | 62.20 |
| Q4 2024 | 102.65 | 86.77 | 97.23 |
| Q1 2025 | 111.89 | 99.84 | 110.01 |
| Q2 2025 | 69.73 | 33.95 | 66.53 |
| Q3 2025 | 82.76 | 49.23 | 71.97 |
| Q4 2025 | 93.19 | 61.83 | 82.19 |

---

Ocean freight

Transportation costs, particularly shipping, constitute a

principal input cost. Shipping freight rates vary depending on

several factors, such as demand (including from China),

positional tonnage deficits relative to demand in both the

Atlantic and Pacific basins, weather conditions, water levels in

the Panama Canal, geopolitical developments affecting Red

Sea routing, energy transition and fleet growth. Heading into

2026, average rates are expected to remain sensitive to

geopolitical risks, decarbonization related uncertainties, trade

and tariff developments and the impact of longer tonne-mile

trade patterns.

The Baltic Dry Index ("BDI") (an index of average prices paid

for transport of dry bulk materials) average was at 1,681 points

in 2025 compared to 1,755 points in 2024. The Capesize index

decreased by 5.7% year-on-year to an average of $21,297/day

in 2025 compared to $22,593/day in 2024. The Panamax index

decreased by 5.2% to an average of $13,361/day in 2025 as

compared to $14,099/day in 2024. In 2025, the Supramax

index decreased to an average of $12,241/day as compared to

$13,601/day in 2024, a 10% decrease.

The BDI average was at 1,755 points in 2024 compared to

1,378 points in 2023. The Capesize sub-index (cargoes of

about 150,000 tonnes) increased by 37.8% year-on-year to an

average of $22,592/day in 2024 compared to $16,389/day in

2023. The Panamax sub-index (cargoes of about 65-80,000

tonnes) increased by 9.7% to an average of $14,099/day in

2024 as compared to $12,854/day in 2023. In 2024, the

Supramax sub-index (cargoes of about 48-65,000 tonnes)

increased to an average of $13,600/day as compared to

$11,240/day in 2023, a 21% increase.

Sources: Baltic Index, Clarksons Platou

Impact of exchange rate movements

Because a substantial portion of ArcelorMittal's assets,

liabilities, sales and earnings are denominated in currencies

other than the U.S. dollar (its reporting currency), ArcelorMittal

has exposure to fluctuations in the values of these currencies

relative to the U.S. dollar. These currency fluctuations,

especially the fluctuation of the U.S. dollar relative to the euro,

as well as fluctuations in the currencies of the other countries

in which ArcelorMittal has significant operations and sales, can

have a material impact on its results of operations. For

example, ArcelorMittal's subsidiaries may purchase raw

materials, including iron ore and coking coal, in U.S. dollars,

but may sell finished steel products in other currencies.

Consequently, an appreciation of the U.S. dollar will increase

the cost of raw materials; thereby having a negative impact on

the Company's operating margins, unless the Company is able

to pass along the higher cost in the form of higher selling

prices. In order to minimize its currency exposure, ArcelorMittal

enters into hedging transactions to lock-in a set exchange rate,

as per its risk management policies.

Since April 1, 2018, the Company has designated a portfolio of

euro denominated debt (€4.0 billion as of December 31, 2025)

as a hedge of certain euro denominated investments (€8.5

billion as of December 31, 2025) in order to mitigate the foreign

currency risk arising from certain euro denominated

subsidiaries net assets. The risk arises from the fluctuation in

spot exchange rates between the euro and U.S. dollar, which

causes the amount of the net investments to vary. See also

note 6.3 to the consolidated financial statements. As a result of

the hedge designation, foreign exchange gains and losses

related to the portfolio of euro denominated debt are

recognized in other comprehensive income.

Management report<br>

As of December 31, 2025, the Company is mainly subject to

foreign exchange exposure relating to the euro, Brazilian real,

Canadian dollar, Indian rupee, South African rand, Mexican

peso, Polish zloty, Argentinian peso and Ukrainian hryvnia

against the U.S. dollar resulting from its payables, receivables

or foreign operations denominated in such currencies.

Critical accounting policies and use of judgments and

estimates

Management's discussion and analysis of ArcelorMittal's

operational results and financial condition is based on

ArcelorMittal's consolidated financial statements, which have

been prepared in accordance with IFRS. The preparation of

financial statements in conformity with IFRS recognition and

measurement principles and, in particular, making the critical

accounting judgments highlighted below require the use of

estimates and assumptions that affect the reported amounts of

assets, liabilities, revenues and expenses. Management

reviews its estimates on an ongoing basis using currently

available information. Changes in facts and circumstances or

obtaining new information or more experience may result in

revised estimates, and actual results could differ from those

estimates.

An overview of ArcelorMittal's critical accounting policies under

which significant judgments, estimates and assumptions are

made may be found in note 1.3 to the consolidated financial

statements.

*Legal proceedings*

ArcelorMittal is currently and may in the future be involved in

litigation, arbitration or other legal proceedings. Provisions

related to legal and arbitration proceedings are recorded in

accordance with the accounting policies described in note 9.1

to ArcelorMittal's consolidated financial statements. Please

refer to note 9.3 for a description of contingencies, including

legal proceedings.

Operating results

The following discussion and analysis should be read in

conjunction with ArcelorMittal's consolidated financial

statements included in this annual report. The below provides a

discussion and analysis comparing the years ended December

31, 2025 and 2024. For the discussion and analysis of the

results of operations comparing the years ended December 31,

2024 and 2023, see "Operating and Financial Review—

Operating Results" in the Annual Report for the year ended

December 31, 2024.

ArcelorMittal reports its operations in six reportable segments:

North America, Brazil, Europe, India and JVs, Sustainable

Solutions and Mining, with the remainder of its operations in

"Others". The key performance indicators that ArcelorMittal's

management uses to analyze operations are sales, average

steel selling prices, crude steel production, steel shipments,

iron ore production and operating income. Management's

analysis of liquidity and capital resources is driven by net cash

flow from operations and capital expenditures.

Years ended December 31, 2025, and 2024

***Sales, operating income, crude steel production, steel***

***shipments, average steel selling prices and iron ore***

***production***

The following tables provide a summary of ArcelorMittal's

performance by reportable segment for the years ended

December 31, 2025, and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in $ millions)* | Sales for the year ended December 31,<sup>1</sup> | Sales for the year ended December 31,<sup>1</sup> | Sales for the year ended December 31,<sup>1</sup> | Sales for the year ended December 31,<sup>1</sup> |
| Segment | 2025 | 2024 | change | % change |
| North America | 12335 | 11896 | 439 | 3.7% |
| Brazil | 11172 | 12401 | (1229) | (9.9)% |
| Europe | 28793 | 29952 | (1159) | (3.9)% |
| Sustainable Solutions | 10501 | 10722 | (221) | (2.1)% |
| Mining | 3232 | 2663 | 569 | 21.4% |
| Others and eliminations<sup>2</sup> | (4681) | (5193) | 512 | 9.9% |
| Total | 61352 | 62441 | (1089) | (1.7)% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in $ millions)* | Operating income (loss) for the year <br>ended December 31,<sup>1</sup> | Operating income (loss) for the year <br>ended December 31,<sup>1</sup> | Operating income (loss) for the year <br>ended December 31,<sup>1</sup> | Operating income (loss) for the year <br>ended December 31,<sup>1</sup> |
| Segment | 2025 | 2024 | change | % <br>change<br>|
| North America | 2205 | 1310 | 895 | 68.3% |
| Brazil | 608 | 1399 | (791) | (56.5)% |
| Europe | 522 | 386 | 136 | 35.2% |
| Sustainable Solutions | 142 | 57 | 85 | 149.1% |
| Mining | 789 | 770 | 19 | 2.5% |
| Others and eliminations<sup>2</sup> | (638) | (612) | (26) | 9.6% |
| Total | 3628 | 3310 | 318 | 9.6% |

---

1. Amounts are prior to inter-segment eliminations (except for total) and sales

include non-steel sales.

2. Others include primarily holding and services companies and the Company's

operations in Ukraine and South Africa. Others also include all other

operational and non-operational items which are not segmented, such as

corporate and shared services, financial activities, and shipping and logistics.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Performance for the year ended December 31, | Performance for the year ended December 31, | Performance for the year ended December 31, | Performance for the year ended December 31, | Performance for the year ended December 31, |
|  | 2025 | 2024 | change | % <br>change<br>|
| Steel shipments (million tonnes) | 54.0 | 54.3 | (0.3) | (0.6)% |
| Iron ore production (million <br>tonnes)<br>| 48.8 | 42.4 | 6.4 | 15.1% |
| Average steel selling price ($/<br>tonne)<br>| 898 | 919 | (21) | (2.3)% |

---

Average steel selling prices decreased by 2.3% in 2025 as

compared to 2024 in line with international steel selling prices.

ArcelorMittal had sales of $61.4 billion in 2025, representing an

1.7% decrease from sales of $62.4 billion in 2024, primarily

Management report<br>

due to a 2.3% reduction in average steel selling prices while

steel shipments remained relatively stable.

*Export sales*

Because the Group's customers and operations are mainly

based outside its home country of Luxembourg, all of its sales

are considered to be export sales. Annual sales to a single

individual customer did not exceed 5% of sales in any of the

periods presented.

*Cost of sales* 

Cost of sales consists primarily of purchases of raw materials

necessary for steel-making (iron ore, coke and coking coal,

scrap and alloys), energy, repair and maintenance costs, as

well as direct labor costs, depreciation and impairment. Cost of

sales in 2025 included $0.2 billion impairment charges of

property, plant and equipment mainly related to the divestment

of the Company's steel and mining operations in Bosnia (see

note 5.3 to the consolidated financial statements). Cost of

sales in 2025 also included $0.4 billion expense for the final

settlement of the purchase price of Votorantim's long business

in Brazil, $133 million of restructuring costs in the Europe and

Sustainable Solutions segments and $61 million residual loss

on the sale of ArcelorMittal Zenica and Prijedor (Bosnia). Cost

of sales in 2024 included $116 million impairment charges of

property, plant and equipment, of which $37 million related to

the announced wind down of the Longs Business in

ArcelorMittal South Africa, $43 million relating to write off of

certain civil works following the termination of the Monlevade

expansion project in Brazil and $36 million in connection with

the closure of the Kraków coke plant in Poland. Cost of sales in

2024 also included $216 million of restructuring charges,

including $74 million relating to the Europe segment, $79

million relating to Sustainable Solutions and $63 million related

to the announced wind down of the Longs Business in

ArcelorMittal South Africa.

Depreciation in 2025 was $2.9 billion, higher as compared to

$2.6 billion in 2024 reflecting the capitalization of new assets

coming online including Liberia iron ore, India (renewables)

and Brazil (Vega and Serra Azul expansion).

*Selling, general and administrative expenses* 

Selling, general and administrative expenses ("SG&A") were

$2.6 billion in 2025 as compared to $2.5 billion in 2024. SG&A

as a percentage of sales marginally increased in 2025 (4.2%)

as compared to 2024 (4.0)%.

*Operating income*

ArcelorMittal's $3.6 billion operating income in 2025 was higher

as compared to $3.3 billion in 2024 mainly due to $1.9 billion

gain upon acquisition of the remaining 50% equity stake in

AMNS Calvert, partly offset by $0.4 billion expense for the final

settlement of the purchase price of Votorantim's long business

in Brazil. Operating income in 2025 was also impacted by

improved performance in Europe, supported by a positive

price-cost effect and contributions from project ramp-ups,

notably India renewables and Liberia phase 2, partly offset by

weaker results in North America (impacted by Section 232

tariffs and unplanned maintenance in Mexico) and lower

contribution from the Brazil segment due to weaker prices.

Operating income in 2024 was negatively impacted by the

illegal blockade of Mexico operations.

---

| | | | | |
|:---|:---|:---|:---|:---|
| North America | North America | North America | North America | North America |
|  | Performance for the year ended December 31, | Performance for the year ended December 31, | Performance for the year ended December 31, | Performance for the year ended December 31, |
| (in millions of USD unless otherwise <br>shown)<br>| 2025 | 2024 | change | % change |
| Sales | 12335 | 11896 | 439 | 3.7% |
| Depreciation | (677) | (509) | (168) | 33.0% |
| Operating income | 2205 | 1310 | 895 | 68.3% |
| Crude steel production (thousand tonnes) | 7755 | 7538 | 217 | 2.9% |
| Flat product shipments | 8378 | 8022 | 356 | 4.4% |
| Long product shipments | 2378 | 2486 | (108) | (4.3)% |
| Others and eliminations | (473) | (445) | (28) | 6.3% |
| Total steel shipments (thousand tonnes) \* | 10283 | 10063 | 220 | 2.2% |
| Average steel selling price (USD/tonne) | 1014 | 985 | 29 | 2.9% |

---

\*Include slabs sourced by North America from Group subsidiaries (primarily

Brazil) and sold to the AMNS Calvert joint venture (until June 18, 2025) which

are then eliminated on consolidation. These shipments varied between

periods due to slab sourcing mix and timing of vessels in a period. 826,000

tonnes in 2025 (until June 18, 2025) and 1,867,000 tonnes in 2024.

Crude steel production increased 2.9% in 2025 as compared to

2024. Crude steel production and steel shipments were

impacted by the blast furnace shutdown for preventive

maintenance in the Long products business in Mexico during

the second half of 2025 prior to its restart in late January 2026.

The Flat products business in Mexico was also impacted by an

unplanned outage at the Lázaro Cárdenas DRI plant during the

third quarter of 2025. In 2024, crude steel production and steel

shipments were impacted by the illegal blockade of Mexico's

steel plant in Lázaro Cárdenas and at Las Truchas mine from

May 2024 to July 2024 (and following which production only

fully recovered in the first quarter of 2025 with an estimated

impact of approximately 800,000 tonnes of forgone steel

production). Sales increased by 3.7% primarily due to the

consolidation of AMTBA and AMNS Calvert from April 1, 2025

and June 18, 2025, respectively (see note 2.2.4 to the

consolidated financial statements), and 2.9% higher average

steel selling prices. Operating income of $2.2 billion in 2025

included $1.9 billion gain upon acquisition of the remaining

50% equity stake in AMNS Calvert. Excluding this gain,

underlying operating performance declined primarily due to the

additional costs imposed on the business by U.S. section 232

tariffs (initially set at 25% effective March 12, 2025 and further

increased to 50% from June 4, 2025 onwards), the impact of

unplanned maintenance and blast furnace shutdown in Mexico,

offset in part by the non-recurrence of higher costs related to

the illegal blockade in Mexico that impacted 2024.

Management report<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Brazil | Brazil | Brazil | Brazil | Brazil |
|  | Performance for the year ended December 31, | Performance for the year ended December 31, | Performance for the year ended December 31, | Performance for the year ended December 31, |
| (in millions of USD unless otherwise <br>shown)<br>| 2025 | 2024 | change | % change |
| Sales | 11172 | 12401 | (1229) | (9.9)% |
| Depreciation | (379) | (361) | (18) | 5.0% |
| Operating income | 608 | 1399 | (791) | (56.5)% |
| Crude steel production (thousand tonnes) | 14350 | 14540 | (190) | (1.3)% |
| Flat product shipments | 9264 | 9409 | (145) | (1.5)% |
| Long product shipments | 4744 | 4732 | 12 | 0.3% |
| Others and eliminations | (59) | (59) |  | —% |
| Total steel shipments (thousand tonnes) | 13949 | 14082 | (133) | (0.9)% |
| Average steel selling price (USD/tonne) | 736 | 816 | (80) | (9.8)% |

---

While crude steel production remained largely stable in 2025

as compared to 2024, sales decreased by 9.9% primarily due

to lower average steel selling prices and to a lower extent due

to lower steel shipments (primarily lower exports impacted by

weaker market conditions). In 2025, both domestic and export

prices declines with slab prices in particular impacted by the

removal of U.S. quotas in March 2025. Operating income

decreased in 2025 as compared to 2024 primarily due to lower

average steel selling prices. Operating income in 2025 was

also negatively impacted by $0.4 billion expense for final

settlement of the purchase price of Votorantim's long business

in Brazil as compared to a $43 million impairment charge in

2024 relating to the write off of civil works following the

termination of the Monlevade expansion project in Brazil.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Europe |  |  |  |  |  |
|  | Performance for the year ended December 31, | Performance for the year ended December 31, | Performance for the year ended December 31, | Performance for the year ended December 31, | Performance for the year ended December 31, |
| (in millions of USD unless otherwise shown) | 2025 | 2024 |  | change | % change |
| Sales | 28793 | 29952 | 3<br>1<br>6<br>9<br>5<br>| (1159) | (3.9)% |
| Depreciation | (1114) | (1128) | -<br>1<br>0<br>9<br>8<br>| 14 | (1.2)% |
| Impairment | (226) | (36) | 0 | (190) | 527.8% |
| Operating income | 522 | 386 | 8<br>7<br>9<br>| 136 | 35.2% |
| Crude steel production (thousand tonnes) | 29166 | 31211 | 2<br>8<br>4<br>4<br>5<br>| (2045) | (6.6)% |
| Flat product shipments | 20473 | 20489 | 1<br>9<br>5<br>7<br>0<br>| (16) | (0.1)% |
| Long product shipments | 7950 | 8183 | 8<br>0<br>0<br>1<br>| (233) | (2.8)% |
| Others and eliminations | (15) | (13) | -<br>1<br>2<br>| (2) | 15.4% |
| Total steel shipments (thousand tonnes) | 28408 | 28659 | 2<br>7<br>5<br>5<br>9<br>| (251) | (0.9)% |
| Average steel selling price (USD/tonne) | 894 | 910 | 9<br>9<br>5<br>| (16) | (1.8)% |

---

Crude steel production decreased by 6.6% in 2025 as

compared to 2024, primarily due to the planned reline of blast

furnace #4 in Dunkirk, required maintenance of assets

particularly during the fourth quarter of 2025 and the sale of the

Bosnian operations. Sales decreased by 3.9% primarily due to

a 1.8% decrease in average steel selling prices and 0.9%

lower steel shipments. Operating income increased by 35.2%

primarily due to a positive price-cost effect, offset in part by

lower steel shipments, $0.2 billion impairment charge related to

the divestment of the Company's steel and mining operations

in Bosnia and $0.1 billion restructuring costs.

Operating income in 2024 was negatively impacted by $36

million impairment charges of property, plant and equipment

and $74 million restructuring charges in connection with the

closure of the Kraków coke plant in Poland.

---

| | | | | |
|:---|:---|:---|:---|:---|
| India and JVs | India and JVs | India and JVs | India and JVs | India and JVs |
|  | Performance for the year ended December 31, | Performance for the year ended December 31, | Performance for the year ended December 31, | Performance for the year ended December 31, |
| (in millions of USD unless otherwise <br>shown)<br>| 2025 | 2024 | change | % change |
| Income from investments in associates, <br>joint ventures and other investments<br>| 635 | 779 | (144) | (18.5)% |

---

Income from India and JVs decreased by 18.5% mainly due to

lower contribution from AMNS India partly offset by incremental

contribution from Vallourec which was acquired in August 2024.

ArcelorMittal has investments in various joint ventures and

associates. Following the consolidation of ArcelorMittal Calvert

(on June 18, 2025, the Company acquired the remaining 50%

interest in AMNS Calvert, see "Introduction—Key transactions

and events in 2025" and note 2.2.4 to the consolidated

financial statements), ArcelorMittal considers the AMNS India

joint venture to be of particular strategic importance, warranting

more detailed disclosures to improve the understanding of its

operational performance and value to the Company.

---

| | | | | |
|:---|:---|:---|:---|:---|
| AMNS India | AMNS India | AMNS India | AMNS India | AMNS India |
|  | Performance for the year ended December 31, | Performance for the year ended December 31, | Performance for the year ended December 31, | Performance for the year ended December 31, |
| (in millions of USD unless otherwise shown) | 2025 | 2024 | change | % change |
| Crude steel production (100% basis) <br>(thousand tonnes)<br>| 7219 | 7544 | (325) | (4.5)% |
| Steel shipments (100% basis) (thousand <br>tonnes)<br>| 7863 | 7933 | (70) | (0.9)% |
| Sales (100% basis) | 6026 | 6515 | (489) | (7.5)% |

---

During 2025, AMNS India experienced a decline in steel

shipments (in part impacted by planned maintenance but also

unfavorable market conditions during the first half of 2025).

Sales decreased by 7.5% primarily due to the lower average

steel selling prices and lower shipments as explained above.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Sustainable Solutions | Sustainable Solutions | Sustainable Solutions | Sustainable Solutions | Sustainable Solutions |
|  | Performance for the year ended December 31, | Performance for the year ended December 31, | Performance for the year ended December 31, | Performance for the year ended December 31, |
| (in millions of USD unless otherwise shown) | 2025 | 2024 | change | % change |
| Sales | 10501 | 10722 | (221) | (2.1)% |
| Depreciation | (235) | (178) | (57) | 32.0% |
| Impairment | (17) |  | (17) | (100.0)% |
| Operating income  | 142 | 57 | 85 | 149.1% |

---

Sales decreased by 2.1% in 2025 as compared to 2024

primarily due to lower activity levels and prices. Operating

income increased by 149.1% primarily due to ramp-up of the

renewable energy project in India, partly offset by $28 million

Management report<br>

restructuring charges. Operating income in 2024 was also

negatively impacted by $79 million primarily related to

restructuring charges.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Mining | Mining | Mining | Mining | Mining |
|  | Performance for the year ended December 31, | Performance for the year ended December 31, | Performance for the year ended December 31, | Performance for the year ended December 31, |
| (in millions of USD unless otherwise shown) | 2025 | 2024 | change | % change |
| Sales | 3232 | 2663 | 569 | 21.4% |
| Depreciation | (316) | (263) | (53) | 20.2% |
| Operating income | 789 | 770 | 19 | 2.5% |
| Iron ore production (million tonnes) | 35.3 | 27.9 | 7.4 | 26.5% |
| Iron ore shipments (million tonnes) | 36.3 | 26.4 | 9.9 | 37.5% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Note | | | For the year ended <br>December 31, | For the year ended <br>December 31, |
| Iron ore production (million <br>metric tonnes)<br>| 1 | Type | Product | 2025 | 2024 |
| AMMC |  | Open pit | Concentrate, <br>lump, fines and <br>pellets<br>| 25.6 | 24.2 |
| AML |  | Open pit / <br>Underground<br>| Fines | 9.7 | 3.7 |
| Total iron ore production |  |  |  | 35.3 | 27.9 |

---

1. Total of all finished production of fines, concentrate, pellets and lumps.

Iron ore production and shipments increased by 26.5% and

37.5%, respectively, mainly driven by higher volumes at AML

supported by operational improvements and the ongoing ramp-

up of Phase 2 capacity expansion. The operation is

progressing toward 20 million tonnes of annual capacity, with

shipments expected to exceed 18 million tonnes by end of

2026 as sinter-feed output increases and the concentrator

continues to ramps up, supporting improved price realization.

Iron ore production in 2024 was negatively impacted by rail

disruptions at AMMC due to wildfires near Port Cartier in late

June 2024 and by rail accidents at AML in the first quarter of

2024. Sales and operating income increased in 2025 as

compared to 2024 by 21.4% and 2.5%, respectively, primarily

due to higher iron ore shipments, partly offset by lower iron ore

reference prices (net of lower freight costs) and higher

depreciation resulting from phase 2 expansion in Liberia.

Sales of $1,365 million and iron ore shipments of 13.7 million

tonnes to external customers in 2025 increased by 39% and

47%, respectively, compared to $982 million and 9.3 million

tonnes in 2024, mainly due to higher volumes at AML as

explained above.

The average reference iron ore price was $101.9 per tonne in

2025 as compared to $109.6 per tonne in 2024 (delivered to

China, normalized to Qingdao and 62% Fe US $ per tonne,

Metal Bulletin). However, there may not be a direct correlation

between reference prices and actual selling prices in various

regions at a given time. See also quarterly reference prices in

"Raw materials" above.

Financing costs-net

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Performance for the year ended December 31, | Performance for the year ended December 31, | Performance for the year ended December 31, | Performance for the year ended December 31, |
| (in $ millions) | 2025 | 2024 | change | % change |
| Net interest expense<sup>1</sup> | (296) | (110) | (186) | 169% |
| Foreign exchange gains / <br>(losses)<br>| 256 | (565) | 821 | 145% |
| Other net financing costs<sup>2</sup> | (669) | (499) | (170) | 34% |
| Financing costs - net | (709) | (1174) | 465 | (40)% |

---

1. interest expense less interest income.

2. includes bank fees, interest on pension obligations and other long-term

liabilities, revaluation of derivative instruments and expenses related to true

sale of receivables.

The increase in net interest expense in 2025 is primarily due to

higher average gross debt levels and lower interest income.

Foreign exchange gain in 2025 is mainly related to the

depreciation of the U.S. dollar against the euro and the

Brazilian real (as compared to foreign exchange losses due to

the appreciation of the U.S. dollar against most currencies in

2024). In 2025, other net financing costs included a $101

million charge related to the extension of the term of the

mandatory convertible bond (see note 11.2 to the consolidated

financial statements). In 2024, other financing costs included a

$83 million expense relating to the fair value at acquisition date

of the forward in connection with the Vallourec acquisition.

Income tax expense (benefit)

ArcelorMittal recorded an income tax expense of $0.4 billion for

2025 as compared to $1.5 billion for 2024. The decrease in tax

expense reflects lower operating income with a smaller share

of earnings generated in higher-tax jurisdictions such as

Canada. In addition, exceptional items, such as bargain

purchase in North America segment, had minimal tax impact.

The decrease includes a $82 million decrease in deferred tax

assets and resulting deferred tax expense related to the

reduction of the statutory tax rate in Luxembourg effective

January 1, 2025 from 24.94% to 23.87%. Income tax expense

included also in 2024 a $0.2 billion provision relating to

expected resolution of the tax disputes in the North America

segment. See note 10.1 to the consolidated financial

statements.

ArcelorMittal's consolidated income tax expense (benefit) is

affected by the income tax laws and regulations in effect in the

various countries in which it operates and the pre-tax results of

its subsidiaries in each of these countries, which can change

from year to year. ArcelorMittal operates in jurisdictions, mainly

in Eastern Europe and Asia, which have a structurally lower

corporate income tax rate than the statutory tax rate as

enacted in Luxembourg (23.87%), as well as in jurisdictions,

mainly in Brazil and Mexico, which have a structurally higher

corporate income tax rate. The statutory income tax expense

(benefit) and the statutory income tax rates of the countries

Management report<br>

that most significantly resulted in the tax expense (benefit) at

statutory rate for each of the years ended December 31, 2025

and 2024 are as set forth below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 2025 | 2025 | 2024 | 2024 |
| | Statutory <br>income tax<br>| Statutory <br>income tax <br>rate\*<br>| Statutory <br>income tax<br>| Statutory <br>income tax <br>rate\*<br>|
| Argentina  | 3 | 35.00% | (39) | 35.00% |
| Belgium  | (5) | 25.00% | (27) | 25.00% |
| Brazil  | (163) | 34.00% | 173 | 34.00% |
| Canada  | 171 | 25.90% | 488 | 25.90% |
| France  | (60) | 25.82% | (197) | 25.82% |
| Germany  | (134) | 25.00% | (197) | 30.30% |
| Italy | (3) | 24.00% | (18) | 24.00% |
| Liberia | (32) | 25.00% | (42) | 25.00% |
| Luxembourg | 1234 | 23.87% | 556 | 23.87% |
| Mexico  | (206) | 30.00% | 49 | 30.00% |
| The Netherlands | (26) | 25.80% | (19) | 25.80% |
| Poland  | (37) | 19.00% | (71) | 19.00% |
| South Africa  | (37) | 27.00% | (86) | 27.00% |
| Spain  | (5) | 25.00% | (8) | 25.00% |
| Ukraine  | (39) | 18.00% | (39) | 18.00% |
| United States  | 36 | 21.00% | 68 | 21.00% |
| Others  | (20) |  | (9) |  |
| Total | 677 |  | 582 |  |

---

\*The statutory tax rates are the (future) rates enacted or substantively enacted by

the end of the respective period.

Non-controlling interests

Net income attributable to non-controlling interests was $91

million and $41 million for 2025 and 2024, respectively. Net

income attributable to non-controlling interests for the year

ended December 31, 2025 and 2024 primarily relates to the

non-controlling shareholders' share of net income recorded in

AMMC and Belgo Bekaert Arames in Brazil.

Net income attributable to equity holders of the parent

ArcelorMittal's net income attributable to equity holders of the

parent was $3.2 billion and $1.3 billion for 2025 and 2024,

respectively. ArcelorMittal's basic earnings per common share

was $4.13 and $1.70 in 2025 and 2024, respectively.

Liquidity and capital resources

ArcelorMittal's principal sources of liquidity are cash generated

from its operations and its credit facilities at the corporate level.

Impact of organizational structure

Because ArcelorMittal is a holding company, it is dependent

upon the earnings and cash flows of, as well as dividends and

distributions from, its operating subsidiaries to pay expenses

and meet its debt service obligations. Cash and cash

equivalents are primarily centralized at the parent level and are

managed by ArcelorMittal Treasury SNC, although from time to

time cash or cash equivalent balances may be held at the

Company's international subsidiaries or its holding companies.

Some of these operating subsidiaries have debt outstanding or

are subject to acquisition agreements that impose restrictions

on such operating subsidiaries' ability to pay dividends, but

such restrictions are not significant in the context of

ArcelorMittal's overall liquidity. Repatriation of funds from

operating subsidiaries may also be affected by tax and foreign

exchange policies in place from time to time in the various

countries where the Company operates, though none of these

policies is currently significant in the context of ArcelorMittal's

overall liquidity.

In management's opinion, ArcelorMittal's credit facilities and

working capital are adequate for its present requirements.

ArcelorMittal had available borrowing capacity of $5.5 billion

under its $5.5 billion revolving credit facility as of December 31,

2025 and 2024 (see below—Credit facilities). For information

regarding the currencies of cash and cash equivalents and

restricted cash, see note 6.1.4 to the consolidated financial

statements.

Credit facilities

ArcelorMittal's principal credit facilities are described below, for

further information on its existing credit facilities and several

debt financing and repayment transactions completed during

2025, please refer to note 6 to the consolidated financial

statements.

On May 29, 2024, ArcelorMittal signed an agreement for a $5.5

billion revolving credit facility (the "Facility"). This Facility

incorporates a single tranche of $5.5 billion maturing on May

29, 2029, with two one-year extension options at the lenders'

discretion (i.e. the options to extend are to be exercised before

the dates that are respectively one and two years after the

signing date of the agreement). On April 30, 2025, ArcelorMittal

exercised the option to extend the Facility's maturity by one

year to May 29, 2030. The Facility may be used for general

corporate purposes and was fully available as of December 31,

2025. The Facility contains restrictive covenants, which among

other things, limit encumbrances on the assets of ArcelorMittal

and its subsidiaries, the ability of ArcelorMittal's subsidiaries to

incur debt and the ability of ArcelorMittal and its subsidiaries to

dispose of assets in certain circumstances. The Company

makes drawdowns from and repayments on the Facility in the

framework of its cash management.

In addition, ArcelorMittal has a $445 million revolving multi-

currency letter of credit facility (the "Letter of Credit Facility")

maturing on July 31, 2027, with two one-year extension

options. The Letter of Credit Facility is used by the Company

and its subsidiaries for the issuance of letters of credit and

other instruments. The terms of the letters of credit and other

instruments contain certain restrictions as to duration.

Management report<br>

The margin applicable to ArcelorMittal's principal credit facilities

(the Facility and certain other credit facilities) and the coupons

on certain of its outstanding bonds are subject to adjustment in

the event of a change in its long-term credit ratings. On June 9,

2025, Standard & Poor's upgraded ArcelorMittal's credit rating

from 'BBB-' to 'BBB' on improved business and assigned a

'Stable' outlook. On December 4, 2025, Moody's upgraded

ArcelorMittal's credit rating from 'Baa3' to 'Baa2' on

strengthening its business profile, including a structural

improvement in margins and a reduction in earnings volatility

and assigned a 'Stable' outlook. See "Introduction—Risk

Factors and Control—Risk factors—Risks related to

ArcelorMittal's financial position and organizational structure—

ArcelorMittal's indebtedness could have an adverse impact on

its results of operations and financial position, and the market's

perception of ArcelorMittal's leverage or of certain financial

transactions may affect its share price."

Indebtedness

Most of the external debt is borrowed by the parent company

on an unsecured basis and bears interest at varying levels

based on a combination of fixed and variable interest rates.

Total debt as of December 31, 2025 increased to $13.4 billion

as compared to $11.6 billion as of December 31, 2024. See "—

Sources and uses of cash—Net cash used in financing

activities" and note 6.3 to the consolidated financial

statements.

---

| | | | |
|:---|:---|:---|:---|
| Net Debt<sup>1</sup> |  |  |  |
|  | December 31 | December 31 | December 31 |
| *in $ billions* | 2025 | 2024 | change |
| Long-term debt | 10.7 | 8.8 | 1.9 |
| Short-term debt and current portion of <br>long-term debt<br>| 2.7 | 2.8 | (0.1) |
| Total Debt (A) | **13.4** | **11.6** | **1.8** |
| Cash and cash equivalents<sup>2</sup>(B) | 5.5 | 6.5 | (1.0) |
| Net Debt (A) - (B) = (C) | **7.9** | **5.1** | **2.8** |
| Total Equity (D) | 56.5 | 51.3 | 5.2 |
| Gearing<sup>3</sup> (C)/(D) | **14.0%** | **9.9%** | **4.1%** |

---

1. defined as long-term debt, net of current portion plus short-term debt and

current portion of long-term debt less cash and cash equivalents, restricted

cash and cash and cash equivalents held as part of assets held for sale.

2. including restricted cash of $84 million and $84 million at December 31, 2025

and December 31, 2024, respectively. Restricted cash included $67 million

and $68 million relating to various environmental obligations, true sales of

receivables programs and letter of credits issued in ArcelorMittal South Africa

as of December 31, 2025 and December 31, 2024, respectively.

3. defined as net debt divided by total equity.

The increase in net debt in 2025 reflects the consolidation of

debt resulting from several acquisitions for $1.9 billion,

including mainly ArcelorMittal Calvert for $1.2 billion, $0.3

billion share buy backs and $0.4 billion dividend payments to

ArcelorMittal shareholders, partly offset by $4.8 billion net cash

provided by operating activities less $4.3 billion capital

expenditures. Non-compliance with the covenants in the

Company's borrowing agreements entitles the lenders under

such facilities to accelerate the Company's repayment

obligations. The Company was in compliance with the material

financial covenants in the agreements related to all of its

borrowings as of December 31, 2025. ArcelorMittal's debt

facilities have provisions whereby the acceleration of the debt

of another borrower within the ArcelorMittal group could, under

certain circumstances, lead to acceleration under such

facilities.

The following table summarizes the repayment schedule of

ArcelorMittal's outstanding indebtedness, which includes short-

term and long-term debt, as of December 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Repayment amounts per year (in billions of $) | Repayment amounts per year (in billions of $) | Repayment amounts per year (in billions of $) | Repayment amounts per year (in billions of $) | Repayment amounts per year (in billions of $) | Repayment amounts per year (in billions of $) |
| Type of indebtedness as of <br>December 31, 2025<br>| 2026 | 2027 | 2028 | 2029 | 2030 <br>and <br>beyond<br>| Total |
| Bonds | 1.1 | 1.2 | 0.6 | 0.5 | 4.5 | 7.9 |
| Commercial paper | 0.9 |  |  |  |  | 0.9 |
| Lease liabilities and other loans | 0.7 | 0.4 | 0.8 | 0.3 | 2.4 | 4.6 |
| Total gross debt | 2.7 | 1.6 | 1.4 | 0.8 | 6.9 | 13.4 |

---

The average debt maturity of the Company was 7.7 years as of

December 31, 2025, as compared to 6.7 years as of December

31, 2024.

Further information regarding ArcelorMittal's outstanding short-

term and long-term indebtedness as of December 31, 2025,

including the breakdown between fixed rate and variable rate

debt, is set forth in note 6 to the consolidated financial

statements. Further information regarding ArcelorMittal's use of

financial instruments for hedging purposes is set forth in note 6

to the consolidated financial statements.

The Company expects to service its cash requirements in the

near and medium-term with net cash provided by operating

activities. In the future, the Company may enter into additional

financing facilities if required.

*Mandatory convertible bond*

On March 14, 2023, the Company through its wholly-owned

subsidiary Hera Ermac made an early repayment of 226,666 of

the 666,666 outstanding unsecured and unsubordinated bonds

mandatorily convertible into preferred shares of such

subsidiary for a total cash consideration of $340 million. See

notes 11.2 to the consolidated financial statements. On

December 19, 2025, the Company extended the conversion

date of its bonds mandatorily convertible into preferred shares

to January 28, 2028.

Trade receivables

ArcelorMittal has established a number of programs for sales

without recourse of trade accounts receivable to various

financial institutions (referred to as true sale of receivables

Management report<br>

("TSR")). As of December 31, 2025, the total amount of trade

accounts receivables sold amounted to $5.0 billion. Through

the TSR programs, certain operating subsidiaries of

ArcelorMittal surrender the control, risks and benefits

associated with the accounts receivable sold; therefore, the

amount of receivables sold is recorded as a sale of financial

assets and the balances are removed from the consolidated

statements of financial position at the moment of sale.

Trade payables

As part of the Company's ongoing efforts to improve its

working capital position, it continually engages with its

customers and suppliers with the aim of improving overall

terms, including pricing, quality, just in time delivery, discounts

and payment terms. Trade accounts payable have maturities

from 15 to 180 days depending on the type of material, the

geographic area in which the purchase transaction occurs and

the various contractual agreements. The Company's average

outstanding number of trade payable days amounted to 82

over the last 5 years. The ability of suppliers to provide

payment terms may be dependent on their ability to obtain

funding for their own working capital needs and or their ability

to early discount their receivables at their own discretion (the

Company estimates that about $2.3 billion of trade payables

were subject to early discount by its suppliers in 2025 as

compared to $2.8 billion in 2024). Given the nature and large

diversification of its supplier base the Company does not

expect any material impact to its own liquidity position as a

result of suppliers not having access to liquidity. As of

December 31, 2025, a 5-day reduction in trade payable days

would result in a trade payables decrease by $640 million.

Commitments, obligations and other arrangements

The Company's cash requirements in the near and medium

term are primarily driven by the current commitments,

obligations and other arrangements in place as of December

31, 2025. ArcelorMittal has various purchase commitments for

materials, supplies and capital expenditure incidental to the

ordinary course of business. As of December 31, 2025,

ArcelorMittal had various outstanding obligations mostly related

to:

• Guarantees, pledges and other collateral related to

financial debt and credit lines given on behalf of third

parties and joint ventures,

• Capital expenditure commitments mainly related to

commitments associated with investments in expansion

and improvement projects by various subsidiaries, and

• Other commitments comprising mainly commitments

incurred for gas supply to electricity suppliers.

These commitments, obligations and other arrangements will

become due in 2026 and beyond. These various purchase

commitments and long-term obligations will have an effect on

ArcelorMittal's future liquidity and capital resources. For further

details on commitments and obligations, please refer to

note 9.4 to the consolidated financial statements. ArcelorMittal

also has various environmental commitments and asset

retirement obligations as of December 31, 2025. For further

details on environmental commitments and asset retirement

obligations, please refer to note 9.1 to the consolidated

financial statements.

As of December 31, 2025, ArcelorMittal had guarantees of $1.2

billion and $5.4 billion of debt of its subsidiaries and joint

ventures, respectively, as compared to $375 and $6.3 billion as

of December 31, 2024, respectively. Guarantees of

indebtedness of joint ventures at December 31, 2025 included

$4.4 billion issued on behalf of AMNS India. The guarantee

relates to $10.1 billion credit facilities with a syndicate of

Japanese banks in connection with the acquisition of AMNS

India and the expansion of AMNS India's steelmaking capacity

at its Hazira plant. The obligations under the term loan

agreements are both guaranteed by ArcelorMittal and NSC in

proportion to their interests in the joint venture, 60% and 40%.

See also note 9.4 to the consolidated financial statements for a

description of guarantees by ArcelorMittal for joint ventures.

*Earnings distribution* 

ArcelorMittal held 13.9 million shares in treasury as of

December 31, 2025, as compared to 84.3 million shares as of

December 31, 2024. As of December 31, 2025, the number of

shares held by the Company in treasury represented 1.79% of

the Company's total issued share capital. On November 20,

2025, ArcelorMittal cancelled 77,809,772 treasury shares to

keep the number of treasury shares within appropriate levels.

Following this cancellation, the aggregate number of shares

issued and fully paid up decreased from 852,809,772 to

775,000,000.

On February 6, 2025, ArcelorMittal announced that the Board

had recommended to increase the annual base dividend to

shareholders to $0.55/share, which was approved on May 6,

2025 at the annual general meeting of shareholders. The

dividend amounted to $421 million. In addition, during 2025,

ArcelorMittal repurchased 6.8 million shares under the share

buy-back program previously announced on May 5, 2023 (this

program was completed on April 1, 2025) and 2 million shares

under the new share buy-back program announced on April 7,

2025. For further information on buy-backs, see "Shareholders

and Markets—Purchases of equity securities by the issuer and

affiliated purchasers".

On February 5, 2026, ArcelorMittal announced that the Board

of Directors recommended an increase of the base annual

dividend to $0.60/share in 2026, subject to the approval of

shareholders at the annual general meeting of shareholders in

Management report<br>

May 2026. See "Introduction—History and development of the

Company—Other information—Capital return policy".

*Pension/OPEB liabilities* 

The defined benefit liabilities for employee benefits increased

to $2.5 billion at December 31, 2025 from $2.3 billion at

December 31, 2024. For additional information with respect to

the Company's pension plan and OPEB liabilities, including a

breakdown by region and by type of plan, see note 8.2 to the

consolidated financial statements.

Sources and uses of cash

**Years ended December 31, 2025, and 2024**

The below provides a discussion and analysis comparing the

years ended December 31, 2025 and 2024. For the discussion

and analysis comparing sources and uses of cash in the years

ended December 31, 2024 and 2023, see "Operating and

financial review—Liquidity and capital resources—Sources and

uses of cash" in the annual report for the year ended

December 31, 2024.

The following table presents a summary of cash flow of

ArcelorMittal:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Summary of Cash Flows | For the year ended December 31, | For the year ended December 31, | For the year ended December 31, | For the year ended December 31, |
| *(in $ millions)* | 2025 | 2024 | change | % <br>change<br>|
| Net cash provided by operating <br>activities<br>| 4808 | 4852 | (44) | (0.9)% |
| Net cash used in investing <br>activities<br>| (4551) | (4987) | 436 | (8.7)% |
| Net cash used in financing <br>activities<br>| (1766) | (680) | (1086) | 159.7% |

---

*Net cash provided by operating activities* 

Net cash provided by operating activities was relatively stable

at $4.8 billion in 2025 as compared to $4.9 billion in 2024. Net

cash provided by operating activities in 2025 included an

operating working capital release of $0.5 billion, including a

$0.8 billion and $0.6 billion inflow from inventories and trade

accounts receivable, respectively, partially offset by a $0.9

billion outflow for trade accounts payable, as compared to a

marginal operating working capital release of $0.1 billion in

2024, composed of a $0.2 billion and $0.1 billion inflow from

inventories and trade accounts payable, respectively, partially

offset by a $0.2 billion outflow for trade accounts receivable.

Net cash used in investing activities

Net cash used in investing activities was $4.6 billion in 2025 as

compared to $5.0 billion in 2024. Purchases of property, plant

and equipment and intangibles ("capital expenditures") slightly

decreased in 2025 to $4.3 billion as compared to $4.4 billion in

2024 at the lower end of the initial guidance (range between

$4.5 billion to $5.0 billion). Capital expenditures included $1.1

billion and $1.3 billion of strategic growth capital expenditures

for 2025 and 2024, respectively, and $0.3 billion of

decarbonization capital expenditures for 2025 and 2024. See

"Properties and capital expenditures—Capital expenditures"

and "—Outlook" below.

In 2025, ArcelorMittal's major capital expenditures relating to

strategic projects included Liberia expansion project, EAF and

electrical steels facility at ArcelorMittal Calvert and Mardyck

electrical steels (France) for 42%, 22% and 13% of the total

amount, respectively. They also included Serra Azul mine

direct reduction pellet feed plant and Barra Mansa section mill

(Brazil) and Las Truchas mines (Mexico) revamping and

capacity increase. In 2024, ArcelorMittal's major capital

expenditures relating to strategic projects included Liberia

expansion project, renewable energy project in India and

Mardyck electrical steels (France) for 41%, 14% and 14% of

the total amount, respectively. They also included ArcelorMittal

Vega Do Sul expansion, Serra Azul mine direct reduction pellet

feed plant and Barra Mansa section mill (Brazil) and Las

Truchas mines (Mexico) revamping and capacity increase.

ArcelorMittal's major capital expenditures in 2023 included the

following projects: ArcelorMittal Vega Do Sul expansion, Serra

Azul mine direct reduction pellet feed plant, ArcelorMittal

Liberia mine phase 2 premium product expansion, Andra

Pradesh (India) renewable energy project, Barra Mansa

section mill, Mardyck (France) new electrical steels production

facilities, Las Truchas mines (Mexico) revamping and capacity

increase, Monlevade sinter plant, blast furnace and melt shop

(now cancelled). See also "Properties and capital expenditures

—Capital expenditures".

Net cash used in investing activities in 2025 included also $263

million cash inflow related to the cash of AMNS Calvert at

acquisition date, $301 million inflow as final settlement with

respect to the loan related to the sale of Kazakhstan operations

in 2023, partly offset by $104 million and $167 million net cash

outflow in connection with the acquisitions of Tekno and Tuper,

respectively, $202 million related to the settlement of the

Votorantim put option liability and $206 million equity

investment in the NEMM joint venture. See note 2.2.4 and

2.4.1 to the consolidated financial statements.

Net cash used in investing activities in 2024 included $1,048

million cash outflow for the acquisition of a 28.4% interest in

the associate Vallourec, $201 million for the acquisition of

Italpannelli Spain and Italy in the Sustainable Solutions

segment and $120 million initial equity contribution into a new

joint venture. Net cash used in other investing activities in 2024

also included $227 million net proceeds from the sale of the

Company's remaining 4% stake in Ereĝli Demir ve Çelik

Fabrikalari T.A.S. ("Erdemir") and $111 million inflow in relation

to the first installment of an intra-group loan in connection with

the sale of ArcelorMittal Temirtau.

Management report<br>

*Net cash used in financing activities* 

Net cash used in financing activities was $1.8 billion in 2025,

as compared to $0.7 billion in 2024.

In 2025, net cash used in financing activities was driven by

several repayments including €750 million ($869 million) and

$184 million Fixed Rate Notes due 2025 repaid at maturity,

€659 million ($752 million) Schuldschein loans, $350 million

working-capital facility at ArcelorMittal Calvert, $225 million

short-term receivable facility at ArcelorMittal Calvert. Net cash

used in financing activities also included $262 million for share

buybacks. These outflows were partly offset by the proceeds

from the issuance of €650 million ($754 million) of Fixed Rate

Notes due 2030, €700 million ($799 million) from new

Schuldschein issuances, and JPY 70.5 billion ($447 million)

loan offerings issued on the Japanese Samurai loan market.

In 2024, net cash used in financing activities included primarily

$1,038 million net inflow (from the issuance of €500 million

Fixed Rate Notes due 2028 and €500 million Fixed Rate Notes

due 2031) and $987 million net inflow from the issuance of

$500 million Fixed Rate Notes due 2034 and $500 million

Fixed Rate Notes due 2054. It included also the repayment at

maturity of the Company's €1.0 billion Fixed Rate Notes due

2024 for the outstanding amount of $579 million (€529 million).

In addition, net cash used in financing activities for the year

ended December 31, 2024 included $1,300 million outflow

relating to share buybacks, $580 million in dividend payments

(see below) and $203 million for lease payments, partly offset

by $172 million cash inflow from capital increase in Finocas

subscribed by the Flemish government. For further details

related to capital markets, liability management transactions

and debt repayments in 2024, see note 6.1.2 to the

consolidated financial statements.

In 2025, dividend payments totaled $542 million including $421

million to ArcelorMittal shareholders and $121 million to

non-controlling shareholders in subsidiaries, while in 2024,

dividend payments totaled $580 million, including $393 million

to ArcelorMittal shareholders and $187 million to

non-controlling shareholders in subsidiaries.

*Equity* 

Equity attributable to the equity holders of the parent increased

to $54.5 billion as of December 31, 2025 from $49.2 billion as

of December 31, 2024 primarily due to $3.0 billion foreign

exchange gains resulting from the depreciation of the U.S.

dollar against other currencies and net income attributable to

the equity holders of the parent of $3.2 billion party offset by a

$0.3 billion decrease due to share buyback programs and $0.4

billion dividend payments. See note 11 to ArcelorMittal's

consolidated financial statements for the year ended

December 31, 2025.

Disclosures about market risk

ArcelorMittal is exposed to a number of different market risks

arising from its normal business activities. Market risk is the

possibility that changes in raw materials prices, foreign

currency exchange rates, interest rates, base metal prices

(zinc, nickel, aluminum and tin) and energy prices (oil, natural

gas and power) will adversely affect the value of ArcelorMittal's

financial assets, liabilities or expected future cash flows.

The fair value information presented below is based on the

information available to management as of the date of the

consolidated statements of financial position. Although

ArcelorMittal is not aware of any factors that would significantly

affect the estimated fair value amounts, such amounts have

not been comprehensively revalued for purposes of this annual

report since that date, and therefore, the current estimates of

fair value may differ significantly from the amounts presented.

The estimated fair values of certain financial instruments have

been determined using available market information or other

valuation methodologies that require considerable judgment in

interpreting market data and developing estimates.

See note 6 to ArcelorMittal's consolidated financial statements

for quantitative information about risks relating to financial

instruments, including financial instruments entered into

pursuant to the Company's risk management policies.

*Risk management* 

ArcelorMittal has implemented strict policies and procedures to

manage and monitor financial market risks. Organizationally,

supervisory functions are separated from operational functions,

with proper segregation of duties. Financial market activities

are overseen by the CEO and CFO, the Corporate Finance

and Tax Committee and the Executive Office.

All financial market risks are managed in accordance with the

Treasury and Financial Risk Management Policy. These risks

are managed centrally through Group Treasury by a group

specializing in foreign exchange, interest rate, commodity,

internal and external funding and cash and liquidity

management.

All financial market hedges are governed by ArcelorMittal's

Treasury and Financial Risk Management Policy, which

includes a delegated authority and approval framework, sets

the boundaries for all hedge activities and dictates the required

approvals for all Treasury activities. Hedging activity and limits

are monitored on an ongoing basis. ArcelorMittal enters into

transactions with numerous counterparties, mainly banks and

financial institutions, as well as brokers, major energy

producers and consumers.

As part of its financial risk management activities, ArcelorMittal

uses derivative instruments to manage its exposure to changes

in interest rates, foreign exchange rates and commodities

Management report<br>

prices. These instruments are principally interest rate, currency

and commodity swaps, spots and forwards. ArcelorMittal may

also use futures and options contracts.

***Counterparty risk***

ArcelorMittal has established detailed counterparty limits to

mitigate the risk of default by its counterparties. The limits

restrict the exposure ArcelorMittal may have to any single

counterparty. Counterparty limits are calculated taking into

account a range of factors that govern the approval of all

counterparties. The factors include an assessment of the

counterparty's financial soundness and its ratings by the major

rating agencies, which must be of a high quality. Counterparty

limits are monitored on a periodic basis.

All counterparties and their respective limits require the prior

approval of the Corporate Finance and Tax Committee.

Standard agreements, such as those published by the

International Swaps and Derivatives Association, Inc. (ISDA)

are negotiated with all ArcelorMittal trading counterparties.

***Currency exposure***

ArcelorMittal seeks to manage each of its entities' exposure to

its operating currency. For currency exposure generated by

activities, the conversion and hedging of revenues and costs in

foreign currencies is typically performed using currency

transactions on the spot market and forward market. For some

of its business segments, ArcelorMittal hedges future cash

flows.

Because a substantial portion of ArcelorMittal's assets,

liabilities, sales and earnings are denominated in currencies

other than the U.S. dollar (its reporting currency), ArcelorMittal

has exposure to fluctuations in the values of these currencies

relative to the U.S. dollar. These currency fluctuations,

especially the fluctuation of the value of the U.S. dollar relative

to the euro, the Canadian dollar, Brazilian real, South African

rand, Argentine peso, Indian rupee, Polish zloty and Ukrainian

hryvnia, as well as fluctuations in the currencies of the other

countries in which ArcelorMittal has significant operations and/

or sales, could have a material impact on its results of

operations.

ArcelorMittal faces transaction risk, where its businesses

generate sales in one currency but incur costs relating to that

revenue in a different currency. For example, ArcelorMittal's

subsidiaries may purchase raw materials, including iron ore

and coking coal, in U.S. dollar, but may sell finished steel

products in other currencies. Consequently, an appreciation of

the U.S. dollar will increase the cost of raw materials, thereby

negatively impacting the Company's operating margins, unless

the Company is able to pass along the higher cost in the form

of higher selling prices.

ArcelorMittal faces foreign currency translation risk, which

arises when ArcelorMittal translates the financial statements of

its subsidiaries, denominated in currencies other than the U.S.

dollar for inclusion in ArcelorMittal's consolidated financial

statements.

The tables below illustrate the impact of a 10% increase or

decrease between the foreign currencies with the highest

impact on net debt translation and the U.S. dollar as of

December 31, 2025 and December 31, 2024. A positive sign

means an increase in the net debt.

---

| | | |
|:---|:---|:---|
| Currency | Impact on net debt <br>translation of a 10% <br>appreciation of the<br>U.S. dollar against the <br>currency<br>| Impact on net debt <br>translation of a 10% <br>depreciation of the<br>U.S. dollar against the <br>currency<br>|
| In 2025 | in $ equivalent<br>(in millions)<br>| in $ equivalent<br>(in millions)<br>|
| Argentine peso | 43 | (43) |
| Euro | (271) | 271 |
| Indian rupee | (5) | 5 |
| Japanese yen | (45) | 45 |
| Polish zloty | (22) | 22 |
| South African rand | (11) | 11 |
| Others | 9 | (9) |

---

---

| | | |
|:---|:---|:---|
| Currency | Impact on net debt <br>translation of a 10% <br>appreciation of the<br>U.S. dollar against the <br>currency<br>| Impact on net debt <br>translation of a 10% <br>depreciation of the<br>U.S. dollar against the <br>currency<br>|
| In 2024 | in $ equivalent<br>(in millions)<br>| in $ equivalent<br>(in millions)<br>|
| Argentine peso | 49 | (49) |
| Brazilian real | 13 | (13) |
| Euro | (111) | 111 |
| Indian rupee | (10) | 10 |
| Moroccan dirham | 7 | (7) |
| Polish zloty | 2 | (2) |
| Others | (3) | 3 |

---

***Derivative instruments***

ArcelorMittal uses derivative instruments to manage its

exposure to movements in interest rates, foreign exchange

rates and commodity prices. Changes in the fair value of

derivative instruments are recognized in the consolidated

statements of operations or in equity according to nature and

effectiveness of the hedge.

Derivatives used are non-exchange-traded derivatives such as

over-the-counter swaps, options and forward contracts.

Management report<br>

For the Company's tabular presentation of information related

to its market risk sensitive instruments, please see note 6 to

the consolidated financial statements.

***Interest rate sensitivity***

Cash balances, which are primarily composed of euros and

U.S. dollar, are managed according to the short-term (up to

one year) guidelines established by senior management on the

basis of a daily interest rate benchmark, primarily through

short-term currency swaps, without modifying the currency

exposure.

***Interest rate risk on debt***

ArcelorMittal's policy consists of incurring debt at fixed and

floating interest rates, primarily in U.S. dollar and euros

according to general corporate needs. Interest rate and

currency swaps are utilized to manage the currency and/or

interest rate exposure of the debt.

For the Company's tabular presentation of the fair values of its

short and long term debt, please see note 6 to the consolidated

financial statements.

***Commodity price risk***

ArcelorMittal utilizes a number of exchange-traded

commodities in the steel-making process. In certain instances,

ArcelorMittal is the leading consumer worldwide of certain

commodities. In some businesses and in certain situations,

ArcelorMittal is able to pass this exposure on to its customers.

The residual exposures are managed as appropriate.

Financial instruments related to commodities (base metals,

energy, freight and emission rights) are utilized to manage

ArcelorMittal's exposure to price fluctuations.

Hedges in the form of swaps and options are utilized to

manage the exposure to commodity price fluctuations.

In case of natural gas, ArcelorMittal has a portfolio of

steelmaking assets with approximately 74% of steel being

produced through the BF-BOF route which means resulting by-

product gases are recycled and utilized as a substitute for

natural gas covering a large part of the Company's needs.

Overall, the Company has a policy of hedging a portion of its

natural gas requirements with other strategic long term hedges

in place.

With respect to emission rights, in 2025, the Company has

fulfilled its shortfall requirements through the utilization of some

of its hedges and through some spot purchases by strategically

buying certificates in a planned manner.

For the Company's tabular presentation of information related

to its market risk sensitive instruments, please see note 6 to

the consolidated financial statements.

In respect of non-exchange traded commodities, ArcelorMittal

is exposed to volatility in the prices of raw materials such as

iron ore (which is generally correlated with steel prices with a

time lag) and coking coal. This exposure is almost entirely

managed through long-term contracts, however some hedging

of iron ore exposures is made through derivative contracts. For

a more detailed discussion of ArcelorMittal's iron ore and

coking coal purchases, see "Operating and financial review —

Key factors affecting results of operations—Raw materials".

Outlook

Subject to macroeconomic uncertainties, the Company expects

world ex-China apparent steel demand to grow by 2% in 2026.

The Company forecasts steel production and shipments to

increase across all regions in 2026 compared to 2025,

supported by operational improvements and the impact of

trade protections. In Europe in particular, ArcelorMittal expects

to benefit as domestic mills progressively regain market share

from imports, with the combined effect of CBAM and the new

TRQ mechanism strengthening through the year.

ArcelorMittal's global asset base positions the Company to

capture medium- and long-term growth in steel demand, driven

by investments in the energy transition, new infrastructure and

mobility systems, defence security and data-center capacity.

The Company's capital expenditures in 2026 are projected to

be within the range of $4.5 billion to $5.0 billion (of which $1.4

billion to $1.8 billion is related to strategic growth capital

expenditure and approximately $0.3 billion on projects related

to decarbonization). Depreciation in 2026 is estimated at

approximately $3.0 billion.

All information that is not historical in nature and disclosed

under "Operating and financial review", and in particular in this

Outlook section, is deemed to be a forward-looking statement.

A detailed discussion of principal risks and uncertainties which

may cause actual results and events to differ materially from

such forward-looking statements is included in the section

"Introduction—Risk Factors and Control—Risk factors".

Management report<br>

MANAGEMENT AND EMPLOYEES

Directors and senior management

Board of Directors

ArcelorMittal places a strong emphasis on corporate

governance. The Board of Directors is composed of nine

directors, of which six are independent directors. Mrs. Karyn

Ovelmen is the Lead Independent Director. The Board of

Directors has three committees: The Audit & Risk Committee,

the Appointment, Remuneration and Corporate Governance

Committee ("ARCG Committee") and the Sustainability

Committee. The ARCG Committee and the Audit & Risk

Committee are comprised exclusively of independent directors.

There are two independent directors on the Sustainability

Committee.

The annual general meeting of shareholders on May 6, 2025

acknowledged the expiration of the terms of office of Ms.

Vanisha Mittal Bhatia and Mr. Karel de Gucht, and the

shareholders subsequently re-elected Ms. Vanisha Mittal

Bhatia and Mr. Karel de Gucht for a new term of three years

each. The retirement of Tye Burt in 2024 left a vacancy on the

Board, which the Company continues to work to fill.

As part of its assessment of the Company's leadership

structure, the ARCG Committee reviewed the key duties and

responsibilities of the Company's Executive Chairman and its

Lead Independent Director as follows:

---

| | |
|:---|:---|
| Executive Chairman | Lead Independent Director |
| \* Chairs the Board of Directors' and shareholders' meetings | \* Provides independent leadership to the Board of Directors |
| \* Works with the Lead Independent Director to set agenda for the Board of <br>Directors and reviews the schedule of the meetings<br>| \* Presides at executive sessions of independent directors |
| \* Serves as a public face of the Board of Directors and of the Company | \* Advises the Executive Chairman of any decisions reached and <br>suggestions made at the executive sessions, as appropriate<br>|
| \* Serves as a resource for the Board of Directors | \* Coordinates the activities of the other independent directors |
| \* Guides discussions at the Board of Directors meetings and encourages <br>directors to express their positions<br>| \* Oversees Board of Directors' governance processes, including <br>succession planning and other governance-related matters<br>|
| \* Communicates significant business developments and time-sensitive matters <br>to the Board of Directors<br>| \* Liaison between the Executive Chairman and the other independent <br>directors<br>|
| \* Is responsible for managing day-to-day business and affairs of the Company | \* Calls meetings of the independent directors when necessary and <br>appropriate<br>|
| \* Interacts with the CEO within the Executive Office of the Company and <br>frequently meets stakeholders and provides feedback to the Board of Directors <br>| \* Leads the Board of Directors' self-evaluation process and such other <br>duties as are assigned from time to time by the Board of Directors<br>|

---

The members of the Board of Directors are set out below. Henk Scheffer is the Company Secretary and, accordingly, acts as secretary

of the Board of Directors.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Name | Age<sup>5</sup> | Date of joining the Board<sup>6</sup> | End of Term | Position within ArcelorMittal<sup>5</sup> |
| Lakshmi N. Mittal | 75 | May 1997 | May 2026 | Executive Chairman of the Board of Directors |
| Aditya Mittal<sup>8</sup> | 49 | June 2020 | May 2026 | Director and Chief Executive Officer |
| Vanisha Mittal Bhatia<sup>7</sup> | 45 | December 2004 | May 2028 | Director |
| Michel Wurth<sup>3</sup> | 71 | May 2014 | May 2026 | Director |
| Karyn Ovelmen<sup>1, 2, 4</sup> | 62 | May 2015 | May 2027 | Lead Independent Director |
| Karel de Gucht<sup>1, 4</sup> | 71 | May 2016 | May 2028 | Director |
| Etienne Schneider<sup>1, 2, 3, 4</sup> | 54 | June 2020 | May 2026 | Director |
| Clarissa Lins<sup>2, 3, 4</sup> | 58 | June 2021 | May 2027 | Director |
| Patricia Barbizet<sup>1, 4</sup> | 70 | May 2023 | May 2026 | Director |

---

1. Member of the Audit & Risk Committee.

2. Member of the ARCG Committee.

3. Member of the Sustainability Committee.

4. Non-executive and independent director.

5. Age and position as of December 31, 2025.

6. Date of joining the Board of ArcelorMittal or, if prior to 2006, its predecessor Mittal Steel

Company NV.

7. Ms. Vanisha Mittal Bhatia is the daughter of Mr. Lakshmi N. Mittal and sister of Mr. Aditya

Mittal.

8. Mr. Aditya Mittal is the son of Mr. Lakshmi N. Mittal and brother of Ms. Vanisha Mittal

Bhatia.

Management report<br>

---

| | |
|:---|:---|
| ![Lakshmi Mittal.jpg](mt-20251231_g6.jpg) | **Lakshmi N. Mittal**<br>Executive Chairman<br>|

---

---

| | |
|:---|:---|
| 75 years old<br>Nationality: Indian<br>Date of first election:<br>May 1997<br>Term start date:<br>May 2023<br>Term end date: May 2026<br>| Expertise and experience<br>Lakshmi N. Mittal is the Executive Chairman of ArcelorMittal since February 2021. He was previously the Chairman and Chief <br>Executive Officer of ArcelorMittal. He is a renowned global businessman who serves on the boards of various companies and <br>advisory councils. He is an active philanthropist engaged in the fields of education and child health. Mr. Mittal was born in <br>Sadulpur in Rajasthan in 1950. He graduated from St Xavier's College in Kolkata, where he received a Bachelor of <br>Commerce degree. He has received numerous awards for his contribution to the steel industry over the years and in April <br>2018, Mr. Mittal was awarded by the American Iron and Steel Institute with the Gary medal award recognizing his great <br>contribution to the steel industry. He is widely recognized for successfully integrating many company acquisitions in North <br>America, South America, Europe, South Africa and the CIS. Mr. Mittal is Chairman of the board of Aperam, a member of the <br>board of Goldman Sachs and a member of the board of Cleveland Clinic. He previously sat on the board of Airbus N.V. He is <br>a member of the World Economic Forum's International Business Council, the World Steel Association's Executive Committee <br>and the Indian School of Business. Mr. Mittal is the father of Aditya Mittal (who is Chief Executive Officer and a non-<br>independent Director of ArcelorMittal and Aperam) and Vanisha Mittal Bhatia (who is a non-independent Director of <br>ArcelorMittal). Mr. Mittal is married to Mrs. Usha Mittal. Mr. Mittal is a citizen of India. <br>|

---

---

| | |
|:---|:---|
| ![20210211_lakschmi-aditya-mittal-arcelormittal-600-430.jpg](mt-20251231_g7.jpg) | **Aditya Mittal**<br>Chief Executive Officer ("CEO")<br>|

---

---

| | |
|:---|:---|
| 49 years old<br>Nationality: Indian<br>Date of first election:<br>June 2020<br>Term start date:<br>May 2023<br>Term end date: May 2026<br>| Expertise and experience<br>Aditya Mittal is the Chief Executive Officer since February 2021 and has been a Director since 2020. He led the formation of <br>ArcelorMittal in 2006, and has held various senior leadership roles, including managerial oversight of the Group's flat carbon <br>steel businesses in the Americas and Europe, in addition to his role as CFO of ArcelorMittal until February 2021. He is an <br>active philanthropist with a particular interest in child health. Together with his wife Megha, he is a significant supporter of the <br>Great Ormond Street Children's Hospital in London, having funded the Mittal Children's Medical Centre, and in India, the <br>couple works closely with UNICEF, having funded the first ever country-wide survey into child nutrition, the results of which <br>are being used by the Government of India to inform relevant policy. Aditya Mittal is the Alternate Governor and Managing <br>Partner of the Boston Celtics and serves as a member of the Executive Committee for the Boston Children's Hospital. He also <br>serves on the boards of ArcelorMittal, Aperam, Iconiq Capital, and is the Chairman of AMNS India. He is an alumnus of the <br>World Economic Forum Young Global Leader's program and a member of Harvard University's Global Advisory Council. He <br>holds a bachelor's degree in economics with concentrations in Strategic Management and Corporate Finance from the <br>Wharton School in Pennsylvania, United States. He is the son of Mr. Lakshmi N. Mittal and brother of Ms. Vanisha Mittal <br>Bhatia. Mr. Aditya Mittal is a citizen of India.<br>|

---

Management report<br>

---

| | |
|:---|:---|
| ![Vanisha Mittal.jpg](mt-20251231_g8.jpg) | **Vanisha Mittal Bhatia**<br>Non-independent Director<br>|

---

---

| | |
|:---|:---|
| 45 years old<br>Nationality: Indian<br>Date of first election:<br>December 2004<br>Term start date:<br>May 2022<br>Term end date: May 2028<br>| Expertise and experience<br>Vanisha Mittal Bhatia is a non-independent Director of ArcelorMittal. She was appointed as a member of the Board of <br>Directors of LNM Holdings in June 2004. Mrs. Vanisha Mittal Bhatia was appointed to Mittal Steel's Board of Directors in <br>December 2004, where she worked in the Procurement department leading various initiatives including "total cost of <br>ownership program". She joined Aperam in April 2011 and since has held the position of Chief Strategy Officer. She has a <br>Bachelor of Sciences from the European Business School. Mrs. Vanisha Mittal Bhatia is the daughter of Mr. Lakshmi N. Mittal <br>and the sister of Mr. Aditya Mittal. Mrs. Vanisha Mittal Bhatia is a citizen of India.<br>|

---

---

| | |
|:---|:---|
| ![Michel Wurth.jpg](mt-20251231_g9.jpg) | **Michel Wurth**<br>Non-independent Director <br>|

---

---

| | |
|:---|:---|
| 71 years old<br>Nationality: Luxembourgish<br>Date of first election:<br>May 2014<br>Term start date:<br>May 2023<br>Term end date: May 2026<br>| Expertise and experience<br>Michel Wurth is a non-independent Director of ArcelorMittal and a member of the Sustainability Committee. He joined Arbed in <br>1979 and held a variety of functions before joining the Arbed Group Management Board and becoming its chief financial <br>officer in 1996. The merger of Aceralia, Arbed and Usinor, leading to the creation of Arcelor in 2002, led to Mr. Wurth's <br>appointment as Senior Executive Vice President and Chief Financial Officer of Arcelor. He became a member of <br>ArcelorMittal's Group Management Board in 2006, responsible for Flat Carbon Europe, Global R&D, Distribution Solutions <br>and Long Carbon Worldwide. Michel Wurth retired from the GMB in April 2014 and was elected to ArcelorMittal's board of <br>directors in May 2014. He holds a Law degree from the University of Grenoble, France, and a degree in Political Science from <br>the Institut d'Études Politiques de Grenoble as well as a Master's of Economics from the London School of Economics, UK. <br>Mr. Wurth is also doctor of laws honoris causa of the Sacred Heart University, Luxembourg. Mr. Wurth is Chairman of <br>ArcelorMittal Luxembourg S.A. (a wholly owned subsidiary of ArcelorMittal) as well as Vice Chairman of the supervisory board <br>of Dillinger Hütte AG and Dillinger Hütte Saarstahl AG (associates of ArcelorMittal). Mr. Wurth is a Board member of Orion <br>Engineered Carbon S.A., a global company active in the black carbon industry, listed on NASDAQ. Mr. Wurth served as <br>Chairman of the Luxembourg Chamber of Commerce between May 2004 and May 2019 and is a member of the Council of <br>the Central Bank of Luxembourg. He is also non-executive Chairman of BIP Investment Partners S.A. and BIP Capital <br>Partners S.A., and non-executive Board member of Brasserie Nationale. BIP Investment Partners and BIP Capital Partners <br>S.A. are Luxembourg based companies organized as investment funds investing in small and mid-cap private equity and <br>Brasserie Nationale is a privately owned brewery based in Luxembourg. Mr. Wurth is vice-chairman of the Luxembourg Red <br>Cross. Mr. Wurth is a citizen of Luxembourg.<br>|

---

Management report<br>

---

| | |
|:---|:---|
| ![Karyn Ovelmen.jpg](mt-20251231_g10.jpg) | **Karyn Ovelmen**<br>Non-executive and independent Director <br>|

---

---

| | |
|:---|:---|
| 62 years old<br>Nationality: USA<br>Date of first election:<br>May 2015<br>Term start date:<br>June 2021<br>Term end date: May 2027<br>| Expertise and experience<br>Karyn Ovelmen is Lead Independent Director of ArcelorMittal as well as the Chairwoman of the ARCG Committee and a <br>member of the Audit & Risk Committee. From May 2023 to July 2025, she was Chief Financial Officer at Newmont, a <br>company listed on the New York Stock Exchange. From November 2020 to July 2025, Mrs. Ovelmen served as a board <br>member and on the Audit Committee of the Hess Corporation. From January 2019 to December 2019, she was the Gas <br>Power Transformation Leader for the General Electric Company. Prior to that, Mrs. Ovelmen served as Executive Vice <br>President and Chief Financial Officer of Flowserve, a position that she held from June 2015 to February 2017. She also <br>previously served as Chief Financial Officer and Executive Vice President of LyondellBasell Industries NV from 2011 to May <br>2015, as Executive Vice President and Chief Financial Officer of Petroplus Holdings AG from May 2006 to September 2010 <br>and as Executive Vice President and Chief Financial Officer of Argus Services Corporation from 2005 to 2006. Prior to that, <br>Mrs. Ovelmen was Vice President of External Reporting and Investor Relations at Premcor Refining Group Inc. She also <br>spent 12 years with PricewaterhouseCoopers, primarily serving energy industry accounts. Mrs. Ovelmen was a member of <br>the Gates Industrial Corporation plc. Board of Directors as a non-executive director, sitting on their Audit Committee from <br>December 2017 to March 2019. Mrs. Ovelmen holds a Bachelor of Arts degree from the University of Connecticut, USA, and <br>is a Certified Public Accountant ("CPA"). Mrs. Ovelmen is a citizen of the United States of America. <br>|

---

---

| | |
|:---|:---|
| ![Karel de Gucht.jpg](mt-20251231_g11.jpg) | **Karel de Gucht**<br>Non-executive and independent Director <br>|

---

---

| | |
|:---|:---|
| 71 years old<br>Nationality: Belgian<br>Date of first election:<br>May 2016<br>Term start date:<br>May 2022<br>Term end date: May 2028<br>| Expertise and experience<br>Karel de Gucht is a non-executive and independent Director and a member of the Audit & Risk Committee. Mr. De Gucht is a <br>Belgian Minister of State. He was the European Commissioner for Trade in the second Barroso Commission from 2010 to <br>2014 and for Development and Humanitarian Aid in the first Barroso Commission from 2009 to 2010. Previously, Mr. De Gucht <br>served as Belgium's Minister of Foreign Affairs from 2004 to 2009 and Vice Prime Minister of Belgium from 2008 to 2009. In <br>addition, in 2006, he was the Chairman in Office of the Organization for Security and Cooperation in Europe (OSCE) and <br>Member of the Security Council of the United Nations from 2007 to 2008. Since 1991, Mr. De Gucht has been a Professor of <br>Law at the VUB (the Dutch-speaking Free University Brussels). He is currently a member of the European Advisory Board of <br>CVC Capital Partners, a member of the board of directors of the listed company Proximus NV and the president of the <br>Brussels School of Governance at the VUB (Free University Brussel), a leading learning and research institute. Karel De <br>Gucht is a member of the Board of Directors of nv EnergyVision, a non-listed company active in renewables. In the course of <br>2021, Mr. De Gucht was nominated Chairman of the Board of YOUSTON NV, a non-listed Belgian company specialized in <br>archiving, digitalization and processing. Mr. De Gucht holds a Master of Law degree from the VUB and is a Belgian citizen.<br>|

---

Management report<br>

---

| | |
|:---|:---|
| ![Etienne Schneider.jpg](mt-20251231_g12.jpg) | **Etienne Schneider**<br>Non-executive and independent Director <br>|

---

---

| | |
|:---|:---|
| 54 years old<br>Nationality: Luxembourgish<br>Date of first election:<br>June 2020<br>Term start date:<br>May 2023<br>Term end date: May 2026<br>| Expertise and experience<br>Etienne Schneider is a non-executive and independent Director and a member of the Audit & Risk Committee, the ARCG <br>Committee and the Sustainability Committee. Mr. Schneider joined the government of Luxembourg in 2012 as Minister of the <br>Economy and Foreign Trade before being appointed Deputy Prime Minister, Minister of the Economy, Minister of Internal <br>Security and Minister of Defense in 2013. In 2018, Mr. Schneider became Deputy Prime Minister, Minister of the Economy <br>and Minister of Health and in February 2020 retired from politics. He previously filled several positions as a senior civil <br>servant, such as a research assistant at the European Parliament in Brussels, economist for the LSAP parliamentary group in <br>the Chamber of Deputies and project leader with NATO in Brussels. He also served as a government advisor responsible for <br>various Directorates. Mr. Schneider became a member of the executive board of several companies, such as the Société <br>électrique de l'Our (SEO), Enovos International SA, Enovos Deutschland AG and the National Credit and Investment <br>Company (SNCI). Upon being appointed minister in 2012, he resigned from all of these positions. Since 2020, Mr. Schneider <br>is a member of the board of Sofidra which is the Luxembourg holding of the international dredging company Jan de Nul. In <br>2021, Mr. Schneider became president of the board of LuxTP, a Luxembourgish affiliate of the Belgian construction company <br>Besix Group in which he has held a position as an independent board member since 2020. Mr. Schneider is also a board <br>member of NorthStar, a space non-listed start-up company based in Luxembourg, and an investor and board member of AM 4 <br>AM, a non-listed start-up company dedicated to the development of new materials, also based in Luxembourg. He is a board <br>member at Quantumrock Securization Sàrl, an unregulated securitization undertaking based in Luxembourg. Mr. Schneider <br>was a member of the board of a non-listed Luxemburgish company Mikro Kapital until October 2024. Mr. Schneider holds a <br>degree from the Institut Catholique des Hautes Etudes Commerciales (ICHEC) in Brussels and from Greenwich University in <br>London in commercial and financial sciences. Mr. Schneider is a citizen of Luxembourg.<br>|

---

---

| | |
|:---|:---|
| ![Clarissa Lins.jpg](mt-20251231_g13.jpg) | **Clarissa Lins**<br>Non-executive and independent Director <br>|

---

---

| | |
|:---|:---|
| 58 years old<br>Nationality: Brazilian<br>Date of first election:<br>June 2021<br>Term start date:<br>June 2021<br>Term end date: May 2027<br>| Expertise and experience<br>Clarissa Lins is a non-executive and independent Director of ArcelorMittal as well as the Chairwoman of the Sustainability <br>Committee. Mrs. Lins is a senior executive with consolidated experience in strategy, sustainability, and corporate governance. <br>With a distinguished education background in economics, she worked on relevant projects in the public sector at the <br>beginning of her career - she was part of Brazil's Ministry of Finance team that produced the economic stabilization program <br>known as the Real Plan in 1994, under President Cardoso. She also served as an Advisor to the President of Brazil's BNDES <br>Development Bank, participating in the structuring of the country's large-scale privatization projects from 1995 to 1999. She <br>was head of Corporate Strategy at Petrobras from 1999 to 2002, when the state-owned oil and gas company shifted its <br>strategy and improved its corporate governance practices while doing an IPO at the NYSE. Mrs. Lins moved her focus more <br>specifically towards sustainability in 2004, when she joined the FBDS Fundação Brasileira para o Desenvolvimento <br>Sustentável (Brazilian Foundation for Sustainable Development). In 2013, she founded the consultancy Catavento, advising <br>corporations in the areas of strategy and sustainability. Mrs. Lins was the President of the Brazilian Institute of Petroleum and <br>Gas (IBP) from November 2019 until March 2021, after serving as Executive Director for more than three years. She has <br>served on Boards of leading companies operating in Brazil, including the Board of Directors of Votorantim Cimentos and Vibra <br>Energia (listed on the Brazilian stock exchange). She is also a member of Suzano's Sustainability Committee (the world's <br>largest producer of market pulp) and a member of the Board of Directors of Isa Energia, a leading company in the energy <br>transmission sector in Brazil. Other companies in which she has held relevant board committee positions include Shell, Vale <br>and Petrobras. Mrs. Lins is a citizen of Brazil.<br>|

---

Management report<br>

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| | |
|:---|:---|
| ![Patricia Barbizet.jpg](mt-20251231_g14.jpg) | **Patricia Barbizet**<br>Non-executive and independent Director<br>|

---

---

| | |
|:---|:---|
| 70 years old<br>Nationality: French<br>Date of first election: May 2023<br>Term start date: May 2023<br>Term end date: May 2026<br>| Expertise and experience<br>Mrs. Patricia Barbizet is a non-executive and independent Director and Chairwoman of the Audit & Risk Committee. Mrs. <br>Barbizet is Chief Executive Officer of Temaris & Associés, lead independent director of Pernod Ricard (listed company). In <br>addition, she is chairwoman of AFEP (Association française des entreprises privées) and a member of the Board of Directors <br>of CMA CGM. She started her career as International Treasurer in Renault Véhicules Industriels, and then as Chief Financial <br>Officer of Renault Crédit International. In 1989, Mrs. Barbizet joined the Groupe Pinault as Chief Financial Officer. She was <br>Chief Executive Officer of Artémis, the investment company of the Pinault family, from 1992 to 2018. Mrs. Barbizet was Chief <br>Executive Officer and chairwoman of Christie's International from 2014 to 2016, served as a qualified independent member on <br>the boards of PSA Peugeot-Citroen, Air France-KLM, Groupe Bouygues, FNAC-DARTY, AXA, Total, as well as chairwoman of <br>the Investment Committee of the "Fond Stratégique d'Investissement" from 2008 until 2013, and chairwoman of the "Comité <br>de surveillance des investissements d'avenir" of the Secrétariat Général pour l'Investissement (SGPI) until 2023. Mrs. <br>Barbizet graduated from the École Supérieure de Commerce de Paris (ESCP Business School). Mrs. Barbizet is a citizen of <br>France.<br>|

---

Senior management

As of December 31, 2025, ArcelorMittal's senior management

was comprised of the Executive Office supported by nine other

Executive Officers. ArcelorMittal's Executive Office was

comprised of the Executive Chairman, Mr. Lakshmi N. Mittal

and the CEO, Mr. Aditya Mittal. Together, the Executive

Officers are responsible for the implementation of the

Company strategy, overall management of the business and all

operational decisions.

---

| | | |
|:---|:---|:---|
| Name | Age | Position |
| Lakshmi N. Mittal<sup>1</sup> | 75 | Executive Chairman of ArcelorMittal |
| Aditya Mittal<sup>1</sup> | 49 | Chief Executive Officer of ArcelorMittal |
| Genuino Christino<sup>1</sup> | 54 | Chief Financial Officer of ArcelorMittal |
| Kleber Silva<sup>1</sup> | 62 | Executive Vice President, CEO ArcelorMittal Mining |
| Jorge Luiz Ribeiro De Oliveira<sup>1</sup> | 60 | Executive Vice President, CEO ArcelorMittal Flat South America |
| Geert Van Poelvoorde<sup>1</sup> | 60 | Executive Vice President, CEO ArcelorMittal Europe |
| John Brett<sup>1</sup> | 60 | Executive Vice President, CEO ArcelorMittal North America |
| Bradley Davey<sup>1</sup> | 61 | Executive Vice President and Head of Corporate Business Optimization |
| Vijay Goyal<sup>1</sup> | 54 | Executive Vice President, CEO of Ukraine, Development Initiatives and Europe and Middle <br>East JVs<br>|
| Dilip Oommen<sup>1</sup> | 67 | Executive Vice President, CEO AMNS India |
| Stephanie Werner-Dietz<sup>1</sup> | 53 | Executive Vice President, Head of Human Resources |

---

1. Age and position as of December 31, 2025.

Lakshmi N. Mittal (See "—Board of Directors").

Aditya Mittal (See "—Board of Directors").

Management report<br>

---

| | |
|:---|:---|
| ![Genuino.jpg](mt-20251231_g15.jpg) | **Genuino M. Christino**<br>Member of the Group management committee,<br>Chief Financial Officer.<br>|

---

---

| | |
|:---|:---|
| 54 years old<br>Nationality: Brazilian<br>| Expertise and experience<br>Genuino M. Christino is the Group Chief Financial Officer and Executive Vice President of ArcelorMittal since February 2021. He is a <br>member of the Group management committee since 2016. Prior to Mr. Christino's appointment as Chief Financial Officer, he was <br>the Group Head of Finance since 2016. As Chief Financial Officer, Mr. Christino is responsible for all of the Company's financial <br>functions, including treasury, corporate finance, accounting, performance management, insurance and investor relations. In addition, <br>Mr. Christino oversees the Group's Merger & Acquisitions, Legal and IT activities and is a member of the Company's Investment <br>Allocation Committee. Mr. Christino also heads the Company's Corporate Finance and Tax Committee where all key financial <br>transactions of the Group are reviewed and approved. Since August 2024, Mr. Christino is a member of the Board of Directors of <br>Vallourec, in which ArcelorMittal has acquired a 28% equity stake. Prior to joining ArcelorMittal in 2003, Mr. Christino had spent ten <br>years at KPMG in Brazil and in the United Kingdom, as an auditor and a consultant. Mr. Christino holds a bachelor's degree in <br>accounting and business administration from the Universidade Paulista in São Paolo, Brazil and has also completed an Executive <br>MBA Program from the Dom Cabral Foundation in Belo Horizonte, Brazil. Mr. Christino is a citizen of Brazil.<br>|

---

---

| | |
|:---|:---|
| ![Kuber Silva.jpg](mt-20251231_g16.jpg) | **Kleber Silva**<br>Member of the Group management committee,<br>CEO of ArcelorMittal Mining.<br>|

---

---

| | |
|:---|:---|
| 62 years old<br>Nationality: Brazilian and <br>British<br>| Expertise and experience<br>Kleber Silva is a member of the Group management committee, Executive Vice President and the Chief Executive Officer of <br>ArcelorMittal Mining. He rejoined ArcelorMittal in April 2024. Before rejoining ArcelorMittal, Mr. Silva served as the Deputy Chief <br>Executive Officer and Chief Operating Officer of Eramet since 2017, where he oversaw global mining and metallurgical operations <br>across various commodities, including manganese, nickel, zircon, titanium, mineral sands, manganese alloys and lithium. With over <br>37 years in the mining and metals industry, Mr. Silva began his career in 1988 at MBR and Vale, where he took on various senior <br>operational responsibilities in Brazil. He also gained international experience at Québec Cartier Mining Company in Canada (later <br>known as ArcelorMittal Mines Canada). After joining ArcelorMittal in 2006 as Vice President overseeing mining operations, he <br>advanced to Head of Iron Ore Operations and Chief Technology Officer for Iron Ore Mines in 2008. In May 2012, he was promoted <br>to Executive Vice President and Head of Iron Ore of ArcelorMittal. He brings a proven track record of accomplishments in safety, <br>value creation, growth, turnaround strategies, and operational excellence. Mr. Silva holds a Master's degree from École Nationale <br>Supérieure des Mines de Paris, France, and is a qualified mining engineer from Escola de Minas da Universidade Federal de Ouro <br>Preto (UFOP), Brazil. Mr. Silva is a citizen of both Brazil and the United Kingdom.<br>|

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Management report<br>

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|:---|:---|
| ![937b78fac04810baaa8b82e3dc17847f294b3edc.jpg](mt-20251231_g17.jpg) | **Jorge Luiz Ribeiro De Oliveira**<br>Member of the Group management committee, <br>President of ArcelorMittal Brasil and CEO of ArcelorMittal Flat South America.<br>|

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| | |
|:---|:---|
| 60 years old<br>Nationality: Brazilian<br>| Expertise and experience<br>Jorge Luiz Ribeiro De Oliveira is a member of the Group Management Committee, Executive Vice President, President of <br>ArcelorMittal Brasil, and Chief Executive Officer of ArcelorMittal Flat South America. He began his career with ArcelorMittal Tubarão <br>in 1987 as a trainee engineer and was appointed as Section Manager of the blast furnaces in January 1989, he. He subsequently <br>advanced to Production Planning & Scheduling Manager in April 2001, and in December 2002, became Manager of the blast <br>furnaces and sinter areas. In June 2008, Mr. Ribeiro De Oliveira was promoted to General Manager, assuming responsibility for iron <br>making and the energy department, a position he held until 2010. He then served as General Manager for steelmaking and the hot <br>strip mill department. In 2011, he temporarily left the Company, returning in July 2014 as Chief Operations Officer of Flat Carbon <br>South America. In 2019, he relocated to the United States to serve as Chief Executive Officer of ArcelorMittal Calvert in Alabama. He <br>has held his current role as Chief Executive Officer of ArcelorMittal Flat South America since October 2021 and was additionally <br>appointed President of ArcelorMittal Brasil in 2025. Mr. Ribeiro De Oliveira holds a degree in metallurgical engineering from the <br>Universidade Federal Fluminense in Brazil. He has also completed several executive development programs, including the <br>Executive STC at the Kellogg School of Management in the United States and the PGA program conducted in partnership with <br>Fundação Dom Cabral and INSEAD in France. He is a citizen of Brazil. <br>|

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| | |
|:---|:---|
| ![Geert van Paoelvoorde.jpg](mt-20251231_g18.jpg) | **Geert Van Poelvoorde**<br>Member of the Group management committee. <br>CEO ArcelorMittal Europe<br>|

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| | |
|:---|:---|
| 60 years old<br>Nationality: Belgian<br>| Expertise and experience<br>Geert Van Poelvoorde is a member of the Group management committee, Executive Vice President and Chief Executive Officer of <br>ArcelorMittal Europe. He started his career in 1989 as a project engineer at the Sidmar Ghent hot strip mill, where he held several <br>senior positions in the automation and process computer department. He moved to Stahlwerke Bremen in 1995 as senior project <br>manager. Between 1998 and 2002, he headed a number of departments, and in 2003, he was appointed director of Stahlwerke <br>Bremen, responsible for operations and engineering. In 2005, Mr. Van Poelvoorde returned to ArcelorMittal Ghent to take up the <br>position of Chief Operating Officer. In 2008, he became CEO of ArcelorMittal Ghent with direct responsibility for primary operations. <br>He was appointed CEO of the Business Division North within Flat Carbon Europe in 2009. In January 2014, he was appointed CEO <br>of Flat Carbon Europe and Purchasing and in February 2021, he became CEO of ArcelorMittal Europe. Since November 2015, he is <br>a member of the executive committee of Eurofer (as president between 2015 and the end of 2022), the European steel federation <br>and is serving on several boards. He graduated from the University of Ghent with a degree in civil engineering and electronics. Mr. <br>Van Poelvoorde is a citizen of Belgium.<br>|

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| | |
|:---|:---|
| ![John Brett.jpg](mt-20251231_g19.jpg) | **John Brett**<br>Member of the Group management committee,<br>Chief Executive Officer of ArcelorMittal North America.<br>|

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| | |
|:---|:---|
| 60 years old<br>Nationality: USA<br>| Expertise and experience<br>John Brett is a member of the Group management committee, Executive Vice President and the Chief Executive Officer of <br>ArcelorMittal North America. He joined the Group at former Inland Steel in 1988 as an associate accountant, and progressed to <br>become a manager specializing in financial analysis and systems in 1997. In 1998, Mr. Brett took on the role of controller for Ispat <br>Inland Steel and in 2005, he was promoted to Vice President, Finance and Planning and Controller for Mittal Steel USA. In 2012, Mr. <br>Brett was appointed Executive Vice president Finance, Planning and Procurement for ArcelorMittal USA. Prior to becoming CEO of <br>ArcelorMittal North America in January 2021, Mr. Brett was CEO of ArcelorMittal USA. Mr. Brett holds an MBA from the University of <br>Chicago and is a graduate in economics from DePauw University. Mr. Brett is a citizen of the United States of America.<br>|

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Management report<br>

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| | |
|:---|:---|
| ![Brad Davey.jpg](mt-20251231_g20.jpg) | **Bradley Davey**<br>Member of the Group management committee,<br>Head of Corporate Business Optimization.<br>|

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| | |
|:---|:---|
| 61 years old<br>Nationality: Canadian<br>| Expertise and experience<br>Bradley Davey is a member of the Group management committee, Executive Vice President and Head of Corporate Business <br>Optimization. He joined Dofasco in 1986 as a project engineer in the central maintenance department, joined assigned maintenance <br>in 1989, and then the hot strip mill ("HSM") in 1990. He held various positions in the HSM before becoming a Business Unit <br>Manager in 1996. He gained international manufacturing experience through this role by leading two separate multi-year technical <br>exchanges and through leading Dofasco's HSM modernization project. In 2002, he changed careers to marketing as a Manager of <br>Strategic Marketing, led Dofasco's marketing process redesign project before becoming General Manager of Marketing in 2005, <br>then Director of Industry Sales in 2007, and then Vice President Commercial in 2008. In 2014, he became Chief Marketing Officer <br>("CMO") North America Automotive, then became CMO North America Flat Rolled later in 2014. In 2016, he became CMO of Global <br>Automotive along with CMO North America. In 2018, Mr. Davey became CEO of ArcelorMittal North America and held this position <br>until his nomination to Head of Corporate Business Optimization in early April 2021. Currently based in Canada, Mr. Davey has <br>responsibility for Global Automotive, R&D, CTO, Corporate Health and Safety, Commercial Coordination, Corporate Capital Goods <br>Procurement, Capital Projects, Corporate Communications and Corporate Responsibility, Global Automotive, JVs in China and <br>India, Tailored Blanks Americas, and is Vice Chairman of the Investment Allocation Committee. Mr. Davey holds a mechanical <br>engineering degree from McMaster University, Canada. Mr. Davey is a citizen of Canada.<br>|

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| | |
|:---|:---|
| ![Vijay Goyal.jpg](mt-20251231_g21.jpg) | **Vijay Goyal**<br>Member of the Group management committee,<br>CEO of Ukraine, Development Initiatives and Europe and Middle East JVs<br>|

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| | |
|:---|:---|
| 54 years old<br>Nationality: Indian<br>| Expertise and experience<br>Vijay Goyal is a member of the Group management committee, Executive Vice President and is regional Chief Executive Officer of <br>Ukraine, Development Initiatives and Europe and Middle East joint ventures. His responsibilities encompass Ukraine operations, key <br>development initiatives such as Global Capability Centre in India branded as ArcelorMittal Global Businesses and Technologies <br>("GBT"), European real estate and the new headquarters project in Luxembourg and oversight of joint ventures across the Europe <br>and Middle East region. He has been a member of the Group management committee since October 2016 and was nominated <br>executive officer in February 2022. Mr. Goyal joined Mittal Steel in 1999, working in various positions in the finance function. In <br>2007, he became Chief Financial Officer and Head of Strategy for Long Carbon Europe, followed by his appointment as Chief <br>Financial Officer and Head of Central Supply Chain for Flat Carbon Europe in 2008. From 2014 to 2016, Mr. Goyal was Chief <br>Financial Officer of ArcelorMittal Europe and additionally in charge of legal, IT and Shared Service Centre Europe, before being <br>appointed Chief Executive Officer of ArcelorMittal Downstream Solutions and member of the Group management committee. In <br>2019, he led several strategic projects, most notably the acquisition of Essar Steel India in partnership with Nippon Steel, resulting in <br>the creation of ArcelorMittal Nippon Steel (AM/NS) India. He was subsequently appointed Chief Executive Officer of ArcelorMittal <br>CIS in January 2020. Mr. Goyal graduated from St Xavier's College, Calcutta. He is a chartered accountant and cost and works <br>accountant from respective institutes in India. Before joining ArcelorMittal, he worked as an internal auditor at ITC Limited, India. In <br>2021, he was recognized with the "Global Achiever" award by The Institute of Chartered Accountants of India. He has also <br>completed executive education programs at the Wharton and Stanford Business Schools. Mr. Goyal is a citizen of India.<br>|

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Management report<br>

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| | |
|:---|:---|
| ![Dilip Oommen.jpg](mt-20251231_g22.jpg) | **Dilip Oommen**<br>Member of the Group management committee,<br>Chief Executive Officer of AMNS India.<br>|

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| | |
|:---|:---|
| 67 years old<br>Nationality: Indian<br>| Expertise and experience<br>Dilip Oommen is a member of the Group management committee. He was appointed CEO of AMNS India in December 2019 after <br>the acquisition of Essar Steel India (ESIL). He has more than 40 years of experience in the steel industry. Mr. Oommen joined ESIL <br>in 2003 as chief operating officer, before moving to senior leadership positions within the company. He was appointed Managing <br>director and Chief Executive Officer of ESIL in 2019. Prior to joining ESIL, Mr. Oommen had worked in various leadership roles in <br>Hadeed (SABIC), both in Long and Flat Product divisions. In 2020, Mr. Oommen was elected President of the Indian Steel <br>Association, the industry body that represents major public and private sector steel companies in India. He has also served in the <br>past as Co-Chair of the Federation of Indian Chambers of Commerce & Industry's ("FICCI") Steel Committee, one of several <br>industry leadership roles he has taken on during his career. He is also a member of the Advisory Committee of the Steel Ministry of <br>India. Mr. Oommen is a metallurgical engineer from the Indian Institute of Technology, Kharagpur. He has attended several <br>management and technical programs across the globe. Mr. Oommen is a citizen of India. <br>|

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| | |
|:---|:---|
| ![Stephanie Werner.jpg](mt-20251231_g23.jpg) | **Stephanie Werner-Dietz**<br>Member of the Group management committee.<br>Head of Human Resources<br>|

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| | |
|:---|:---|
| 53 years old<br>Nationality: German<br>| Expertise and experience<br>Stephanie Werner-Dietz is a member of the Group management committee, Executive Vice President and Head of Human <br>Resources. She was appointed Head of Human Resources in September 2022. She joined ArcelorMittal with a long ranging HR <br>experience of almost 25 years at Nokia, which she joined in 1998. Throughout her career, Mrs. Werner-Dietz has held different HR <br>leadership positions in various countries. She held multiple HR business partner and expert roles across the company, and she was <br>Chief People Officer of Nokia, based in Finland from January 2020 until her arrival at ArcelorMittal. Mrs. Werner-Dietz is a graduate <br>in applied business languages (Chinese) and international business studies from the University of Applied Sciences of Bremen, <br>Germany. Mrs. Werner-Dietz is a citizen of Germany.<br>|

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Management report<br>

Compensation

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| | |
|:---|:---|
| **Content** |  |
| Annual statement from the Chairman of ARCG Committee |  |
| Board of Directors  |  |
| Remuneration at a glance - senior management | Overview of the Company's remuneration policy and rationale of each <br>performance metric<br>|
| Remuneration at a glance - 2025 pay outcomes | Comparison of pay outcomes 2025 vs. 2024 vs. 2023 vs. 2022 vs. 2021<br>Explanation of results for 2024 short-term incentives paid in 2025<br>|
| **Remuneration** |  |
| Remuneration strategy | Explanation of what informs the ARCG's decision on pay |
| Remuneration policy | Explanation of policies applied to senior management |
| Remuneration mix | Overview of the remuneration mix for senior management |
| 2025 Total remuneration  | Overview of 2025 outcomes |
| Short-term incentives | Description of short-term incentives plan ("STI") |
| ArcelorMittal Equity Incentive Plan | Description of long-term incentive plan ("LTIP" or "LTI"s) |
| Other benefits | Description of other benefits |
| Clawback | Explanation of Company's clawback policy (Exhibit 97.1) |
| **Abbreviations** |  |
| EBITDA | Operating income plus depreciation, impairment expenses, special items and <br>income (loss) from associates, joint ventures and other investments (excluding <br>impairments)<br>|
| FCF | Free cash flow |
| STI | Short-term incentives |
| LTI/LTIP | Long-term incentives (plans) |
| EPS | Earnings per share |
| ESG | Environment, social and governance |
| PSU | Performance share units |
| RSU | Restricted share units |
| ROCE | Return on capital employed |
| TSR | Total shareholder return |

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Management report<br>

Annual statement from the Chairwoman of ARCG Committee

**Dear Shareholders,**

As Chairwoman of the Appointments, Remuneration &

Corporate Governance Committee ("ARCG"), I am pleased to

provide shareholders with a summary of the Committee's key

activities during 2025, together with an outlook for the year

ahead.

Safety

Safety remains a central priority across the Company, reflected

in the work of the ARCG Committee, supported by the

Sustainability Committee and, this year, the Audit and Risk

Committee. As part of the continued enhancement of the

Company's health and safety assurance model, the third line of

assurance has been embedded within the Global Assurance

function, providing independent oversight. The resulting

findings are reviewed by the Audit and Risk Committee and

shared with the ARCG Committee.

2025 marked the first year of the Company's three-year

transformation program, during which the focus was on

establishing the foundations necessary to progress toward a

zero-fatality, zero-serious-injury workplace. In alignment with

this ambition, the executive short-term incentive plan has been

revised to link performance to the RIR, replacing the proactive

PSIF metric used in 2024. As PSIF performance had reached

maximum levels in many entities, the shift to RIR ensures

continued emphasis on measurable improvement.

The ARCG Committee also approved an increase in the

weighting of safety performance within the long-term Executive

Office incentive plan, raising it from 10% in 2024 to 20%,

underscoring the critical importance of safety across the

organization.

People strategy, remuneration and nomination

In 2025, the ARCG Committee focused on strengthening the

remuneration architecture and succession planning.

Throughout the year, Committee members actively engaged

with shareholders on AGM proposals, with particular emphasis

on the governance and remuneration matters they raised. The

Committee welcomed the constructive feedback provided.

ArcelorMittal has made progress on improving the

representation of women in leadership and this in turn

reinforced the Company's decision to remove the diversity

metric from the group LTIP—a decision also endorsed by the

ARCG Committee. This adjustment enables the Company to

strengthen the emphasis on safety within the LTIP, reflecting

the level of focus required across the organization.

Succession planning remained a central focus for the ARCG

Committee, both at Board level and across leadership teams

within each segment. For the Board, the Committee evaluates

candidates against defined requirements and qualifications,

ensuring an appropriate balance of individual profiles,

competencies and geographical representation that reflects the

Company's footprint across Europe, Asia, North America and

South America. Increasingly, specific industry experience,

strong financial expertise and a deep understanding of

sustainability are regarded as essential attributes. We will

nominate a suitable candidate for election to the Board of

Directors at the next General Meeting of shareholders in May

2026. In parallel, the Committee continued to monitor succession

pipelines within each segment, with particular attention to

leadership depth, capability development and readiness to

support the Company's long-term strategy.

Climate and sustainability

ArcelorMittal continues to actively support the energy transition

through investments in renewables, state-of-the-art electric arc

furnaces, low carbon building solutions and electrical steels.

On decarbonization, the Company has been clear that to make

progress with decarbonization projects in Europe, it needs a

business case that ensures these projects are sustainable over

the long-term. There are four elements to this – effective trade

protection, a CBAM that avoids carbon leakage, access to

competitively priced clean energy and market demand for low

carbon steel. The European Commission's proposal on the new

trade tool and proposed revisions to the CBAM have been

encouraging; the Group now awaits completion of the

legislative process.

Where compelling business cases exist, however, the transition

to electric arc furnace production continues. A new 1.1 million

tonne EAF is scheduled for commissioning in 2026 in Gijón,

Spain, and the ramp-up of production from two EAFs in Sestao,

Spain to 1.6 million tonnes is underway. Together, these

projects will materially strengthen the Company's ability to meet

growing demand for low-carbon steel and further expand its

market-leading XCarb® offering.

Going forward

As the Company enters the second year of its three-year safety

transformation program, safety will remain a central focus for

the ARCG Committee. ArcelorMittal will continue to monitor

progress closely to ensure the foundations established in 2025

translate into sustained improvement across all operations.

Looking ahead, the Committee will maintain its disciplined

oversight of remuneration, governance and succession

priorities, ensuring that the Company's leadership and reward

frameworks continue to evolve in step with its strategic

ambitions.

On behalf of the Committee, I thank you for your continued

commitment and support for ArcelorMittal.

Yours Sincerely,

Karyn Ovelmen

Management report<br>

Board of Directors

**Directors' fees** 

The ARCG Committee of the Board of Directors prepares

proposals on the remuneration to be paid annually to the

members of the Board of Directors.

At the May 6, 2025 annual general meeting of shareholders,

the shareholders approved the annual remuneration for non-

executive directors for the 2024 financial year, based on the

following annual fees (euro denominated amounts are

translated into U.S. dollar as of December 31, 2024):

• Basic director's remuneration: €169,952 ($176,563);

• Lead Independent Director's remuneration: €239,709

($249,034);

• Additional remuneration for the Chair of the Audit &

Risk Committee: €32,976 ($34,258);

• Additional remuneration for the other Audit & Risk

Committee members: €20,293 ($21,082);

• Additional remuneration for the Chairs of the other

committees: €19,024 ($19,765); and

• Additional remuneration for the members of the other

committees: €12,683 ($13,176).

The total annual remuneration (euro denominated amounts are translated into U.S. dollar at the prevailing closing rate) of the members

of the Board of Directors for their service for the last five financial years was as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| (Amounts in $ thousands except Long-term incentives information) | 2025 | 2024 | 2023 | 2022 | 2021 |
| Base salary<sup>1</sup> | 3655 | 3371 | 3214 | 3199 | 3483 |
| Director fees | 1678 | 1442 | 1658 | 1676 | 1784 |
| Short-term performance-related bonus<sup>1</sup> | 5549 |  |  | 6388 | 5134 |
| Long-term incentives <sup>1, 2</sup> | 159927 | 241856 | 141973 | 141564 | 109143 |

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1Includes Executive Chairman and CEO. Slight differences between the years are possible, due to foreign currency effects. The Executive Chairman and the CEO

voluntarily renounced their 2023 and 2022 Performance Bonus ($2.8 million and $2.7 million for the Executive Chairman and $3.1 million and $3 million for the CEO)

(which would otherwise have been paid in 2024 and 2023, respectively) due to the high number of fatalities. The long-term incentives number corresponds to the number

of units granted.

2See "Management and employees—Compensation—Remuneration—ArcelorMittal Equity Incentive Plan."

The annual remuneration (euro denominated amounts are translated into U.S. dollar at the prevailing closing rate) for the last five

financial years to the current and former members of the Board of Directors for services in all capacities in the years in which they were

Directors was as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| (Amounts in $ thousands) | 2025<sup>1</sup> | 2024<sup>1</sup> | 2023<sup>1</sup> | 2022<sup>1</sup> | 2021<sup>1</sup> |
| Lakshmi N. Mittal | 1731 | 1580 | 1536 | 1529 | 1700 |
| Aditya Mittal | 1924 | 1791 | 1678 | 1670 | 1783 |
| Vanisha Mittal Bhatia | 200 | 164 | 175 | 169 | 176 |
| Suzanne P. Nimocks |  |  |  | 76 | 189 |
| Bruno Lafont |  |  | 96 | 277 | 302 |
| Tye Burt |  | 63 | 201 | 194 | 194 |
| Karyn Ovelmen | 333 | 274 | 269 | 201 | 221 |
| Michel Wurth | 215 | 177 | 188 | 181 | 181 |
| Karel de Gucht | 224 | 184 | 196 | 189 | 208 |
| Etienne Schneider | 243 | 200 | 196 | 189 | 197 |
| Clarissa Lins | 237 | 195 | 207 | 200 | 116 |
| Patricia Barbizet | 226 | 185 | 130 |  |  |
| Total | 5333 | 4813 | 4872 | 4875 | 5267 |

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1. Remuneration for non-executive Directors with respect to 2025 will be paid in 2026 subject to Board of Directors proposal and to the shareholder approval at the annual

general meeting to be held on May 5, 2026. Remuneration for non-executive Directors with respect to 2024, 2023, 2022 and 2021 was paid in 2025, 2024, 2023 and

2022, respectively, following the shareholder approval at the annual general meetings held on May 6, 2025, on April 30, 2024, May 2, 2023 and on May 4, 2022,

respectively. Slight differences between the years are possible, due to foreign currency effects.

Management report<br>

Except for the Executive Chairman and the CEO, members of the Board of Directors have not received any remuneration from any

subsidiary of the Group in 2025.

The annual base salary for the last five financial years on a full-time equivalent basis of employees of ArcelorMittal S.A. was as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Amounts in $ thousands) | 2025<sup>1</sup> | 2024 | 2023 | 2022 | 2021 |
| Average base salary | 604 | 550 | 502 | 446 | 446 |

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1. The annual base salary is calculated for approximately 11 employees with a labor contract with ArcelorMittal S.A (not including any employees employed by other entities

within the Group).

ArcelorMittal has performed a benchmarking on remuneration

with its selected peers and fixed the remuneration of the

employees and Directors based on the outcome of that

exercise.

The policy of the Company is not to grant any share-based

remuneration to members of the Board of Directors who are

not executives of the Company. As of December 31, 2025,

ArcelorMittal did not have any loans or advances outstanding

to members of its Board of Directors and ArcelorMittal had not

given any guarantees in favor of any member of its Board of

Directors. None of the members of the Board of Directors,

other than the CEO, benefit from an ArcelorMittal pension plan.

Short-term incentives paid to executive directors were as

follows for the last five financial years:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Short-term Incentives | Short-term Incentives | Short-term Incentives | Short-term Incentives | Short-term Incentives |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Lakshmi N. Mittal | 2652 |  |  | 3053 | 2908 |
| Aditya Mittal | 2897 |  |  | 3335 | 2226 |

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The following tables provide a summary of the PSUs granted

(long-term incentives) to the executive directors on the Board

of Directors, as of December 31, 2025. There were no

outstanding stock options as of December 31, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | PSUs granted in <br>2025<br>| PSUs granted in <br>2024<br>| PSUs granted in <br>2023<br>| PSUs granted in <br>2022<br>| PSUs granted in <br>2021<br>|
| Lakshmi N. Mittal | 77184 | 112635 | 67857 | 67662 | 52166 |
| Aditya Mittal | 82743 | 129221 | 74116 | 73902 | 56977 |
| Term (in years) | 3 | 3 | 3 | 3 | 3 |
| Vesting date<sup>1</sup> | January 1, 2029 | January 1, 2028 | January 1, 2027 | January 1, 2026 | January 1, 2025 |

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1. See "—Remuneration—LTIP", for vesting conditions.

Management report<br>

Remuneration at a glance - senior management

The following table provides a brief overview of the Company's remuneration policy for senior management. Additional information is

provided below.

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| | | | | |
|:---|:---|:---|:---|:---|
| ArcelorMittal's Remuneration Policy | ArcelorMittal's Remuneration Policy | ArcelorMittal's Remuneration Policy |  |  |
| Remuneration | Period | Strategy |  | Characteristic |
| Salary | 2025 | Recruitment and retention | ●  | Reviewed annually by the ARCG Committee considering market data |
| Salary | 2025 | Recruitment and retention | ●  | Increases based on the Company performance and individual <br>performance<br>|
| STI | 2025 | Delivery of strategic priorities <br>and financial success | ●  | Maximum STI award of 360% of base salary for the Executive Chairman, <br>and the CEO and in general 240% of base salary for other<br>Executive Officers (depending on the region)<br>|
| STI | 2025 | Delivery of strategic priorities <br>and financial success | ●  | 100% STI paid in cash |
| STI | 2025 | Delivery of strategic priorities <br>and financial success | ●  | ArcelorMittal's first priority Health and Safety is part of the STI |
| STI | 2025 | Delivery of strategic priorities <br>and financial success | ●  | Over performance towards competition |
| LTIP | 2026-2028 | Encourages long term <br>shareholder return  | ●  | PSUs granted with a face value of 180% of base salary for the Executive <br>Chairman and CEO and 110% for the CFO<br>PSUs / RSUs granted with a face value of 110%-180% of base salary as <br>a guideline for other Executive Officers depending on the region<br>|
| LTIP | 2026-2028 | Encourages long term <br>shareholder return  | ●  | Shares vest after a three-year performance period for PSUs and after a <br>three-year period for RSUs<br>|
| LTIP | 2026-2028 | Encourages long term <br>shareholder return  | ●  | Performance related vesting and/or employment related vesting |

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| | | | |
|:---|:---|:---|:---|
| Key Performance Metrics from 2025 | Key Performance Metrics from 2025 | Key Performance Metrics from 2025 | Key Performance Metrics from 2025 |
| Metrics | Scheme |  | Rationale |
| EBITDA | STI | ● | Demonstrates growth and operational performance of the underlying businesses |
| FCF | STI | ● | Demonstrates growth and operational performance of the underlying businesses |
| Gap to competition | STI  | ●  | Outperform peers |
| Health & Safety | STI / LTIP | ●  | Employee health and safety is a core value for the Company |
| ESG | LTIP | ●  | Improve health & safety outcome, achieve decarbonization targets |
| EPS | LTIP | ●  | Links reward to delivery of underlying equity returns to shareholders |
| ROCE | LTIP | ●  | Critical factor for long-term success and sustainability of the Company |
| TSR | LTIP | ●  | Creates a direct link between executive pay and shareholder value |
| TSR | LTIP | ●  | Comparison with a peer group of companies |

---

Remuneration at a glance - 2025 Pay outcomes

The following graphics present in thousands of U.S. dollars the compensation paid to the Executive Chairman (CEO until February 11,

2021) in 2025, 2024, 2023, 2022 and 2021 and to the CEO (President and CFO until February 11, 2021) in 2025, 2024, 2023 and 2022.

Amounts presented for the CFO and other Executive Officers relate to the former President and CFO (Aditya Mittal) and other

Executive Officers until February 11, 2021 and to the CFO and other Executive Officers thereafter. Information with respect to total

remuneration paid is provided under "—Remuneration—2025 Total remuneration" below.

Management report<br>

![11566](mt-20251231_g24.gif)

![11567](mt-20251231_g25.gif)

![11568](mt-20251231_g26.gif)

Management report<br>

**2024 short-term incentives paid in 2025**

---

| | | |
|:---|:---|:---|
| Business Units | Executive | Realization as % of business target |
| Executive Office\* | Lakshmi N. Mittal<br>Aditya Mittal<br>| 116% |
| Mining | Kleber Silva  | 115% |
| North America\* | John Brett | 135% |
| Corporate\* | Genuino Christino | 116% |
| Corporate\* | Bradley Davey | 116% |
| Corporate\* | Stephanie Werner-Dietz | 116% |
| UDJ\* | Vijay Goyal | 80% |
| AMNS India\* | Dilip Oommen | 60% |
| Europe\* | Geert van Poelvoorde | 96% |
| Long Carbon South America  | Jefferson de Paula | 170% |

---

Note: Individual performance not included in the percent of realization. Jorge Ribeiro de Oliveira received his Short Term Incentive before being nominated Executive Officer,

the realization as % of business target was 134%.

\*Health & Safety part of the bonus was nil due to the number of fatalities.

**Long-term incentives vesting in 2025**

*Executive office*

In 2025, the following long-term incentives vested:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Vehicle | Date of vesting | Date of grant | Number of PSUs <br>granted to Executive <br>office<br>| Number of shares <br>acquired by <br>Executive office\*<br>|
| PSUs | January 1, 2025 | December 16, 2021 | 109143 | 34107 |

---

\*Includes 16,302 shares issued to the Executive Chairman and 17,805 shares issued to the CEO.

*CFO and Other Executive Officers*

In 2025, the following long-term incentives vested:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Vehicle  | Date of vesting | Date of grant | Number of PSUs and <br>RSUs granted to CFO <br>and other Executive <br>officers<br>| Number of shares <br>acquired by CFO and <br>other Executive <br>officers<br>|
| PSUs | January 1, 2025 | December 16, 2021 | 89800 | 85719 |
| RSU\* | December 13, 2025 | December 13, 2022 | 59900 | 59900 |

---

\*Jefferson de Paula had a partial vesting as per plan rules at the time of retirement which is not included in those numbers as he was already retired.

**Remuneration** 

Remuneration strategy

The ARCG Committee assists the Board of Directors to

maintain a formal and transparent procedure for setting policy

on senior management's remuneration and to determine an

appropriate remuneration package for senior management.

The ARCG Committee should ensure that remuneration

arrangements support the strategic aims of the business and

enable the recruitment, motivation and retention of senior

executives while complying with applicable rules and

regulations.

*Board oversight* 

To this end, the Board of Directors has established the ARCG

Committee to assist it in making decisions affecting employee

remuneration. All members of the ARCG Committee are

required to be independent under the Company's corporate

governance guidelines, the New York Stock Exchange

("NYSE") standards and the 10 Principles of Corporate

Governance of the Luxembourg Stock Exchange.

The members are appointed by the Board of Directors each

year after the annual general meeting of shareholders. The

Management report<br>

members have relevant expertise or experience relating to the

purposes of the ARCG Committee. The ARCG Committee

makes decisions by a simple majority with no member having a

casting vote and is chaired by Ms. Karyn Ovelmen, Lead

Independent Director.

*Appointments, remuneration and corporate governance* 

*committee* 

One of the tasks of the ARCG Committee is to assist the Board

of Directors by providing recommendations specifically related

to remuneration and compensation. This includes:

• reviewing and approving corporate and personal

goals and objectives relevant to the compensation of

the members of the Executive Office, Executive

Officers and senior management as deemed

appropriate by the committee, and evaluating their

performance in light of these goals and objectives.

• making recommendations to the Board of Directors

regarding trends in Board remuneration and incentive

compensation plans.

• recommending the Company's framework of

remuneration for the members of the Executive Office,

Executive Officers and other senior executives as

determined by the committee. In making these

recommendations, the committee may consider

factors that it deems necessary, including a member's

total cost of employment (factoring in equity/long term

incentives, any perquisites and benefits in kind and

pension contributions).

• approving a report on executive remuneration to be

included in the Company's annual report.

• reviewing the analysis of proxy advisory firms in the

context of corporate governance compensation.

Individual remuneration is discussed by the ARCG Committee

without the person concerned being present. The ARCG

Committee Chair presents the decisions and findings to the

Board of Directors after each ARCG Committee meeting.

See also "Corporate governance—Board of Directors

committees"' for further details and additional responsibilities of

the ARCG Committee.

Remuneration policy

The ARCG Committee has set policies applied to senior

management on base salary, short-term incentives and long-

term incentives. According to the Shareholders Right Directive

II, which was transposed into Luxembourg law in August 1,

2019, the remuneration policies must be approved at the

Annual General Meeting of shareholders at least every 4 years

and whenever there is a material change. The Company

submits the remuneration report for the prior year for

shareholder approval at each AGM.

*Scope* 

ArcelorMittal's remuneration philosophy and framework apply

to the following groups of senior management:

• the Executive Chairman and the CEO; and

• the CFO and other Executive Officers.

The remuneration philosophy and governing principles also

apply, with certain limitations, to a wider group of employees

including Executive Vice Presidents, Vice Presidents, General

Managers and Managers.

*Remuneration philosophy* 

ArcelorMittal's remuneration philosophy for its senior

management is based on the following principles:

• provide total remuneration competitive with executive

remuneration levels of peers of similar size, scope

and industry:

–Korn Ferry (KF) and WillisTowersWatson (WTW)

provide benchmarking services to ArcelorMittal for

all Management Committee members, an average

between KF and WTW data is performed;

–For the Steel division: Large industry - industrial

segment including metals, chemicals, mining,

transport, energy & utilities, upper revenues range;

–For the Mining division: Large companies with a

significant mining divisions or companies similar to

ArcelorMittal Mining division;

–Data are linked to each local market.

• encourage and reward performance that will lead to

long-term enhancement of shareholder value; and

• promote internal pay equity by providing base pay and

total remuneration levels that reflect the role, job size

and responsibility as well as the performance and

effectiveness of the individual.

*Remuneration framework* 

The ARCG Committee develops proposals for senior

management remuneration annually for the Board of Directors'

consideration. Such proposals include the following

components:

• fixed annual salary;

• short-term incentives (i.e., performance-based

bonus); and

• long-term incentives (i.e., RSUs and/or PSUs).

Management report<br>

The Company does not have any deferred compensation plans

for senior management, including the Executive Chairman and

CEO.

The following table provides an overview of the remuneration policy applied by the ARCG:

---

| | | |
|:---|:---|:---|
| Remuneration component <br>and link to strategy<br>| Operational and performance framework | Opportunity |
| Fixed annual salary<br>Competitive base salary to <br>attract and retain high-<br>quality and experienced <br>senior executives<br>| \* Base salary levels are reviewed annually with effect from April 1 <br>(except promotion) compared to the market to ensure that ArcelorMittal <br>remains competitive with market median base pay levels<br>\* Reviews are based on market information obtained but not led by <br>benchmarking to comparable roles, changes in responsibility and <br>general economic conditions<br>| The ARCG does not set a maximum salary, <br>instead when determining any salary <br>increases it takes into account a number of <br>reference points including salary increases <br>across the Company<br>|
| Benefits<br>Competitive level to ensure <br>coverage of the executives<br>| \* May include costs of health insurance, death and disability insurances, <br>company car, tax return preparation, etc.<br>\* Relocation benefits may be provided where a change of location is <br>made at Company's request<br>| The cost to the Company of providing benefits <br>can change from year to year. The level of <br>benefit provided is intended to remain <br>competitive<br>|
| Pension<br>Competitive level of post-<br>employment benefit to <br>attract and retain executives<br>| \* Local benchmark of pension contributions for comparable roles |  |
| Short term incentives (STI)<br>Motivate the senior <br>executives to achieve <br>stretch performance on <br>strategic priorities<br>| \* Scorecard is set at the commencement of each financial year<br>\* Measures and relative weights are chosen by the ARCG Committee to <br>drive overall performance for the coming year<br>\* STI calculations for each executive reflect the performance of <br>ArcelorMittal and /or the performance of the relevant business units, the <br>achievement of specific objectives of the department and the individual <br>executive's overall performance<br>\* No STI is paid for a business performance below threshold 80% for <br>each criteria; 100% STI payout for business performance achieved at <br>100% for each criteria; 150% STI payout for business performance <br>achieved at 120% ; 200% STI payout for business performance achieve <br>at 140% or above for each criteria<br>| Range for Executive Chairman and CEO: 0 to <br>360% with a target at 120% of base salary<br>Range for CFO and Executive Officers: 0 to <br>240% with a target at 80% (generally) of base <br>salary in general (will depend on the region)<br>|
| LTIP<br>Sustain shareholder wealth <br>creation in excess of <br>performance of a peer <br>group and incentivize <br>executives to achieve <br>strategy<br>| Executive Office and CFO<sup>1</sup> LTIP<br>\* The vesting is subject to a relative TSR (Total Shareholder Return) and <br>to a relative EPS compared to a peer group and to ESG targets over a <br>three year- period<br>\*The peer group is determined by the ARCG Committee<br>\* No vesting will occur below the weighted average of the peer group or <br>the target for ESG<br>\* Performance is determined by the ARCG Committee<br>Executive Officers LTIP<br>\*The vesting is subject to two or three measures depending on the <br>business units or group, ROCE, TSR vs. weighted average of the peer <br>group and ESG<br>\*Vesting will occur if the performance is reached<br>\*Performance is determined by the ARCG Committee <br>| Maximum value at grant: <br>180% of base salary for Executive Chairman <br>and CEO and 110% of base salary for the <br>CFO<br>Guideline: 110%-180% of base salary for other <br>Executive Officers depending on region<br>|

---

1. Starting 2025.

Remuneration mix

The total remuneration target of the Executive Chairman, CEO

and CFO is structured to attract and retain executives; the

amount of the remuneration received is dependent on the

achievement of superior business and individual performance

and on generating sustained shareholder value from relative

performance.

The following remuneration charts, which illustrate the various

elements of the Executive Chairman, CEO, CFO and the other

Executive Officers' compensation, show the amounts for 2025

as a percentage of base salary. For each of the charts below,

the columns on the left, middle and on the right, respectively,

reflect the breakdown of compensation if targets are not met,

met and at maximum.

Management report<br>

![18224](mt-20251231_g27.gif)

Note: no pension contribution

![18258](mt-20251231_g28.gif)

Management report<br>

![18260](mt-20251231_g29.gif)

Note: Other benefits, as shown above, do not include international mobility incentives that may be provided.

2025 Total remuneration

The total remuneration paid in 2025 to members of

ArcelorMittal's senior management listed in "Management and

employees—Directors and senior management" (including Mr.

Lakshmi N. Mittal in his capacity as Executive Chairman and

Mr. Aditya Mittal as CEO) was $12 million in base salary and

other benefits paid in cash (such as health, other insurances,

lunch allowances, financial services, gasoline and car

allowance) and $17 million in short-term performance-related

variable remuneration consisting of a short-term incentive

linked to the Company's 2024 results and retention bonus.

During 2025, approximately $1.6 million was paid or accrued

by ArcelorMittal to provide pension benefits to senior

management (other than Mr. Lakshmi N. Mittal).

No loans or advances to ArcelorMittal's senior management

were made during 2025, and no such loans or advances were

outstanding as of December 31, 2025.

The following table shows the remuneration received by the

Executive Chairman, CEO, CFO and the other Executive

Officers as determined by the ARCG Committee in relation to

the five most recent financial years including all remuneration

components:

Management report<br>

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Executive Chairman<sup>5</sup> | Executive Chairman<sup>5</sup> | Executive Chairman<sup>5</sup> | Executive Chairman<sup>5</sup> | Executive Chairman<sup>5</sup> | CEO | CEO | CEO | CEO | CEO | Chief Financial Officer and Executive <br>Officers <sup>6,7</sup> | Chief Financial Officer and Executive <br>Officers <sup>6,7</sup> | Chief Financial Officer and Executive <br>Officers <sup>6,7</sup> | Chief Financial Officer and Executive <br>Officers <sup>6,7</sup> | Chief Financial Officer and Executive <br>Officers <sup>6,7</sup> |
| (Amounts in $ thousands <br>except for Long-term <br>incentives) | (Amounts in $ thousands <br>except for Long-term <br>incentives) | 2025 | 2024 | 2023 | 2022 | 2021 | 2025 | 2024 | 2023 | 2022 | 2021 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Base salary<sup>1</sup> | Base salary<sup>1</sup> | 1731 | 1580 | 1536 | 1529 | 1700 | 1924 | 1791 | 1678 | 1670 | 1783 | 7486 | 7211 | 6395 | 5790 | 5056 |
| Pension benefits | Pension benefits |  |  |  |  |  | 192 | 179 | 168 | 167 | 178 | 1454 | 1235 | 1041 | 1066 | 1348 |
| Other benefits<sup>2</sup> | Other benefits<sup>2</sup> | 98 | 90 | 80 | 72 | 66 | 55 | 43 | 44 | 39 | 38 | 784 | 865 | 674 | 599 | 237 |
| Short-term incentives<sup>3</sup> | Short-term incentives<sup>3</sup> | 2652 |  |  | 3053 | 2908 | 2897 |  |  | 3335 | 2226 | 11294 | 12975 | 8773 | 9370 | 7158 |
| Long-term <br>incentives | '- fair value in <br>$ thousands<sup>4</sup><br>| 3114 | 2518 | 1391 | 1520 | 1419 | 3338 | 2888 | 1519 | 1661 | 1550 | 9721 | 9001 | 6544 | 3838 | 4396 |
| Long-term <br>incentives | - number of <br>share units<br>| 77184 | 112635 | 67857 | 67662 | 52166 | 82743 | 129221 | 74116 | 73902 | 56977 | 233150 | 372500 | 287900 | 155400 | 146600 |

---

1. After the salary decrease applied in 2020, the base salaries of the CEO and President and Chief Financial Officer were set back to the original amounts in 2021. In 2025, a

salary increase of 5.9% including the promotions was applied.

2. Other benefits comprise benefits paid in cash such as lunch allowances, financial services, gasoline and car allowances. Health insurance and other insurances are also

included.

3. Short-term incentives are either performance-based or retention bonus and are fully paid in cash. The short-term incentive for a given year relates to the Company's results in

the previous year.

4. Fair value determined at the grant date is recorded as an expense using the straight line method over the vesting period and adjusted for the effect of non-market based vesting

conditions.

5. Amounts presented reflect the compensation as CEO until February 11, 2021 and as Executive Chairman thereafter.

6. Brian Aranha was included until March 31, 2021. Simon Wandke was included until September 30, 2021. Jefferson de Paula was included until March 31, 2025. New executive

officers were included as of their respective nomination date.

7. For the Chief Financial Officer and Executive Officers, the number of share units granted in 2025 includes 194,550 PSUs and 38,600 RSUs.

Short-term incentives

Targets associated with ArcelorMittal's 2025 Annual

Performance Bonus Plan were aligned with the Companies'

strategic objectives of improving health and safety performance

and overall business performance and competitiveness.

For the Executive Chairman and the CEO, the 2025 annual

performance bonus formula is based on the achievement of the

following performance targets:

• EBITDA targets at Group level: 40% (acts as circuit breaker

for financial measures EBITDA and FCF);

• FCF targets at Group level: 25%;

• Gap to competition targets at Group level: 20%; and

• Health and safety performance targets at Group level: 15%.

The target for Health & Safety is to reduce the recordable

injury rate. To emphasize this priority, the fatality frequency

rate acts as a circuit breaker for the Health & Safety

component. The circuit breaker is set at a fatality frequency

rate of nil.

For the Executive Chairman and CEO, 100% achievement of

the agreed performance targets results in an annual

performance bonus which equals 120% of base salary.

For the CFO and other Executive Officers, the 2025 annual

performance bonus formula was tailored for their respective

positions and is generally based on the following performance

targets:

• EBITDA targets at Group, segment or Business unit level

(acts as circuit breaker for financial measures EBITDA and

FCF);

• FCF targets at Group, segment or Business unit level;

• Gap to competition targets at Group level, segment or

Business unit level;

• Health and safety performance targets at Group, Segment or

Business unit level (fatalities act as circuit breaker for this

component). The target for Health & Safety is to reduce the

recordable injury rate. The circuit breaker is set at a facility

frequency rate of 0.006 for 2025 and nil for 2026.

For the CFO and other Executive Officers, 100% achievement

of the agreed performance targets results in an annual

performance bonus which equals 80% of base salary in

general (depends on the region).

For the calculation of the annual performance bonus, the

achievement level of every performance target is calculated

separately, and these are added up.

Individual performance and assessment ratings define the

individual annual performance bonus multiplier that will be

applied to the annual performance bonus calculated based on

actual performance against the performance measures. Those

individuals who consistently perform at expected levels will

have an individual multiplier of 1. For outstanding performers,

an individual multiplier of up to 1.5 may cause the annual

performance bonus pay-out to be higher than 200% of the

target annual performance bonus, up to 360% of the target

Management report<br>

annual performance bonus being the absolute maximum for

the Executive Chairman and the CEO. Similarly, a reduction

factor will be applied for those at the lower end.

In exceptional circumstances, the ARCG Committee can

exercise discretion in the final determination of the annual

performance bonus.

The achievement level of performance for the annual

performance bonus for the Executive Chairman, the CEO, the

CFO and the other Executive Officers is summarized as

follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Functional level | Target achievement threshold <br>@ 80%<br>| Target achievement <br>@ 100%<br>| Target achievement <br>@ 120%<br>| Target achievement ≥ ceiling <br>@ 140%<br>|
| Executive Chairman and CEO | 60% of base pay | 120% of base pay | 180% of base pay | 240% of base pay |
| CFO and Executive Officers (in <br>general, depending on the region)<br>| 40% of base pay | 80% of base pay | 120% of base pay | 160% of base pay |

---

LTIP

The Executive Office benefits from a LTIP which grants PSUs

to the Executive office members (and the CFO starting 2025).

The PSUs vest based on performance targets linked to EPS

and TSR. Performance criteria also include ESG indicators

(see below).

ArcelorMittal also operates a long-term incentive plan ("the

ArcelorMittal Equity Incentive Plan") to incentivize shareholder

wealth creation in excess of performance of a peer group and

incentivize executives to achieve strategy. The ArcelorMittal

Equity Incentive Plan is intended to align the interests of the

Company's shareholders and eligible employees by allowing

them to participate in the success of the Company. The

ArcelorMittal Equity Incentive Plan provides for the grant of

RSUs and PSUs to eligible employees of the Company

(including the CFO prior to 2025 and the Executive Officers)

and is designed to incentivize employees, improve the

Company's long-term performance and retain key employees.

The maximum number of PSUs and RSUs available for grant

during any given year is subject to the prior approval of the

Company's shareholders at the annual general meeting. The

2022, 2023, 2024 and 2025 Caps for the number of PSUs/

RSUs that may be allocated to the Executive Office plan and

other retention and performance based grants were approved

at the annual general meetings on May 4, 2022, May 2, 2023,

April 30, 2024 and May 6, 2025, respectively, at a maximum of

3,500,000 shares, 3,500,000 shares, 5,500,000 shares and

6,000,000 shares, respectively.

RSUs granted under the ArcelorMittal Equity Incentive Plan are

designed to provide a retention incentive to beneficiaries.

RSUs are subject to "cliff vesting" after 3 years with 100% of

the grant vesting on the third anniversary of the grant

contingent upon the continued active employment of the

beneficiary within the Company.

PSU awards in connection with the ArcelorMittal Equity

Incentive Plan are subject to the fulfillment of performance

criteria such as ROCE, TSR and gap to competition (until

2022).

Since 2021, the performance criteria for the PSUs for the

Executive Office plan and the ArcelorMittal Equity Incentive

Plan include an ESG criteria comprised of a health & safety, a

climate action and, until 2024, a diversity & inclusion ("D&I")

target. For health & safety, the target was to halve the fatality

frequency rate versus a defined baseline (the baseline is the

adjusted average frequency rate over 5 years before the grant)

and is aligned to the level of circuit breaker applied in STI since

2024. For D&I, the target up to this point was to reduce the gap

between the Company's 2030 target of having 25% women in

management and 2020 baseline. Good progress has been

made in strengthening the number of women in leadership, and

given the critical importance of rapidly improving safety results

across the Company, ArcelorMittal increased the safety

component. For climate, the CO2 emission target has been set

to be reached by the end of the vesting period.

Management report<br>

On December 5, 2025, the Company issued the 2025 grant whose conditions were as follows:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Executive Office and CFO | Executive Office and CFO | Executive Office and CFO | | | Executive Officers other than CFO | Executive Officers other than CFO | Executive Officers other than CFO | Executive Officers other than CFO | |
| 2025 <br>Grant | ●  | PSUs with a three-year performance period | PSUs with a three-year performance period | PSUs with a three-year performance period | PSUs with a three-year performance period | ●  | PSUs with a three-year performance period | PSUs with a three-year performance period | PSUs with a three-year performance period | PSUs with a three-year performance period | PSUs with a three-year performance period |
| 2025 <br>Grant | ●  | Value at grant 180% of base salary for the Executive <br>Chairman and the CEO and 110% for the CFO | Value at grant 180% of base salary for the Executive <br>Chairman and the CEO and 110% for the CFO | Value at grant 180% of base salary for the Executive <br>Chairman and the CEO and 110% for the CFO | Value at grant 180% of base salary for the Executive <br>Chairman and the CEO and 110% for the CFO |  |  |  |  |  |  |
| 2025 <br>Grant | ●  | Vesting conditions: | Vesting conditions: | Vesting conditions: | Vesting conditions: | ●  | Vesting conditions: | Vesting conditions: | Vesting conditions: | Vesting conditions: |  |
| 2025 <br>Grant |  |  | Target | Stretch | Ceiling |  |  | Threshold | Target | Stretch | Ceiling |
| 2025 <br>Grant |  | TSR vs. peer group <br>(50%) / EPS vs. peer <br>group (20%) | 100% vs. <br>weighted <br>average <br>| 120% vs. <br>weighted <br>average<br>| ≥140% vs. <br>weighted <br>average<br>|  | TSR vs. peer group <br>(40%) | 80% rolling <br>average<br>| 100% rolling <br>average<br>| 120% <br>rolling <br>average<br>| ≥140% <br>rolling <br>average<br>|
| 2025 <br>Grant |  | Vesting percentage | 100% | 150% | 200% |  | Vesting percentage | 50% | 100% | 150% | 200% |
| 2025 <br>Grant |  |  |  |  |  |  | ROCE (40%) | 6% | 9% | 12% | 14% |
| 2025 <br>Grant |  | ESG (30%): H&S 20%, <br>Climate action 10%  | 100% of <br>target<br>| 120% of <br>target<br>| ≥140% of <br>target<br>|  | Vesting percentage | 50% | 100% | 150% | 200% |
| 2025 <br>Grant |  | Vesting percentage | 100% | 150% | 200% |  | ESG (20%): H&S <br>15%, Climate action <br>5% | 80% <br>weighted <br>average<br>| 100% of <br>target<br>| 120% of <br>target<br>| 140% of <br>target<br>|
| 2025 <br>Grant |  |  |  |  |  |  | Vesting percentage | 50% | 100% | 150% | 200% |
| 2025 <br>Grant |  |  |  |  |  | ●  | RSUs with a three-year vesting period | RSUs with a three-year vesting period | RSUs with a three-year vesting period | RSUs with a three-year vesting period |  |

---

See note 8.3 to the consolidated financial statements for a

summary of outstanding plans as of December 31, 2025

including the 2025 grant and for further details.

Other benefits

In addition to the remuneration described above, other benefits

may be provided to senior management and, in certain cases,

other employees. These other benefits can include insurance,

housing (in cases of international transfers), car allowances

and tax assistance.

SOX 304 and clawback policy

Under Section 304 of the Sarbanes-Oxley Act, the SEC may

seek to recover remuneration from the CEO and CFO of the

Company in the event that it is required to restate accounting

information due to any material misstatement thereof or as a

result of misconduct in respect of a financial reporting

requirement under the U.S. securities laws (the "SOX

Clawback").

Under the SOX Clawback, the CEO and the CFO may have to

reimburse ArcelorMittal for any short-term incentive or other

incentive-based or equity-based remuneration received during

the 12-month period following the first public issuance or filing

with the SEC (whichever occurs first) of the relevant filing, and

any profits realized from the sale of ArcelorMittal securities

during that 12-month period.

In October 2022, the SEC adopted final rules implementing the

Dodd-Frank requirement for issuers to recover incentive-based

compensation erroneously paid to current and former executive

officers due to an accounting restatement. These clawback

rules required listing exchanges, such as the NYSE, to adopt

clawback standards as from the fourth quarter of 2023, with

issuers required to implement and disclose "no fault" clawback

policies that meet strict recovery standards for restatements,

within 60 days thereafter.

The Board of Directors, through its ARCG Committee, adopted

its own clawback policy in 2012, which was updated in 2023

(the "Clawback Policy"), to reflect the Company's structural

changes and comply with the new rules.

The Clawback Policy applies to all Executive Officers and

covers cash short-term incentives and any other incentive-

based or equity-based remuneration, as well as profits from the

sale of the Company's securities ("Covered Compensation")

received during the three completed fiscal years of the

Company immediately preceding a Restatement Date (as

defined in the policy) and any transition period (that results

from a change in the Company's fiscal year) of less than nine

months within or immediately following those three completed

fiscal years. Compensation is deemed to be received in the

Company's fiscal period during which the Financial Reporting

Measure specified in the Incentive-based Compensation award

is attained (capitalized terms as defined in the policy).

Under the Clawback Policy, ArcelorMittal will recover

reasonably promptly erroneously paid Covered Compensation

in the event it is required to prepare an accounting restatement

due to the material non-compliance of ArcelorMittal with any

financial reporting requirement under the U.S. securities laws,

including any required accounting restatement to correct an

error in a previously issued financial statement that is material

to the previously issued financial statement, or that would

result in a material misstatement if the error were corrected in

the current period or left uncorrected in the current period.

Management report<br>

Employees

As of December 31, 2025, ArcelorMittal employed

approximately 125,554 full time equivalent ("FTE") employees

directly, as well as a large number of contractors. The

Company recruits, hires, promotes and retains employees

based on merit and demonstrated skills.

The table below sets forth the number of FTE employees

respectively by segment as of the end of each of the past three

years.

---

| | | | |
|:---|:---|:---|:---|
|  | As of December 31, | As of December 31, | As of December 31, |
| Segment | 2025 | 2024 | 2023 |
| North America | 16083 | 13861 | 14418 |
| Brazil | 25014 | 22624 | 22042 |
| Europe | 43878 | 48544 | 49959 |
| Sustainable Solutions | 13149 | 12843 | 12194 |
| Mining | 5918 | 4758 | 4473 |
| Others | 21512 | 22786 | 23670 |
| Total | 125554 | 125416 | 126756 |

---

The people strategy

To meet the evolving needs of its people and address the

challenges of a shifting skills economy, technological

advancements, and generational transitions, ArcelorMittal

remains committed to delivering its people strategy, launched

in 2022. The strategy is built around ArcelorMittal's

fundamental purpose to create smarter steels for people and

planet. This strategy seeks to boost talent and continuously

foster a safety-first, people-driven culture that ensures

sustainable performance and enables the Company to deliver

on its purpose.

Employee development

Attracting, developing and retaining the right people continues

to be a strategic priority for ArcelorMittal in sustaining a high-

performing organization.

With strong competition for the best talent, ArcelorMittal is

committed to ensuring the Company is an aspirational

workplace—one where employees feel safe, respected and

valued. This also means building a culture that constantly

keeps employees engaged, motivated, and eager to learn and

excel.

Employee development, which includes succession planning

and the development of early career talents plays a crucial role

in building a high-performing organization. The Company

strives to provide employees with broad career opportunities,

supported by continuous training and ongoing initiatives to

develop both technical and behavioral skills. A dedicated

process helps identify high potential employees ("HiPos") and

manage the succession of key roles.

In 2025, the Company continued its efforts to develop

employees' skills and accelerate their readiness to take on

increased responsibilities. A strong focus was placed on having

the right people in the right roles at the right time,

strengthening key succession plans, and preparing future

leaders. Efforts also included anticipating and filling vacancies;

building a robust and qualified leadership pipeline; encouraging

individual and sustained performance; and fostering talent

retention through recognition, empowerment, and meaningful

work.

To further support career growth, ArcelorMittal continued its

communications initiatives to increase the visibility of global

career opportunities, ensuring employees are aware of

potential paths for advancement within the organization.

The Company continued to enhance the quality of its

succession planning, ensuring better process execution and

stronger alignment between potential successors and their

career aspirations.

In 2025, the Company continued to experience high virtual

learning engagement at ArcelorMittal University ("AMU"),

further expanding its global community. Employees across the

Group invested an average of 5.9 hours each to online learning

with around 140,000 active learners logging around 930,000

hours.

The Company continued offering world-class leadership

programs through AMU. In 2025, the Company partnered with

best-in-class educational institutions to enhance the

educational experience to the highest level for its leaders.

Delivered in a blended format—combining face-to-face (where

possible) with digital sessions—these programs support the

development of talent and future leaders. In 2025, 769

employees graduated from 33 leadership programs throughout

the year.

'Thrive' program, which was introduced in 2024 in North

America, Brazil, and Europe to help employees accelerate their

career growth, has been a key vehicle in promoting mobility-

based development. The program matches individuals with

suitable roles and career opportunities based on their

preferences, skills and qualifications.

ArcelorMittal's Group Mentoring Program also remained a vital

resource, offering employees an opportunity to engage in a

structured mentoring relationship with an experienced leader.

In 2025, more than 1,024 mentorship hours were invested as

part of the program with 190 active mentor-mentee pairs as of

December 31, 2025.

The Company also piloted various AI-enabled tools and

solutions in areas such as knowledge transfer and coaching,

aiming to accelerate employee development and support more

effective succession planning, ultimately strengthening talent

retention and organizational performance.

Management report<br>

In order to ensure readiness and to enable full utilization of AI

and related tools, over 74,000 employees, including all leaders,

were enrolled in AI-readiness trainings with different modules.

Speak Up +, the global employee survey

For the past few years, ArcelorMittal's Speak Up + survey has

been the Group's flagship employee engagement tool. It

gathers insights from professionals and leadership on their

experience working at ArcelorMittal, what the Company does

well and areas for improvement.

In 2025, ArcelorMittal continued to listen to employees' voices

through these surveys, which serve as the ongoing vehicle to

help the Company's leaders stay attuned to the organization in

a rapidly changing environment. The goal is to track

engagement levels across the Group, understand employees'

aspirations, and empower leaders to address potential issues

proactively.

The outcome from each Speak Up + survey is compared to

internal benchmarks over time and external industry peers.

This enables leaders to identify strengths, detect risks—such

as attrition—and take actions to enhance employee

engagement.

Based on survey outcomes, concrete actions are continuously

developed and implemented to address employee concerns

and drive engagement.

Embedding Health & Safety (H&S)

In line with the H&S strategy and as an essential element of

the Corporate H&S roadmap, the Company dedicated efforts to

embedding H&S considerations into HR policies and

processes, thereby achieving a strong integration of H&S

across all phases of the employee lifecycle.

The Joint Global H&S Committee, established under the

agreement signed in 2008 between the Company and trade

unions, is composed of 16 representatives from management

and the unions and aims to identify areas for improvement and

harmonize safety performance across the Group. The Joint

Global H&S Committee deals with issues related to H&S and

does not act as a negotiation committee on behalf of unions or

management. One of its primary priorities is centered around

overseeing deployment and monitoring the compliance of local

joint H&S panels. This involves developing guidelines for

progress, conducting site visits to assess implementation, and

offering suggestions for improvement. Additionally, the Joint

Global H&S Committee provides recommendations on

transversal and global topics to enhance overall safety

measures.

In 2025, virtual meetings and one in-person meeting were held

to review the H&S Committee's effectiveness and the members

conducted two site visits to ensure progress and compliance

on the ground. The Company continues to strengthen safety

mindset and behaviors to support the Journey to Zero and

strengthen a unified "One Safety Culture." This is achieved by

reinforcing existing training such as Take Care and introducing

the dSS+ led area of Transformation initiative. In 2025, a newly

designed Safety Leadership Program was launched for senior

management, covering all regions and business segments.

Additionally, safety is being further integrated into the

employee lifecycle: H&S principles are now embedded across

HR processes and practices, from recruitment to career

planning and development. See "Business overview—

Sustainable development—Health and Safety".

Equal opportunity and non-discrimination

ArcelorMittal values bringing together fresh perspectives and

experiences to the business as part of its ambition to be an

employer of choice. The Company is present in over 60

countries and has employees from different countries and

backgrounds. In 2022, the Company defined a clear roadmap

to ensure equal opportunity and non-discrimination.

Subsequently, a strategic framework was launched in 2024,

which includes best practices as a reference guide for all

segments and plants to achieve equality for all employees.

The Company continuously reviews and updates its people-

related policies and practices to ensure they remain relevant,

effective, and compliant across the regions in which the

Company operates. These policies are designed to deliver

positive and consistent outcomes for all the stakeholders,

including employees.

During the year, the Company reviewed its Diversity &

Inclusion Policy, placing greater emphasis on non-

discrimination, and merit-based opportunity across the

workforce. As a result, the policy evolved into the Equal

Opportunity and Non-Discrimination Policy, which is scheduled

for launch in 2026.

In 2025, women held 20.5% of management positions across

the Group based on merit, compared to 19% in 2024.

As of December 31, 2025, women held four of the nine

positions on the Board of Directors.

Collective Labor Agreements ("CLAs")

In multiple regions globally, ArcelorMittal employees are

represented by trade unions and the Company actively

engages in collective bargaining agreements with employee

organizations at specific locations. The description below

provides an overview of the current status of specific

agreement and relationships.

The Company is committed to open, respectful and transparent

social dialogue at all of its operations, to maintain strong

employee relations, and to provide a safe, healthy and quality

working life for all its workers. ArcelorMittal is respecting its

commitment to social dialogue and all entities have regular

discussions and negotiations on salary policy with their

respective unions.

Management report<br>

In 2025, several entities and employees in several countries

negotiated new or the renewal of CLAs.

Employees of ArcelorMittal's North America segment continued

to work under collective agreements that remain valid. As of

December 31, 2025, the segment had 22 collective labor

agreements in place, covering 45% of the workforce of the

segment. Segment management maintained good social

dialogue with all unions and non-represented employees,

fostering constructive relationships and ongoing

communication.

In South America, most of the employees are covered by

CLAs. However, Costa Rica has no trade union representation.

Brazil experienced elevated inflation in 2025, and CLA

negotiations are expected to align wage adjustments with

inflation. Argentina's inflation dropped significantly, but wage

agreements remained below inflation.

In Europe, four meetings were conducted in 2025 to inform the

European Works Council ("EWC") representatives about the

H&S and business performance and outlook regarding the

Company's European operations. In parallel to these meetings,

a consultation process was carried out regarding a business

transformation project of the support functions.

In France, a one-year salary agreement for 2025 was signed in

December 2024, covering all the legal entities. In June 2025,

ArcelorMittal France announced a restructuring plan and

started negotiations with unions. In November 2025, both

parties reached to an agreement on a workforce reduction

plan. All employees in France are covered by CLAs.

In Luxembourg, the meeting between the government, the

trade unions and the Company confirmed that the Company

complied with its commitments of investments based on the

LUX2025 agreement (job retention plan ending December 31,

2025). Discussions for the next LUX2030 agreement have also

started.

In Germany, the collective agreement, renewed in October

2024, will remain valid until December 31, 2026. It provided for

a 5.5% salary increase effective January 1, 2025, followed by

an additional increase of approximately 1.75% effective

January 1, 2026.

In 2025, at ArcelorMittal Poland, a successful negotiation of the

CLA was achieved with trade unions. The management also

invited trade union representatives to the Supervisory Board,

promoting transparency and inclusive decision-making. About

99% of employees are covered by the CLA, with only top

executives excluded.

In Spain, a temporary layoff plan was agreed upon in late 2024

due to market conditions and extended through 2025. A

framework agreement for labor relations was signed with most

unions and all local CLAs were finalized and implemented in

2025, covering about 100% of the workforce. Additionally, in

compliance with recently introduced legal requirements, an

equality and non-discrimination plan for the entire group in

Spain and a disaster prevention protocol defining response

action plans, have been agreed and signed with the unions.

In 2025, the situation in Ukraine continued to be difficult in

terms of personnel due to the war with Russia. The martial law

imposed by the country's government since February 2022,

which, among other things, limits the labor rights of employees

and trade unions (such as the right to strike; the right to

vacation, etc.) remains in force. In 2025, more than 3,900 of

AMKR's employees were mobilized and more than 330 were

deceased, captured or missed in action. The facility continued

to experience a significant outflow of personnel, mainly men,

due to mobilization. As a consequence, it launched recruitment

campaigns to attract women and young people. Despite

operating at 30-50% of production capacity, AMKR maintained

work positions and wages for its 17,500 workers avoiding

layoffs.

In South Africa, approximately 70% of the workforce is covered

by a CLA/bargaining council agreement concluded between

management and the recognized trade unions i.e. NUMSA and

Solidarity trade unions. The CLA will expire in March 2026.

Annual wage negotiations to amend wages and conditions of

employment will take place from February 1, 2026 to March 31,

2026. The Longs business wind-down at the Newcastle facility

commenced at the end of the third quarter of 2025 with all

plants systematically and safely placed in a care and

maintenance state. The final activities underway included safe

wind-down of utilities and coke making plants with the last

group of affected employees exiting end of January 2026.

Throughout 2025, ArcelorMittal's operations in the Mining

segment maintained a productive engagement with the trade

unions and communities where they operate. 78% and 83% of

the workforce is unionized in ArcelorMittal's operations in

Canada and Liberia, respectively. Labor agreements were

successfully concluded in Canada for five years and in Liberia,

for three years without any industrial actions.

Corporate governance

This section describes the corporate governance practices of

ArcelorMittal for the year ended December 31, 2025.

**Board of Directors and senior management** 

ArcelorMittal is governed by a Board of Directors and managed

by the senior management. As described in "—Directors and

senior management" above, ArcelorMittal's senior

management is comprised of the Executive Office - comprising

the Executive Chairman, Mr. Lakshmi N. Mittal and the CEO,

Mr. Aditya Mittal. The Executive Office is supported by a team

of nine other Executive Officers, who together encompass the

Management report<br>

key regions and corporate functions. As of December 31, 2025,

the average age and serving period of board members is 62

years and 11 years, respectively.

A number of corporate governance provisions in the Articles of

Association of ArcelorMittal reflect provisions of the

Memorandum of Understanding signed on June 25, 2006 (prior

to Mittal Steel Company N.V.'s merger with Arcelor), amended

in April 2008 and which mostly expired on August 1, 2009. For

more information about the Memorandum of Understanding,

see "Additional information—Material contracts—Memorandum

of Understanding".

ArcelorMittal fully complies with the 10 Principles of Corporate

Governance of the Luxembourg Stock Exchange. This is

explained in more detail in "—Other corporate governance

practices" below. ArcelorMittal also complies with the New York

Stock Exchange Listed Company Manual as applicable to

foreign private issuers. There are no significant differences

between the corporate governance practices of ArcelorMittal

and those required of a U.S. domestic issuer under the Listed

Company Manual of the New York Stock Exchange.

Board of Directors

![1726](mt-20251231_g30.gif)

![1728](mt-20251231_g31.gif)

The Board of Directors is in charge of the overall governance

and direction of ArcelorMittal. It is responsible for the

performance of all acts of administration necessary or useful in

furtherance of the corporate purpose of ArcelorMittal, except

for matters reserved by Luxembourg law or the Articles of

Association to the general meeting of shareholders. The

Articles of Association provide that the Board of Directors is

composed of a minimum of 3 and a maximum of 18 members.

The Articles of Association provide that directors are elected

and removed by the general meeting of shareholders by a

simple majority of votes cast. Other than as set out in the

Company's Articles of Association, no shareholder has any

specific right to nominate, elect or remove directors. Directors

are elected by the general meeting of shareholders for three-

year terms. In the event that a vacancy arises on the Board of

Directors for any reason, the remaining members of the Board

of Directors may by a simple majority elect a new director to

temporarily fulfill the duties attaching to the vacant post until

the next general meeting of the shareholders.

For further information on the composition of the Board of

Directors, including the expiration of each Director's term and

the period during which each Director has served, see section

"—Directors and senior management " above.

Mr. Lakshmi N. Mittal was elected Chairman of the Board of

Directors on May 13, 2008. Mr. Lakshmi N. Mittal was also

ArcelorMittal's CEO until February 11, 2021. Mr. Lakshmi N.

Mittal was re-elected to the Board of Directors for a three-year

Management report<br>

term at the annual general meeting of shareholders on May 2,

2023. A director is considered "independent" if:

(a)he or she is independent within the meaning of the New

York Stock Exchange Listed Company Manual, as

applicable to foreign private issuers,

(b)he or she is unaffiliated with any shareholder owning or

controlling more than two percent of the total issued share

capital of ArcelorMittal, and

(c)the Board of Directors makes an affirmative determination

to this effect.

For these purposes, a person is deemed affiliated to a

shareholder if he or she is an executive officer, a director who

also is an employee, a general partner, a managing member or

a controlling shareholder of such shareholder. The 10

Principles of Governance of the Luxembourg Stock Exchange,

which constitute ArcelorMittal's domestic corporate governance

code, require ArcelorMittal to define the independence criteria

that apply to its directors, which are described in article 8.1 of

its Articles of Association.

***Specific characteristics of the director role*** 

---

| | | | |
|:---|:---|:---|:---|
| **Required share** <br>**ownership**<br>Lead Independent Director - minimum of 6,000 <br>ordinary shares<br>Non-executive directors - minimum of 4,000 <br>ordinary shares<br>| **Maximum 12** <br>**year service** <br>(independent <br>directors)<br>| **May not serve** on <br>the boards of directors of <br>**more than four** <br>publicly listed companies (non-<br>executive directors)<br>| Required to **sign the** <br>**Company's Code of** <br>**Business Conduct** <br>and confirm their adherence <br>annually<br>|

---

The Company's Articles of Association do not require directors

to be shareholders of the Company. The Board of Directors

nevertheless adopted a share ownership policy on October 30,

2012, that was amended on November 7, 2017, considering

that it is in the best interests of all shareholders for all non-

executive directors to acquire and hold a minimum number of

ArcelorMittal ordinary shares in order to better align their long-

term interests with those of ArcelorMittal's shareholders. The

Board of Directors believes that this share ownership policy will

result in a meaningful holding of ArcelorMittal shares by each

non-executive director, while at the same time taking into

account the fact that the share ownership requirement should

not be excessive in order not to unnecessarily limit the pool of

available candidates for appointment to the Board of Directors.

Directors must hold their shares directly or indirectly, and as

sole or joint beneficiary owner (e.g., with a spouse or minor

children), at the latest within three years of his or her election

to the Board of Directors. Each director will hold the shares

acquired on the basis of this policy for so long as he or she

serves on the Board of Directors. Directors purchasing shares

in compliance with this policy must comply with the

ArcelorMittal Insider Dealing Regulations and, in particular,

refrain from trading during any restricted period, including any

such period that may apply immediately after the Director's

departure from the Board of Directors for any reason.

On October 30, 2012, the Board of Directors also adopted a

policy that places limitations on the terms of independent

directors as well as the number of directorships that directors

may hold in order to align the Company's corporate

governance practices with best practices in this area (as

highlighted in the table above). Nevertheless, the Board of

Directors may, by way of exception to this rule, make an

affirmative determination, on a case-by-case basis, that a

Director may continue to serve beyond the 12-year rule if the

Board of Directors considers it to be in the best interest of the

Company based on the contribution of the Director involved

taking into consideration the balance between the knowledge,

skills, experience of the director and the need for renewal of

the Board.

As membership of the Board of Directors represents a

significant time commitment, the policy requires both executive

and non-executive directors to devote sufficient time to the

discharge of their duties as a Director of ArcelorMittal. Directors

are therefore required to consult with the Chairman and the

Lead Independent Director before accepting any additional

commitment that could conflict with or impact the time they can

devote to their role as a Director of ArcelorMittal. A non-

executive Director's service on the board of directors of any

subsidiary or affiliate of ArcelorMittal or of any non-publicly

listed company is not taken into account for purposes of

complying with the service limitation.

Although non-executive directors of ArcelorMittal who change

their principal occupation or business association are not

necessarily required to leave the Board of Directors, the policy

requires each non-executive director, in such circumstances, to

promptly inform the Board of Directors of the action he or she

Management report<br>

is contemplating. Should the Board of Directors determine that

the contemplated action would generate a conflict of interest,

such non-executive director would be asked to tender his or

her resignation to the Chairman of the Board of Directors, who

would decide to accept the resignation or not.

None of the members of the Board of Directors, including the

executive directors, have entered into service contracts with

ArcelorMittal or any of its subsidiaries that provide for any form

of remuneration or for benefits upon the termination of their

term. All non-executive Directors of the Company signed the

Company's Appointment Letter, which confirms the conditions

of their appointment by the General Meeting of the

Shareholders including compliance with certain non-compete

provisions, the 10 Principles of Corporate Governance of the

Luxembourg Stock Exchange and the Company's Code of

Business Conduct.

The remuneration of the members of the Board of Directors is

determined on a yearly basis by the annual general meeting of

shareholders.

***Share transactions by management***

In compliance with laws prohibiting insider dealing, the Board

of Directors of ArcelorMittal has adopted insider dealing

regulations, which apply throughout the ArcelorMittal group.

These regulations are designed to ensure that insider

information is treated appropriately within the Company and

avoid insider dealing and market manipulation. Any breach of

the rules set out in this procedure may lead to criminal or civil

charges against the individuals involved, as well as disciplinary

action by the Company.

***Operation***

*General* 

The Board of Directors and the Board committees may engage

the services of external experts or advisers as well as take all

actions necessary or useful to implement the Company's

corporate purpose. The Board of Directors (including its three

committees) has its own budget, which covers functioning

costs such as external consultants, continuing education

activities for directors and travel expenses.

*Meetings* 

The Board of Directors meets when convened by the Chairman

of the Board or any two members of the Board of Directors.

The Board of Directors holds physical meetings at least on a

quarterly basis as five regular meetings are scheduled per

year. The Board of Directors holds additional meetings if and

when circumstances require, in person or by teleconference

and can take decisions by written circulation, provided that all

members of the Board of Directors agree.

In 2025, the Board of Directors held 6 meetings with 100% of

the average attendance rate.

---

| | |
|:---|:---|
| **6 meetings** <br>**(2025)**<br>| 100% Average <br>attendance rate<br>|

---

In order for a meeting of the Board of Directors to be validly

held, a majority of the directors must be present or

represented, including at least a majority of the independent

directors. In the absence of the Chairman, the Board of

Directors will appoint a chairman by majority vote for the

meeting in question. The Chairman may decide not to

participate in a Board of Directors' meeting, provided he has

given a proxy to one of the directors who will be present at the

meeting. For any meeting of the Board of Directors, a director

may designate another director to represent him or her and

vote in his or her name, provided that the director so

designated may not represent more than one of his or her

colleagues at any time.

Each director has one vote and none of the directors, including

the Chairman, has a casting vote. Decisions of the Board of

Directors are made by a majority of the directors present and

represented at a validly constituted meeting, except for the

decisions of the Board of Directors relating to the issue of any

financial instruments carrying or potentially carrying a right to

equity pursuant to the authorization conferred by article 5.5 of

the Articles of Association, which shall be taken by a majority of

two-thirds of the directors present or represented at a validly

constituted meeting.

*Lead Independent Director* 

Mrs. Karyn Ovelmen was elected by the Board of Directors as

ArcelorMittal's Lead Independent Director at the board meeting

held on May 2, 2023.

The agenda of each meeting of the Board of Directors is

decided jointly by the Chairman of the Board of Directors and

the Lead Independent Director.

*Separate meetings of independent directors* 

The independent members of the Board of Directors may

schedule meetings outside the presence of non-independent

directors. Systematic executive sessions take place at the end

of each committee and of each board meeting. 18 meetings of

the independent directors outside the presence of

management were held in 2025.

*Annual self-evaluation* 

The Board of Directors decided in 2008 to start conducting an

annual self-evaluation of its functioning in order to identify

potential areas for improvement. The first self-evaluation

process was carried out in early 2009. The self-evaluation

process includes structured interviews between the Lead

Management report<br>

Independent Director and each director and covers the overall

performance of the Board of Directors, its relations with senior

management, the performance of individual directors, and the

performance of the committees. The process is supported by

the Company Secretary under the supervision of the Chairman

and the Lead Independent Director. The findings of the self-

evaluation process are examined by the ARCG Committee and

presented with recommendations from the ARCG Committee to

the Board of Directors for adoption and implementation.

Suggestions for improvement of the Board of Directors'

process based on the prior year's performance and functioning

are implemented during the following year.

The 2025 Board of Directors' self-evaluation was completed by

the Board on January 27, 2026. The Board of Directors was of

the opinion that it and the management had cooperated

successfully during 2025. Strong focus has continued to be

given on health and safety, on environmental matters, on

Board succession planning as well as on the operations in

India and Europe. The Board of Directors reviewed the

practical implementation of the governance structure and

considered it was working well. The Board set new priorities for

discussion and review and identified a number of priority topics

for 2026.

The Board of Directors believes that its members have the

appropriate range of skills, knowledge and experience, as well

as the degree of perspectives, experiences and background

necessary to enable it to effectively govern the business. The

Board of Directors composition is reviewed on a regular basis

and additional skills and experience are actively searched for in

line with the expected development of ArcelorMittal's business

as and when appropriate.

Management report<br>

*Required skills, experience and other personal characteristics* 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ArcelorMittal Board Skills Matrix** | **ArcelorMittal Board Skills Matrix** | **ArcelorMittal Board Skills Matrix** | **ArcelorMittal Board Skills Matrix** | **ArcelorMittal Board Skills Matrix** | **ArcelorMittal Board Skills Matrix** | **ArcelorMittal Board Skills Matrix** | **ArcelorMittal Board Skills Matrix** | **ArcelorMittal Board Skills Matrix** | **ArcelorMittal Board Skills Matrix** | **ArcelorMittal Board Skills Matrix** | **ArcelorMittal Board Skills Matrix** |
| **Director Qualifications** | **Competencies and relevance to ArcelorMittal** | Lakshmi N. Mittal | Aditya Mittal | Vanisha Mittal Bhatia | Karyn Ovelmen | Michel Wurth | Clarissa Lins | Karel de Gucht | Etienne Schneider | Patricia Barbizet | **TOTAL** |
| Individuals who have achieved <br>prominence in their fields<br>| **Current CEO/Former CEO** <br>Experience serving as a CEO or other prominent leader provides <br>unique perspectives to help the Board independently oversee <br>ArcelorMittal's CEO and management and increases understanding and <br>appreciation of the many facets of modern international organizations, <br>including strategic planning, financial reporting and compliance, and <br>risk oversight.<br>| x | x |  |  |  |  |  |  | x | **3** |
| Experience and demonstrated <br>expertise in managing large <br>relatively complex <br>organizations, such as CEOs <br>of a significant company or <br>organization with global <br>responsibilities | **Large or complex Organizations/Global Business/Industrial** <br>**Operations Experience**<br>Experience leading a large organization or global business provides <br>practical insights on the challenges and opportunities complex <br>businesses encounter in diverse business environments, economic <br>conditions and cultures; having experience with industrial operations <br>assists in understanding the issues that may face ArcelorMittal in its <br>worldwide activities, including maintenance needs, labor relations and <br>regulatory requirements.<br>| x | x | x | x | x | x | x | x | x | **9** |
| Experience and demonstrated <br>expertise in managing large <br>relatively complex <br>organizations, such as CEOs <br>of a significant company or <br>organization with global <br>responsibilities | **Government/Regulatory/Public Policy Experience** <br>Experience in government and regulatory affairs is helpful as the steel <br>industry is heavily regulated in countries around the world and changes <br>in public policy could affect ArcelorMittal's business.<br>| x |  |  |  | x | x | x | x |  | **5** |
| Financial or other risk <br>management expertise | **Financial Experience**<br>An understanding of the reporting responsibilities of public companies <br>and the issues commonly faced by public companies is important in <br>navigating governance issues as they apply to ArcelorMittal.<br>| x | x |  | x | x |  |  |  | x | **5** |
| Financial or other risk <br>management expertise | **Risk Management Experience**<br>Experience in effectively identifying, prioritizing and managing a broad <br>spectrum of risks can help the Board in assessing, anticipating and <br>overseeing the Company's management of the risks faced by its <br>various businesses.<br>| x | x |  | x | x | x |  |  | x | **6** |
| Experience in managing ESG <br>risks and opportunities <br>including emerging ESG <br>regulations, reporting <br>standards and human rights <br>policies and procedures | **Safety, Human Rights & Environment** | x | x |  |  | x | x | x | x |  | **6** |
| Experience in managing ESG <br>risks and opportunities <br>including emerging ESG <br>regulations, reporting <br>standards and human rights <br>policies and procedures | **Climate Change and Decarbonization** |  | x |  |  |  | x | x | x | x | **5** |
| Mergers and Acquisitions | **Mergers, acquisitions, disposals, joint ventures, private equity and** <br>**investment experience**<br>| x | x | x | x | x |  | x |  |  | **6** |
| Experience on one or more <br>boards of significant public <br>organizations<br>| **Public Company Board**<br>An understanding of the reporting responsibilities of public companies <br>and the issues commonly faced by public companies is important in <br>navigating governance issues as they apply to ArcelorMittal.<br>| x | x | x | x | x | x | x | x | x | **9** |
| Industry experience | **Industry/Commodity/Cyclical Business experience** <br>Understanding the unique challenges of a cyclical or commodity <br>business provides useful insights in assessing business strategies, <br>challenges and opportunities.<br>| x | x | x | x | x | x | x |  | x | **8** |
| Relevant country/regional <br>expertise<br>| **Knowledge of the countries in the regions of**<br>**strategic importance to the Group**<br>| x | x | x | x | x | x | x | x | x | **9** |

---

Management report<br>

Diverse skills, perspectives, knowledge, backgrounds and

experience are required in order to effectively govern a global

business the size of the Company's operations. The Board of

Directors and its committees are therefore required to ensure

that the Board has the right balance of skills, experience,

independence and knowledge necessary to perform its role in

accordance with the highest standards of governance.

The Company's directors must demonstrate unquestioned

honesty and integrity, preparedness to question, challenge and

critique constructively, and a willingness to understand and

commit to the highest standards of governance. They must be

committed to the collective decision-making process of the

Board of Directors and must be able to debate issues openly

and constructively, and question or challenge the opinions of

others. Directors must also commit themselves to remain

actively involved in Board decisions and apply strategic thought

to matters at issue. They must be clear communicators and

good listeners who actively contribute to the Board in a

collegial manner. Each director must also ensure that no

decision or action is taken that places his or her interests

before the interests of the business. Each director has an

obligation to protect and advance the interests of the Company

and must refrain from any conduct that would harm it.

In order to govern effectively, non-executive directors must

have a clear understanding of the Company's strategy, and a

thorough knowledge of the ArcelorMittal group and the

industries in which it operates. Non-executive directors must be

sufficiently familiar with the Company's core business to

effectively contribute to the development of strategy and

monitor performance.

With specific regard to the non-executive directors of the

Company, the composition of the group of non-executive

directors should be such that the combination of experience,

knowledge and independence of its members allows the Board

to fulfill its obligations towards the Company and other

stakeholders in the best possible manner.

The ARCG Committee ensures that the Board of Directors is

comprised of high-caliber individuals whose background, skills,

experience and personal characteristics enhance the overall

profile of the Board and meets its needs by nominating high

quality candidates for election to the Board by the general

meeting of shareholders.

*Board profile* 

The key skills and experience of the directors, and the extent to

which they are represented on the Board of Directors and its

committees, are set out below. In summary, the non-executive

directors contribute:

![image (11).jpg](mt-20251231_g32.jpg)

*Renewal* 

The Board of Directors plans for its own succession, with the

assistance of the ARCG Committee. In doing this, the Board of

Directors:

• considers the skills, backgrounds, knowledge, and

experience necessary to allow it to meet the corporate

purpose;

• assesses the skills, backgrounds, knowledge and

experiences currently represented;

• identifies any inadequate representation of those attributes

and agrees the process necessary to ensure a candidate

is selected who brings them to the Board of Directors; and

• reviews how Board performance might be enhanced, both

at an individual director level and for the Board as a whole.

The Board believes that orderly succession and renewal is

achieved through careful planning and by continuously

reviewing the composition of the Board.

When considering new appointments to the Board, the ARCG

Committee oversees the preparation of a position specification

that is provided to an independent recruitment firm retained to

conduct a global search, taking into account, among other

factors, geographic location, nationality and gender. In addition

to the specific skills, knowledge and experience required of the

candidate, the specification contains the criteria set out in the

ArcelorMittal Board profile.

*Director induction, training and development* 

The Board considers that the development of the directors'

knowledge of the Company, the steel-making and mining

industries, and the markets in which the Company operates is

an ongoing process. To further bolster the skills and knowledge

Management report<br>

of directors, the Company set up a continuous development

program in 2009.

Upon his or her election, each new non-executive director

undertakes an induction program specifically tailored to his or

her needs and includes ArcelorMittal's long-term vision

centered on the concept of "Safe Sustainable Steel".

The Board's development activities include the provision of

regular updates to directors on each of the Company's

products and markets. Non-executive directors may also

participate in training programs designed to maximize the

effectiveness of the directors throughout their tenure and link in

with their individual performance evaluations. The training and

development program may cover not only matters of a

business nature, but also matters falling into the environmental,

social and governance area.

Structured opportunities are provided to build knowledge

through initiatives such as visits to plants and mine sites and

business briefings provided at Board meetings. Non-executive

directors also build their Company and industry knowledge

through the involvement of the Executive Office and other

senior employees in Board meetings. Business briefings, site

visits and development sessions underpin and support the

Board's work in monitoring and overseeing progress towards

the corporate purpose of creating long-term shareholder value

through the development of the ArcelorMittal business in steel

and mining. The Company therefore continuously builds

directors' knowledge to ensure that the Board remains up-to-

date with developments within the Company's segments, as

well as developments in the markets in which the Company

operates.

During the year 2025, non-executive directors participated in

the following activities:

• comprehensive business briefings delivered in 2025

provided directors with an enhanced understanding of the

Company's activities, operating environment, key

challenges, and strategic priorities across all segments,

with presentations led by senior executives, including

members of the Executive Office.

• in-depth updates covering health and safety processes,

fatality prevention, environmental and climate-related

matters, major acquisitions, as well as cybersecurity, risk

management, corporate responsibility, carbon-reduction

strategy in steelmaking, and the Company's capital

allocation strategy.

Business briefings took place at Board and committee

meetings:

• briefing meetings with the Company executives in charge

of specific business segments or markets;

• site visits of directors to plants and R&D centers; and

• development sessions on specific topics of relevance,

such as health and safety, commodity markets, HR,

investor relations, accounting, the world economy,

changes in corporate governance standards, directors'

duties and shareholder feedback.

The ARCG Committee oversees director training and

development. This approach allows induction and learning

opportunities to be tailored to the directors' committee

memberships, as well as the Board of Directors' specific areas

of focus. In addition, this approach ensures a coordinated

process in relation to succession planning, Board renewal,

training, development and committee composition, all of which

are relevant to the ARCG Committee's role in securing the

supply of talent to the Board.

Board of Directors committees

The Board of Directors has three committees:

• the Audit & Risk Committee,

• the ARCG Committee, and

• the Sustainability Committee.

***Audit & Risk Committee***

---

| | |
|:---|:---|
| **4 members** <br>(100% <br>independent)<br>| 6 meetings <br>(2025)<br>|

---

In 2025, 6 meetings of the Audit & Risk Committee were held

with an attendance rate of 100%.

The primary function of the Audit & Risk Committee is to assist

the Board in fulfilling its oversight responsibilities by reviewing:

• the integrity of the financial reports and other financial

information provided by the Company to any governmental

body or the public;

• the Company's compliance with legal and regulatory

requirements;

• the registered public accounting firm's (Independent

Auditor) qualifications and independence;

• the Company's system of internal control regarding

finance, accounting, legal compliance, ethics and risk

management that management and the Board have

established;

• the Company's auditing, accounting and financial reporting

processes generally;

• the identification and management of risks to which the

ArcelorMittal group is exposed; and

Management report<br>

• conducting investigations into any matters, including

whistleblower complaints, within its scope of responsibility

and obtaining advice from outside legal, accounting, or

other advisers, as necessary, to perform its duties and

responsibilities.

The Audit & Risk Committee must be composed solely of

independent members of the Board of Directors. The members

are appointed by the Board of Directors each year after the

annual general meeting of shareholders. The Audit & Risk

Committee is comprised of four members, all of whom must be

independent under the Company's corporate governance

guidelines, the NYSE standards as applicable to foreign private

issuers and the 10 Principles of Corporate Governance of the

Luxembourg Stock Exchange. The Audit & Risk Committee

makes decisions by a simple majority with no member having a

casting vote.

At least one member must qualify as an "audit committee

financial expert" as defined by the SEC and determined by the

Board.

At least one member must qualify as an Audit & Risk

Committee "risk management expert" having experience in

identifying, assessing, and managing risk exposures of large,

complex companies.

The Audit & Risk Committee currently consists of 4 members:

Mrs. Karyn Ovelmen, Mrs. Patricia Barbizet, Mr. Karel de

Gucht and Mr. Etienne Schneider, each of whom is an

independent Director according to the NYSE standards and the

10 Principles of Corporate Governance of the Luxembourg

Stock Exchange. The Chairwoman of the Audit & Risk

Committee is Mrs. Patricia Barbizet who is an "audit

committee financial expert" as defined by the SEC. Please see

"—–Directors and senior management—–Board of Directors"

above for Mrs. Barbizet's experience.

According to its charter, the Audit & Risk Committee is required

to meet at least four times a year. The Audit & Risk Committee

performs an annual self-evaluation and completed its 2025

self-evaluation on January 27, 2026. The charter of the Audit &

Risk Committee is available from ArcelorMittal upon request.

***Appointments, Remuneration and Corporate Governance***

***Committee***

---

| | |
|:---|:---|
| **3 members** <br>(100% <br>independent)<br>| 7 meetings <br>(2025)<br>|

---

In 2025, 7 meetings of the ARCG Committee were held, with

an attendance rate of 100%.

The ARCG Committee is comprised of three directors, each of

whom is independent under the New York Stock Exchange

standards as applicable to foreign private issuers and the 10

Principles of Corporate Governance of the Luxembourg Stock

Exchange.

The members are appointed by the Board of Directors each

year after the annual general meeting of shareholders. The

ARCG Committee makes decisions by a simple majority with

no member having a casting vote.

The primary function of the ARCG Committee is to assist the

Board of Directors of ArcelorMittal by:

• reviewing and approving corporate and personal goals and

objectives relevant to the compensation of members of the

Executive Office, executive officers and senior

management and evaluating their performance

considering these goals and objectives;

• making recommendations to the Board of Directors on the

Company's framework of remuneration for the members of

the Executive Office and executive officers and such other

senior executives as the ARCG Committee may

determine;

• approving any contract of employment or related contract

with members of the Executive Office and executive

officers;

• determining the terms of any compensation package in the

event of early termination of the employment contract of

any members of the Executive Office and of the executive

officers;

• making recommendations to the Board of Directors

regarding the content of the Company's annual report to

shareholders or any regulatory filings that relates to

compensation matters (including ArcelorMittal's policy on

the compensation of members of the Executive Office and

executive officers, individual remuneration details and

other terms and conditions);

• carrying out an annual performance self-evaluation and a

review of the charter of the ARCG Committee including

additions to the function of the Committee, as may be

necessary due to changed circumstances or laws or

regulations;

• evaluating and proposing improvements for the induction

program for newly appointed members of the Board of

Directors;

• reviewing and, where necessary, proposing changes to the

chairmanship or membership of any Board committee;

• making recommendations to the Board of Directors with

respect to trends in Board of Directors' remuneration,

Management report<br>

incentive compensation plans and equity-based incentive

plans;

• producing a report on executive compensation to be

included in ArcelorMittal`s annual report;

• identifying candidates qualified to serve as member of the

Board of Directors as per the selection criteria and as

members of the Executive Office, executive officers and

senior managers;

• recommending candidates to the Board of Directors for

appointment by the general meeting of shareholders or, to

the extent permitted by law, for appointment by the Board

of Directors to fulfill interim Board vacancies;

• developing, monitoring and reviewing corporate

governance principles applicable to ArcelorMittal;

• facilitating the evaluation that the Board of Directors will

make on the topics covered by ARCG Committee;

• assessing the independence of the members of the Board

of Directors on an annual basis;

• reviewing the succession planning and the executive

development program for the Executive Office and

executive officers;

• reviewing relevant Policies and Procedures relating to

Compliance and Corporate Governance, as needed;

• reviewing employee surveys, as available; and

• reviewing the analysis of proxy advisory firms in the

context of corporate governance compensation.

The ARCG Committee's principal criteria in determining the

compensation of executives is to encourage and reward

performance that will lead to long-term enhancement of

shareholder value. The ARCG Committee may seek the advice

of outside experts.

The three members of the ARCG Committee are Mrs. Karyn

Ovelmen, Mrs. Clarissa Lins and Mr. Etienne Schneider, each

of whom is independent in accordance with the NYSE

standards applicable to foreign private issuers and the 10

Principles of Corporate Governance of the Luxembourg Stock

Exchange. The Chairwoman of the ARCG Committee is Mrs.

Karyn Ovelmen.

The ARCG Committee is required to meet at least three times

a year. The ARCG Committee performs an annual self-

evaluation and completed its 2025 self-evaluation on January

27, 2026. The charter of the ARCG Committee is available

from ArcelorMittal upon request.

*Succession management* 

Succession management at ArcelorMittal is a systematic,

structured process for identifying and preparing employees

with potential to fill key organizational positions, should the

position become vacant. This process applies to all

ArcelorMittal key positions up to and including the Executive

Office. Succession management aims to ensure the continued

effective performance of the organization by providing for the

availability of experienced and capable employees who are

prepared to assume these roles as they become available. For

each position, candidates are identified based on performance,

potential and an assessment of leadership capabilities and

their "years to readiness". Development needs linked to the

succession plans are discussed, after which "Personal

Development Plans" are put in place, to accelerate

development and prepare candidates. Regular reviews of

succession plans are conducted at different levels of the

organization to ensure that they are accurate and up to date,

leading to at least once a year formal review by the Executive

Office, of all key positions. Succession management is a

necessary process to reduce risk of vacant positions or skill

gap transitions, create a pipeline of future leaders, ensure

smooth business continuity and improve employee motivation

and engagement. This process has been in place for several

years and reinforced, widened and made more systematic in all

regions of the organization. The responsibility to review and

approve succession plans and contingency plans at the highest

level rests with the Board's ARCG Committee.

***Sustainability Committee***

---

| | |
|:---|:---|
| **3 members** <br>(67% <br>independent)<br>| 5 meetings <br>(2025)<br>|

---

In 2025, 5 meetings of Sustainability Committee were held,

with an attendance rate of 100%.

The Sustainability Committee ("SC") is comprised of three

members, of whom two are independent under the NYSE

standard as applicable to foreign private issuers and 10

Principles of Corporate Governance of the Luxembourg Stock

Exchange. The SC makes decisions by simple majority with no

member having a casting vote.

The primary function of the SC is to assist the Board of

Directors on the following areas:

• review Group level frameworks, policies, standards and

guidelines in sustainability matters;

• review and approve the identification of material

sustainability impacts, risks and opportunities and the

corresponding controls and governance processes to

manage those;

Management report<br>

• review the Company's sustainable development plan and

targets and associated management systems and ensure

the Group is well positioned to meet the evolving

expectations of stakeholders, including investors,

customers, regulators, employees, and communities;

• review the effectiveness of the process for assessing and

managing catastrophic risks;

• coordinate the SC's impact, risk and opportunity

management work with the Audit and Risk Committee, in

relation to reporting to the Board of Directors;

• review the findings of important climate action reports and

the management response;

• support and provide guidance to management in

developing and updating policies and procedures relating

to employee health & safety, environment, climate change,

social and supply chain and other material sustainability

topics;

• review and approve processes to establish effectiveness

of policies, actions, metrics and targets related to

sustainability material risks, impacts and opportunities;

• monitor any current, pending or threatened legal actions

with respect to health and safety, climate change,

environment, social and supply chain and other relevant

sustainability issues;

• review and approve a report on sustainable development

plan;

• review and recommend to the Board of Directors on the

adequacy of the reporting on sustainability opportunities,

risks, impacts and issues in the annual report,

Sustainability Report, and other relevant public

documents;

• make recommendations to the Board of Directors with

respect to trends in results and programs in all covered

areas;

• make recommendations on material sustainability impacts,

risks and opportunities when overseeing strategy and

decisions on major transactions;

• ensure that the SC Chair (or in her absence, an alternative

member) attends the Company's annual general meeting

to answer questions concerning sustainability matters and

their development and/or implementation; and

• oversee any investigation and/or undertake any thorough

analysis which is within its scope.

The three members of the SC are Mrs. Clarissa Lins, Mr.

Etienne Schneider and Mr. Michel Wurth. Mrs. Lins and Mr.

Schneider are independent in accordance with the Company's

corporate governance guidelines, the NYSE standards

applicable to foreign private issuers and the 10 Principles of

Corporate Governance of the Luxembourg Stock Exchange.

The Chairwoman of the SC is Mrs. Lins.

The members have relevant expertise or experience relating to

the objective of the SC. The responsible senior managers

pertaining to their respective areas of responsibility - health

and safety, environment, climate change, for community

relations - are permanent invitees to the meetings of the SC.

The Chairman of the SC makes a verbal report of the SC's

decisions and findings to the Board of Directors after each SC

meeting.

*Other corporate governance practices* 

ArcelorMittal is committed to adhering to best practices in

terms of corporate governance in its dealings with

shareholders and aims to ensure good corporate governance

by applying rules on transparency, quality of reporting and the

balance of powers. ArcelorMittal continually monitors U.S., EU

and Luxembourg legal requirements and best practices in

order to make adjustments to its corporate governance controls

and procedures when necessary, as evidenced by the policies

adopted by the Board of Directors in 2012.

ArcelorMittal complies with the 10 Principles of Corporate

Governance of the Luxembourg Stock Exchange in all

respects.

*Ethics and conflicts of interest*

Ethics and conflicts of interest are governed by ArcelorMittal's

Code of Business Conduct, which establishes the standards for

ethical behavior that are to be followed by all employees and

directors of ArcelorMittal in the exercise of their duties,

including the Company's CEO and CFO. Each employee of

ArcelorMittal is required to sign and acknowledge the Code of

Conduct upon joining the Company. This also applies to the

members of the Board of Directors of ArcelorMittal, who signed

the Company's Appointment Letter in which they

acknowledged their duties and obligations. Any new member of

the Board of Directors must sign and acknowledge the Code of

Conduct upon appointment.

Employees must always act in the best interests of

ArcelorMittal and must avoid any situation in which their

personal interests conflict, or could conflict, with their

obligations to ArcelorMittal. Employees are prohibited from

acquiring any financial or other interest in any business or

participating in any activity that could deprive ArcelorMittal of

the time or the attention needed to devote to the performance

of their duties. Any behavior that deviates from the Code of

Business Conduct is to be reported to the employee's

supervisor, a member of the management, the head of the

legal department or the head of the Global Assurance

department.

Management report<br>

*Code of Business Conduct*

Conduct training is offered throughout ArcelorMittal on a

regular basis in the form of face-to-face trainings, webinars and

online trainings. Employees are periodically trained about the

Code of Business Conduct in each location where ArcelorMittal

has operations. The Code of Business Conduct is available in

the "Corporate Governance-Compliance and Policies-Code of

Business Conduct" section of ArcelorMittal's website at

www.arcelormittal.com and has been disseminated through

Company-wide communications.

In addition to the Code of Business Conduct, ArcelorMittal has

developed a Human Rights Policy (available in the "Corporate

Governance-Compliance and Policies-Human Rights Policy"

section of ArcelorMittal's website at www.arcelormittal.com)

and a number of other compliance policies in more specific

areas, such as antitrust, anti-corruption, economic sanctions,

insider dealing and data protection. In all these areas,

specifically targeted groups of employees are required to

undergo specialized compliance training. Furthermore,

ArcelorMittal's compliance program also includes a quarterly

compliance certification process covering all business

segments and entailing reporting to the Audit & Risk

Committee.

ArcelorMittal intends to disclose any amendment to or waiver

from the Code of Business Conduct applicable to any of

ArcelorMittal's directors, its CEO, CFO or any other person

who is an Executive Officer of ArcelorMittal on ArcelorMittal's

website at www.arcelormittal.com.

*Process for Handling Complaints on Accounting Matters* 

As part of the procedures of the Board of Directors for handling

complaints or concerns about accounting, internal controls and

auditing issues, ArcelorMittal's Anti-Fraud Policy and Code of

Business Conduct encourage all employees to bring such

issues to the Audit & Risk Committee's attention on a

confidential basis. In accordance with ArcelorMittal's Anti-Fraud

and Whistleblower Policy, concerns with regard to possible

fraud or irregularities in accounting, auditing or banking matters

or bribery within ArcelorMittal or any of its subsidiaries or other

controlled entities may also be communicated through the

"Corporate Governance—Whistleblower" section of the

ArcelorMittal website at www.arcelormittal.com, where the

Code of Business Conduct is also available in each of the main

working languages used within the Group. In recent years,

ArcelorMittal has implemented local whistleblowing facilities, as

needed.

*Global Assurance* 

ArcelorMittal has a Global Assurance function that, through its

Head of Global Assurance, reports to the Audit & Risk

Committee. The function is staffed by full-time professional

staff located within each of the principal operating subsidiaries

and at the corporate level. Recommendations and matters

relating to internal control and processes are made by the

Global Assurance function and their implementation is regularly

reviewed by the Audit & Risk Committee.

*Independent auditors* 

The appointment and determination of fees of the independent

auditors is the direct responsibility of the Audit & Risk

Committee. The Audit & Risk Committee is further responsible

for obtaining, at least once each year, a written statement from

the independent auditors that their independence has not been

impaired. The Audit & Risk Committee has also obtained a

confirmation from ArcelorMittal's principal independent auditors

to the effect that none of its former employees are in a position

within ArcelorMittal that may impair the principal auditors'

independence.

Insider Dealing Regulations

ArcelorMittal has adopted insider trading policies and

procedures ("Insider Dealing Regulations" or "IDR") governing

the purchase, sale and other dispositions of its securities by

directors, senior management and employees that are

reasonably designed to promote compliance with insider

trading laws, rules and regulations and listing standards

applicable to the Company. IDR are updated when necessary

(most recently in 2023) and training is conducted throughout

the Group. The IDR's most recent version was updated in light

of the Market Abuse Regulation. The IDR are available on

ArcelorMittal's website, www.arcelormittal.com and are

attached as Exhibit 11.1 to this annual report.

The IDR apply to the worldwide operations of ArcelorMittal. The

compliance and data protection officer of ArcelorMittal is also

the IDR compliance officer and answers questions that

members of senior management, the Board of Directors or

employees may have about the IDR's interpretation. The IDR

compliance officer maintains a list of insiders as required by

Regulation No 596/2014 of the European Parliament and the

Council dated April 16, 2014 on market abuse or "MAR" and

the Commission Implementing Regulation 2016/347 of 10

March 2016 laying down technical standards with regard to the

precise format of insider lists and for updating insider lists in

accordance with MAR. The IDR compliance officer may assist

senior executives and directors with the filing of notices

required by Luxembourg law to be filed with the Luxembourg

financial regulator, Commission de Surveillance du Secteur

Financier ("CSSF"). Furthermore, the IDR compliance officer

has the power to conduct investigations in connection with the

application and enforcement of the IDR, in which any employee

or member of senior management or of the Board of Directors

is required to cooperate.

Selected new employees of ArcelorMittal are required to

participate in a training course about the IDR upon joining

Management report<br>

ArcelorMittal and every three years thereafter. The individuals

who must participate in the IDR training include the members

of senior management, employees who work in finance, legal,

sales, mergers and acquisitions and other areas that the

Company may determine from time to time. In addition,

ArcelorMittal's Code of Business Conduct contains a section

on "Preventing Insider Dealing" that emphasizes the prohibition

to trade on the basis of inside information. An online interactive

training tool based on the IDR is currently deployed across the

group through ArcelorMittal's intranet, with the aim to enhance

the staff's awareness of the risks of sanctions applicable to

insider dealing. The importance of the IDR is again reiterated in

the Group's internal Group Policies and Procedures Manual.

SHAREHOLDERS AND MARKETS

Major shareholders

The following table sets out information as of December 31,

2025 with respect to the beneficial ownership of ArcelorMittal

ordinary shares by each person who is known to be the

beneficial owner of more than 5% of the shares and all

directors and senior management as a group.

---

| | | |
|:---|:---|:---|
| | ArcelorMittal Ordinary Shares | ArcelorMittal Ordinary Shares |
| | Number | % |
| Significant Shareholder<sup>1</sup> | 340088546 | 43.88% |
| Treasury Shares<sup>2</sup> | 13874181 | 1.79% |
| Other Public Shareholders | 421037273 | 54.33% |
| Total | 775000000 | 100.00% |
| Of which: Directors and Senior <br>Management<sup>3</sup><br>| 498798 | 0.07% |
| Significant Shareholder voting rights <br>(outstanding shares) <br>|  | 44.68% |

---

1For purposes of this table, ordinary shares owned directly by Mr. Lakshmi N.

Mittal and his wife, Mrs. Usha Mittal, are aggregated with those ordinary

shares beneficially owned by the Significant Shareholder. At December 31,

2025, Mr. Lakshmi Mittal and his wife, Mrs. Usha Mittal, had direct ownership

of ArcelorMittal ordinary shares and beneficial ownership (within the meaning

set forth in Rule 13d-3 of the Exchange Act), through the Significant

Shareholder, of the outstanding equity of two holding companies that own

ArcelorMittal ordinary shares—Nuavam Investments S.à. r.l. ("Nuavam") and

Lumen Investments S.à r.l. ("Lumen"). Nuavam, a limited liability company

organized under the laws of Luxembourg, was the owner of 63,658,348

ArcelorMittal ordinary shares. Lumen, a limited liability company organized

under the laws of Luxembourg, was the owner of 275,840,595 ArcelorMittal

ordinary shares. Mr. Lakshmi N. Mittal was the direct owner of 564,103

ArcelorMittal ordinary shares. Mrs. Mittal was the direct owner of 25,500

ArcelorMittal ordinary shares. Mr. Lakshmi N. Mittal, Mrs. Mittal and the

Significant Shareholder shared beneficial ownership of 100% of the

outstanding equity of each of Nuavam and Lumen (within the meaning set

forth in Rule 13d-3 of the Exchange Act). Accordingly, Mr. Lakshmi N. Mittal

was the beneficial owner of 340,063,046 ArcelorMittal ordinary shares, Mrs.

Mittal was the beneficial owner of 339,524,443 ordinary shares, and the

Significant Shareholder (when aggregated with ordinary shares of

ArcelorMittal held directly by Mr. and Mrs. Mittal) was the beneficial owner of

340,088,546 ordinary shares. As of December 31, 2025, 2024 and 2023, the

Significant Shareholder (together with Mr. Lakshmi N. Mittal and Mrs. Mittal)

held 43.88%, 39.88% and 39.87% of the Company's ordinary shares

respectively.

2Represents ArcelorMittal ordinary shares repurchased pursuant to share

repurchase programs, fractional shares returned in various transactions, and

the use of treasury shares in various transactions.

3Includes shares beneficially owned by directors and members of senior

management listed in section "Management and employees—Directors and

senior management" of this annual report; excludes shares beneficially owned

by Mr. Lakshmi N. Mittal. Note that ordinary shares included in this item are

included in "Other Public Shareholders" above.

Aditya Mittal is the direct owner of 369,874 ArcelorMittal

ordinary shares, representing less than 0.1% of the

ArcelorMittal ordinary shares outstanding, in addition to which

he holds PSUs, see "Management and employees—

Compensation". As the vesting of PSUs is dependent on the

Company's performance criteria not fully within the control of

the PSU holder, Aditya Mittal does not beneficially own

ArcelorMittal ordinary shares by virtue of his ownership of the

PSUs. Aditya Mittal is the son of Mr. Lakshmi N. Mittal and Mrs.

Mittal and is CEO and non-independent director of

ArcelorMittal. Vanisha Mittal Bhatia is the direct owner of 8,500

ArcelorMittal ordinary shares, representing less than 0.1% of

the ArcelorMittal ordinary shares outstanding. Vanisha Mittal

Bhatia is the daughter of Mr. Lakshmi N. Mittal and Mrs. Mittal

and a member of the Company's Board of Directors.

The ArcelorMittal ordinary shares may be held in registered

form on the Company's register only. Registered shares are

fully fungible and may consist of:

a.ArcelorMittal Registry Shares, which are registered

directly on ArcelorMittal's Luxembourg shareholder

register,

b.shares traded on Euronext Amsterdam, Euronext Paris,

the regulated market of the Luxembourg Stock Exchange

and the Spanish Stock Exchanges, which are held in

Euroclear, or

c.shares traded on the NYSE, the ("New York Registry

Shares"), which are registered (including in the name of

the nominee of DTC) in a New York Share Register kept

on behalf of ArcelorMittal by Citibank N.A., its New York

transfer agent.

On April 25, 2023, BlackRock, Inc. provided a notification to the

Company stating that it beneficially owned 5% of ArcelorMittal's

issued shares as of April 21, 2023. On June 12, 2024,

BlackRock, Inc. provided notifications to the Company stating

that it beneficially owned 4.99% of ArcelorMittal's issued

shares as of June 10, 2024.

These notifications (other than the Schedule 13G filings) are

available in the Luxembourg Stock Exchange's OAM electronic

database on www.bourse.lu and on the Company's website

corporate.arcelormittal.com under "Investors - Corporate

Governance - Shareholding structure". The notifications were

Management report<br>

published in reference to the Luxembourg law and the Grand

Ducal regulation of January 11, 2008, on transparency

requirements for issuers of securities ("Transparency Law") in

view of a shareholding notification going above or below the

5% voting rights threshold. The Schedule 13G filings are

available on the website of the U.S. Securities and Exchange

Commission (www.sec.gov).

Under Luxembourg law, the ownership of registered shares is

evidenced by the inscription of the name of the shareholder,

the number of shares held by such shareholder and the

amount paid up on each share in the shareholder register of

ArcelorMittal.

At December 31, 2025, 2,369 shareholders other than the

Significant Shareholder, holding an aggregate of 15,431,711

ArcelorMittal ordinary shares, were registered in ArcelorMittal's

shareholder register, representing approximately 1.99% of the

ordinary shares issued (including treasury shares).

At December 31, 2025, there were 130 registered shareholders

holding an aggregate of 47,569,865 New York Registry Shares,

representing approximately 6.14% of the ordinary shares

issued (including treasury shares). ArcelorMittal's knowledge of

the number of New York Registry Shares held by U.S. holders

is based solely on the records of its New York transfer agent

regarding registered ArcelorMittal ordinary shares.

At December 31, 2025, 383,138,557 ArcelorMittal ordinary

shares were held through the Euroclear/Iberclear clearing

system in The Netherlands, France, Luxembourg and Spain,

representing approximately 49.44% of the ordinary shares

issued (including treasury shares).

*Voting rights* 

Each share entitles the holder to one vote at the general

meeting of shareholders, and no shareholder benefits from

special voting rights. For more information relating to

ArcelorMittal shares, see "Additional information—

Memorandum and Articles of Association—Voting and

information rights".

Management share ownership

As of December 31, 2025, the aggregate beneficial share

ownership of ArcelorMittal directors and senior management

(18 individuals) totaled 498,798 ArcelorMittal shares (excluding

shares beneficially owned by the Significant Shareholder and

Mr. Lakshmi N. Mittal) representing 0.07% of the total issued

share capital of ArcelorMittal. Other than Mr. Lakshmi N. Mittal,

each director and member of senior management beneficially

owns less than 1% of ArcelorMittal's shares. See "—Major

shareholders" for the beneficial share ownership of the

Significant Shareholder, Mr. Lakshmi Mittal, Mr. Aditya Mittal

and Ms. Vanisha Mittal Bhatia.

In accordance with the Luxembourg Stock Exchange's 10

Principles of Corporate Governance, independent non-

executive members of ArcelorMittal's Board of Directors do not

receive share options, RSUs or PSUs, and the policy of the

Company is not to grant any share-based remuneration to

members of the Board of Directors who are not executives of

the Company.

See "Management and employees—Compensation" for a

description of options, RSUs and PSUs held by members of

ArcelorMittal's senior management, including the Executive

Chairman and CEO.

The following tables summarize outstanding PSUs and RSUs granted to the members of the Executive Office and Executive Officers of

ArcelorMittal for the last five years as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | PSUs granted in 2025 | PSUs granted in 2024 | PSUs granted in 2023 | PSUs granted in 2022 |
| Executive Office | 159927 | 241856 | 141973 | 141564 |
| Term (in years) | 3 | 3 | 3 | 3 |
| Vesting date<sup>1</sup> | January 1, 2029 | January 1, 2028 | January 1, 2027 | January 1, 2026 |

---

1See "Management and employees—Compensation—Remuneration—LTIP", for vesting conditions.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | RSUs granted <br>in December <br>2025<br>| PSUs granted <br>in December <br>2025<br>| RSUs granted <br>in December <br>2024<br>| PSUs granted <br>in December <br>2024<br>| RSUs granted <br>in December <br>2023<br>| PSUs granted <br>in December <br>2023<br>| RSUs granted <br>in December <br>2022<br>| PSUs granted <br>in December <br>2022<br>|
| CFO and Other <br>Executive Officers<br>| 38600 | 194550 | 70400 | 302100 | 54800 | 233100 | 41500 | 113900 |
| Term (in years) | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Vesting date<sup>1</sup> | December 5, <br>2028<br>| January 1, <br>2029<br>| December 5, <br>2027<br>| January 1, <br>2028<br>| December 8, <br>2026<br>| January 1, <br>2027<br>| December 13, <br>2025<br>| January 1, <br>2026<br>|

---

1See note 8.3 to the consolidated financial statements, for vesting conditions.

Management report<br>

See note 8.3 of the consolidated financial statements for a

description of ArcelorMittal's equity-settled share-based

payments to certain employees, including RSUs and PSUs.

Related party transactions

ArcelorMittal engages in certain commercial and financial

transactions with related parties, including associates and joint

ventures of ArcelorMittal. Please refer to note 12 to the

consolidated financial statements. Further information related

to required disclosure of related party transactions under the

Shareholders' Rights Law of August 1, 2019 implementing the

European Union's Shareholders' Rights Directive in

Luxembourg (the "Shareholders' Rights Law") is included in

"Additional information—Memorandum and Articles of

Association—Voting and information rights".

*Shareholder's Agreement* 

Mr. Lakshmi Mittal and ArcelorMittal are parties to a

shareholder and registration rights agreement (the

"Shareholder's Agreement") dated August 13, 1997. Pursuant

to the Shareholder's Agreement and subject to the terms and

conditions thereof, ArcelorMittal shall, upon the request of

certain holders of restricted ArcelorMittal shares, use its

reasonable efforts to register under the Securities Act of 1933,

as amended, the sale of ArcelorMittal shares intended to be

sold by those holders. By its terms, the Shareholder's

Agreement may not be amended, other than for manifest error,

except by approval of a majority of ArcelorMittal's shareholders

(other than the Significant Shareholder and certain permitted

transferees) at a general shareholders' meeting.

*Memorandum of Understanding* 

The Memorandum of Understanding entered into in connection

with the Mittal Steel acquisition of Arcelor, certain provisions of

which expired in August 2009 and August 2011, is described

under "Additional information—Material contracts—

Memorandum of Understanding".

*Share repurchase agreement*

On March 5, 2026, ArcelorMittal and the Significant

Shareholder have entered into a share repurchase agreement

see "Introduction—Key transactions and events in 2025—

Recent developments".

*Agreements with Aperam SA post-Stainless Steel Spin-Off* 

In connection with the spin-off of its stainless steel division into

a separately focused company, Aperam SA ("Aperam"), which

was completed on January 25, 2011, ArcelorMittal entered into

several agreements with Aperam and/ or certain Aperam

subsidiaries which are still in force: a purchasing services

agreement for negotiation services from ArcelorMittal

Purchasing (the "Purchasing Services Agreement") as well as

certain commitments regarding cost-sharing in Brazil and

certain other ancillary arrangements governing the relationship

between Aperam and ArcelorMittal following the spin-off, as

well as certain agreements relating to financing.

The parties agreed to renew a limited number of services

where expertise and bargaining power created value for each

party. ArcelorMittal will continue to provide in 2026 (similar to

2025) certain services relating to areas including environmental

and technical support.

In the area of research and development at the time of the

spin-off, Aperam entered into a framework agreement with

ArcelorMittal in 2011, and as amended in 2015 to establish a

structure for future cooperation in relation to certain ongoing or

new research and development programs. Currently, few but

valuable research and development supports are implemented

through this agreement. New exchanges about breakthrough

technologies or possible technical developments or projects

interesting both companies were launched between 2021 and

2025 and are still ongoing or are considered in the future.

In Europe, Aperam purchased most of its electricity and natural

gas through energy supply contracts put in place for the period

2014-2020 through ArcelorMittal Energy SCA, subsequently

renewed in 2022 and 2023 under similar terms and conditions.

Electricity and natural gas supplies continued in 2024 under

the new contracts reflecting supply practices throughout 2024

and 2025; these contracts were signed in December 2024,

effective from January 1, 2024 till December 31, 2025. Other

supply contracts for gas and power concluded in 2024 have

been mutually extended reflecting supply practices throughout

2025. Regarding procurement, Aperam still relies on ArcelorMittal

Europe S.A. for supplies and services in relation to the

negotiation of certain contracts with global or large regional

suppliers. The Purchasing Services Agreement entered into on

January 25, 2011 has been renewed and remains in force in

relation to the following key categories: operating materials

(only hot strip mill), refractory materials, spare parts, sea

freight, logistics, industrial products and support services

(excluding industrial services). The Purchasing Services

Agreement also permits Aperam to avail itself of the services

and expertise of ArcelorMittal for certain capital expenditures.

Another commercial agreement in place between Aperam and

ArcelorMittal Sourcing has been effective since January 2020

for the sale of electrodes. Two specific IT service agreements

are also in place with Aperam for the use in Europe and Brazil

of Asset Reliability Maintenance Program ("ARMP") and for the

use of the global wide area network (WAN).

Purchasing activities will continue to be provided to Aperam

pursuant to existing contracts with ArcelorMittal entities that it

has specifically elected to assume. In addition, since 2011, a

services agreement has been concluded between ArcelorMittal

Management report<br>

Shared Service Center Europe Sp z.o.o. Sp.k. and Aperam for

accounting services.

In connection with the spin-off, management also renegotiated

an existing Brazilian cost-sharing agreement between

ArcelorMittal Brasil and Aperam Inox América do Sul S.A.,

Aperam Inox Serviços Brasil Ltda., Aperam Inox Tubos Brasil

Ltda. and Aperam Bioenergia Ltda. pursuant to which,

ArcelorMittal Brasil continued to perform purchasing for the

benefit of these Aperam's Brazilian subsidiaries, with costs

being shared on the basis of cost allocation parameters agreed

between the parties on a yearly basis.

In addition, ArcelorMittal Brasil, ArcelorMittal Bioflorestas, a

wholly owned subsidiary of ArcelorMittal Brasil, and Aperam

Bioenergia established a transaction for the purchase of wood

and supply of charcoal through the execution of three

agreements in December 2025. These agreements cover: (i)

wood-cutting services provided by Aperam Bioenergia to

ArcelorMittal Bioflorestas for standing timber, with the services

contract running until October 2026; (ii) the sale of the

harvested wood by ArcelorMittal Bioflorestas to Aperam

Bioenergia, covered by a wood supply contract valid until June

2027; and (iii) the subsequent supply of a proportional volume

of charcoal from Aperam Bioenergia to ArcelorMittal Brasil, with

the charcoal contract running until August 2028.

*Headquarters*

ArcelorMittal Kirchberg Real Estate S.à r.l, Kennedy 2020 SAS,

and Aperam Real Estate S.à r.l executed a land use right

agreement with Fonds Kirchberg on March 7, 2019, regarding

a new headquarter office project in the Kirchberg (the "K

Building") district of Luxembourg city, Luxembourg. This

agreement was subsequently amended on December 20,

2022. Following the execution of a share purchase agreement

on October 12, 2022, Aperam divested its shares in Aperam

Real Estate S.à r.l to Kennedy 2020 SAS, a fully owned

subsidiary of ArcelorMittal. Consequently, Aperam Real Estate

S.à r.l became a wholly owned subsidiary of ArcelorMittal and

was formally renamed K22 S.à r.l on December 8, 2022.

On August 1, 2025, Kennedy 2020 SAS and Aperam entered

into a share purchase agreement according to which Kennedy

2020 SAS has irrevocably committed to sell and transfer all the

shares in K22 S.à r.l to Aperam, and Aperam has committed to

acquire said shares. Pursuant to the terms and conditions of

the share purchase agreement, following the completion of

certain conditions, with the transfer of K22 S.à r.l shares,

Aperam will own 5.4% in the K Building.

Markets

ArcelorMittal shares are listed and traded (through a single

order book) on the Euronext European markets (Paris and

Amsterdam) (symbol "MT"), are admitted to trading on the

Luxembourg Stock Exchange's regulated market and listed on

the Official List of the Luxembourg Stock Exchange (symbol

"MT") and are listed and traded on the Spanish Stock

Exchanges (symbol "MTS"). In the United States, ArcelorMittal

shares are listed and traded on the NYSE (symbol "MT").

Paying agents

The paying agent for shareholders who hold shares listed on

the NYSE is Citibank and the paying agent for shareholders

who hold shares listed on Euronext Amsterdam, Euronext

Paris, and Luxembourg Stock Exchange is ABN AMRO.

New York Registry Shares

The Company does not have any American Depositary

Receipts. As described under "Additional information—

Memorandum and Articles of Association—Form and transfer

of shares", the Company maintains a New York share register

with Citibank, N.A. for its shares that trade on the NYSE. As of

December 31, 2025, 47,569,865 shares (or approximately

6.14% of ArcelorMittal's total issued shares) were ArcelorMittal

New York Registry Shares. Holders of ArcelorMittal New York

Registry Shares do not pay fees to Citibank as a general

matter, but do incur costs of up to $5 per 100 shares for

transactions that require canceling or issuing New York

Registry Shares, such as cross-border trades where New York

Registry Shares are cancelled in exchange for shares held in

ArcelorMittal's European registers, or vice-versa. Subject to

certain conditions, Citibank reimburses the Company on an

annual basis for expenses incurred by the Company in relation

to the ongoing maintenance of the New York share facility (e.g.,

investor relations expenses, NYSE listing fees, etc.). In 2025,

Citibank paid the Company $313,669 in respect of

reimbursements of expenses incurred by the Company in

2025. Dividend distributions

Based on Luxembourg law and its Articles of Association,

ArcelorMittal allocates at least five percent of its net profits to

the creation of a reserve. This allocation ceases to be

compulsory when the reserve reaches ten percent (10%) of its

issued share capital, and becomes compulsory once again

when the reserve falls below that percentage. Under

Luxembourg law, the amount of any dividends paid to

shareholders may not exceed the amount of the profits at the

end of the last financial year plus any profits carried forward

and any amounts drawn from reserves that are available for

that purpose, less any losses carried forward and sums to be

placed in reserve in accordance with Luxembourg law or the

Articles of Association. A company may not pay dividends to

shareholders when, on the closing date of the last financial

year, the net assets are, or following the payment of such

dividend would become, lower than the amount of the

subscribed capital plus the reserves that may not be distributed

by law or by virtue of the articles of association. ArcelorMittal's

Management report<br>

Articles of Association provide that the portion of annual net

profit that remains unreserved is allocated as follows by the

general meeting of shareholders upon the proposal of the

Board of Directors:

• a global amount is allocated to the Board of Directors by

way of directors' fees ("tantièmes"). This amount may not

be less than €1,000,000. In the event that the profits are

insufficient, the amount of €1,000,000 shall be imputed in

whole or in part to charges. The distribution of this amount

among the members of the Board of Directors shall be

effected in accordance with the Board of Directors' rules of

procedure; and

• the balance is distributed as dividends to the shareholders

or placed in the reserves or carried forward.

Interim dividends may be distributed under the conditions set

forth in Luxembourg law by decision of the Board of Directors.

No interest is paid on dividends declared but not paid which

are held by the Company on behalf of shareholders.

Following the achievement of the Group's net debt target, in

February 2021, the Board approved a new capital return policy.

See under "Introduction—History and development of the

Company—Other information—Capital return policy".

In February 2023, the Board of Directors recommended an

increase of the base annual dividend from $0.38/share to

$0.44/share, which was approved on May 2, 2023 at the

annual general meeting of shareholders. The dividend

amounted to $369 million.

In February 2024, the Board of Directors recommended an

increase of the base annual dividend to $0.50/share (from

$0.44/share paid in 2023), which was approved on April 30,

2024 at the annual general meeting of shareholders. The

dividend amounted to $393 million.

In February 2025, the Board of Directors recommended an

increase of the base annual dividend to $0.55/share (from

$0.50/share paid in 2024), which was approved on May 6,

2025 at the annual general meeting of shareholders. The

dividend amounted to $421 million.

In February 2026, the Board of Directors recommended an

increase of the base annual dividend $0.60/share (from 0.55/

share paid in 2025), subject to the approval of shareholders at

the annual general meeting of shareholders in May 2026.

Purchases of equity securities by the issuer and affiliated

purchasers

On April 2, 2025, ArcelorMittal announced that the completion

of 85 million shares buyback program announced on May 5,

2023 ("2023 buyback program") pursuant to the authorization

by the annual general meeting of shareholders held on May 2,

2023 and continued pursuant to the authorization by the annual

general meeting of shareholders held on April 30, 2024.

On April 7, 2025, ArcelorMittal announced the commencement

of a new share buyback program ("2025 buyback program")

with share repurchases to be conducted in tranches that may

be announced through May 2030. Repurchases under the first

tranche of the 2025 buyback program, which is for up to 10

million shares commenced immediately, pursuant to the

authorization by the annual general meeting of shareholders

held on April 30, 2024 and subsequently under the

authorization by the annual general meeting of shareholders

held on May 6, 2025. At December 31, 2025, ArcelorMittal had

repurchased 2 million shares for a total value of €51 million

($58 million) at an average price per share of €25.74 ($29.25).

The actual amount of shares to be repurchased in various

tranches pursuant to the 2025 buyback program will depend on

the level of post-dividend free cash flow generated over the

period (the Company's defined policy is to return a minimum of

50% of post-dividend annual free cash flow), the continued

authorization by shareholders and market conditions. The

shares acquired under the 2025 buyback program are intended

to reduce ArcelorMittal's share capital; to meet ArcelorMittal's

obligations arising from employee share programs; to meet

ArcelorMittal's obligations exchangeable into equity securities;

and/or to meet such other purposes as announced at the time

of each tranche.

See "Introduction—History and development of the Company—

Other information".

On March 5, 2026, ArcelorMittal and the Significant

Shareholder have entered into a share repurchase agreement,

see "Introduction—Key transactions and events in 2025—

Recent developments".

As described in "Memorandum and Articles of Association", the

maximum number of shares that may be acquired does not in

any event exceed 10% of the Company's issued share capital.

The maximum number of own shares that the Company may

hold at any time directly or indirectly may not have the effect of

reducing its net assets ("actif net") below the amount

mentioned in paragraphs 1 and 2 of Article 461-272-1 of the

Law.

Management report<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Program<sup>1</sup> | 2025 | Total Number of <br>Shares Purchased<br>| Average Price <br>Paid Per Share<br>| Total Number of <br>Shares Purchased as <br>Part of Publicly <br>Announced Plan or <br>Program<br>| Maximum Number of <br>Shares that may yet <br>be purchased under <br>the Plans or Programs <br>(see above <br>explanations)<br>|
| 2023 buyback program | January 1 - January 31 |  |  |  | 6791559 |
| 2023 buyback program | February 1 - February 28 |  |  |  | 6791559 |
| 2023 buyback program | March 1 - March 31 | 5984000 | $30.18 | 5984000 | 807559 |
| 2023 buyback program | April 1 - April 30 | 807559 | $29.07 | 807559 |  |
| 2025 buyback program | April 1 - April 30 | 235128 | $23.63 | 235128 | 9764872 |
| 2025 buyback program | May 1 - May 31 | 792934 | $29.66 | 792934 | 8971938 |
| 2025 buyback program | June 1 - June 30 | 971938 | $30.28 | 971938 | 8000000 |
| 2025 buyback program | July 1 - July 31 |  |  |  | 8000000 |
| 2025 buyback program | August 1 - August 31 |  |  |  | 8000000 |
| 2025 buyback program | September 1 - September 30 |  |  |  | 8000000 |
| 2025 buyback program | October 1 - October 31 |  |  |  | 8000000 |
| 2025 buyback program | November 1 - November 30 |  |  |  | 8000000 |
| 2025 buyback program | December 1 - December 31 |  |  |  | 8000000 |

---

1. Commencement of 2023 buyback program was announced on May 5, 2023 for up to 85 million shares and the completion was announced on April 2, 2025.

Commencement of 2025 buyback program was announced on April 7, 2025 for up to 10 million shares. The actual amount of shares to be repurchased will depend on

the level of post-dividend free cash flow generated over the period. See "Introduction—History and development of the Company—Other information". As of December

31, 2025, the 2025 buyback program was not yet completed.

Management report<br>

Share capital

As of December 31, 2025, the Company's issued share capital

amounted to $275 million, represented by 775,000,000

ordinary shares without nominal value ($303 million

represented by 852,809,772 ordinary shares without nominal

value at December 31, 2024 and 2023).

On November 20, 2025, ArcelorMittal cancelled 77,809,772

treasury shares to keep the number of treasury shares within

appropriate levels. Following this cancellation, the aggregate

number of shares issued and fully paid up decreased from

852,809,772 to 775,000,000.

Out of the total of 775,000,000 shares in issue, 13,874,181

shares were held in treasury by ArcelorMittal at December 31,

2025, representing 1.79% of its issued share capital. In

addition, due to the cancellation of treasury shares, the

Company's authorized share capital decreased from $395

million represented by 1,111,418,599 to $367 million

represented by 1,033,608,827 ordinary shares without nominal

value as of December 31, 2025. See note 11.1 to the

consolidated financial statements.

Over the years, ArcelorMittal has issued equity-settled share-

based payments to certain employees, including stock options,

restricted share units and performance share units. See note

8.3 to the consolidated financial statements.

ADDITIONAL INFORMATION

Memorandum and Articles of Association

Below is a summary of ArcelorMittal's Articles of Association

and certain legal provisions and internal policies applicable to

ArcelorMittal. The full text of the Company's Articles of

Association is also available on www.arcelormittal.com under

"Investors-Corporate Governance-Current Articles of

Association".

*Corporate purpose* 

Article 3 of the Articles of Association provides that the

corporate purpose of ArcelorMittal is the manufacture,

processing and marketing of steel, steel products and all other

metallurgical products, as well as all products and materials

used in their manufacture, their processing and their marketing,

and all industrial and commercial activities connected directly

or indirectly with those objects, including mining and research

activities and the creation, acquisition, holding, exploitation and

sale of patents, licenses, know-how and, more generally,

intellectual and industrial property rights.

The Company may realize its corporate purpose either directly

or through the creation of companies, the acquisition, holding

or acquisition of interests in any companies or partnerships,

membership in any associations, consortia and joint ventures.

In general, the Company's corporate purpose comprises the

participation, in any form whatsoever, in companies and

partnerships and the acquisition by purchase, subscription or in

any other manner as well as the transfer by sale, exchange or

in any other manner of shares, bonds, debt securities, warrants

and other securities and instruments of any kind.

It may grant assistance to any affiliated company and take any

measure for the control and supervision of such companies.

It may carry out any commercial, financial or industrial

operation or transaction which it considers to be directly or

indirectly necessary or useful in order to achieve or further its

corporate purpose.

*Form and transfer of shares* 

The shares of ArcelorMittal are issued in registered form only

and are freely transferable. There are no restrictions on the

rights of Luxembourg or non-Luxembourg residents to own

ArcelorMittal shares.

In accordance with Luxembourg law, the ownership of

registered shares is evidenced by the inscription of the name of

the shareholder and the number of shares held by such

shareholder in the shareholders' register. Each transfer of

shares is made by a written declaration of transfer recorded in

the shareholders' register of ArcelorMittal, dated and signed by

the transferor and the transferee or by their duly appointed

agent. ArcelorMittal may accept and enter into its shareholders'

register any transfer based on an agreement between the

transferor and the transferee provided a true and complete

copy of such agreement is provided to ArcelorMittal.

The Articles of Association provide that shares may be held

through a securities settlement (clearing) system or a

professional depositary of securities. Shares held in this

manner have the same rights and obligations as the registered

shares. Shares held through a securities settlement system or

a professional depositary of securities may be transferred in

accordance with customary procedures for the transfer of

securities in book-entry form.

The ArcelorMittal ordinary shares may be held in registered

form on the Company's register only. Registered shares are

fully fungible and may consist of:

aArcelorMittal Registry Shares, which are registered

directly on ArcelorMittal's Luxembourg shareholders'

register,

bshares traded on Euronext Amsterdam, Euronext Paris,

the regulated market of the Luxembourg Stock Exchange

and the Spanish Stock Exchanges, which are held in

Euroclear, or

Management report<br>

cshares traded on the NYSE (the "New York Registry

Shares"), which are registered (including in the name of

the nominee of DTC) in a New York Share Register kept

on behalf of ArcelorMittal by Citibank, N.A., its New York

transfer agent.

ABN AMRO assists the Company with certain administrative

tasks relating to the day-to-day administrative management of

the shareholders' register. The Company maintains a New York

shareholders' register with Citibank, N.A. (located at 388

Greenwich Street, New York, New York 10013) for its New York

Registry Shares that trade on the NYSE with underlying

positions held in Euroclear. As of December 31, 2025,

47,569,865 shares (or approximately 6.14% of ArcelorMittal's

total issued shares) were New York Registry Shares.

The law of April 6, 2013 concerning dematerialized securities

allows Luxembourg issuers to opt for the full dematerialization

of shares. The EGM of ArcelorMittal shareholders held on May

10, 2017 authorized and empowered the Board of Directors to

give effect to such dematerialization and to determine its

effective date, following which new shares in the Company

may only be issued in dematerialized form (the "Effective

Date"). Notice of the compulsory dematerialization will be given

in accordance with Article 6.9 (i) of the Articles of Association.

As from the Effective Date, shareholders would be required to

hold their shares in a securities account at a bank or other

financial intermediary, which would in turn hold the shares via

an account with a securities depository such as Clearstream or

Euroclear. Dematerialized securities would be solely

represented by account entries with the securities depositary

and would therefore exist only in electronic form. It would then

no longer be possible for shareholders to hold shares through

a direct, nominative registration in the Company's register of

shareholders as is currently the case. As of December 31,

2025, notice of the Effective Date has not been given.

*Issuance of shares* 

The issuance of shares by ArcelorMittal requires either an

amendment of the Articles of Association approved by an EGM

or a decision of the Board of Directors that is within the limits of

the authorized share capital set out in the Articles of

Association. In the latter case, the Board of Directors may

determine the conditions for the issuance of shares, including

the consideration (cash or in kind) payable for such shares.

The EGM may not validly deliberate unless at least half of the

share capital is present or represented upon the first call. If the

quorum is not met, the meeting may be reconvened as

described in "General meeting of shareholders" below. The

second meeting will be held regardless of the proportion of

share capital represented. At both meetings, resolutions, with

respect to the capital increase (or decrease), in order to be

adopted, must be carried by at least two-thirds of the votes

cast.

*Preemptive rights* 

Unless limited or canceled by the Board of Directors pursuant

to a power granted by an extraordinary general meeting of

shareholders or by an EGM, holders of ArcelorMittal shares

have a pro rata preemptive right to subscribe for newly issued

shares, except for shares issued for consideration other than

cash (i.e., in kind).

*Repurchase of shares* 

ArcelorMittal is prohibited by Luxembourg law from subscribing

for its own shares. ArcelorMittal may, however, repurchase its

own shares or have another person repurchase shares on its

behalf, subject to certain conditions, including:

• a prior authorization of the general meeting of

shareholders setting out the terms and conditions of the

proposed repurchase, including the maximum number of

shares to be repurchased, the duration of the period for

which the authorization is given (which may not exceed

five years) and the minimum and maximum

consideration per share;

• the repurchase may not reduce the net assets of

ArcelorMittal on a non-consolidated basis to a level

below the aggregate of the issued share capital and the

reserves that ArcelorMittal must maintain pursuant to

Luxembourg law or its Articles of Association;

• only fully paid-up shares may be repurchased. At

December 31, 2025, all of ArcelorMittal's issued ordinary

shares were fully paid-up; and

• the acquisition offer is made on the same terms and

conditions to all the shareholders who are in the same

position, it being noted however that listed companies

may repurchase their own shares on the stock

exchange without an acquisition offer having to be made

to the shareholders.

In addition, Luxembourg law allows the Board of Directors to

approve the repurchase of ArcelorMittal shares without the

prior approval of the general meeting of shareholders if

necessary to prevent serious and imminent harm to

ArcelorMittal. In such a case, the next general meeting of

shareholders must be informed by the Board of Directors of the

reasons for and the purpose of the acquisitions made, the

number and nominal values, or in the absence thereof, the

accounting par value of the shares acquired, the proportion of

the issued share capital that they represent, and the

consideration paid for them.

The annual general meeting of shareholders held on May 6,

2025 (the "2025 AGM") decided to authorize, effective

Management report<br>

immediately after the 2025 AGM, the Board of Directors, with

the option to delegate to the corporate bodies of the other

companies in the ArcelorMittal group in accordance with the

Luxembourg law of August 10, 1915 on commercial

companies, as amended (the "Law"), to acquire and sell shares

in the Company in accordance with the Law and any other

applicable laws and regulations, including but not limited to

entering into off-market and over-the-counter transactions and

to acquire shares in the Company through derivative financial

instruments as well as to enter into cash-settled derivative

financial instruments to mitigate the volatility in the share prices

paid to acquire shares in the Company (the "Authorization").

Any acquisitions, disposals, exchanges, contributions or

transfers of shares by the Company or other companies in the

ArcelorMittal group must be in accordance with Regulation

(EU) No. 596/2014 of the European Parliament and of the

Council of April 16, 2014 on market abuse (the "MAR

Regulation"), as amended from time to time and most recently

by the EU Listing Act (Regulation (EU) 2024/2809) formally

adopted on October 23, 2024 and partially in force since

December 4, 2024, Commission Delegated Regulation (EU)

No. 2016/1052 of March 8, 2016 with regard to regulatory

technical standards for the conditions applicable to buy-back

programs and stabilization measures and Luxembourg law of

December 23, 2016 on market abuse implementing the MAR

Regulation.

Such transactions may be carried out at any time, including

during a tender offer period, subject to applicable laws and

regulations including Section 10(b) and Section 9(a)(2) of the

Securities Exchange Act of 1934, as amended (the "Exchange

Act"), and Rule 10b-5 promulgated under the Exchange Act.

The Authorization is valid until the end of the annual general

meeting of shareholders to be held in 2028 (the "2028 AGM")

or until the date of its renewal by a resolution of the general

meeting of shareholders if such renewal date is prior to the

expiration of the 2028 AGM.

The Company may not repurchase shares amounting to more

than 10% of its issued share capital (at the date of the 2025

AGM being 85,280,977 shares). The maximum number of own

shares that the Company may hold at any time directly or

indirectly may not have the effect of reducing its net assets

("actif net") below the amount mentioned in paragraphs 1 and 2

of Article 461-2 of the Law. The purchase price per share to be

paid shall not exceed 110% of the average of the final listing

prices of the 30 trading days preceding the three trading days

prior to each date of repurchase, and shall not be less than one

euro cent. The final listing prices are those on the NYSE,

Euronext markets on which the Company's shares are listed or

the Luxembourg Stock Exchange, depending on the market on

which the purchases are made. For off-market transactions,

the maximum purchase price shall be 110% of the reference

price on the NYSE (in case of purchase in USD) or the

Euronext markets (in case of purchase in EUR) on which the

Company's shares are listed. The reference price will be

deemed to be the average of the final listing prices per share

on these markets during 30 consecutive days on which these

markets are open for trading preceding the three trading days

prior to the date of purchase. For the avoidance of doubt, price

restrictions set out in the immediately preceding paragraphs do

not apply to cash-settled derivative financial instruments

entered into to mitigate volatility in the per share prices paid to

acquire shares in the Company. In the event of a share capital

increase by incorporation of reserves or issue premiums and

the free allotment of shares as well as in the event of the

division or regrouping of the shares, the purchase price

indicated above shall be adjusted by a multiplying coefficient

equal to the ratio between the number of shares comprising the

issued share capital prior to the transaction and such number

following the transaction.

*Capital reduction* 

The Articles of Association provide that the issued share capital

of ArcelorMittal may be reduced subject to the approval of at

least two-thirds of the votes cast at an extraordinary general

meeting of shareholders where, at first call, at least 50% of the

issued share capital is required to be represented, with no

quorum being required at a reconvened meeting.

The extraordinary general meeting of shareholders held on

May 2, 2023 decided to authorize the Board of Directors, for a

period of three years (i) to cancel all the shares repurchased by

the Company under its share buyback programs up to a

maximum of 88 million shares and to consequently reduce the

issued share capital of the Company and the authorized share

capital of the Company by an amount corresponding to the

product of the number of treasury shares cancelled multiplied

by thirty-six U.S. dollar cents (USD 0.36), being the par value

of the shares in the Company - and (ii) to consequentially

amend articles 5.1 and 5.2 of the articles of association of the

Company to reflect the above cancellations and reductions of

the issued and authorized share capital of the Company, (iii) to

reduce or cancel the relevant reserves constituted under

applicable law in relation thereto and (iv) to instruct and

delegate power to and authorize the Board of Directors or its

delegate(s) to implement the cancellation of the number of

treasury shares determined by the Board of Directors and the

corresponding reduction of share capital and related matters in

one or more installments as deemed fit by the Board of

Directors, to cause the share capital reductions and

cancellations of the treasury shares and the consequential

amendment of the Articles to be recorded by way of one or

more notarial deeds, and generally to take any steps, actions

Management report<br>

or formalities as appropriate or useful to implement this

decision of the extraordinary general meeting.

Please refer to the section on "Shareholder and markets—

Share capital" for the details on the latest share capital

reductions.

*General meeting of shareholders* 

The shareholders' rights law of May 24, 2011, which

transposes into Luxembourg law Directive 2007/36/EC of the

European Parliament and of the Council of July 11, 2007 (on

the exercise of certain rights of shareholders in listed

companies) as amended (the "Shareholders' Rights Law")

includes provisions relating to general meetings of

shareholders, as discussed below.

General meetings of shareholders are convened by the

publication of a notice at least 30 days before the meeting date

in a Luxembourg newspaper, via the online platform called

Recueil électronique des sociétés et associations ("RESA"),

and by way of press release sent to the major news agencies.

Ordinary general meetings are not subject to any minimum

shareholder participation level. Extraordinary general meetings,

however, are subject to a minimum quorum of 50% of the

share capital. In the event the 50% quorum is not met upon the

first call, the meeting may be reconvened by way of convening

notice published in the same manner as the first notice, at least

17 days before the meeting date. No quorum is required upon

the second call.

Shareholders whose share ownership is directly registered in

the shareholders' register of the Company must receive the

convening notice by regular mail, unless they have accepted to

receive it through other means (i.e., electronically). In addition,

all materials relating to a general meeting of shareholders must

be made available on the website of ArcelorMittal from the first

date of publication of the convening notice.

The Shareholders' Rights Law abolished the blocking period

and introduced the record date system into Luxembourg law.

As set out in the Articles of Association, the record date

applicable to ArcelorMittal is the 14th day at midnight before

the general meeting date. Only the votes of shareholders who

are shareholders of the Company on the record date will be

taken into account, regardless of whether they remain

shareholders on the general meeting date. Shareholders who

intend to participate in the general meeting must notify the

Company at the latest on the date indicated in the convening

notice of their intention to participate (by proxy or in person).

*Ordinary general meetings of shareholders.*

At an ordinary general meeting of shareholders there is no

quorum requirement and resolutions are adopted by a simple

majority, irrespective of the number of shares represented.

Ordinary general meetings deliberate on any matter that does

not require the convening of an extraordinary general meeting.

The Articles of Association provide that the annual general

meeting of shareholders is held each year within six months

from the end of the previous financial year at the Company's

registered office or at any other place in the Grand Duchy of

Luxembourg as determined by the Board of Directors and

indicated in the convening notice.

*Extraordinary general meetings of shareholders.*

An extraordinary general meeting must be convened to

deliberate on the following types of matters:

• an increase or decrease of the authorized or issued share

capital,

• a limitation or exclusion of existing shareholders'

preemptive rights,

• the acquisition by any person of 25% or more of the issued

share capital of ArcelorMittal,

• approving a merger or similar transaction such as a spin-

off, and

• any transaction or matter requiring an amendment of the

Articles of Association.

The extraordinary general meeting must reach a quorum of

shares present or represented at the meeting of 50% of the

share capital in order to validly deliberate. If this quorum is not

reached, the meeting may be reconvened and the second

meeting will not be subject to any quorum requirement. In order

to be adopted by the extraordinary general meeting (on the first

or the second call), any resolution submitted must be approved

by at least two-thirds of the votes cast (see "—Amendment of

the Articles of Association"). Votes cast do not include votes

attaching to shares with respect to which the shareholder has

not taken part in the vote, has abstained or has returned a

blank or invalid vote.

In addition, Luxembourg law requires the Board of Directors to

convene a general meeting of shareholders if shareholders

representing in the aggregate 10% of the issued share capital

so require in writing with an indication of the requested agenda.

In this case, the general meeting of shareholders must be held

within one month of the request. If the requested general

meeting of shareholders is not so convened, the relevant

shareholder or group of shareholders may petition the

competent court in Luxembourg to have a court appointee

convene the general meeting.

*Shareholder participation at general meetings* 

The Board of Directors may decide to arrange for shareholders

to be able to participate in the general meeting by electronic

means by way, among others, of (i) real-time transmission to

Management report<br>

the public of the general meeting, (ii) two-way communication

enabling shareholders to address the general meeting from a

remote location, or (iii) a mechanism allowing duly identified

shareholders to cast their votes before or during the general

meeting without the need for them to appoint a proxyholder

who would be physically present at the meeting.

A shareholder may act at any general meeting of shareholders

by appointing another person (who need not be a shareholder)

as his or her attorney by means of a written proxy using the

form made available on the website of the Company. The

completed and signed proxy must be sent to the Company in

accordance with the instructions set out in the convening

notice.

The Board of Directors may also decide to allow shareholders

to vote by correspondence by means of a form providing for a

positive or negative vote or an abstention on each agenda

item. The conditions for voting by correspondence are set out

in the Articles of Association and in the convening notice.

Shareholders representing in the aggregate 5% of the issued

share capital may also request that additional items be added

to the agenda of a general meeting and may draft alternative

resolutions to be submitted to the general meeting regarding

existing agenda items. The request must be made in writing

and sent either to the electronic address or to the Company's

postal address set out in the convening notice.

The Shareholders' Rights Law provides that a company's

articles of association may allow shareholders to ask questions

prior to the general meeting which will be answered by

management during the general meeting's questions and

answers session prior to the vote on the agenda items.

Although the Articles of Association do not specifically address

this point, shareholders may ask questions in writing ahead of

a general meeting, which are taken into account in preparing

the general meetings' questions and answers session. With

regard to the May 6, 2025 general meeting, shareholders could

also send questions to the Company in advance by writing to a

dedicated e-mail address indicated in the convening notice.

The Company on a best efforts basis provided responses to

the questions during the general meeting Q&A session.

*Identification of shareholders* 

Pursuant to the Shareholders' Rights Law, listed companies

have the ability to identify their shareholders and ultimately

improve communication between them and their shareholders.

Intermediaries, including those in third countries, are required

to provide the Company with information to enable the

identification of shareholders. Intermediaries that are covered

by the Shareholders' Rights Law are investment firms, credit

institutions and central securities depositories which provide

share safekeeping or administration of securities accounts or

maintenance services to shareholders or other persons. Third

country in-scope intermediaries are those which provide these

services to shareholders or other intermediaries with respect to

shares in the Company and are located outside of the

European Union.

*Voting and information rights* 

There are no restrictions on the rights of Luxembourg or non-

Luxembourg residents to vote ArcelorMittal shares. Each share

entitles the shareholder to attend a general meeting of

shareholders in person or by proxy, to address the general

meeting of shareholders and to vote. Each share entitles the

holder to one vote at the general meeting of shareholders.

There is no minimum shareholding (beyond owning a single

share or representing the owner of a single share) required to

be able to attend or vote at a general meeting of shareholders.

Directors of ArcelorMittal are elected for a period terminating

(except in the event of the replacement of a member of the

board of directors during his or her mandate) at the third

annual general meeting following the date of their appointment

The voting and information rights of ArcelorMittal's

shareholders have been further expanded since the entry into

force of the Shareholders' Rights Law.

*Election and removal of directors*

Members of the Board of Directors are elected by simple

majority of the represented shareholders at the annual general

meeting of shareholders or at any other general meeting of

shareholders for a period ending (except in the event of the

replacement of a member of the Board of Directors during his

or her mandate) at the third annual general meeting following

the date of their appointment. The directors of ArcelorMittal are

elected for three-year terms in staggered intervals. Any director

may be removed with or without cause by a simple majority

vote at any general meeting of shareholders.

*(a) A director's power to vote on a proposal, arrangement or* 

*contract in which the director is materially interested;* 

If a Director has directly or indirectly a financial interest in a

transaction that is submitted to the Board of Directors for

approval and this interest conflicts with that of ArcelorMittal

(other than transactions which are ordinary business

operations and are entered into under normal conditions), the

Director must advise the Board of Directors of the existence

and nature of the conflict and cause a record of his or her

statement to be included in the minutes of the meeting. In

addition, the Director may not take part in the discussions on

and may not vote on the relevant transaction and he or she

shall not be counted for the purposes of whether the quorum is

present, in which case the Board of Directors may validly

deliberate if at least the majority of the non-conflicted directors

are present or represented. At the next general meeting of

shareholders of ArcelorMittal before any other resolution is put

Management report<br>

to a vote, a special report will be made by the Board of

Directors to the shareholders' meeting on any such transaction.

If a material transaction with a related party involves a Director,

that Director may not participate in the approval of such

transaction.

*(b) The directors' power, in the absence of an independent* 

*quorum, to vote compensation to themselves or any members* 

*of their body;* 

The remuneration of the Directors is determined each year by

the annual general meeting of shareholders subject to Article

17 of the Articles of Association. The annual shareholders

meeting of the Company decides on the directors'

remuneration. The Executive Chairman is not remunerated for

his membership on the Board of Directors. The remuneration of

the Executive Chairman is determined by the Board's ARCG

Committee, which consists solely of independent directors. For

more information, see "Management and employees—

Compensation".

Pursuant to the Shareholders' Rights Law, the shareholders

must be informed in detail of the remuneration of the members

of the Company's Board of Directors and its CEO and the

company's remuneration policy. Companies must prepare a

management remuneration policy describing all components,

criteria, methods and modalities applied to determine the fixed

and variable remuneration of such persons. Such remuneration

policy must contribute to the Company's business strategy and

long-term interests. It must be resubmitted to an advisory vote

at the general meeting of shareholders for approval each time

there is a significant change thereto and at least every four

years. In addition, companies must prepare a remuneration

report for the annual general meeting on the remuneration and

benefits granted to directors, and such remuneration report is

required to be submitted for an advisory vote at the general

meeting of shareholders each year.

*(c) Borrowing powers exercisable by the directors and how* 

*such borrowing powers can be varied;* 

Any transaction between ArcelorMittal or a subsidiary of

ArcelorMittal and a Director (or an affiliate of a Director) must

be conducted on arm's length terms and, if material, must

obtain the approval of the Independent Directors.

*(d) Retirement or non-retirement of directors under an age limit* 

*requirement;* 

There is no age limit requirement for the retirement or non-

retirement of directors. However, on October 30, 2012, the

Board of Directors adopted a policy that places limitations on

the terms of independent directors as well as the number of

directorships Directors may hold in order to align the

Company's corporate governance practices with best practices

in this area. The policy provides that an independent director

may not serve on the Board of Directors for more than 12

consecutive years, although the Board of Directors may make

an affirmative determination that he or she may continue to

serve beyond the 12-year rule where the Board of Directors

considers it to be in the best interest of the Company based on

the contribution of the Director involved and the balance

between the knowledge, skills, experience and need for

renewal of the Board.

*(e) Number of shares, if any, required for director's* 

*qualification.* 

Article 8.2 of the Articles of Association states that the

members of the Board of Directors do not have to be

shareholders in the Company. However, on October 30, 2012,

the Board of Directors introduced a policy, which was amended

on November 7, 2017 and requires members of the Board of

Directors to hold 4,000 shares in the Company (6,000 for the

Lead Independent Director). For more information, see

"Management and employees—Corporate governance—

Specific characteristics of the director role".

ArcelorMittal's Articles of Association provide that the

Significant Shareholder is entitled to nominate a number of

candidates for election by the shareholders to the Board of

Directors in proportion to its shareholding. The Significant

Shareholder has not exercised this right to date.

*Amendment of the Articles of Association* 

Any amendments to the Articles of Association must be

approved by an extraordinary general meeting of shareholders

held in the presence of a Luxembourg notary, followed by the

publications required by Luxembourg law.

In order to be adopted, amendments of the Articles of

Association relating to the size and the requisite minimum

number of independent and non-executive directors of the

Board of Directors, the composition of the Audit & Risk

Committee, and the nomination rights to the Board of Directors

of the Significant Shareholder require a majority of votes

representing two-thirds of the voting rights attached to the

shares in ArcelorMittal. The same majority rule applies to

amendments of the provisions of the Articles of Association that

set out the foregoing rule.

*Annual accounts* 

Each year before submission to the annual ordinary general

meeting of shareholders, the Board of Directors approves the

stand-alone audited financial statements for ArcelorMittal, the

parent company of the ArcelorMittal group as well as the

consolidated financial statements of the ArcelorMittal group,

each of which are prepared in accordance with IFRS. The

Board of Directors also approves the management reports on

each of the stand-alone audited financial statements and the

consolidated financial statements. In respect of each of these

Management report<br>

sets of accounts a report must be issued by the independent

auditors.

The stand-alone audited financial statements, the consolidated

financial statements, the management reports and the auditor's

reports will be available on request from the Company and on

the Company's website from the date of publication of the

convening notice for the annual ordinary general meeting of

shareholders.

Following their approval by the annual ordinary general

meeting of shareholders, the stand-alone audited financial

statements and the consolidated financial statements are filed

with the Luxembourg Register of Commerce and Companies.

*Dividends* 

Except for shares held in treasury by the Company, each

ArcelorMittal share is entitled to participate equally in dividends

if and when they are declared out of funds legally available for

such purposes. The Articles of Association provide that the

annual ordinary general meeting of shareholders may declare

a dividend and that the Board of Directors may declare interim

dividends within the limits set by Luxembourg law.

Declared and unpaid dividends held by ArcelorMittal for the

account of its shareholders do not bear interest. Under

Luxembourg law, claims for dividends lapse in favor of

ArcelorMittal five years after the date on which the dividends

have been declared.

*Merger and division* 

A merger whereby the Luxembourg company being acquired

transfers to an existing or newly incorporated Luxembourg

company all of its assets and liabilities in exchange for the

issuance to the shareholders of the company being acquired of

shares in the acquiring company, and a division whereby a

company (the company being divided) transfers all its assets

and liabilities to two or more existing or newly incorporated

companies in exchange for the issuance of shares in the

beneficiary companies to the shareholders of the company

being divided or to such company, and certain similar

restructurings must be approved by an extraordinary general

meeting of shareholders of the relevant companies held in the

presence of a notary. These transactions require the approval

of at least two-thirds of the votes cast at a general meeting of

shareholders of each of the companies where at least 50% of

the share capital is represented upon first call, with no such

quorum being required at a reconvened meeting.

*Liquidation* 

In the event of the liquidation, dissolution or winding-up of

ArcelorMittal, the assets remaining after allowing for the

payment of all liabilities will be paid out to the shareholders pro

rata to their respective shareholdings. The decision to liquidate,

dissolve or wind-up the Company requires the approval of at

least two-thirds of the votes cast at a general meeting of

shareholders where at first call at least 50% of the share

capital is represented, with no quorum being required at a

reconvened meeting. Irrespective of whether the liquidation is

subject to a vote at the first or a subsequent extraordinary

general meeting of shareholders, it requires the approval of at

least two-thirds of the votes cast at the extraordinary general

meeting of shareholders.

***Mandatory bid—squeeze-out right—sell-out right***

*Mandatory bid.* The Luxembourg law of May 19, 2006

implementing Directive 2004/25/EC of the European

Parliament and the Council of April 21, 2004 on takeover bids,

as amended from time to time (the "Takeover Law"), provides

that, if a person acting alone or in concert acquires securities of

ArcelorMittal which, when added to any existing holdings of

ArcelorMittal securities, gives such person voting rights

representing at least one third of all of the voting rights

attached to the issued shares in ArcelorMittal, this person is

obliged to make an offer for the remaining shares in

ArcelorMittal. In a mandatory bid situation, the "fair price" is in

principle considered to be the highest price paid by the offeror

or a person acting in concert with the offeror for the securities

during the 12-month period preceding the mandatory bid.

ArcelorMittal's Articles of Association provide that any person

who acquires shares giving them 25% or more of the total

voting rights of ArcelorMittal must make or cause to be made,

in each country where ArcelorMittal's securities are admitted to

trading on a regulated or other market and in each of the

countries in which ArcelorMittal has made a public offering of

its shares, an unconditional public offer to acquire for cash all

outstanding shares and securities giving access to shares,

linked to the share capital or whose rights are dependent on

the profits of ArcelorMittal. The price offered must be fair and

equitable and must be justified by a report drawn up by a

leading international financial institution nominated by the

Company.

*Squeeze-out right*. The Takeover Law provides that, when an

offer (mandatory or voluntary) is made to all of the holders of

voting securities of ArcelorMittal and if after such offer the

offeror holds at least 95% of the securities carrying voting

rights and 95% of the voting rights, the offeror may require the

holders of the remaining securities to sell those securities (of

the same class) to the offeror. The price offered for such

securities must be a fair price. The price offered in a voluntary

offer would be presumed a fair price in the squeeze-out

proceedings if the offeror acquired at least 90% of

ArcelorMittal's shares carrying voting rights that were the

subject of the offer. The price paid in a mandatory offer is

presumed a fair price. The consideration paid in the squeeze-

out proceedings must take the same form as the consideration

Management report<br>

offered in the offer or consist solely of cash. Moreover, an all-

cash option must be offered to the remaining ArcelorMittal

shareholders. Finally, the right to initiate squeeze-out

proceedings must be exercised within three months following

the expiration of the offer.

*Sell-out right.* The Takeover Law provides that, when an offer

(mandatory or voluntary) is made to all of the holders of voting

securities of ArcelorMittal and if after such offer the offeror

holds securities carrying more than 90% of the voting rights,

the remaining security holders may require that the offeror

purchase the remaining securities of the same class. The price

offered in a voluntary offer would be presumed "fair" in the sell-

out proceedings if the offeror acquired at least 90% of the

ArcelorMittal shares carrying voting rights and which were the

subject of the offer. The price paid in a mandatory offer is

presumed to be a fair price. The consideration paid in the sell-

out proceedings must take the same form as the consideration

offered in the offer or consist solely of cash. Moreover, an all-

cash option must be offered to the remaining ArcelorMittal

shareholders. Finally, the right to initiate sell-out proceedings

must be exercised within three months following the expiration

of the offer.

*Disclosure of significant ownership in ArcelorMittal shares* 

Holders of ArcelorMittal shares and derivatives or other

financial instruments linked to ArcelorMittal shares may be

subject to the notification obligations of the Luxembourg law of

January 11, 2008, as amended, on transparency requirements

regarding information about issuers whose securities are

admitted to trading on a regulated market (the "Transparency

Law"). The following description summarizes these obligations.

ArcelorMittal shareholders are advised to consult with their own

legal advisers to determine whether the notification obligations

apply to them.

The Transparency Law provides that, if a person acquires or

disposes of a shareholding in ArcelorMittal, and if following the

acquisition or disposal the proportion of voting rights held by

the person reaches, exceeds or falls below one of the

thresholds of 5%, 10%, 15%, 20%, 25%, one-third, 50% or

two-thirds of the total voting rights existing when the situation

giving rise to a declaration occurs, the relevant person must

simultaneously notify ArcelorMittal and the CSSF (the

Luxembourg securities regulator) of the proportion of voting

rights held by it further to such event within four Luxembourg

Stock Exchange trading days of the day of execution of the

transaction triggering the threshold crossing.

A person must also notify ArcelorMittal of the proportion of his

or her voting rights if that proportion reaches, exceeds or falls

below the above-mentioned thresholds as a result of events

changing the breakdown of voting rights.

The above notification obligations also apply to persons who

directly or indirectly hold financial instruments linked to

ArcelorMittal shares. Pursuant to article 12 a. of the

Transparency Law, persons who hold ArcelorMittal's shares

and financial instruments linked to ArcelorMittal's shares must

aggregate their holding.

ArcelorMittal's Articles of Association also provide that the

above disclosure obligations also apply to:

• any acquisition or disposal of shares resulting in the

threshold of 2.5% of voting rights in ArcelorMittal being

reached or crossed upwards or downwards,

• any acquisition or disposal of shares resulting in the

threshold of 3.0% of voting rights in ArcelorMittal being

reached or crossed upwards or downwards, and

• with respect to any shareholder holding at least 3.0% of

the voting rights in ArcelorMittal, to any acquisition or

disposal of shares resulting in successive thresholds of

1.0% of voting rights being reached or crossed upwards or

downwards.

Pursuant to the Articles of Association, any person who

acquires shares giving him or her 5% or more or a multiple of

5% or more of the voting rights must inform ArcelorMittal within

10 Luxembourg Stock Exchange trading days following the

date on which the threshold was reached or crossed by

registered letter with return receipt requested as to whether he

or she intends to acquire or dispose of shares in ArcelorMittal

within the next 12 months or intends to seek to obtain control

over ArcelorMittal or to appoint a member to ArcelorMittal's

Board of Directors.

The sanction of suspension of voting rights automatically

applies, subject to limited exceptions set out in the

Transparency Law, to any shareholder (or group of

shareholders) who has (or have) reached or crossed the

thresholds set out in article 7 of the Articles of Association and

articles 8 to 15 of the Transparency Law but have not notified

the Company accordingly. The sanction of suspension of voting

rights will apply until such time as the notification has been

properly made by the relevant shareholder(s).

For the purposes of calculating the percentage of a

shareholder's voting rights in ArcelorMittal, the following are

taken into account:

• voting rights held by a third party with whom that person or

entity has concluded an agreement and which obliges them

to adopt, by concerted exercise of the voting rights they hold,

a lasting common policy towards ArcelorMittal;

• voting rights held by a third party under an agreement

concluded with that person or entity providing for the

Management report<br>

temporary transfer for consideration of the voting rights in

question;

• voting rights attaching to shares pledged as collateral with

that person or entity, provided the person or entity controls

the voting rights and declares its intention to exercise them;

• voting rights attaching to shares in which a person or entity

holds a life interest;

• voting rights which are held or may be exercised within the

meaning of the four foregoing points by an undertaking

controlled by that person or entity;

• voting rights attaching to shares deposited with that person

or entity which the person or entity may exercise at its

discretion in the absence of specific instructions from the

shareholders;

• voting rights held by a third party in its own name on behalf

of that person or entity; and

• voting rights which that person or entity may exercise as a

proxy where the person or entity may exercise the voting

rights in its sole discretion.

In addition, the Articles of Association provide that, for the

purposes of calculating a person's voting rights in ArcelorMittal,

the voting rights attached to shares underlying any other

financial instruments owned by that person (such as

convertible notes) must be taken into account for purposes of

the calculation described above.

*Disclosure of insider dealing transactions* 

Members of the Board of Directors and the members of the

Executive Office, Executive Officers and other executives

fulfilling senior management responsibilities within ArcelorMittal

and falling within the definition of "Persons Discharging Senior

Managerial Responsibilities" set out below and persons closely

associated with them must disclose to the CSSF and to

ArcelorMittal all transactions relating to shares or debt

instruments of ArcelorMittal or derivatives or other financial

instruments linked to any shares or debt instruments of

ArcelorMittal (together the "Financial Instruments") conducted

by them or for their account. Such notifications shall be made

promptly and not later than three business days after the date

of the transaction.

"Persons Discharging Senior Managerial Responsibilities"

within ArcelorMittal are the members of the Board of Directors,

and the Executive Office, the Executive Officers, and other

executives occupying a high level management position with

regular access to non-public material information relating,

directly or indirectly, to ArcelorMittal and have the authority to

make management decisions about the future development of

the Company and its business strategy (see "Management and

employees— Directors and senior management" for a

description of senior management). Persons closely associated

with them include their respective family members and legal

entities managed, controlled, or benefiting "Persons

Discharging Senior Managerial Responsibilities".

Both information on trading in Financial Instruments by

"Persons Discharging Senior Managerial Responsibilities" and

ArcelorMittal's Insider Dealing Regulations are available on

www.arcelormittal.com under "Investors—Corporate

Governance—Share Transactions by Management". For more

information, see "Management and employees—Directors and

senior management". In 2025, thirteen notifications were

received by ArcelorMittal from such persons and filed with the

CSSF.

*Related Party Transactions* 

The Shareholders' Rights Law provides that a company is now

required to publicly disclose material transactions (excluding

"transactions taking place as part of the company's ordinary

activity and concluded under normal market conditions") with

related parties no later than at the time of conclusion of the

transaction. The same requirement applies to material

transactions concluded between related parties of a company

and subsidiaries of such company. The Board of Directors

must approve material transactions of the Company with

related parties. A transaction with a related party is material if

(i) its publication and divulgation may have a significant impact

on the economic decisions of shareholders and (ii) it may

create a risk for the company and its shareholders which are

not related parties, including minority shareholders. In the

determination of whether a transaction is material both the

nature of the transaction and the position of the related party

must be taken into account.

*Publication of regulated information* 

Since January 2009, disclosure to the public of "regulated

information" (within the meaning of the Luxembourg

Transparency Law) concerning ArcelorMittal has been made by

publishing the information through the centralized regulated

information filing and storage system managed by the

Luxembourg Stock Exchange and accessible in English and

French on www.luxse.com, in addition to the publication by

ArcelorMittal of the information by way of press release. All

news and press releases issued by the Company are available

on www.arcelormittal.com in the "News and Media" section.

*Limitation of directors' liability/indemnification of Directors and* 

*the members of the Executive Office* 

The Articles of Association provide that ArcelorMittal will, to the

broadest extent permitted by Luxembourg law, indemnify every

director and member of the Executive Office as well as every

former director or member of the Executive Office for fees,

Management report<br>

costs and expenses reasonably incurred in the defense or

resolution (including a settlement) of all legal actions or

proceedings, whether civil, criminal or administrative, he or she

has been involved in his or her role as former or current

director or member of the Executive Office.

The right to indemnification does not exist in the case of gross

negligence, fraud, fraudulent inducement, dishonesty or for a

criminal offense, or if it is ultimately determined that the director

or members of the Executive Office has not acted honestly, in

good faith and with the reasonable belief that he or she was

acting in the best interests of ArcelorMittal.

The Company also maintains liability insurance for its directors

and officers, including insurance against liabilities arising under

the U.S. Securities Act of 1933, as amended, and the U.S.

Securities Exchange Act of 1934, as amended.

Material contracts

The following are material contracts, not entered into in the

ordinary course of business, to which ArcelorMittal has been a

party during the past two years.

ArcelorMittal Equity Incentive Plan, Performance Share Unit

Plan and Special Grant

For a description of such plans, please refer to "Management

and employees—Compensation."

Memorandum of Understanding

Mr. Lakshmi Mittal, Mrs. Usha Mittal, Lumen Investments S.à

r.l., Nuavam Investments S.à r.l. (together, the "MoU Group")

and the Company are parties to a Memorandum of

Understanding ("MoU"), dated June 25, 2006, to combine Mittal

Steel and Arcelor in order to create the world's leading steel

company. (Lumen Investments S.à r.l. and Nuavam

Investments S.à r.l. became parties following the assumption of

the obligations of original parties to the MoU that have since

ceased to hold Company shares). In April 2008, the Board of

Directors approved resolutions amending certain provisions of

the MoU in order to adapt it to the Company's needs in the

post-merger and post-integration phase, as described under

"Management and employees—Corporate governance—

Operation—Lead Independent Director".

On the basis of the MoU, Arcelor's Board of Directors

recommended Mittal Steel's offer for Arcelor, and the parties to

the MoU agreed to certain corporate governance and other

matters relating to the combined ArcelorMittal group. Certain

provisions of the MoU relating to corporate governance were

incorporated into the Articles of Association of ArcelorMittal at

the extraordinary general meeting of the shareholders on

November 5, 2007.

Certain additional provisions of the MoU expired effective

August 1, 2009 and on August 1, 2011. ArcelorMittal's

corporate governance rules will continue to reflect, subject to

those provisions of the MoU that have been incorporated into

the Articles of Association, the best standards of corporate

governance for comparable companies and to conform with the

corporate governance aspects of the NYSE listing standards

applicable to non-U.S. companies and Ten Principles of

Corporate Governance of the Luxembourg Stock Exchange.

The following summarizes the main provisions of the MoU that

remain in effect or were in effect in 2025.

*Standstill* 

The MoU Group agreed not to acquire, directly or indirectly,

ownership or control of an amount of shares in the capital stock

of the Company exceeding the percentage of shares in the

Company that it will own or control following completion of the

Offer (as defined in the MoU) for Arcelor and any subsequent

offer or compulsory buy-out, except with the prior written

consent of a majority of the independent directors on the

Company's Board of Directors. Any shares acquired in violation

of this restriction will be deprived of voting rights and shall be

promptly sold by the MoU Group. Notwithstanding the above, if

(and whenever) the MoU Group holds, directly and indirectly,

less than 45% of the then-issued Company shares, the MoU

Group may purchase (in the open market or otherwise)

Company shares up to such 45% limit. In addition, the MoU

Group is also permitted to own and vote shares in excess of

the threshold mentioned in the immediately preceding

paragraph or the 45% limit mentioned above, if such ownership

results from (1) subscription for shares or rights in proportion to

its existing shareholding in the Company where other

shareholders have not exercised the entirety of their rights or

(2) any passive crossing of this threshold resulting from a

reduction of the number of Company shares (e.g., through self-

tender offers or share buy-backs) if, in respect of (2) only, the

decisions to implement such measures were taken at a

shareholders' meeting in which the MoU Group did not vote or

by the Company's Board of Directors with a majority of

independent directors voting in favor.

Once the MoU Group exceeds the threshold mentioned in the

first paragraph of this "Standstill" subsection or the 45% limit,

as the case may be, as a consequence of any corporate event

set forth in (1) or (2) above, it shall not be permitted to increase

the percentage of shares it owns or controls in any way except

as a result of subsequent occurrences of the corporate events

described in (1) or (2) above, or with the prior written consent

of a majority of the independent directors on the Company's

Board of Directors.

If subsequently the MoU Group sells down below the threshold

mentioned in the first paragraph of this "Standstill" subsection

or the 45% limit, as the case may be, it shall not be permitted

to exceed the threshold mentioned in the first paragraph of this

"Standstill" subsection or the 45% limit, as the case may be,

other than as a result of any corporate event set out in (1) or

Management report<br>

(2) above or with the prior written consent of a majority of the

independent directors.

Finally, the MoU Group is permitted to own and vote shares in

excess of the threshold mentioned in the first paragraph of this

"Standstill" subsection or the 45% limit mentioned above if it

acquires the excess shares in the context of a takeover bid by

a third party and (1) a majority of the independent directors of

the Company's Board of Directors consents in writing to such

acquisition by the MoU Group or (2) the MoU Group acquires

such shares in an offer for all of the shares of the Company.

*Non-compete* 

For so long as the MoU Group holds and controls at least 15%

of the outstanding shares of the Company or has

representatives on the Company's Board of Directors or

Executive Office, the MoU Group and its affiliates will not be

permitted to invest in, or carry on, any business competing with

the Company, except for PT ISPAT Indo.

Exchange controls and other limitations affecting security

holders

There are no legislative or other legal provisions currently in

force in Luxembourg or arising under ArcelorMittal's Articles of

Association that restrict the payment of dividends to holders of

ArcelorMittal shares not resident in Luxembourg, except for

regulations restricting the remittance of dividends and other

payments in compliance with United Nations and EU sanctions.

There are no limitations, either under the laws of Luxembourg

or in the Articles of Association, on the right of non-

Luxembourg nationals to hold or vote ArcelorMittal shares.

Luxembourg takeover law disclosure

The following disclosure is provided based on article 11 of the

Luxembourg law of May 19, 2006 transposing Directive

2004/25/EC of the European Parliament and the Council of

April 21, 2004 on takeover bids (the "Takeover Law"). The

Articles of Association are available on www.arcelormittal.com,

under Investors, Corporate Governance, Current Articles of

Association.

With regard to articles 11(1)(a) and (c) of the Takeover Law, the

Company has issued a single category of shares (ordinary

shares), and the Company's shareholding structure showing

each shareholder owning 5% or more of the Company's share

capital is available elsewhere in this report and on

www.arcelormittal.com under Investors, Corporate

Governance, Shareholding Structure, where the shareholding

structure chart is updated monthly.

With regard to article 11(1)(b) of the Takeover Law, the ordinary

shares issued by the Company are listed on various stock

exchanges including NYSE and are freely transferable.

With regard to article 11(1)(d) of the Takeover Law, each

ordinary share of the Company gives right to one vote, as set

out in article 13.6 of the Articles of Association, and there are

no special control rights attaching to the shares. Article 8 of the

Articles of Association provides that the Mittal Shareholder (Mr

Lakshmi N. Mittal, Mrs Usha Mittal or any of their heirs or

successors acting directly or indirectly and/or the trust or trusts

of which Mr. Lakshmi N. Mittal, Mrs. Usha Mittal and/or their

heirs or successors are the beneficiaries, hold or control

ArcelorMittal shares or any other entity controlled, directly or

indirectly, by either of them) may, at its discretion, exercise the

right of proportional representation and nominate candidates

for appointment to the Board of Directors (defined as "Mittal

Shareholder Nominees"). The Mittal Shareholder has not, to

date, exercised that right.

Articles 11(1)(e) and (f) of the Takeover Law are not applicable

to the Company. However, the sanction of suspension of voting

rights automatically applies, subject to limited exceptions set

out in the Transparency Law (as defined above), to any

shareholder (or group of shareholders) who has crossed the

thresholds set out in article 7 of the Articles of Association and

articles 8 to 15 of the Transparency Law but have not notified

the Company accordingly. The sanction of suspension of voting

rights will apply until such time as the notification has been

properly made by the relevant shareholder(s).

Article 11(1)(g) of the Takeover Law is not applicable to the

Company.

With regard to article 11(1)(h) of the Takeover Law, the Articles

of Association provide that the directors are elected at the

annual general meeting of shareholders or at any other general

meeting of shareholders for a period terminating (except in the

event of the replacement of a member of the board of directors

during her or his mandate) at the third annual general meeting

following the date of their appointment. The rules governing

amendments to the Articles of Association are described

elsewhere in this report and are set out in article 19 of the

Articles of Association.

With regard to article 11(1)(i) of the Takeover Law, the 2025

AGM granted the Board of Directors a new share buy-back

authorization, whereby the Board of Directors may authorize

the acquisition or sale of Company shares including, but not

limited to, entering into off-market and over-the-counter

transactions and the acquisition of shares through derivative

financial instruments, as well as to enter into cash-settled

derivative financial instruments to mitigate the volatility in the

share price paid to acquire shares in the Company. Any

acquisitions, disposals, exchanges, contributions or transfers of

shares by the Company or other companies in the ArcelorMittal

group must be in accordance with the Luxembourg law of

December 23, 2016 on market abuse, Regulation (EU) No.

596/2014 of the European Parliament and of the Council of

April 16, 2014 on market abuse and Commission Delegated

Management report<br>

Regulation (EU) No. 2016/1052 of March 8, 2016 with regard

to regulatory technical standards for the conditions applicable

to buy-back programs and stabilization measures and may be

carried out by all means, on or off-market, including by a public

offer to buy-back shares, or by the use of derivatives or option

strategies. The fraction of the capital acquired or transferred in

the form of a block of shares may amount to the entire

program. Such transactions may be carried out at any time,

including during a tender offer period, in accordance with

applicable laws and regulations, including Section 10(b) and

Section 9(a)(2) of the Securities Exchange Act of 1934, as

amended (the "Exchange Act"), and Rule 10b-5 promulgated

under the Exchange Act. The authorization is valid until the

2028 AGM, or until the date of its renewal by a resolution of the

general meeting of shareholders if such renewal date is prior to

the 2028 AGM. Details relating to the repurchase of shares, as

approved by the 2025 AGM can be found under "—

Memorandum and Articles of Association—Issuance and

Repurchase of shares".

Articles 11(1)(j) and (k) of the Takeover Law are not applicable

to the Company.

Taxation

United States taxation

The following discussion is a summary of the material U.S.

federal income tax consequences that are likely to be relevant

to U.S. Holders (as defined below) in respect of the ownership

and disposition of ArcelorMittal common shares (hereinafter the

"ArcelorMittal shares") that are held as capital assets (such as

for investment purposes). This summary does not purport to

address all material tax consequences that may be relevant to

a particular U.S. Holder. This summary also does not take into

account the specific circumstances of particular investors,

some of which (such as tax-exempt entities, banks, insurance

companies, broker-dealers, traders in securities that elect to

use a mark-to-market method of accounting for their securities

holdings, regulated investment companies, real estate

investment trusts, partnerships and other pass-through entities,

investors liable for any U.S. alternative minimum tax, investors

that own or are treated as owning 10% or more of the total

combined voting power or value of ArcelorMittal's shares,

investors that hold ArcelorMittal shares as part of a straddle,

hedge, conversion, constructive sale or other integrated

transaction, and U.S. Holders whose functional currency is not

the U.S. dollar) may be subject to special tax rules. This

summary is based on the U.S. Internal Revenue Code of 1986,

as amended (the "Code"), the Treasury regulations issued

thereunder, judicial decisions, and published rulings and

administrative pronouncements of the U.S. Internal Revenue

Service ("IRS"), all as in effect on the date hereof, and the

income tax treaty between the United States and Luxembourg

dated April 3, 1996 (as amended by any subsequent protocols)

(the "Treaty"). Those authorities are subject to change

(possibly with retroactive effect) or to differing interpretations.

This summary does not address any aspects of U.S. federal

tax law other than income taxation, or any state, local, or non-

U.S. tax considerations that may be applicable to investors, or

the Medicare contribution tax applicable to net investment

income of certain non-corporate U.S. Holders. Investors are

urged to consult their tax advisors regarding the U.S. federal,

state, local and other tax consequences of acquiring, owning

and disposing of ArcelorMittal shares.

For purposes of this discussion, a "U.S. Holder" is a beneficial

owner of ArcelorMittal shares that is, for U.S. federal income

tax purposes:

• an individual citizen or resident of the United States;

• a corporation (or other entity taxable as a corporation for

U.S. federal income tax purposes) organized in or under the

laws of the United States, any state thereof, or the District of

Columbia; or

• any other person that is subject to U.S. federal income tax

on a net income basis in respect of the ArcelorMittal shares.

The U.S. federal income tax consequences of a partner in a

partnership holding ArcelorMittal shares generally will depend

on the status of the partner and the activities of the partnership.

The Company recommends that partners in such a partnership

consult their own tax advisors.

Except where specifically described below, this discussion

assumes that ArcelorMittal is not a passive foreign investment

company ("PFIC") for U.S. federal income tax purposes. See

"—Passive foreign investment company ("PFIC") status".

*(****a) Taxation of distributions***

Cash distributions made by ArcelorMittal in respect of

ArcelorMittal shares will constitute a taxable dividend when

such distribution is actually or constructively received, to the

extent such distribution is paid out of the current or

accumulated earnings and profits of ArcelorMittal (as

determined under U.S. federal income tax principles). The

amount of any distribution will include the amount of any

applicable Luxembourg withholding tax. To the extent the

amount of any distribution received by a U.S. Holder in respect

of ArcelorMittal shares exceeds the current or accumulated

earnings and profits of ArcelorMittal, the distribution (1) will be

treated as a non-taxable return of the U.S. Holder's adjusted

tax basis in those ArcelorMittal shares and (2) thereafter will be

treated as U.S.-source capital gain. Because ArcelorMittal does

not maintain calculations of earnings and profits under U.S.

federal income tax principles, it is expected that distributions

generally will be reported to U.S. Holders as dividends.

Distributions of additional ArcelorMittal shares that are made to

Management report<br>

U.S. Holders with respect to their ArcelorMittal shares, and that

are part of a pro rata distribution to all ArcelorMittal

shareholders, generally will not be subject to U.S. federal

income tax unless the U.S. Holder has the right to receive cash

or property instead, in which case the U.S. Holder will be

treated as if it received cash equal to the fair market value of

the distribution.

The U.S. dollar amount of a taxable dividend generally will be

included in the gross income of a U.S. Holder as ordinary

income derived from sources outside the United States for U.S.

foreign tax credit purposes and generally will be passive

category income for purposes of the foreign tax credit

limitation. Dividends paid in euro will be included in a U.S.

Holder's income in a U.S. dollar amount calculated by

reference to the exchange rate in effect on the date the

dividend is received; a recipient of such dividends that converts

such euro to dollars upon receipt generally should not be

required to recognize foreign currency gain or loss in respect of

the dividend income. Dividends paid by ArcelorMittal will not be

eligible for the dividends-received deduction generally allowed

to U.S. corporations in respect of dividends received from U.S.

corporations.

Taxable dividends received by certain non-corporate U.S.

Holders (including individuals) with respect to the ArcelorMittal

shares will be subject to U.S. federal income taxation at rates

that are lower than the rates applicable to ordinary income if

the dividends represent "qualified dividend income". Subject to

certain exceptions for short-term or hedged positions,

dividends paid on the ArcelorMittal shares will be treated as

qualified dividend income if (i) the ArcelorMittal shares are

readily tradable on an established securities market in the

United States (such as the New York Stock Exchange) and (ii)

ArcelorMittal is not a Passive foreign investment company

("PFIC") in the year in which the dividend was paid or in the

year prior thereto. As discussed further below, ArcelorMittal

believes that it was not a PFIC for U.S. federal income tax

purposes with respect to its 2024 and 2025 taxable years, and

ArcelorMittal does not expect to be a PFIC for its 2026 taxable

year. See "—Passive foreign investment company ("PFIC")

status".

U.S. Holders of ArcelorMittal shares should consult their own

tax advisors regarding the availability of the reduced rate of

U.S. federal income tax on dividends in light of their own

particular circumstances.

Subject to generally applicable limitations and conditions,

Luxembourg dividend withholding tax paid at the appropriate

rate applicable to the U.S. Holder may be eligible for a credit

against such U.S. Holder's U.S. federal income tax liability.

These generally applicable limitations and conditions include

requirements adopted by the IRS in regulations promulgated in

December 2021, and any Luxembourg tax will need to satisfy

these requirements in order to be eligible to be a creditable tax

for a U.S. Holder. In the case of a U.S. Holder that either (i) is

eligible for, and properly elects, the benefits of the Treaty, or (ii)

consistently elects to apply a modified version of these rules

under temporary guidance issued by the IRS and complies with

specific requirements set forth in such guidance, the

Luxembourg tax on dividends will be treated as meeting the

new requirements and therefore as a creditable tax. In the case

of all other U.S. Holders, the application of these requirements

to the Luxembourg tax on dividends is uncertain, and we have

not determined whether these requirements have been met. If

the Luxembourg dividend tax is not a creditable tax for a U.S.

Holder or the U.S. Holder does not elect to claim a foreign tax

credit for any foreign income taxes paid or accrued in the same

taxable year, the U.S. Holder may be able to deduct the

Luxembourg tax in computing such U.S. Holder's taxable

income for U.S. federal income tax purposes. The temporary

guidance discussed above also indicates that the Treasury and

the IRS are considering proposing amendments to the

December 2021 regulations and that the temporary guidance

can be relied upon until additional guidance is issued that

withdraws or modifies the temporary guidance. The rules with

respect to foreign tax credits are complex and involve the

application of rules that depend on a U.S. Holder's particular

circumstances. Accordingly, U.S. Holders are urged to consult

their tax advisors regarding the availability of the foreign tax

credit under their particular circumstances.

***(b) Taxation of sales, exchanges, or other dispositions of***

***ArcelorMittal shares***

Sales or other taxable dispositions by U.S. Holders of

ArcelorMittal shares generally will give rise to gain or loss

equal to the difference between the amount realized on the

disposition and the U.S. Holder's tax basis in such ArcelorMittal

shares, as determined in U.S. dollars. A U.S. Holder generally

will have an initial tax basis in each ArcelorMittal share equal to

its U.S. dollar cost to the U.S. Holder.

In general, gain or loss recognized on the sale or exchange of

ArcelorMittal shares will be capital gain or loss and, if the U.S.

Holder's holding period for such ArcelorMittal shares exceeds

one year, will be long-term capital gain or loss. Certain U.S.

Holders, including individuals, are eligible for preferential rates

of U.S. federal income tax in respect of long-term capital gains.

The deduction of capital losses against ordinary income is

subject to limitations under the Code.

*Passive foreign investment company ("PFIC") status*

Special U.S. federal income tax rules apply to investors owning

stock of a PFIC. ArcelorMittal believes that it was not a PFIC

for U.S. federal income tax purposes with respect to its 2024

and 2025 taxable years, and ArcelorMittal does not expect to

Management report<br>

be a PFIC for its 2026 taxable year. This conclusion is based

upon an annual analysis of its financial position and an

interpretation of the PFIC provisions that ArcelorMittal believes

is correct. No assurances can be made, however, that the

applicable tax law or relevant factual circumstances will not

change in a manner that affects the determination of

ArcelorMittal's PFIC status. If, contrary to the foregoing,

ArcelorMittal were classified as a PFIC, a U.S. Holder would be

subject to a special tax at ordinary income tax rates on "excess

distributions" (generally, any distributions that you receive in a

taxable year that are greater than 125 percent of the average

annual distributions that the U.S. Holder has received in the

preceding three taxable years, or the U.S. Holder's holding

period, if shorter), and gain that that the U.S. Holder

recognizes on the sale of the holder's shares. Under these

rules (a) the excess distribution or gain will be allocated,

ratably over the U.S. Holder's holding period, (b) the amount

allocated to the current taxable year and any taxable year prior

to the first taxable year in which we are a PFIC will be taxed as

ordinary income, and (c) the amount allocated to each of the

other taxable years will be subject to tax at the highest rate of

tax in effect for the applicable class of taxpayer for that year,

and an interest charge for the deemed deferral benefit will be

imposed with respect to the resulting tax attributable to each

such other taxable year. If ArcelorMittal were a PFIC and its

shares constitute "marketable stock", a U.S. Holder may elect

to instead be taxed annually on a mark-to-market basis with

respect to its ArcelorMittal shares and generally would not be

subject to the PFIC rules described above. U.S. Holders should

consult their tax advisors regarding the application of the PFIC

rules to ArcelorMittal including the availability and

consequences of a mark-to-market election with respect to

their shares of ArcelorMittal.

*Foreign Financial Asset Reporting*

Certain U.S. Holders that own "specified foreign financial

assets" with an aggregate value in excess of U.S.$50,000 on

the last day of the taxable year or U.S.$75,000 at any time

during the taxable year are generally required to file an

information statement along with their tax returns, currently on

Form 8938, with respect to such assets. "Specified foreign

financial assets" include any financial accounts held at a non-

U.S. financial institution, as well as securities issued by a non-

U.S. issuer that are not held in accounts maintained by

financial institutions. The understatement of income attributable

to "specified foreign financial assets" in excess of U.S.$5,000

extends the statute of limitations with respect to the tax return

to six years after the return was filed. U.S. Holders who fail to

report the required information could be subject to substantial

penalties. U.S. Holders are encouraged to consult with their

own tax advisers regarding the possible application of these

rules, including the application of the rules to their particular

circumstances.

*Backup withholding and information reporting*

The payment of proceeds received upon the sale, exchange or

redemption of ArcelorMittal shares by U.S. Holders within the

United States (or through certain U.S.-related financial

intermediaries), and dividends on ArcelorMittal shares paid to

U.S. Holders in the United States (or through certain U.S.-

related financial intermediaries), will be subject to information

reporting and may be subject to backup withholding unless the

U.S. Holder (1) is an exempt recipient, and establishes that

exemption if required or (2) in the case of backup withholding,

provides an IRS Form W-9 (or an acceptable substitute form)

that contains the U.S. Holder's taxpayer identification number

and that certifies that no loss of exemption from backup

withholding has occurred.

Backup withholding is not an additional tax. The amount of

backup withholding imposed on a payment to a U.S. Holder will

be allowed as a credit against the holder's U.S. federal income

tax liability, if any, or as a refund, so long as the required

information is properly furnished to the IRS. Holders that are

not "U.S. persons" (as defined in the Code) may need to

comply with certification procedures to establish their non-U.S.

status in order to establish an exemption from information

reporting and backup withholding.

THE SUMMARY OF U.S. FEDERAL INCOME TAX

CONSEQUENCES SET OUT ABOVE IS INTENDED FOR

GENERAL INFORMATION PURPOSES ONLY. EACH

INVESTOR IN ARCELORMITTAL ORDINARY SHARES IS

URGED TO CONSULT ITS OWN TAX ADVISOR WITH

RESPECT TO THE PARTICULAR TAX CONSEQUENCES OF

THE ACQUISITION, OWNERSHIP AND DISPOSITION OF

ARCELORMITTAL SHARES BASED ON THE INVESTOR'S

PARTICULAR CIRCUMSTANCES.

Luxembourg taxation

The following is a summary addressing certain material

Luxembourg tax consequences that are likely to be relevant to

holders of shares in respect of the ownership and disposition of

shares in ArcelorMittal.

This summary does not purport to address all material tax

considerations that may be relevant to a holder or prospective

holder of ArcelorMittal shares. This summary also does not

take into account the specific circumstances of particular

investors some of which may be subject to special tax rules,

including dealers in securities, financial institutions, insurance

companies, investment funds.

This summary is based on the laws, regulations and applicable

tax treaties as in effect on the date hereof in Luxembourg, all of

which are subject to change, possibly with retroactive effect.

Holders of ArcelorMittal shares should consult their own tax

advisers as to the particular tax consequences, under the tax

Management report<br>

laws of the country of which they are residents for tax purposes

of the ownership or disposition of ArcelorMittal shares.

This summary does not address the terms of employee stock

options or other incentive plans implemented by ArcelorMittal

and its subsidiaries and does not purport to provide the holders

of stock subscription options or other comparable instruments

(including shares acquired under employee share ownership

programs) with a description of the possible tax and social

security implications for them, nor to determine under which

conditions these options or other instruments are or may

become exercisable. These holders are therefore urged to

consult their own tax advisers as to the potential tax and social

security implications of an exercise of their options or other

instruments.

As used herein, a "Luxembourg individual" means an individual

resident in Luxembourg who is subject to personal income tax

(*impôt sur le revenu*) on his or her worldwide income from

Luxembourg or foreign sources, and a "Luxembourg company"

means a company or another entity resident in Luxembourg

subject to corporate income tax (*impôt sur le revenu des* 

*collectivités*) on its worldwide income from Luxembourg or

foreign sources. For the purposes of this summary,

Luxembourg individuals and Luxembourg companies are

collectively referred to as "Luxembourg Holders". A "non-

Luxembourg Holder" means any investor in ArcelorMittal

shares other than a Luxembourg Holder.

***(a) Luxembourg withholding tax on dividends paid on***

***ArcelorMittal shares***

Dividends distributed by ArcelorMittal will in principle be subject

to Luxembourg withholding tax at the rate of 15%.

*Luxembourg resident corporate holders*

Dividend withholding tax exemption applies on dividends paid

by ArcelorMittal to a Luxembourg company (that is, a fully

taxable entity within the meaning of Article 159 of the

Luxembourg Income Tax Law) holding shares (or a

Luxembourg permanent establishment/representative of a

qualifying foreign entity to which the shares are attributable),

which meets the qualifying participation test (that is, a

shareholding in ArcelorMittal of at least 10% or having an

acquisition cost of at least EUR 1.2 million held or committed to

be held for a minimum one year holding period) under the

conditions of Article 147 of the Luxembourg Income Tax Law).

If such exemption from dividend withholding tax does not apply,

a Luxembourg company may be entitled to a tax credit.

*Luxembourg resident individual holders*

Luxembourg withholding tax on dividends paid by ArcelorMittal

to a Luxembourg resident individual holder may entitle such

Luxembourg Holder to a tax credit for the tax withheld.

*Non-Luxembourg Holders*

Non-Luxembourg Holders of ArcelorMittal shares who have

held a shareholding in ArcelorMittal representing at least 10%

of ArcelorMittal's share capital (or shares with an acquisition

cost of at least EUR 1.2 million) for an uninterrupted period of

at least 12 months (or where held for a shorter period, where

the holder takes the commitment to hold the qualifying

shareholding for such period - in practice, the Luxembourg tax

authorities will levy the withholding tax and reimburse it when

the 12-month period is actually met) may benefit from an

exemption from the dividend withholding tax if they are: (i)

entities which fall within the scope of Article 2 of the European

Council Directive 2011/96/EU, as amended (the "EU Parent-

Subsidiary Directive") and which are not excluded to benefit

from the EU Parent-Subsidiary Directive under its mandatory

general anti-avoidance rule ("GAAR") in each case as

implemented in Luxembourg, or (ii) corporates (*organismes à* 

*caractère collectif*) subject to a tax comparable to Luxembourg

corporate income tax and which are resident of a country

having concluded a double tax avoidance treaty with

Luxembourg, or (iii) corporates (*sociétés de capitaux*) subject

to a tax comparable to Luxembourg corporate income tax and

which are resident in a State being part of the European

Economic Area (EEA) other than a Member State of the

European Union, or (iv) corporates (*sociétés de capitaux*)

resident in Switzerland subject to corporate income tax in

Switzerland without benefiting from an exemption.

Non-Luxembourg Holders of ArcelorMittal shares who are tax

resident in a country having a double tax avoidance treaty with

Luxembourg may claim for a reduced withholding tax rate or a

withholding tax relief under the conditions and subject to the

limitations set forth in the relevant treaty.

***(b) Luxembourg income tax on dividends paid on***

***ArcelorMittal shares and capital gains***

*Luxembourg resident individual holders*

For Luxembourg individuals, income in the form of dividends or

capital gains derived from ArcelorMittal shares will normally be

subject to individual income tax at the applicable progressive

rate with a current top effective marginal rate of 45.78%

including the unemployment fund contribution at the maximum

rate of 9%. Such dividends may benefit from the 50%

exemption set forth in Article 115(15a) of the Luxembourg

Income Tax Law, subject to fulfillment of the conditions set out

therein. Capital gains will only be taxable if they are realized on

a sale of ArcelorMittal shares, which takes place within the first

six months following their acquisition, or if the relevant holder

(alone or together with his/her spouse or registered partner and

his/her underage children), directly or indirectly, holds or has

held more than 10% of the ArcelorMittal shares at any time

during the past five years.

Management report<br>

*Luxembourg resident corporate holders*

For Luxembourg companies, which do not benefit from a

special tax regime, income in the form of dividends or capital

gains derived from ArcelorMittal shares will be subject to

corporate income tax and municipal business tax. The

combined rate for these two taxes (including an unemployment

fund contribution of 7%) for Luxembourg companies with

registered office in Luxembourg City is 23.87% in 2025 and

2026. Such dividends may benefit either from the 50%

exemption set forth in Article 115(15a) of the Luxembourg

Income Tax Law or from the full exemption set forth in Article

166 of the Luxembourg Income Tax Law, subject in each case

to fulfillment of the respective conditions set out therein.

Luxembourg tax authorities in the Circular 168 quarter/1 of 9

June 2023 clarifies that a Luxembourg Reverse Hybrid entity

cannot benefit from the participation exemption of article 166 of

the Luxembourg Income Tax Law. Capital gains realized on the

sale of ArcelorMittal shares may benefit from the full exemption

provided for by the Grand Ducal Decree of December 21,

2001, as amended, subject to fulfillment of the conditions set

out therein.

*Non-Luxembourg Holders*

An individual or corporate non-Luxembourg Holder of

ArcelorMittal shares who/which realizes a gain on disposal

thereof (and who/which does not have a permanent

establishment in Luxembourg to which the ArcelorMittal shares

would be attributable) will only be subject to Luxembourg

taxation on capital gains arising upon disposal of such shares if

such holder has (if an individual, alone or together with his or

her spouse or registered partner and underage children)

directly or indirectly held more than 10% of the capital of

ArcelorMittal, at any time during the past five years, and either

(1) such holder has been a resident of Luxembourg for tax

purposes for at least 15 years and has become a non-resident

within the last five years preceding the realization of the gain,

subject to any applicable tax treaty, or (2) the disposal of

ArcelorMittal shares occurs within six months from their

acquisition, subject to any applicable tax treaty.

A corporate non-Luxembourg Holder, which has a permanent

establishment or a permanent representative in Luxembourg to

which ArcelorMittal shares would be attributable, will bear

corporate income tax and municipal business tax on dividends

received and/or a gain realized on a disposal of such shares

under the same conditions as are applicable to a Luxembourg

resident corporate holder, as described above.

***(c) Other taxes***

*Net wealth tax*

Luxembourg net wealth tax will not be levied on a Luxembourg

Holder unless:

• the Luxembourg Holder is a legal entity subject to net

wealth tax in Luxembourg; or

• ArcelorMittal shares are attributable to an enterprise

or part thereof which is carried on through a

permanent establishment or a permanent

representative in Luxembourg of a non-resident

corporate entity.

Net wealth tax is levied annually at a digressive rate depending

on the amount of the net wealth of the above holders, as

determined for net wealth tax purposes (i.e. 0.5% on an

amount up to EUR 500 million and 0.05% on the amount of

taxable net wealth exceeding EUR 500 million).

ArcelorMittal shares may be exempt from net wealth tax

subject to the conditions set forth by Article 60 of the Law of

October 16, 1934 on the valuation of assets

(*Bewertungsgesetz*), as amended.

*Estate and gift tax*

Luxembourg inheritance tax may be levied on the transfer of

ArcelorMittal shares upon the death of a Luxembourg

individual. No Luxembourg inheritance tax is, however, levied

on the transfer of the ArcelorMittal shares upon the death of a

holder in cases where the deceased was not a resident of

Luxembourg for inheritance tax purposes.

Luxembourg gift tax will be levied in the event that a gift of

ArcelorMittal shares is made pursuant to a notarial deed signed

before a Luxembourg notary.

*Other Luxembourg tax considerations*

No registration tax will be payable by a holder of shares upon

the issue, subscription or acquisition of shares in ArcelorMittal

or upon the disposal of shares by sale or exchange.

Evaluation of disclosure controls and procedures

***Disclosure controls and procedures***

Management maintains disclosure controls and procedures

that are designed to ensure that information required to be

disclosed in the Company's reports under the Securities

Exchange Act of 1934, as amended (the "Exchange Act") is

recorded, processed, summarized and reported within time

periods specified in the SEC's rules and forms, and that such

information is accumulated and communicated to

management, including the Chief Executive Officer and Chief

Financial Officer, as appropriate, to allow timely decisions

regarding required disclosure. ArcelorMittal's disclosure

controls and procedures are designed to provide reasonable

assurance of achieving their objectives.

There are inherent limitations to the effectiveness of any

system of disclosure controls and procedures, including the

possibility of human error and the circumvention or overriding

of the controls and procedures. Accordingly, even effective

Management report<br>

disclosure controls and procedures can only provide

reasonable assurance of achieving their control objectives.

Management, under the supervision and with the participation

of its Chief Executive Officer and Chief Financial Officer,

carried out an evaluation of the effectiveness of the design and

operation of the Company's disclosure controls and procedures

(as defined in Exchange Act Rule 13a-15(e)) as of December

31, 2025. Based upon that evaluation, the Company's Chief

Executive Officer and Chief Financial Officer concluded that, as

of December 31, 2025, the Company's disclosure controls and

procedures were effective.

Management's report on internal control over financial

reporting

Management is responsible for establishing and maintaining

adequate internal control over financial reporting as defined in

Rule 13a-15(f) of the Exchange Act. Internal control over

financial reporting is a process designed to provide reasonable

assurance regarding the reliability of financial reporting and the

preparation of financial statements for external purposes in

accordance with generally accepted accounting principles.

Because of its inherent limitations, internal control over

financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future

periods are subject to the risk that controls may become

inadequate because of changes in conditions, or that the

degree of compliance with the policies and procedures may

deteriorate.

Management assessed the effectiveness of internal control

over financial reporting as of December 31, 2025 based upon

the framework in Internal Control—Integrated Framework

(2013) issued by the Committee of Sponsoring Organizations

of the Treadway Commission ("COSO"). Management's

assessment of the effectiveness of internal controls over

financial reporting excludes the evaluation of the internal

controls over financial reporting for acquired entities. As of

December 31, 2025, the most significant acquisition, AMNS

Calvert which was acquired on June 18, 2025, represented 5%

of Company's total assets and 4% of the Company's sales.

This entity is not expected to materially affect the Company's

internal control over financial reporting.

The Company expects the internal control systems of these

entities to be fully implemented during the year 2026.

Based on this assessment, management concluded that

ArcelorMittal's internal control over financial reporting was

effective as of December 31, 2025.

The effectiveness of management's internal control over

financial reporting as of December 31, 2025 has been audited

by the Company's independent registered public accounting

firm, Ernst & Young S.A., and their report as of March 6, 2026

below expresses an unqualified opinion on the Company's

internal control over financial reporting.

*Changes in Internal Control over Financial Reporting* 

There have been no changes in the Company's internal control

over financial reporting that occurred during the year ended

December 31, 2025 that have materially affected or are

reasonably likely to materially affect the Company's internal

control over financial reporting.

![Opinion header 2.jpg](mt-20251231_g33.jpg)

![Opinion header.jpg](mt-20251231_g34.jpg)

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Directors of ArcelorMittal

**Opinion on Internal Control Over Financial Reporting**

We have audited ArcelorMittal and subsidiaries' internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control

—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion,

ArcelorMittal and subsidiaries (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based

on the COSO criteria.

As indicated in the accompanying Management's report on internal control over financial reporting, management's assessment of and conclusion on the

effectiveness of internal control over financial reporting did not include the internal controls of AMNS Calvert which is included in the 2025 consolidated financial

statements of the Company and constituted 5% of total assets as of December 31, 2025 and 4% of sales for the year then ended. Our audit of internal control over

financial reporting of the Company also did not include an evaluation of the internal control over financial reporting of AMNS Calvert.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated

statements of financial position as of December 31, 2025 and 2024, the related consolidated statements of operations, other comprehensive income, changes in

equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and our report dated March 6, 2026 expressed an

unqualified opinion thereon.

**Basis for Opinion**

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal

control over financial reporting included in the accompanying Management's report on internal control over financial reporting. Our responsibility is to express an

opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required

to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and

Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable

assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating

the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the

circumstances. We believe that our audit provides a reasonable basis for our opinion.

**Definition and Limitations of Internal Control Over Financial Reporting**

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the

preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial

reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the

transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of

financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in

accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of

unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of

effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance

with the policies or procedures may deteriorate.

/s/ Ernst & Young

Société anonyme

Cabinet de révision agréé

Luxembourg, Grand Duchy of Luxembourg

March 6, 2026

A member firm of Ernst & Young Global limited

Management report<br>

Principal accountant fees and services

Ernst & Young S.A. acted as the principal independent

registered public accounting firm for ArcelorMittal for the fiscal

years ended December 31, 2025 and for the fiscal year ended

December 31, 2024. Set forth below is a breakdown of fees for

services rendered by the auditor in 2025 and 2024.

*Audit Fees.* Audit fees for the audits of financial statements in

2025 and 2024 were $29.0 million and $26.0 million,

respectively, and for regulatory filings $0.1 million and $0.1

million in 2025 and 2024, respectively.

*Audit-Related Fees.* Audit-related fees in 2025 and 2024 were

$1.4 million and $0.7 million, respectively. Audit-related fees

include fees for agreed upon procedures for various

transactions or reports.

*Tax Fees.* Fees relating to tax planning, advice and compliance

in 2025 and 2024 were $0.4 million and $0.6 million,

respectively.

*All Other Fees.* Fees in 2025 and 2024 for all other services

were $0.4 million and $0.1 million, respectively. All other fees

relate to services not included in the first three categories.

The Audit & Risk Committee has reviewed and approved all of

the audit, audit-related, tax and other services provided by the

principal independent registered public accounting firm in 2025

and 2024 within its scope, prior to commencement of the

engagements. None of the services provided in 2025 or 2024

were approved under the de minimis exception allowed under

the Exchange Act.

The Audit & Risk Committee pre-approves all permissible non-

audit service engagements rendered by the principal

independent registered public accounting firm. The Audit &

Risk Committee has delegated pre-approval powers on a case-

by-case basis to the Audit & Risk Committee Chairwoman, for

instances where the Committee is not in session and the

preapproved services are reviewed in the subsequent

Committee meeting.

Management report<br>

Glossary - definitions, terminology and principal subsidiaries

Definitions and terminology

Unless indicated otherwise, or the context otherwise requires, references herein to "ArcelorMittal", "we", "us", "our", "ArcelorMittal

Group", "Group" and the "Company" or similar terms are to ArcelorMittal S.A. consolidated with its subsidiaries. References to

"ArcelorMittal S.A.", "ArcelorMittal parent" or "parent of ArcelorMittal" are to ArcelorMittal S.A., formerly known as Mittal Steel Company

N.V. ("Mittal Steel"), having its registered office at 24-26, Boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg.

ArcelorMittal's principal operating subsidiaries, categorized by reporting segment and location, are listed below.

For the purposes of this annual report, the names of the following ArcelorMittal subsidiaries as abbreviated below are used where

applicable.

---

| | | |
|:---|:---|:---|
| Name of Subsidiary | Abbreviation | Country |
| **North America** |  |  |
| ArcelorMittal Calvert LLC | ArcelorMittal Calvert | United States of America |
| ArcelorMittal Dofasco G.P. | ArcelorMittal Dofasco | Canada |
| ArcelorMittal Long Products Canada G.P. | ArcelorMittal Long Products Canada | Canada |
| ArcelorMittal México S.A. de C.V. | ArcelorMittal Mexico | Mexico |
| ArcelorMittal Texas HBI LLC | ArcelorMittal Texas HBI | United States of America |
| **Brazil and neighboring countries ("Brazil")** |  |  |
| Acindar Industria Argentina de Aceros S.A. | Acindar | Argentina |
| ArcelorMittal Brasil S.A. | ArcelorMittal Brasil | Brazil |
| ArcelorMittal Pecém S.A. | ArcelorMittal Pecém | Brazil |
| **Europe** |  |  |
| ArcelorMittal Belgium N.V. | ArcelorMittal Belgium | Belgium |
| ArcelorMittal Belval & Differdange S.A. | ArcelorMittal Belval & Differdange | Luxembourg |
| ArcelorMittal Bremen GmbH | ArcelorMittal Bremen | Germany |
| ArcelorMittal Duisburg GmbH | ArcelorMittal Duisburg | Germany |
| ArcelorMittal Eisenhüttenstadt GmbH | ArcelorMittal Eisenhüttenstadt | Germany |
| ArcelorMittal España S.A. | ArcelorMittal España | Spain |
| ArcelorMittal Flat Europe S.A. | AMFE | Luxembourg |
| ArcelorMittal France S.A.S. | ArcelorMittal France | France |
| ArcelorMittal Hamburg GmbH | ArcelorMittal Hamburg | Germany |
| ArcelorMittal Méditerranée S.A.S. | ArcelorMittal Méditerranée | France |
| ArcelorMittal Poland S.A. | ArcelorMittal Poland | Poland |
| **Sustainable solutions** |  |  |
| AM Green Energy Private Limited | ArcelorMittal Green Energy | India |
| ArcelorMittal International Luxembourg S.A. | ArcelorMittal International Luxembourg | Luxembourg |
| **Mining** |  |  |
| ArcelorMittal Liberia Holdings Ltd.<sup>1</sup> | ArcelorMittal Liberia | Liberia |
| ArcelorMittal Mining Canada G.P. and ArcelorMittal Infrastructure Canada G.P. | ArcelorMittal Mines and Infrastructure <br>Canada ("AMMC")<br>| Canada |
| **Others** |  |  |
| ArcelorMittal South Africa Ltd.  | ArcelorMittal South Africa | South Africa |
| PJSC ArcelorMittal Kryvyi Rih  | ArcelorMittal Kryvyi Rih | Ukraine |

---

1. ArcelorMittal Liberia Holdings Ltd. with operations in Liberia is incorporated in Cyprus.

Management report<br>

In addition, unless indicated otherwise, or the context otherwise requires, references in this annual report to abbreviations or terms

shown below have the following definitions:

---

| | |
|:---|:---|
| ARS | Argentine Peso, the official currency of <br>Argentina<br>|
| Articles of <br>Association<br>| the amended and restated articles of <br>association of ArcelorMittal, dated <br>November 20, 2025 filed as Exhibit 1.1 <br>hereto.<br>|
| AUD$ or AUD | Australian dollars, the official currency of <br>Australia<br>|
| Brownfield project | the expansion of an existing operation |
| BOF | Basic Oxygen Furnace, also known as <br>Basic Oxygen Steelmaking (BOS), is a <br>method of primary steelmaking that <br>involves blowing oxygen through molten <br>pig iron to reduce its carbon content and <br>convert it into low-carbon steel.<br>|
| C$ or CAD | Canadian dollars, the official currency of <br>Canada<br>|
| CIS | the countries of the Commonwealth of <br>Independent States<br>|
| CNY | Chinese yuan, the official currency of China |
| Coking coal | coal that, by virtue of its coking properties, <br>is used in the manufacture of coke, which <br>is used in the steelmaking process<br>|
| Crude steel | the first solid steel product upon <br>solidification of liquid steel, including ingots <br>from conventional mills and semis (e.g., <br>slab, billet and blooms) from continuous <br>casters<br>|
| Downstream | finishing operations: flat products - the <br>process after the production of hot-rolled <br>coil/plates, and long products - the process <br>after the production of blooms/billets <br>(including production of bars, wire rods, <br>SBQ, etc.)<br>|
| DMTU or dmtu | dry metric tonne unit |
| DRI | direct reduced iron, a metallic iron formed <br>by removing oxygen from iron ore without <br>the formation of, or passage through, a <br>smelting phase. DRI can be used as <br>feedstock for steel production<br>|
| EAF | Electric arc furnaces are used to produce <br>steel from scrap melted using electricity, in <br>contrast to the cast iron sector (blast <br>furnace – converter) where it is produced <br>from iron ore.<br>|
| Energy coal | coal used as a fuel source in electrical <br>power generation, cement manufacture <br>and various industrial applications. Energy <br>coal may also be referred to as steam or <br>thermal coal<br>|
| Euro, euros, EUR <br>or €<br>| the official currency of the European Union <br>("EU") member states participating in the <br>European Monetary Union<br>|
| Executive Office | the Executive Chairman, Mr. Lakshmi N. <br>Mittal and Chief Executive Officer, Mr. <br>Aditya Mittal<br>|
| Executive Officers | those executives of the Company who are <br>supporting the Executive Office and jointly <br>with the Executive Office represent the <br>senior management of the Company<br>|

---

---

| | |
|:---|:---|
| GMB | the Group Management Board, the former <br>senior management body which was <br>replaced by the CEO Office subsequently <br>renamed Executive Office. The Executive <br>Office, supported by nine Executive <br>Officers, makes up the Company's senior <br>management<br>|
| Greenfield project | the development of a new project |
| Green steel | steel products subject to auditor verified <br>certification of the CO2 savings achieved<br>|
| Indicated mineral <br>resource<br>| is that part of a mineral resource for which <br>quantity and grade or quality are estimated <br>on the basis of adequate geological <br>evidence and sampling. The level of <br>geological certainty associated with an <br>indicated mineral resource is sufficient to <br>allow a qualified person to apply modifying <br>factors in sufficient detail to support mine <br>planning and evaluation of the economic <br>viability of the deposit. Because an <br>indicated mineral resource has a lower <br>level of confidence than the level of <br>confidence of a measured mineral <br>resource, an indicated mineral resource <br>may only be converted to a probable <br>mineral reserve.<br>|
| Inferred mineral <br>resource<br>| is that part of a mineral resource for which <br>quantity and grade or quality are estimated <br>on the basis of limited geological evidence <br>and sampling. The level of geological <br>uncertainty associated with an inferred <br>mineral resource is too high to apply <br>relevant technical and economic factors <br>likely to influence the prospects of <br>economic extraction in a manner useful for <br>evaluation of economic viability. Because <br>an inferred mineral resource has the lowest <br>level of geological confidence of all mineral <br>resources, which prevents the application <br>of the modifying factors in a manner useful <br>for evaluation of economic viability, an <br>inferred mineral resource may not be <br>considered when assessing the economic <br>viability of a mining project, and may not be <br>converted to a mineral reserve.<br>|
| INR | Indian rupee, the official currency of India |
| Iron pellets | agglomerated ultra-fine iron ore particles of <br>a size and quality suitable for use in steel-<br>making processes<br>|
| Kilometers | measures of distance are stated in <br>kilometers, each of which equals <br>approximately 0.62 miles, or 1000 in <br>meters, each of which equals <br>approximately 3.28 feet<br>|
| KZT | the Kazakhstani tenge, the official currency <br>of Kazakhstan<br>|
| LTIFR | Lost Time Injury Frequency Rate ("LTIFR") <br>defined as Lost Time Injuries ("LTI") per <br>1,000,000 worked hours (own personnel <br>and contractors); a LTI is an incident that <br>causes an injury that prevents the person <br>from returning to his/her next scheduled <br>shift or work period<br>|

---

Management report<br>

---

| | |
|:---|:---|
| Measured mineral <br>resource<br>| is that part of a mineral resource for which <br>quantity and grade or quality are estimated <br>on the basis of conclusive geological <br>evidence and sampling. The level of <br>geological certainty associated with a <br>measured mineral resource is sufficient to <br>allow a qualified person to apply modifying <br>factors, in sufficient detail to support <br>detailed mine planning and final evaluation <br>of the economic viability of the deposit. <br>Because a measured mineral resource has <br>a higher level of confidence than the level <br>of confidence of either an indicated mineral <br>resource or an inferred mineral resource, a <br>measured mineral resource may be <br>converted to a proven mineral reserve or to <br>a probable mineral reserve.<br>|
| Metallurgical coal | a broader term than coking coal that <br>includes all coals used in steelmaking, <br>such as coal used for the pulverized coal <br>injection ("PCI") process<br>|
| Metric Tonnes or <br>MT<br>| metric tonnes and are used in <br>measurements involving steel products, as <br>well as crude steel, iron ore, iron ore <br>pellets, DRI, hot metal, coke, coal, pig iron <br>and scrap (a metric tonne is equal to 1,000 <br>kilograms or 2,204.62 pounds)<br>|
| Mineral reserve | is an estimate of tonnage and grade or <br>quality of indicated and measured mineral <br>resources that, in the opinion of the <br>qualified person, can be the basis of an <br>economically viable project. More <br>specifically, it is the economically mineable <br>part of a measured or indicated mineral <br>resource, which includes diluting materials <br>and allowances for losses that may occur <br>when the material is mined or extracted.<br>|
| Mineral resource | is a concentration or occurrence of material <br>of economic interest in or on the Earth's <br>crust in such form, grade or quality, and <br>quantity that there are reasonable <br>prospects for economic extraction. A <br>mineral resource is a reasonable estimate <br>of mineralization, taking into account <br>relevant factors such as cut-off grade, likely <br>mining dimensions, location or continuity, <br>that, with the assumed and justifiable <br>technical and economic conditions, is likely <br>to, in whole or in part, become <br>economically extractable. It is not merely <br>an inventory of all mineralization drilled or <br>sampled.<br>|
| PLN | Polish złoty, the official currency of Poland |
| Probable mineral <br>reserve<br>| is the economically mineable part of an <br>indicated and, in some cases, a measured <br>mineral resource.<br>|
| Production capacity | the annual production capacity of plant and <br>equipment based on existing technical <br>parameters as estimated by management<br>|

---

---

| | |
|:---|:---|
| Proven mineral <br>reserve<br>| is the economically mineable part of a <br>measured mineral resource and can only <br>result from conversion of a measured <br>mineral resource.<br>|
| Ps or MXN | the Mexican peso, the official currency of <br>the United Mexican States<br>|
| Real, reais or R$ | Brazilian reais, the official currency of Brazil |
| ROM | run of mine - mined iron ore or coal to be <br>fed to a preparation and/or concentration <br>process<br>|
| Sales | include shipping and handling fees and <br>costs billed to a customer in a sales <br>transaction<br>|
| SBQ | special bar quality steel, a high-quality long <br>product<br>|
| Significant <br>Shareholder<br>| HSBC Trustee (C.I.) Limited as trustee of a <br>fully discretionary trust of which Mr. <br>Lakshmi N. Mittal and Mrs. Usha Mittal are <br>beneficiaries<br>|
| Sinter | a metallic input used in the blast furnace <br>steel-making process, which aggregates <br>fines, binder and other materials into a <br>coherent mass by heating without melting<br>|
| Spanish Stock <br>Exchanges<br>| the stock exchanges of Madrid, Barcelona, <br>Bilbao and Valencia<br>|
| Steel products | finished and semi-finished steel products, <br>and exclude raw materials (including those <br>described under "upstream" below), direct <br>reduced iron ("DRI"), hot metal, coke, etc.<br>|
| Tons, net tons or <br>ST<br>| short tons are used in measurements <br>involving steel products as well as crude <br>steel, iron ore, iron ore pellets, DRI, hot <br>metal, coke, coal, pig iron and scrap (a <br>short ton is equal to 907.2 kilograms or <br>2,000 pounds)<br>|
| UAH | Ukrainian hryvnia, the official currency of <br>Ukraine<br>|
| Upstream | operations that precede downstream steel-<br>making, coking coal, coke, sinter, DRI, <br>blast furnace, BOF, EAF, casters & hot <br>rolling/plate mill<br>|
| US$, $, dollars, <br>USD or U.S. dollar<br>| United States dollar, the official currency of <br>the United States<br>|
| Wet recoverable | a quantity of iron ore or coal recovered <br>after the material from the mine has gone <br>through a preparation and/or concentration <br>process excluding drying<br>|
| ZAR | South African rand, the official currency of <br>the Republic of South Africa<br>|

---

Exhibits

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| **Number** | **Description** |
| 1.1 | Amended and Restated Articles of Association of ArcelorMittal dated November 20, 2025 available at <u>[Exhibit 1.1](a2025exhibit11.htm)</u>. |
| 2.1 | The total amount of long-term debt securities authorized under any instrument does not exceed 10% of the total assets of <br>ArcelorMittal and its subsidiaries on a consolidated basis. ArcelorMittal hereby agrees to furnish to the SEC, upon its request, a <br>copy of any instrument defining the rights of holders of long-term debt of ArcelorMittal or of its subsidiaries for which consolidated or <br>unconsolidated financial statements are required to be filed. <br>|
| 2.2 | Description of ArcelorMittal securities registered pursuant to Section 12 of the Securities Exchange Act of 1934 (filed as <u>[Exhibit 2.2](a2025exhibit22.htm)</u>) |
| 4.1\* | Shareholder's agreement dated as of August 13, 1997 among Ispat International N.V., LNM Holdings S.L. (renamed Ispat <br>International Investments S.L.) and Mr. Lakshmi N. Mittal (filed as Exhibit 4.3 to Mittal Steel Company N.V.'s annual report on Form <br>20-F for the year ended December 31, 2004 (File No. 001-14666), and incorporated by reference herein) and available at: <u>[https://](https://www.sec.gov/Archives/edgar/data/1041989/000095012305003893/y07225exv4w3.txt)</u><br><u>[www.sec.gov/Archives/edgar/data/1041989/000095012305003893/y07225exv4w3.txt](https://www.sec.gov/Archives/edgar/data/1041989/000095012305003893/y07225exv4w3.txt)</u>.<br>|
| 4.2\* | Memorandum of Understanding dated June 25, 2006 among Arcelor, Mittal Steel Company N.V. and Mr. and Mrs. Lakshmi N. Mittal <br>(filed as Exhibit 99.1 to Mittal Steel Company N.V.'s report on Form 6-K (File No. 001-14666) filed with the Commission on June 29, <br>2006, and incorporated by reference herein) and available at: <u>[https://www.sec.gov/Archives/edgar/](https://www.sec.gov/Archives/edgar/data/1041989/000090342306000774/mittal6k-ex991_0629.htm)</u><br><u>[data/1041989/000090342306000774/mittal6k-ex991_0629.htm.](https://www.sec.gov/Archives/edgar/data/1041989/000090342306000774/mittal6k-ex991_0629.htm)</u><br>|
| 4.3\* | Supplemental Terms for 2018-2019 to the GMB PSU Plan effective May 9, 2018 (filed as Exhibit 4.13 to the annual report on Form <br>20-F filed on February 25, 2019) and available at <u>[https://www.sec.gov/Archives/edgar/data/1243429/000124342919000005/](https://www.sec.gov/Archives/edgar/data/1243429/000124342919000005/a2018exhibit413.htm)</u><br><u>[a2018exhibit413.htm](https://www.sec.gov/Archives/edgar/data/1243429/000124342919000005/a2018exhibit413.htm)</u>.<br>|
| 4.4\* | Supplemental Terms for 2018-2019 to the ArcelorMittal Equity Incentive Plan effective May 9, 2018 (filed as Exhibit 4.14 to the <br>annual report on Form 20-F filed on February 25, 2019) and available at <u>[https://www.sec.gov/Archives/edgar/](https://www.sec.gov/Archives/edgar/data/1243429/000124342919000005/a2018exhibit414.htm)</u><br><u>[data/1243429/000124342919000005/a2018exhibit414.htm](https://www.sec.gov/Archives/edgar/data/1243429/000124342919000005/a2018exhibit414.htm)</u>.<br>|
| 4.5\* | Supplemental Terms for 2019-2020 Group Management Board Performance Share Units Plan effective December 12, 2019 (filed <br>as Exhibit 4.14 to the annual report on Form 20-F filed on March 3, 2020) and available at <u>[https://www.sec.gov/Archives/edgar/](https://www.sec.gov/Archives/edgar/data/1243429/000124342920000004/a2019exhibit414.htm)</u><br><u>[data/1243429/000124342920000004/a2019exhibit414.htm](https://www.sec.gov/Archives/edgar/data/1243429/000124342920000004/a2019exhibit414.htm)</u>.<br>|
| 4.6\* | Supplemental Terms for 2019-2020 Performance Share Units effective December 12, 2019 (filed as Exhibit 4.15 to the annual <br>report on Form 20-F filed on March 3, 2020) and available at <u>[https://www.sec.gov/Archives/edgar/](https://www.sec.gov/Archives/edgar/data/1243429/000124342920000004/a2019exhibit415.htm)</u><br><u>[data/1243429/000124342920000004/a2019exhibit415.htm.](https://www.sec.gov/Archives/edgar/data/1243429/000124342920000004/a2019exhibit415.htm)</u><br>|
| 4.7\* | Supplemental Terms for 2020-2021 Group Management Board Performance Share Units Plan effective December 12, 2020 (filed <br>as Exhibit 4.13 to the annual report on Form 20-F filed on March 8, 2021) and available at <u>[https://www.sec.gov/Archives/edgar/](https://www.sec.gov/Archives/edgar/data/1243429/000124342921000004/a2020exhibit413.htm)</u><br><u>[data/1243429/000124342921000004/a2020exhibit413.htm](https://www.sec.gov/Archives/edgar/data/1243429/000124342921000004/a2020exhibit413.htm)</u>.<br>|
| 4.8\* | Supplemental Terms for 2020-2021 Restricted Share Units and Performance Share Units effective December 12, 2020 (filed as <br>Exhibit 4.14 to the annual report on Form 20-F filed on March 8, 2021) and available at <u>[https://www.sec.gov/Archives/edgar/](https://www.sec.gov/Archives/edgar/data/1243429/000124342921000004/a2020exhibit414.htm)</u><br><u>[data/1243429/000124342921000004/a2020exhibit414.htm](https://www.sec.gov/Archives/edgar/data/1243429/000124342921000004/a2020exhibit414.htm)</u>.<br>|
| 4.9\* | Supplemental Terms for 2021-2022 Group Management Board Performance Share Units Plan effective June 8, 2021 (filed as <br>Exhibit 4.13 to the annual report on Form 20-F filed on March 11, 2022) and available at <u>[https://www.sec.gov/Archives/edgar/](https://www.sec.gov/Archives/edgar/data/1243429/000124342922000009/a2021exhibit413.htm)</u><br><u>[data/1243429/000124342922000009/a2021exhibit413.htm](https://www.sec.gov/Archives/edgar/data/1243429/000124342922000009/a2021exhibit413.htm)</u>.<br>|
| 4.10\* | Supplemental Terms for 2021-2022 Restricted Share Units and Performance Share Units effective June 8, 2021 (filed as Exhibit <br>4.14 to the annual report on Form 20-F filed on March 11, 2022) and available at<u>[https://www.sec.gov/Archives/edgar/](https://www.sec.gov/Archives/edgar/data/1243429/000124342922000009/a2021exhibit414.htm)</u><br><u>[data/1243429/000124342922000009/a2021exhibit414.htm](https://www.sec.gov/Archives/edgar/data/1243429/000124342922000009/a2021exhibit414.htm)</u>.<br>|
| 4.11\* | ArcelorMittal Equity Incentive Plan effective June 8, 2021 (filed as Exhibit 4.15 to the annual report on Form 20-F filed on March 11, <br>2022) and available at <u>[https://www.sec.gov/Archives/edgar/data/1243429/000124342922000009/a2021exhibit415.htm](https://www.sec.gov/Archives/edgar/data/1243429/000124342922000009/a2021exhibit415.htm)</u>.<br>|
| 4.12\* | Supplemental Terms for 2022-2023 Group Management Board Performance Share Unit Plan effective May 04, 2022 (filed as <br>Exhibit 4.13 to the annual report on Form 20-F filed on March 8, 2023) and available at <u>[https://www.sec.gov/Archives/edgar/](https://www.sec.gov/Archives/edgar/data/1243429/000124342923000005/a2022exhibit413final.htm)</u><br><u>[data/1243429/000124342923000005/a2022exhibit413final.htm](https://www.sec.gov/Archives/edgar/data/1243429/000124342923000005/a2022exhibit413final.htm)</u>.<br>|
| 4.13\* | Supplemental Terms for 2022-2023 Restricted Share Units and Performance Share Units effective May 04, 2022 (filed as Exhibit <br>4.14 to the annual report on Form 20-F filed on March 8, 2023) and available at <u>[https://www.sec.gov/Archives/edgar/](https://www.sec.gov/Archives/edgar/data/1243429/000124342923000005/a2022exhibit414.htm)</u><br><u>[data/1243429/000124342923000005/a2022exhibit414.htm](https://www.sec.gov/Archives/edgar/data/1243429/000124342923000005/a2022exhibit414.htm)</u>.<br>|
| 4.14\* | Supplemental Terms for 2023-2024 Restricted Share Units and Performance Share Units effective May 02, 2023 (filed as Exhibit <br>4.15 to the annual report on Form 20-F filed on February 28, 2024) and available at <u>[https://www.sec.gov/Archives/edgar/](https://www.sec.gov/Archives/edgar/data/1243429/000124342924000005/a2023exhibit415.htm)</u><br><u>[data/1243429/000124342924000005/a2023exhibit415.htm](https://www.sec.gov/Archives/edgar/data/1243429/000124342924000005/a2023exhibit415.htm)</u>.<br>|
| 4.15\* | Supplemental Terms for 2024-2025 Restricted Share Units and Performance Share Units effective April 30, 2024 (filed as Exhibit <br>4.15 to the annual report on Form 20-F filed on March 10, 2025) and available at <u>[https://www.sec.gov/Archives/edgar/](https://www.sec.gov/Archives/edgar/data/1243429/000124342925000017/a2024exhibit415.htm)</u><br><u>[data/1243429/000124342925000017/a2024exhibit415.htm](https://www.sec.gov/Archives/edgar/data/1243429/000124342925000017/a2024exhibit415.htm)</u>.<br>|
| 4.16\* | Supplemental Terms for 2024-2025 Executive Office Performance Share Units Plan effective April 30, 2024 (filed as Exhibit 4.16 to <br>the annual report on Form 20-F filed on March 10, 2025) and available at <u>[https://www.sec.gov/Archives/edgar/](https://www.sec.gov/Archives/edgar/data/1243429/000124342925000017/a2024exhibit416.htm)</u><br><u>[data/1243429/000124342925000017/a2024exhibit416.htm](https://www.sec.gov/Archives/edgar/data/1243429/000124342925000017/a2024exhibit416.htm)</u>.<br>|
| 4.17 | Amendment of eligible participants to the Executive Office Performance Share Units Plan effective May 06, 2025 and filed as <br><u>[Exhibit 4.17](a2025exhibit417.htm)</u>.<br>|

---

---

| | |
|:---|:---|
| 4.18 | Supplemental Terms for 2025-2026 Restricted Share Units and Performance Share Units effective May 06, 2025 and filed as <br><u>[Exhibit 4.18](a2025exhibit418.htm)</u>. <br>|
| 4.19 | Supplemental Terms for 2025-2026 Executive Office Performance Share Units Plan effective May 06, 2025 and filed as <u>[Exhibit](a2025exhibit419.htm)</u><br><u>[4.19](a2025exhibit419.htm)</u>. <br>|
| 8.1 | List of Principal Subsidiaries available at <u>[Exhibit 8.1.](a2025exhibit81.htm)</u> |
| 11.1\* | Insider Dealing Regulations (filed as Exhibit 11.1 to the annual report on Form 20-F filed on March 10, 2025) and available at <br><u>[https://www.sec.gov/Archives/edgar/data/1243429/000124342925000017/a2024exhibit111.htm](https://www.sec.gov/Archives/edgar/data/1243429/000124342925000017/a2024exhibit111.htm)</u>.<br>|
| 12.1 | Certifications of ArcelorMittal's Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(a) under the Exchange <br>Act and available at <u>[Exhibit 12.1.](a2025exhibit121.htm)</u><br>|
| 13.1 | Certifications of ArcelorMittal's Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b) under the Exchange <br>Act and Section 1350 of Chapter 63 of Title 18 of the United States Code and available at <u>[Exhibit 13.1.](a2025exhibit131.htm)</u><br>|
| 15.1 | Consent of Ernst & Young S.A. available and at <u>[Exhibit 15.1.](a2025exhibit151.htm)</u> |
| 15.2 | Mining consents for ArcelorMittal Mining Canada G.P. and available at <u>[Exhibit 15.2](a2025exhibit152.htm)</u> |
| 15.3 | Mining consents for Baffinland and available at <u>[Exhibit 15.3](a2025exhibit153.htm)</u> |
| 15.4 | Mining consents for Brazil and available at <u>[Exhibit 15.4](a2025exhibit154.htm)</u> |
| 15.5 | Mining consents for India and available at <u>[Exhibit 15.5](a2025exhibit155.htm)</u> |
| 15.6 | Mining consents for Liberia and available at <u>[Exhibit 15.6](a2025exhibit156.htm)</u> |
| 15.7 | Mining consent for Mexico (excluding Peña Colorada) and available at <u>[Exhibit 15.7](a2025exhibit157.htm)</u> |
| 15.8 | Mining consent for Peña Colorada and available at <u>[Exhibit 15.8](a2025exhibit158.htm)</u> |
| 15.9 | Mining consent for South Africa and available at <u>[Exhibit 15.9](a2025exhibit159.htm)</u> |
| 15.10 | Mining consents for Ukraine iron ore operations and available at <u>[Exhibit 15.10](a2025exhibit1510.htm)</u> |
| 97.1\* | Compensation recovery policy (filed as Exhibit 97.1 to the annual report on Form 20-F filed on February 28, 2024) and available at <br><u>[https://www.sec.gov/Archives/edgar/data/1243429/000124342924000005/a2023exhibit971.htm](https://www.sec.gov/Archives/edgar/data/1243429/000124342924000005/a2023exhibit971.htm)</u><br>|
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are <br>embedded within the Inline XBRL document.<br>|
| 101.SCH | XBRL Taxonomy Extension Schema Document  |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101) |

---

\*Previously filed

SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the

undersigned to sign this annual report on its behalf.

---

| |
|:---|
| ARCELORMITTAL |
| <u>/s/ Henk Scheffer</u> |
| Henk Scheffer |
| Company Secretary |

---

Date: March 6, 2026

![Annual report 20254.jpg](mt-20251231_g35.jpg)

175A member firm of Ernst & Young Global limited

![Opinion header 2.jpg](mt-20251231_g33.jpg)

![Opinion header.jpg](mt-20251231_g34.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and the Board of Directors of ArcelorMittal

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statements of financial position of ArcelorMittal and subsidiaries (the

Company) as of December 31, 2025 and 2024, the related consolidated statements of operations, other comprehensive

income, changes in equity and cash flows for each of the three years in the period ended December 31, 2025, and the

related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial

statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024,

and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in

conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United

States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria

established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the

Treadway Commission ("2013 framework") and our report dated March 6, 2026 expressed an unqualified opinion thereon.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an

opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the

PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities

laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and

perform the audit to obtain reasonable assurance about whether the financial statements are free of material

misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material

misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those

risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the

financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by

management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide

a reasonable basis for our opinion.

**Critical Audit Matters** 

The critical audit matters communicated below are matters arising from the current period audit of the financial statements

that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or

disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex

judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial

statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate

opinions on the critical audit matters or on the accounts or disclosures to which they relate.

176A member firm of Ernst & Young Global limited

![Opinion header 2.jpg](mt-20251231_g33.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***Impairment of Goodwill, Intangible Assets and Property, Plant and Equipment***

---

| | |
|:---|:---|
| *Description of the* <br>*Matter*<br>| The goodwill, intangible assets and property, plant and equipment ("PP&E") balances of the <br>Company as of December 31, 2025, were $4,266 million, $986 million and $41,041 million, <br>respectively. As described in Note 5.3 to the consolidated financial statements, the Company <br>assesses goodwill for impairment at the group of cash-generating units ("GCGU") level and <br>intangible assets and PP&E at the cash-generating unit ("CGU") level. These assessments <br>require management to estimate recoverable amounts using discounted cash-flow models that <br>are sensitive to key assumptions, including projected shipment volumes, selling prices, variable <br>costs and the discount rates. <br>Auditing the Company's estimated recoverable amounts of the relevant GCGUs and CGUs was <br>complex and required a high degree of auditor judgement, due to the nature of the significant <br>assumptions, which are forward-looking and could be affected by future regulatory, economic and <br>market conditions.<br>|
| *How We Addressed* <br>*the Matter in Our* <br>*Audit*<br>| We obtained an understanding, evaluated the design and tested the operating effectiveness of <br>controls over the Company's impairment process, including controls over the development and <br>approval of key assumptions used in the discounted cash-flow models. <br>To test the recoverable amount of the Company's goodwill, intangible assets and PP&E, our audit <br>procedures included, among others, evaluating management's ability to reasonably estimate <br>future cash flows by comparing historical forecasts to actual results. We evaluated the <br>reasonableness of projected shipment volumes, selling prices and variable costs, by comparing <br>them, where possible, to current external market data and/or industry trends. We involved our <br>valuation specialists to assist in testing the discount rates, by comparing underlying data to <br>external sources, evaluating the components and developing an independent range for <br>comparison. <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Recognition of Deferred Tax Assets ("DTAs") relating to ArcelorMittal S.A. Tax Integration***

---

| | |
|:---|:---|
| Description of the <br>Matter<br>| The DTA balance of the Company as of December 31, 2025, was $8,860 million, of which $8.4 <br>billion is related to the ArcelorMittal S.A. tax integration. As described in Note 10.4 to the <br>consolidated financial statements, ArcelorMittal S.A. tax integration recorded DTAs primarily <br>related to tax losses and other tax benefits carried forward. Under current tax law in Luxembourg, <br>tax losses accumulated before January 1, 2017, do not expire and are recoverable against future <br>taxable income. The assessment of the likelihood of future taxable income being available, and <br>specifically the length of the forecast period utilized, requires significant management judgment.<br>Auditing the recognition of ArcelorMittal S.A. tax integration's DTA balance is subjective, because <br>the estimation requires significant judgment, including the availability of future taxable income <br>against which tax deductions represented by the DTA can be offset, particularly where the DTA is <br>supported by the expectation of future taxable income arising beyond the Company's financial <br>planning horizon.<br>|

---

---

| | |
|:---|:---|
| *How We Addressed* <br>*the Matter in Our* <br>*Audit*<br>| We obtained an understanding, evaluated the design and tested the operating effectiveness of <br>controls over the Company's assessment of the recognition of ArcelorMittal S.A. tax integration's <br>deferred tax assets, including controls over management's review of the significant assumptions <br>used in estimating the projections of future taxable income, including the length of the forecast <br>periods.<br>To test the recoverability of DTAs, our audit procedures included, among others, comparing the <br>projections of future taxable income with the actual results of prior periods and, separately, <br>against other forecasted financial information prepared by the Company, such as that used in <br>estimating the recoverable amounts of the relevant GCGUs and CGUs as described in the <br>'Impairment of Goodwill, Intangible Assets and Property, Plant and Equipment' critical audit matter <br>above. We assessed the Company's evaluation of the length of the forecast periods to utilize the <br>DTA by independently developing a reasonable range of point estimates and comparing them to <br>management's estimate. Additionally, we tested the completeness and accuracy of the existing <br>intragroup loan and external debt agreements used by management to forecast financial income, <br>the primary input to future taxable income, and we performed sensitivity analyses over this <br>forecast. <br>|

---

177A member firm of Ernst & Young Global limited

![Opinion header 2.jpg](mt-20251231_g33.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***Business Combination - AMNS Calvert***

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| | |
|:---|:---|
| *Description of the* <br>*Matter*<br>| In 2025, the Company acquired the 50% interest it did not own in AMNS Calvert ("Calvert") for <br>cash consideration of $1. As a result of this transaction, the Company obtained control and <br>recognized a $1,736 million gain on a bargain purchase. Prior to the acquisition, Calvert was <br>jointly controlled by ArcelorMittal and Nippon Steel Corporation. As described in Note 2.2.4 to the <br>consolidated financial statements, the transaction was accounted for as a business combination, <br>which requires assets acquired and liabilities assumed to be measured at their acquisition date <br>fair values, which were primarily based on Calvert enterprise value. The calculation of Calvert <br>enterprise value required management to estimate discounted cash-flows that are sensitive to <br>key assumptions, including selling prices, which drive forecasted revenue, and cost of consumed <br>slabs, which, together with revenue, drives forecasted EBITDA margin, and the discount rate.<br>Auditing the Company's accounting for this acquisition was complex and required a high degree <br>of auditor judgment, because the key assumptions in the calculation of Calvert enterprise value <br>are forward-looking and could be affected by future regulatory, economic and market conditions. <br>Furthermore, changes in the assumptions directly impacted the amount of the gain on a bargain <br>purchase. <br>|

---

---

| | |
|:---|:---|
| *How We Addressed* <br>*the Matter in Our* <br>*Audit*<br>| We obtained an understanding, evaluated the design and tested the operating effectiveness of <br>controls over the Company's business combination process, including controls over the <br>development and approval of the significant assumptions used in the discounted cash-flow <br>models used to determine the enterprise value.<br>To test the estimated Calvert enterprise value, among other procedures, we evaluated <br>management's revenue and EBITDA margin forecasts, used in the discounted cash-flows, by <br>comparing them to historical results of Calvert's business and to other companies within the same <br>industry. Other procedures we performed over management's revenue and EBITDA margin <br>assumptions, included comparing, where possible, forecasted selling prices and the cost of <br>consumed slabs, to current external market data and/or industry trends.<br>We involved our valuation specialists, to assist in evaluating the Company's valuation model and <br>testing the discount rate by comparing underlying data to external sources, evaluating its <br>components and developing an independent range for comparison.<br>|

---

/s/ Ernst & Young

Société anonyme

Cabinet de révision agréé

We have served as the Company's auditor since 2022.

Luxembourg, Grand Duchy of Luxembourg

March 6, 2026

---

| |
|:---|
| Consolidated financial statements |
| ArcelorMittal and Subsidiaries |
| Consolidated Statements of Operations |
| (millions of U.S. dollar, except share and per share data) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| | <br>Notes | 2025 | 2024 | 2023 |
| Sales | 4.1 and 12.1 | 61352 | 62441 | 68275 |
| (including 6,025, 7,765 and 8,825 of sales to related parties for 2025, 2024 and <br>2023, respectively)<br>|  |  |  |  |
| Cost of sales | 4.2 and 12.2 | 56976 | 56653 | 63538 |
| (including 1,895, 1,998 and 2,049 of purchases from related parties for 2025, 2024 <br>and 2023, respectively)<br>|  |  |  |  |
| Gross margin |  | 4376 | 5788 | 4737 |
| Selling, general and administrative expenses |  | 2606 | 2478 | 2397 |
| Acquisition gain of Calvert | 2.2.4 | 1858 |  |  |
| Operating income |  | 3628 | 3310 | 2340 |
| Income from investments in associates, joint ventures and other investments | 2.6 | 806 | 779 | 1184 |
| Impairment of investments in associates, joint ventures and other investments | 2.6 | (123) |  | (1405) |
| Financing costs - net | 6.2 | (709) | (1174) | (859) |
| Income before taxes |  | 3602 | 2915 | 1260 |
| Income tax expense | 10.1 | 359 | 1535 | 238 |
| Net income (including non-controlling interests) |  | 3243 | 1380 | 1022 |
| Net income attributable to equity holders of the parent |  | 3152 | 1339 | 919 |
| Net income attributable to non-controlling interests |  | 91 | 41 | 103 |
| Net income (including non-controlling interests) |  | 3243 | 1380 | 1022 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| | | 2025 | 2024 | 2023 |
| Earnings per common share (in U.S. dollar)  |  |  |  |  |
| Basic |  | 4.13 | 1.70 | 1.09 |
| Diluted |  | 4.11 | 1.69 | 1.09 |
| Weighted average common shares outstanding (in millions) | 11.3 |  |  |  |
| Basic |  | 763 | 788 | 842 |
| Diluted |  | 766 | 791 | 845 |

---

The accompanying notes are an integral part of these consolidated financial statements.

---

| |
|:---|
| Consolidated financial statements |
| ArcelorMittal and Subsidiaries |
| Consolidated Statements of Other Comprehensive Income |
| (millions of U.S. dollar, except share and per share data) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| | 2025 | 2025 | 2024 | 2024 | 2023 | 2023 |
| Net income (including non-controlling interests) |  | 3243 |  | 1380 |  | 1022 |
| **Items that can be recycled to the consolidated statements of operations** |  |  |  |  |  |  |
| Derivative financial instruments: |  |  |  |  |  |  |
| Gain (loss) arising during the period | 91 |  | (297) |  | (461) |  |
| Reclassification adjustments for loss (gain) included in the consolidated <br>statements of operations and financial position (basis adjustments)<br>| (136) |  | (415) |  | 15 |  |
|  | (45) |  | (712) |  | (446) |  |
| Exchange differences arising on translation of foreign operations: |  |  |  |  |  |  |
| Gain (loss) arising during the period | 2922 |  | (3325) |  | 1013 |  |
| Reclassification adjustments for loss included in the consolidated <br>statements of operations<br>| 51 |  |  |  | 1469 |  |
|  | 2973 |  | (3325) |  | 2482 |  |
| Share of other comprehensive income related to associates and joint ventures |  |  |  |  |  |  |
| Gain (loss) arising during the period | 82 |  | (557) |  | (111) |  |
| Reclassification adjustments for gain included in the consolidated <br>statements of operations and financial position (basis adjustments)<br>| (131) |  | (111) |  | (479) |  |
|  | (49) |  | (668) |  | (590) |  |
| Income tax (expense) benefit related to components of other comprehensive <br>income that can be recycled to the consolidated statements of operations<br>| (5) |  | 103 |  | 16 |  |
| **Items that cannot be recycled to the consolidated statements of** <br>**operations**<br>|  |  |  |  |  |  |
| Investments in equity instruments at FVOCI: |  |  |  |  |  |  |
| Gain (loss) arising during the period | 9 |  | 10 |  | (113) |  |
| Share of other comprehensive gain (loss) related to associates and joint <br>ventures<br>| 18 |  | 19 |  | 5 |  |
|  | 27 |  | 29 |  | (108) |  |
| Employee benefits - Recognized actuarial gain (loss) | 37 |  | 117 |  | (103) |  |
| Share of other comprehensive income (expense) related to associates and <br>joint ventures<br>| 1 |  | (7) |  | 5 |  |
|  | 38 |  | 110 |  | (98) |  |
| Income tax (expense) benefit related to components of other comprehensive <br>income (loss) that cannot be recycled to the consolidated statements of <br>operations<br>| (47) |  | (17) |  | 18 |  |
| Total other comprehensive income (loss) | 2892 |  | (4480) |  | 1274 |  |
| Total other comprehensive income (loss) attributable to: |  |  |  |  |  |  |
| Equity holders of the parent | 2785 |  | (4390) |  | 1258 |  |
| Non-controlling interests | 107 |  | (90) |  | 16 |  |
| Total other comprehensive income (loss) |  | 2892 |  | (4480) |  | 1274 |
| Total comprehensive income (loss) |  | 6135 |  | (3100) |  | 2296 |
| Total comprehensive income attributable to: |  |  |  |  |  |  |
| Equity holders of the parent |  | 5937 |  | (3051) |  | 2177 |
| Non-controlling interests |  | 198 |  | (49) |  | 119 |
| Total comprehensive income (loss) |  | 6135 |  | (3100) |  | 2296 |

---

The accompanying notes are an integral part of these consolidated financial statements.

---

| |
|:---|
| Consolidated financial statements |
| ArcelorMittal and Subsidiaries |
| Consolidated Statements of Financial Position |
| (millions of U.S. dollar, except share and per share data) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | December 31, | December 31, |
| | <br>Notes | 2025 | 2024 |
| ASSETS |  |  |  |
| Current assets: |  |  |  |
| Cash and cash equivalents | 6.1.3 | 5392 | 6400 |
| Restricted cash | 6.1.3 | 84 | 84 |
| Trade accounts receivable and other (including 272 and 322 from related parties at December 31, <br>2025 and 2024, respectively)<br>| 4.3 and 12.1 | 3476 | 3375 |
| Inventories | 4.4 | 18589 | 16501 |
| Prepaid expenses and other current assets | 4.5 | 3027 | 3022 |
| Assets held for sale | 2.3 | 37 |  |
| Total current assets |  | 30605 | 29382 |
| Non-current assets: |  |  |  |
| Goodwill and intangible assets | 5.1 and 5.3 | 5252 | 4453 |
| Property, plant and equipment and biological assets | 5.2, 5.3 and 7 | 41041 | 33311 |
| Investments in associates and joint ventures | 2.4 | 10393 | 11420 |
| Other investments | 2.5 | 353 | 299 |
| Deferred tax assets | 10.4 | 8860 | 8942 |
| Other assets | 4.6 | 1199 | 1578 |
| Total non-current assets |  | 67098 | 60003 |
| Total assets |  | 97703 | 89385 |
| LIABILITIES AND EQUITY |  |  |  |
| Current liabilities: |  |  |  |
| Short-term debt and current portion of long-term debt | 6.1.2.1 and 7 | 2739 | 2748 |
| Trade accounts payable and other (including 352 and 291 to related parties at December 31, 2025 <br>and 2024, respectively)<br>| 4.7 and 12.2 | 13008 | 12921 |
| Short-term provisions | 9.1 | 1039 | 938 |
| Accrued expenses and other liabilities | 4.8 | 5168 | 4738 |
| Income tax liabilities |  | 547 | 480 |
| Liabilities held for sale | 2.3 | 19 |  |
| Total current liabilities |  | 22520 | 21825 |
| Non-current liabilities: |  |  |  |
| Long-term debt, net of current portion | 6.1.2.2 and 7 | 10671 | 8815 |
| Deferred tax liabilities | 10.4 | 2294 | 2338 |
| Deferred employee benefits | 8.2 | 2526 | 2338 |
| Long-term provisions | 9.1 | 1616 | 1361 |
| Other long-term obligations | 9.2 | 1540 | 1422 |
| Total non-current liabilities |  | 18647 | 16274 |
| Total liabilities |  | 41167 | 38099 |
| Contingencies and commitments | 9.3 and 9.4 |  |  |
| Equity: | 11 |  |  |
| Common shares (no par value, 1,033,608,827 and 1,111,418,599 shares authorized, 775,000,000 <br>and 852,809,772 shares issued, and 761,125,819 and 768,546,622 shares outstanding at <br>December 31, 2025 and 2024, respectively)<br>|  | 275 | 303 |
| Treasury shares (13,874,181 and 84,263,150 common shares at December 31, 2025 and 2024, <br>respectively, at cost)<br>|  | (355) | (2117) |
| Additional paid-in capital |  | 25250 | 27190 |
| Retained earnings |  | 49918 | 47254 |
| Reserves |  | (20622) | (23407) |
| Equity attributable to the equity holders of the parent |  | 54466 | 49223 |
| Non-controlling interests |  | 2070 | 2063 |
| Total equity |  | 56536 | 51286 |
| Total liabilities and equity |  | 97703 | 89385 |

---

The accompanying notes are an integral part of these consolidated financial statements.

---

| |
|:---|
| Consolidated financial statements |
| ArcelorMittal and Subsidiaries |
| Consolidated Statements of Changes in Equity |
| (millions of U.S. dollar, except share and per share data) |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | Reserves | Reserves | Reserves | Reserves | | | |
|  | | | | | | | Items that can be recycled to <br>the Consolidated Statements <br>of Operations | Items that can be recycled to <br>the Consolidated Statements <br>of Operations | Items that cannot be recycled to <br>the Consolidated Statements of <br>Operations | Items that cannot be recycled to <br>the Consolidated Statements of <br>Operations | | | |
| | <br>Shares<sup>1</sup> | <br>Share <br>Capital<br>| <br>Treasury <br>Shares<br>| <br>Mandatorily <br>Convertible <br>Notes<br>| <br>Additional <br>Paid-in <br>Capital<br>| <br>Retained <br>Earnings<br>| Foreign<br>Currency<br>Translation<br>Adjustments<br>| Unrealized <br>Gains (Losses) <br>on Derivative <br>Financial <br>Instruments <br>relating to CFH<br>| Unrealized <br>Gains (Losses) <br>on Investments <br>in Equity <br>Instruments at <br>FVOCI<br>| Recognized <br>actuarial <br>(losses) gains<br>| <br>Equity <br>attributable <br>to the equity <br>holders of <br>the parent<br>| <br>Non-<br>controlling <br>interests<br>| <br>Total<br>Equity<br>|
| Balance at December 31, 2022 | 805 | 312 | (1895) | 509 | 28651 | 45442 | (20819) | 2905 | 437 | (2390) | 53152 | 2438 | 55590 |
| Net income (including non-controlling interests) |  |  |  |  |  | 919 |  |  |  |  | 919 | 103 | 1022 |
| Other comprehensive income (loss) |  |  |  |  |  |  | 2378 | (927) | (108) | (85) | 1258 | 16 | 1274 |
| Total comprehensive income (loss) |  |  |  |  |  | 919 | 2378 | (927) | (108) | (85) | 2177 | 119 | 2296 |
| Cancellation of shares (note 11.1) |  | (9) | 664 |  | (655) |  |  |  |  |  |  |  |  |
| Conversion of mandatorily convertible notes (note 11.2) | 57 |  | 1534 | (509) | (794) |  |  |  |  |  | 231 |  | 231 |
| Recognition of share-based payments (note 8.3) | 2 |  | 56 |  | (17) |  |  |  |  |  | 39 |  | 39 |
| Share buyback (note 11.1) | (45) |  | (1208) |  |  |  |  |  |  |  | (1208) |  | (1208) |
| Dividend (notes 11.4 and 11.5) |  |  |  |  |  | (369) |  |  |  |  | (369) | (151) | (520) |
| Disposal of Erdemir shares |  |  |  |  |  | 333 |  |  | (333) |  |  |  |  |
| Early redemption of mandatory convertible bonds (note 11.2) |  |  |  |  |  | (24) |  |  |  |  | (24) | (291) | (315) |
| Mandatorily convertible bond extension (note 11.2) |  |  |  |  |  |  |  |  |  |  |  | (32) | (32) |
| Capital increase ArcelorMittal Liberia (note 11.5.1) |  |  |  |  |  | (15) |  |  |  |  | (15) | 15 |  |
| Other movements |  |  |  |  |  | (22) |  |  |  |  | (22) | 9 | (13) |
| Balance at December 31, 2023 | 819 | 303 | (849) |  | 27185 | 46264 | (18441) | 1978 | (4) | (2475) | 53961 | 2107 | 56068 |
| Net income (including non-controlling interests) |  |  |  |  |  | 1339 |  |  |  |  | 1339 | 41 | 1380 |
| Other comprehensive (loss) income |  |  |  |  |  |  | (3855) | (657) | 29 | 93 | (4390) | (90) | (4480) |
| Total comprehensive (loss) income |  |  |  |  |  | 1339 | (3855) | (657) | 29 | 93 | (3051) | (49) | (3100) |
| Recognition of share-based payments (note 8.3) | 2 |  | 32 |  | 5 |  |  |  |  |  | 37 |  | 37 |
| Share buyback (note 11.1) | (52) |  | (1300) |  |  |  |  |  |  |  | (1300) |  | (1300) |
| Dividend (notes 11.4 and 11.5) |  |  |  |  |  | (393) |  |  |  |  | (393) | (192) | (585) |
| Disposal of Erdemir shares |  |  |  |  |  | 75 |  |  | (75) |  |  |  |  |
| Increase in non-controlling interests in Finocas NV (note 11.5.2) |  |  |  |  |  |  |  |  |  |  |  | 172 | 172 |
| Capital increase ArcelorMittal Liberia (note 11.5.1) |  |  |  |  |  | (30) |  |  |  |  | (30) | 30 |  |
| Other movements |  |  |  |  |  | (1) |  |  |  |  | (1) | (5) | (6) |
| Balance at December 31, 2024 | 769 | 303 | (2117) |  | 27190 | 47254 | (22296) | 1321 | (50) | (2382) | 49223 | 2063 | 51286 |
| Net income (including non-controlling interests) |  |  |  |  |  | 3152 |  |  |  |  | 3152 | 91 | 3243 |
| Other comprehensive income (loss) |  |  |  |  |  |  | 2951 | (177) | 27 | (16) | 2785 | 107 | 2892 |
| Total comprehensive income (loss) |  |  |  |  |  | 3152 | 2951 | (177) | 27 | (16) | 5937 | 198 | 6135 |
| Cancellation of shares (note 11.1) |  | (28) | 1990 |  | (1962) |  |  |  |  |  |  |  |  |
| Recognition of share-based payments (note 8.3) | 1 |  | 34 |  | 22 |  |  |  |  |  | 56 |  | 56 |
| Share buyback (note 11.1) | (9) |  | (262) |  |  |  |  |  |  |  | (262) |  | (262) |
| Dividend (notes 11.4 and 11.5) |  |  |  |  |  | (421) |  |  |  |  | (421) | (127) | (548) |
| Capital decrease in Arceo (note 11.5.2) |  |  |  |  |  | 9 |  |  |  |  | 9 | (97) | (88) |
| Acquisition of AMTBA (note 2.2.4) |  |  |  |  |  | (31) |  |  |  |  | (31) | 20 | (11) |
| Disposal of Arcelor Mittal Zenica and Prijedor (note 2.3) |  |  |  |  |  |  |  |  |  |  |  | (30) | (30) |
| Capital increase ArcelorMittal Liberia (note 11.5.1) |  |  |  |  |  | (23) |  |  |  |  | (23) | 23 |  |
| Mandatory convertible bonds extension (note 11.2) |  |  |  |  |  |  |  |  |  |  |  | 22 | 22 |
| Other movements |  |  |  |  |  | (22) |  |  |  |  | (22) | (2) | (24) |
| Balance at December 31, 2025 | 761 | 275 | (355) |  | 25250 | 49918 | (19345) | 1144 | (23) | (2398) | 54466 | 2070 | 56536 |

---

1. Amounts are in millions of shares (treasury shares are excluded).

The accompanying notes are an integral part of these consolidated financial statements.

---

| |
|:---|
| Consolidated financial statements |
| ArcelorMittal and Subsidiaries |
| Consolidated Statements of Cash Flows |
| (millions of U.S. dollar, except share and per share data) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| | <br>Notes | 2025 | 2024 | 2023 |
| Operating activities: |  |  |  |  |
| Net income (including non-controlling interests) |  | 3243 | 1380 | 1022 |
| Adjustments to reconcile net income to net cash provided by operations: |  |  |  |  |
| Depreciation and amortization | 5.1 and 5.2 | 2945 | 2632 | 2675 |
| Impairment charges | 5.3 and 2.3 | 204 | 116 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition gain of Calvert | 2.2.4 | (1858) |  |  |
| Interest expense  | 6.2 | 577 | 510 | 715 |
| Interest income | 6.2 | (281) | (400) | (570) |
| Income tax expense | 10.1 | 359 | 1535 | 238 |
| Net loss on disposal of subsidiaries | 2.3 | 63 |  | 1469 |
| Income from investments in associates, joint ventures and other investments | 2.6 | (806) | (779) | (1184) |
| Impairment on investments in associates, joint ventures and other investments | 2.6 | 123 |  | 1405 |
| Provision on pensions and other post-employment benefits | 8.2 | 232 | 166 | 249 |
| Unrealized foreign exchange effects |  | 114 | 639 | 409 |
| Votorantim settlement expense | 9.3 | 420 |  |  |
| Write-downs of inventories to net realizable value, provisions and other non-cash operating <br>expenses net<br>| 4.4 | 576 | 592 | (400) |
| Changes in assets and liabilities that provided (required) cash, net of acquisitions and disposals: |  |  |  |  |
| Trade accounts receivable and other | 4.1 | 597 | (192) | 307 |
| Inventories | 4.4 | 820 | 238 | 1568 |
| Trade accounts payable and other | 4.7 | (942) | 56 | (271) |
| VAT and other amounts (paid) received to/from public authorities |  | 232 | (204) | 9 |
| Other working capital and provisions movements |  | (742) | (287) | 110 |
| Interest paid |  | (828) | (799) | (788) |
| Interest received |  | 308 | 358 | 553 |
| Income taxes paid |  | (633) | (763) | (977) |
| Dividends received from associates, joint ventures and other investments |  | 362 | 295 | 316 |
| Cash contributions to plan assets and benefits paid for pensions and other post-employment benefits | 8.2 | (277) | (241) | (248) |
| Net cash provided by operating activities |  | 4808 | 4852 | 7645 |
| Investing activities: |  |  |  |  |
| Purchase of property, plant and equipment and intangibles |  | (4337) | (4405) | (4613) |
| Disposals of net assets of subsidiaries, net of cash disposed of 10, nil and 24 in 2025, 2024 <br>and 2023, respectively<br>| 2.3 | (10) |  | 254 |
| Acquisitions of net assets of subsidiaries, net of cash acquired of 369, 249 and 4 in 2025, 2024 <br>and 2023, respectively<br>| 2.2.4 | 47 | (184) | (2524) |
| Disposals of property, plant and equipment and intangibles | 5.1 and 5.2 | 100 | 568 | 718 |
| Acquisition of and capital increase in associates and joint ventures | 2.4 | (206) | (1168) | (73) |
| Settlement of Votorantim put option liability | 9.3 | (202) |  |  |
| Proceeds from repayment of a loan in connection with the sale of ArcelorMittal Temirtau | 2.3 | 301 | 111 |  |
| (Acquisitions) disposals of financial assets | 2.5 | (19) | 216 | 560 |
| Other investing activities net |  | (225) | (125) | (170) |
| Net cash used in investing activities |  | (4551) | (4987) | (5848) |
| Financing activities: |  |  |  |  |
| Payments from mandatorily convertible subordinated notes/ mandatorily convertible bonds | 11.2 |  |  | (340) |
| Transactions with non-controlling interests | 11.5.2 | (88) | 172 |  |
| Proceeds from short-term debt | 6.1.3 | 32 | 257 | 218 |
| Proceeds from long-term debt | 6.1.3 | 2107 | 2227 | 134 |
| Payments of short-term debt | 6.1.3 | (2359) | (1192) | (1670) |
| Payments of long-term debt | 6.1.3 | (420) | (61) | (16) |
| Share buyback | 11.1 | (262) | (1300) | (1208) |
| Dividends paid (includes 121, 187 and 162 of dividends paid to non-controlling shareholders in <br>2025, 2024 and 2023, respectively)<br>|  | (542) | (580) | (531) |
| Payment of principal portion of lease liabilities and other financing activities | 6.1.3 | (234) | (203) | (253) |
| Net cash used in financing activities |  | (1766) | (680) | (3666) |
| Net (decrease) in cash and cash equivalents |  | (1509) | (815) | (1869) |
| Effect of exchange rate changes on cash |  | 504 | (471) | 255 |
| Cash and cash equivalents: |  |  |  |  |
| At the beginning of the year |  | 6400 | 7686 | 9300 |
| Reclassification of the period-end cash and cash equivalents to held for sale | 2.3 | (3) |  |  |
| At the end of the year |  | 5392 | 6400 | 7686 |

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The accompanying notes are an integral part of these consolidated financial statements.

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|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

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SUMMARY OF NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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| | |
|:---|:---|
| NOTE 1: ACCOUNTING PRINCIPLES | NOTE 1: ACCOUNTING PRINCIPLES |
| 1.1 | Basis of presentation |
| 1.2 | Climate change disclosures |
| 1.3 | Use of judgment and estimates |
| 1.4 | Accounting standards applied |
| NOTE 2: SCOPE OF CONSOLIDATION | NOTE 2: SCOPE OF CONSOLIDATION |
| 2.1 | Basis of consolidation |
| 2.2 | Investments in subsidiaries |
| 2.3 | Divestments and assets held for sale |
| 2.4 | Investments in associates and joint arrangements |
| 2.5 | Other investments |
| 2.6 | Income (loss) from investments in associates, joint ventures and other investments |
| NOTE 3: SEGMENT REPORTING | NOTE 3: SEGMENT REPORTING |
| 3.1 | Reportable segments |
| 3.2 | Geographical information |
| 3.3 | Sales by type of products |
| 3.4 | Disaggregated revenue |
| NOTE 4: OPERATING DATA | NOTE 4: OPERATING DATA |
| 4.1 | Revenue |
| 4.2 | Cost of sales |
| 4.3 | Trade accounts receivable and other |
| 4.4 | Inventories |
| 4.5 | Prepaid expenses and other current assets |
| 4.6 | Other assets |
| 4.7 | Trade accounts payable and other |
| 4.8 | Accrued expenses and other liabilities |
| NOTE 5: GOODWILL, INTANGIBLE AND TANGIBLE ASSETS | NOTE 5: GOODWILL, INTANGIBLE AND TANGIBLE ASSETS |
| 5.1 | Goodwill and intangible assets |
| 5.2 | Property, plant and equipment and biological assets |
| 5.3 | Impairment of intangible assets, including goodwill, and tangible assets |
| NOTE 6: FINANCING AND FINANCIAL INSTRUMENTS | NOTE 6: FINANCING AND FINANCIAL INSTRUMENTS |
| 6.1 | Financial assets and liabilities |
| 6.2 | Financing costs - net |
| 6.3 | Risk management policy |
| NOTE 7: LEASES | NOTE 7: LEASES |
| NOTE 8: PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS | NOTE 8: PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS |
| 8.1 | Employees and key management personnel |
| 8.2 | Deferred employee benefits |
| 8.3 | Share-based payments |
| NOTE 9: PROVISIONS, CONTINGENCIES AND COMMITMENTS | NOTE 9: PROVISIONS, CONTINGENCIES AND COMMITMENTS |
| 9.1 | Provisions |
| 9.2 | Other long-term obligations |
| 9.3 | Contingent liabilities |
| 9.4 | Commitments |

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|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

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| | |
|:---|:---|
| NOTE 10: INCOME TAXES | NOTE 10: INCOME TAXES |
| 10.1 | Income tax expense |
| 10.2 | Income tax recorded directly in equity and/or other comprehensive income |
| 10.3 | Uncertain tax positions |
| 10.4 | Deferred tax assets and liabilities |
| 10.5 | Tax losses, tax credits and other tax benefits carried forward |
| NOTE 11: EQUITY | NOTE 11: EQUITY |
| 11.1 | Share details |
| 11.2 | Equity instruments and hybrid instruments |
| 11.3 | Earnings per common share |
| 11.4 | Dividends |
| 11.5 | Non-controlling interests |
| NOTE 12: RELATED PARTIES | NOTE 12: RELATED PARTIES |
| 12.1 | Sales and trade receivables |
| 12.2 | Purchases and trade payables |
| 12.3 | Other transactions with related parties |

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|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

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NOTE 1: ACCOUNTING PRINCIPLES

ArcelorMittal ("ArcelorMittal" or the "Company"), together with

its subsidiaries, owns and operates steel manufacturing and

mining facilities in Europe, North and South America, Asia and

Africa. Collectively, these subsidiaries and facilities are referred

to in the consolidated financial statements as the "operating

subsidiaries". These consolidated financial statements were

authorized for issuance on March 6, 2026 by the Company's

Board of Directors.

1.1 Basis of presentation

The consolidated financial statements have been prepared on

a historical cost basis, except for equity instruments and

certain trade receivables at fair value through other

comprehensive income ("FVOCI"), financial assets at fair value

through profit or loss ("FVTPL"), derivative financial

instruments and biological assets, which are measured at fair

value less cost to sell, inventories, which are measured at the

lower of net realizable value or cost, and the financial

statements of the Company's Venezuelan tubular production

facilities Industrias Unicon CA ("Unicon") and the Company's

Argentinian operation Acindar Industria Argentina de Aceros

S.A. ("Acindar"), for which hyperinflationary accounting is

applied (see note 2.2.2). The consolidated financial statements

have been prepared in accordance with International Financial

Reporting Standards ("IFRS") Accounting Standards as issued

by the International Accounting Standards Board ("IASB") and

are presented in U.S. dollar with all amounts rounded to the

nearest million, except for share and per share data.

1.2 Climate change disclosures

The Company continues to develop its assessment of the

potential impacts of climate change and the transition to a low

carbon economy and has considered such impacts when

preparing its consolidated financial statements. ArcelorMittal's

decarbonization strategy aims to be net zero by 2050. The low-

carbon iron-making technologies such as green hydrogen,

biomass and carbon capture and storage ("CCS"), are still in

the process of becoming mature, scalable and cost-

competitive, and are accordingly only expected to be viable at

scale after 2030. The Company's more current progress and

activities related to decarbonization include fostering the

development of a supportive environment for decarbonization

in Europe, disciplined, competitive decarbonization capital

expenditures and investing in the energy transition. The

Company has been encouraged by different steps taken

recently by the European Commission ("EC") to enable

decarbonization investments with greater confidence. The EC

published in March 2025 its Steel and Metals Action plan,

designed to strengthen the European steel and metal sector's

competitiveness and safeguard its future. The action plan

addresses unfair trade by introducing effective protection

measures beyond June 30, 2026, when the safeguards expire,

prevents carbon leakage through amendments to the Carbon

Border Adjustment Mechanism ("CBAM"), lowers energy prices

for energy intensive industrials like steel and de-risks

decarbonization projects through lead markets and public

support. The EC has taken decisive action on these measures

and, in October 2025, presented a new trade tool to protect the

steel industry from global overcapacity. In December 2025, the

EC also provided an update on the CBAM announcing

proposed measures to close loopholes to prevent

circumvention and strengthen the efficacy of the mechanism.

Beyond ensuring fair competition, it will also be essential to

create lead markets and stimulate demand for low-carbon

emission steel, for example through public procurement and

the introduction of sustainability criteria in downstream sectors

such as automotive, construction, white goods, clean energy

and infrastructure.

The above-mentioned measures have structurally reset the

outlook for the European steel industry. ArcelorMittal started

the construction of an EAF for long products at its Gijón plant,

which is expected to produce its first heat in the first quarter of

2026. This investment of €213 will be the first major EAF

project to be implemented within the Company's

decarbonization program in Europe and will constitute the first

step towards low-carbon emissions steelmaking in Asturias.

There has also been good progress with the Company's efforts

to increase production to 1.6 million tonnes by 2026 at its flat

products plant in Sestao where it has two EAFs and where

much of this production will be low-carbon emissions steel. In

addition, the Company's confirmation in February 2026 of the

construction of a 2-million-tonne EAF in Dunkirk with start-up

scheduled in 2029 and investment of €1.3 billion marked a

major step in the decarbonization of ArcelorMittal's steel

production in France. In the U.S., the new state-of-the-art 1.5

million tonnes EAF at ArcelorMittal Calvert produced its first

slabs in June 2025 and the facility is ramping up production.

The new steelmaking facility, integrated with ArcelorMittal's HBI

facility in Texas, will enable Calvert to supply automotive

customers with lower CO2 embodied steel.

In terms of energy transitioning, the Company continues to look

for more and varied opportunities in the renewables sector to

provide sufficient access to clean energy at affordable prices,

purchase renewable energy certificates and make more use of

direct power purchase agreements with suppliers from

renewables projects. ArcelorMittal and Greenko Group, India's

leading energy transition company, launched in 2022 a 'round

the clock' renewable energy project with 1GW nominal capacity

combining solar and wind power generation, coupled with

energy storage solution through a co-located pumped hydro

storage plant, which helps to overcome the intermittent nature

of wind and solar power generation. The project, owned and

funded by ArcelorMittal, provides for uninterrupted renewable

power to be supplied annually to AMNS India (ArcelorMittal's

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| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

joint venture company in India) through a 25-year off-take

agreement with ArcelorMittal to purchase renewable electricity

annually from the project and reducing carbon emissions by

approximately 1.5 million tonnes per year. All solar modules

and wind turbines were installed in the first half of 2025, and

the full capacity was commissioned by the end of the third

quarter of 2025. ArcelorMittal also launched three additional

renewable energy projects in India totaling 1GW of nominal

solar and wind capacity.

The Company is also developing renewable energy projects in

Brazil and Argentina in joint venture partnerships. Combined,

the Company's Indian, Brazilian and Argentinian projects will

provide a total of 3.3GW (2.8GW on an equity share basis) of

electrical power generation when all projects are operational in

2028. Considering the risks related to climate change and the

Company's net zero commitment, ArcelorMittal provides

explicit information in the notes to these consolidated financial

statements regarding how climate change affects the

Company's financial information. The Company presents below

the references to the various notes where issues associated

with climate change are addressed:

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| | | |
|:---|:---|:---|
| **Topic** | **Note** | **Content** |
| Estimate and judgment  | Note 1.3 Use of judgment and <br>estimates<br>| Judgments and estimates made in assessing the impact of climate change and the <br>transition to a low carbon economy: estimates of future cash flow projections for <br>impairment of non-financial assets, decommissioning costs, renewable power <br>purchase agreements<br>|
| Sustainable investment | •Note 2.2.4 Acquisitions<br>•Note 2.4.1 Joint ventures<br>•Note 2.5 Other investments<br>•Note 5.2 Property, plant and <br>equipment and biological assets<br>•Note 9.4 Commitments<br>| Investments in renewable energy projects, scrap metal recycling businesses and <br>breakthrough technologies through ArcelorMittal XCarb® Innovation Fund, <br>renewable power purchase agreements <br>|
| Measurement of non-<br>financial assets | Note 5.1 Goodwill and intangible <br>assets<br>| Recognition and measurement of emission rights |
| Measurement of non-<br>financial assets | Note 5.2 Property, plant and <br>equipment and biological assets<br>| Capital expenditures relating to decarbonization  |
| Measurement of non-<br>financial assets | Note 5.3 Impairment of intangible <br>assets, including goodwill, and <br>tangible assets<br>| Inclusion of climate-related risks in the assumptions for impairment testing  |
| Provisions | Note 9.1 Provisions | Recognition of emission obligations |
| Share-based payments | Note 8.3 Share-based payments | Description of equity incentive plans requiring achievement of specific climate-<br>related targets<br>|

---

1.3 Use of judgment and estimates

The preparation of consolidated financial statements in

conformity with IFRS recognition and measurement principles

and, in particular, making the critical accounting judgments

requires the use of estimates and assumptions that affect the

reported amounts of assets, liabilities, revenues and expenses.

Management reviews its estimates on an ongoing basis using

currently available information. Changes in facts and

circumstances or obtaining new information or more experience

may result in revised estimates, and actual results could differ

from those estimates.

The following summary provides further information about the

Company's critical accounting policies under which significant

judgments, estimates and assumptions are made. It should be

read in conjunction with the notes mentioned in the summary:

*Deferred tax assets (note 10.4)*: The Company assesses the

recoverability of deferred tax assets based on future taxable

income projections, which are inherently uncertain and may be

subject to changes over time. Judgment is required to assess

the impact of such changes on the measurement of these

assets and the time frame for their utilization. In addition, the

Company applies judgment to recognize income tax liabilities

when they are probable and can be reasonably estimated

depending on the interpretation, which may be uncertain, of

applicable tax laws and regulations. ArcelorMittal periodically

reviews its estimates to reflect changes in facts and

circumstances.

*Provisions for pensions and other post-employment benefits* 

*(note 8.2)*: Benefit obligations and plan assets can be subject to

significant volatility, in particular due to changes in market

conditions and actuarial assumptions. Such assumptions differ

by plan, take local conditions into account and include discount

rates, expected rates of compensation increases, health care

cost trend rates, mortality and retirement rates. They are

determined following a formal process involving the Company's

expertise and independent actuaries. Assumptions are reviewed

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| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

annually and adjusted following actuarial and experience

changes.

*Provisions (note 9)*: Provisions, which result from legal or

constructive obligations arising as a result of past events, are

recognized based on the Company's, and in certain instances,

third-party's best estimate of costs when the obligation arises.

They are reviewed periodically to take into consideration

changes in laws and regulations and underlying facts and

circumstances.

*Impairment of tangible and intangible assets, including goodwill* 

*and impairment reversal (note 5.3)*: In order to assess the

recoverable amount of tangible assets, intangible assets and

goodwill, the Company mainly determines their value in use on

the basis of the present value of cash flow projections. The

estimates, judgments and assumptions applied for the value in

use calculations relate primarily to growth rates, expected

changes to average selling prices, shipments and direct costs.

Assumptions for average selling prices and shipments are

based on historical experience and expectations of future

changes in the market. When determining value in use,

management also applies judgment when assessing whether

cash flows expected to arise to achieve sustainability and

decarbonization targets are deemed to maintain the same level

of economic benefits or whether they improve or enhance the

asset's performance (see also below judgments and estimates

made in assessing the impact of climate change and the

transition to a low carbon economy). Discount rates are

reviewed annually.

*Impairment of associates and joint ventures (note 2.6)*:

Whenever there is an indication of impairment related to

investments accounted for under the equity method, the

Company performs an impairment test based, amongst others,

on an estimate of its share in the present value of the projected

future cash flows expected to be generated by operations of

associates and joint ventures and, similarly to impairment

testing of tangible and intangible assets, including goodwill, the

estimates, judgments and assumptions applied for the value in

use calculations relate primarily to growth rates, expected

changes to average selling prices, shipments and direct costs.

Assumptions for average selling prices and shipments are

based on historical experience and expectations of future

changes in the market.

*Business combinations (note 2.2.3)*: Assets acquired and

liabilities assumed as part of a business combination are

recorded at their acquisition-date fair values. Similarly,

consideration including consideration receivable and contingent

consideration is measured at fair value. In connection with each

of its acquisitions, the Company undertakes a process to identify

all assets and liabilities acquired, including intangible assets.

Determining the fair value of identifiable assets and liabilities

requires the use of valuation techniques which may include

judgment and estimates and which may affect the allocation of

the amount of consideration paid to the assets and liabilities

acquired and goodwill or gain from a bargain purchase recorded

as part of the business combination. Estimated fair values are

based on information available at acquisition date and on

expectations and assumptions that have been deemed

reasonable by management. There are several methods that

can be used to determine the fair value of assets acquired and

liabilities assumed. The "income approach" is based on the

forecast of the expected future cash flows adjusted to present

value by applying an appropriate discount rate that reflects the

risk factors associated with the cash flow streams. Some of the

more significant estimates and assumptions inherent in the

income method or other methods include the amount and timing

of projected future cash flows; the discount rate selected to

measure the risks inherent in the future cash flows (weighted

average cost of capital); the assessment of the asset's life cycle

and the competitive trends impacting the asset, including

consideration of any technical, legal, regulatory or economic

barriers to entry. The "cost approach" estimates the value of an

asset based on the current cost to reproduce or replace the

asset. Replacement cost is determined based on market data

subsequently adjusted for physical, functional and economic

obsolescence. The most common purchase accounting

adjustments relate to the following assets and liabilities:

• The fair value of identifiable intangible assets (generally

patents, customer relationships, technology, brand or

favorable contracts) is estimated based on the above-

mentioned income approach;

• Property, plant and equipment is recorded at market value,

or, if not available, depreciated replacement cost;

• The fair value of pension and other post-employment

benefits is determined separately for each plan using

actuarial assumptions valid as of the acquisition date

relating to the population of employees involved and the fair

value of plan assets.

• Inventories are estimated based on expected selling prices

at the date of acquisition reduced by an estimate of selling

expenses and a normal profit margin.

• Adjustments to deferred tax assets and liabilities of the

acquiree are recorded to reflect the deferred tax effects of

the fair value adjustments relating to identifiable assets and

liabilities other than goodwill.

Determining the estimated residual useful lives of tangible and

intangible assets acquired requires judgment and certain

intangible assets may be considered to have indefinite useful

lives.

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| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

*Derivative financial instruments (note 6.1.5) and financial* 

*amounts receivable (note 4.5 and 4.6)*: Certain of the

Company's financial instruments are classified as Level 3 as

they include unobservable inputs.

*Mineral reserve and resource estimates (note 5.2)*: Proven iron

ore reserves are those quantities whose recoverability can be

determined with reasonable certainty from a given date forward

and under existing government regulations, economic and

operating conditions; probable reserves have a lower degree of

assurance but high enough to assume continuity between points

of observation. Mineral resource estimates constitute the part of

a mineral deposit that have the potential to be economically and

legally extracted or produced at the time of the resource

determination. The potential for economic viability is established

through qualitative evaluation of relevant technical and

economic factors likely to influence the prospect of economic

extraction. A measured mineral resource is that part of a mineral

resource for which quantity, grade or quality, densities, shape,

and physical characteristics are so well established that they

can be estimated with confidence sufficient to allow the

appropriate application of technical and economic parameters,

to support production planning and evaluation of the economic

viability of the deposit. The estimate is based on detailed and

reliable exploration, sampling and testing information gathered

through appropriate techniques from locations such as outcrops,

trenches, pits, workings and drill holes that are spaced closely

enough to confirm both geological and grade continuity. An

indicated mineral resource is that part of a mineral resource for

which quantity, grade or quality, densities, shape and physical

characteristics, can be estimated with a level of confidence

sufficient to allow the appropriate application of technical and

economic parameters, to support mine planning and evaluation

of the economic viability of the deposit. The estimate is based

on detailed and reliable exploration sampling and testing

information gathered through appropriate techniques from

locations such as outcrops, trenches, pits, workings and drill

holes that are spaced closely enough for geological and grade

continuity to be reasonably assumed. An inferred mineral

resource is that part of a mineral resource for which quantity and

grade or quality can be estimated on the basis of geological

evidence and limited sampling, and reasonably assumed but not

verified geological and grade continuity. The estimate is based

on limited information and sampling gathered through

appropriate techniques from locations such as outcrops,

trenches, pits, workings and drill holes. Estimates of mineral

reserves and resources and the estimates of mine life have

been prepared by ArcelorMittal experienced engineers and

geologists and detailed independent verifications of the methods

and procedures are conducted on a regular basis by external

consultants. Reserves and resources are updated annually and

calculated using a reference price duly adjusted for quality, ore

content, logistics and other considerations. In order to estimate

reserves and resources, estimates are required for a range of

geological, technical and economic factors, including quantities,

grades, production techniques, recovery rates, production costs,

transport costs, commodity demand, commodity prices and

exchange rates. Estimating the quantity and/or grade of

reserves and resources requires the size, shape and depth of

ore bodies to be determined by analyzing geological data such

as drilling samples. This process may require complex and

difficult geological judgments to interpret the data. Because the

economic assumptions used to estimate reserves and resources

change from period to period, and because additional geological

data is generated during the course of operations, estimates of

reserves and resources may change from period to period.

*Judgments and estimates made in assessing the impact of* 

*climate change and the transition to a low carbon economy*

Assumptions in respect of climate change and the transition to a

low carbon economy may impact the Company's significant

judgments and key estimates and result in material changes to

financial results and the carrying values of certain assets and

liabilities in future reporting periods. The main judgments and

estimates made by ArcelorMittal when preparing the 2025

consolidated financial statements with respect to the expected

effects of climate change and the transition to a low carbon

economy are described below.

• *Impairment of tangible and intangible assets, including* 

*goodwill:* Value in use calculations for operations which

apply the BF-BOF route include the impact of

decarbonization at the level of cash flow projections when

decarbonization is necessary to maintain the level of

economic benefits expected to arise from the assets in their

current condition considering the legal obligation of net zero

for such operations. Accordingly the Company developed

assumptions in determining related capital expenditures

which reflect announced commitments and initiatives in

place, costs associated with operating the new technologies

which are expected to be deployed in the short to medium

term, commodity prices and carbon emission costs on the

basis of historical experience and expectations of future

changes. This requires to assess the future development in

supply, technology change, production changes and other

important factors. For other operations, discount rates are

increased to include a risk premium relative to the future

estimated decarbonization cost. Due to economic

developments, uncertainties over the pace of transition to

low-emission technologies, political and environmental

actions that will be taken to meet the carbon reduction

goals, regulatory changes and emissions activity arising

from climate-related matters, the Company's assumptions

used in the recoverable amount calculations, such as

capital expenditure, carbon emission costs, level of public

funding and other assumptions are inherently uncertain,

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| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

which could result in significant changes to value in use

calculations in future periods and affect impairment

assessments.

• *Decommissioning costs*: Over the next ten years, the

retirement of certain above-mentioned assets in the context

of the transition to low-carbon steelmaking infrastructures

may lead to certain decommissioning costs. The Company

considered such costs in its value in use calculations but it

has not recognized decommissioning provisions related to

decarbonization as the obligating event has not occurred

yet. Decommissioning cost estimates are based on the

known regulatory and external environment. These cost

estimates may change in the future including as a result of

the transition to a lower carbon economy.

• *Renewable power purchase agreements:* The Company

enters into power purchase agreements ("PPAs"), which

provide for the physical delivery of renewable energy and

enable ArcelorMittal to reduce its indirect emissions (Scope

2) related to energy purchases. The Company analyzes the

accounting treatment for such contracts based on their

relevant terms. When they do not comply either with the

requirements of IFRS 10 for the existence of control or

IFRS 11 for joint control over a company or regarding the

existence of joint operation over an asset, IFRS 16 for the

recognition of a lease, or with the definition of a derivative

under IFRS 9, they are accounted for as an executory

contract on the basis of the own use exemption when the

relevant conditions are met (see note 9.4). Virtual PPAs

including a cash settlement based on the difference

between the contract price and the market price are

recognized as financial instruments in accordance with

IFRS 9.

*Situation in Ukraine and collateral consequences*

The Company's operations in Ukraine consist of a steel plant,

which produced 1.7 million tonnes of steel (mainly billets,

rebars, wire rods, light sections and merchant bars) in 2025 (1.6

million tonnes in 2024), and captive mines that produced 7.6

million tonnes of iron ore in 2025 (7.8 million tonnes in 2024);

the related carrying amount of property, plant and equipment

remained unchanged at 0.7 billion on the Company's statement

of financial position at December 31, 2025 as compared to

December 31, 2024. In 2025, the Company's Ukrainian

operations (and in particular its Kryvyi Rih steel plant) recorded

1.5 million of steel shipments (1.5 million tonnes in 2024),

generating 1.7 billion of sales (1.6 billion in 2024) including 0.5

billion of sales (0.5 billion in 2024) to customers located in

Ukraine.

Since the war outbreak in February 2022, ArcelorMittal Kryvyi

Rih ("AMKR") has reduced steel and mining production levels

and experienced a combination of periods of suspension and

ramp up of activity. In July 2023, AMKR completed the

construction of a new pumping station and 5 kilometers pipeline

to supply water to the city and to ensure full coverage of its

production needs following the destruction of the Nova

Kakhovka reservoir's dam. AMKR is currently operating its open

pit mining and steel facilities at 73% and 35%, respectively.

ArcelorMittal continued to exercise control over its Ukrainian

operations and key production assets have not been seriously

damaged at the date of this report. In addition, despite the lower

level of activity, none of the assets are held for sale or were

discontinued.

In the context of the annual impairment test of intangible assets,

including goodwill and tangible assets, the Company applied in

its value in use calculation separate discount rates over the

discrete projections period, including a higher country risk

premium for the cash flow projections until the end of 2026 and

a return to a pre-war country risk premium after 2026 and for the

terminal value calculation as value in use is sensitive to a

difference in country risk for different periods. It concluded that

the recoverable amount remains in excess of the carrying

amount. Conversely, if the ongoing conflict between Russia and

Ukraine persists, it could continue to have a material effect on

the overall macroeconomic environment potentially affecting

steel and iron ore demand and prices as well as energy costs. It

could also result in further reduced production, sales and

income with respect to the Company's Ukrainian operations thus

increasing the risk that the Company may need to record an

additional impairment charge with respect to such operations in

the future.

In 2025, heightened uncertainty, particularly trade-related,

negatively impacted the global economy. U.S. tariff policy

uncertainty impacted the global economy and steel market, with

frequent changes in the timing and the extent of such tariffs

adding downside risk to steel demand due to its negative impact

on business investment. However, despite subdued growth in

real steel demand in core developed markets, steel prices were

supported by improved trade protection, most notably in the

U.S., followed by the EU toward the end of the year. As of

October 1, 2025, when goodwill was tested for impairment,

discount rates applied for value in use calculations included

lower country risk premiums, in particular in Ukraine, as risk-free

rates increased while governmental bond yields remained

relatively stable as compared to October 1, 2024. The Company

expects demand to increase in 2026 subject to macroeconomic

uncertainties. The Company's European steel shipments are

expected to increase as domestic mills begin to recapture

market share from imports reflecting the combined effect of

CBAM and the new tariff-rate quota trade tool which should

strengthen progressively over the course of the year.

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1.4 Accounting standards applied

*1.4.1 Adoption of new IFRS standards, amendments and* 

*interpretations applicable from January 1, 2025* 

On January 1, 2025, the Company adopted 'Lack of

Exchangeability (Amendments to IAS 21)' as published by the

IASB on August 15, 2023 and that contains guidance to specify

when a currency is exchangeable and how to determine the

exchange rate when a currency is not exchangeable. The

amendments also require the disclosure of additional

information when a currency is not exchangeable. The

adoption of this amendment did not have a material impact to

the Company's consolidated financial statements.

*1.4.2 New IFRS standards, amendments and interpretations* 

*applicable from 2026 onward*

On May 30, 2024, the IASB issued 'Amendments to the

Classification and Measurement of Financial Instruments

(Amendments to IFRS 9 and IFRS 7)' to address matters

identified during the post-implementation review of the

classification and measurement requirements of IFRS 9

'Financial Instruments'. The amendments relate to

derecognition of a financial liability settled through electronic

transfer, classification of financial assets and disclosures. The

amendments are effective for reporting periods beginning on or

after January 1, 2026. Earlier application of either all the

amendments at the same time or only the amendments to the

classification of financial assets is permitted.

On July 18, 2024, the IASB issued 'Annual Improvements—

Volume 11' including minor amendments of IFRS 1 'First-time

Adoption of International Financial Reporting Standards', IFRS

7 'Financial Instruments: Disclosures', IFRS 9 'Financial

Instruments', IFRS 10 'Consolidated Financial Statements' and

IAS 7 'Statement of Cash Flows'. Annual Improvements—

Volume 11 are effective for reporting periods beginning on or

after January 1, 2026. Earlier application is permitted.

On December 18, 2024, the IASB issued 'Contracts

Referencing Nature-dependent Electricity – Amendments to

IFRS 9 and IFRS 7', which amend the own-use requirements in

IFRS 9 to include the factors an entity is required to consider

for contracts to buy and take delivery of renewable electricity

for which the source of production of the electricity is nature-

dependent. The hedge accounting requirements in IFRS 9 are

also amended to permit an entity using a contract for nature-

dependent renewable electricity with specified characteristics

as a hedging instrument to designate a variable volume of

forecast electricity transactions as the hedged item if specified

criteria are met and to measure the hedged item using the

same volume assumptions as those used for the hedging

instrument. The amendments are effective for annual reporting

periods beginning on or after January 1, 2026. Early

application is permitted.

On April 9, 2024, the IASB published IFRS 18 'Presentation

and Disclosure in Financial Statements' which includes

requirements for all entities applying IFRS for the presentation

and disclosure of information in financial statements. The

objective of IFRS 18 is to set out requirements for the

presentation and disclosure of information in general purpose

financial statements (financial statements) to help ensure they

provide relevant information that faithfully represents an entity's

assets, liabilities, equity, income and expenses. Retrospective

application of the standard is mandatory for annual reporting

periods starting from January 1, 2027 onwards but earlier

application is permitted.

With respect to IFRS 18, the Company revised its chart of

accounts in order to apply starting 2025 the new categories of

the consolidated statements of operations introduced by the

standard in parallel with the current reporting framework. While

IFRS 18 does not modify the recognition and measurement

rules for assets, liabilities, income and expenses, it will modify

the presentation of the Company's consolidated statements of

operations mainly with respect to foreign exchange gains and

losses, which are allocated to the operating, investing and

financing categories and interest income, which will be

allocated to the investing category. IFRS 18 will also modify the

consolidated statements of cash flows mainly in connection

with interest and dividend received and interest paid, which will

be transferred from operating activities to investing activities

and financing activities, respectively. The Company is still

assessing the impact of IFRS 18 on its management-defined

performance measures.

On November 13, 2025, the IASB published amendments to

IAS 21 'The Effects of Changes in Foreign Exchange Rates'

which clarify how companies should translate financial

statements from a non-hyperinflationary currency into a

hyperinflationary one. The aim of these narrow-scope

amendments is to improve the usefulness of the resulting

information in a cost-effective manner. Amendments to IAS 21

are effective for reporting periods beginning on or after January

1, 2027. Earlier application is permitted.

On August 21, 2025, the IASB published amendments to IFRS

19 'Subsidiaries without Public Accountability: Disclosures'

which provide reduced disclosure requirements for new and

amended IFRS Accounting Standards issued between

February 2021 and May 2024. Amendments to IFRS 19 are

effective for reporting periods beginning on or after January 1,

2027. Earlier application is permitted.

On May 9, 2024, the IASB published IFRS 19 'Subsidiaries

without Public Accountability: Disclosures' which specifies

reduced disclosure requirements that an eligible entity is

permitted to apply instead of the disclosure requirements in

other IFRS Accounting Standards. IFRS 19 is effective for

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reporting periods beginning on or after January 1, 2027. Earlier

application is permitted.

Except for the adoption of IFRS 18, ArcelorMittal does not

expect that the adoption of the above-mentioned standards

and amendments will have a material impact to its consolidated

financial statements. The Company does not plan to early

adopt any standards or amendments.

NOTE 2: SCOPE OF CONSOLIDATION

2.1 Basis of consolidation

The consolidated financial statements include the accounts of

the Company, its subsidiaries and its interests in associated

companies and joint arrangements. Subsidiaries are

consolidated from the date the Company obtains control

(ordinarily the date of acquisition) until the date control ceases.

The Company controls an entity when the Company is

exposed to or has rights to variable returns from its

involvement with the entity and has the ability to affect those

returns through its power over the entity.

Associates are those companies over which the Company has

the ability to exercise significant influence on the financial and

operating policy decisions, which it does not control. Generally,

significant influence is presumed to exist when the Company

holds more than 20% of the voting rights. Joint arrangements,

which include joint ventures and joint operations, are those

over whose activities the Company has joint control, typically

under a contractual arrangement. In joint ventures,

ArcelorMittal exercises joint control and has rights to the net

assets of the arrangement. The investment is accounted for

under the equity method and therefore recognized at cost at

the date of acquisition and subsequently adjusted for

ArcelorMittal's share in undistributed earnings or losses since

acquisition, less any impairment incurred. Any excess of the

cost of the acquisition over the Company's share of the net fair

value of the identifiable assets, liabilities, and contingent

liabilities of the associate or joint venture recognized at the

date of acquisition is considered as goodwill. The goodwill, if

any, is included in the carrying amount of the investment and is

evaluated for impairment as part of the investment. The

consolidated statements of operations include the Company's

share of the profit or loss of associates and joint ventures from

the date that significant influence or joint control commences

until the date significant influence or joint control ceases and

any impairment losses. Adjustments to the carrying amount

may also be necessary for changes in the Company's

proportionate interest in the investee arising from changes in

the investee's equity that have not been recognized in the

investee's profit or loss. The Company's share of those

changes is recognized directly in the relevant reserve within

equity.

The Company assesses the recoverability of its investments

accounted for under the equity method whenever there is an

indication of impairment. In determining the value in use of its

investments, the Company estimates its share in the present

value of the projected future cash flows expected to be

generated by operations of associates and joint ventures (see

also note 2.6).

For investments in joint operations, in which ArcelorMittal

exercises joint control and has rights to the assets and

obligations for the liabilities relating to the arrangement, the

Company recognizes its assets, liabilities and transactions,

including its share of those incurred jointly.

Investments in other entities, over which the Company and/or

its operating subsidiaries do not have the ability to exercise

significant influence, are accounted for as investments in equity

instruments at FVOCI with any resulting gain or loss, net of

related tax effect, recognized in the consolidated statements of

other comprehensive income ("OCI"). All fair value movements

for investments in equity instruments at FVOCI, including the

difference between the acquisition cost and the current fair

value, are recorded in OCI and are not reclassified to the

consolidated statements of operations. Realized gains and

losses from the sale of investments in equity instruments at

FVOCI are reclassified from OCI to retained earnings within

equity upon disposal.

While there are certain limitations on the Company's operating

and financial flexibility arising from the restrictive and financial

covenants of one of the Company's credit facilities described in

note 6.1.2, there are no significant restrictions resulting from

borrowing agreements or regulatory requirements on the ability

of consolidated subsidiaries, associates and jointly controlled

entities to transfer funds to the parent in the form of cash

dividends to pay commitments as they come due.

Intercompany balances and transactions, including income,

expenses and dividends, are eliminated in the consolidated

financial statements. Gains and losses resulting from

intercompany transactions are also eliminated.

Non-controlling interests represent the portion of profit or loss

and net assets not held by the Company and are presented

separately in the consolidated statements of operations, in the

consolidated statements of other comprehensive income and

within equity in the consolidated statements of financial

position.

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2.2 Investments in subsidiaries

*2.2.1 List of subsidiaries* 

The table below provides a list of the Company's principal operating subsidiaries at December 31, 2025. Unless otherwise stated, the

subsidiaries listed below have share capital consisting solely of ordinary shares or voting interests in the case of partnerships, which are

held directly or indirectly by the Company and the proportion of ownership interests held equals to the voting rights held by the

Company. The country of incorporation corresponds to their principal place of operations.

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| | | |
|:---|:---|:---|
| Name of Subsidiary | Country | % of Ownership |
| **North America** |  |  |
| ArcelorMittal Dofasco G.P. | Canada | 100.00% |
| ArcelorMittal México S.A. de C.V. | Mexico | 100.00% |
| ArcelorMittal Long Products Canada G.P. | Canada | 100.00% |
| ArcelorMittal Calvert LLC<sup>4</sup> | United States | 100.00% |
| ArcelorMittal Texas HBI LLC | United States | 80.00% |
| **Brazil and neighboring countries ("Brazil")** |  |  |
| ArcelorMittal Brasil S.A.<sup>5</sup> | Brazil | 100.00% |
| Acindar Industria Argentina de Aceros S.A. ("Acindar") | Argentina | 100.00% |
| ArcelorMittal Pecém S.A. | Brazil | 100.00% |
| **Europe** |  |  |
| ArcelorMittal France S.A.S. | France | 100.00% |
| ArcelorMittal Belgium N.V. | Belgium | 100.00% |
| ArcelorMittal España S.A. | Spain | 99.85% |
| ArcelorMittal Flat Europe S.A. | Luxembourg | 100.00% |
| ArcelorMittal Poland S.A. | Poland | 100.00% |
| ArcelorMittal Eisenhüttenstadt GmbH | Germany | 100.00% |
| ArcelorMittal Bremen GmbH | Germany | 100.00% |
| ArcelorMittal Méditerranée S.A.S. | France | 100.00% |
| ArcelorMittal Belval & Differdange S.A. | Luxembourg | 100.00% |
| ArcelorMittal Hamburg GmbH | Germany | 100.00% |
| ArcelorMittal Duisburg GmbH | Germany | 100.00% |
| **Sustainable Solutions** |  |  |
| ArcelorMittal International Luxembourg S.A. | Luxembourg | 100.00% |
| AM Green Energy Private Limited <sup>1</sup> | India | 74.00% |
| **Mining** |  |  |
| ArcelorMittal Mining Canada G.P. and ArcelorMittal Infrastructure Canada G.P. ("AMMC") | Canada | 85.00% |
| ArcelorMittal Liberia Holdings Ltd.<sup>2</sup>("AML") | Liberia | 85.00% |
| **Others** |  |  |
| ArcelorMittal South Africa Ltd.<sup>3</sup> ("AMSA") | South Africa | 69.22% |
| PJSC ArcelorMittal Kryvyi Rih ("AMKR") | Ukraine | 95.13% |

---

1. Rights to variable returns are 100%.

2. ArcelorMittal Liberia Holdings Ltd. is incorporated in Cyprus.

3. Voting rights are 53.05%.

4. On June 18, 2025, ArcelorMittal acquired control of ArcelorMittal Calvert LLC see note 2.2.4.

5. On July 31, 2025, the Company acquired the 2.92% interest held by Votorantim S.A. following the settlement of the dispute, see note 9.3.

*2.2.2 Translation of financial statements denominated in* 

*foreign currency* 

The functional currency of ArcelorMittal S.A. is the U.S. dollar.

The functional currency of each of the principal operating

subsidiaries is the local currency, except for ArcelorMittal

México, AMMC, AML, ArcelorMittal International Luxembourg,

whose functional currency is the U.S. dollar and ArcelorMittal

Poland, whose functional currency is the euro.

Transactions in currencies other than the functional currency of

a subsidiary are recorded at the rates of exchange prevailing at

the date of the transaction. Monetary assets and liabilities in

currencies other than the functional currency are remeasured

at the rates of exchange prevailing on the date of the

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consolidated statements of financial position and the related

translation gains and losses are reported within financing costs

in the consolidated statements of operations. Non-monetary

items that are carried at cost are translated using the rate of

exchange prevailing at the date of the transaction. Non-

monetary items that are carried at fair value are translated

using the exchange rate prevailing when the fair value was

determined and the related translation gains and losses are

reported in the consolidated statements of comprehensive

income.

Upon consolidation, the results of operations of ArcelorMittal's

subsidiaries, associates and joint arrangements whose

functional currency is other than the U.S. dollar are translated

into U.S. dollar at the monthly average exchange rates and

assets and liabilities are translated at the year-end exchange

rates. Translation adjustments are recognized directly in other

comprehensive income and are included in net income

(including non-controlling interests) only upon sale or

liquidation of the underlying foreign subsidiary, associate or

joint arrangement.

Since July 1, 2018, Argentina has been considered a highly

inflationary country and therefore the financial statements of

the Company's long production facilities Acindar Industria

Argentina de Aceros S.A. ("Acindar") in Argentina, using a

historical cost approach, are adjusted prospectively to reflect

the changes in the general purchasing power of the local

currency before being translated into U.S. dollar at the year-

end exchange rate. The Company used an estimated general

price index (Consumer Price Index "IPC") which changed by

31.5%, 117.8% and 211.4% for the year ended December 31,

2025, 2024 and 2023, respectively, for this purpose. As a result

of the inflation-related adjustments on non-monetary items,

losses of 67, 291 and 105 were recognized in net financing

costs for the year ended December 31, 2025, 2024 and 2023,

respectively.

*2.2.3 Business combinations* 

Business combinations are accounted for using the acquisition

method as of the acquisition date, which is the date on which

control is transferred to ArcelorMittal. The Company controls an

entity when it is exposed to or has rights to variable returns

from its involvement with the entity and has the ability to affect

those returns through its power over the entity.

The Company measures goodwill at the acquisition date as the

total of the fair value of consideration transferred, plus the

proportionate amount of any non-controlling interest, plus the

fair value of any previously held equity interest in the acquiree,

if any, less the net recognized amount (generally at fair value)

of the identifiable assets acquired and liabilities assumed.

In a business combination in which the fair value of the

identifiable net assets acquired exceeds the cost of the

acquired business, the Company reassesses the fair value of

the assets acquired and liabilities assumed. If, after

reassessment, ArcelorMittal's interest in the net fair value of

the acquiree's identifiable assets, liabilities and contingent

liabilities exceeds the cost of the business combination, the

excess (bargain purchase) is recognized immediately as

operating income in the consolidated statements of operations.

Any contingent consideration payable is recognized at fair

value at the acquisition date and any costs directly attributable

to the business combination are expensed as incurred.

*2.2.4 Acquisitions* 

On December 12, 2025, ArcelorMittal acquired the remaining

50% interest in the 50/50 joint venture with Atlas Renewable

Energy ("Atlas") to operate a 265MW capacity solar energy

project in Minas Gerais, Brazil. Total consideration was 47

(including 23 cash outflow net of 15 cash acquired and 9

deferred consideration). The acquisition-date fair value of

identifiable assets and liabilities has been measured on a

provisional basis at December 31, 2025. The Company

remeasured its previously held 50% equity interest in Atlas at

its acquisition-date fair value and recognized the resulting 11

gain in income from investments in associates, joint ventures

and other investments. Atlas is part of the Brazil reportable

segment. Revenue and net loss since acquisition date were 1

and 1, respectively.

On November 3, 2025, following the signature of a share

purchase agreement dated July 25, 2025 and completion of

conditions precedent including approval by the Brazilian

antitrust authority (CADE), ArcelorMittal acquired a 89.69%

interest in Tekno S.A. - Indústria e Comércio ("Tekno"), a

pioneer in the implementation of coil coating in Brazil. On

December 3, 2025, ArcelorMittal started a process to acquire

the remaining shares through a mandatory public tender offer

which is expected to complete on April 1, 2026 and as a result

of which the Company intends to delist Tekno from the

Brazilian Stock Exchange. Total consideration was 133

(including 104 cash outflow net of 16 cash acquired and 13

contingent deferred consideration for acquisition of non-

controlling interests). As part of the transaction, the Company

also acquired a 49% interest leading to control of Perfilor S.A.

Construções Indústria e Comércio ("Perfilor"), a joint venture in

which it already held a 51% stake. The Company remeasured

its previously held equity interest in Perfilor at its 23

acquisition-date fair value and recognized the resulting 11 gain

in income from investments in associates, joint ventures and

other investments. The acquisition-date fair value of of

identifiable assets and liabilities has been measured on a

provisional basis at December 31, 2025. Tekno is part of the

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| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

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Brazil reportable segment. Revenue and net income since

acquisition date were 14 and 1, respectively.

On June 18, 2025, pursuant to an equity purchase agreement

dated October 11, 2024 between ArcelorMittal and Nippon

Steel Corporation ("NSC") with respect to their joint venture

AMNS Calvert (subsequently renamed ArcelorMittal Calvert

LLC "Calvert"), in connection with the proposed acquisition of

U.S. Steel by NSC with respect to an agreement dated

December 18, 2023 and approved by the U.S. administration

on June 13, 2025, ArcelorMittal acquired control of Calvert

following the acquisition of NSC's 50% stake. The flat steel

processing facility based in Calvert, Alabama (United States)

has a hot strip mill, pickling and cold rolling facilities and

finishing facilities with 5.3, 3.6 and 2.1 million tonnes capacity,

respectively. Calvert serves the automotive, construction, pipe

and tube, service center and appliances for the heating,

ventilation & air conditioning industries. The slabs for Calvert's

operations are sourced from ArcelorMittal plants in Brazil and

Mexico and from Cleveland-Cliffs for 1.5 million tonnes

annually, which following a notice to terminate the agreement

issued in December 2024 expired at the end of the initial five-

year term on December 9, 2025. The acquisition also includes

a new seven-year domestic slab supply agreement with NSC

averaging 750,000 tonnes per year. Calvert also completed the

investment in an on-site steelmaking facility through a 1.5

million tonnes capacity EAF (producing slabs for the existing

operations and replacing part of the purchased slabs).

Construction commenced in March 2021 after obtaining all

environmental permits and the facility is currently in the hot

commissioning phase with the first heat produced on June 14,

2025. The cash consideration paid by the Company to acquire

NS Kote Inc., which holds the 50% interest in Calvert (in

addition to 638 cash injected by NSC to repay debt of Calvert

outstanding at acquisition date and 248 shareholder loan

forgiven by NSC) was 1 U.S. dollar (cash acquired of 263).

Settlement of preexisting relationships amounted to 574

(including mainly 248 shareholder loan, 106 trade payables,

105 dividend payable and 122 unfavorable sales agreement).

ArcelorMittal incurred 2 acquisition-related costs recognized in

selling, general and administrative expenses. The Company

remeasured its previously held 50% equity interest in Calvert at

its acquisition-date fair value and recognized the resulting 13

gain in income from investments in associates, joint ventures

and other investments. The acquisition-date fair value of

identifiable assets and liabilities has been measured on a

provisional basis at December 31, 2025. The fair value of

acquired receivables was 472. The aggregate acquisition gain

recognized in operating income was 1,858 including 1,736

bargain purchase gain resulting from the specific context of the

sale by NSC of its interest in Calvert required in connection

with NSC's acquisition of U.S. Steel and 122 gain on

settlement of pre-existing relationships. Calvert is part of the

North America reportable segment. Revenue and net income

since acquisition date were 2,599 and 7, respectively.

On May 5, 2025, following approval by the Brazilian antitrust

authority CADE on April 4, 2025, ArcelorMittal acquired control

of the Brazilian pipe producer Tuper S.A. ("Tuper"), a joint

venture in which it already held a 40% interest. Tuper is one of

the largest steel processing companies in Latin America

serving the oil and gas, civil construction, infrastructure,

industrial and automotive markets. The acquisition of the 60%

interest in Tuper involved a 83 cash-settled capital increase of

the joint venture subscribed by ArcelorMittal on April 25, 2025

pursuant to which ArcelorMittal's interest increased from 40%

to 54.7% and a 155 total consideration (84 cash outflow net of

cash acquired of 62 and outstanding loan of 9) for the

acquisition of the remaining 45.3% interest providing control.

Net settlement of preexisting relationships amounted to 52.

The Company remeasured its previously held equity interest in

Tuper at its acquisition-date fair value and recognized the

resulting 35 gain in income from joint ventures, associates and

other investments. The measurement of the acquisition-date

fair value of identifiable assets and liabilities has been

completed at December 31, 2025. Tuper is part of the Brazil

reportable segment. Current assets include 55 trade

receivables. ArcelorMittal recognized 169 goodwill. Goodwill is

deductible for tax purposes. Revenue and net income since

acquisition date were 220 and 24, respectively.

On April 1, 2025, ArcelorMittal increased its interest in the joint

venture ArcelorMittal Tailored Blanks Americas ("AMTBA") from

80% to 90% and acquired control following certain

amendments of the shareholders' agreement. AMTBA

manufactures light-weighting solutions for the automotive

industry through laser welding and has facilities across

Canada, the United States and Mexico. Total consideration

was 31 (5 cash outflow net of cash acquired of 13 and

outstanding loan of 13). ArcelorMittal granted a put option

exercisable between January 1, 2030 and December 31, 2033

to the non-controlling interest and recognized accordingly a 31

financial liability at amortized cost measured at the present

value of the redemption amount. The Company remeasured its

previously held 80% equity interest in AMTBA at its acquisition-

date fair value and recognized the resulting 145 gain in income

from investments in associates, joint ventures and other

investments.The Company completed its measurement of the

acquisition-date fair value of the identifiable assets and

liabilities of AMTBA. Current assets include 51 trade

receivables. ArcelorMittal recognized 97 goodwill. Goodwill is

not deductible for tax purposes. AMTBA is part of the North

America reportable segment. Revenue and net loss since

acquisition date were 285 and 13, respectively.

Revenue and net income attributable to the equity holders of

the parent of the Company for twelve months ended December

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31, 2025 were 63,992 and 3,308, respectively, as though

ArcelorMittal had completed the acquisitions of Calvert,

AMTBA, Tekno, Atlas and Tuper as of January 1, 2025.

On May 31, 2024, ArcelorMittal completed the acquisition of

Italpannelli SRL in Italy and Italpannelli Iberica in Spain

("Italpannelli"). Italpannelli is a manufacturer of lightweight

insulation panels for roofs and façades. It operates two

production plants across Europe, in Zaragoza (Spain) and

Abruzzo (Italy). The acquisition adds considerable strategic

value to ArcelorMittal Construction's business within the

Sustainable Solutions reportable segment in terms of growth,

enhanced geographic market offering, product capabilities and

synergies as a result of which, following the completion of

measurement of the acquisition-date fair value of the

identifiable assets and liabilities, the Company recognized 85

goodwill. Goodwill is not deductible for income tax purposes.

The total cash consideration paid was €268 million (201 net of

cash acquired of 88).

On June 20, 2024, the Company acquired from Euler Hermes

Reinsurance AG the reinsurance company Euler Hermes Re

for €134 million (144). Net cash inflow was 17 considering 161

cash acquired. The Company concluded that the acquisition of

Euler Hermes RE was not a business combination as the

transaction did not include the acquisition of any strategic,

operational and resource management processes.

On March 9, 2023, following receipt of customary regulatory

approvals, ArcelorMittal completed the acquisition of

Companhia Siderúrgica do Pecém, a steel facility in the state

of Ceará with three-million tonne capacity blast furnace

subsequently renamed ArcelorMittal Pecém, for total cash

consideration of 2,193. The Company recognized acquisition-

related costs of 4 in selling, general and administrative

expenses. Acquired current assets and other liabilities include

2,605 and 2,605 of restricted cash held in escrow and debt,

respectively, which were settled after acquisition date. The

Company presented these settlements as non-cash

transactions in the consolidated statements of cash flows. It

recognized also 3,123 (including trade receivables of 60),

1,824 and 100 of current assets, property, plant and equipment

and intangible assets, respectively. Following the completion of

the measurement of the acquisition-date fair value of the

identifiable assets and liabilities of ArcelorMittal Pecém, the

Company recognized 164 goodwill resulting from operational

and financial synergies. ArcelorMittal Pecém is part of the

Brazil reportable segment.

During the first half of 2023, the Company also completed two

acquisitions relating to the Sustainable Solutions reportable

segment ("Sustainable Solutions acquisitions"). On January 3,

2023, ArcelorMittal completed the acquisition of Riwald

Recycling, a state-of-the-art ferrous scrap metal recycling

business based in the Netherlands. The acquisition is part of

ArcelorMittal's strategy of increasing the use of scrap steel to

lower CO2 emissions from steelmaking in both the EAF and

BF-BOF routes. On March 10, 2023, the Company also

completed the acquisition of the German insulation panel

manufacturer Italpannelli Germany (subsequently renamed

Trier Insulated Panels), which will complement the existing

geographic presence and strengthen the product portfolio of

ArcelorMittal Sustainable Solutions' construction business. The

total cash consideration paid for the Sustainable Solutions

acquisitions was €144 million (152 net of cash acquired of 4)

including debt assumed of 15. Following the completion of the

measurement of the acquisition-date fair value of the

identifiable assets and liabilities of the Sustainable Solutions

acquisitions, the Company recognized 57 goodwill, which was

primarily attributable to the expected synergies and other

benefits from combining the activities of the Sustainable

Solutions acquisitions with those of the Company. Goodwill is

not deductible for income tax purposes.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

The table below summarizes the acquisition-date fair value of the assets acquired and liabilities assumed in 2025, 2024 and 2023:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | 2025 | 2025 | 2025 | 2025 | 2025 | 2024 | 2023 | 2023 |
| | Calvert<sup>1</sup> | Tekno | Atlas | AMTBA | Tuper | Italpannelli | ArcelorMittal <br>Pecém<br>| Sustainable <br>Solutions <br>acquisitions<br>|
| Current assets | 1985 | 48 | 2 | 104 | 99 | 75 | 3123 | 25 |
| Property, plant and equipment | 2727 | 36 | 193 | 241 | 142 | 54 | 1824 | 75 |
| Intangible assets |  |  |  | 70 | 38 | 58 | 100 | 32 |
| Other non-current assets |  | 7 | 1 | 12 | 23 |  | 138 | 8 |
| Total assets | 4712 | 91 | 196 | 427 | 302 | 187 | 5185 | 140 |
| Deferred tax liabilities | 137 |  |  | 42 |  | 19 |  | 14 |
| Other liabilities | 1631 | 42 | 180 | 199 | 177 | 52 | 3156 | 46 |
| Total liabilities | 1768 | 42 | 180 | 241 | 177 | 71 | 3156 | 60 |
| Net assets acquired | 2944 | 49 | 16 | 186 | 125 | 116 | 2029 | 80 |
| Consideration paid, net of cash <br>acquired (received)<br>| (263) | 104 | 23 | 5 | 84 | 201 | 2193 | 152 |
| Deferred consideration |  | 13 | 9 |  |  |  |  |  |
| Settlement of preexisting relationships | 574 |  |  |  | 52 |  |  |  |
| Settlement of outstanding receivable |  |  |  | 13 | 9 |  |  |  |
| Fair value of previously held interest | 897 |  | 25 | 245 | 149 |  |  |  |
| Fair value of other investment <br>previously held<br>|  | 23 |  |  |  |  |  |  |
| Non-controlling interests |  |  |  | 20 |  |  |  |  |
| Debt assumed |  |  |  |  |  |  |  | (15) |
| Goodwill/(bargain purchase gain) | (1736) | 91 | 41 | 97 | 169 | 85 | 164 | 57 |

---

1.638 cash injected by NSC and debt repaid through such proceeds are presented net in the above table. The corresponding cash inflow and outflow are also presented net

in the investing activities in the consolidated statements of cash flows in 2025.

2.3 Divestments and assets held for sale

Non-current assets and disposal groups that are classified as

held for sale are measured at the lower of carrying amount and

fair value less costs to sell. Assets and disposal groups are

classified as held for sale if their carrying amount will be

recovered through a sale transaction rather than through

continuing use. The non-current asset, or disposal group, is

classified as held for sale only when the sale is highly probable

and is available for immediate sale in its present condition and

is marketed for sale at a price that is reasonable in relation to

its current fair value. Assets held for sale are presented

separately in the consolidated statements of financial position

and are not depreciated. Gains (losses) on disposal of

subsidiaries are recognized in cost of sales, whereas gains

(losses) on disposal of investments accounted for under the

equity method are recognized in income (loss) from

investments in associates, joint ventures and other

investments.

An operation is classified as discontinued when it represents a

separate major line of business or geographical area of

operations that either has been disposed of or is classified as

held for sale. Discontinued operations are reported on a single

line in the Company's consolidated statements of operations. It

reflects the after-tax net income from discontinued operations

until the date of disposal and the gains or losses net of taxes

realized on the disposals of these operations. In addition, cash

flows generated by the discontinued operations are reported on

a separate line in the consolidated statement of cash flows for

the relevant periods.

*Divestments in 2025*

On October 30, 2025, following the signature of a sale and

purchase agreement on June 20, 2025, ArcelorMittal

completed for nil consideration the sale of its operations in

Bosnia and Herzegovina, ArcelorMittal Zenica, an integrated

steel plant, and ArcelorMittal Prijedor, an iron ore mining

business which supplies the Zenica plant ("AMZ" in aggregate),

to Pavgord Group. The facilities were part of the Europe

reportable segment. As a result of loss of control, the Company

derecognized assets and liabilities of 131 and 83, respectively.

Upon initial measurement of the recoverable amount based on

sales proceeds, the Company recognized a 205 impairment

loss including 194 recognized in cost of sales (relating to

property, plant and equipment for 143 and current assets for

51) and 11 recognized in impairment of investments in

associates, joint ventures and other investments with respect

to a joint venture of ArcelorMittal Zenica. The loss on disposal

amounted to 61 including 43 reclassification of foreign

exchange translation losses from other comprehensive income

to cost of sales in the consolidated statements of operations.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

In addition, during 2025, the Company also initiated and

partially completed the sale of two tubular products facilities

ArcelorMittal Tubular Products Iasi ("AMTPI") and ArcelorMittal

Tubular Products Roman ("AMTPR") both located in Romania

and which were part of the Sustainable Solutions reportable

segment. On December 12, 2025, the Company completed the

sale of AMTPI. At December 31, 2025, the carrying amount of

AMTPR was classified as held for sale as the sale process was

still ongoing.

The table below provides the details of assets and liabilities of

AMTPR classified as held for sale at December 31, 2025.

---

| | | |
|:---|:---|:---|
| | December 31, 2025<br>| AMTPR |
| Current Assets: |  |  |
| Cash and cash equivalents |  | 3 |
| Trade accounts receivable, prepaid expenses <br>and other current assets<br>|  | 9 |
| Inventories |  | 20 |
| Total Current Assets |  | 32 |
| Non-current Assets: |  |  |
| Property, plant and equipment  |  | 5 |
| Total Non-current Assets |  | 5 |
| Total Assets |  | 37 |
| Current Liabilities: |  |  |
| Trade accounts payables, accrued expenses <br>and other liabilities<br>|  | 19 |
| Total Current Liabilities |  | 19 |
| Total Liabilities |  | 19 |

---

*Divestments in 2023*

On December 7, 2023, ArcelorMittal completed the sale of

ArcelorMittal Temirtau, its steel and mining operations in

Kazakhstan, to Qazaqstan Investment Corporation ("QIC"), a

state-controlled direct investment fund. Under the terms of the

transaction, on closing ArcelorMittal received consideration of

286 (254 net of cash disposed of 24 and 8 transaction costs)

for net assets and a further 250 as repayment of outstanding

intra-group receivables. ArcelorMittal also received an

additional sovereign-fund guaranteed payment of 450 as

repayment of an intra-group loan. All ArcelorMittal Temirtau

assets were transferred on an 'as is' operational basis,

meaning QIC assumed control and accountability for

ArcelorMittal Temirtau's operations. As a result of loss of

control, the Company derecognized assets and liabilities of

1,650 and 1,372, respectively. ArcelorMittal recognized in cost

of sales a 732 impairment loss of property, plant and

equipment upon measuring the recoverable amount based on

sales proceeds (see note 5.3). The Company also recognized

in cost of sales a 194 impairment loss of goodwill following the

allocation to the disposal group of a portion of the former ACIS

segment goodwill in proportion of the consideration received to

the total recoverable amount of the former ACIS operations. In

addition, it reclassified 1,469 of foreign exchange translation

losses from other comprehensive income to cost of sales in the

consolidated statements of operations.

The table below summarizes the significant divestments

completed in 2025 and 2023 (there were no divestments in

2024):

---

| | | | |
|:---|:---|:---|:---|
|  | 2025 | 2025 | 2023 |
| | AMZ | AMTPI | ArcelorMittal <br>Temirtau<br>|
| Cash and cash equivalents | 10 |  | 24 |
| Other current assets | 120 | 11 | 645 |
| Property, plant and equipment |  |  | 972 |
| Other assets | 1 | 3 | 9 |
| Total assets | 131 | 14 | 1650 |
| Current liabilities | 82 | 10 | 882 |
| Other long-term liabilities | 1 | 10 | 490 |
| Total liabilities | 83 | 20 | 1372 |
| Total net assets | 48 | (6) | 278 |
| Non-controlling interests | 30 |  |  |
| Total net assets disposed of | 18 | (6) | 278 |
| Goodwill allocation |  |  | (194) |
| Consideration |  |  | 278 |
| Reclassification of foreign <br>exchange and other <br>| (43) | (8) | (1469) |
| Gain (loss) on disposal | (61) | (2) | (1663) |

---

2.4 Investments in associates and joint arrangements

The carrying amounts of the Company's investments

accounted for under the equity method were as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
| Category | 2025 | 2024 |
| Joint ventures | 4908 | 6184 |
| Associates | 4170 | 3895 |
| Individually immaterial joint ventures and <br>associates<sup>1</sup><br>| 1315 | 1341 |
| Total | 10393 | 11420 |

---

1. Individually immaterial joint ventures and associates represent in aggregate

less than 20% of the total carrying amount of investments in joint ventures and

associates at December 31, 2025 and 2024, and none of them have a

carrying value exceeding 150 at December 31, 2025 and 2024.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

*2.4.1 Joint ventures* 

The following tables summarize the latest available financial information and reconcile it to the carrying value of each of the Company's

material joint ventures, as well as the income statement of the Company's material joint ventures:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| Joint Ventures | AMNS <br>India<br>| NEMM | VAMA | Borçelik | Al Jubail | VdSA | Total |
| Financial statements reporting date | December <br>31, 2025<br>| December 31, <br>2025<br>| December <br>31, 2025<br>| December <br>31, 2025<br>| December 31, <br>2025<br>| December 31, <br>2025<br>|  |
| Place of incorporation and operation <sup>1</sup> | India | China | China | Turkey | Saudi Arabia | Brazil |  |
| Principal Activity | Integrated <br>flat steel <br>producer<sup>4,5</sup><br>| Production and <br>sale of <br>electrical steel <br><sup>6</sup><br>| Automotive <br>steel <br>finishing<br>| Manufacturi<br>ng and sale <br>of steel <sup>2,3</sup><br>| Production and <br>sale of seamless <br>line pipes and <br>tubes<br>| Renewable <br>energy <br>production and <br>supply<br>|  |
| Ownership and voting rights at <br>December 31, 2025<br>| 60.00% | 50.00% | 50.00% | 50.00% | 33.34% | 55% |  |
| Current assets | 3239 | 527 | 855 | 505 | 943 | 92 | 6161 |
| of which cash, cash equivalents and <br>restricted cash<br>| 959 | 242 | 50 | 39 | 171 | 44 | 1505 |
| Non-current assets | 12623 | 762 | 953 | 284 | 1101 | 836 | 16559 |
| Current liabilities | 2301 | 64 | 608 | 309 | 368 | 38 | 3688 |
| of which trade and other payables <br>and provisions<br>| 1762 | 64 | 427 | 267 | 270 | 12 | 2802 |
| Non-current liabilities | 8727 | 54 | 19 | 47 | 563 | 618 | 10028 |
| of which trade and other payables, <br>provisions and deferred tax liability<br>| 717 |  | 1 | 47 | 60 | 1 | 826 |
| Non-controlling interest | 25 |  |  |  |  |  | 25 |
| Net assets attributable to equity <br>holders of the parent<br>| 4809 | 1171 | 1181 | 433 | 1113 | 272 | 8979 |
| Company's share of net assets | 2885 | 585 | 591 | 216 | 371 | 149 | 4797 |
| Adjustments for differences in <br>accounting policies and other<br>| 126 | 13 |  | (35) | 7 |  | 111 |
| Carrying amount in the statements of <br>financial position<br>| 3011 | 598 | 591 | 181 | 378 | 149 | 4908 |
| Revenue | 6029 |  | 1549 | 1281 | 1046 | 97 | 10002 |
| Depreciation and amortization | (420) | (1) | (29) | (24) | (78) | (15) | (567) |
| Interest income | 70 | 3 | 2 | 2 | 2 | 2 | 81 |
| Interest expense | (234) |  | (3) | (23) | (22) | (10) | (292) |
| Income tax benefit (expense) | 18 | 12 | (58) | (12) | (16) | (3) | (59) |
| Income (loss) from continuing <br>operations<br>| 93 | (40) | 262 | 29 | 173 | 35 | 552 |
| Other comprehensive income (loss) | (713) |  |  | (3) |  |  | (716) |
| Total comprehensive income (loss) | (620) | (40) | 262 | 26 | 173 | 35 | (164) |
| Cash dividends received by the <br>Company<br>|  |  | 94 | 7 |  | 4 | 105 |

---

1. The country of incorporation corresponds to the country of operation.

2. Ownership interest in Borçelik was 45.33% and 50.00% based on issued shares and outstanding shares, respectively, at December 31, 2025; voting interest was 48.01%

at December 31, 2025.

3. Adjustment in Borçelik relates primarily to differences in accounting policies regarding revaluation of fixed assets.

4. Adjustments in AMNS India correspond primarily to transaction costs incurred to set up the joint venture and the fair value of the guarantee of the joint venture's debt (see

note 9.4).

5. Includes AMNS Luxembourg, AMNS India (including infrastructure assets) and intermediate holding entities.

6. The joint venture had no operations in 2025. The carrying amount at December 31, 2025 included 326 cash contributions and 287 liability (including a non-current portion

of 163 see note 9.2) corresponding to the net present value of future equity increases for which the Company has a present obligation.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| Joint Ventures | AMNS India | Calvert | NEMM | VAMA | Tameh | Borçelik | Al Jubail | VdSA | Total |
| Financial statements <br>reporting date<br>| December <br>31, 2024<br>| December <br>31, 2024<br>| December <br>31, 2024<br>| December <br>31, 2024<br>| December <br>31, 2024<br>| December 31, <br>2024<br>| December <br>31, 2024<br>| December <br>31, 2024<br>|  |
| Place of incorporation <br>and operation <sup>1</sup><br>| India | United <br>States<br>| China | China | Poland | Turkey | Saudi <br>Arabia<br>| Brazil |  |
| Principal Activity | Integrated <br>flat steel <br>producer<sup>4,5</sup><br>| Automotive <br>steel <br>finishing <sup>6</sup><br>| Production <br>and sale of <br>electrical <br>steel <sup>7</sup><br>| Automotive <br>steel <br>finishing<br>| Energy <br>production <br>and supply<br>| Manufacturing <br>and sale of <br>steel <sup>2,3</sup><br>| Production <br>and sale of <br>seamless <br>line pipes <br>and tubes<br>| Renewable <br>energy <br>production <br>and supply <br>|  |
| Ownership and voting <br>rights at December 31, <br>2024<br>| 60.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 33.34% | 55.00% |  |
| Current assets | 3758 | 2364 | 688 | 962 | 143 | 534 | 905 | 80 | 9434 |
| of which cash, cash <br>equivalents and <br>restricted cash<br>| 1279 | 603 | 240 | 152 | 27 | 36 | 145 | 13 | 2495 |
| Non-current assets | 12004 | 2634 | 444 | 778 | 277 | 297 | 1079 | 460 | 17973 |
| Current liabilities | 2219 | 1171 |  | 650 | 193 | 358 | 528 |  | 5119 |
| of which trade and other <br>payables and provisions<br>| 1674 | 196 |  | 476 | 161 | 316 | 264 |  | 3087 |
| Non-current liabilities | 8065 | 1885 |  | 29 | 19 | 50 | 514 | 326 | 10888 |
| of which trade and other <br>payables, provisions and <br>deferred tax liability<br>| 904 |  |  | 1 | 12 | 50 | 83 |  | 1050 |
| Non-controlling interest | 26 |  |  |  |  |  |  |  | 26 |
| Net assets attributable to <br>equity holders of the <br>parent<br>| 5452 | 1942 | 1132 | 1061 | 208 | 423 | 942 | 214 | 11374 |
| Company's share of net <br>assets<br>| 3271 | 971 | 566 | 531 | 104 | 212 | 314 | 117 | 6086 |
| Adjustments for <br>differences in accounting <br>policies and other<br>| 135 | (40) |  |  | 32 | (36) | 7 |  | 98 |
| Carrying amount in the <br>statements of financial <br>position<br>| 3406 | 931 | 566 | 531 | 136 | 176 | 321 | 117 | 6184 |
| Revenue | 6515 | 4544 |  | 1730 | 583 | 1425 | 757 |  | 15554 |
| Depreciation and <br>amortization<br>| (452) | (76) |  | (38) | (30) | (24) | (61) |  | (681) |
| Interest income | 69 |  |  | 4 | 3 | 1 | 5 |  | 82 |
| Interest expense | (172) | (58) |  | (4) | (6) | (35) | (50) |  | (325) |
| Income tax benefit <br>(expense)<br>| 97 |  |  | (67) | (7) | (7) | (8) |  | 8 |
| Income (loss) from <br>continuing operations<br>| 323 | 191 |  | 288 | (72) | 17 | 86 | (1) | 832 |
| Other comprehensive <br>income (loss)<br>| (351) | (4) |  |  | (1) | 1 |  |  | (355) |
| Total comprehensive <br>income (loss)<br>| (28) | 187 |  | 288 | (73) | 18 | 86 | (1) | 477 |
| Cash dividends received <br>by the Company<br>|  | 24 |  | 115 |  | 8 |  |  | 147 |

---

1. The country of incorporation corresponds to the country of operation.

2. Ownership interest in Borçelik was 45.33% and 50.00% based on issued shares and outstanding shares, respectively, at December 31, 2024; voting interest was 48.01%

at December 31, 2024.

3. Adjustment in Borçelik relates primarily to differences in accounting policies regarding revaluation of fixed assets.

4. Adjustments in AMNS India correspond primarily to transaction costs incurred to set up the joint venture and the fair value of the guarantee of the joint venture's debt (see

note 9.4).

5. Includes AMNS Luxembourg, AMNS India (including infrastructure assets) and intermediate holding entities.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

6. Adjustments in Calvert primarily relate to differences in accounting policies regarding inventory valuation.

7. The joint venture was incorporated and had no operations in 2024. The initial carrying amount of 566 corresponds to a 120 cash contribution and 446 liability (including a

non-current portion of 222 see note 9.2) corresponding to the net present value of future equity increases for which the Company has a present obligation.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
| Joint Ventures | AMNS India | Calvert | VAMA | Tameh | Borçelik | Al Jubail | VdSA | Total |
| Place of incorporation and operation <sup>1</sup> | India | United <br>States<br>| China | Poland | Turkey | Saudi <br>Arabia<br>| Brazil |  |
| Principal Activity | Integrated <br>flat steel <br>producer <sup>4,5</sup><br>| Automotive <br>steel <br>finishing <sup>6</sup><br>| Automotive <br>steel <br>finishing<br>| Energy <br>production <br>and supply<br>| Manufacturing <br>and sale of <br>steel <sup>2,3</sup><br>| Production <br>and sale <br>of <br>seamless <br>line pipes <br>and tubes <br>| Renewable <br>energy <br>production <br>and supply<br>|  |
| Ownership and voting rights at <br>December 31, 2023<br>| 60.00% | 50.00% | 50.00% | 50.00% | 50.00% | 33.34% | 55.00% |  |
| Current assets | 3653 | 1798 | 853 | 389 | 559 | 935 | 93 | 8280 |
| of which cash, cash equivalents and <br>restricted cash<br>| 926 | 83 | 201 | 46 | 12 | 297 | 3 | 1568 |
| Non-current assets | 10208 | 2125 | 788 | 454 | 238 | 1149 | 190 | 15152 |
| Current liabilities | 1617 | 1017 | 557 | 462 | 329 | 542 | 7 | 4531 |
| of which trade and other payables <br>and provisions<br>| 1310 | 169 | 449 | 368 | 323 | 404 | 7 | 3030 |
| Non-current liabilities | 6763 | 1103 | 51 | 37 | 39 | 633 |  | 8626 |
| of which trade and other payables <br>and provisions<br>| 997 |  | 1 | 28 | 39 | 61 |  | 1126 |
| Non-controlling interest | 27 |  |  |  |  |  |  | 27 |
| Net assets attributable to equity <br>holders of the parent<br>| 5454 | 1803 | 1033 | 344 | 429 | 909 | 276 | 10248 |
| Company's share of net assets | 3272 | 902 | 517 | 172 | 215 | 303 | 151 | 5532 |
| Adjustments for differences in <br>accounting policies and other<br>| 139 | (6) |  | (20) | (40) | 6 |  | 79 |
| Carrying amount in the statements of <br>financial position<br>| 3411 | 896 | 517 | 152 | 175 | 309 | 151 | 5611 |
| Revenue | 6710 | 4860 | 1787 | 945 | 1549 | 1205 |  | 17056 |
| Depreciation and amortization | (446) | (70) | (36) | (37) | (25) | (69) |  | (683) |
| Interest income | 54 |  | 2 | 2 | 1 |  |  | 59 |
| Interest expense | (207) | (51) | (5) | (14) | (35) | (49) |  | (361) |
| Income tax benefit (expense) | (279) |  | (53) | (7) | (33) | 21 |  | (351) |
| Income (loss) from continuing <br>operations<br>| 1070 | 99 | 352 | 7 | 29 | 274 |  | 1831 |
| Other comprehensive income (loss) | (998) | (20) |  | (14) | (6) |  |  | (1038) |
| Total comprehensive income (loss) | 72 | 79 | 352 | (7) | 23 | 274 |  | 793 |
| Cash dividends received by the <br>Company<br>|  | 58 |  |  | 21 |  |  | 79 |

---

1. The country of incorporation corresponds to the country of operation except for Tameh whose country of operation is also the Czech Republic.

2. Ownership interest in Borçelik was 45.33% and 50.00% based on issued shares and outstanding shares, respectively, at December 31, 2023; voting interest was 48.01%

at December 31, 2023.

3. Adjustment in Borçelik relates primarily to differences in accounting policies regarding revaluation of fixed assets.

4. Adjustments in AMNS India correspond primarily to transaction costs incurred to set up the joint venture and the fair value of the guarantee of the joint venture's debt (see

note 9.4).

5. Includes AMNS Luxembourg, AMNS India and intermediate holding entities.

6. Adjustments in Calvert primarily relate to differences in accounting policies regarding inventory valuation.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

*AMNS India*

AMNS India is an integrated flat carbon steel manufacturer -

from iron ore to ready-to-market products with an achievable

crude steel capacity of 8.8 million tonnes per annum. Its

manufacturing facilities comprise iron making, steelmaking and

downstream facilities spread across India.

In 2019, ArcelorMittal and Nippon Steel Corporation ("NSC"),

Japan's largest steel producer, created a joint venture to own

and operate AMNS India with ArcelorMittal holding a 60%

interest and NSC holding 40%. Through the agreement, both

ArcelorMittal and NSC are guaranteed equal board

representation and participation in all significant financial and

operating decisions. The Company has therefore determined

that it does not control the entity, even though it holds 60% of

the voting rights. AMNS Luxembourg Holding S.A. ("AMNS

Luxembourg") is the parent company of the joint venture.

ArcelorMittal's 60% interest is accounted for under the equity

method.

AMNS India's main steel manufacturing facility is located at

Hazira, Gujarat in western India. It also has:

–two iron ore beneficiation plants close to the mines in

Kirandul and Dabuna, with slurry pipelines that then

transport the beneficiated iron ore slurry to the pellet plants

in the Kirandul-Vizag and Dabuna-Paradeep systems;

–downstream facilities in Pune, Khopoli and Gandhidham; and

–six service centers in the industrial clusters of Hazira, Indore,

Bahadurgarh, Chennai, Kolkata and Pune. It has a complete

range of flat rolled steel products, including value added

products, and significant iron ore pellet capacity with two

main pellet plant systems in Kirandul-Vizag and Dabuna-

Paradeep, which have the potential for expansion. Its

facilities are located close to ports with deep draft for

movement of raw materials and finished goods.

In terms of iron ore pellet capacity, the Kirandul-Vizag system

has 8 million tonnes of annual pellet capacity; and the Dabuna-

Paradeep system has 12 million tonnes of annual pellet

capacity.

AMNS India completed the acquisition of the portfolio of

strategic infrastructure assets from Essar Group. The

remaining assets which were pending due to regulatory

approvals have been acquired during 2024 and include a 16

million-tonne per annum all-weather, deep draft terminal at

Visakhapatnam, Andhra Pradesh (along with an integrated

conveyor connected to AMNS India's iron ore pellet plant in the

port city) and a 100-kilometer Gandhar - Hazira transmission

line, connecting AMNS India's steelmaking complex with the

central electricity grid.

AMNS India intends to further debottleneck existing operations

(steel shop and rolling parts) in the medium term. The first

phase of expansion represents capital expenditures of

approximately 7.7 billion (0.8 billion for debottlenecking, 1.0

billion for downstream projects, 5.7 billion for upstream projects

and 0.2 billion for operational readiness) and started in October

2022. It aims to increase production at the Hazira facility to 15

million tonnes of rolled products by the second half of 2026.

Plans are under development to expand the production

capacity by establishing a greenfield integrated steel plant with

an 8.2 million tonnes annual capacity at Rajayapeta in Andhra

Pradesh, a strategically significant project. This facility will play

a critical role in advancing AMNS India's objective of scaling its

total steelmaking capacity to 40 million tonnes per annum.

On March 16, 2020 and March 30, 2023, AMNS Luxembourg

entered into 5.1 billion and 5 billion ten-year term loan

agreements, respectively, with various Japanese banks. The

proceeds of the loan agreements, which are guaranteed by

ArcelorMittal and NSC in proportion to their respective interests

in the joint venture, are used for the purposes of expansion

financing. The 5 billion ten-year term loan consists of 3

tranches to be disbursed by April 30, 2026 at the request of

AMNS Luxembourg.

In terms of iron ore mining assets, AMNS India operates the

Thakurani mine in the Keonjhar district of Odisha and the

Ghoraburhani-Sagasahi mine in the Sudargarh district of

Odisha.

*VAMA* 

Valin ArcelorMittal Automotive Steel ("VAMA") is a joint venture

between ArcelorMittal and Hunan Valin which produces steel

for high-end applications in the automobile industry. VAMA

supplies international automakers and first-tier suppliers as

well as Chinese car manufacturers and their supplier networks.

In April 2023 VAMA announced the start of production for its

second continuous galvanization line with an annual capacity

of 450,000 tonnes, bringing its total capacity to 2 millions

tonnes per year.

*Calvert* 

AMNS Calvert was a joint venture between the Company and

NSC until June 18, 2025, when ArcelorMittal acquired control

(see note 2.2.4).

*NEMM*

On October 16, 2024, in the framework of their New Energy

Magnetic Material ("NEMM") project, ArcelorMittal and China

Oriental formed two joint ventures with equal ownership to be

engaged principally in the production and sale of electrical

steel grade hot-rolled coil substrates and cold-rolled non-

oriented or oriented electrical steel for the Chinese automotive

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

market. The project envisages the construction of an upstream

plant and a downstream plant with production commencing in

2027. *VdSA*

On May 5, 2023, following approval by the Brazilian antitrust

authority CADE on April 13, 2023, ArcelorMittal formed the joint

venture Ventos de Santo Antônio Comercializadora de Energia

S.A. ("VdSA") with Casa dos Ventos, one of Brazil's largest

developers and producers of renewable energy projects,

developing a 554 MW wind power project, with ArcelorMittal

holding a 55% stake and Casa dos Ventos holding the

remaining 45%. The project Ventos de Santo Antonio aims to

secure and decarbonize a considerable proportion of the

Company's wholly-owned subsidiary ArcelorMittal Brazil's

future electricity needs through a 20 years power purchasing

power agreement starting on January 1, 2026. Through the

agreement, both ArcelorMittal and Casa dos Ventos are

guaranteed equal board representation and participation in all

significant financial and operating decisions. The Company has

therefore determined that VdSA is a joint venture subject to

joint control as it does not control the entity, even though it

holds a 55% interest. The Company accounted for its

investment in VdSA under the equity method.

*Tameh*

Tameh Holding sp. z o.o. ("Tameh") is a joint venture between

ArcelorMittal and Tauron Polska Energia S. A. ("Tauron")

including three energy production facilities located in Poland.

Tameh's objective is to ensure energy supply to the Company's

steel plants in Poland as well as the utilization of steel plant

gases for energy production processes.

Following the occurrence of a deadlock situation, both Tauron

and ArcelorMittal had the ability to exercise a put option right,

allowing each partner to sell its shares to the other one. As per

the shareholders' agreement, the declaration of acceptance of

an offer that is submitted first shall prevail. ArcelorMittal

successfully served its declaration on Tauron on January 2,

2024. Tauron challenged this assertion and in October 2024,

ArcelorMittal was served with a request for arbitration filed by

Tauron (see note 9.3). In 2025 the Company recognized a 81

impairment loss (see note 2.6) and accordingly discloses the

joint venture with other investments not individually material

(see note 2.4.3).

*Borçelik* 

Borçelik Çelik Sanayii Ticaret Anonim Şirketi ("Borçelik"),

incorporated and located in Turkey, is a joint venture between

ArcelorMittal and Borusan Holding involved in the

manufacturing and sale of cold-rolled and galvanized flat steel

products.

*Al Jubail*

ArcelorMittal Tubular Products Al Jubail ("Al Jubail") is a state

of the art seamless tube mill in Saudi Arabia designed and built

to serve the fast growing energy producing markets of Saudi

Arabia, the Middle East, North Africa and beyond.

*Acciaierie d'Italia*

On February 20, 2024, the Italian Government issued a decree

placing Acciaierie d'Italia in extraordinary administration

subsequent to the request of Invitalia, thereby passing control

of the company from its shareholders, ArcelorMittal and

Invitalia, to government appointed commissioners. On January

26, 2026, ArcelorMittal was served by the Extraordinary

Commissioners of Acciaierie d'Italia S.p.A. in Extraordinary

Administration, the company operating the Italian steel plants

owned and formerly managed by Ilva S.p.A. in Extraordinary

Administration with a writ of summons to appear before the

Court of Milan. ArcelorMittal categorically rejects any and all

allegations set out in the claim and will defend its position

vigorously before all the competent venues.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

*2.4.2 Associates* 

The following table summarizes the financial information and reconciles it to the carrying amount of each of the Company's material

associates, as well as the income statement of the Company's material associates:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| Associates | Vallourec | China Oriental | DHS Group | Gonvarri Steel <br>Industries<br>| Baffinland <sup>6</sup> | Total |
| Financial statements reporting date | September 30, <br>2025<br>| June 30, 2025 | September 30, <br>2025<br>| September 30, <br>2025<br>| December 31, <br>2025<br>|  |
| Place of incorporation and operation<sup>1</sup> | France | Bermuda | Germany | Spain | Canada |  |
| Principal Activity | Tubular <br>solutions<sup>2</sup><br>| Iron and steel <br>manufacturing<br>| Steel <br>manufacturing <sup>3</sup><br>| Steel <br>manufacturing <sup>4</sup><br>| Extraction of <br>iron ore <sup>5</sup><br>|  |
| Ownership and voting rights at <br>December 31, 2025<br>| 27.85% | 37.00% | 33.43% | 35.00% | 25.20% |  |
| Current assets | 3247 | 4062 | 2280 | 3205 | 511 | 13305 |
| Non-current assets | 2510 | 3004 | 2722 | 2585 | 10262 | 21083 |
| Current liabilities | 1526 | 2997 | 561 | 1740 | 1059 | 7883 |
| Non-current liabilities | 1488 | 499 | 1124 | 1042 | 2935 | 7088 |
| Non-controlling interests | 100 | 380 | 35 | 543 |  | 1058 |
| Net assets attributable to equity <br>holders of the parent<br>| 2643 | 3190 | 3282 | 2465 | 6779 | 18359 |
| Company's share of net assets | 736 | 1180 | 1097 | 863 | 1708 | 5584 |
| Adjustments for differences in <br>accounting policies and other<br>|  |  | 112 | (72) | (1476) | (1436) |
| Other adjustments | 209 | 15 | (202) |  |  | 22 |
| Carrying amount in the statements of <br>financial position<br>| 945 | 1195 | 1007 | 791 | 232 | 4170 |
| Revenue | 3095 | 2739 | 2434 | 5410 | 596 | 14274 |
| Income / (loss) from continuing <br>operations<br>| 311 | 34 | 88 | 151 | (156) | 428 |
| Other comprehensive income | (181) |  | (6) | (78) |  | (265) |
| Total comprehensive income (loss) | 130 | 34 | 82 | 73 | (156) | 163 |
| Cash dividends received by the <br>Company<br>| 111 | 10 | 20 | 33 |  | 174 |

---

1. The country of incorporation corresponds to the country of operation except for China Oriental, whose country of operation is China, and Vallourec, whose operations are

global.

2. Adjustments in Vallourec relate to fair value adjustment of property, plant and equipment, intangible asset and goodwill.

3. The amount for DHS Group includes an adjustment to align the German GAAP financial information with the Company's accounting policies and is mainly linked to

property, plant and equipment, inventory and pension. Other adjustment include the Company's impairment loss with respect to its investment in DHS Group.

4. Adjustments in Gonvarri Steel Industries primarily relate to differences in accounting policies regarding revaluation of fixed assets.

5. Adjustments in Baffinland primarily relate to differences in accounting policies regarding recognized goodwill. In September 2020, following a legal reorganization that was

not a business combination for the Company, its share of fair value remeasurement of 1.5 billion was not recognized in the carrying amount of Baffinland.

6. Following a legal reorganization in September 2020, the Company holds an indirect interest in Baffinland through Nunavut Iron Ore Inc.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| Associates | Vallourec | China Oriental | DHS Group | Gonvarri Steel <br>Industries<br>| Baffinland <sup>6</sup> | Total |
| Financial statements reporting date | September 30, <br>2024<br>| June 30, 2024 | September 30, <br>2024<br>| September 30, <br>2024<br>| December 31, <br>2024<br>|  |
| Place of incorporation and operation<sup>1</sup> | France | Bermuda | Germany | Spain | Canada |  |
| Principal Activity | Tubular <br>solutions<sup>2</sup><br>| Iron and steel <br>manufacturing<br>| Steel <br>manufacturing <sup>3</sup><br>| Steel <br>manufacturing <sup>4</sup><br>| Extraction of <br>iron ore <sup>5</sup><br>|  |
| Ownership and voting rights at <br>December 31, 2024<br>| 27.89% | 37.00% | 33.43% | 35.00% | 25.23% |  |
| Current assets | 3035 | 4317 | 2228 | 3043 | 757 | 13380 |
| Non-current assets | 2358 | 2836 | 2255 | 2196 | 10452 | 20097 |
| Current liabilities | 1694 | 3183 | 639 | 1641 | 993 | 8150 |
| Non-current liabilities | 1225 | 555 | 926 | 970 | 3261 | 6937 |
| Non-controlling interests | 81 | 375 | 126 | 458 |  | 1040 |
| Net assets attributable to equity holders <br>of the parent<br>| 2393 | 3040 | 2792 | 2170 | 6955 | 17350 |
| Company's share of net assets | 667 | 1125 | 934 | 760 | 1755 | 5241 |
| Adjustments for differences in <br>accounting policies and other<br>|  |  | 89 | (23) | (1481) | (1415) |
| Other adjustments | 247 | 1 | (179) |  |  | 69 |
| Carrying amount in the statements of <br>financial position<br>| 914 | 1126 | 844 | 737 | 274 | 3895 |
| Revenue | 3228 | 3128 | 2519 | 5629 | 569 | 15073 |
| Income / (loss) from continuing <br>operations<br>| 328 | 17 | 156 | 256 | (126) | 631 |
| Other comprehensive income | (196) |  | (1) | (21) |  | (218) |
| Total comprehensive income (loss) | 132 | 17 | 155 | 235 | (126) | 413 |
| Cash dividends received by the <br>Company<br>|  | 9 | 22 | 30 |  | 61 |

---

1. The country of incorporation corresponds to the country of operation except for China Oriental, whose country of operation is China, and Vallourec, whose operations are

global.

2. Adjustments in Vallourec relate to provisional fair value adjustments of property, plant and equipment and goodwill.

3. The amount for DHS Group includes an adjustment to align the German GAAP financial information with the Company's accounting policies and is mainly linked to

property, plant and equipment, inventory and pension. Other adjustment include the Company's impairment loss with respect to its investment in DHS Group.

4. Adjustments in Gonvarri Steel Industries primarily relate to differences in accounting policies regarding revaluation of fixed assets.

5. Adjustments in Baffinland primarily relate to differences in accounting policies regarding recognized goodwill. In September 2020, following a legal reorganization that was

not a business combination for the Company, its share of fair value remeasurement of 1.5 billion was not recognized in the carrying amount of Baffinland.

6. Following a legal reorganization in September 2020, the Company holds an indirect interest in Baffinland through Nunavut Iron Ore Inc.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
| Associates | China Oriental | DHS Group | Gonvarri Steel <br>Industries<br>| Baffinland <sup>6</sup> | Total |
| Financial statements reporting date | June 30, 2023 | September 30, <br>2023<br>| September 30, <br>2023<br>| December 31, <br>2023<br>|  |
| Place of incorporation and operation<sup>1</sup> | Bermuda | Germany | Spain | Canada |  |
| Principal Activity | Iron and steel <br>manufacturing<br>| Steel <br>manufacturing <sup>3</sup><br>| Steel <br>manufacturing <sup>4</sup><br>| Extraction of <br>iron ore <sup>5</sup><br>|  |
| Ownership and voting rights at December 31, 2023 | 37.00% | 33.43% | 35.00% | 25.23% |  |
| Current assets | 3681 | 1919 | 3351 | 720 | 9671 |
| Non-current assets | 3124 | 2430 | 2086 | 10572 | 18212 |
| Current liabilities | 2909 | 505 | 1857 | 905 | 6176 |
| Non-current liabilities | 395 | 994 | 940 | 3335 | 5664 |
| Non-controlling interests | 369 | 125 | 448 |  | 942 |
| Net assets attributable to equity holders of the parent | 3132 | 2725 | 2192 | 7052 | 15101 |
| Company's share of net assets | 1159 | 911 | 767 | 1779 | 4616 |
| Adjustments for differences in accounting policies and <br>other<br>|  | 134 | (40) | (1479) | (1385) |
| Other adjustments<sup>2</sup> | 48 | (190) | 20 |  | (122) |
| Carrying amount in the statements of financial position | 1207 | 855 | 747 | 300 | 3109 |
| Revenue | 3183 | 2800 | 5874 | 536 | 12393 |
| Income / (loss) from continuing operations | 40 | 184 | 222 | (227) | 219 |
| Other comprehensive income | 1 | (1) | (25) |  | (25) |
| Total comprehensive income (loss) | 41 | 183 | 197 | (227) | 194 |
| Cash dividends received by the Company | 5 | 43 | 35 |  | 83 |

---

1. The country of incorporation corresponds to the country of operation except for China Oriental whose country of operation is China.

2. Other adjustments correspond to the difference between the carrying amount at December 31, 2023 and the net assets situation corresponding to the latest financial

statements ArcelorMittal is permitted to disclose translated with closing rates as of the reporting dates described in the table above.

3. The amount for DHS Group includes an adjustment to align the German GAAP financial information with the Company's accounting policies and is mainly linked to

property, plant and equipment, inventory and pension.

4. Adjustments in Gonvarri Steel Industries primarily relate to differences in accounting policies regarding revaluation of fixed assets.

5. Adjustments in Baffinland primarily relate to differences in accounting policies regarding recognized goodwill. In September 2020, following a legal reorganization that was

not a business combination for the Company, its share of fair value remeasurement of 1.5 billion was not recognized in the carrying amount of Baffinland.

6. Following a legal reorganization in September 2020, the Company holds an indirect interest in Baffinland through Nunavut Iron Ore Inc.

*Vallourec*

On August 6, 2024, ArcelorMittal completed the acquisition of

65,243,206 shares, representing 28.4% (27.85% at December

31, 2025) voting rights in Vallourec, for €14.64 per share from

funds managed by Apollo Global Management, Inc. for total

€960 million (1,048) cash consideration. Vallourec's Board of

Directors includes eleven members, out of which two are

appointed by ArcelorMittal, whose Chief Executive Officer also

acts as an observer of the Board. ArcelorMittal concluded that it

exercises significant influence in Vallourec and accordingly it

accounts for its investment under the equity method. In addition,

as the share purchase agreement includes a forward

component qualifying as a financial instrument as a result of the

purchase price being fixed ahead of the closing date,

ArcelorMittal recognized a 83 decrease in acquisition cost to

reflect the fair value of the forward at acquisition date (see note

6.2). Having carried out a successful restructuring in recent

years, Vallourec presents a compelling opportunity to increase

ArcelorMittal's exposure to the attractive, downstream, value-

added tubular market. It is a global leader in premium tubular

solutions for energy markets and demanding industrial

applications, offering innovative, safe and competitive products

for sectors including energy, automotive and construction. 85%

of Vallourec's 2.2 million tonnes of annual rolling capacity is

focused around low-carbon, integrated production hubs in the

U.S. and Brazil, both of which are important strategic markets

for ArcelorMittal. The fair value of ArcelorMittal's investment was

1,203 at December 31, 2025 based on Vallourec's quoted share

price.

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| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

*China Oriental*

China Oriental Group Company Limited ("China Oriental") is a

Chinese integrated iron and steel company listed on the Hong

Kong Stock Exchange ("HKEx"). The China Oriental Group has

manufacturing plants in Hebei Province and Guangdong

Province of the People's Republic of China (the "PRC") and

sells mainly to customers located in the PRC. The China

Oriental Group also carries out property development business

which is mainly in the PRC.

*DHS Group*

DHS - Dillinger Hütte Saarstahl AG ("DHS Group"),

incorporated and located in Germany, is a leading producer of

heavy steel plates, cast slag pots and semi-finished products,

such as pressings, pressure vessel heads and shell sections in

Europe. The DHS Group also includes a further rolling mill

operated by Dillinger France in Dunkirk (France).

*Gonvarri Steel Industries* 

Holding Gonvarri SL ("Gonvarri Steel Industries") is dedicated

to the processing of steel. The entity is a European leader in

steel service centers and renewable energy components, with

strong presence in Europe and Latin America.

*Baffinland* 

Baffinland Iron Mines Corporation ("Baffinland") owns the Mary

River project, which has direct shipping, high grade iron ore on

Baffin Island in Nunavut (Canada).

*2.4.3 Other associates and joint ventures that are not* 

*individually material* 

The Company has interests in a number of other joint ventures

and associates, none of which are regarded as individually

material. The following table summarizes the financial

information of all individually immaterial joint ventures and

associates that are accounted for using the equity method:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | Associates | Joint <br>Ventures<br>| Total | Associates | Joint <br>Ventures<br>| Total |
| Carrying amount of interests in associates and joint ventures | 443 | 872 | 1315 | 457 | 884 | 1341 |
| Share of: |  |  |  |  |  |  |
| Income from continuing operations | 8 | 146 | 154 | 16 | 140 | 156 |
| Other comprehensive income (loss) | 6 | 20 | 26 | 3 | 12 | 15 |
| Total comprehensive income (loss) | 14 | 166 | 180 | 19 | 152 | 171 |

---

*2.4.4 Investments in joint operations* 

*Peña Colorada* 

Peña Colorada is an iron ore mine located in Mexico in which

ArcelorMittal holds a 50.00% interest. Peña Colorada operates

an open pit mine as well as concentrating facility and two-line

pelletizing facility. Peña Colorada is part of the North America

segment.

2.5 Other investments

Other investments include those investments in equity

instruments for which the Company does not have significant

influence. The Company irrevocably elected to present the

changes in fair value of such equity instruments, which are not

held for trading, in other comprehensive income, because

these investments are held as long-term strategic investments

that are not expected to be sold in the short to medium-term.

Other investments include the following:

---

| | | |
|:---|:---|:---|
| | December 31, | December 31, |
| | 2025 | 2024 |
| ArcelorMittal XCarb® | 168 | 152 |
| Stalprodukt S.A. | 69 | 58 |
| Others | 116 | 89 |
| Investments in equity instruments at <br>FVOCI<br>| 353 | 299 |

---

The Company's significant investments in equity instruments at

FVOCI at December 31, 2025 and 2024 were the following:

*ArcelorMittal's* XCarb® *innovation fund* 

ArcelorMittal has launched an innovation fund which invests up

to 100 annually in groundbreaking companies developing

pioneering or breakthrough technologies which will accelerate

the steel industry's transition to carbon neutral steelmaking.

Since the launch of the XCarb® innovation fund in March 2021,

ArcelorMittal has invested 219, including 19 and 11 in 2025

and 2024, respectively, in equity instruments at FVOCI.

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| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

Unrealized (losses) recognized in other comprehensive income

were (3) and (13) for the year ended December 31, 2025 and

2024, respectively.

*Stalprodukt S.A.*

Stalprodukt S.A. is a leading manufacturer and exporter of

highly processed steel products based in Poland. Unrealized

gains (losses) recognized in other comprehensive income

were 2 and (3) for the year ended December 31, 2025 and

2024, respectively.

2.6 Income (loss) from investments in associates, joint

ventures and other investments

Income (loss) from investments in associates, joint ventures

and other investments consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| | 2025 | 2024 | 2023 |
| Share in net earnings of <br>equity-accounted companies<br>| 798 | 770 | 1181 |
| Impairment charges | (123) |  | (1405) |
| Dividend income  | 8 | 9 | 3 |
| Total | 683 | 779 | (221) |

---

*Impairment of associates and joint ventures* 

In 2025, impairment of investments in associates, joint

ventures and other investments included mainly 81 impairment

loss following a review of the recoverable amount of Tameh

based on a value in use calculation (see note 2.4.1) and 11

relating to a joint venture of ArcelorMittal Zenica (see note 2.3).

In the fourth quarter of 2023, Acciaierie d'Italia's financial

condition has deteriorated due in particular to the continued

high cost of energy and the repeal of relief measures for

energy-intensive companies. It has been experiencing liquidity

issues, which have resulted in conflicts with suppliers.

ArcelorMittal, the Italian Government and Invitalia discussed

the terms and conditions of a possible support to Acciaierie

d'Italia to address its short-term cash needs and the funding

requirements to enable it to complete the acquisition of Ilva's

business units but the parties were not able to reach

agreement on how to address Acciaierie d'Italia's funding

needs. As of December 31, 2023 the Company assessed the

above facts as indicators of impairment with respect to its

investment, further confirmed by the extraordinary

administration of Acciaierie d'Italia effective February 20, 2024

(see note 2.4.1), and performed accordingly a value in use

calculation resulting in a 1,405 impairment loss.

The Company is not aware of any material contingent liabilities

related to associates and joint ventures for which it is severally

liable for all or part of the liabilities of the associates, nor are

there any contingent liabilities incurred jointly with other

investors. See note 9.4 for disclosure of commitments related

to associates and joint ventures.

NOTE 3: SEGMENT REPORTING

3.1 Reportable segments

The Company is organized in six operating and reportable

segments, which are components engaged in business

activities from which they may earn revenues and incur

expenses (including revenues and expenses relating to

transactions with other components of the Company), for which

discrete financial information is available and whose operating

results are evaluated regularly by the CODM to make decisions

about resources to be allocated to the segment and assess its

performance. Segment performance is measured based on

income from investments in associates, joint ventures and

other investments for India and JVs and operating income for

the other operating segments. The Company CODM is the

Executive Office comprising the Executive Chairman, Mr.

Lakshmi N. Mittal and the CEO, Mr. Aditya Mittal.

ArcelorMittal's operating segments include the attributable

goodwill, intangible assets, property, plant and equipment, and

certain equity method investments. They do not include cash

and short-term deposits, short-term investments, tax assets

and other current financial assets. Attributable liabilities are

also those resulting from the normal activities of the segment,

excluding tax liabilities and indebtedness but including post

retirement obligations where directly attributable to the

segment. The treasury function is managed centrally for the

Company and is not directly attributable to individual operating

segments or geographical areas.

ArcelorMittal's segments are structured as follows:

• North America represents the flat, long and tubular

facilities of the Company located in Canada, Mexico and

the United States. North America produces hot briquetted

iron and flat products such as slabs, hot-rolled coil, cold-

rolled coil, coated steel and plate. These products are sold

primarily to customers in the following sectors: automotive,

energy, construction, packaging and appliances and via

distributors or processors. North America also produces

long products such as wire rod, sections, rebar, billets,

blooms and wire drawing, and tubular products. The raw

material supply of the North America operations includes

sourcing from iron ore captive mines in Mexico to supply

the steel facilities.

• Brazil includes the flat operations of Brazil, the long and

tubular operations of Brazil and neighboring countries

including Argentina, Costa Rica and Venezuela. Flat

products include slabs, hot-rolled coil, cold-rolled coil and

coated steel. These products are sold primarily to

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| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

customers in the construction, power generation and

agribusiness sectors, as well as in the automotive and

household appliances industries. Long products consist of

wire rod, sections, bar and rebar, billets, blooms and wire

drawing. The raw material supply of the Brazil operations

includes sourcing from iron ore captive mines in Brazil.

• Europe is the largest flat steel producer in Europe, with

operations that range from Spain in the west to Romania

in the east, and covering the flat carbon steel product

portfolio in all major countries and markets. Europe

produces hot-rolled coil, cold-rolled coil, coated products,

tinplate, plate and slab. These products are sold primarily

to customers in the automotive, general and packaging

sectors. Europe also produces long products consisting of

sections, wire rod, rebar, billets, blooms and wire drawing,

and tubular products. The raw material supply of Europe

operations included sourcing from iron ore captive mines

in Bosnia & Herzegovina (until their sale on October 30,

2025).

• India and JVs includes all of the Company's interests in

joint ventures, associates and other investments. India is a

high growth vector of the Company, with its assets well-

positioned to grow with the domestic market.

• Sustainable Solutions is focused on growing niche

businesses providing vital added-value support to growing

sustainable related applications from a low-carbon, capital

light asset base. These businesses include: a)

Construction solutions: product offerings include sandwich

panels (e.g., insulation), profiles and turnkey pre-

fabrication solutions to assist building in smarter ways and

reduce the carbon footprint of buildings; b) Projects:

product range includes plates, pipes & tubes, wire ropes,

reinforced steels, providing high-quality & sustainable steel

solutions for energy projects and supporting offshore wind,

energy transition and onshore construction; c) Industeel:

EAF based capacity for high quality steel grades designed

to meet demanding customer specifications (e.g., XCarb®

for wind turbines) and supplying a wide range of industries

(energy, chemicals, mechanical engineering, machinery,

infrastructure, defense & security); d) Renewables:

investments in renewable energy projects; e) Metallics:

investment and development of the Company's scrap

recycling and collection capabilities; f) Distribution &

service centers: European services processor including

slitting, cut-to-length, multi blanking, and press blanking

and operating through an extensive network.

• Mining segment comprises the mines owned by

ArcelorMittal in Canada and Liberia. It provides the

Company's steel operations with high quality and low-cost

iron ore reserves and also sells mineral products to third

parties.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

The following table summarizes certain financial data for ArcelorMittal's operations by reportable segments.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | North <br>America<br>| Brazil | Europe | India and <br>JVs<br>| Sustainable <br>solutions<br>| Mining | Others <sup>1</sup> | Elimination | Total |
| Year ended December 31, 2025 |  |  |  |  |  |  |  |  |  |
| Sales to external customers | 12277 | 9543 | 25552 |  | 9285 | 1365 | 3330 |  | 61352 |
| Intersegment sales <sup>2</sup> | 58 | 1629 | 3241 |  | 1216 | 1867 | 411 | (8422) |  |
| Operating income (loss)<sup>3</sup> | 2205 | 608 | 522 |  | 142 | 789 | (633) | (5) | 3628 |
| Depreciation and amortization | (677) | (379) | (1114) |  | (235) | (316) | (224) |  | (2945) |
| Income from investments in <br>associates, joint ventures and <br>other investments<br>|  |  |  | 806 |  |  |  |  | 806 |
| Impairment<sup>4</sup> |  |  | (226) |  | (17) |  | 39 |  | (204) |
| Capital expenditures | 688 | 728 | 1416 |  | 323 | 926 | 269 | (13) | 4337 |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |
| Sales to external customers | 11793 | 10522 | 26547 |  | 9088 | 982 | 3509 |  | 62441 |
| Intersegment sales <sup>2</sup> | 103 | 1879 | 3405 |  | 1634 | 1681 | 464 | (9166) |  |
| Operating income (loss) | 1310 | 1399 | 386 |  | 57 | 770 | (642) | 30 | 3310 |
| Depreciation and amortization | (509) | (361) | (1128) |  | (178) | (263) | (193) |  | (2632) |
| Income from investments in <br>associates, joint ventures and <br>other investments<br>|  |  |  | 779 |  |  |  |  | 779 |
| Impairment  |  | (43) | (36) |  |  |  | (37) |  | (116) |
| Capital expenditures | 410 | 879 | 1359 |  | 457 | 1022 | 299 | (21) | 4405 |
| Year ended December 31, 2023 |  |  |  |  |  |  |  |  |  |
| Sales to external customers | 12856 | 11185 | 28026 |  | 9893 | 1171 | 5144 |  | 68275 |
| Intersegment sales<sup>2</sup> | 122 | 1978 | 3669 |  | 1574 | 1906 | 311 | (9560) |  |
| Operating income (loss) | 1917 | 1461 | 879 |  | 225 | 1144 | (3377) | 91 | 2340 |
| Depreciation and amortization | (535) | (341) | (1098) |  | (143) | (238) | (320) |  | (2675) |
| Income from investments in <br>associates, joint ventures and <br>other investments<br>|  |  |  | 1184 |  |  |  |  | 1184 |
| Impairment |  |  |  |  |  |  | (1038) |  | (1038) |
| Capital expenditures | 426 | 917 | 1398 |  | 611 | 784 | 488 | (11) | 4613 |

---

1. Others mainly include holdings and services companies and the Company's operations in Ukraine and South Africa (and in Kazakhstan for the year ended December 31,

2023). Others also include all other operational and non-operational items which are not segmented, such as corporate and shared services, financial activities, and

shipping and logistics.

2. Transactions between segments are reported on the same basis of accounting as transactions with third parties.

3. Includes for North America 1,858 acquisition gain of Calvert. See note 2.2.4.

4. Including 153 related to property, plant and equipment (see note 5.3) and 51 related to current assets (see note 2.3).

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

The reconciliation from operating income to net income

(including non-controlling interests) is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| | 2025 | 2024 | 2023 |
| Operating income | 3628 | 3310 | 2340 |
| Income from investments in <br>associates and joint ventures<br>| 806 | 779 | 1184 |
| Impairments of equity method <br>investments<br>| (123) |  | (1405) |
| Financing costs - net | (709) | (1174) | (859) |
| Income before taxes | 3602 | 2915 | 1260 |
| Income tax expense | 359 | 1535 | 238 |
| Net income (including non-<br>controlling interests)<br>| 3243 | 1380 | 1022 |

---

The Company does not regularly provide a measure of total

assets and liabilities for each reportable segment to the

CODM.

3.2 Geographical information

Geographical information, by country or region, is separately

disclosed and represents ArcelorMittal's most significant

regional markets. Attributed assets are operational assets

employed in each region and include items such as pension

balances that are specific to a country. Unless otherwise stated

in the table heading as a segment disclosure, these

disclosures are specific to the country or region stated. They

do not include goodwill, deferred tax assets, other investments

or receivables and other non-current financial assets. Attributed

liabilities are those arising within each region, excluding

indebtedness.

*Sales (by destination)* 

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2023 |
| Americas |  |  |  |
| United States<sup>1</sup>  | 9184 | 8440 | 8886 |
| Brazil | 7121 | 7560 | 8243 |
| Canada | 3164 | 3414 | 3485 |
| Mexico | 2314 | 2787 | 3288 |
| Argentina | 897 | 1099 | 1233 |
| Others | 964 | 1005 | 1110 |
| Total Americas | 23644 | 24305 | 26245 |
| Europe |  |  |  |
| Germany | 5704 | 5761 | 6550 |
| Poland | 4412 | 4443 | 4466 |
| France | 4052 | 4194 | 4611 |
| Spain | 3719 | 3751 | 3981 |
| Italy | 2655 | 2809 | 2608 |
| Czech Republic | 1147 | 1191 | 1183 |
| Turkey | 957 | 929 | 1119 |
| United Kingdom | 1568 | 1457 | 1341 |
| Belgium | 1474 | 1675 | 2061 |
| Netherlands | 1219 | 1273 | 1445 |
| Russia |  |  | 901 |
| Romania | 483 | 403 | 386 |
| Ukraine  | 572 | 557 | 508 |
| Others | 4246 | 4330 | 4620 |
| Total Europe | 32208 | 32773 | 35780 |
| Asia & Africa |  |  |  |
| South Africa | 1567 | 1751 | 1862 |
| Morocco | 955 | 808 | 745 |
| Rest of Africa | 370 | 572 | 524 |
| China | 1167 | 762 | 764 |
| Kazakhstan<sup>2</sup> |  |  | 503 |
| South Korea | 261 | 337 | 410 |
| India | 435 | 128 | 102 |
| Rest of Asia | 745 | 1005 | 1340 |
| Total Asia & Africa | 5500 | 5363 | 6250 |
| Total | 61352 | 62441 | 68275 |

---

1. Increase in revenue in the United States in 2025 results from acquisitions

completed during 2025 (see note 2.2.4).

2. On December 7, 2023, the Company completed the divestment of

ArcelorMittal Temirtau. Sales of ArcelorMittal Temirtau were consolidated

until that date see note 2.3.

Revenues from external customers attributed to the country of

domicile (Luxembourg) were 123, 108 and 128 for the years

ended December 31, 2025, 2024 and 2023, respectively.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

*Non-current assets*<sup>1</sup> *per significant country:* 

---

| | | |
|:---|:---|:---|
| | December 31, | December 31, |
| | 2025 | 2024 |
| Americas |  |  |
| Canada | 5479 | 5049 |
| Brazil<sup>2</sup> | 7783 | 6121 |
| Mexico | 1784 | 1799 |
| United States<sup>2</sup> | 3872 | 935 |
| Argentina | 514 | 540 |
| Others | 41 | 47 |
| Total Americas | 19473 | 14491 |
| Europe |  |  |
| France | 4874 | 4141 |
| Belgium | 3172 | 2735 |
| Germany | 2758 | 2466 |
| Poland | 2688 | 2434 |
| Spain | 2357 | 2026 |
| Luxembourg | 1868 | 1626 |
| Ukraine | 739 | 673 |
| Bosnia and Herzegovina |  | 134 |
| Italy  | 96 | 99 |
| Others | 376 | 382 |
| Total Europe | 18928 | 16716 |
| Asia & Africa |  |  |
| Liberia | 2028 | 1514 |
| India | 828 | 795 |
| South Africa | 468 | 385 |
| Morocco | 137 | 108 |
| Others | 166 | 150 |
| Total Asia & Africa | 3627 | 2952 |
| Unallocated assets | 25070 | 25844 |
| Total | 67098 | 60003 |

---

1. Non-current assets do not include goodwill, deferred tax assets,

investments in associates and joint ventures, other investments and other

non-current financial assets (as they are not allocated to the individual

countries). Such assets are presented under the caption "Unallocated

assets".

2. Increase in non-current assets in Brazil and United States at December 31,

2025 includes the impact from acquisitions completed during 2025 (see

note 2.2.4).

3.3 Sales by type of products

The table below presents sales to external customers by

product type. In addition to steel produced by the Company,

amounts include material purchased for additional

transformation and sold through distribution services. Mining

products relate to the Company's own production. Others

mainly include non-steel and by-products sales, manufactured

and specialty steel products sales, shipping and other services.

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2023 |
| Flat products | 34076 | 35376 | 38647 |
| Long products | 12452 | 13386 | 14124 |
| Tubular products | 1883 | 1748 | 2160 |
| Mining products | 1512 | 1191 | 1269 |
| Others | 11429 | 10740 | 12075 |
| Total | 61352 | 62441 | 68275 |

---

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

3.4 Disaggregated revenue

**Disaggregated revenue** 

The tables below summarize the disaggregated revenue recognized from contracts with customers:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Year ended December 31, 2025 | North <br>America<br>| Brazil | Europe | Sustainable <br>solutions<br>| Mining | Others | Total |
| Steel sales | 10956 | 8691 | 22569 | 8382 |  | 2352 | 52950 |
| Non-steel sales <sup>1</sup> | 498 | 145 | 748 | 548 | 1316 | 633 | 3888 |
| By-product sales <sup>2</sup> | 144 | 178 | 893 | 41 |  | 157 | 1413 |
| Other sales <sup>3</sup> | 679 | 529 | 1342 | 314 | 49 | 188 | 3101 |
| Total | 12277 | 9543 | 25552 | 9285 | 1365 | 3330 | 61352 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Year ended December 31, 2024 | North <br>America<br>| Brazil | Europe | Sustainable <br>solutions<br>| Mining | Others | Total |
| Steel sales | 10961 | 9769 | 23210 | 8335 |  | 2658 | 54933 |
| Non-steel sales <sup>1</sup> | 401 | 127 | 1021 | 514 | 945 | 469 | 3477 |
| By-product sales <sup>2</sup> | 79 | 166 | 1033 | 47 |  | 145 | 1470 |
| Other sales <sup>3</sup> | 352 | 460 | 1283 | 192 | 37 | 237 | 2561 |
| Total | 11793 | 10522 | 26547 | 9088 | 982 | 3509 | 62441 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Year ended December 31, 2023 | North <br>America<br>| Brazil | Europe | Sustainable <br>solutions<br>| Mining | Others | Total |
| Steel sales | 11830 | 10393 | 24345 | 9224 |  | 4234 | 60026 |
| Non-steel sales <sup>1</sup> | 541 | 160 | 1130 | 455 | 1140 | 424 | 3850 |
| By-product sales <sup>2</sup> | 94 | 174 | 1259 | 46 |  | 168 | 1741 |
| Other sales <sup>3</sup> | 391 | 458 | 1292 | 168 | 31 | 318 | 2658 |
| Total | 12856 | 11185 | 28026 | 9893 | 1171 | 5144 | 68275 |

---

1. Non-steel sales mainly relate to iron ore, coal, scrap and electricity.

2. By-product sales mainly relate to slag, waste and coke by-products.

3. Other sales are mainly comprised of shipping and other services.

NOTE 4: OPERATING DATA

4.1 Revenue

The Company's revenue is derived from the single

performance obligation to transfer primarily steel and mining

products under arrangements in which the transfer of control of

the products and the fulfillment of the Company's performance

obligation occur at the same time. Revenue from the sale of

goods is recognized when the Company has transferred

control of the goods to the buyer and the buyer obtains the

benefits from the goods, the potential cash flows and the

amount of revenue (the transaction price) can be measured

reliably, and it is probable that the Company will collect the

consideration to which it is entitled to in exchange for the

goods.

Whether the customer has obtained control over the asset

depends on when the goods are made available to the carrier

or the buyer takes possession of the goods, depending on the

delivery terms. For the Company's steel producing operations,

generally the criteria to recognize revenue has been met when

its products are delivered to its customers or to a carrier who

will transport the goods to its customers, this is the point in time

when the Company has completed its performance obligations.

Revenue is measured at the transaction price of the

consideration received or receivable, the amount the Company

expects to be entitled to.

Additionally, the Company identifies when goods have left its

premises, not when the customer receives the goods.

Therefore, the Company estimates, based on its historical

experience, the amount of goods in-transit when the transfer of

control occurs at the destination and defers the revenue

recognition.

The Company's products must meet customer specifications. A

certain portion of the Company's products are returned or have

claims filed against the sale because the products contained

quality defects or other problems. Claims may be either of the

following:

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

–Product Rejection - Product shipped and billed to an

end customer that did not meet previously agreed

customer specifications. Claims typically result from

physical defects in the goods, goods shipped to the

wrong location, goods produced with incorrect

specifications and goods shipped outside acceptable

time parameters.

–Consequential Damages - Damages reported by the

customer not directly related to the value of the

rejected goods (for example: customer processing

cost or mill down time, sampling, storage, sorting,

administrative cost, replacement cost, etc.).

The Company estimates the variable consideration for such

claims using the expected value method and reduces the

amount of revenue recognized.

*Warranties:* 

The warranties and claims arise when the product fails on the

criteria mentioned above. Sales-related warranties associated

with the goods cannot be purchased separately and they serve

as an assurance that the products sold comply with agreed

specifications. Accordingly, the Company accounts for

warranties in accordance with IAS 37 "Provisions, Contingent

Liabilities and Contingent Assets" (see note 9).

Periodically, the Company enters into volume or other rebate

programs where once a certain volume or other conditions are

met, it refunds the customer some portion of the amounts

previously billed or paid. For such arrangements, the Company

only recognizes revenue for the amounts it ultimately expects

to realize from the customer. The Company estimates the

variable consideration for these programs using the most likely

amount method or the expected value method, whichever

approach best predicts the amount of the consideration based

on the terms of the contract and available information and

updates its estimates each reporting period.

The Company's payment terms range from 30 to 90 days from

date of delivery, depending on the market and product sold.

The Company received 365 and 505 as of December 31, 2025,

and 2024, respectively, as advances from its customers which

are classified as unsatisfied performance obligations and

recognized as liabilities in line with IFRS 15. The Company

expects 100% of these unsatisfied performance obligations as

of December 31, 2025 to be recognized as revenue during

2026 as the Company's contracts have an original expected

duration of one year or less.

The tables below summarize the movements relating to the

Company's trade receivable and other for the years ended

December 31, 2025, 2024 and 2023.

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| | 2025 | 2024 | 2023 |
| Trade accounts receivable and <br>other - opening balance<br>| 3375 | 3661 | 3839 |
| Performance obligations <br>satisfied<br>| 61352 | 62441 | 68275 |
| Payments received | (61949) | (62249) | (68590) |
| Impairment of receivables (net <br>of write backs and utilization)<br>| (12) | (18) | (165) |
| Recognition (derecognition) of <br>receivables related to business <br>combination and divestments <sup>1</sup><br>| 412 | 31 | 189 |
| Foreign exchange and others | 298 | (491) | 113 |
| Trade accounts receivable and <br>other - closing balance<br>| 3476 | 3375 | 3661 |

---

1. Includes, in 2025, trade receivables recognized in connection with the

acquisitions of Calvert, Tuper, Tekno and AMTBA (see note 2.2.4) partly

offset by the derecognition of receivables following the divestments of AMZ

and AMTPI (see note 2.3). 2024 consists of receivables recognized in

connection with the acquisition of Italpannelli SRL. 2023 mainly included

receivables recognized in connection with the acquisition of ArcelorMittal

Pecém (see note 2.2.4) and receivables from ArcelorMittal Temirtau

recognized upon disposal partially offset by the derecognition of

ArcelorMittal Temirtau's receivables following its deconsolidation (see note

2.3).

4.2 Cost of sales

Cost of sales includes the following components:

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2023 |
| Materials | 40549 | 41932 | 46422 |
| Labor costs | 7171 | 6781 | 7038 |
| Logistic expenses | 4163 | 3789 | 4028 |
| Depreciation and amortization | 2945 | 2632 | 2675 |
| Impairment charges (note 3.1) | 204 | 116 | 1038 |
| Foreign exchange translation <br>losses upon disposal of <br>Kazakhstan operations (note <br>2.3)<br>|  |  | 1469 |
| Other | 1944 | 1403 | 868 |
| Total | 56976 | 56653 | 63538 |

---

4.3 Trade accounts receivable and other

Trade accounts receivable are initially recorded at their

transaction price and do not carry any interest. ArcelorMittal

maintains an allowance for lifetime expected credit loss at an

amount that it considers to be a reliable estimate of expected

credit losses resulting from the inability of its customers to

make required payments. In judging the adequacy of the

allowance for expected credit losses, ArcelorMittal considers

multiple factors including historical bad debt experience, the

current and forward looking economic environment and the

aging of the receivables. Recoveries of trade receivables

previously reserved in the allowance for expected credit losses

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

are recognized as gains in selling, general and administrative

expenses.

ArcelorMittal's policy is to record an allowance for expected

lifetime credit losses and a charge in selling, general and

administrative expense when a specific account is deemed

uncollectible. The Company concluded that a trade receivable

is in default when it is overdue by more than 180 days. Based

on historical experience and analysis, the Company concluded

that there is a risk of default as such receivables are generally

not recoverable and therefore provided for, unless the

collectability can be clearly demonstrated. Uninsured trade

receivables and the associated allowance are written off when

ArcelorMittal has exhausted its recovery efforts and

enforcement options. ArcelorMittal continuously considered the

impacts on the current economic environment in its risk of

default assessment for receivables outstanding less than 180

days. Receivables aged 31 days or older and uninsured trade

receivables remain consistent with historical levels and the

Company did not identify any expected increased risk of

default.

*Trade accounts receivable and allowance for lifetime expected* 

*credit losses* 

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2025 | 2024 |
| Gross amount | 3884 | 3685 |
| Allowance for lifetime expected credit losses | (408) | (310) |
| Total | 3476 | 3375 |

---

The carrying amount of the trade accounts receivable and

other approximates their fair value. Before granting credit to

any new customer, ArcelorMittal uses an internally developed

credit scoring system to assess the potential customer's credit

quality and to define credit limits by customer. For all significant

customers, the credit terms must be approved by the credit

committees of each reportable segment. Limits and scoring

attributed to customers are reviewed periodically. There are no

customers who represent more than 5% of the total balance of

trade accounts receivable.

*Exposure to credit risk by reportable segment* 

The maximum exposure to credit risk for trade accounts

receivable by reportable segment and others is as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2025 | 2024 |
| North America  | 387 | 313 |
| Brazil | 1122 | 1051 |
| Europe | 963 | 1220 |
| Sustainable Solutions | 616 | 538 |
| Mining | 208 | 62 |
| Others | 180 | 191 |
| Total | 3476 | 3375 |

---

*Aging of trade accounts receivable* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, | December 31, | December 31, | December 31, | December 31, | December 31, |
|  | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 |
|  | Gross | Allowance  | Total | Gross | Allowance  | Total |
| Not past due | 2971 | (62) | 2909 | 2930 | (41) | 2889 |
| Overdue 1-30 days | 335 | (3) | 332 | 293 | (5) | 288 |
| Overdue 31-60 days | 74 |  | 74 | 80 | (1) | 79 |
| Overdue 61-90 days | 33 |  | 33 | 25 | (1) | 24 |
| Overdue 91-180 days | 88 | (3) | 85 | 43 | (2) | 41 |
| More than 180 days | 383 | (340) | 43 | 314 | (260) | 54 |
| Total | 3884 | (408) | 3476 | 3685 | (310) | 3375 |

---

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

The movements in the allowance are calculated based on

lifetime expected credit loss model for 2025, 2024 and 2023.

The allowances in respect of trade accounts receivable during

the periods presented are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| | 2025 | 2024 | 2023 |
| Allowance - opening <br>balance<br>| 310 | 364 | 190 |
| Additions | 29 | 30 | 178 |
| Write backs / utilization  | (17) | (12) | (13) |
| Foreign exchange and <br>others<br>| 86 | (72) | 9 |
| Allowance - closing <br>balance<br>| 408 | 310 | 364 |

---

The Company has established a number of programs for sales

without recourse of trade accounts receivable to various

financial institutions (referred to as true sale of receivables

"TSR"). Through the TSR programs, certain operating

subsidiaries of ArcelorMittal surrender the control, risks and

benefits associated with the accounts receivable sold;

therefore, the amount of receivables sold is recorded as a sale

of financial assets and the balances are derecognized from the

consolidated statements of financial position at the moment of

sale. The Company classifies trade receivables subject to TSR

as financial assets that are held to collect or to sell and

recognizes them at FVOCI (see note 6). The fair value

measurement is determined based on the invoice amount net

of TSR expense payable, a Level 3 unobservable input. The

TSR expense is insignificant due to the rate applicable and the

short timeframe between the time of sale and the invoice due

date. Any loss allowance for these trade receivables is

recognized in OCI. As of December 31, 2025 and 2024, the

total amount of trade accounts receivables sold amounted to

5.0 billion and 4.4 billion, respectively.

4.4 Inventories

Inventories are carried at the lower of cost or net realizable

value. Cost is determined using the average cost method.

Costs of production in process and finished goods include the

purchase costs of raw materials and conversion costs such as

direct labor and an allocation of fixed and variable production

overheads. Raw materials and spare parts are valued at cost,

inclusive of freight, shipping, handling as well as any other

costs incurred in bringing the inventories to their present

location and condition. Interest charges, if any, on purchases

have been recorded as financing costs. Costs incurred when

production levels are abnormally low are capitalized as

inventories based on normal capacity with the remaining costs

incurred recorded as a component of cost of sales in the

consolidated statements of operations.

Net realizable value represents the estimated selling price at

which the inventories can be realized in the normal course of

business after allowing for the cost of conversion from their

existing state to a finished condition and for the cost of

marketing, selling, and distribution. Net realizable value is

estimated based on the most reliable evidence available at the

time the estimates were made of being the amount that the

inventory is expected to realize, taking into account the

purpose for which the inventory is held.

Previous write-downs are reversed in case the circumstances

that previously caused inventories to be written down below

cost no longer exist.

Inventories, net of allowance for slow-moving inventory, excess

of cost over net realizable value and obsolescence of 1,180

and 1,370 as of December 31, 2025 and 2024, respectively,

are comprised of the following:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2025 | 2024 |
| Finished products | 5589 | 4853 |
| Production in process | 4652 | 4177 |
| Raw materials | 5597 | 5245 |
| Manufacturing supplies, spare parts and <br>other <sup>1</sup><br>| 2751 | 2226 |
| Total | 18589 | 16501 |

---

1. Including spare parts of 2.1 billion and 1.7 billion, and manufacturing and

other supplies of 0.6 billion and 0.5 billion as of December 31, 2025 and

2024, respectively.

Movements in the inventory write-downs are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| | 2025 | 2024 | 2023 |
| Inventory write-downs - <br>opening balance<br>| 1370 | 1434 | 1629 |
| Additions <sup>1</sup> | 220 | 567 | 516 |
| Deductions / Releases <sup>2</sup> | (554) | (550) | (681) |
| Foreign exchange and others | 144 | (81) | (30) |
| Inventory write-downs - <br>closing balance<br>| 1180 | 1370 | 1434 |

---

1. Additions refer to write-downs of inventories excluding those utilized or

written back during the same financial year.

2. Deductions/releases correspond to write-backs and utilization related to the

prior periods.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

4.5 Prepaid expenses and other current assets

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
| | 2025 | 2024 |
| VAT receivables | 844 | 836 |
| Prepaid expenses and non-trade <br>receivables <br>| 954 | 610 |
| Financial amounts receivable<sup>2</sup> | 282 | 389 |
| Income tax receivable | 163 | 148 |
| Receivables from public authorities | 179 | 207 |
| Receivables from sale of intangible, tangible <br>and financial assets<br>| 44 | 91 |
| Derivative financial instruments (notes 6.1 <br>and 6.3)<br>| 193 | 305 |
| CO2 emission rights | 100 | 180 |
| Other<sup>1</sup> | 268 | 256 |
| Total | 3027 | 3022 |

---

1. Other included mainly advances to employees, accrued interest and other

miscellaneous receivables.

2. Includes nil and 98 of outstanding receivables in connection with the sale of

ArcelorMittal Temirtau, at December 31, 2025 and 2024, respectively (see

note 2.3).

4.6 Other assets

Other assets consisted of the following:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2025 | 2024 |
| Derivative financial instruments (notes 6.1 <br>and 6.3)<br>| 105 | 133 |
| Financial amounts receivable<sup>2</sup> | 179 | 594 |
| Long-term VAT receivables | 278 | 239 |
| Cash guarantees and deposits | 188 | 153 |
| Receivables from public authorities | 110 | 71 |
| Accrued interest | 36 | 25 |
| Receivables from sale of intangible, tangible <br>and financial assets<br>| 12 | 68 |
| Income tax receivable | 27 | 49 |
| Other<sup>1</sup> | 264 | 246 |
| Total | 1199 | 1578 |

---

1. Other mainly includes assets in pension funds and other amounts receivable.

2. Includes nil and 197 of outstanding receivables in connection with the sale of

ArcelorMittal Temirtau, at December 31, 2025 and 2024, respectively (see

note 2.3).

4.7 Trade accounts payable and other

Trade accounts payable are obligations to pay for goods that

have been acquired in the ordinary course of business from

suppliers. Trade accounts payable have maturities from 15 to

180 days depending on the type of material, the geographic

area in which the purchase transaction occurs and the various

contractual agreements. The carrying value of trade accounts

payable approximates fair value. The Company's average

outstanding number of trade payable days amounted to 82

over the last 5 years.

Certain contractual arrangements with the longest maturities

enable suppliers, at their own discretion, to early discount their

receivables due from the Company to obtain funding for their

own working capital needs. The Company has determined that

such arrangements did neither lead to the extinguishment of

the liability against the supplier nor resulted in significant

modifications of amounts payable and applicable terms and

conditions. Accordingly, in the consolidated statement of

financial position the corresponding payables remain classified

as trade accounts payables until they are settled at their

agreed due dates, and the corresponding cash outflows are

classified as part of the operating activities in the consolidated

statement of cash flows.

As of December 31, 2025, the Company estimates that about

2.3 billion of outstanding trade payables were subject to the

above-mentioned contractual arrangements as compared to

2.8 billion in 2024 and the Company estimates that similar

amounts of trade payables were early discounted by its

suppliers in 2025 and 2024.

4.8 Accrued expenses and other liabilities

Accrued expenses and other liabilities were comprised of the

following:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
| | 2025 | 2024 |
| Accrued payroll and employee related <br>expenses<br>| 1426 | 1335 |
| Accrued interest and other payables | 1091 | 873 |
| Payable from acquisition of intangible, <br>tangible & financial assets <br>| 1420 | 1471 |
| Other amounts due to public authorities | 914 | 644 |
| Derivative financial instruments (notes 6.1 <br>and 6.3)<br>| 223 | 327 |
| Unearned revenue and accrued payables | 94 | 88 |
| Total | 5168 | 4738 |

---

NOTE 5: GOODWILL, INTANGIBLE AND TANGIBLE ASSETS

5.1 Goodwill and intangible assets

The carrying amounts of goodwill and intangible assets are

summarized as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2025 | 2024 |
| Goodwill on acquisitions | 4266 | 3605 |
| Concessions, patents and licenses | 370 | 285 |
| Customer relationships and trade marks | 292 | 204 |
| Emission rights | 181 | 246 |
| Other | 143 | 113 |
| Total | 5252 | 4453 |

---

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

*Goodwill* 

Goodwill arising on an acquisition is recognized as previously

described within the business combinations section in note

2.2.3. Goodwill is allocated to those groups of cash-generating

units ("GCGUs") that are expected to benefit from the business

combination in which the goodwill arose and in all cases is at

the operating segment level, which represents the lowest level

at which goodwill is monitored for internal management

purposes except for goodwill allocated to AMKR cash-

generating unit ("CGU") in Ukraine and AMSA GCGU in South

Africa (see below).

Goodwill acquired in business combinations for each of the

Company's operating segments and certain other CGUs and

GCGUs is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December <br>31, 2024<br>| Acquisitions<sup>1</sup> | Foreign exchange <br>differences and <br>other movements<br>| December <br>31, 2025<br>|
| North America | 1501 | 97 | 38 | 1636 |
| Brazil | 1062 | 301 | 117 | 1480 |
| Europe | 488 |  | 56 | 544 |
| Sustainable Solutions | 178 |  | 55 | 233 |
| Others<sup>2</sup> | 376 |  | (3) | 373 |
| Total | 3605 | 398 | 263 | 4266 |

---

1. See note 2.2.4

2. Includes the CGU AMKR and the GCGU AMSA

Intangible assets are recognized only when it is probable that

the expected future economic benefits attributable to the

assets will accrue to the Company and the cost can be reliably

measured. Intangible assets acquired separately by

ArcelorMittal are initially recorded at cost and those acquired in

a business combination are initially recorded at fair value at the

date of the business combination. These primarily include

customer relationships and trade marks as well as emission

rights, and the cost of technology and licenses purchased from

third parties and operating authorizations granted by

governments or other public bodies (concessions). Intangible

assets are amortized on a straight-line basis over their

estimated economic useful lives, which typically do not exceed

five years. Amortization is included in the consolidated

statements of operations as part of cost of sales.

ArcelorMittal's industrial sites which are regulated by the

European Directive 2003/87/EC of October 13, 2003 on carbon

dioxide ("CO2") emission rights, effective as of January 1, 2005,

are located primarily in Belgium, France, Germany,

Luxembourg, Poland and Spain. In Ontario, Canada,

ArcelorMittal's operations have been subject to output based

pricing system regulations since January 1, 2019 but effective

January 1, 2022, they are regulated on carbon pricing under

the Ontario Emissions Performance System ("OEPS"). In

South Africa, a CO2 tax system was introduced in 2019.

Emission rights allocated to the Company on a no-charge basis

pursuant to the annual national allocation plan are recorded at

nil value and purchased emission rights are recorded at cost.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

Other intangible assets are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Concessions, <br>patents and <br>licenses<br>| Customer <br>relationships and <br>trade marks<br>| Other<sup>1</sup> | Total |
| Cost |  |  |  |  |
| At December 31, 2023 | 556 | 1168 | 1024 | 2748 |
| Acquisitions | 85 |  | 42 | 127 |
| Acquisitions through business combinations (note 2.2.4) |  | 58 |  | 58 |
| Disposals |  |  | (182) | (182) |
| Foreign exchange differences | (82) | (92) | (62) | (236) |
| Transfers and other movements | 27 | 14 | (193) | (152) |
| Fully amortized intangible assets  | (35) | (322) | (3) | (360) |
| At December 31, 2024 | 551 | 826 | 626 | 2003 |
| Acquisitions | 102 |  | 52 | 154 |
| Acquisitions through business combination (note 2.2.4) | 3 | 105 |  | 108 |
| Foreign exchange differences | 114 | 87 | 90 | 291 |
| Transfers and other movements | 10 | (11) | (91) | (92) |
| At December 31, 2025 | 780 | 1007 | 677 | 2464 |
| Accumulated amortization and impairment losses |  |  |  |  |
| At December 31, 2023 | 290 | 1013 | 251 | 1554 |
| Amortization charge | 67 | 15 | 25 | 107 |
| Foreign exchange differences | (57) | (84) | (23) | (164) |
| Transfers and other movements |  |  | 17 | 17 |
| Fully amortized intangible assets  | (34) | (322) | (3) | (359) |
| At December 31, 2024 | 266 | 622 | 267 | 1155 |
| Amortization charge | 76 | 26 | 27 | 129 |
| Impairment charge (note 5.3) |  |  | 10 | 10 |
| Foreign exchange differences | 83 | 68 | 36 | 187 |
| Transfers and other movements | (15) | (1) | 13 | (3) |
| At December 31, 2025 | 410 | 715 | 353 | 1478 |
| Carrying amount |  |  |  |  |
| At December 31, 2024 | 285 | 204 | 359 | 848 |
| At December 31, 2025 | 370 | 292 | 324 | 986 |

---

<sup>1</sup> <sup>Including emission right</sup><sup>s of</sup><sup>181</sup> <sup>and</sup><sup>246</sup><sup>at December 31, 2025 and 2024, respectively.</sup>

Disposal of other intangible assets resulted in a nil and 190

gain in 2025 and 2024, respectively.

Research and development costs not meeting the criteria for

capitalization are expensed as incurred. These costs amounted

to 335, 285 and 299 for the years ended December 31, 2025,

2024 and 2023, respectively and were recognized in selling,

general and administrative expenses.

5.2 Property, plant and equipment and biological assets

Property, plant and equipment is recorded at cost less

accumulated depreciation and impairment. Cost includes all

related costs directly attributable to the acquisition or

construction of the asset. Except for land and assets used in

mining activities, property, plant and equipment is depreciated

using the straight-line method over the useful lives of the

related assets as presented in the table below.

---

| | |
|:---|:---|
| Asset Category | Useful Life Range |
| Land | Not depreciated |
| Buildings | 10 to 50 years |
| Property plant & equipment | 15 to 64 years |
| Auxiliary facilities | 15 to 60 years |
| Other facilities | 5 to 20 years |

---

The Company's annual review of useful lives leverages on the

experience gained from an in-depth review performed every

five years, any significant change in the expected pattern of

consumption embodied in the asset, and the specialized

knowledge of ArcelorMittal's network of chief technical officers.

The chief technical officer network includes engineers with

facility-specific expertise related to plant and equipment used

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

in the principal production units of the Company's operations.

The most recent in-depth review took place in 2024, during

which the Company performed a review, which was finalized

early 2025, of the useful lives of its fixed assets and

determined there were no material changes to the useful lives

of property, plant and equipment. In performing this review, the

Company gathered and evaluated data, including

commissioning dates, designed capacities, maintenance

records and programs, and asset performance history, among

other attributes. In accordance with IAS 16, Property, Plant and

Equipment, the Company considered this information at the

level of components significant in relation to the total cost of

the item of plant and equipment. Other factors the Company

considered in its determination of useful lives included the

expected use of the assets, technical or commercial

obsolescence, and operational factors. In addition, the

Company considered the accumulated technical experience

and knowledge sharing programs that allowed for the

exchange of best practices within the chief technical officer

network and the deployment of these practices across the

Company's principal production units.

Major improvements, which add to productive capacity or

extend the life of an asset, are capitalized, while repairs and

maintenance are expensed as incurred. Where a tangible fixed

asset comprises major components having different useful

lives, these components are accounted for as separate items.

Property, plant and equipment under construction is recorded

as construction in progress until it is ready for its intended use;

thereafter it is transferred to the related class of property, plant

and equipment and depreciated over its estimated useful life.

Interest incurred during construction is capitalized if the

borrowing cost is directly attributable to the construction. Gains

and losses on retirement or disposal of assets are recognized

in cost of sales.

The residual values and useful lives of property, plant and

equipment are reviewed at each reporting date and adjusted if

expectations differ from previous estimates. Depreciation

methods applied to property, plant and equipment are reviewed

at each reporting date and changed if there has been a

significant change in the expected pattern of consumption of

the future economic benefits embodied in the asset.

Mining assets comprise:

• Mineral rights acquired;

• Capitalized developmental stripping (as described

below in "—Stripping and overburden removal costs").

Property, plant and equipment used in mining activities is

depreciated over its useful life or over the remaining life of the

mine, if shorter, and if there is no alternative use. For the

majority of assets used in mining activities, the economic

benefits from the asset are consumed in a pattern which is

linked to the production level and accordingly, assets used in

mining activities are primarily depreciated on a units-of-

production basis. A unit-of-production is based on the available

estimate of proven and probable reserves.

Capitalization of pre-production expenditures ceases when the

mining property is capable of commercial production as it is

intended by management. General administration costs that

are not directly attributable to a specific exploration area are

charged to the consolidated statements of operations.

*Mineral Reserves and resources* 

Mineral Reserves are estimates of the amount of product that

can be economically and legally extracted from the Company's

properties. Furthermore, mineral resource estimates constitute

the part of a mineral deposit that have the potential to be

economically and legally extracted or produced at the time of

the resource determination. In order to estimate mineral

reserves, estimates are required for a range of geological,

technical and economic factors, including quantities, grades,

production techniques, recovery rates, production costs,

transport costs, commodity demand, commodity prices and

exchange rates. The potential for economic viability and

estimate of mineral resources is established through high level

and conceptual engineering studies.

Estimating the quantity and/or grade of mineral reserves

requires the size, shape and depth of ore bodies to be

determined by analyzing geological data such as drilling

samples. This process may require complex and difficult

geological judgments to interpret the data. The estimation of

mineral resource is based on detailed and reliable exploration,

sampling and testing information gathered through appropriate

techniques from locations such as outcrops, trenches, pits,

workings and drill holes that are spaced closely enough to

confirm both geological and grade continuity.

Because the economic assumptions used to estimate mineral

reserves and mineral resources change from period to period,

and because additional geological data is generated during the

course of operations, estimates of mineral reserves and

mineral resources may change from period to period. Changes

in reported mineral reserves and mineral resources may affect

the Company's financial results and financial position in a

number of ways, including the following:

• Asset carrying amounts may be affected due to

changes in estimated future cash flows.

• Depreciation, depletion and amortization charged in

the consolidated statements of operations may

change where such charges are determined by the

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

units of production basis, or where the useful

economic lives of assets change.

• Overburden removal costs recognized in the

consolidated statements of financial position or

charged to the consolidated statements of operations

may change due to changes in stripping ratios or the

units of production basis of depreciation.

• Decommissioning, site restoration and environmental

provisions may change where changes in estimated

reserves affect expectations about the timing or cost

of these activities.

*Stripping and overburden removal costs* 

In open pit and underground mining operations, it is often

necessary to remove overburden and other waste materials to

access the deposit from which minerals can be extracted. This

process is referred to as stripping. Stripping costs can be

incurred before the mining production commences

("developmental stripping") or during the production stage

("production stripping").

A mine can operate several open pits that are regarded as

separate operations for the purpose of mine planning and

production. In this case, stripping costs are accounted for

separately, by reference to the ore extracted from each

separate pit. If, however, the pits are highly integrated for the

purpose of mine planning and production, stripping costs are

aggregated.

The determination of whether multiple pit mines are considered

separate or integrated operations depends on each mine's

specific circumstances. The following factors would point

towards the stripping costs for the individual pits being

accounted for separately:

• If mining of the second and subsequent pits is

conducted consecutively with that of the first pit,

rather than concurrently.

• If separate investment decisions are made to develop

each pit, rather than a single investment decision

being made at the outset.

• If the pits are operated as separate units in terms of

mine planning and the sequencing of overburden and

ore mining, rather than as an integrated unit.

• If expenditures for additional infrastructure to support

the second and subsequent pits are relatively large.

• If the pits extract ore from separate and distinct ore

bodies, rather than from a single ore body.

The relative importance of each factor is considered by local

management to determine whether the stripping costs should

be attributed to the individual pit or to the combined output from

several pits.

Developmental stripping costs contribute to the future

economic benefits of mining operations when the production

begins and so are capitalized as tangible assets (construction

in progress), whereas production stripping is a part of on-going

activities and commences when the production stage of mining

operations begins and continues throughout the life of a mine.

Capitalization of developmental stripping costs ends when the

commercial production of the minerals commences.

Production stripping costs are incurred to extract the ore in the

form of inventories and/or to improve access to an additional

component of an ore body or deeper levels of material.

Production stripping costs are accounted for as inventories to

the extent the benefit from production stripping activity is

realized in the form of inventories. Production stripping costs

are recognized as a non-current asset ("stripping activity

assets") to the extent it is probable that future economic benefit

in terms of improved access to ore will flow to the Company,

the components of the ore body for which access has been

improved can be identified and the costs relating to the

stripping activity associated with that component can be

measured reliably.

All stripping costs assets (either stripping activity assets or

capitalized developmental stripping costs) are presented within

a specific "mining assets" class of property, plant and

equipment and then depreciated on a units-of-production basis.

*Exploration and evaluation expenditure* 

Exploration and evaluation activities involve the search for iron

ore and coal resources, the determination of technical

feasibility and the assessment of commercial viability of an

identified resource. Exploration and evaluation activities

include:

• researching and analyzing historical exploration data;

• conducting topographical, geological, geochemical

and geophysical studies;

• carrying out exploratory drilling, trenching and

sampling activities;

• drilling, trenching and sampling activities to determine

the quantity and grade of the deposit;

• examining and testing extraction methods and

metallurgical or treatment processes; and

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

• detailed economic feasibility evaluations to determine

whether development of the reserves is commercially

justified and to plan methods for mine development.

Exploration and evaluation expenditure is charged to the

consolidated statements of operations as incurred except in the

following circumstances, in which case the expenditure is

capitalized: (i) the exploration and evaluation activity is within

an area of interest which was previously acquired in a business

combination and measured at fair value on acquisition; or (ii)

when management has a high degree of confidence in the

project's economic viability and it is probable that future

economic benefits will flow to the Company.

Capitalized exploration and evaluation expenditures are

generally recorded as a component of property, plant and

equipment at cost less impairment charges, unless their nature

requires them to be recorded as an intangible asset. As the

asset is not available for use, it is not depreciated and all

capitalized exploration and evaluation expenditure is monitored

for indications of impairment. To the extent that capitalized

expenditure is not expected to be recovered, it is recognized as

an expense in the consolidated statements of operations.

Cash flows associated with exploration and evaluation

expenditure are classified as operating activities when they are

related to expenses or as an investing activity when they are

related to a capitalized asset in the consolidated statements of

cash flows.

*Development expenditure* 

Development is the establishment of access to the mineral

reserve and other preparations for commercial production.

Development activities often continue during production and

include:

• sinking shafts and underground drifts (often called

mine development);

• making permanent excavations;

• developing passageways and rooms or galleries;

• building roads and tunnels; and

• advance removal of overburden and waste rock.

Development (or construction) also includes the installation of

infrastructure (e.g., roads, utilities and housing), machinery,

equipment and facilities.

When reserves are determined and development is approved,

expenditures capitalized as exploration and evaluation are

reclassified as construction in progress and are reported as a

component of property, plant and equipment. All subsequent

development expenditures are capitalized and classified as

construction in progress. On completion of development, all

assets included in construction in progress are individually

reclassified to the appropriate category of property, plant and

equipment and depreciated accordingly.

*Biological assets* 

Biological assets are part of the Brazil operating segment and

consist of eucalyptus forests located in the Brazilian state of

Minas Gerais exclusively from renewable plantations and

intended for the production of charcoal to be utilized as fuel

and a source of carbon in the direct reduction process of pig

iron production in some of the Company's blast furnaces in

Brazil.

Biological assets are measured at their fair value, net of

estimated costs to sell at the time of harvest. The fair value

(Level 3 in the fair value hierarchy) is determined based on the

discounted cash flow method, taking into consideration the

cubic volume of wood, segregated by plantation year, and the

equivalent sales value of standing trees. The average sales

price was estimated based on domestic market prices. In

determining the fair value of biological assets, a discounted

cash flow model was used, with a harvest cycle of 6 to 7 years.

*Borrowing costs*

Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are part of the cost of the asset

until such assets are commissioned. If the project is subject to a specific funding, the capitalization of borrowing costs is based on the

borrowing rate. If the project is financed by the Company's debt, the capitalization of borrowing costs is based on the weighted average

borrowing cost for the period.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

Property, plant and equipment and biological assets are summarized as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Land, <br>buildings and<br>Improvements<br>| Machinery, <br>equipment <br>and other<sup>2</sup><br>| Construction <br>in progress<br>| Right-of-use <br>assets<br>| Mining<br> Assets<br>| Total |
| Cost |  |  |  |  |  |  |
| At December 31, 2023 | 10850 | 35965 | 7343 | 2272 | 3032 | 59462 |
| Additions | 43 | 243 | 3854 | 209 | 207 | 4556 |
| Acquisitions through business combinations (note <br>2.2.4)<br>| 36 | 18 |  |  |  | 54 |
| Foreign exchange differences | (1163) | (4462) | (500) | (151) | (45) | (6321) |
| Disposals | (82) | (470) | (77) |  |  | (629) |
| Other movements <sup>1</sup> | 365 | 2159 | (2267) | (94) | 208 | 371 |
| At December 31, 2024 | 10049 | 33453 | 8353 | 2236 | 3402 | 57493 |
| Additions | 36 | 284 | 3882 | 226 |  | 4428 |
| Acquisitions through business combinations (note <br>2.2.4)<br>| 299 | 1159 | 1833 | 48 |  | 3339 |
| Foreign exchange differences | 1538 | 5756 | 498 | 223 | 28 | 8043 |
| Disposals | (29) | (208) |  |  |  | (237) |
| Divestments (note 2.3) | (173) | (379) | (11) |  |  | (563) |
| Transfer to assets held for sale (note 2.3) | (15) | (37) | (18) |  |  | (70) |
| Other movements <sup>1</sup> | 1075 | 4204 | (5969) | (109) | 739 | (60) |
| At December 31, 2025 | 12780 | 44232 | 8568 | 2624 | 4169 | 72373 |
| Accumulated depreciation and impairment | Accumulated depreciation and impairment |  |  |  |  |  |
| At December 31, 2023 | 3819 | 18152 | 1083 | 928 | 1824 | 25806 |
| Depreciation charge for the year | 314 | 1884 |  | 227 | 100 | 2525 |
| Impairment (note 5.3) | 15 | 49 | 52 |  |  | 116 |
| Disposals | (34) | (431) |  |  |  | (465) |
| Foreign exchange differences | (573) | (3034) | (18) | (71) | (38) | (3734) |
| Other movements <sup>1</sup> | 5 | 23 | (17) | (88) | 11 | (66) |
| At December 31, 2024 | 3546 | 16643 | 1100 | 996 | 1897 | 24182 |
| Depreciation charge for the year | 334 | 2040 | 38 | 240 | 164 | 2816 |
| Impairment (note 5.3) | 40 | 74 | 29 |  |  | 143 |
| Disposals | (23) | (172) |  |  |  | (195) |
| Foreign exchange differences | 915 | 4236 | 16 | 91 | 10 | 5268 |
| Divestments (note 2.3) | (173) | (379) | (11) |  |  | (563) |
| Transfer to assets held for sale (note 2.3) | (14) | (33) | (18) |  |  | (65) |
| Other movements <sup>1</sup> | (6) | (99) | (31) | (82) | (36) | (254) |
| At December 31, 2025 | 4619 | 22310 | 1123 | 1245 | 2035 | 31332 |
| Carrying amount |  |  |  |  |  |  |
| At December 31, 2024 | 6503 | 16810 | 7253 | 1240 | 1505 | 33311 |
| At December 31, 2025 | 8161 | 21922 | 7445 | 1379 | 2134 | 41041 |

---

1. Other movements predominantly represent transfers from construction in progress to other categories and retirement of fully depreciated assets and capitalization of

borrowing costs.

2. Machinery, equipment and other include biological assets of 140 and 74 as of December 31, 2025 and 2024, respectively, and bearer plants of 62 and 47 as of

December 31, 2025 and 2024, respectively.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

*Capital expenditures relating to decarbonization* 

In 2025 and 2024, capital expenditures relating to

decarbonization projects amounted to 0.3 billion for each year

and related mainly to the Europe reportable segment.

*Assets pledged as security*

See note 9.4 for information about assets pledged as security

by the Company.

*Capital commitments* 

See note 9.4 for information about contractual commitments for

acquisition of property, plant and equipment by the Company.

*Other information*

The carrying amount of temporarily idle property, plant and

equipment at December 31, 2025 and 2024 was 302 and 286

including mainly 47 and 30 in Brazil, 176 and 164 in the Europe

segment and 74 and 87 in Others, respectively.

The carrying amount of property, plant and equipment retired

from active use and not classified as held for sale was 3 and 1

at December 31, 2025 and 2024, respectively. Such assets are

carried at their recoverable amount.

For each of the years ended December 31, 2025 and 2024, the

Company capitalized 0.2 billion of borrowing costs and applied

a 5.1% capitalization rate.

5.3 Impairment of intangible assets, including goodwill, and

tangible assets

Impairment charges were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| Type of asset | 2025 | 2024 | 2023 |
| Goodwill |  |  | 194 |
| Intangible assets | 10 |  |  |
| Tangible assets | 143 | 116 | 844 |
| Total | 153 | 116 | 1038 |

---

*Impairment test of goodwill* 

Goodwill is tested for impairment annually, as of October 1 or

whenever changes in circumstances indicate that the carrying

amount may not be recoverable at the level of the CGU (in the

case of AMKR) or GCGU which corresponds either to AMSA or

the operating segments representing the lowest level at which

goodwill is monitored for internal management purposes.

Whenever the CGUs comprising the operating segments or

AMSA are tested for impairment at the same time as goodwill,

the cash-generating units are tested first and any impairment of

the assets is recorded prior to the testing of goodwill.

The recoverable amounts of the GCGUs are mainly

determined based on their value in use. The value in use of

each GCGU is determined by estimating future cash flows. The

2025 impairment test of goodwill did not include the GCGU

corresponding to the Mining segment as goodwill allocated to

this GCGU was fully impaired in 2015. The key assumptions

for the value in use calculations are primarily the discount

rates, growth rates, expected changes to average selling

prices, shipments and direct costs during the period.

Assumptions for average selling prices and shipments are

based on historical experience and expectations of future

changes in the market. In addition, with respect to raw material

price assumptions, the Company applied a range of $80 per

tonne to $97 per tonne for iron ore ($80 per tonne to $98 per

tonne in 2024) and $183 per tonne to $210 per tonne ($190 per

tonne to $210 per tonne in 2024) for coking coal. Cash flow

forecasts adjusted for the risks specific to the tested assets are

derived from the most recent financial plans approved by

management for the next 5 years. Beyond the specifically

forecasted period, the Company extrapolates cash flows for the

remaining years based on an estimated growth rate of 2%.

This rate does not exceed the average long-term growth rate

for the relevant markets.

The Company considered its exposure to certain climate-

related risks which could affect its estimates of future cash flow

projections applied for the determination of the recoverable

amount of its GCGUs and CGUs. With the switch to electric

vehicles and the move to wind and solar power generation, the

Company sees also additional opportunities as customers

deepen their understanding of embedded and lifecycle

emissions of the materials where steel compares favorably.

The Company is committed to achieve group-wide net zero by

2050. These announced goals will require significant long-term

investments which require global level playing field, access to

abundant and affordable clean energy, facilitating necessary

energy infrastructure, access to sustainable finance for low-

emissions steelmaking and accelerated transition to a circular

economy. In addition, the Company considered whether there

was a net zero legal obligation in the jurisdictions in which it

operates and in such cases ArcelorMittal concluded that future

decarbonization capital expenditures are necessary to maintain

the level of economic benefits expected to arise from the

assets in their current condition and should therefore be

included in the Company's assumptions for cash flow

projections to determine the recoverable amount of the

respective GCGUs and CGUs. At the same time, the Company

is engaged in developing in the near to medium term a range

of innovative low-emission technologies for the transition to

decarbonized steel and required investments are considered in

the Company's future cash flow projections. ArcelorMittal

acknowledges that CGUs and GCGUs applying the BF-BOF

route in jurisdictions not yet subject to a net zero legal

obligation will apply decarbonization at a lower pace, as a

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

result of which the future estimated decarbonization cost for

such operations is reflected through an additional risk premium

embedded in discount rates until they are able to accelerate

their decarbonization strategy to meet the 2050 net zero

objective and a legal obligation arises in the relevant

jurisdiction.

ArcelorMittal's most substantial climate-related policy risk is the

EU Emissions Trading scheme ("'EU-ETS"), which applies to

all its European plants. The risk concerns the Company's

primary steelmaking plants which are exposed to this

regulation. In addition, on January 1, 2026, the carbon border

adjustment mechanism ("CBAM") entered into force. The EU-

ETS and CBAM regulations will impact the carbon emissions

allowances from the second trading period of Phase IV

(2026-2030) onwards as they will be gradually phased out

(2.5% by 2026, 5% by 2027, 10% by 2028, 22.5% by 2029,

48.5% by 2030, 61% by 2031, 73.5% by 2032, 86% by 2033

and 100% by 2034). The Company's assumptions for future

cash flows include an estimate for costs that the Company

expects to incur to acquire emission allowances, which

primarily impacts the flat steel operations in the EU. The

assumption for carbon emission cost is based on historical

experience, implementation of decarbonization strategies to

mitigate or otherwise offset such future costs and information

available of future regulatory or operational changes. With

respect to the EU-ETS scheme, the assumption for carbon

emission cost includes also the gradual phasing out of free

emission allowances and the forecast market price of emission

rights, for which the Company considered in its five-year cash

flow projections internal estimates of 77€/t, 80€/t, 80€/t, 85€/t

and 100€/t for 2026, 2027, 2028, 2029 and 2030, respectively.

The assumptions used in the value in use calculations are

inherently uncertain and require management judgment as

described in note 1.3. The Company's process includes

specific consideration given to the most recent short, medium

and long-term price forecasts and discount rates consistent

with external information, expected production and shipment

volumes and updated development plans, operating costs and

capital expenditure plans. In 2025, heightened uncertainty,

particularly trade-related, negatively impacted the global

economy and steel market. However, despite subdued growth

in real steel demand in core developed markets, steel prices

were supported by improved trade protection, most notably in

the U.S., followed by the EU toward the end of the year. The

Company forecasts steel demand to increase in 2026 subject

to macroeconomic uncertainties and improved outlook in

Europe in connection with the combined effect of CBAM and

tariff rate quota mechanism strengthening throughout the year.

Management estimates discount rates using pre-tax rates that

reflect current market rates for investments of similar risk. The

rate for each CGU, including beta, cost of debt and capital

structure was estimated from the weighted average cost of

capital of producers, which operate a portfolio of assets similar

to those of the Company's assets and CGU specific country

risk premiums were applied. The weighted average pre-tax

discount rates used in connection with the historical goodwill

impairment testing in 2025 and 2024 are set forth below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | North <br>America<br>| Brazil | Europe | Sustainable <br>Solutions<br>| AMSA | AMKR<sup>1</sup> |
| GCGU weighted average pre-tax discount rate used in 2025 (in %) | 12.7 | 15.4 | 10.7 | 10.9 | 14.6 | 19.1 |
| GCGU weighted average pre-tax discount rate used in 2024 (in %) | 12.9 | 17.0 | 11.6 | 10.2 | 16.1 | 19.7 |
| <sup>1</sup> Rates for AMKR are blended and include distinct country risk premiums reflecting differentiated pre-war and post-war conditions.  | <sup>1</sup> Rates for AMKR are blended and include distinct country risk premiums reflecting differentiated pre-war and post-war conditions.  | <sup>1</sup> Rates for AMKR are blended and include distinct country risk premiums reflecting differentiated pre-war and post-war conditions.  | <sup>1</sup> Rates for AMKR are blended and include distinct country risk premiums reflecting differentiated pre-war and post-war conditions.  | <sup>1</sup> Rates for AMKR are blended and include distinct country risk premiums reflecting differentiated pre-war and post-war conditions.  | <sup>1</sup> Rates for AMKR are blended and include distinct country risk premiums reflecting differentiated pre-war and post-war conditions.  | <sup>1</sup> Rates for AMKR are blended and include distinct country risk premiums reflecting differentiated pre-war and post-war conditions.  |

---

Once recognized, impairment losses for goodwill are not reversed.

There were no impairment charges recognized with respect to goodwill following the Company's impairment tests as of October 1, 2025

and October 1, 2024. The total value in use calculated for all GCGUs increased overall in 2025 as compared to 2024 primarily as a

result of higher cash flow projections in Europe due to above-mentioned improved outlook following CBAM and tariff rate quota

implementation.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

In validating the value in use determined for the GCGUs, the

Company performed a sensitivity analysis of key assumptions

used in the discounted cash-flow model (such as discount

rates, average selling prices and shipments) and believes that

reasonably possible changes in key assumptions could cause

an impairment loss to be recognized in respect of AMKR and

the Brazil segment.

The Brazil segment includes the flat operations of Brazil, the

long and tubular operations of Brazil and neighboring countries

including Argentina, Costa Rica and Venezuela. The raw

material supply of the Brazil operations includes sourcing from

iron ore captive mines in Brazil. Sales are mainly domestic with

some export sales primarily related to flat products. The AMKR

CGU consists of a long steel plant (see also note 1.3) serving

mainly the domestic market and includes captive iron ore

mines. The Brazil segment and AMKR operations are exposed

to international steel prices which are volatile reflecting the

cyclical nature of the global steel industry, developments in

particular steel consuming industries and macroeconomic

trends in the respective domestic markets. The Company

believes that sales volumes, prices and discount rates are the

key assumptions most sensitive to change. The Brazil segment

value in use model anticipate higher steel shipments in 2026

(15.4 million tonnes) as compared to 2025 (13.9 million tonnes)

followed by a subsequent overall upward trend. Average selling

prices are expected to remain relatively stable between the

beginning and the end of the 5-year forecast period with some

intermediate volatility. The AMKR model anticipates slightly

higher sales volumes in 2026 (1.7 million tonnes) as compared

to 2025 (1.5 million tonnes) and a further subsequent increase

in 2027 to a stable level. Average selling prices are expected to

decrease marginally over time.

The following changes in key assumptions in projected

earnings in every year of the initial 5-year period and perpetuity

of the Brazil segment and AMKR operations, assuming

unchanged values for the other assumptions, would cause the

recoverable amount to equal the carrying amount:

---

| | | |
|:---|:---|:---|
| | AMKR | Brazil |
| Excess of recoverable amount over carrying <br>amount<br>| 196 | 612 |
| Increase in pre-tax discount rate (change in basis <br>points)<br>| 271 | 65 |
| Decrease in average selling price (change in %)<sup>1</sup> | 2.3% | 0.8% |
| Decrease in shipments (change in %) | 8.5% | 3.5% |

---

1. excluding effect on raw material cost

*Impairment test of property, plant and equipment and* 

*intangibles (excluding goodwill)*

At each reporting date, ArcelorMittal reviews the carrying

amounts of its intangible assets (excluding goodwill) and

tangible assets to determine whether there is any indication

that the carrying amount of those assets may not be

recoverable through continuing use, or that a reversal of

previous periods' impairment charges may be required. If any

such indication exists, the recoverable amount of the asset (or

CGU) is reviewed in order to determine the amount of the

impairment (or reversal of prior periods' impairment charges), if

any. The recoverable amount is the higher of its fair value less

cost of disposal and its value in use.

In estimating its value in use, the estimated future cash flows

are discounted to their present value using a pre-tax discount

rate that reflects current market assessments of the time value

of money and the risks specific to the asset (or cash-

generating unit). For an asset that does not generate cash

inflows largely independent of those from other assets, the

recoverable amount is determined for the CGU to which the

asset belongs. The CGU is the smallest identifiable group of

assets corresponding to operating units that generate cash

inflows. If the recoverable amount of an asset (or CGU) is

estimated to be less than its carrying amount, an impairment

loss is recognized. An impairment loss is recognized as an

expense immediately as part of cost of sales (see note 4.2) in

the consolidated statements of operations.

In the case of permanently idled assets, the impairment is

measured at the individual asset level. Otherwise, the

Company's assets are measured for impairment at the CGU

level. In certain instances, the CGU is an integrated

manufacturing facility which may also be an operating

subsidiary. Further, a manufacturing facility may be operated in

concert with another facility with neither facility generating cash

inflows that are largely independent from the cash inflows of

the other. In this instance, the two facilities are combined for

purposes of testing for impairment. As of December 31, 2025

and December 31, 2024, the Company determined it has 46

and 45 cash-generating units, respectively.

An impairment loss, related to intangible assets other than

goodwill and tangible assets recognized in prior years is

reversed if, and only if, there has been a change in the

estimates used to determine the asset's recoverable amount

since the last impairment loss was recognized. However, the

increased carrying amount of an asset due to a reversal of an

impairment loss will not exceed the carrying amount that would

have been determined (net of amortization or depreciation) had

no impairment loss been recognized for the asset in prior

years. A reversal of an impairment loss is recognized

immediately as part of operating income in the consolidated

statements of operations.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

Impairment charges and reversals relating to property, plant

and equipment and intangibles (excluding goodwill) were as

follows for the years ended December 31, 2025, 2024 and

2023:

*2025*

In 2025, the Company recognized a 143 impairment charge of

property, plant and equipment in the context of the

measurement of the recoverable amount of the Company's

steel and mining operations in Bosnia (ArcelorMittal Zenica and

ArcelorMittal Prijedor) at fair value less cost of disposal

following their classification as held for sale prior to their

disposal on October 30, 2025 (see note 2.3).

*2024*

In 2024, the Company recognized a 37 impairment charge of

property, plant and equipment with respect to its Longs

Business in South Africa. The wind-down, which was

announced initially on January 6, 2025, was finally postponed

to September 1, 2025 ahead of the end of a six-month deferral

period ending on September 30, 2025. Continuation of

operations during this period had been enabled by a facility

provided by the Industrial Development Corporation of South

Africa SOC Limited.

ArcelorMittal also recognized a 43 impairment charge of

property, plant and equipment for assets measured at fair value

less cost of disposal following the termination of the Monlevade

expansion project in Brazil.

In addition, the Company recognized a 36 impairment charge

of property, plant and equipment in connection with the

definitive closure of the Kraków coke plant in Poland which was

announced on July 19, 2024.

The Company reviewed impairment reversal indicators on

assets previously impaired. It concluded that there was a

significant change with a positive effect resulting in an

impairment reversal indicator with respect to its iron ore

expansion project in Liberia, which was restarted in 2021 and

for which the first concentrate was produced in the fourth

quarter of 2024 with full 20 million tonnes capacity expected by

the end of 2025. The Company performed a value in use

calculation as well as a sensitivity analysis and, in addition to

the fact that the project was not yet fully operational, it

concluded that no impairment reversal should be recognized in

relation to the 1,426 impairment charge of property, plant and

equipment and intangible assets recognized in 2015. The

Company did not identify an indicator of impairment reversal

for any other assets. The following changes in key

assumptions in projected earnings of AML throughout the life of

mine, assuming unchanged values for the other assumptions,

would cause the recoverable amount to equal the carrying

amount at December 31, 2024:

---

| | |
|:---|:---|
| | AML |
| Excess of recoverable amount over carrying amount | 135 |
| Increase in pre-tax discount rate (change in basis points) | 109 |
| Decrease in average selling price (change in %)  | 2.3% |
| Decrease in shipments (change in %) | 4.2% |

---

*2023*

In 2023, ArcelorMittal recognized a 732 impairment charge

related to property, plant and equipment with respect to the

sale on December 7, 2023 of its Kazakhstan operations in the

former ACIS segment to Qazaqstan Investment Corporation, a

state-controlled direct investment fund. The impairment loss

resulted from the adjustment of the carrying amount of the

disposal group to the net sales proceeds of 278 (see note 2.3).

On November 28, 2023, AMSA announced that it contemplates

the wind down of its Longs Business subject to a due diligence

and a consultative process involving key customers, suppliers,

organized labour, and other stakeholders. The Company

assessed the recoverable amount of its Longs Business in

South Africa based on a value in use calculation and

recognized accordingly a 112 impairment charge of property,

plant and equipment.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Cash Generating Unit | Region | Recoverable <br>Amount (Value <br>in Use)<br>| Total <br>Impairment <br>Recorded<br>| 2023 Pre-Tax <br>Discount Rate<br>| 2022 Pre-Tax <br>Discount Rate<br>| Carrying Amount of <br>property, plant and <br>equipment as of <br>December 31, 2023<br>|
| Long Products South Africa | South Africa | 264 | 112 | 17.3% | 17.5% | 86 |

---

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

NOTE 6: FINANCING AND FINANCIAL INSTRUMENTS

6.1 Financial assets and liabilities

Financial assets and liabilities mainly comprise:

• gross debt (see note 6.1.2)

• cash and cash equivalents, restricted cash and reconciliations of cash flows (see note 6.1.3)

• net debt (see note 6.1.4)

• derivative financial instruments (see note 6.1.5)

• other non-derivative financial assets and liabilities (see note 6.1.6)

*6.1.1 Fair values versus carrying amounts* 

The estimated fair values of certain financial instruments have been determined using available market information or other valuation

methodologies that require judgment in interpreting market data and developing estimates. The following table summarizes assets and

liabilities based on their categories at December 31, 2025:

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Carrying <br>amount in <br>the <br>consolidated <br>statements <br>of financial <br>position<br>| Non-<br>financial <br>assets and <br>liabilities<br>| Assets / <br>Liabilities at <br>amortized <br>cost<br>| Fair value <br>recognized <br>in profit or <br>loss<br>| Fair value <br>recognized <br>in OCI<br>| Derivatives |
| ASSETS |  |  |  |  |  |  |
| Current assets: |  |  |  |  |  |  |
| Cash and cash equivalents | 5392 |  | 5392 |  |  |  |
| Restricted cash  | 84 |  | 84 |  |  |  |
| Trade accounts receivable and other | 3476 |  | 3218 |  | 258 |  |
| Inventories | 18589 | 18589 |  |  |  |  |
| Prepaid expenses and other current assets | 3027 | 1319 | 1515 |  |  | 193 |
| Assets held for sale | 37 | 37 |  |  |  |  |
| Total current assets | 30605 | 19945 | 10209 |  | 258 | 193 |
| Non-current assets: |  |  |  |  |  |  |
| Goodwill and intangible assets | 5252 | 5252 |  |  |  |  |
| Property, plant and equipment and biological assets | 41041 | 40901 |  | 140 |  |  |
| Investments in associates and joint ventures | 10393 | 10393 |  |  |  |  |
| Other investments | 353 |  |  |  | 353 |  |
| Deferred tax assets | 8860 | 8860 |  |  |  |  |
| Other assets | 1199 | 528 | 430 | 136 |  | 105 |
| Total non-current assets | 67098 | 65934 | 430 | 276 | 353 | 105 |
| Total assets | 97703 | 85879 | 10639 | 276 | 611 | 298 |
| LIABILITIES AND EQUITY |  |  |  |  |  |  |
| Current liabilities: |  |  |  |  |  |  |
| Short-term debt and current portion of long-term debt | 2739 |  | 2739 |  |  |  |
| Trade accounts payable and other | 13008 |  | 13008 |  |  |  |
| Short-term provisions | 1039 | 1024 | 15 |  |  |  |
| Accrued expenses and other liabilities | 5168 | 1299 | 3646 |  |  | 223 |
| Income tax liabilities | 547 | 547 |  |  |  |  |
| Liabilities held for sale | 19 | 19 |  |  |  |  |
| Total current liabilities | 22520 | 2889 | 19408 |  |  | 223 |
| Non-current liabilities: |  |  |  |  |  |  |
| Long-term debt, net of current portion | 10671 |  | 10671 |  |  |  |
| Deferred tax liabilities | 2294 | 2294 |  |  |  |  |
| Deferred employee benefits | 2526 | 2526 |  |  |  |  |
| Long-term provisions | 1616 | 1613 | 3 |  |  |  |
| Other long-term obligations | 1540 | 288 | 1024 |  |  | 228 |
| Total non-current liabilities | 18647 | 6721 | 11698 |  |  | 228 |
| Equity: |  |  |  |  |  |  |
| Equity attributable to the equity holders of the parent | 54466 | 54466 |  |  |  |  |
| Non-controlling interests | 2070 | 2070 |  |  |  |  |
| Total equity | 56536 | 56536 |  |  |  |  |
| Total liabilities and equity | 97703 | 66146 | 31106 |  |  | 451 |

---

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Carrying amount <br>in the <br>consolidated <br>statements of <br>financial position<br>| Non-financial <br>assets and <br>liabilities<br>| Assets / <br>Liabilities at <br>amortized <br>cost<br>| Fair value <br>recognized in <br>profit or loss<br>| Fair value <br>recognized <br>in OCI<br>| Derivatives |
| ASSETS |  |  |  |  |  |  |
| Current assets: |  |  |  |  |  |  |
| Cash and cash equivalents | 6400 |  | 6400 |  |  |  |
| Restricted cash  | 84 |  | 84 |  |  |  |
| Trade accounts receivable and other | 3375 |  | 3151 |  | 224 |  |
| Inventories | 16501 | 16501 |  |  |  |  |
| Prepaid expenses and other current assets | 3022 | 1292 | 1425 |  |  | 305 |
| Total current assets | 29382 | 17793 | 11060 |  | 224 | 305 |
| Non-current assets: |  |  |  |  |  |  |
| Goodwill and intangible assets | 4453 | 4453 |  |  |  |  |
| Property, plant and equipment and biological assets | 33311 | 33237 |  | 74 |  |  |
| Investments in associates and joint ventures | 11420 | 11420 |  |  |  |  |
| Other investments | 299 |  |  |  | 299 |  |
| Deferred tax assets | 8942 | 8942 |  |  |  |  |
| Other assets | 1578 | 445 | 864 | 136 |  | 133 |
| Total non-current assets | 60003 | 58497 | 864 | 210 | 299 | 133 |
| Total assets | 89385 | 76290 | 11924 | 210 | 523 | 438 |
| LIABILITIES AND EQUITY |  |  |  |  |  |  |
| Current liabilities: |  |  |  |  |  |  |
| Short-term debt and current portion of long-term debt | 2748 |  | 2748 |  |  |  |
| Trade accounts payable and other | 12921 |  | 12921 |  |  |  |
| Short-term provisions | 938 | 906 | 32 |  |  |  |
| Accrued expenses and other liabilities | 4738 | 773 | 3638 |  |  | 327 |
| Income tax liabilities | 480 | 480 |  |  |  |  |
| Total current liabilities | 21825 | 2159 | 19339 |  |  | 327 |
| Non-current liabilities: |  |  |  |  |  |  |
| Long-term debt, net of current portion | 8815 |  | 8815 |  |  |  |
| Deferred tax liabilities | 2338 | 2338 |  |  |  |  |
| Deferred employee benefits | 2338 | 2338 |  |  |  |  |
| Long-term provisions | 1361 | 1359 | 2 |  |  |  |
| Other long-term obligations | 1422 | 322 | 757 |  |  | 343 |
| Total non-current liabilities | 16274 | 6357 | 9574 |  |  | 343 |
| Equity: |  |  |  |  |  |  |
| Equity attributable to the equity holders of the parent | 49223 | 49223 |  |  |  |  |
| Non-controlling interests | 2063 | 2063 |  |  |  |  |
| Total equity | 51286 | 51286 |  |  |  |  |
| Total liabilities and equity | 89385 | 59802 | 28913 |  |  | 670 |

---

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

The Company classifies the bases used to measure certain

assets and liabilities at their fair value. Assets and liabilities

carried or measured at fair value have been classified into

three levels based upon a fair value hierarchy that reflects the

significance of the inputs used in making the measurements.

The levels are as follows:

Level 1: Quoted prices in active markets for identical assets or

liabilities that the entity can access at the measurement date;

Level 2: Significant inputs other than within Level 1 that are

observable for the asset or liability, either directly (i.e.: as

prices) or indirectly (i.e.: derived from prices);

Level 3: Inputs for the assets or liabilities that are not based on

observable market data and require management assumptions

or inputs from unobservable `markets.

The following tables summarize the bases used to measure

certain financial assets and financial liabilities at their fair value

on recurring basis.

---

| | | | | |
|:---|:---|:---|:---|:---|
| As of December 31, 2025 |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| Assets at fair value: |  |  |  |  |
| Investments in equity instruments at FVOCI | 108 |  | 245 | 353 |
| Trade accounts receivable and other subject to TSR programs\* |  |  | 258 | 258 |
| Derivative financial current assets |  | 193 |  | 193 |
| Derivative financial non-current assets |  | 105 |  | 105 |
| Total assets at fair value | 108 | 298 | 503 | 909 |
| Liabilities at fair value: |  |  |  |  |
| Derivative financial current liabilities |  | 223 |  | 223 |
| Derivative financial non-current liabilities |  | 193 | 35 | 228 |
| Total liabilities at fair value |  | 416 | 35 | 451 |

---

\*The fair value of TSR program receivables equals carrying amount due to the short time frame between the initial recognition and time of sale.

---

| | | | | |
|:---|:---|:---|:---|:---|
| As of December 31, 2024 |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| Assets at fair value: |  |  |  |  |
| Investments in equity instruments at FVOCI | 88 |  | 211 | 299 |
| Trade accounts receivable and other subject to TSR programs\* |  |  | 224 | 224 |
| Derivative financial current assets |  | 305 |  | 305 |
| Derivative financial non-current assets |  | 133 |  | 133 |
| Total assets at fair value | 88 | 438 | 435 | 961 |
| Liabilities at fair value: |  |  |  |  |
| Derivative financial current liabilities |  | 327 |  | 327 |
| Derivative financial non-current liabilities |  | 311 | 32 | 343 |
| Total liabilities at fair value |  | 638 | 32 | 670 |

---

\*The fair value of TSR program receivables equals carrying amount due to the short time frame between the initial recognition and time of sale.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

Investments in equity instruments at FVOCI classified as Level

1 refer to listed securities quoted in active markets (see note

2.5). A quoted market price in an active market provides the

most reliable evidence of fair value and is used without

adjustment to measure fair value whenever available, with

limited exceptions. The total fair value is either the price of the

most recent trade at the time of the market close or the official

close price as defined by the stock exchange on which the

asset is most actively traded on the last trading day of the

period, multiplied by the number of units held without

consideration of transaction costs.

Derivative financial assets and liabilities classified as Level 2

refer to instruments to hedge fluctuations in interest rates,

foreign exchange rates, raw materials (base metals), freight,

energy and emission rights, see note 6.1.5 for further

information.

Derivative financial assets and liabilities classified as Level 3

are described in note 6.1.5.

*6.1.2 Gross debt* 

Gross debt includes bank debt, debenture loans and lease obligations and is stated at amortized cost.

*6.1.2.1 Short-term debt* 

Short-term debt, including the current portion of long-term debt, consisted of the following:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
| | 2025 | 2024 |
| Short-term bank loans and other credit facilities including commercial paper <sup>1</sup> | 1119 | 1016 |
| Current portion of long-term debt | 1406 | 1550 |
| Lease obligations<sup>2</sup> | 214 | 182 |
| Total | 2739 | 2748 |

---

1. The weighted average interest rate on short-term borrowings outstanding was 3.8% and 5.0% as of December 31, 2025 and 2024, respectively.

2. See note 7.

Short-term bank loans and other credit facilities include short-term loans, overdrafts and commercial paper.

ArcelorMittal has entered into certain short-term committed bilateral credit facilities renewable on an annual basis. As of December 31,

2025, facilities totaling approximately 0.5 billion, remained fully available.

*Commercial paper*

The Company has a commercial paper program enabling borrowings of up to €1.5 billion. As of December 31, 2025 and 2024, the

outstanding amount was 879 and 745, respectively.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

*6.1.2.2 Long-term debt* 

Long-term debt is comprised of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | December 31, | December 31, |
| | | | | 2025 | 2024 |
| | Year of maturity | Type of Interest | Interest rate<sup>1</sup> | Carrying amount at amortized cost | Carrying amount at amortized cost |
| Corporate |  |  |  |  |  |
| 5.5 billion Revolving Credit Facility | 2029 | Floating |  |  |  |
| 500 Unsecured Notes | 2025 | Fixed | 6.13% |  | 184 |
| €750 million Unsecured Notes | 2025 | Fixed | 1.75% |  | 778 |
| 750 Unsecured Notes | 2026 | Fixed | 4.55% | 401 | 400 |
| €600 million Unsecured Notes | 2026 | Fixed | 4.88% | 704 | 621 |
| 1.2 billion Unsecured Notes | 2027 | Fixed | 6.55% | 1197 | 1196 |
| €500 million Unsecured Notes | 2028 | Fixed | 3.13% | 584 | 515 |
| 500 Unsecured Notes | 2029 | Fixed | 4.25% | 497 | 496 |
| €650 million Unsecured Notes | 2030 | Fixed | 3.25% | 757 |  |
| €500 million Unsecured Notes | 2031 | Fixed | 3.50% | 581 | 513 |
| 1.0 billion Unsecured Notes | 2032 | Fixed | 6.80% | 991 | 990 |
| 500 Unsecured Notes | 2034 | Fixed | 6.00% | 496 | 496 |
| 1.5 billion Unsecured Bonds | 2039 | Fixed | 7.00% | 673 | 672 |
| 1.0 billion Unsecured Notes | 2041 | Fixed | 6.75% | 429 | 428 |
| 500 Unsecured Notes | 2054 | Fixed | 6.35% | 491 | 491 |
| EIB loan | 2025 | Fixed | 1.16% |  | 15 |
| EIB loan | 2032 | Floating | 3.40% | 267 | 273 |
| Schuldschein loans | 2027 | Fixed | 3.0% | 77 | 94 |
| Schuldschein loans | 2028-2030 | Floating | 3.4% - 3.6% | 819 | 659 |
| Samurai loan | 2028-2030 | Floating | 1.5% - 1.6% | 450 |  |
| Other loans | 2028 - 2035 | Floating | 2.5%  | 181 | 191 |
| Total Corporate |  |  |  | 9595 | 9012 |
| **Subsidiaries** |  |  |  |  |  |
| Other loans |  |  |  | 1515 | 501 |
| Total |  |  |  | 11110 | 9513 |
| Less current portion of long-term debt |  |  |  | (1406) | (1550) |
| Total long-term debt (excluding lease obligations) |  |  |  | 9704 | 7963 |
| Long-term lease obligations<sup>2</sup> |  |  |  | 967 | 852 |
| Total long-term debt, net of current portion |  |  |  | 10671 | 8815 |

---

1. Rates applicable to balances outstanding at December 31, 2025. For debt that has been redeemed in its entirety during 2025, the interest rates refer to the rates at

repayment date.

2. Net of current portion of 214 and 182 as of December 31, 2025 and 2024, respectively. See note 7.

**Corporate** 

*5.5 billion Revolving Credit Facility* 

On May 29, 2024, ArcelorMittal signed an agreement for a 5.5

billion revolving credit facility (the "Facility"). This Facility

replaced the 5.5 billion revolving credit facility dated December

19, 2018, which was amended and extended on April 27, 2021.

The agreement incorporated a single tranche of 5.5 billion

maturing on May 29, 2029, with two one-year extension

options. On April 30, 2025, ArcelorMittal exercised the option to

extend the Facility's maturity by one year to May 29, 2030. The

Facility contains restrictive covenants, which among other

things, limit encumbrances on the assets of ArcelorMittal and

its subsidiaries, the ability of ArcelorMittal's subsidiaries to

incur debt and the ability of ArcelorMittal and its subsidiaries to

dispose of assets in certain circumstances. The margin

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

applicable to ArcelorMittal's principal credit facilities (the

Facility and certain other credit facilities) and the coupons on

certain of its outstanding bonds are subject to adjustment in the

event of certain changes in its long-term credit ratings. On

June 9, 2025, Standard & Poor's upgraded ArcelorMittal's

credit rating from 'BBB-' to 'BBB' on improved business and

assigned a 'Stable' outlook. On December 4, 2025, Moody's

upgraded ArcelorMittal's credit rating from 'Baa3' to 'Baa2' on

strengthening of its business profile, including a structural

improvement in margins and a reduction in earnings volatility;

and assigned a 'Stable' outlook. The Facility may be used for

general corporate purposes and was fully available as of

December 31, 2025.

The Company makes drawdowns from and repayments on this

Facility in the framework of its cash management.

On September 30, 2010, ArcelorMittal entered into 500

revolving multi-currency letter of credit facility (the "Letter of

Credit Facility"). The Letter of Credit Facility is used by the

Company and its subsidiaries for the issuance of letters of

credit and other instruments. The terms of the letters of credit

and other instruments contain certain restrictions as to

duration. The Letter of Credit facility, whose amount and

maturity have been revised from time to time, amounted to 395

prior to refinancing through a 445 Letter of Credit Facility

entered into on July 31, 2024, with maturity extended from July

31, 2024 to July 31, 2027 and with two extension options for

one year each. The Letter of Credit Facility also includes an

accordion clause which allows the Company to invite lenders to

increase their commitments up to 595 in aggregate. On March

18, 2025, the Company exercised the option to extend the

maturity by one year to July 31, 2028. On July 28, 2025 the

Company exercised the accordion clause to increase the total

amount of the Letter of Credit Facility by 55 to 500.

*Bonds*

On June 1, 2025, at maturity, ArcelorMittal fully repaid the

outstanding 184 of its 500 Fixed Rate Notes due 2025.

On September 30, 2025, ArcelorMittal issued €650 million

(754) of 3.25% Notes due on September 30, 2030. The Notes

were issued under ArcelorMittal's €10 billion wholesale Euro

Medium Term Notes Program and the use of proceeds of the

issuance was general corporate purposes.

On November 19, 2025, at maturity, ArcelorMittal fully repaid

the outstanding €750 million (869) of its €750 million Fixed

Rate Notes due 2025.

The margin applicable to ArcelorMittal's principal credit facilities

5.5 billion Revolving Credit Facility and certain other credit

facilities) and the coupons on certain of its outstanding bonds

are subject to adjustment in the event of a change in its long-

term credit ratings.

The following table provides details of the outstanding bonds on maturity, the original coupons and the current interest rates for the

bonds impacted by changes in the long-term credit rating:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Initial value | Nominal amount of <br>outstanding value<br>| Date of issuance | Repayment date | Interest rate<sup>1</sup> | Issued at |
| 750 Unsecured Notes | 401 | Mar 11, 2019 | Mar 11, 2026 | 4.55% | 99.72% |
| €600 million Unsecured Notes | €600 million | Sep 26, 2022 | Sep 28, 2026 | 4.88% | 99.65% |
| 1.2 billion Unsecured Bonds | 1.2 Billion | Nov 29, 2022 | Nov 29, 2027 | 6.55% | 99.91% |
| €500 million Unsecured Notes | €500 million | Dec 13, 2024 | Dec 13, 2028 | 3.13% | 99.52% |
| 500 Unsecured Notes | 500 | Jul 16, 2019 | Jul 16, 2029 | 4.25% | 99.00% |
| €650 million Unsecured Notes | €650 million | Sep 30, 2025 | Sep 30, 2030 | 3.25% | 99.42% |
| €500 million Unsecured Notes | €500 million | Dec 13, 2024 | Dec 13, 2031 | 3.50% | 99.21% |
| 1.0 billion Unsecured Notes | 1.0 Billion | Nov 29, 2022 | Nov 29, 2032 | 6.80% | 99.37% |
| 500 Unsecured Notes | 500 | Jun 17, 2024 | Jun 17, 2034 | 6.00% | 99.86% |
| 1.0 billion Unsecured Bonds | 457 | Oct 8, 2009 | Oct 15, 2039 | 7.00% | 95.20% |
| 500 Unsecured Bonds | 229 | Aug 5, 2010 | Oct 15, 2039 | 7.00% | 104.84% |
| 1.0 billion Unsecured Notes | 434 | Mar 7, 2011 | Mar 1, 2041 | 6.75% | 99.18% |
| 500 Unsecured Notes | 500 | Jun 17, 2024 | Jun 17, 2054 | 6.35% | 99.32% |

---

1. Rate applicable at December 31, 2025.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

*European Investment Bank ("EIB") Loan* 

On December 19, 2025, ArcelorMittal signed a €400 million

loan agreement with the European Investment Bank ("EIB") for

funding of research, development and innovation projects in

Europe over the period of 2025-2028. As of December 31,

2025, the facility was fully available. On January 30, 2026, the

full amount was drawn down.

On June 2, 2021, ArcelorMittal signed a €280 million loan

agreement with the EIB for funding of research, development

and innovation projects in Europe over the period of

2021-2023. This operation benefits from a guarantee from the

European Union under the European Fund for Strategic

Investments. On March 16, 2022 ArcelorMittal draw down the

facility in full. As of December 31, 2025, €228 million (267) was

outstanding.

On December 16, 2016, ArcelorMittal signed a €350 million

finance contract with the EIB in order to finance European

research, development and innovation projects over the period

2017-2020 within the European Union, mainly in France,

Belgium, Spain, Poland and Luxembourg. This funding benefits

from a guarantee from the European Union under the

European Fund for Strategic Investments. As of December 31,

2025, the debt was reimbursed in full.

On November 21, 2025, ArcelorMittal completed the offering of

a JPY 37.5 billion and a JPY 33 billion variable rate loans on

the Japanese Samurai loan market. The proceeds of these

loans were used for general corporate purposes. As of

December 31, 2025, a total of JPY 70.5 billion (450) was

outstanding.

On June 24, 2025, ArcelorMittal completed the offering of a

€310 million, a €80 million and a €310 million variable rate

loans in the German Schuldschein market. The proceeds of

these loans were used for general corporate purposes. As of

December 31, 2025, €700 million (819) was outstanding.

On May 4, 2022, ArcelorMittal completed the offering of a

€346.5 million variable rate loan, a €24.5 million fixed rate loan,

a €263 million variable rate loan and a €66 million fixed rate

loan in the German Schuldschein market. On May 6, 2022, the

Company further completed the offering of a €25 million

variable rate loan. The proceeds of these issuances were used

for general corporate purposes. On May 13, 2025, at maturity,

ArcelorMittal fully repaid €371 million (419). On November 13,

2025, ArcelorMittal prepaid €263 million (304) and €25 million

(29) variable rate loans. As of December 31, 2025, €66 million

(77) was outstanding.

On December 21, 2018, the Company entered into a facility

agreement with a group of lenders for €235 million to finance

the construction of a new hot strip mill in Mexico. This facility

became effective upon issuance of a guarantee by the

Oesterreichische Kontrollbank AG in March 2019. The last

installment under this agreement is due December 28, 2029.

The outstanding amount in total as of December 31, 2025 was

€78 million (92).

Other corporate loans relate to various debt with banks and

public institutions.

**Americas**

In June and December 2024, the Industrial Development

Authority of Mobile County issued tax-exempt bonds of 378

and 480, respectively, with a final maturity of June 1, 2054, and

December 1, 2054, respectively, with Calvert. The bond

proceeds support the construction and equipping of solid waste

disposal infrastructure and related industrial facilities, including

a melt shop in Calvert, Alabama. As of December 31, 2025,

843 was outstanding under these agreements.

**Europe, Asia and Africa** 

On December 15, 2022, AMKR entered into a 100 loan

agreement with EBRD for working capital purposes. As of

December 31, 2025, the facility was fully reimbursed.

On November 17, 2023, AMKR entered into a 150 loan

agreement with EBRD for working capital purposes. 80 were

committed and fully drawn as of December 31, 2025.

On December 5, 2025, ArcelorMittal signed a 200 refinancing

facility with EBRD. The purpose of the facility is to re-finance

the existing facilities signed in 2022 and 2023. The new facility

is composed of two tranches, 100 committed and 100

uncommitted, to be committed by EBRD upon AMKR's request.

As of December 31, 2025, 100 was drawn under the

agreement.

On May 25, 2017, ArcelorMittal South Africa signed a ZAR4.5

billion revolving borrowing base finance facility whose maturity

was extended over time to September 7, 2026. Any borrowings

under the facility are secured by certain eligible inventory and

receivables, as well as certain other working capital and related

assets of ArcelorMittal South Africa. The facility is used for

general corporate purposes. The facility is not guaranteed by

ArcelorMittal. On September 16, 2025, ArcelorMittal South

Africa agreed with the lenders to extend further the maturity to

March 8, 2027 and to reduce the maximum amount to ZAR4

billion. On December 30, 2025, ArcelorMittal South Africa and

its lenders agreed to further reduce the facility maximum

amount to ZAR3 billion. As of December 31, 2025, ZAR2.9

billion (175) was drawn. The borrowing base facility at

ArcelorMittal South Africa remains subject to a financial

covenant as of December 31, 2025. Non-compliance with the

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

covenant would entitle the lenders under such facility to

accelerate repayment obligations.

On December 28, 2023, and on March 4, 2024, AM Green

Energy signed two INR7.5 billion loans to finance the

development of its renewable energy project. As of December

31, 2025, INR15 billion (167) was outstanding.

*Other loans in subsidiaries* 

Other loans in subsidiaries mainly relate to loans contracted by

ArcelorMittal subsidiaries with different counterparties.

**Hedge of net investments** 

As of April 1, 2018, the Company designated a portfolio of euro

denominated debt (€3,978 million and €4,142 million as of

December 31, 2025 and 2024, respectively) as a hedge of

certain euro denominated investments (€8,516 million and

€8,208 million as of December 31, 2025 and 2024,

respectively) in order to mitigate the foreign currency risk

arising from certain euro denominated subsidiaries' net assets.

The risk arises from the fluctuation in spot exchange rates

between the U.S. dollar and euro, which causes the amount of

the net investments to vary. The hedged risk in the hedge of

net investments is a risk of a weakening euro against the U.S.

dollar that will result in a reduction in the carrying amount of the

Company's net investments in the subsidiaries subject to the

hedge. The euro denominated debt is designated as a hedging

instrument for the change in the value of the net investments

that is attributable to changes in the euro/U.S. dollar spot rate.

To assess the hedge effectiveness, the Company determines

the economic relationship between the hedging instrument and

the hedged item by comparing changes in the carrying amount

of the debt portfolio that are attributable to a change in the spot

rate with changes in the net investments in the foreign

operations due to movements in the spot rate.

As of December 31, 2025 and 2024, the Company recognized

624 foreign exchange loss and 232 foreign exchange gain,

respectively, arising on the translation of the euro denominated

debt designated as a hedge of the euro denominated net

investments in foreign operations in other comprehensive

income within the foreign exchange translation reserve.

**Maturity profile** 

As of December 31, 2025 the scheduled maturities of short-

term debt, long-term debt and long-term lease obligations,

including their current portion are as follows:

---

| | |
|:---|:---|
| Year of maturity | Amount |
| 2026 | 2739 |
| 2027 | 1631 |
| 2028 | 1374 |
| 2029 | 794 |
| 2030 | 1630 |
| Subsequent years | 5242 |
| Total | 13410 |

---

**Fair value** 

The following tables summarize the Company's bases used to

estimate its debt at fair value. Fair value measurement has

been classified into three levels based upon a fair value

hierarchy that reflects the significance of the inputs used in

making the measurements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025 | Carrying amount | Fair Value | Fair Value | Fair Value | Fair Value |
|  |  | Level 1 | Level 2 | Level 3 | Total |
| Instruments payable bearing interest at fixed rates (excluding <br>long and short-term lease liabilities)<br>| 8764 | 8249 | 793 |  | 9042 |
| Instruments payable bearing interest at variable rates <br>(excluding long and short-term lease liabilities)<br>| 2346 |  | 2352 |  | 2352 |
| Total long-term debt, including current portion  | 11110 | 8249 | 3145 |  | 11394 |
| Short term bank loans and other credit facilities including <br>commercial paper<br>| 1119 |  | 1130 |  | 1130 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| As of December 31, 2024 | Carrying amount | Fair Value | Fair Value | Fair Value | Fair Value |
|  |  | Level 1 | Level 2 | Level 3 | Total |
| Instruments payable bearing interest at fixed rates (excluding <br>long and short-term lease liabilities)<br>| 7923 | 8008 | 138 |  | 8146 |
| Instruments payable bearing interest at variable rates <br>(excluding long and short-term lease liabilities)<br>| 1590 |  | 1609 |  | 1609 |
| Total long-term debt, including current portion  | 9513 | 8008 | 1747 |  | 9755 |
| Short term bank loans and other credit facilities including <br>commercial paper<br>| 1016 |  | 1023 |  | 1023 |

---

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

Instruments payable classified as Level 1 refer to the

Company's listed bonds quoted in active markets. The total fair

value is the official closing price as defined by the exchange on

which the instrument is most actively traded on the last trading

day of the period, multiplied by the number of units held without

consideration of transaction costs.

Instruments payable classified as Level 2 refer to all debt

instruments not classified as Level 1. The fair value of the debt

is based on estimated future cash flows converted into U.S.

dollar at the forward rate and discounted using current U.S.

dollar zero coupon rates and ArcelorMittal's credit spread

quotations for the relevant maturities. There were no

instruments payable classified as Level 3.

*6.1.3 Cash and cash equivalents, restricted cash and* 

*reconciliations of cash flows* 

Cash and cash equivalents consist of cash and short-term

highly liquid investments that are readily convertible to cash

with original maturities of three months or less at the time of

purchase and are carried at cost plus accrued interest, which

approximates fair value.

Cash and cash equivalents are primarily centralized at the

parent level and are managed by ArcelorMittal Treasury SNC,

although from time to time cash or cash equivalent balances

may be held at the Company's international subsidiaries or its

holding companies. Some of these operating subsidiaries have

debt outstanding or are subject to acquisition agreements that

impose restrictions on such operating subsidiaries' ability to

pay dividends, but such restrictions are not significant in the

context of ArcelorMittal's overall liquidity. Repatriation of funds

from operating subsidiaries may also be affected by tax and

foreign exchange policies in place from time to time in the

various countries where the Company operates, though none

of these policies are currently significant in the context of

ArcelorMittal's overall liquidity.

Cash and cash equivalents consisted of the following:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
| | 2025 | 2024 |
| Cash at bank | 4482 | 4355 |
| Term deposits | 792 | 949 |
| Money market funds<sup>1</sup> | 118 | 1096 |
| Total | 5392 | 6400 |

---

1Money market funds are highly liquid investments with a maturity of 3

months or less from the date of acquisition.

Restricted cash represents cash and cash equivalents not

readily available to the Company, mainly related to insurance

deposits, cash accounts in connection with environmental

obligations and true sale of receivables programs, as well as

various other deposits or required balance obligations related

to letters of credit and credit arrangements.

Restricted cash of 84 and 84 as of December 31, 2025 and

December 31, 2024, respectively, included 67 and 68 relating

to various environmental obligations, true sales of receivables

programs and letters of credit issued at ArcelorMittal South

Africa as of December 31, 2025 and December 31, 2024,

respectively. It also included 13 and 13 in connection with the

mandatory convertible bonds as of December 31, 2025 and

December 31, 2024, respectively (see note 11.2).

Changes in restricted cash are included within investing

activities in the consolidated statements of cash flows.

**Reconciliation of liabilities arising from financing activities** 

The table below details changes in the Company's liabilities

arising from financing activities, including both cash and non-

cash changes. Liabilities arising from financing activities are

those for which cash flows were, or future cash flows will be

classified in the Company's consolidated statements of cash

flows from financing activities.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

---

| | | |
|:---|:---|:---|
| | Long-term debt, net of current <br>portion<br>| Short-term debt and current <br>portion of long term debt<br>|
| Balance as of December 31, 2023 (note 6.1.2) | 8369 | 2312 |
| Proceeds from long-term debt | 2227 |  |
| Payments of long-term debt | (61) |  |
| Amortized cost | 6 | 2 |
| Proceeds from short-term debt |  | 257 |
| Payments of short-term debt |  | (1192) |
| Current portion of long-term debt | (1732) | 1732 |
| Payments of principal portion of lease liabilities (note 7)<sup>1</sup> | (10) | (214) |
| Additions to lease liabilities (notes 5.2 and 7) | 186 | 23 |
| Unrealized foreign exchange effects and other movements | (170) | (172) |
| Balance as of December 31, 2024 (note 6.1.2) | 8815 | 2748 |
| Proceeds from long-term debt | 2107 |  |
| Payments of long-term debt | (420) |  |
| Amortized cost | 9 | 3 |
| Proceeds from short-term debt |  | 32 |
| Payments of short-term debt |  | (2359) |
| Current portion of long-term debt | (1620) | 1620 |
| Payments of principal portion of lease liabilities (note 7) <sup>1</sup> | (19) | (215) |
| Additions to lease liabilities (notes 5.2 and 7) | 236 | 38 |
| Debt acquired through business combinations | 914 | 769 |
| Unrealized foreign exchange effects and other movements | 649 | 103 |
| Balance as of December 31, 2025 (note 6.1.2) | 10671 | 2739 |

---

1. Cash payments decreasing the outstanding liability relating to leases are classified under payments of principal portion of lease liabilities and other financing activities in

the Company's consolidated statements of cash flows.

*6.1.4 Net debt* 

The Company monitors its net debt in order to manage its capital. The following tables present the structure of the Company's net debt

by original currency translated into USD at December 31, 2025 and December 31, 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| At December 31, 2025 | Total | EUR | USD | ARS | BRL | INR | JPY | Other |
| Short-term debt and current portion of long-term debt | 2739 | 1697 | 581 |  | 159 | 10 |  | 292 |
| Long-term debt, net of current portion | 10671 | 3588 | 5893 |  | 93 | 186 | 450 | 461 |
| Cash and cash equivalents and restricted cash <sup>1</sup> | (5479) | (2577) | (1555) | (429) | (271) | (151) |  | (496) |
| Net debt | 7931 | 2708 | 4919 | (429) | (19) | 45 | 450 | 257 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| At December 31, 2024 | Total | EUR | USD | ARS | BRL | INR | JPY | Other |
| Short-term debt and current portion of long-term debt | 2748 | 2088 | 348 |  | 22 | 1 |  | 289 |
| Long-term debt, net of current portion | 8815 | 2790 | 5378 |  | 80 | 186 |  | 381 |
| Cash and cash equivalents and restricted cash | (6484) | (3969) | (1183) | (489) | (237) | (83) |  | (523) |
| Net debt | 5079 | 909 | 4543 | (489) | (135) | 104 |  | 147 |

---

1. Includes 3 cash held for sale see note 2.3.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

*6.1.5 Derivative financial instruments* 

The Company uses derivative financial instruments to manage

its exposure to fluctuations in interest rates, exchange rates,

raw material prices, freight, energy and emission rights

allowances arising from operating, financing and investing

activities. Derivative financial instruments are classified as

current or non-current assets or liabilities based on their

maturity dates and are accounted for at the trade date.

Embedded derivatives are separated from the host contract

and accounted for separately if they are not closely related to

the host contract. The Company measures all derivative

financial instruments based on fair values derived from market

prices of the instruments or from option pricing models, as

appropriate. Gains or losses arising from changes in fair value

of derivatives are recognized in the consolidated statements of

operations, except for derivatives that are designated and

qualify for cash flow or net investment hedge accounting.

Changes in the fair value of a derivative that is designated and

qualifies as a cash flow hedge are recorded in other

comprehensive income. Amounts deferred in equity are

recorded in the consolidated statements of operations in the

periods when the hedged item is recognized in the

consolidated statements of operations and within the same line

item (see note 6.3 Cash flow hedges).

The Company formally assesses, both at the hedge's inception

and on an ongoing basis, whether the derivatives that are used

in hedging transactions are effective in offsetting changes in

fair values or cash flows of hedged items. When a hedging

instrument is sold, terminated, expired or exercised, the

accumulated gain or loss on the hedging instrument is

maintained in equity until the forecasted transaction occurs. If

the hedged transaction is no longer probable, the cumulative

gain or loss, which had been recognized in equity, is reported

immediately in the consolidated statements of operations.

Foreign currency differences arising on the translation of a

financial liability designated as a hedge of a net investment in a

foreign operation are recognized directly as a separate

component of equity, to the extent that the hedge is effective.

To the extent that the hedge is ineffective, such differences are

recognized in the consolidated statements of operations (see

note 6.3 Net investment hedge).

The Company manages the counter-party risk associated with

its instruments by centralizing its commitments and by applying

procedures which specify, for each type of transaction and

underlying position, risk limits and/or the characteristics of the

counter-party. The Company does not generally grant to or

require guarantees from its counterparties for the risks

incurred. Allowing for exceptions, the Company's

counterparties are part of its financial partners and the related

market transactions are governed by framework agreements

(mainly International Swaps and Derivatives Association

agreements which allow netting only in case of counterparty

default). Accordingly, derivative assets and derivative liabilities

are not offset.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

Derivative financial instruments classified as Level 2:

The following tables summarize this portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | Assets | Assets | Liabilities | Liabilities |
| | Notional <br>Amount<br>| Fair Value | Notional <br>Amount<br>| Fair Value |
| Interest rate instruments |  |  |  |  |
| Other interest rate instruments | 258 | 1 | 15 |  |
| Total interest rate instruments |  | 1 |  |  |
| Foreign exchange rate instruments |  |  |  |  |
| Forward purchase contracts | 168 | 4 | 116 | (6) |
| Forward sale contracts | 332 | 6 | 389 | (12) |
| Currency swaps sales | 1339 | 10 | 4169 | (81) |
| Currency swaps purchases | 3216 | 24 | 534 | (6) |
| Exchange option purchases | 1063 | 15 | 1368 | (5) |
| Exchange options sales | 3974 | 43 | 3333 | (55) |
| Total foreign exchange rate instruments |  | 102 |  | (165) |
| Raw materials (base metals), freight, energy, emission rights |  |  |  |  |
| Term contracts sales | 486 | 58 | 371 | (38) |
| Term contracts purchases | 1082 | 126 | 1249 | (196) |
| Options sales/purchases | 633 | 11 | 391 | (17) |
| Total raw materials (base metals), freight, energy, emission rights |  | 195 |  | (251) |
| Total |  | 298 |  | (416) |

---

Fair values of raw material, freight, energy and emission rights instruments are categorized as Level 2 as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
| | 2025 | 2024 |
| Base metals | 11 | (11) |
| Freight | 22 | 3 |
| Energy (oil, gas, electricity) | (89) | 60 |
| Emission rights |  |  |
| Total | (56) | 52 |
| Derivative assets associated with raw materials, energy, freight and emission rights | 195 | 172 |
| Derivative liabilities associated with raw materials, energy, freight and emission rights | (251) | (120) |
| Total | (56) | 52 |

---

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | Assets | Assets | Liabilities | Liabilities |
| | Notional <br>Amount<br>| Fair Value | Notional <br>Amount<br>| Fair Value |
| Interest rate instruments |  |  |  |  |
| Other interest rate instruments | 8 |  | 20 |  |
| Total interest rate instruments |  |  |  |  |
| Foreign exchange rate instruments |  |  |  |  |
| Forward purchase contracts | 499 | 35 | 195 | (39) |
| Forward sale contracts | 59 | 6 | 1088 | (113) |
| Currency swaps sales | 1189 | 7 | 3734 | (55) |
| Currency swaps purchases | 2614 | 151 | 1701 | (17) |
| Exchange option purchases | 4203 | 67 | 75 |  |
| Exchange options sales | 1 |  | 3602 | (294) |
| Total foreign exchange rate instruments |  | 266 |  | (518) |
| Raw materials (base metals), freight, energy, emission rights |  |  |  |  |
| Term contracts sales | 386 | 26 | 302 | (44) |
| Term contracts purchases | 571 | 146 | 651 | (76) |
| Option sales/purchases  | 3 |  |  |  |
| Total raw materials (base metals), freight, energy, emission rights |  | 172 |  | (120) |
| Total |  | 438 |  | (638) |

---

Derivative instruments classified as Level 2 of the fair value

hierarchy refer to instruments whose fair value is determined

using valuation techniques that rely on inputs other than

quoted prices included in Level 1 that are observable either

directly or indirectly. The total fair value is based on the price a

dealer would pay or receive for the security or similar

securities, adjusted for any terms specific to that asset or

liability. Market inputs are obtained from well-established and

recognized vendors of market data and the fair value is

calculated using standard industry models based on significant

observable market inputs such as foreign exchange rates,

commodity prices, swap rates and interest rates and based on

principles such as discounting future cash flows to present

value. Such instruments are used to hedge fluctuations in

interest rates, foreign exchange rates, raw materials (base

metals), freight, energy and emission rights. They include also

certain of the Company's power purchase agreements not

subject to own use exemption.

Derivative instruments classified as Level 3 are those

instruments whose fair value is determined using valuation

techniques that incorporate significant unobservable inputs

which reflect the Company's own views about the assumptions

market participant would use in pricing the asset or liability. The

fair valuation of Level 3 derivative instruments is established at

each reporting date and compared to the prior period.

ArcelorMittal's valuation policies for Level 3 derivatives are an

integral part of its internal control procedures and have been

reviewed and approved according to the Company's principles

for establishing such procedures. In particular, such

procedures address the accuracy and reliability of input data,

the accuracy of the valuation model and the knowledge of the

staff performing the valuations.

*Electricity option*

ArcelorMittal and an electricity supplier entered into a multi-

buyer power supply contract on the French market. Other

clients of this contract are committed to purchase electricity

from the supplier with opt-out rights to be exercised in 2029 for

2030-2034 delivery period. The opt-out rights for 2025-2029

delivery period expired unexercised in 2024. The Company is

committed to acquire up to 51% of the opt-out volumes.

The fair value of the option classified as Level 3 is based on

the Black-Scholes formula model. Observable input data used

in the valuation include euro zero coupon yield curve and

electricity forward prices for tenors quoted by the European

Energy Exchange (EEX). A 10% increase and decrease in

electricity forward prices would result in a 12% decrease and

15% increase, respectively, of the fair value of the option at

December 31, 2025.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

The following table summarizes the reconciliation of the fair

value of the financial instrument classified as Level 3:

---

| | |
|:---|:---|
|  | Electricity option |
| Balance as of December 31, 2023 | (82) |
| Change in fair value | 50 |
| Balance as of December 31, 2024 | (32) |
| Change in fair value | (3) |
| Balance as of December 31, 2025 | (35) |

---

The fair value movement relating to the Level 3 derivative

instrument is recognized in financing costs-net in the

consolidated statements of operations.

*6.1.6 Other non-derivative financial assets and liabilities* 

Other non-derivative financial assets and liabilities include cash

and cash equivalents and restricted cash (see note 6.1.3),

certain trade and certain other receivables (see note 4.3, 4.5

and 4.6), investments in equity instruments at FVOCI (see note

2.5), trade payables and certain other liabilities (see notes 4.7

and 4.8). These instruments are recognized initially at fair

value when the Company becomes a party to the contractual

provisions of the instrument. Non-derivative financial assets

are derecognized if the Company's contractual rights to the

cash flows from the financial instruments expire or if the

Company transfers the financial instruments to another party

without retaining control of substantially all risks and rewards of

the instruments. Non-derivative financial liabilities are

derecognized when they are extinguished (i.e. when the

obligation specified in the contract is discharged, canceled or

expired).

*Impairment of financial assets* 

In relation to the impairment of financial assets, an expected

credit loss ("ECL") model is required. The ECL model requires

the Group to account for expected credit losses and changes in

those ECL at each reporting date to reflect changes in credit

risk since initial recognition of the financial assets. In particular,

the Company measures the loss allowance for a financial

instrument at an amount equal to the lifetime ECL if the credit

risk on that financial instrument has increased significantly

since initial recognition. Receivables aged 31 days or older and

uninsured trade receivables remain consistent with historical

levels and the Company did not identify any expected

increased risk of default (note 4.3).

Investments in equity instruments at FVOCI are exempt from

the impairment test because the fair value of the investment is

recorded in OCI and not reclassified to profit and loss.

Financial assets are tested for ECLs annually or whenever

changes in circumstances indicate that there is a change in

credit risk. Any ECL is recognized in the consolidated

statements of operations. An ECL related to financial assets is

reversed if and to the extent there has been a change in the

factors used to determine the recoverable amount. The loss is

reversed only to the extent that the asset's carrying amount

does not exceed the carrying amount that would have been

determined if no ECL had been recognized. Reversals of ECLs

are recognized in net income, except for investments in equity

instruments at FVOCI, in which all fair value movements are

recognized in OCI.

6.2 Financing costs - net

Financing costs - net recognized in the years ended

December 31, 2025, 2024 and 2023 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| | 2025 | 2024 | 2023 |
| Interest expense | (577) | (510) | (715) |
| Interest income | 281 | 400 | 570 |
| Accretion of defined benefit <br>obligations and other long term <br>liabilities<br>| (309) | (202) | (243) |
| Net foreign exchange gain/<br>(loss)<br>| 256 | (565) | (48) |
| Other<sup>1</sup> | (360) | (297) | (423) |
| Total | (709) | (1174) | (859) |

---

1. Other mainly included expenses related to TSR programs and bank fees. In

2025 and 2023, Other included 101 and 66, respectively, relating to the term

extension of mandatorily convertible bonds (see note 11.2). In 2024, Other

included also 83 expense relating to the fair value at acquisition date of the

forward in connection with the Vallourec acquisition (see note 2.4.2).

6.3 Risk management policy

The Company is exposed to a variety of financial risks arising

from ordinary business exposure such as interest rate risk,

foreign exchange risk, liquidity risk and risks in fluctuations in

prices of raw materials, freight, energy and CO2 emissions

rights. The Company actively monitors and seeks to reduce

volatility of these exposures through a diversity of financial

instruments, where considered appropriate. The Company has

formalized how it manages these risks within the Treasury and

Financial Risk Management Policy, which has been approved

by Management.

*Capital management* 

The Company's objective when managing capital is to

safeguard continuity, maintain a strong credit rating and

healthy capital ratios to support its business and provide

adequate return to shareholders through continuing growth.

The Company sets the amount of capital required on the basis

of annual business and long-term operating plans which

include capital and other strategic investments. The funding

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

requirement is met through a combination of equity, bonds and

other long-term and short-term borrowings.

The Company monitors capital using a gearing ratio, being the

ratio of net debt as a percentage of total equity.

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
| | 2025 | 2024 |
| Total equity | 56536 | 51286 |
| Net debt  | 7931 | 5079 |
| Gearing | 14.0% | 9.9% |

---

*6.3.1 Market risks*

Market risks result from the exposure to possible market price

movements and their impact on future financial

performance.They include interest rate risk, foreign exchange

risk and price risk for emission rights and raw materials

(including iron ore and base metals such as zinc, nickel,

aluminum and tin), freight and energy, either through the

purchase of raw materials and through sales contracts.

*Interest rate risk* 

The Company is exposed to interest rate risk on short-term and

long-term floating rate instruments and on refinancing of fixed

rate debt. The Company's policy is to maintain a balance of

fixed and floating interest rate borrowings, which is adjusted

depending on the prevailing market interest rates and outlook.

As at December 31, 2025, the long-term debt was comprised

of 79% fixed rate debt and 21% variable rate debt (note 6.1.2).

The Company may utilize certain instruments to manage

interest rate risks. Interest rate instruments allow the Company

to borrow long-term at fixed or variable rates, and to swap the

rate of this debt either at inception or during the lifetime of the

borrowing. The Company and its counterparties exchange, at

predefined intervals, the difference between the agreed fixed

rate and the variable rate, calculated on the basis of the

notional amount of the swap. Similarly, swaps may be used for

the exchange of variable rates against other variable rates.

*Foreign exchange rate risk* 

The Company is exposed to changes in values arising from

foreign exchange rate fluctuations generated by its operating

activities. Because a substantial portion of ArcelorMittal's

assets, liabilities, sales and earnings are denominated in

currencies other than the U.S. dollar (its reporting currency),

ArcelorMittal has an exposure to fluctuations and depreciation

in the values of these currencies relative to the U.S. dollar.

These currency fluctuations, especially the fluctuation of the

value of the U.S. dollar relative to the euro, the Canadian

dollar, Brazilian real, Polish Zloty, South African rand, Mexican

peso and Ukrainian hryvnia, as well as fluctuations in the other

countries' currencies in which ArcelorMittal has significant

operations and/or sales, could have a material impact on its

financial position, cash flows and results of operations.

ArcelorMittal faces transaction risk, where its businesses

generate sales in one currency but incur costs relating to that

revenue in a different currency. For example, ArcelorMittal's

subsidiaries may purchase raw materials, including iron ore

and coking coal, in U.S. dollar, but may sell finished steel

products in other currencies. Consequently, an appreciation of

the U.S. dollar will increase the cost of raw materials; thereby

having a negative impact on the Company's operating margins,

unless the Company is able to pass along the higher cost in

the form of higher selling prices.

Following its Treasury and Financial Risk Management Policy,

the Company hedges a portion of its net exposure to foreign

exchange rates through forwards, options and swaps.

ArcelorMittal also faces foreign currency translation risk, which

arises when ArcelorMittal translates the statements of

operations of its subsidiaries, its corporate net debt (note 6.1.4)

and other items denominated in currencies other than the U.S.

dollar, for inclusion in the consolidated financial statements.

The Company manages translation risk arising from its

investments in subsidiaries by monitoring the currency mix of

the consolidated statements of financial position. The

Company may enter into derivative transactions to hedge the

residual exposure (see "Net investment hedge").

The Company also uses derivative instruments at the

corporate level to hedge debt recorded in foreign currency

other than the functional currency or the balance sheet risk

associated with certain monetary assets denominated in a

foreign currency other than the functional currency.

*Foreign currency sensitivity analysis* 

As of December 31, 2025, the Company is mainly subject to

foreign exchange exposure relating to the euro, Brazilian real,

Canadian dollar, South African rand, Mexican peso, Polish

zloty, Argentine peso and Ukrainian hryvnia against the U.S.

dollar resulting from its trade payables and receivables. The

structure of trade receivables and trade payables by original

currency translated in USD is as follows as of December 31,

2025:

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 |
| | Trade <br>receivables<br>| Trade payables |
| USD | 934 | 4559 |
| EUR | 887 | 5730 |
| BRL | 837 | 701 |
| PLN | 189 | 473 |
| MAD | 189 | 277 |
| ZAR | 89 | 387 |
| CAD | 77 | 371 |
| ARS | 74 | 68 |
| UAH | 60 | 76 |
| GBP | 27 | 108 |
| MXN | 12 | 86 |
| Other | 101 | 172 |
| Total | 3476 | 13008 |

---

The sensitivity analysis carried out by the Company considers

the effects on its trade receivables and trade payables of a

10% increase or decrease between the relevant foreign

currencies and the U.S. dollar.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 10% increase | 10% increase | 10% decrease | 10% decrease |
| | Trade <br>receivables<br>| Trade <br>payables<br>| Trade <br>receivables<br>| Trade <br>payables<br>|
| EUR | 89 | 573 | (89) | (573) |
| BRL | 84 | 70 | (84) | (70) |
| PLN | 19 | 47 | (19) | (47) |
| MAD | 19 | 28 | (19) | (28) |
| ZAR | 9 | 39 | (9) | (39) |
| CAD | 8 | 37 | (8) | (37) |
| ARS | 7 | 7 | (7) | (7) |
| UAH | 6 | 8 | (6) | (8) |
| GBP | 3 | 11 | (3) | (11) |
| MXN | 1 | 9 | (1) | (9) |

---

The use of a 10% sensitivity rate is used when reporting

foreign currency exposure internally to key management

personnel and represents management's assessment of the

reasonably possible change in foreign exchange rates. The

sensitivity analysis includes trade receivables and trade

payables denominated in a currency other than the U.S. dollar

and adjusts their translation at the period end for a 10%

change in foreign currency rates. For trade receivables, a

positive number indicates an income and a negative number

an expense. For trade payables, a positive number indicates

an expense and a negative number an income.

*Commodity price risk and emission rights*

ArcelorMittal consumes large amounts of raw materials (the

prices of which are related to the London Metals Exchange

price index, the Steel Index and Platts Index), ocean freight

(the price of which is related to a Baltic Exchange Index), and

energy (the prices of which are mainly related to the New York

Mercantile Exchange energy index (NYMEX) and the EEX

power indexes). As a general matter, ArcelorMittal is exposed

to price volatility with respect to its purchases in the spot

market, its long-term supply contracts and trading activities. In

accordance with its risk management policy, ArcelorMittal

hedges a part of its exposure related to raw materials

procurement.

Pursuant to the application of the European Directive 2003/87/

EC of October 13, 2003, as amended by the European

Directive 2009/29/EC of April 23, 2009, establishing a scheme

for emission allowance trading, the Company enters into

certain types of derivatives (mainly forward transactions and

options) in order to implement its management policy for

associated risks. As of December 31, 2025 and 2024, the

Company had a net nil notional position with a net nil fair

value and a net notional position of (2) with a net nil fair value,

respectively.

*6.3.2 Liquidity Risk* 

Liquidity risk is the risk that the Company may encounter

difficulties in meeting its obligations associated with financial

liabilities that are settled by delivering cash. ArcelorMittal

Treasury is responsible for the Company's funding and liquidity

management. ArcelorMittal's principal sources of liquidity are

cash generated from its operations, its credit lines at the

corporate level and various working capital credit lines at the

level of its operating subsidiaries. The Company actively

manages its liquidity. Following the Company's Treasury and

Financial Risk Management Policy, the levels of cash, credit

lines and debt are closely monitored and appropriate actions

are taken in order to comply with the covenant ratios, leverage,

fixed/floating ratios, maturity profile and currency mix.

The contractual maturities of the below financial liabilities

include estimated loan repayments, interest payments and

settlement of derivatives, excluding any impact of netting

agreements. The cash flows are calculated based on market

data as of December 31, 2025, and as such are sensitive to

movements in mainly foreign exchange rates and interest

rates. The cash flows are non-discounted, except for derivative

financial liabilities where the cash flows equal their fair values.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | Carrying <br>amount<br>| Contractual <br>Cash Flow<br>| 2026 | 2027 | from 2028 to <br>2030<br>| After 2030 |
| Non-derivative financial liabilities |  |  |  |  |  |  |
| Bonds | (7890) | (11264) | (1522) | (1571) | (2704) | (5467) |
| Loans over 100 | (2944) | (4839) | (574) | (139) | (1526) | (2600) |
| Trade and other payables | (13008) | (13008) | (13008) |  |  |  |
| Other loans and leases | (2576) | (3154) | (1274) | (459) | (755) | (666) |
| Total | (26418) | (32265) | (16378) | (2169) | (4985) | (8733) |
| Derivative financial liabilities |  |  |  |  |  |  |
| Foreign exchange contracts | (165) | (165) | (60) | (47) | (1) | (57) |
| Commodity contracts<sup>1</sup> | (286) | (286) | (163) | (62) | (58) | (3) |
| Total | (451) | (451) | (223) | (109) | (59) | (60) |

---

1. Commodity contracts include base metals, freight, energy and emission rights.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | Carrying <br>amount<br>| Contractual <br>Cash Flow<br>| 2025 | 2026 | from 2027 <br>to 2029<br>| After 2029 |
| Non-derivative financial liabilities |  |  |  |  |  |  |
| Bonds | (7871) | (11510) | (1374) | (1406) | (3068) | (5662) |
| Loans over 100 | (1250) | (1829) | (584) | (70) | (441) | (734) |
| Trade and other payables | (12921) | (12921) | (12921) |  |  |  |
| Other loans and leases | (2442) | (2842) | (1326) | (293) | (719) | (504) |
| Total | (24484) | (29102) | (16205) | (1769) | (4228) | (6900) |
| Derivative financial liabilities |  |  |  |  |  |  |
| Foreign exchange contracts | (518) | (518) | (240) | (120) | (136) | (22) |
| Commodity contracts<sup>1</sup> | (152) | (152) | (83) | (34) | (35) |  |
| Total | (670) | (670) | (323) | (154) | (171) | (22) |

---

1. Commodity contracts include base metals, freight, energy and emission rights.

*6.3.3 Credit risk* 

The Company's treasury department monitors various market

data regarding the credit standings and overall reliability of the

financial institutions for all countries where the Company's

subsidiaries operate. The choice of the financial institution for

the financial transactions must be approved by the treasury

department. Credit risk related to customers, customer credit

terms and receivables are discussed in note 4.3.

*6.3.4 Hedge accounting policy* 

The Company determines the economic relationship between

the hedged item and the hedging instrument by analyzing the

critical terms of the hedge relationship. In case critical terms do

not match and fair value changes in the hedging instrument

cannot be expected to perfectly offset changes in the fair value

of the hedged item, further qualitative analysis may be

performed. Such analysis serves to establish whether the

economic relationship is sufficiently strong to comply with the

Company's risk management policies.

The hedge ratio is set out in the Company's risk management

strategy and may be individually tailored for each hedging

program in the risk management objective. Hedge ratios below

100% would usually be applied on hedging of forecast

exposures with the hedge ratio typically reducing where there

is uncertainty due to long hedging tenors or volatility in the

underlying exposure.

The most frequent sources of hedge ineffectiveness relate to

changes in the hedged item (such as maturity, volume and

pricing indices), basis spread and significant changes in the

credit risk. Such sources are analyzed at hedge initiation and

monitored throughout the life of a hedge.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

**Cash flow hedges** 

The following tables present the periods in which the derivatives designated as cash flows hedges are expected to mature:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | Assets/ <br>(liabilities)<br>| (Outflows)/inflows | (Outflows)/inflows | (Outflows)/inflows | (Outflows)/inflows | (Outflows)/inflows |
| | Fair value | 3 months and <br>less<br>| 3-6 months | 6-12 months | 2027 | After 2027 |
| Foreign exchange contracts | (1) | 9 | 5 |  | (15) |  |
| Commodities | (17) | (31) | (9) | 4 | 25 | (6) |
| Emission rights |  |  |  |  |  |  |
| Total | (18) | (22) | (4) | 4 | 10 | (6) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | Assets/ <br>(liabilities)<br>| (Outflows)/inflows | (Outflows)/inflows | (Outflows)/inflows | (Outflows)/inflows | (Outflows)/inflows |
| | Fair value | 3 months and <br>less<br>| 3-6 months | 6-12 months | 2026 | After 2026 |
| Foreign exchange contracts | (194) | (10) | (12) | (23) | (60) | (89) |
| Commodities | 61 | 11 |  | 8 | (16) | 58 |
| Emission rights |  |  |  |  |  |  |
| Total | (133) | 1 | (12) | (15) | (76) | (31) |

---

Associated gains or losses that were recognized in other comprehensive income are reclassified to the consolidated statements of

operations in the same period during which the hedged forecasted cash flow affects the consolidated statements of operations. The

following table presents the periods in which the realized and unrealized gains or losses on derivatives designated as cash flows

hedges recognized in other comprehensive income, net of tax, are expected to impact the consolidated statements of operations:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | Cash flow hedge <br>reserve<sup>1</sup><br>| (Expense)/income | (Expense)/income | (Expense)/income | (Expense)/income | (Expense)/income |
| | Carrying amount | 3 months and <br>less<br>| 3-6 months | 6-12 months | 2027 | After 2027 |
| Foreign exchange contracts | (57) | (2) | 3 | 1 | (17) | (42) |
| Commodity contracts | 63 | (9) | 6 | 42 | 26 | (2) |
| Emission rights | 953 |  |  | 59 | 273 | 621 |
| Total | 959 | (11) | 9 | 102 | 282 | 577 |

---

1. The cash flow hedge reserve balance as of December 31, 2025 includes 185 deferred gains for the Company's share of such reserves at its equity method investments,

which are not included in the table above (365 as of December 31, 2024).

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | Cash flow hedge <br>reserve<sup>1</sup><br>| (Expense)/income | (Expense)/income | (Expense)/income | (Expense)/income | (Expense)/income |
| | Carrying amount | 3 months and <br>less<br>| 3-6 months | 6-12 months | 2026 | After 2026 |
| Foreign exchange contracts | (184) | (9) | (9) | (18) | (59) | (89) |
| Commodity contracts | 296 | 40 | 44 | 95 | 69 | 48 |
| Emission rights | 844 |  |  |  | 48 | 796 |
| Total | 956 | 31 | 35 | 77 | 58 | 755 |

---

1. The cash flow hedge reserve balance as of December 31, 2024 includes 365 deferred gains for the Company's share of such reserves at its equity method investments,

which are not included in the table above (417 as of December 31, 2023).

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

The following tables summarize the effect of hedge accounting on ArcelorMittal's consolidated statement of financial position, statement

of comprehensive income and statement of changes in equity.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| Hedging Instruments | Nominal amount of <br>the hedging <br>instrument<br>| Assets <br>carrying <br>amount<br>| Liabilities <br>carrying <br>amount<br>| Line item in the statement of financial <br>position where the hedging instrument <br>is located<br>|
| Cash flow hedges |  |  |  |  |
| Foreign exchange risk - Option/forward/swap <br>contracts<br>| 3048 | 31 | (16) | Prepaid expenses and other current <br>assets/Accrued expenses and other <br>liabilities <br>|
| Foreign exchange risk - Option/forward/swap <br>contracts<br>| 663 | 22 | (38) | Other assets/Other long-term <br>obligations <br>|
| Price risk - Commodities Options/forwards | 362 | 32 | (68) | Prepaid expenses and other current <br>assets/Accrued expenses and other <br>liabilities <br>|
| Price risk - Commodities Options/forwards | 489 | 33 | (14) | Other assets/Other long-term <br>obligations <br>|
| Price risk - Emission rights forwards |  |  |  | Prepaid expenses and other current <br>assets/Accrued expenses and other <br>liabilities <br>|
| Total |  | 118 | (136) |  |
| Current derivative assets classified as cash flow <br>hedge<br>|  | 63 |  |  |
| Other current derivative assets |  | 130 |  |  |
| Total current derivative assets (note 4.5) |  | 193 |  |  |
| Non-current derivative assets classified as cash flow <br>hedge<br>|  | 55 |  |  |
| Other non-current derivative assets |  | 50 |  |  |
| Total non-current derivative assets (note 4.6) |  | 105 |  |  |
| Current derivative liabilities classified as cash flow <br>hedge<br>|  |  | (84) |  |
| Other current derivative liabilities |  |  | (139) |  |
| Total current derivative liabilities (note 4.8) |  |  | (223) |  |
| Non-current derivative liabilities classified as cash <br>flow hedge<br>|  |  | (52) |  |
| Other non-current derivative liabilities |  |  | (176) |  |
| Total non-current derivative liabilities (note 9.2) |  |  | (228) |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| Hedging Instruments | Cash flow <br>hedge <br>reserve at <br>December 31, <br>2024<br>| Hedging <br>gains or <br>losses of the <br>reporting <br>period that <br>were <br>recognized in <br>OCI<br>| Gains or <br>losses <br>reclassification <br>adjustment <br>and hedge <br>ineffectiveness<br>| Basis <br>adjustment<br>| Line item in the <br>statement of <br>comprehensive <br>income that <br>includes the <br>reclassification <br>adjustment and <br>hedge <br>ineffectiveness<br>| Cash flow <br>hedge <br>reserve<sup>1</sup> at <br>December 31, <br>2025<br>|
| Cash flow hedges |  |  |  |  |  |  |
| Foreign exchange risk - Option/Forward contracts | (184) | 64 | (25) | 88 | Sales | (57) |
| Price risk - Commodities Option/Forward contracts | 296 | (71) | 18 | (180) | Sales, Cost of <br>sales<br>| 63 |
| Price risk - Emission rights forwards | 844 | 111 | (2) |  | Cost of sales | 953 |
| Total | 956 | 104 | (9) | (92) |  | 959 |

---

1. The cash flow hedge reserve balance as of December 31, 2025 also included 185 deferred gains for the Company's share of such reserves at its equity method

investments, which are not disclosed above.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| Hedging Instruments | Nominal amount of <br>the hedging <br>instrument<br>| Assets carrying <br>amount<br>| Liabilities <br>carrying <br>amount<br>| Line item in the statement of financial position where <br>the hedging instrument is located<br>|
| Cash flow hedges |  |  |  |  |
| Foreign exchange risk - Option/<br>forward/swap contracts<br>| 1472 | 9 | (54) | Prepaid expenses and other current assets/Accrued <br>expenses and other liabilities<br>|
| Foreign exchange risk - Option/<br>forward/swap contracts<br>| 1326 | 43 | (192) | Other assets/Other long-term obligations |
| Price risk - Commodities Options/<br>forwards<br>| 354 | 50 | (31) | Prepaid expenses and other current assets/Accrued <br>expenses and other liabilities<br>|
| Price risk - Commodities Options/<br>forwards<br>| 254 | 61 | (19) | Other assets/Other long-term obligations |
| Price risk - Emission rights <br>forwards<br>|  |  |  | Prepaid expenses and other current assets/Accrued <br>expenses and other liabilities<br>|
| Total |  | 163 | (296) |  |
| Current derivative assets classified <br>as cash flow hedge<br>|  | 59 |  |  |
| Other current derivative assets |  | 246 |  |  |
| Total current derivative assets <br>(note 4.5)<br>|  | 305 |  |  |
| Non-current derivative assets <br>classified as cash flow hedge<br>|  | 104 |  |  |
| Other non-current derivative assets |  | 29 |  |  |
| Total non-current derivative assets <br>(note 4.6)<br>|  | 133 |  |  |
| Current derivative liabilities <br>classified as cash flow hedge<br>|  |  | (85) |  |
| Other current derivative liabilities |  |  | (242) |  |
| Total current derivative liabilities <br>(note 4.8)<br>|  |  | (327) |  |
| Non-current derivative liabilities <br>classified as cash flow hedge<br>|  |  | (211) |  |
| Other non-current derivative <br>liabilities<br>|  |  | (132) |  |
| Total non-current derivative <br>liabilities (note 9.2)<br>|  |  | (343) |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| Hedging Instruments | Cash flow hedge <br>reserve at <br>December 31, <br>2023<br>| Hedging <br>gains or <br>losses of the <br>reporting <br>period that <br>were <br>recognized in <br>OCI<br>| Gains or losses <br>reclassification <br>adjustment and <br>hedge <br>ineffectiveness<br>| Basis <br>adjustment<br>| Line item in the <br>statement of <br>comprehensive <br>income that <br>includes the <br>reclassification <br>adjustment and <br>hedge <br>ineffectiveness<br>| Cash flow hedge <br>reserve<sup>1</sup> at <br>December 31, <br>2024<br>|
| Cash flow hedges |  |  |  |  |  |  |
| Foreign exchange risk - Option/<br>Forward contracts<br>| 28 | (152) | (18) | (42) | Sales | (184) |
| Price risk - Commodities Option/<br>Forward contracts<br>| 633 | (105) | 82 | (314) | Sales, Cost of <br>sales<br>| 296 |
| Price risk - Emission rights forwards | 900 | (54) | (2) |  | Cost of sales | 844 |
| Total | 1561 | (311) | 62 | (356) |  | 956 |

---

1. The cash flow hedge reserve balance as of December 31, 2024 also included 365 deferred gains for the Company's share of such reserves at its equity method

investments, which are not disclosed above.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

**Net investment hedge** 

The Company designated a portfolio of euro denominated debt

as a hedge of certain euro denominated investments (see also

note 6.1.2.2.)

The Company has periodically hedged a part of its euro

denominated net investments via euro/U.S. dollar cross

currency swaps ("CCS"). These CCS, some of which have

been unwound, were designated as net investment hedges.

The hedging instrument is categorized as Level 2.

The following tables summarizes the historical gain/loss that

will be recycled to the consolidation statements of operations

when the hedged assets are disposed of.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| Date traded | Date maturity /unwound | Notional | OCI gross | Deferred tax | OCI net of deferred <br>tax<br>|
| December, 2014 | January, 2016 | 375 | 83 | (24) | 59 |
| May, 2015 | March, 2020 | 500 | 11 | (3) | 8 |
| May, 2015 | July, 2019 | 500 | (16) | 5 | (11) |
| March, 2018 | June, 2018 | 100 | 8 | (2) | 6 |
| April, 2019 | November, 2019 | 200 | 11 | (3) | 8 |
| July, 2025 | January, 2026 | 660 | (14) | 3 | (11) |
| Total |  |  | 83 | (24) | 59 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| Hedging Instruments | Nominal <br>amount of <br>the hedging <br>instrument<br>| Assets <br>carrying <br>amount<br>| Liabilities <br>carrying <br>amount<br>| Line item in the <br>statement of <br>financial position <br>where the <br>hedging <br>instrument is <br>located<br>| Change in <br>value used for <br>calculating <br>hedge <br>ineffectiveness <br>for 2024<br>| Line item in the <br>statement of <br>comprehensive <br>income that <br>includes the <br>recognized hedge <br>ineffectiveness<br>| Foreign <br>currency <br>translation <br>reserve<br>|
| Net investment hedges | Net investment hedges | Net investment hedges |  |  |  |  |  |
| Foreign exchange risk - <br>Cross Currency Swap<br>| 660 |  | 14 | Accrued <br>expenses and <br>other liabilities<br>|  | N/a | 59 |
| Foreign exchange risk - <br>EUR debt<br>| 4697 |  | 4675 | Short-term debt <br>and current <br>portion of long-<br>term debt; long-<br>term debt, net of <br>current portion<br>|  | N/a | 89 |
| Total | 5357 |  | 4689 |  |  |  | 148 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| Hedging Instruments | Nominal <br>amount of <br>the hedging <br>instrument<br>| Assets <br>carrying <br>amount<br>| Liabilities <br>carrying <br>amount<br>| Line item in the <br>statement of <br>financial position <br>where the hedging <br>instrument is <br>located<br>| Change in <br>value used for <br>calculating <br>hedge <br>ineffectiveness <br>for 2023<br>| Line item in the <br>statement of <br>comprehensive <br>income that includes <br>the recognized <br>hedge <br>ineffectiveness<br>| Foreign <br>currency <br>translation <br>reserve<br>|
| Net investment hedges |  |  |  |  |  |  |  |
| Foreign exchange risk - <br>Cross Currency Swap<br>|  |  |  | N/a |  | N/a | 70 |
| Foreign exchange risk - EUR <br>debt<br>| 4319 |  | 4303 | Short-term debt <br>and current portion <br>of long-term debt; <br>long-term debt, net <br>of current portion<br>|  | N/a | 564 |
| Total | 4319 |  | 4303 |  |  |  | 634 |

---

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

*6.3.5 Sensitivity analysis* 

*Foreign currency sensitivity* 

The following tables demonstrate the Company's derivative

financial instruments' sensitivity to a 10% strengthening and a

10% weakening in the U.S. Dollar and Euro exchange rates

against the relevant currencies, with all other variables held

constant. A positive number indicates an increase in profit or

loss and other equity, where a negative number indicates a

decrease in profit or loss and other equity.

The sensitivity analysis includes the Company's complete

portfolio of foreign currency derivatives outstanding.

---

| | | |
|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 |
| | Income <br>(loss)<br>| Other Equity |
| 10% strengthening in U.S. dollar | 247 | 158 |
| 10% strengthening in Euro | 45 |  |
| 10% weakening in U.S. dollar | (101) | (126) |
| 10% weakening in Euro | (55) |  |

---

---

| | | |
|:---|:---|:---|
| | December 31, 2024 | December 31, 2024 |
| | Income <br>(loss)<br>| Other Equity |
| 10% strengthening in U.S. dollar | (276) | (70) |
| 10% strengthening in Euro | 63 |  |
| 10% weakening in U.S. dollar | 248 | 89 |
| 10% weakening in Euro | (77) |  |

---

*Cash flow sensitivity analysis for variable rate instruments* 

The following tables detail the Company's variable interest rate

instruments' sensitivity. A change of 100 basis points ("bp") in

interest rates during the period would have increased

(decreased) profit or loss by the amounts presented below.

This analysis assumes that all other variables, in particular

foreign currency rates, remain constant.

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 |
| | Floating portion of <br>net debt<sup>1</sup><br>| Interest Rate Swaps/<br>Forward Rate Agreements<br>|
| 100 bp increase | 31 | 3 |
| 100 bp decrease | (31) | (2) |

---

---

| | | |
|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 |
| | Floating portion of <br>net debt<sup>1</sup><br>| Interest Rate Swaps/<br>Forward <br>Rate Agreements<br>|
| 100 bp increase | 39 | 1 |
| 100 bp decrease | (39) | (1) |

---

1. See note 6.1.4 for a description of net debt (including fixed and floating

portion).

*Base metals, energy, freight, emissions rights* 

The following tables detail the Company's sensitivity to a 10%

increase and decrease in the price of the relevant base metals,

energy, freight and emissions rights. The sensitivity analysis

includes only outstanding, un-matured derivative instruments

either held for trading at fair value through the consolidated

statements of operations or designated in hedge accounting

relationships.

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 |
| | Income (loss) | Other Equity Cash Flow <br>Hedging Reserves<br>|
| '+10% in prices |  |  |
| Base Metals | 2 | 11 |
| Iron Ore |  | 1 |
| Freight |  | 11 |
| Emission rights |  |  |
| Energy | (20) | 36 |
| '-10% in prices |  |  |
| Base Metals | (1) | (11) |
| Iron Ore |  | (1) |
| Freight |  | (11) |
| Emission rights |  |  |
| Energy | 21 | (36) |

---

---

| | | |
|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 |
| | Income (loss) | Other Equity Cash Flow <br>Hedging Reserves<br>|
| '+10% in prices |  |  |
| Base Metals | 3 | 12 |
| Iron Ore |  | 10 |
| Freight |  | 3 |
| Emission rights |  |  |
| Energy | (2) | 23 |
| '-10% in prices |  |  |
| Base Metals | (3) | (12) |
| Iron Ore |  | (10) |
| Freight |  | (3) |
| Emission rights |  |  |
| Energy | 2 | (23) |

---

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

NOTE 7: LEASES

As a lessee, the Company assesses if a contract is or contains

a lease at inception of the contract. A contract is or contains a

lease if the contract conveys the right to control the use of an

identified asset for a period of time in exchange for

consideration.

The Company recognizes a right-of-use asset and a lease

liability at the commencement date, except for short-term

leases of twelve months or less and leases for which the

underlying asset is of low value, which are expensed in the

consolidated statement of operations on a straight-line basis

over the lease term.

The lease liability is initially measured at the present value of

the lease payments that are not paid at the commencement

date, discounted using the interest rate implicit in the lease, or,

if not readily determinable, the incremental borrowing rate

specific to the country, term and currency of the contract.

Lease payments can include fixed payments, variable

payments that depend on an index or rate known at the

commencement date, as well as any extension or purchase

options, if the Company is reasonably certain to exercise these

options. The lease liability is subsequently measured at

amortized cost using the effective interest method and

remeasured with a corresponding adjustment to the related

right-of-use asset when there is a change in future lease

payments in case of renegotiation, changes of an index or rate

or in case of reassessments of options.

The right-of-use asset comprises, at inception, the initial lease

liability, any initial direct costs and, when applicable, the

obligations to refurbish the asset, less any incentives granted

by the lessors. The right-of-use asset is subsequently

depreciated on a straight-line basis to the earlier end of its

estimated useful life or the end of the lease term or to the end

of the estimated useful life of the underlying asset, if the lease

transfers the ownership of the underlying asset to the

Company at the end of the lease term or if the cost of the right-

of-use asset reflects that the lessee will exercise a purchase

option. Right-of-use assets are also subject to testing for

impairment if there is an indicator that they may be impaired.

Variable lease payments not included in the measurement of

the lease liabilities are expensed to the consolidated statement

of operations in the period in which the events or conditions

which trigger those payments occur.

In the statement of financial position, right-of-use assets and

lease liabilities are classified, respectively, as part of property,

plant and equipment and short-term/long-term debt.

Balances for the Company's lease activities are summarized as follows:

---

| | | |
|:---|:---|:---|
|  | As at December 31, | As at December 31, |
| | 2025 | 2024 |
| Lease liabilities | 1181 | 1034 |
| Right of-use assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land, buildings and improvements  | 1016 | 869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Machinery, equipment and others | 363 | 371 |
| Total right-of-use assets | 1379 | 1240 |
|  | Year ended December 31,  | Year ended December 31,  |
|  | 2025 | 2024 |
| Depreciation and impairment charges: |  |  |
| Land, buildings and improvements | 142 | 150 |
| Machinery, equipment and others | 98 | 77 |
| Total depreciation and impairment charges | 240 | 227 |
| Other lease related expenses: |  |  |
| Interest expense on lease liabilities | 60 | 55 |
| Expenses of short-term leases | 158 | 114 |
| Expenses of leases of low-value assets | 98 | 91 |
| Expenses related to variable lease payments not included in the measurement of lease liabilities | 74 | 70 |
| Additions to right-of-use assets | 274 | 209 |
| Lease payments recorded as reduction of lease liabilities and cash outflow from financing activities | 234 | 224 |

---

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

The Company's lease contracts relate to a variety of assets used in its operational and administrative activities through several units,

such as land, buildings, vehicles, industrial machinery, logistic and commercial facilities and power generation facilities. There are no

sale and lease back transactions and no restrictions or covenants are imposed by the Company's current effective lease contracts.

The maturity analysis of the lease liabilities as of December 31, 2025 and December 31, 2024, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | December 31, 2025 | December 31, 2025 |
| | 1 year or less | 2-3 years | 4-5 years | Greater than 5 years | TOTAL |
| Lease liabilities (undiscounted) | 291 | 342 | 232 | 1328 | 2193 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | December 31, 2024 | December 31, 2024 |
| | 1 year or less | 2-3 years | 4-5 years | Greater than 5 years | TOTAL |
| Lease liabilities (undiscounted) | 246 | 301 | 199 | 1235 | 1981 |

---

Expenses for variable lease payments relate to rental fees that vary based on the actual level of activities or performance of the

underlying leased assets such as a percentage of sales of the Company's goods through certain leased commercial warehouses and

fixed rental fees per actual unit of output produced or transported by the leased assets.

An estimation of the future cash outflows to which the Company is potentially exposed in relation to those contracts involving variable

lease payments, which are not reflected in the measurement of lease liabilities as of December 31, 2025 and December 31, 2024, is as

follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | | December 31, 2025 |
| | 1 year or less | 2-3 years | 4-5 years | Greater than 5 years | TOTAL |
| Potential variable lease <br>payments<br>| 70 | 107 | 56 | 22 | 255 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | | December 31, 2024 |
| | 1 year or less | 2-3 years | 4-5 years | Greater than 5 years | TOTAL |
| Potential variable lease <br>payments<br>| 60 | 92 | 52 | 36 | 240 |

---

Also, some of the Company's lease contracts have extension and/or termination options as well as residual value guarantees whose

amounts are not reflected in the measurement of the lease liabilities as of December 31, 2025 and December 31, 2024. The potential

addition/(reduction) in future cash outflows to which the Company is exposed in case such options are exercised or the guarantees

required are as shown in the table below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | December 31, 2025 | December 31, 2025 |
| | 1 year or less | 2-3 years | 4-5 years | Greater than 5 years | TOTAL |
| Potential extension options | 1 | 3 |  |  | 4 |
| Potential termination options |  | (1) |  |  | (1) |
| Potential residual value guarantees | 6 | 9 | 2 |  | 17 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | December 31, 2024 | December 31, 2024 |
| | 1 year or less | 2-3 years | 4-5 years | Greater than 5 years | TOTAL |
| Potential extension options | 4 | 10 |  |  | 14 |
| Potential termination options |  |  |  | (1) | (1) |
| Potential residual value guarantees | 8 | 9 | 6 |  | 23 |

---

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

Undiscounted amounts related to lease contracts not yet commenced and therefore not included in the recognized lease liabilities as of

December 31, 2025 and December 31, 2024, to which the Company is committed are described below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | December 31, 2025 | December 31, 2025 |
| | 1 year or less | 2-3 years | 4-5 years | Greater than 5 years | TOTAL |
| Leases not yet commenced | 3 | 3 | 2 | 2 | 10 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | December 31, 2024 | December 31, 2024 |
| | 1 year or less | 2-3 years | 4-5 years | Greater than 5 years | TOTAL |
| Leases not yet commenced | 6 | 13 | 7 | 49 | 75 |

---

There were neither income from subleasing right-of-use assets

nor gains or losses from sales and leaseback for the years

ended December 31, 2025 and December 31, 2024.

NOTE 8: PERSONNEL EXPENSES AND DEFERRED

EMPLOYEE BENEFITS

8.1 Employees and key management personnel

As of December 31, 2025, 2024 and 2023, ArcelorMittal had

approximately 126,000, 125,000 and 127,000 employees,

respectively, and the total annual compensation of

ArcelorMittal's employees in 2025, 2024 and 2023 was as

follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| Employee Information | 2025 | 2024 | 2023 |
| Wages and salaries | 7048 | 6875 | 6868 |
| Defined benefits cost (see <br>note 8.2)<br>| 140 | 82 | 148 |
| Other staff expenses | 1439 | 1173 | 1318 |
| Total | 8627 | 8130 | 8334 |

---

The total annual compensation of ArcelorMittal's key

management personnel, including its Board of Directors, in

2025, 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2023 |
| Base salary and directors fees | 13 | 12 | 11 |
| Short-term performance-<br>related bonus<br>| 17 | 13 | 9 |
| Post-employment benefits | 2 | 1 | 1 |
| Fair value of long-term <br>incentives<br>| 16 | 14 | 9 |

---

The fair value of the shares allocated based on Restricted

Share Unit ("RSU") and Performance Share Unit ("PSU") plans

to ArcelorMittal's key management personnel was recorded as

an expense in the consolidated statements of operations over

the relevant vesting periods.

As of December 31, 2025, 2024 and 2023, ArcelorMittal did not

have any outstanding loans or advances to members of its

Board of Directors or key management personnel, and, as of

December 31, 2025, 2024 and 2023, ArcelorMittal had not

given any guarantees for the benefit of any member of its

Board of Directors or key management personnel.

8.2 Deferred employee benefits

ArcelorMittal's operating subsidiaries sponsor different types of

pension plans for their employees. Also, some of the operating

subsidiaries offer other post-employment benefits, that are

principally post-retirement healthcare plans. These benefits are

broken down into defined contribution plans and defined

benefit plans.

Defined contribution plans are those plans where ArcelorMittal

pays fixed or determinable contributions to external insurance

or funds for certain employees. Contributions are paid in return

for services rendered by the employees during the period.

Contributions are expensed as incurred consistent with the

recognition of wages and salaries.

Defined benefit ("DB") plans are those plans that provide

guaranteed benefits to certain employees, either by way of

contractual obligations or through a collective agreement. For

defined benefit plans, the cost of providing benefits is

determined using the projected unit credit method, with

actuarial valuations being carried out each fiscal year.

The retirement benefit obligation recognized in the

consolidated statements of financial position represents the

present value of the defined benefit obligation less the fair

value of plan assets. The impact arising from the

remeasurement of the benefit obligation and plan assets due to

experience and changes in actuarial assumptions are charged

or credited to other comprehensive income in the period in

which they arise. Any assets resulting from this calculation are

limited to the present value of available refunds and reductions

in future contributions to the plan.

Current service cost, which is the increase of the present value

of the defined benefit obligation resulting from the employee

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

service in the current period, is recorded as an expense as part

of cost of sales and selling, general and administrative

expenses in the consolidated statements of operations. The

net interest cost, which is the change during the period in the

net defined benefit liability or asset that arises from the

passage of time, is recognized as part of net financing costs in

the consolidated statements of operations.

The Company recognizes gains and losses on the settlement

of a defined benefit plan when the settlement occurs. The gain

or loss on settlement comprises any resulting change in the fair

value of plan assets and any change in the present value of the

defined benefit obligation. Past service cost is the change in

the present value of the defined benefit obligation resulting

from a plan amendment or a curtailment. Past service cost is

recognized immediately in the consolidated statements of

operations in the period in which it arises.

Termination plans are those plans that primarily correspond to

terminating an employee's contract usually following the

decision of the employee before the normal retirement date.

Liabilities for termination plans are recognized when the

affected employees have formally been informed and when

amounts owed have been determined using an appropriate

actuarial calculation. Liabilities relating to long-term termination

plans (like early retirement plans) are calculated annually

based on the number of employees that have taken or

contractually agreed to take early retirement and are

discounted using an interest rate that corresponds to that of

high-quality bonds that have maturity dates similar to the terms

of the Company's early retirement obligations. Provisions for

social plans are recorded in connection with voluntary

separation plans. Voluntary retirement plans primarily

correspond to the practical implementation of social plans or

are linked to collective agreements signed with certain

categories of employees. The Company recognizes a liability

and expense when it can no longer withdraw the offer or, if

earlier, when it has a detailed formal plan which has been

communicated to employees or their representatives.

Other long-term employee benefits include various plans that

depend on the length of service, such as long service and

sabbatical awards, disability benefits and long-term

compensated absences such as sick leave. The amount

recognized as a liability is the present value of benefit

obligations at the consolidated statements of financial position

date, and all changes in the provision (including actuarial gains

and losses or past service costs) are recognized in the

consolidated statements of operations in the period in which

they arise.

The expense associated with the above pension plans and

post-employment benefits, as well as the carrying amount of

the related liability/asset on the consolidated statements of

financial position are based on several assumptions and

factors such as discount rates, expected rate of compensation

increase, healthcare cost trend rates, mortality rates and

retirement rates.

• Discount rates – The present value of the defined benefit

obligation is determined by discounting the estimated future

cash outflows using interest rates of high-quality corporate

bonds that are denominated in the currency in which the

benefit will be paid. In countries where there is no deep

market in such bonds, the market rates on government

bonds are used. Nominal interest rates vary worldwide due

to exchange rates and local inflation rates.

• Rate of compensation increase – The rate of compensation

increase reflects actual experience and the Company's long-

term outlook, including contractually agreed wage rate

increases for represented hourly employees.

• Healthcare cost trend rate – The healthcare cost trend rate is

based on historical retiree cost data, near-term healthcare

outlook, including appropriate cost control measures

implemented by the Company, and industry benchmarks and

surveys.

• Mortality and retirement rates – Mortality and retirement

rates are based on actual and projected plan experience.

*Statements of Financial Position* 

Total deferred employee benefits including pension or other

post-employment benefits, are as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2025 | 2024 |
| Pension plan benefits | 1448 | 1310 |
| Other post-employment benefits and other <br>long-term employee benefits ("OPEB")<br>| 928 | 884 |
| Termination benefits | 114 | 117 |
| Defined benefit liabilities | 2490 | 2311 |
| Provisions for social plans (non-current) | 36 | 27 |
| Total | 2526 | 2338 |

---

This note, including the table above, discloses the following

benefit categories:

• pension plan benefits are pension plans and lump sum

benefits that are classified under post-employment benefits

as required by IAS 19 which are not mandatory by law;

• other post-employment and other long-term employee

benefits ("OPEB") includes all other post-employment

benefits as defined in IAS 19 (e.g. lump sum benefits which

are mandatory by law, medical insurance and life insurance)

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

together with all other long-term employee benefits as

defined in IAS 19;

• termination benefits, which relate to provisions for long term

termination benefits as defined in IAS 19 (e.g. early

retirement benefits). The provisions for termination benefits

relate to European countries (Belgium and Germany); and

• provisions for social plans (non-current) which relate to

provisions for social plans in restructuring provisions as

required by IAS 37.

*Pension plans* 

This section includes post-employment benefits that are

pension plan and lump sum benefits which are not mandatory

by law. A summary of the significant defined benefit pension

plans is as follows:

*Canada* 

The primary pension plans are those of ArcelorMittal Dofasco,

AMMC and ArcelorMittal Long Products Canada.

The ArcelorMittal Dofasco pension plan is a hybrid plan

providing the benefits of both a defined benefit and defined

contribution pension plan. The defined contribution component

is financed by both employer and employee contributions. The

employer's defined contribution is based on a percentage of

company profits. The defined benefit pension plan was closed

for new hires on December 31, 2010 and replaced by a new

defined contribution pension plan with contributions related to

age, service and earnings.

At the end of 2012, ArcelorMittal Dofasco froze and capped

benefits for the majority of its hourly and salaried employees

who were still accruing service under the defined benefit plan

and began transitioning these employees to the new defined

contribution pension plan for future pension benefits.

In 2023 and 2024, ArcelorMittal Dofasco entered into buy-in

transactions for a portion of its fully funded pension plans

representing 352 and 356 obligations, respectively.

In 2025, ArcelorMittal Dofasco entered into buy-out

transactions for a portion of its fully funded pension plans

representing 126 obligations.

The AMMC defined benefit plan provides salary related benefit

for non-union employees and a flat dollar pension depending

on an employee's length of service for union employees. This

plan was closed for new non-union hires on December 31,

2009 and replaced by a defined contribution pension plan with

contributions related to age and service. Unionized employees

of AMMC have the choice, after their first year of employment,

to remain in the defined benefit plan or to transfer to the

unionized employees' defined contribution plan. Effective

January 1, 2015, AMMC implemented a plan to transition its

non-union employees who were still benefiting under the

defined benefit plan to a defined contribution pension plan. The

transition period was completed as of January 1, 2025.

In 2023 and 2025, AMMC entered into a buy-in transactions for

a portion of its fully funded pension plans representing a 171

aggregate obligation.

ArcelorMittal Long Products Canada sponsors several defined

benefit and defined contribution pension plans for its various

groups of employees, with most defined benefit plans closed to

new entrants several years ago. The primary defined benefit

pension plan sponsored by ArcelorMittal Long Products

Canada provides certain unionized employees with a flat dollar

pension depending on an employee's length of service.

ArcelorMittal Long Products Canada continued to operate

under a six-year collective labor agreement ("CLA") renewed

on August 1, 2020 with its Contrecoeur-West union group. Its

defined benefit plan was closed to new hires and a new

defined contribution type arrangement was established for new

hires. A six-year labor agreement was renewed on February 1,

2022 and it covers Contrecoeur East and Longueuil facilities;

its defined benefit pension plan is offered for all employees

including new hires.

*Brazil* 

The primary defined benefit plans, financed through trust

funds, have been closed to new entrants. Brazilian entities

have all established defined contribution plans that are

financed by employer and employee contributions.

*Europe* 

Certain European operating subsidiaries maintain primarily

unfunded defined benefit pension plans for a certain number of

employees. Benefits are based on such employees' length of

service and applicable pension table under the terms of

individual agreements. Some of these unfunded plans have

been closed to new entrants and replaced by defined

contribution pension plans for active members financed by

employer and employee contributions.

As from December 2015 new Belgian legislation modifies the

minimum guaranteed rates of return applicable to Belgian

defined contribution plans. For insured plans, the rates of

3.25% on employer contributions and 3.75% on employee

contributions will continue to apply to the accumulated

pre-2016 contributions. For contributions paid as from January

1, 2016, a new variable minimum guaranteed rate of return

applies. From 2016 through 2024, the minimum guaranteed

rate of return was 1.75%. For new contributions as from

January 1, 2025, the minimum guaranteed rate of return is

fixed at 2.50%. Due to the statutory minimum guaranteed

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

return, Belgian defined contribution plans do not meet the

definition of defined contribution plans under IFRS. Therefore,

the Belgian defined contribution plans are classified as defined

benefit plans.

In 2024, ArcelorMittal Bremen and the works council reached

an agreement regarding the restructuring of pension plans with

a recognition of plan amendment gain of 44 in cost of sales.

*Others* 

A very limited number of defined benefit plans are in place in

other countries (such as Mexico, Morocco, Ukraine and the

United States of America).

The majority of the funded defined benefit pension plans

described earlier provide benefit payments from trustee-

administered funds. ArcelorMittal also sponsors a number of

unfunded plans where the Company meets the benefit

payment obligation as it falls due. Plan assets held in trusts are

legally separated from the Company and are governed by local

regulations and practice in each country, as is the nature of the

relationship between the Company and the governing bodies

and their composition. In general terms, governing bodies are

required by law to act in the best interest of the plan members

and are responsible for certain tasks related to the plan (e.g.

setting the plan's investment policy).

In case of the funded pension plans, the investment positions

are generally managed within an asset-liability matching

("ALM") framework that has been developed to achieve long-

term investments that are in line with the obligations of the

pension plans.

A long-term investment strategy has been set for ArcelorMittal's

major funded pension plans, with its asset allocation

comprising of a mixture of equity securities, fixed income

securities, real estate and other appropriate assets. This

recognizes that different asset classes are likely to produce

different long-term returns and some asset classes may be

more volatile than others. The long-term investment strategy

ensures, in particular, that investments are adequately

diversified.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

The following tables detail the reconciliation of defined benefit obligation ("DBO"), plan assets, irrecoverable surplus and statements of

financial position.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended December 31, 2025 | Year ended December 31, 2025 | Year ended December 31, 2025 | Year ended December 31, 2025 | Year ended December 31, 2025 |
| | Total | Canada | Brazil | Europe | Others |
| Change in benefit obligation |  |  |  |  |  |
| Benefit obligation at beginning of the period | 4614 | 2264 | 351 | 1757 | 242 |
| Current service cost | 80 | 17 |  | 52 | 11 |
| Interest cost on DBO | 245 | 104 | 45 | 65 | 31 |
| Past service cost - Plan amendments | 29 | 22 |  | 7 |  |
| Past service cost - Settlements | (127) | (126) |  | (1) |  |
| Plan participants' contribution | 2 |  |  | 2 |  |
| Actuarial (gain) loss | (70) | (33) | 5 | (96) | 54 |
| *Demographic assumptions* | *17* | *1* | *—* | *3* | *13* |
| *Financial assumptions* | *(120)* | *(34)* | *5* | *(109)* | *18* |
| *Experience adjustment* | *33* | *—* | *—* | *10* | *23* |
| Benefits paid | (362) | (181) | (40) | (110) | (31) |
| Foreign currency exchange rate differences and other movements | 411 | 112 | 40 | 232 | 27 |
| Benefit obligation at end of the period | 4822 | 2179 | 401 | 1908 | 334 |
| Change in plan assets |  |  |  |  |  |
| Fair value of plan assets at beginning of the period | 3431 | 2352 | 326 | 726 | 27 |
| Interest income on plan assets | 176 | 105 | 42 | 27 | 2 |
| Return on plan assets (lower)/ higher than discount rate | (10) | 7 | 3 | (20) |  |
| Employer contribution | 102 | 16 | 5 | 81 |  |
| Plan participants' contribution | 2 |  |  | 2 |  |
| Past service cost - Settlements | (123) | (123) |  |  |  |
| Benefits paid | (266) | (180) | (40) | (44) | (2) |
| Foreign currency exchange rate differences and other movements | 252 | 116 | 41 | 94 | 1 |
| Fair value of plan assets at end of the period | 3564 | 2293 | 377 | 866 | 28 |
| Present value of the wholly or partly funded obligation | (3791) | (2168) | (401) | (1191) | (31) |
| Fair value of plan assets | 3564 | 2293 | 377 | 866 | 28 |
| Net present value of the wholly or partly funded obligation | (227) | 125 | (24) | (325) | (3) |
| Present value of the unfunded obligation | (1031) | (11) |  | (717) | (303) |
| Prepaid due to unrecoverable surpluses | (80) | (34) | (43) | (3) |  |
| Net amount recognized | (1338) | 80 | (67) | (1045) | (306) |
| Net assets related to funded obligations | 110 | 98 |  | 11 | 1 |
| Recognized liabilities | (1448) | (18) | (67) | (1056) | (307) |
| Change in unrecoverable surplus |  |  |  |  |  |
| Unrecoverable surplus at beginning of the period | (41) | (35) | (3) | (3) |  |
| Interest cost on unrecoverable surplus | (2) | (2) |  |  |  |
| Change in unrecoverable surplus in excess of interest | (35) | 4 | (39) |  |  |
| Exchange rates changes | (2) | (1) | (1) |  |  |
| Unrecoverable surplus at end of the period | (80) | (34) | (43) | (3) |  |

---

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 |
| | Total | Canada | Brazil | Europe | Others |
| Change in benefit obligation |  |  |  |  |  |
| Benefit obligation at beginning of the period | 5284 | 2498 | 507 | 1987 | 292 |
| Current service cost | 83 | 16 |  | 55 | 12 |
| Interest cost on DBO | 250 | 110 | 46 | 67 | 27 |
| Past service cost - Plan amendments | (44) |  |  | (44) |  |
| Past service cost - Curtailments | (1) |  |  | (1) |  |
| Past service cost - Settlements | (7) |  |  | (4) | (3) |
| Plan participants' contribution | 2 |  |  | 2 |  |
| Actuarial (gain) loss | (64) | 24 | (51) | (26) | (11) |
| *Demographic assumptions* | *20* | *20* | *—* | *—* | *—* |
| *Financial assumptions* | *(95)* | *9* | *(73)* | *(21)* | *(10)* |
| *Experience adjustment* | *11* | *(5)* | *22* | *(5)* | *(1)* |
| Benefits paid | (402) | (188) | (38) | (145) | (31) |
| Foreign currency exchange rate differences and other movements | (487) | (196) | (113) | (134) | (44) |
| Benefit obligation at end of the period | 4614 | 2264 | 351 | 1757 | 242 |
| Change in plan assets |  |  |  |  |  |
| Fair value of plan assets at beginning of the period | 3771 | 2517 | 451 | 773 | 30 |
| Interest income on plan assets | 171 | 106 | 39 | 25 | 1 |
| Return on plan assets higher/ (lower) than discount rate | 64 | 92 | (32) | 4 |  |
| Employer contribution | 82 | 22 | 4 | 56 |  |
| Plan participants' contribution | 2 |  |  | 2 |  |
| Past service cost - Settlements | (3) |  |  |  | (3) |
| Benefits paid | (315) | (187) | (38) | (89) | (1) |
| Foreign currency exchange rate differences and other movements | (341) | (198) | (98) | (45) |  |
| Fair value of plan assets at end of the period | 3431 | 2352 | 326 | 726 | 27 |
| Present value of the wholly or partly funded obligation | (3706) | (2255) | (351) | (1072) | (28) |
| Fair value of plan assets | 3431 | 2352 | 326 | 726 | 27 |
| Net present value of the wholly or partly funded obligation | (275) | 97 | (25) | (346) | (1) |
| Present value of the unfunded obligation | (908) | (9) |  | (685) | (214) |
| Prepaid due to unrecoverable surpluses | (41) | (35) | (3) | (3) |  |
| Net amount recognized | (1224) | 53 | (28) | (1034) | (215) |
| Net assets related to funded obligations | 86 | 79 |  | 6 | 1 |
| Recognized liabilities | (1310) | (26) | (28) | (1040) | (216) |
| Change in unrecoverable surplus |  |  |  |  |  |
| Unrecoverable surplus at beginning of the period | (35) | (28) | (4) | (3) |  |
| Interest cost on unrecoverable surplus | (2) | (2) |  |  |  |
| Change in unrecoverable surplus in excess of interest | (5) | (6) | 1 |  |  |
| Exchange rates changes | 1 | 1 |  |  |  |
| Unrecoverable surplus at end of the period | (41) | (35) | (3) | (3) |  |

---

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

The following tables detail the components of net periodic pension cost:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended December 31, 2025 | Year ended December 31, 2025 | Year ended December 31, 2025 | Year ended December 31, 2025 | Year ended December 31, 2025 |
| Net periodic pension cost (income) | Total | Canada | Brazil | Europe | Others |
| Current service cost | 80 | 17 |  | 52 | 11 |
| Past service cost - Plan amendments | 29 | 22 |  | 7 |  |
| Past service cost - Settlements | (4) | (3) |  | (1) |  |
| Net interest cost | 71 | 1 | 3 | 38 | 29 |
| Total | 176 | 37 | 3 | 96 | 40 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 |
| Net periodic pension cost (income) | Total | Canada | Brazil | Europe | Others |
| Current service cost | 83 | 16 |  | 55 | 12 |
| Past service cost - Plan amendments | (44) |  |  | (44) |  |
| Past service cost - Curtailments | (1) |  |  | (1) |  |
| Past service cost - Settlements | (4) |  |  | (4) |  |
| Net interest cost | 77 | 2 | 7 | 42 | 26 |
| Total | 111 | 18 | 7 | 48 | 38 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended December 31, 2023 | Year ended December 31, 2023 | Year ended December 31, 2023 | Year ended December 31, 2023 | Year ended December 31, 2023 |
| Net periodic pension cost (income) | Total | Canada | Brazil | Europe | Others |
| Current service cost | 74 | 14 |  | 48 | 12 |
| Past service cost - Plan amendments | 9 |  |  | 3 | 6 |
| Past service cost - Curtailments | (6) |  |  | (6) |  |
| Net interest cost | 82 |  | 4 | 44 | 34 |
| Total | 159 | 14 | 4 | 89 | 52 |

---

*Other post-employment benefits and other long-term employee* 

*benefits ("OPEB")* 

This section includes post-employment employees benefits

that are not disclosed above (i.e. includes lump sum benefits

which are mandatory by law, medical insurance and life

insurance). In addition, this section includes all other long-term

employee benefits.

ArcelorMittal's principal operating subsidiaries in Canada,

Europe and certain other countries, provide other post-

employment benefits and other long-term employee benefits,

including medical benefits and life insurance benefits, work

medals and retirement indemnity plans, to employees and

retirees.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

Summary of changes in the other post-employment benefit obligation and changes in plan assets are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended December 31, 2025 | Year ended December 31, 2025 | Year ended December 31, 2025 | Year ended December 31, 2025 |
| | Total | Canada | Europe | Others |
| Change in benefit obligation |  |  |  |  |
| Benefit obligation at beginning of the period | 888 | 476 | 315 | 97 |
| Current service cost | 28 | 7 | 17 | 4 |
| Interest cost on DBO | 43 | 23 | 12 | 8 |
| Past service cost - Plan amendments | (1) | (1) |  |  |
| Past service cost - Curtailments | (9) | (2) | (7) |  |
| Actuarial (gain) loss | (15) | (13) | (11) | 9 |
| *Demographic assumptions* | *(2)* | *(1)* | *(2)* | *1* |
| *Financial assumptions* | *(14)* | *(7)* | *(14)* | *7* |
| *Experience adjustment* | *1* | *(5)* | *5* | *1* |
| Benefits paid | (79) | (30) | (38) | (11) |
| Foreign currency exchange rate differences and other movements | 77 | 22 | 43 | 12 |
| Benefit obligation at end of the period | 932 | 482 | 331 | 119 |
| Change in plan assets |  |  |  |  |
| Fair value of plan assets at beginning of the period | 4 |  | 4 |  |
| Fair value of plan assets at end of the period | 4 |  | 4 |  |
| Present value of the wholly or partly funded obligation | (22) |  | (22) |  |
| Fair value of plan assets | 4 |  | 4 |  |
| Net present value of the wholly or partly funded obligation | (18) |  | (18) |  |
| Present value of the unfunded obligation | (910) | (482) | (309) | (119) |
| Net amount recognized | (928) | (482) | (327) | (119) |

---

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 |
| | Total | Canada | Europe | Others |
| Change in benefit obligation |  |  |  |  |
| Benefit obligation at beginning of the period | 971 | 508 | 355 | 108 |
| Current service cost | 28 | 7 | 18 | 3 |
| Interest cost on DBO | 42 | 23 | 12 | 7 |
| Past service cost - Plan amendments | (8) |  | (3) | (5) |
| Past service cost - Curtailments | (3) |  | (3) |  |
| Actuarial (gain) loss | 3 | 6 | (9) | 6 |
| *Demographic assumptions* | *11* | *11* | *—* | *—* |
| *Financial assumptions* | *(2)* | *3* | *(6)* | *1* |
| *Experience adjustment* | *(6)* | *(8)* | *(3)* | *5* |
| Benefits paid | (72) | (28) | (35) | (9) |
| Foreign currency exchange rate differences and other movements | (73) | (40) | (20) | (13) |
| Benefit obligation at end of the period | 888 | 476 | 315 | 97 |
| Change in plan assets |  |  |  |  |
| Fair value of plan assets at beginning of the period | 4 |  | 4 |  |
| Fair value of plan assets at end of the period | 4 |  | 4 |  |
| Present value of the wholly or partly funded obligation | (16) |  | (16) |  |
| Fair value of plan assets | 4 |  | 4 |  |
| Net present value of the wholly or partly funded obligation | (12) |  | (12) |  |
| Present value of the unfunded obligation | (872) | (476) | (299) | (97) |
| Net amount recognized | (884) | (476) | (311) | (97) |

---

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

The following tables detail the components of net periodic other post-employment cost:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended December 31, 2025 | Year ended December 31, 2025 | Year ended December 31, 2025 | Year ended December 31, 2025 |
| Components of net periodic OPEB cost (income) | Total | Canada | Europe | Others |
| Current service cost | 28 | 7 | 17 | 4 |
| Past service cost - Plan amendments | (1) | (1) |  |  |
| Past service cost - Curtailments | (9) | (2) | (7) |  |
| Net interest cost | 43 | 23 | 12 | 8 |
| Actuarial gain recognized during the year | (5) |  | (5) |  |
| Total | 56 | 27 | 17 | 12 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 |
| Components of net periodic OPEB cost (income) | Total | Canada | Europe | Others |
| Current service cost | 28 | 7 | 18 | 3 |
| Past service cost - Plan amendments | (8) |  | (3) | (5) |
| Past service cost - Curtailments | (3) |  | (3) |  |
| Net interest cost | 42 | 23 | 12 | 7 |
| Actuarial gain recognized during the year | (4) |  | (4) |  |
| Total | 55 | 30 | 20 | 5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended December 31, 2023 | Year ended December 31, 2023 | Year ended December 31, 2023 | Year ended December 31, 2023 |
| Components of net periodic OPEB cost (income) | Total | Canada | Europe | Others |
| Current service cost | 27 | 7 | 17 | 3 |
| Past service cost - Plan amendments | 6 |  | (2) | 8 |
| Net interest cost | 46 | 24 | 14 | 8 |
| Actuarial loss recognized during the year | 11 |  | 11 |  |
| Total | 90 | 31 | 40 | 19 |

---

*The following tables detail where the expense is recognized in the consolidated statements of operations:* 

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2023 |
| Net periodic pension cost | 176 | 111 | 159 |
| Net periodic OPEB cost | 56 | 55 | 90 |
| Total | 232 | 166 | 249 |
| Cost of sales | 104 | 35 | 100 |
| Selling, general and administrative expenses | 19 | 16 | 14 |
| Financing costs - net | 109 | 115 | 135 |
| Total | 232 | 166 | 249 |

---

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

*Plan Assets* 

The weighted-average asset allocations for the funded defined benefit plans by asset category were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | Canada | Brazil | Europe | |
| Equity Securities | 19% | 3% | 18% |  |
| *- Asset classes that have a quoted market price in an active market* | 11% |  | 18% |  |
| *- Asset classes that do not have a quoted market price in an active market* | 8% | 3% |  |  |
| Fixed Income Securities (including cash) | 26% | 68% | 58% |  |
| *- Asset classes that have a quoted market price in an active market* | 16% | 68% | 58% |  |
| *- Asset classes that do not have a quoted market price in an active market* | 10% |  |  |  |
| Real Estate | 9% | 1% | 2% |  |
| *- Asset classes that have a quoted market price in an active market* |  |  | 2% |  |
| *- Asset classes that do not have a quoted market price in an active market* | 9% | 1% |  |  |
| Other | 46% | 28% | 22% |  |
| *- Asset classes that have a quoted market price in an active market* |  | 28% | 5% | <sup>'</sup><br><sup>1</sup> |
| *- Asset classes that do not have a quoted market price in an active market*  | 46% |  | 17% | <sup>'</sup><br><sup>1</sup> |
| Total | 100% | 100% | 100% |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | Canada | Brazil | Europe | |
| Equity Securities | 22% | 3% | 18% |  |
| *- Asset classes that have a quoted market price in an active market* | 15% |  | 18% |  |
| *- Asset classes that do not have a quoted market price in an active market* | 7% | 3% |  |  |
| Fixed Income Securities (including cash) | 25% | 63% | 59% |  |
| *- Asset classes that have a quoted market price in an active market* | 16% | 63% | 59% |  |
| *- Asset classes that do not have a quoted market price in an active market* | 9% |  |  |  |
| Real Estate | 9% | 2% |  |  |
| *- Asset classes that have a quoted market price in an active market* |  |  |  |  |
| *- Asset classes that do not have a quoted market price in an active market* | 9% | 2% |  |  |
| Other | 44% | 32% | 23% |  |
| *- Asset classes that have a quoted market price in an active market* |  | 32% | 6% | <sup>'</sup><br><sup>1</sup> |
| *- Asset classes that do not have a quoted market price in an active market*  | 44% |  | 17% | <sup>'</sup><br><sup>1</sup> |
| Total | 100% | 100% | 100% |  |

---

1. The percentage consists primarily of assets from insurance contracts in Belgium and Canada.

These assets do not include direct investments in ArcelorMittal stock or ArcelorMittal bonds. They may include ArcelorMittal shares or

bonds held by mutual fund investments. The invested assets produced a 166 and 235 actual return in 2025 and 2024, respectively.

The Finance and Retirement Committees of the Boards of Directors for the respective operating subsidiaries have general supervisory

authority over the respective trust funds. These committees usually establish, monitor and review asset allocation targets for the

respective funds. Asset managers are permitted some flexibility to vary the asset allocation from the long-term investment strategy

within agreed upon control ranges. The established targets observed as of December 31, 2025 are as described below:

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Canada | Brazil | Europe | |
| Equity Securities | 20% | 2% | 19% |  |
| Fixed Income Securities (including cash) | 25% | 71% | 59% |  |
| Real Estate | 9% | 1% |  | <sup>'</sup><sup>1</sup> |
| Other<sup>'</sup> | 46% | 26% | 22% | <sup>'</sup><sup>1</sup> |
| Total | 100% | 100% | 100% |  |

---

1. The percentage consists primarily of assets from insurance contracts in Belgium and Canada.

*Assumptions used to determine benefit obligations at December 31,*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Pension Plans  | Pension Plans  | Pension Plans  | Other Post-employment Benefits  | Other Post-employment Benefits  | Other Post-employment Benefits  |
|  | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 |
| Discount rate |  |  |  |  |  |  |
| Range | 4.00% - 18.00% | 3.40% - 17.00% | 3.30% - 18.00% | 3.40% - 12.00% | 3.40% - 12.15% | 3.30% - 10.15% |
| Weighted average | 5.44% | 5.07% | 5.02% | 4.86% | 4.73% | 4.68% |
| Rate of compensation increase |  |  |  |  |  |  |
| Range | 2.00% - 11.00% | 2.00% - 11.00% | 2.00% - 11.00% | 2.00% - 5.00% | 2.00% - 5.00% | 2.00% - 4.80% |
| Weighted average | 3.05% | 2.92% | 2.93% | 3.30% | 3.24% | 3.26% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Other Post-employment Benefits | Other Post-employment Benefits | Other Post-employment Benefits |
|  | 2025 | 2024 | 2023 |
| Healthcare cost trend rate assumed |  |  |  |
| Range | 2.00% - 6.34% | 2.10% - 6.59% | 2.20% - 6.59% |
| Weighted average | 4.02% | 4.04%  | 4.06% |

---

*Cash contributions and maturity profile of the plans* 

In 2026, the Company expects its cash contributions to amount

to 215 for pension plans, 69 for other post-employment

benefits plans and 92 for defined contribution plans. In 2025

and 2024, cash contributions to defined contributions plans

were 123 and 107, respectively.

At December 31, 2025 and December 31, 2024, the weighted

average duration of liabilities related to pension and other post-

employment benefits plans remained unchanged at 10 years

and 11 years, respectively.

*Risks associated with defined benefit plans* 

Through its defined benefit pension plans and OPEB plans,

ArcelorMittal is exposed to a number of risks, the most

significant of which are detailed below:

*Changes in bond yields* 

An increase in corporate bond yields will decrease plan

liabilities, however it will decrease simultaneously the value of

the plans' bond holdings.

*Asset volatility* 

The plan liabilities are calculated using a discount rate set with

reference to corporate bond yields; if plan assets underperform

this yield, this will create a deficit. In most countries with funded

plans, plan assets hold a significant portion of equities, which

are expected to outperform corporate bonds in the long-term

but contribute to volatility and risk in the short-term. As the

plans mature, ArcelorMittal intends to reduce the level of

investment risk by investing more in assets that better match

the liabilities. However, ArcelorMittal believes that due to the

long-term nature of the plan liabilities, a level of continuing

equity investment is an appropriate element of a long-term

strategy to manage the plans efficiently.

*Life expectancy* 

Most plans provide benefits for the life of the covered

members, so increases in life expectancy will result in an

increase in the plans' benefit obligations.

Assumptions regarding future mortality rates have been set

considering published statistics and, where possible,

ArcelorMittal's own experience.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

The current longevity at retirement underlying the values of the

defined benefit obligation was approximately 23 years.

*Healthcare cost trend rate* 

The majority of the OPEB plans' benefit obligations are linked

to the change in the cost of various health care components.

Future healthcare cost will vary based on several factors

including price inflation, utilization rate, technology advances,

cost shifting and cost containing mechanisms. A higher

healthcare cost trend would lead to higher OPEB plan benefit

obligations.

*Sensitivity analysis* 

The following information illustrates the sensitivity to a change of the significant actuarial assumptions related to ArcelorMittal's pension

plans (as of December 31, 2025, the defined benefit obligation for pension plans was 4,822):

---

| | | |
|:---|:---|:---|
| | Effect on 2026 Pre-Tax Pension Expense <br>(sum of service cost and interest cost)<br>| Effect on December 31, 2025 DBO |
| Change in assumption |  |  |
| 100 basis points decrease in discount rate | (14) | 505 |
| 100 basis points increase in discount rate | 11 | (415) |
| 100 basis points decrease in rate of compensation | (12) | (112) |
| 100 basis points increase in rate of compensation | 12 | 115 |
| 1 year increase of the expected life of the beneficiaries | 6 | 104 |

---

The following table illustrates the sensitivity to a change of the significant actuarial assumptions related to ArcelorMittal's OPEB plans

(as of December 31, 2025 the defined benefit obligation for post-employment benefit plans was 932):

---

| | | |
|:---|:---|:---|
| | Effect on 2026 Pre-Tax OPEB Expense <br>(sum of service cost and interest cost)<br>| Effect on December 31, 2025 DBO |
| Change in assumption |  |  |
| 100 basis points decrease in discount rate | (1) | 109 |
| 100 basis points increase in discount rate |  | (90) |
| 100 basis points decrease in healthcare cost trend rate | (3) | (48) |
| 100 basis points increase in healthcare cost trend rate | 4 | 59 |
| 1 year increase of the expected life of the beneficiaries | 1 | 17 |

---

The above sensitivities reflect the effect of changing one

assumption at a time. Actual economic factors and conditions

often affect multiple assumptions simultaneously, and the

effects of changes in key assumptions are not necessarily

linear.

8.3 Share-based payments

ArcelorMittal issues equity-settled share-based payments to

certain employees which are RSUs and PSUs. Equity-settled

share-based payments are measured at fair value (excluding

the effect of non market-based vesting conditions) at the grant

date. The fair value determined at the grant date of the equity-

settled share-based payments is expensed on a graded

vesting basis over the vesting period, based on the Company's

estimate of the shares that will eventually vest and adjusted for

the effect of non market-based vesting conditions. Where the

fair value calculation requires modeling of the Company's

performance against other market index, fair value is measured

using the Monte Carlo pricing model to estimate the forecasted

target performance goal for the company and its peer

companies. The expected life used in the model has been

adjusted, based on management's best estimate, for the

effects of non-transferability, exercise restrictions and

behavioral considerations. In addition, the expected annualized

volatility has been set by reference to the implied volatility of

options available on ArcelorMittal shares in the open market,

as well as, historical patterns of volatility. The fair value

determined at the grant date of the equity-settled share-based

payments is expensed on a straight line method over the

vesting period.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

*Long-term incentive plan*

The Executive Office, comprised of the Executive Chairman

and the CEO, benefits from a long-term incentive plan which

grants PSUs to the Executive office members (and the CFO

starting 2025). The PSUs vest based on performance targets

linked to earnings per share ("EPS") and total shareholders

return ("TSR"). Performance targets also include a set of three

weighted environmental, social and governance ("ESG")

indicators representing 30% award vesting including health &

safety, climate action and diversity & inclusion ("D&I") (until

2024). For health & safety (20% award vesting), the target is to

halve the fatality frequency rate versus a defined baseline (the

baseline is the adjusted average frequency rate over five years

before the grant). For D&I, the target was to reduce the gap

between the Company's 2030 target of having 25% women in

management and 2020 baseline. For climate (10% award

vesting), the CO2 emission target has been set to be reached

by the end of the vesting period.

ArcelorMittal also operates a long-term incentive plan ("the

ArcelorMittal Equity Incentive Plan") to incentivize shareholder

wealth creation in excess of performance of a peer group and

incentivize executives to achieve strategy. The ArcelorMittal

Equity Incentive Plan is intended to align the interests of the

Company's shareholders and eligible employees by allowing

them to participate in the success of the Company. The

ArcelorMittal Equity Incentive Plan provides for the grant of

RSUs and PSUs to eligible employees of the Company

(including Executive Officers and the CFO prior to 2025) and is

designed to incentivize employees, improve the Company's

long-term performance and retain key employees.

The grant of PSUs under the ArcelorMittal Equity Incentive

Plan aims to serve as an effective performance-enhancing

scheme based on the employee's contribution to the eligible

achievement of the Company's strategy. Awards in connection

with PSUs are subject to the fulfillment of cumulative

performance criteria over a three-year period from the date of

the PSU grant such as return on capital employed ("ROCE"),

TSR and gap to competition (until 2022). Similarly to the

Executive Office plan, the ArcelorMittal Equity Incentive Plan

also includes performance criteria related to ESG indicators

representing 20% award vesting including health & safety and

climate action (15% and 5% award vesting, respectively) and

diversity & inclusion ("D&I") (until 2024). Employees eligible to

receive PSUs are a sub-set of the group of employees eligible

to receive RSUs.

RSUs granted under the ArcelorMittal Equity Incentive Plan are

designed to provide a retention incentive to eligible employees.

RSUs are subject to "cliff vesting" after 3 years, with 100% of

the grant vesting on the third anniversary of the grant

contingent upon the continued active employment of the

eligible employee within the Company.

The maximum number of PSUs and RSUs available for grant

during any given year is subject to the prior approval of the

Company's shareholders at the AGM. The 2022, 2023, 2024

and 2025 Caps for the number of PSUs/RSUs that may be

allocated to the Executive Office and other retention and

performance based grants below the Executive Office level,

were approved at the AGMs on May 4, 2022, May 2, 2023,

April 30, 2024 and May 6, 2025, respectively, at a maximum of

3,500,000 shares, 3,500,000 shares, 5,500,000 shares and

6,000,000 shares, respectively.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

Conditions of the 2025 grant were as follows:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Executive Office and CFO | Executive Office and CFO | Executive Office and CFO | | | Executive Officers other than CFO | Executive Officers other than CFO | Executive Officers other than CFO | Executive Officers other than CFO | Executive Officers other than CFO |
| 2025 <br>Grant | ●  | PSUs with a three-year performance period | PSUs with a three-year performance period | PSUs with a three-year performance period |  | ●  | PSUs with a three-year performance period | PSUs with a three-year performance period | PSUs with a three-year performance period | PSUs with a three-year performance period | PSUs with a three-year performance period |
| 2025 <br>Grant | ●  | Value at grant 180% of base salary for the Executive Chairman <br>and the CEO and 110% for the CFO | Value at grant 180% of base salary for the Executive Chairman <br>and the CEO and 110% for the CFO | Value at grant 180% of base salary for the Executive Chairman <br>and the CEO and 110% for the CFO | Value at grant 180% of base salary for the Executive Chairman <br>and the CEO and 110% for the CFO |  |  |  |  |  |  |
| 2025 <br>Grant | ●  | Vesting conditions: | Vesting conditions: | Vesting conditions: |  | ●  | Vesting conditions: | Vesting conditions: | Vesting conditions: | Vesting conditions: | Vesting conditions: |
| 2025 <br>Grant |  |  | Target | Stretch | Ceiling |  |  | Threshold | Target | Stretch | Ceiling |
| 2025 <br>Grant |  | TSR vs. peer group <br>(50%) / EPS vs. peer <br>group (20%) | 100% vs. <br>weighted <br>average<br>| 120% vs. <br>weighted <br>average<br>| ≥140% vs. <br>weighted <br>average<br>|  | TSR vs. peer group <br>(40%) | 80% <br>rolling <br>average<br>| 100% <br>rolling <br>average<br>| 120% <br>rolling <br>average<br>| ≥140% <br>rolling <br>average<br>|
| 2025 <br>Grant |  | Vesting percentage | 100% | 150% | 200% |  | Vesting percentage | 50% | 100% | 150% | 200% |
| 2025 <br>Grant |  |  |  |  |  |  | ROCE (40%) | 6% | 9% | 12% | 14% |
| 2025 <br>Grant |  | ESG (30%): H&S 20% <br>and Climate action 10% | 100% of <br>target<br>| 120% of <br>target<br>| ≥140% of <br>target<br>|  | Vesting percentage | 50% | 100% | 150% | 200% |
| 2025 <br>Grant |  | Vesting percentage | 100% | 150% | 200% |  | ESG (20%): H&S 15% <br>and Climate action 5% | 80% <br>weighted <br>average<br>| 100% of <br>target<br>| 120% of <br>target<br>| 140% of <br>target<br>|
| 2025 <br>Grant |  |  |  |  |  |  | Vesting percentage | 50% | 100% | 150% | 200% |
| 2025 <br>Grant |  |  |  |  |  | ●  | RSUs with a three-year vesting period | RSUs with a three-year vesting period | RSUs with a three-year vesting period |  |  |

---

*Awards made in previous financial years which have not yet reached the end of the vesting period*

ArcelorMittal's Equity Incentive Plan for senior management including Executive Officers follows the Company's strategy. In addition to

the 2025 grant, the summary of outstanding plans as of December 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Executive Office | Executive Office | Executive Office | | Executive Officers | Executive Officers | Executive Officers |
| 2022 <br>Grant | ●  | PSUs with a three-year performance period | PSUs with a three-year performance period | PSUs with a three-year performance period | ●  | PSUs with a three-year performance period | PSUs with a three-year performance period | PSUs with a three-year performance period |
| 2022 <br>Grant | ●  | Value at grant 120% of base salary for the Executive Chairman and <br>the CEO | Value at grant 120% of base salary for the Executive Chairman and <br>the CEO | Value at grant 120% of base salary for the Executive Chairman and <br>the CEO |  |  |  |  |
| 2022 <br>Grant | ●  | Vesting conditions: | Vesting conditions: | Vesting conditions: | ●  | Vesting conditions: | Vesting conditions: | Vesting conditions: |
| 2022 <br>Grant |  |  | Threshold | Target |  |  | Target | Stretch |
| 2022 <br>Grant |  | TSR vs. peer group (50%) / EPS <br>vs. peer group (20%) | 100% vs. <br>weighted <br>average<br>| ≥120% vs. <br>weighted <br>average<br>|  | TSR vs. peer group (40%) | 100% <br>weighted <br>average<br>| ≥120% <br>weighted <br>average<br>|
| 2022 <br>Grant |  | Vesting percentage | 100% | 150% |  | Vesting percentage | 100% | 150% |
| 2022 <br>Grant |  |  |  |  |  | Gap to competition (40%) | 100% of target | 120% of target |
| 2022 <br>Grant |  | ESG (30%): H&S 10%, Climate <br>action 10% and D&I 10% | 100% of target | 120% of target |  | Vesting percentage | 100% | 150% |
| 2022 <br>Grant |  |  |  |  |  | ESG (20%): H&S 10%, <br>Climate action 5% and D&I <br>5% | 100% of target | 120% of target |
| 2022 <br>Grant |  | Vesting percentage | 100% | 150% |  | Vesting percentage | 100% | 150% |
| 2022 <br>Grant |  |  |  |  | ●  | RSUs with a three-year vesting period | RSUs with a three-year vesting period | RSUs with a three-year vesting period |

---

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Executive Office | Executive Office | Executive Office | | Executive Officers | Executive Officers | Executive Officers | Executive Officers |
| 2023 <br>Grant | ●  | PSUs with a three-year performance period | PSUs with a three-year performance period | PSUs with a three-year performance period | ●  | PSUs with a three-year performance period | PSUs with a three-year performance period | PSUs with a three-year performance period | PSUs with a three-year performance period |
| 2023 <br>Grant | ●  | Value at grant 120% of base salary for the Executive <br>Chairman and the CEO | Value at grant 120% of base salary for the Executive <br>Chairman and the CEO | Value at grant 120% of base salary for the Executive <br>Chairman and the CEO |  |  |  |  |  |
| 2023 <br>Grant | ●  | Vesting conditions: | Vesting conditions: | Vesting conditions: | ●  | Vesting conditions: | Vesting conditions: | Vesting conditions: | Vesting conditions: |
| 2023 <br>Grant |  |  | Target | Stretch |  |  | Threshold | Target | Stretch |
| 2023 <br>Grant |  | TSR vs. peer group (50%) / EPS <br>vs. peer group (20%) | 100% vs. <br>weighted <br>average<br>| ≥120% vs. <br>weighted <br>average<br>|  | TSR vs. peer group (40%) |  | 100% <br>weighted <br>average<br>| ≥120% <br>weighted <br>average<br>|
| 2023 <br>Grant |  | Vesting percentage | 100% | 150% |  | Vesting percentage |  | 100% | 150% |
| 2023 <br>Grant |  |  |  |  |  | ROCE (40%) | 2/3 of <br>target<br>| 100% of <br>target<br>| 4/3 of <br>target<br>|
| 2023 <br>Grant |  | ESG (30%): H&S 10%, Climate <br>action 10% and D&I 10% | 100% of <br>target<br>| 120% of <br>target<br>|  | Vesting percentage | 50% | 100% | 150% |
| 2023 <br>Grant |  |  |  |  |  | ESG (20%): H&S 10%, Climate <br>action 5% and D&I 5% |  | 100% of <br>target<br>| 120% of <br>target<br>|
| 2023 <br>Grant |  | Vesting percentage | 100% | 150% |  | Vesting percentage |  | 100% | 150% |
| 2023 <br>Grant |  |  |  |  | ●  | RSUs with a three-year vesting period | RSUs with a three-year vesting period | RSUs with a three-year vesting period | RSUs with a three-year vesting period |
|  |  | Executive Office | Executive Office | Executive Office |  | Executive Officers | Executive Officers | Executive Officers | Executive Officers |
| 2024 <br>Grant | ●  | PSUs with a three-year performance period | PSUs with a three-year performance period | PSUs with a three-year performance period | ●  | PSUs with a three-year performance period | PSUs with a three-year performance period | PSUs with a three-year performance period | PSUs with a three-year performance period |
| 2024 <br>Grant | ●  | Value at grant 180% of base salary for the Executive <br>Chairman and the CEO | Value at grant 180% of base salary for the Executive <br>Chairman and the CEO | Value at grant 180% of base salary for the Executive <br>Chairman and the CEO |  |  |  |  |  |
| 2024 <br>Grant | ●  | Vesting conditions: | Vesting conditions: | Vesting conditions: | ●  | Vesting conditions: | Vesting conditions: | Vesting conditions: | Vesting conditions: |
| 2024 <br>Grant |  | Target | Stretch | Ceiling |  | Threshold | Target | Stretch | Ceiling |
| 2024 <br>Grant |  | 100% vs. <br>weighted <br>average<br>| 120% vs. <br>weighted <br>average<br>| ≥140% vs. <br>weighted <br>average<br>|  | 80% of <br>rolling <br>average<br>| 100% <br>rolling <br>average<br>| 120% <br>rolling <br>average<br>| ≥140% <br>rolling <br>average<br>|
| 2024 <br>Grant |  | 100% | 150% | 200% |  | 50% | 100% | 150% | 200% |
| 2024 <br>Grant |  |  |  |  |  | 2/3 of <br>target<br>| 100% of <br>target<br>| 4/3 of <br>target<br>| 155% of <br>target<br>|
| 2024 <br>Grant |  | 100% of <br>target<br>| 120% of <br>target<br>| ≥140% of <br>target<br>|  | 50% | 100% | 150% | 200% |
| 2024 <br>Grant |  |  |  |  |  | 80% <br>weighted <br>average<br>| 100% of <br>target<br>| 120% of <br>target<br>| 140% of <br>target<br>|
| 2024 <br>Grant |  | 100% | 150% | 200% |  | 50% | 100% | 150% | 200% |
| 2024 <br>Grant |  |  |  |  | ●  | RSUs with a three-year vesting period | RSUs with a three-year vesting period | RSUs with a three-year vesting period |  |

---

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| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

The following table summarizes the Company's share unit plans outstanding as of December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| At Grant date | At Grant date | At Grant date | At Grant date | At Grant date | At Grant date | Number of PSUs/RSUs issued as of <br>December 31, 2025 | Number of PSUs/RSUs issued as of <br>December 31, 2025 | Number of PSUs/RSUs issued as of <br>December 31, 2025 |
| Grant date | Type of plan | Number of <br>PSUs/RSUs<br>| Number of <br>beneficiaries<br>| Maturity | Fair value<br>per PSU/<br>RSU<br>| PSUs/<br>RSUs <br>outstanding<br>| PSUs/<br>RSUs <br>forfeited<br>| PSUs/<br>RSUs <br>vested<br>|
| December 5, 2025 | RSU | 1032150 | 1103 | December 5, 2028 | 42.62 | 1032150 |  |  |
| December 5, 2025 | PSU /<br>Executive Office<br>| 1220027 | 856<br> \*<br><sup>1</sup><br>| January 1, 2029 | 41.33 | 1220027 |  |  |
| December 5, 2024 | RSU | 1636575 | 1092 | December 5, 2027 | 25.33 | 1548975 | 84176 | 3424 |
| December 5, 2024 | PSU /<br>Executive Office<br>| 1906781 | 849<br> \*<br><sup>1</sup><br>| January 1, 2028 | 23.70 | 1851381 | 55400 |  |
| December 8, 2023 | RSU | 1269300 | 958 | December 8, 2026 | 25.58 | 1119050 | 133755 | 16495 |
| December 8, 2023 | PSU /<br>Executive Office<br>| 1127673 | 258<br> \*<br><sup>1</sup><br>| January 1, 2027 | 21.86 | 1003473 | 124200 |  |
| December 13, 2022 | PSU /<br>Executive Office<br>| 786364 | 244<br> \*<br><sup>1</sup><br>| January 1, 2026 | 23.43 | 678214 | 108150 |  |
| Total |  | 8978870 |  |  | $21.86 – <br>$42.62<br>| 8453270 | 505681 | 19919 |

---

1. The CFO is included in the Executive Office plan starting 2025.

The compensation expense recognized for PSUs and RSUs was 56, 37 and 39 for the years ended December 31, 2025, 2024 and

2023, respectively.

Share unit plan activity is summarized below as of and for each year ended December 31, 2025, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | RSUs | RSUs | PSUs and Executive Office | PSUs and Executive Office |
| | Number of <br>RSUs<br>| Fair value per <br>RSU<br>| Number of <br>PSUs<br>| Fair value per <br>PSU<br>|
| Outstanding, December 31, 2022 | 2837150 | 27.20 | 3693496 | 21.35 |
| Granted  | 1269300 | 25.58 | 1127673 | 21.86 |
| Exited | (1232074) | 24.05 | (1434251) | 18.16 |
| Forfeited | (116576) | 26.90 | (92616) | 22.21 |
| Outstanding, December 31, 2023 | 2757800 | 27.88 | 3294302 | 22.89 |
| Granted | 1636575 | 25.33 | 1906781 | 23.70 |
| Exited | (635276) | 32.54 | (565731) | 19.44 |
| Forfeited | (130724) | 28.21 | (342841) | 21.74 |
| Outstanding, December 31, 2024 | 3628375 | 25.90 | 4292511 | 23.79 |
| Granted <sup>1</sup> | 1032150 | 42.62 | 1223097 | 41.30 |
| Exited | (747294) | 27.56 | (464157) | 28.21 |
| Forfeited | (213056) | 25.89 | (298356) | 25.09 |
| Outstanding, December 31, 2025 | 3700175 | 30.23 | 4753095 | 27.78 |

---

1. Including 3,070 over-performance shares granted for the targets achievement of the PSU grant of December 16, 2021.

NOTE 9: PROVISIONS, CONTINGENCIES AND

COMMITMENTS

ArcelorMittal recognizes provisions for liabilities and probable

losses that have been incurred when it has a present legal or

constructive obligation as a result of past events, it is probable

that the Company will be required to settle the obligation and a

reliable estimate of the amount of the obligation can be made.

If the effect of the time value of money is material, provisions

are discounted using a current pre-tax rate that reflects, where

appropriate, the risks specific to the liability. Where discounting

is used, the increase in the provision due to the passage of

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| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

time is recognized as a financing cost. Future operating

expenses or losses are excluded from recognition as

provisions as they do not meet the definition of a liability.

Contingent assets and contingent liabilities are excluded from

recognition in the consolidated statements of financial position.

Provisions for onerous contracts are recorded in the

consolidated statements of operations when it becomes known

that the unavoidable costs of meeting the obligations under the

contract exceed the economic benefits expected to be

received. Assets dedicated to the onerous contracts are tested

for impairment before recognizing a separate provision for the

onerous contract.

Provisions for restructuring are recognized when and only

when a detailed formal plan exists and a valid expectation in

those affected by the restructuring has been raised, by starting

to implement the plan or announcing its main features.

ArcelorMittal records asset retirement obligations ("ARO")

initially at the fair value of the legal or constructive obligation in

the period in which it is incurred and capitalizes the ARO by

increasing the carrying amount of the related non-current

asset. The fair value of the obligation is determined as the

discounted value of the expected future cash flows. The liability

is accreted to its present value through net financing cost and

the capitalized cost is depreciated in accordance with the

Company's depreciation policies for property, plant and

equipment. Subsequently, when reliably measurable, ARO is

recorded on the consolidated statements of financial position

increasing the cost of the asset and the fair value of the related

obligation. Foreign exchange gains or losses on AROs

denominated in foreign currencies are recorded in the

consolidated statements of operations.

ArcelorMittal is subject to changing and increasingly stringent

environmental laws and regulations concerning air emissions,

water discharges and waste disposal, as well as certain

remediation activities that involve the clean-up of soil and

groundwater. ArcelorMittal is currently engaged in the

investigation and remediation of environmental contamination

at a number of its facilities. Most of these are legacy

obligations arising from acquisitions.

Environmental costs that relate to current operations or to an

existing condition caused by past operations, and which do not

contribute to future revenue generation or cost reduction, are

expensed. Liabilities are recorded when environmental

assessments and/or remedial efforts are probable and the cost

can be reliably estimated based on ongoing engineering

studies, discussions with the environmental authorities and

other assumptions relevant to the nature and extent of the

remediation that may be required. The ultimate cost to

ArcelorMittal is dependent upon factors beyond its control such

as the scope and methodology of the remedial action

requirements to be established by environmental and public

health authorities, new laws or government regulations, rapidly

changing technology and the outcome of any potential related

litigation. Environmental liabilities are discounted if the

aggregate amount of the obligation and the amount and timing

of the cash payments are fixed or reliably determinable.

The estimates of loss contingencies for environmental matters

and other contingencies are based on various judgments and

assumptions including the likelihood, nature, magnitude and

timing of assessment, remediation and/or monitoring activities

and the probable cost of these activities. In some cases,

judgments and assumptions are made relating to the obligation

or willingness and ability of third parties to bear a proportionate

or allocated share of cost of these activities, including third

parties who sold assets to ArcelorMittal or purchased assets

from it subject to environmental liabilities. ArcelorMittal also

considers, among other things, the activity to date at particular

sites, information obtained through consultation with applicable

regulatory authorities and third-party consultants and

contractors and its historical experience with other

circumstances judged to be comparable. Due to the numerous

variables associated with these judgments and assumptions,

and the effects of changes in governmental regulation and

environmental technologies, both the precision and reliability of

the resulting estimates of the related contingencies are subject

to substantial uncertainties. As estimated costs to remediate

change, the Company will reduce or increase the recorded

liabilities through write backs or additional provisions in the

consolidated statements of operations. ArcelorMittal does not

expect these environmental issues to affect the utilization of its

plants, now or in the future.

ArcelorMittal is currently and may in the future be involved in

litigation, arbitration or other legal proceedings. Provisions

related to legal and arbitration proceedings are recorded in

accordance with the principles described above.

Most of these claims involve highly complex issues. Often

these issues are subject to substantial uncertainties and,

therefore, the probability of loss and an estimation of damages

are difficult to ascertain. Consequently, ArcelorMittal may be

unable to make a reliable estimate of the expected financial

effect that will result from ultimate resolution of the proceeding.

In those cases, ArcelorMittal has disclosed information with

respect to the nature of the contingency. ArcelorMittal has not

accrued a provision for the potential outcome of these cases.

For cases in which the Company was able to make a reliable

estimate of the expected loss or range of probable loss and

has accrued a provision for such loss, it believes that

publication of this information on a case-by-case basis would

seriously prejudice the Company's position in the ongoing legal

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| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

proceedings or in any related settlement discussions.

Accordingly, in these cases, the Company has disclosed

information with respect to the nature of the contingency, but

has not disclosed its estimate of the range of potential loss.

In the cases in which quantifiable fines and penalties have

been assessed, the Company has indicated the amount of

such fine or penalty or the amount of provision accrued that is

the estimate of the probable loss.

These assessments can involve a series of complex judgments

about future events and can rely heavily on estimates and

assumptions. The assessments are based on estimates and

assumptions that have been deemed reasonable by

management. The Company believes that the aggregate

provisions recorded for the above matters are adequate based

upon currently available information. However, given the

inherent uncertainties related to these cases and in estimating

contingent liabilities, the Company could, in the future, incur

judgments that have a material adverse effect on its results of

operations in any particular period. The Company considers it

highly unlikely, however, that any such judgments could have a

material adverse effect on its liquidity or financial condition.

9.1 Provisions

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Balance at <br>December 31, 2024<br>| Additions<sup>1</sup> | Deductions/<br>Payments<br>| Effects of foreign <br>exchange and <br>other movements<br>| Balance at <br>December 31, <br>2025<br>|
| Environmental  | 506 | 54 | (76) | 69 | 553 |
| Emission obligations  | 420 | 488 | (423) | 21 | 506 |
| Asset retirement obligations  | 478 | 43 | (66) | 46 | 501 |
| Site restoration | 109 | 15 | (25) | 17 | 116 |
| Staff related obligations | 144 | 111 | (38) | 25 | 242 |
| Voluntary separation plans | 86 | 80 | (74) | 22 | 114 |
| Litigation and other (see note 9.3) | 305 | 38 | (89) | 150 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Tax claims* | *79* | *7* | *(36)* | *127* | *177* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Other legal claims* | *226* | *31* | *(53)* | *23* | *227* |
| Commercial agreements and onerous contracts | 33 | 9 | (27) | 3 | 18 |
| Other | 217 | 45 | (65) | 4 | 201 |
|  | 2298 | 883 | (883) | 357 | 2655 |
| Short-term provisions | 938 |  |  |  | 1039 |
| Long-term provisions | 1361 |  |  |  | 1616 |
|  | 2298 |  |  |  | 2655 |

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---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Balance at <br>December 31, 2023<br>| Additions<sup>1</sup> | Deductions/ <br>Payments<br>| Effects of foreign <br>exchange and <br>other movements<br>| Balance at <br>December 31, <br>2024<br>|
| Environmental  | 620 | 120 | (207) | (27) | 506 |
| Emission obligations | 29 | 423 | (15) | (17) | 420 |
| Asset retirement obligations  | 380 | 172 | (34) | (40) | 478 |
| Site restoration | 147 | 21 | (52) | (7) | 109 |
| Staff related obligations | 162 | 37 | (41) | (14) | 144 |
| Voluntary separation plans | 32 | 66 | (22) | 10 | 86 |
| Litigation and other (see note 9.3) | 349 | 79 | (87) | (36) | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Tax claims* | *81* | *18* | *(11)* | *(9)* | *79* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Other legal claims* | *268* | *61* | *(76)* | *(27)* | *226* |
| Commercial agreements and onerous contracts | 29 | 24 | (16) | (4) | 33 |
| Other | 317 | 38 | (102) | (36) | 217 |
|  | 2065 | 980 | (576) | (171) | 2298 |
| Short-term provisions | 588 |  |  |  | 938 |
| Long-term provisions | 1477 |  |  |  | 1361 |
|  | 2065 |  |  |  | 2298 |

---

1. Additions exclude provisions reversed or utilized during the same year.

There are uncertainties regarding the timing and amount of the

provisions above. Changes in underlying facts and

circumstances for each provision could result in differences in

the amounts provided for and the actual outflows. In general,

provisions are presented on a non-discounted basis due to the

uncertainties regarding the timing or the short period of their

expected consumption.

Environmental provisions have been estimated based on

internal and third-party estimates of contamination, available

remediation technology, and environmental regulations.

Estimates are subject to revision as further information

develops or circumstances change.

Provisions for emission obligations are recognized to cover the

shortage between the Company's CO2 emissions and the

allowances granted, based on the market value of the CO2

allowances as of the reporting date or purchase price of the

acquired CO2 emission rights. The Company uses derivative

financial instruments and spot purchases to manage its

exposure to fluctuations in prices of emission rights

allowances. See note 6.3 for the details of the cash flow

hedging in place for emission rights, note 4.5 for CO2 emission

rights held as current assets and note 5.1 for CO2 emission

rights held as Intangible non-current assets. The Company

also receives indirect compensation through rebates on its

energy tariffs.

Provisions for site restoration are related to costs in connection

with the dismantling of site facilities, mainly in France, of which

57 and 61 at December 31, 2025 and 2024, respectively, with

respect to the dismantling of the Florange liquid phase.

Provisions for staff related obligations primarily concern Brazil

and are related to various employees' compensation. In 2025,

the increase is largely relating to Sindimetal union case on

overtime payments amounting to 74, see also note 9.3.

Provisions for voluntary separation plans primarily relate to

plans in France, Spain, South Africa and Germany, which are

expected to be settled within one year. In 2025, the increase in

provisions for voluntary separation plans includes 55 in Europe

and 20 with respect to the Sustainable Solutions reportable

segment.

Provisions for litigation include losses relating to present legal

obligations that are considered to be probable, see also note

9.3. In 2025 and 2024 provisions for commercial agreements and

onerous contracts were primarily linked to onerous contracts in

Spain.

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| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

Other provisions of 72 and 73 at December 31, 2025 and 2024,

respectively, are related to the Complementary Agreement

Term signed in 2021 between ArcelorMittal Brazil, the Federal

and State Prosecutor Offices and the Commission representing

affected people, which includes precautionary evacuation of

the communities close to the Serra Azul dam, as well as the

commitment to implement action plans to ensure the stability,

security and decommissioning of the tailing dam. Other

provisions also comprise technical warranties and guarantees.

*Environmental Liabilities* 

ArcelorMittal's operations are subject to a broad range of laws

and regulations relating to the protection of human health and

the environment at its multiple locations and operating

subsidiaries. As of December 31, 2025, excluding asset

retirement obligations, ArcelorMittal had established provisions

of 553 for environmental remedial activities and liabilities. The

provisions for all operations by geographic area included

mainly 380 in Europe, 95 in South Africa and 74 in Canada.

*Europe* 

Environmental provisions for ArcelorMittal's operations in

Europe are mainly related to the investigation and remediation

of environmental contamination at current and former operating

sites in Poland (128), Luxembourg (80), France (62), Belgium

(60) and Germany (40). This investigation and remediation

work relates to various matters such as decontamination of

water discharges, waste disposal, cleaning water ponds and

remediation activities that involve the clean-up of soil and

groundwater. These provisions also relate to human health

protection measures such as fire prevention and additional

contamination prevention measures to comply with local health

and safety regulations.

In Belgium, environmental provisions mainly relate to legal site

remediation obligations linked to the closure of the primary

installations at the Liège site of ArcelorMittal Belgium. The

provisions also include the external recovery and disposal of

waste, residues or by-products that cannot be recovered

internally at the ArcelorMittal Ghent and Liège sites and the

removal and disposal of material containing asbestos.

On April 30, 2024, ArcelorMittal completed the sale and

transfer of certain environmental obligations related to several

industrial wastelands including the Chertal site, blast furnaces

B and 6 and the coke plant in Liège (Belgium) to different

private investors and the Walloon Region. Accordingly, the

Company derecognized 148.

In Luxembourg, environmental provisions relate to the post-

closure monitoring and remediation of former production sites,

waste disposal areas, slag deposits and mining sites.

In France, environmental provisions principally relate to the

remediation of former sites, including several coke plants and

the remediation and improvement of storage of residues and

secondary materials, treatment of slag dumps, disposal of

waste at different ponds and landfills, removal of asbestos from

the installations and mandatory financial guarantees to cover

risks of major accident hazard or for gasholders and waste

storage. Most of the provision relates to the stocking areas at

the Dunkirk site, the mothballing of the liquid phase in

Florange, including study and surveillance of soil and water to

prevent environmental damage, and the treatment and

elimination of waste.

In Poland, environmental provisions include 122 for cleaning

and remediation costs following the closure of primary facilities

in Kraków, including coke plant and land remediation of post-

industrial areas in Ruszca (district of Kraków).

In Germany, the 40 environmental provision essentially relates

to ArcelorMittal Bremen's post-closure obligations at the

Prosper coke plant in Bottrop mainly established for soil

remediation, groundwater treatment and monitoring.

*South Africa* 

AMSA's environmental provisions include 26 related to the

decommissioned Pretoria Works site in a state of care and

maintenance with ongoing rehabilitation and 14 related to the

Newcastle Works site mainly with respect to air quality

improvements, waste site remediation and storm water

management. AMSA's environmental provisions also include

36 related to the environmental rehabilitation of the Thabazimbi

mine, and 17 related to the flat steel operations of the

Vanderbijlpark Works site.

*Canada* 

In Canada, ArcelorMittal Dofasco has a 28 environmental

provision for the expected cost of remediating toxic sediment

located at the East Boatslip site.

*Asset retirement obligations* 

Asset retirement obligations ("AROs") arise from legal

requirements and represent management's best estimate of

the present value of the costs that will be required to retire

plant and equipment or to restore a site at the end of its useful

life, mainly in connection with mining operations. As of

December 31, 2025, ArcelorMittal had established provisions

for AROs of 501, including mainly 144 for Brazil, 141 for

Canada, 86 for Mexico, 53 for Ukraine and 52 for Germany, As

of December 31, 2025, AROs related to mining activities and

total undiscounted amount of site restoration obligations

amounted to 444 and 1,309 respectively.

AROs in Brazil relate to the decommissioning of the Serra Azul

mine, including the decharacterization of the tailing dam. In

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

addition, the Company has legal obligations to clean and

restore the mining areas of Serra Azul and Andrade, both

located in the State of Minas Gerais.

AROs in Canada relate to site restoration and dismantling of

the facilities near the mining sites in Mont-Wright and Fire

Lake, and the accumulation area of mineral substances at the

facility of Port-Cartier in Quebec, upon closure of the mines

pursuant to the restoring plan of the mines. In addition,

Dofasco has legal obligations for the former Sherman Mine site

near Temagami, Ontario.

AROs in Mexico relate to the restoration costs of the Las

Truchas, El Volcan, San Jose and the joint operation Peña

Colorada iron ore mines.

AROs in Ukraine are legal obligations for site rehabilitation at

the iron ore mining site in Kryvyi Rih, upon closure of the mine

pursuant to its restoration plan.

In Germany, AROs principally relate to the Hamburg site, which

operates on leased land with the contractual obligation to

remove all buildings and other facilities upon the termination of

the lease, and to the Prosper coke plant in Bottrop for filling the

basin, restoring the layer and stabilizing the shoreline at the

harbor.

9.2 Other long-term obligations

---

| | | |
|:---|:---|:---|
|  | Balance at December 31, | Balance at December 31, |
|  | 2025 | 2024 |
| Derivative financial instruments (notes 6.1 <br>and 6.3)<br>| 228 | 343 |
| Payable from acquisition of financial <br>assets<br>| 474 | 302 |
| Unfavorable contracts | 151 | 156 |
| Income tax payable | 117 | 156 |
| Put option liability ArcelorMittal Texas HBI <br>(note 11.5.2)<br>| 175 | 176 |
| Put option liability Sonasid (note 11.5.2) | 153 | 114 |
| Other | 242 | 175 |
| Total | 1540 | 1422 |

---

As of December 31, 2025, payable from acquisition of financial

assets included 210 (in addition to 112 classified as accrued

expenses and other liabilities see note 4.8) relating to the

settlement of a valuation dispute in Brazil in connection with

Votorantim acquisition (see note 9.3). It included also at

December 31, 2025 and 2024 163 and 222, respectively,

relating to outstanding equity contributions for joint ventures (in

addition to 124 and 224, respectively, classified as accrued

expenses and other liabilities see note 4.8). Additionally, as of

December 31, 2025 and 2024, 28 and 39 respectively, were

related to AMNS India's debt guarantee (see note 9.4).

Unfavorable contracts of 151 and 156 as of December 31,

2025 and 2024, respectively, mainly related to ArcelorMittal

Pecém (see note 2.2.4) and ArcelorMittal Brasil.

As of December 31, 2025, the income tax payable mainly

related to income tax contingencies (in majority unasserted

claims).

9.3 Contingent liabilities

*Tax Claims* 

ArcelorMittal is a party to various tax claims. As of

December 31, 2025, ArcelorMittal had recorded 242 short-term

and long-term liabilities related to income tax contingencies

and 177 aggregate provisions for non-income tax claims for

which it considers the risk of loss to be probable. Set out below

is a summary description of the tax claims (i) for which

ArcelorMittal had recorded a provision as of December 31,

2025, (ii) that constitute a contingent liability, (iii) that were

resolved in 2025 or (iv) that were resolved and had a financial

impact in 2024 or 2023, in each case involving amounts

deemed material by ArcelorMittal. The Company is vigorously

defending against the pending claims discussed below. Claims

that previously were disclosed may no longer be described

because of rulings in the case, changes in ArcelorMittal's

business or other developments rendering them, in

ArcelorMittal's judgment, no longer material. These include the

claims disclosed in the previous year for which ArcelorMittal no

longer expects to report on their status, absent a change in

ArcelorMittal's judgment of their materiality.

*Brazil* 

In 2011, ArcelorMittal Brasil received a tax assessment for

corporate income tax (known as IRPJ) and social contributions

on net profits (known as CSL) in relation to (i) the amortization

of goodwill on the acquisition of Mendes Júnior Siderurgia (for

the 2006 and 2007 fiscal years), (ii) the amortization of goodwill

arising from the mandatory tender offer ("MTO") made by

ArcelorMittal (ex-Mittal Steel N.V.) to minority shareholders of

Arcelor Brasil in connection with the two-step merger of Arcelor

and Mittal Steel N.V. (for the 2007 tax year), (iii) expenses

related to pre-export financing used to finance the MTO, which

were deemed by the tax authorities to be unnecessary for

ArcelorMittal Brasil since the expenses were incurred to buy

shares of its own company and (iv) CSL over profits of

controlled companies in Argentina and Costa Rica. In January

2025, ArcelorMittal Brasil was formally notified of the decision

(issued in April 2024) that annulled 78% of the tax assessment,

and the Federal Revenue Service has already partially written

off 339 that was annulled. The outstanding claim value

amounts to 88, and ArcelorMittal has filed a suit to cancel the

remaining amount of the tax assessment.

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| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

In April 2016, ArcelorMittal Brasil received a tax assessment in

relation to (i) the amortization of goodwill resulting from the

MTO made by ArcelorMittal (ex-Mittal Steel N.V.) to the

minority shareholders of Arcelor Brasil in connection with the

two-step merger of Arcelor and Mittal Steel N.V. in 2007 and (ii)

the amortization of goodwill resulting from ArcelorMittal Brasil's

acquisition of CST in 2008. While the assessment, if upheld,

would not result in a cash payment as ArcelorMittal Brasil did

not have any tax liability for the fiscal years in question (2011

and 2012), it would result in a 52 financial impact arising from a

write off of 'net operating loss carry forward' with respect to the

2011-2012 tax year. ArcelorMittal Brasil appealed against the

unfavorable decision on the lower instances of the assessment

in the third instance of the administrative tribunal in November

2019. In November 2024, ArcelorMittal Brasil was formally

notified of the administrative court's decision (issued in April

2024) in the Company's favor in respect of approximately 64%

of the claim. The outstanding claim value is 21.

In December 2018, ArcelorMittal Brasil received a tax

assessment of 112, which could have an additional 18 financial

impact arising from a write-off of 'net operating loss carry

forward' with respect to the 2013-2014 tax years, principally in

relation to the amortization of goodwill resulting from the MTO

made by ArcelorMittal (ex-Mittal Steel N.V.) to the minority

shareholders of Arcelor Brasil in connection with the two-step

merger of Arcelor and Mittal Steel N.V. in 2007. After lower

court decisions and appeals in November 2022, the second

instance of the administrative tribunal cancelled the tax

assessment. In January 2023, the Federal Revenue Service

filed an appeal to the third instance of the administrative

tribunal. In May 2024, the administrative tribunal ruled

substantially in ArcelorMittal Brasil's favor, reducing the

contingency amount to 26 and the financial impact from net

operating loss to approximately 7.

Following the closure of the administrative proceedings in

relation to the April 2016 and December 2018 tax assessments

described above, ArcelorMittal Brasil filed a judicial lawsuit (in

March 2025) challenging the outstanding claim amounts under

both of these tax assessments.

In December 2020, ArcelorMittal Brasil received a tax

assessment of 45 with respect to the 2015-2016 tax years,

related to the amortization of goodwill resulting from the MTO

made by ArcelorMittal (ex-Mittal Steel N.V.) to the minority

shareholders of Arcelor Brasil in connection with the two-step

merger of Arcelor and Mittal Steel N.V. in 2007. ArcelorMittal

Brasil filed its defense in the first instance of the administrative

tribunal in January 2021 which issued an unfavorable decision

in August 2021. ArcelorMittal Brasil filed an appeal to the

second instance of the administrative tribunal in September

2021. In February 2025, the second instance of the

administrative tribunal ruled unfavorably to the company.

ArcelorMittal Brasil filed an appeal with the third administrative

instance in August 2025.

In May 2014, ArcelorMittal Comercializadora de Energia

received a tax assessment from the state of Minas Gerais

alleging that the Company did not correctly calculate tax credits

on interstate sales of electricity from February 2012 to

December 2013. The amount claimed totals 20. Following the

conclusion of this proceeding at the administrative level, the

Company received the tax enforcement notice in December

2015 and filed its defense in February 2016. In April 2016,

ArcelorMittal Comercializadora de Energia received an

additional tax assessment in the amount, of 38, after taking

account of a reduction of fines mentioned below regarding the

same matter, for infractions which allegedly occurred during the

2014 to 2015 period, and filed its defense in May 2016.

Following appeal, the Company received a notice from the tax

authority in November 2017 that reduced the fees in the

second case by 12, due to retrospective application of a new

law. In addition, in February 2019, a reduction of the fine by 7

was finalized in the first case due to the retrospective

application of a new law. In October 2024, the first case was

dismissed unfavorably to ArcelorMittal Brasil, validating the tax

assessment and in November 2024, ArcelorMittal Brasil filed a

motion for clarification that was dismissed in May 2025 by the

first instance. ArcelorMittal Brasil filed an appeal to the Minas

Gerais State Court and is awaiting judgment. In the second

case, in July 2024, a favorable decision was granted by the

first instance, cancelling the tax assessment, but, as only one

of the tax infractions was analyzed, both parties filed a motion

for clarification. In October 2024, the State's motion for

clarification was granted by the first judicial instance,

confirming the tax assessment, and only removing the

collection of the fines that exceeds 100% of the tax value, for

each penalty. In November 2024, ArcelorMittal Brasil filed a

new appeal (motion for clarification) which was dismissed in

May 2025 by the first judicial instance. In May 2025,

ArcelorMittal Brasil filed an appeal to the Minas Gerais State

Court and is awaiting judgment. In January 2026, the company

requested the retroactive application of a new law that limited

the penalty to 50% of the tax due. Therefore, the contingency

was reduced by 41. The total remaining amount for both cases

is 58.

In 2016, ArcelorMittal Brasil received three tax assessments

from the state of Santa Catarina in the amount of 129 alleging

that it had used improper methods to calculate the amount of

its ICMS credits. In the Administrative instance, all cases were

unfavorably closed in November 2020, and ArcelorMittal Brasil,

in 2021, filed a lawsuit to challenge the assessments. The case

is currently pending at the first judicial instance.

In January 2019, ArcelorMittal Sul Fluminense (which merged

into ArcelorMittal Brasil in July 2019) filed a challenge against

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the ICMS (VAT) charged by Rio de Janeiro State on interstate

acquisition of electricity power. The company claims the

acquisition of electricity to be used in the industrial process is

not taxable. Alternatively, the company claims that, if taxed, the

acquisition of electricity should be subject to an 18% rate, and

not 28% as intended by the State. The amount of the ICMS

(VAT) discussed is being monthly deposited in court. In July

2024, the court of first instance ruled a partially favorable

decision, reducing the ICMS/VAT rate from 28% to 18%.

However, the decision was unfavorable to the company's

position that ICMS does not apply to interstate acquisitions of

electrical energy for industrialization purposes. ArcelorMittal

Brasil filed a motion for clarification and in September 2024,

the motion for clarification was dismissed. In October 2024,

ArcelorMittal Brasil filed an appeal to the State Court of Rio de

Janeiro. In May 2025, the State Court dismissed ArcelorMittal

Brasil's appeal, maintaining the partially favorable decision

issued by the court of first instance. Subsequently, ArcelorMittal

Brasil filed two consecutive motions for clarification which were

dismissed by the State Court in 2025. As a result, ArcelorMittal

Brasil filed an appeal to the Superior Court of Justice and the

Supreme Federal Court, which is currently pending. The total

amount of the outstanding claim is 79.

From March 2022 to December 2025, ArcelorMittal Brasil

received 20 tax assessments totaling 66 relating to ICMS (VAT)

credits. Cases 1 to 10 (total value of 25) are under judicial

review following the conclusion of the administrative phase,

which also resulted in unfavorable decisions; these cases are

awaiting the evidentiary phase before proceeding to judgment.

Cases 11 to 13 (total value of 5) received unfavorable

administrative decisions, and appeals have been filed, which

are pending judgment. Cases 14 to 20 (total value of 36) have

had administrative defenses submitted and are currently

awaiting judgment.

In January 2023, ArcelorMittal Brasil received a tax

assessment from the Federal Revenue Service in an amount of

164 in which the tax authority rejected the offsetting of PIS/

COFINS credits used by the Company in 2018. The dispute

relates to various types of credits such as credits recognized in

Court processes (exclusion of ICMS from the PIS and COFINS

calculation base, PIS/COFINS credits in the Manaus Free

Trade Zone), expenses related to the acquisition of scrap

(including freight), expenses related to port handling, and

expenses for freight for finished products. ArcelorMittal Brasil

filed an administrative defense in February 2023. In November

2023, ArcelorMittal Brasil was notified of the unfavorable

decision and filed an appeal in December 2023. In August

2024, the second instance of the Administrative Court ruled in

favor of the company, annulling the first instance decision, and

ordered a new judgment. In December 2025, the company was

notified of the new first instance administrative decision in the

new trial (ordered by the second instance), which dismissed

the company's defense. ArcelorMittal Brasil intends to file a

new appeal with the second instance of Administrative Court.

In January 2023, ArcelorMittal Brasil received a tax

assessment in an amount of 17 for a 50% fine for alleged non-

payment of the monthly estimate of CIT related to fiscal year

2018. The Federal Revenue accuses the Company of undue

offsetting of CIT credits paid in Venezuela from 2010 to 2014

when calculating the monthly IRC estimate for 2018. In

February 2023, ArcelorMittal Brasil filed its defense. In

September 2023, the first instance of the Administrative Court

ruled against the Company and ArcelorMittal Brasil filed an

appeal. On September 11, 2024, the second instance of the

Tax Administrative Court (CARF) began the trial of the

Company's appeal. In November 2023, ArcelorMittal Brasil

received a new tax assessment of 63. The Federal Revenue

accuses the Company of allegedly undue offsetting of CIT

credits paid in Venezuela from 2010 to 2014 and offset by

ArcelorMittal Brasil in 2018. In December 2023, the Company

filed an administrative defense. In June 2024, the first instance

of the Administrative Court decided unfavorably to the appeal

filed by the Company. In July 2024, the company filed an

appeal. In July 2025, the hearing for the first case (18) took

place, where the second instance of the Administrative Court

ruled unfavorably against the company. In September 2025,

ArcelorMittal Brasil filed a motion for clarification against the

decision with the second instance of the Administrative Court

which issued an unfavorable decision against the company in

October 2025. The tax assessment's remaining amount of 63

remains under discussion. In January 2026, the motion for

clarification was judged unfavorably to the Company. The

Company filed an appeal to the third instance of the

Administrative Court.

In August 2024, ArcelorMittal Brasil received a new tax

assessment related to PIS and COFINS credits for the period

2019-2020 (first case). Due to this new tax assessment, the

Federal Union also issued 10 decisions that did not approve or

only partially approved PIS/COFINS credits used during the

same period to offset debts, creating 10 more cases. The total

value claimed in these 11 cases is 107. In September 2024,

ArcelorMittal Brasil filed an administrative defense for 9 out of

the 11 cases. For other 2 cases, AM Brasil was notified in April

2024 and filed an administrative defense in May 2024. In

August 2024, a new decision was issued regarding the third

case, reviewing the previous disallowance, and approving an

additional part of the offsetting. AM Brasil presented a further

defense in September 2024. In December 2025, ArcelorMittal

Brasil's defense for the first case (92) was partially upheld in

the administrative instance, cancelling tax assessments for

certain expenses. The formal publishing of decision is awaited.

**I**n December 2024, ArcelorMittal Brasil received a new tax

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assessment in the amount of 64 charging corporate income tax

(IRPJ and CSLL) related to the taxation of controlled foreign

companies (CFC taxation), questioning (i) the taxation of

Venezuela's results (UNKI and UNICON), as well as their

consolidation in ArcelorMittal Brasil's CIT tax base; and (ii)

ArcelorMittal Brasil's right to offset on a monthly basis or at the

end of the fiscal year – tax credits paid in Argentina by VSA's

subsidiaries (related to previous years). ArcelorMittal Brasil

filed its defense in January 2025. In September 2025,

ArcelorMittal Brasil was notified of a partially favorable ruling in

the first administrative instance, reducing the tax assessment

by 7. ArcelorMittal Brasil intends to file an appeal to the second

administrative instance to discuss the remaining amount.

*Mexico* 

In 2015, the Mexican Tax Administration Service issued a tax

assessment to ArcelorMittal Mexico, with respect to 2008,

principally due to improper interest deductions relating to

certain loans, and unpaid corporate income tax for interest

payments that the tax authority categorized as dividends.

ArcelorMittal Mexico's complaint for annulment before a

Federal Administrative and Tax Court is pending. The amount

of the tax assessment as of December 31, 2025 is 275.

In October 2018, the Mexican Tax Administration Service

issued a tax assessment to ArcelorMittal Las Truchas, with

respect to 2013 due to: (i) improper interest deductions relating

to certain loans (ii) non-deduction of advanced rent payments

and (iii) non-deduction of rolling roll expenses. In November

2018, ArcelorMittal Las Truchas filed an administrative appeal

before the Administrative Authority on Federal Tax Matters,

which was rejected in June 2019 and is being appealed.

Therefore, in August 2019, ArcelorMittal Las Truchas filed an

annulment complaint before a Federal Administrative and Tax

Court. In June 2023, the Federal Administrative and Tax Court

ruled against the annulment claim. In July 2023, ArcelorMittal

Las Truchas filed an appeal before the Court of Appeal. On

April 30, 2025, ArcelorMittal Las Truchas withdrew its appeal

from the Court and agreed to pay 75, which included reduction

of penalties and interest, as prescribed on the local regulations.

On February 24, 2023, the Tax Administration Service notified

ArcelorMittal Las Truchas of a tax assessment, with respect to

2014. In April 2023, ArcelorMittal Las Truchas filed an

administrative appeal in respect of this assessment before the

Tax Administrative Service. The amount of the tax assessment

as of December 31, 2025 is 95.

A tax assessment in the amount of 221 was issued by the

Mexican Tax Authorities to ArcelorMittal Las Truchas in

September 2024. The tax authority is disputing deductions

relating to back-to-back loan interest, forex losses and Net

Operating Losses for the years 2013-15. ArcelorMittal Las

Truchas filed its defense in October 2024. The issue is pending

currently.

*Competition/Antitrust Claims*

ArcelorMittal is a party to various competition/antitrust claims.

As of December 31, 2025, ArcelorMittal had recorded a non-

material amount provision in respect of such claims. Set out

below is a summary description of competition/antitrust claims

(i) that constitute a contingent liability, (ii) that were resolved in

2025 or (iii) that were resolved and had a financial impact in

2024 or 2023, in each case involving amounts deemed

material by ArcelorMittal. The Company is vigorously defending

against each of the pending claims discussed below.

*Brazil*

In September 2000, two construction trade organizations filed a

complaint with Brazil's Administrative Council for Economic

Defense ("CADE") against three long steel producers, including

ArcelorMittal Brasil. The complaint alleged that these

producers colluded to raise prices in the Brazilian rebar market,

thereby violating applicable antitrust laws. In September 2005,

CADE issued its final decision against ArcelorMittal Brasil,

imposing a 71 fine. ArcelorMittal Brasil appealed the decision

issued against it. On December 30, 2024, CADE and

ArcelorMittal Brasil signed a settlement agreement in the

context of the "Desenrola Program" launched by the Federal

Government. ArcelorMittal Brasil paid 17 to the Federal

Government and filed a petition asking for the extinction of the

annulment proceedings, conditioned on the approval of the

transaction. Therefore, the actual amount in dispute is nil as of

December 31, 2025.

There is also a related class action commenced by the Federal

Public Prosecutor of the state of Minas Gerais against

ArcelorMittal Brasil for damages in an amount of 86 based on

the alleged violations investigated by CADE. The injunction

requested by the Federal Prosecution Office was denied. On

October 2025, CADE filed a petition stating that it had already

expressed interest in the original action, and that the same

reasoning applies to the interlocutory appeal. The case is

awaiting judgment.

A further related lawsuit was commenced in February 2011 by

four units of Sinduscons, a civil construction trade organization,

in federal court in Brasilia against, inter alia, ArcelorMittal Brasil

claiming damages based on an alleged cartel in the rebar

market as investigated by CADE and as noted above. The

case is also awaiting judgment.

Other Legal Claims

ArcelorMittal is a party to various other legal claims. As of

December 31, 2025, ArcelorMittal had recorded provisions of

227 for other legal claims in respect of which it considers the

risk of loss to be probable. Set out below is a summary

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description of the other legal claims (i) in respect of which

ArcelorMittal had recorded a provision as of December 31,

2025, (ii) that constitute a contingent liability, (iii) that were

resolved in 2025, or (iv) that were resolved and had a financial

impact in 2024 or 2023, in each case involving amounts

deemed material by ArcelorMittal. The Company is vigorously

defending against each of the claims discussed below that

remain pending. Other legal claims that previously were

disclosed may no longer be described because of rulings in the

case, changes in ArcelorMittal's business or other

developments rendering them, in ArcelorMittal's judgment, no

longer material. These include claims disclosed in the previous

year for which ArcelorMittal no longer expects to report on their

status, absent a change in ArcelorMittal's judgment of their

materiality.

*Brazil* 

In 2015, the SINDIMETAL (employees' union) filed a lawsuit

against ArcelorMittal Brasil to annul all the collective labor

agreements related to 12-hour work shifts. The case impacts a

group of approximately 2,500 employees. In July 2022, the

Supreme Court decided a leading case, not involving

ArcelorMittal Brasil, that may favorably impact ArcelorMittal

Brasil's case. In April 2025, the Superior Labor Court decided

to uphold the Regional Labour Court's decision, which is

unfavorable to the company. In May 2025, the company filed

an extraordinary appeal to the Supreme Federal Court against

the unfavorable decision issued by the Superior Labor Court

and is awaiting the judgment.The estimated amount of claim is

74. In June 2017, Centrais Elétricas de Santa Catarina S.A. and

Celesc Distribuicao S.A. ("CELESC") filed a lawsuit for 55

against ArcelorMittal Brasil for the payments made by CELESC

in the construction of the power transmission line that supplies

the Vega plant. In April 2019, the court of first judicial instance

passed a judgment upholding CELESC's request. In November

2019, the company filed an appeal in the court of second

instance. In September 2021, the Santa Catarina Court of

Justice partially upheld the company's challenge. In April 2024,

ArcelorMittal Brasil filed an appeal to the Superior Court of

Justice. The Santa Catarina State Court of Appeal stayed the

appeal pending the Brazilian Supreme Court's ruling on a

similar issue in another case. In October 2024, the State Court

of Appeal reconsidered the decision to stay the appeal, and

elected to proceed with the analysis of the admissibility of the

company's appeal. In 2025, the State Court of Appeal denied

the admissibility of ArcelorMittal's special appeal. In response,

ArcelorMittal filed an interlocutory appeal to the Superior Court

of Justice.

On March 30, 2022, Votorantim S.A. ("Votorantim") exercised

the put option right it has under its shareholders' agreement

with the Company to sell its entire equity interest in

ArcelorMittal Brasil to the Company, following the acquisition of

Votorantim's long steel business in Brazil in 2018. There was a

dispute between the parties as to the value of the put option.

Votorantim had valued the put option at BRL 5.825 billion (i.e.

1,058). In September 2022, Votorantim commenced an

arbitration against ArcelorMittal Brasil seeking the full amount

of its valuation of the put option, reduced by the undisputed

amount ArcelorMittal Brasil accepted as the value of the put

option and which was paid in January 2023 for 179. The

arbitration hearing took place in October 2024. In June 2025,

the parties reached a settlement of the dispute. In July 2025,

the Tribunal issued the consent award, whereby ArcelorMittal

Brasil will pay a settlement amount totaling approximately 546

over a period of 3 years, with the first 202 installment paid in

July 2025 (see note 11.5.2).

*France* 

Retired and current employees of certain French subsidiaries

of ArcelorMittal have initiated lawsuits to obtain compensation

for asbestos exposure in excess of the amounts paid by

French social security ("Social Security"). Asbestos claims in

France initially are made by way of a declaration of a work-

related illness by the claimant to the social security authorities

resulting in an investigation and a level of compensation paid

by social security. Once the social security authorities

recognize the work-related illness, the claimant, depending on

the circumstances, can also file an action for inexcusable

negligence (*faute inexcusable*) to obtain additional

compensation from the employer before a special tribunal. For

faute inexcusable cases, the primary health insurance fund,

CPAM - advances, the amount of damages and pension

increase are reimbursed by the employer found at fault and

takes recourse action against the employer.

The number of claims outstanding for asbestos exposure at

December 31, 2025 was 199 as compared to 203 at

December 31, 2024.

*Minority Shareholder Claims Regarding the Exchange Ratio in* 

*the Second-Step Merger of ArcelorMittal into Arcelor* 

ArcelorMittal is the company that resulted from the acquisition

of Arcelor by Mittal Steel N.V. in 2006 and a subsequent two-

step merger between Mittal Steel and ArcelorMittal and then

ArcelorMittal and Arcelor. Following completion of this merger

process, several former minority shareholders of Arcelor or

their representatives brought legal proceedings regarding the

exchange ratio applied in the second-step merger between

ArcelorMittal and Arcelor and the merger process as a whole.

ArcelorMittal believes that the allegations made and claims

brought by such minority shareholders are without merit and

that the exchange ratio and merger process complied with the

requirements of applicable law, were consistent with previous

guidance on the principles that would be used to determine the

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exchange ratio in the second-step merger and that the merger

exchange ratio was relevant and reasonable to shareholders of

both merged entities.

Set out below is a summary of the ongoing matter in this

regard. Several other claims brought before other courts and

regulators on similar grounds were dismissed and are

definitively closed.

On May 15, 2012, ArcelorMittal received a writ of summons on

behalf of Association des Actionnaires d'Arcelor ("AAA"), a

French association of former minority shareholders of Arcelor

to appear before the civil court of Paris. The AAA alleged in

particular that, based on Mittal Steel's and Arcelor's disclosure

and public statements, investors had a legitimate expectation

that the exchange ratio in the second-step merger would be the

same as that of the secondary exchange offer component of

Mittal Steel's June 2006 tender offer for Arcelor (i.e., 11 Mittal

Steel shares for 7 Arcelor shares), and that the second-step

merger did not comply with certain provisions of company law.

AAA claimed, inter alia, damages in a nominal amount and

reserved the right to seek additional remedies including the

cancellation of the merger. The proceedings before the civil

court of Paris were stayed, pursuant to a ruling of such court

on July 4, 2013, pending a preparatory investigation

(*instruction préparatoire*) by a criminal judge magistrate (*juge* 

*d'instruction*) triggered by the complaints of AAA and several

hedge funds (who quantified their total alleged damages at

282). The dismissal of charges (non-lieu) ending the

preparatory investigation became final in March 2018. On

March 6, 2020 AAA revived its claim before the civil court of

Paris on its behalf and on behalf of the hedge funds who had

also filed a criminal complaint, as well as two new plaintiffs. In

October 2024, the court ruled in ArcelorMittal's favor,

dismissing all of AAA's claims. Following AAA's appeal in

December 2024, AAA filed their first brief in March 2025, which

quantified its damages claim at 475 plus interest. ArcelorMittal

responded in July 2025. In October 2025, AAA filed a new

brief. Directions are pending from the court for the deadline to

file ArcelorMittal's response brief.

*Poland*

In October 2024, ArcelorMittal Global Holding S.à.r.l.,

ArcelorMittal Poland S.A. and ArcelorMittal Long Products

Europe Holding S.à.r.l. were served with a Request for

Arbitration filed by Tauron Polska Energia S.A. ("Tauron"). The

dispute arises out of the exercise of put-options in Tameh

Holding, a joint venture between the Company and Tauron.

The Company's reply to the summons was filed on October 30,

2024. Each party claims to have exercised an effective put-

option, which the other party disputes. Tauron seeks the

payment of 166 (PLN 598 million) for its 50% shareholding in

Tameh. In the response, the Company filed a counterclaim

against Tauron for the same amount. Tribunal selection has

been finalized and the first procedural hearing was held in June

2025. The Tribunal has also approved Tauron's request to join

ArcelorMittal Investment Management Poland as an additional

respondent given it was a shareholder in Tameh. Both parties

filed their statements of case during the second half of 2025.

*Canada*

In April 2025, two hundred charges of environmental violations

were brought by the Federal Authorities against ArcelorMittal

Canada Inc. under the Fisheries Act. These violations were

allegedly committed between 2014 and 2022. ArcelorMittal

Canada Inc. is defending the actions and the first procedural

hearing took place in July 2025. The trial is scheduled at the

end of the second quarter of 2026.

9.4 Commitments

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|  | December 31, | December 31, |
| | 2025 | 2024 |
| Commitments related to purchases of raw <br>materials and energy<br>| 17115 | 10082 |
| Guarantees, pledges and other collateral | 9116 | 10019 |
| Capital expenditure commitments | 1313 | 1542 |
| Other commitments | 1915 | 1294 |
| Total | 29459 | 22937 |

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*Commitments related to purchases of raw materials and* 

*energy*

Purchase commitments consist primarily of major agreements

for procuring iron ore, coking coal, coke and hot metal. The

Company also has a number of agreements for electricity,

industrial and natural gas, scrap and freight. In addition to

those purchase commitments disclosed above, the Company

enters into purchasing contracts as part of its normal

operations which have minimum volume requirements but for

which there are no take-or-pay or penalty clauses included in

the contract. The Company does not believe these contracts

have an adverse effect on its liquidity position. Following the

signature of an 18-year nuclear power production allocation

contract with the French electricity supplier EDF on December

26, 2025, the Company's commitments related to purchases of

raw materials and energy increased by 5.6 billion at December

31, 2025.

Commitments related to purchases of raw materials and

energy included commitments given to associates for 441 and

1,704 as of December 31, 2025 and 2024, respectively.

Commitments given to associates at December 31, 2024

included 798 related to a gas supply agreement with Kryvyi Rih

Industrial Gas which was terminated in the first half of 2025.

Purchase commitments included commitments given to joint

ventures for 681 and 719 as of December 31, 2025 and 2024,

respectively. Purchase commitments given to joint ventures

included 1,944 at December 31, 2025 with respect to the

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renewable electricity supply agreement VdSA. Purchase

commitments given to joint ventures also included 245 and 287

related to Tameh and 378 and 380 related to Enerfos as of

December 31, 2025 and 2024, respectively.

*Guarantees, pledges and other collateral* 

Guarantees related to financial debt and credit lines given on

behalf of third parties were 299 and 256 as of December 31,

2025 and 2024, respectively. Additionally, guarantees of nil and

11 were given on behalf of associates and guarantees of 5,380

and 6,259 were given on behalf of joint ventures as of

December 31, 2025 and 2024, respectively.

Guarantees given on behalf of joint ventures included 414 and

183 on behalf of VdSA and 248 and 303 in relation to

outstanding lease liabilities for vessels operated by Global

Chartering as of December 31, 2025 and 2024, respectively.

Guarantees given on behalf of joint ventures also included

4,400 and 4,038 as of December 31, 2025 and 2024

corresponding to ArcelorMittal's 60% guarantee of the debt

under the term loan agreements entered into by the AMNS

India joint venture with various Japanese banks.

As of December 31, 2025, pledges and other collateral mainly

related to (i) mortgages entered into by the Company's

operating subsidiaries and (ii) inventories and receivables

pledged to secure the South African Rand revolving borrowing

base finance facility for the amount drawn of 175 and ceded

bank accounts to secure environmental obligations, true sale of

receivables programs and the revolving borrowing base

finance facility in South Africa of 43. Other sureties, first

demand guarantees, letters of credit, pledges and other

collateral included 250 and 291 of commitments given on

behalf of associates as of December 31, 2025 and 2024,

respectively.

*Capital expenditure commitments* 

Capital expenditure commitments relate to commitments with

respect to purchases of property, plant and equipment

including in the context of expansion and improvement

projects.

Capital expenditure commitments include 108 and 257 at

December 31, 2025 and 2024, respectively, relating to AML in

connection with Phase 2 expansion involving the construction

of 20 million tonnes of concentrate sinter fines capacity and

associated infrastructure.

*Other commitments* 

On November 19, 2021, following a protocol of intent agreed

between the Minas Gerais State Government, ArcelorMittal

Brasil and BMB Belgo Mineira Bekaert Artefatos De Arame Ltd,

ArcelorMittal Brasil committed to carry out capital expenditures

at its facilities in Minas Gerais State, besides employment

generation. As of December 31, 2025 and 2024, commitments

related to this project were 535 and 295, respectively. Other

commitments given also comprise commitments incurred for

gas supply to electricity suppliers.

*Commitments to sell* 

In addition to the commitments presented above, the Company

has firm commitments to sell for which it also has firm

commitments to purchase included in purchase commitments

for 2,717 and 2,897 as of December 31, 2025 and 2024,

respectively, and mainly related to natural gas and electricity.

Commitments to sell included 2,655 and 2,787 as of

December 31, 2025 and 2024, relating to the 25-year offtake

agreement entered into in 2024 between the Company and

AMNS India for the supply of renewable electricity from wind

and solar power generation at the Company's facility in Andhra

Pradesh (India).

*Other*

On February 28, 2024, the State of the Grand-Duchy of

Luxembourg exercised the right (following an agreement

signed between ArcelorMittal, the Fonds d'Urbanisation et

d'Aménagement du Plateau de Kirchberg and the State of the

Grand-Duchy of Luxembourg on December 20, 2022) to

acquire 50% of ArcelorMittal's future new headquarters and

related right-of-use of land in the Kirchberg district of the city of

Luxembourg. The acquisition price is based on construction

cost. On July 31, 2024, ArcelorMittal and the State of the

Grand-Duchy of Luxembourg signed a sale compromise

pursuant to which this acquisition will be completed at the end

of the construction time.

On August 1, 2025, ArcelorMittal and Aperam entered into a

share purchase agreement as a result of which ArcelorMittal

has irrevocably committed to sell its wholly-owned subsidiary

K22 S.à r.l to Aperam, which has committed to acquire such

investment. Pursuant to the terms and conditions of the share

purchase agreement and following the completion of certain

conditions, Aperam will own 5.4% of ArcelorMittal's future new

headquarters.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

As of December 31, 2025, the Company holds PPAs for renewable electricity as summarized below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Segment | Number of contracts | start-end dates | Average remaining contract <br>duration (in years)<br>| Committed amount |
| Brazil <sup>1, 2</sup> | 11 | 2018-2053 | 11 | 2802 |
| Europe | 3 | 2019-2032 | 5 | 66 |

---

1. At December 31, 2025, the Company has not yet recognized a commitment with respect to the PPA signed between ArcelorMittal Brasil and BBC Solar (joint venture with

Casa dos Ventos). The Company may have a potential commitment of approximately 273 upon commissioning of BBC Solar power plant, which is currently under

construction. The PPA is established for a duration of 23 years, commencing in 2026 contingent to commissioning of BBC Solar power plant.

2. At December 31, 2025, the Company has not yet recognized a commitment with respect to the framework agreement for Commercialization of Electricity signed between

Acindar and Generación Eléctrica Argentina Renovable I S.A. ("GEAR I"). The Company may have a potential commitment of approximately 588 upon commissioning of

the GEAR I power plant, which is currently under construction. The framework agreement is established for a duration of 25 years, commencing in 2027 contingent to

commissioning of the GEAR I power plant.

NOTE 10: INCOME TAXES

The current tax payable (recoverable) is based on taxable

profit (loss) for the year. Taxable profit differs from profit as

reported in the consolidated statements of operations because

it excludes items of income or expense that are taxable or

deductible in other years or are never taxable or deductible.

The Company's current income tax expense (benefit) is

calculated using tax rates that have been enacted or

substantively enacted as of the date of the consolidated

statements of financial position.

Tax is charged or credited to the consolidated statements of

operations, except when it relates to items charged or credited

to other comprehensive income or directly to equity, in which

case the tax is recognized in other comprehensive income or in

equity.

Deferred tax is recognized on differences between the carrying

amounts of assets and liabilities, in the consolidated financial

statements and the corresponding tax basis used in the

computation of taxable profit, and is accounted for using the

statements of financial position liability method. Deferred tax

liabilities are generally recognized for all taxable temporary

differences, and deferred tax assets are generally recognized

for all deductible temporary differences and net operating loss

carry forwards to the extent that it is probable that taxable

profits will be available against which those deductible

temporary differences can be utilized. Such assets and

liabilities are not recognized if the taxable temporary difference

arises from the initial recognition of non-deductible goodwill or

if the differences arise from the initial recognition (other than in

a business combination) of other assets and liabilities in a

transaction that affects neither the taxable profit nor the profit

reported in the consolidated statements of operations.

Deferred tax liabilities are recognized for taxable temporary

differences associated with investments in subsidiaries,

associates and joint ventures, except if the Company is able to

control the reversal of the temporary difference and it is

probable that the temporary difference will not reverse in the

foreseeable future. Deferred tax assets arising from deductible

temporary differences associated with such investments are

only recognized to the extent that it is probable that there will

be sufficient taxable profits against which the benefits of the

temporary differences can be utilized and are expected to

reverse in the foreseeable future.

Deferred tax assets and liabilities are measured at the tax rates

that are expected to apply in the period in which the liability is

settled or the asset realized, based on tax rates (and tax laws)

that have been enacted or substantively enacted at the

consolidated statements of financial position date. The

measurement of deferred tax assets and liabilities reflects the

tax consequences that would result from the manner in which

the Company expects, at the reporting date, to recover or settle

the carrying amount of its assets and liabilities.

The carrying amount of deferred tax assets is reviewed at each

consolidated statements of financial position date and reduced

to the extent that it is no longer probable that sufficient taxable

profits will be available to enable all or part of the asset to be

recovered. The Company reviews the deferred tax assets in

the different jurisdictions in which it operates to assess the

possibility of realizing such assets based on projected taxable

profit, the expected timing of the reversals of existing

temporary differences, the carry forward period of temporary

differences and tax losses carried forward and the

implementation of planning strategies. Due to the numerous

variables associated with these judgments and assumptions,

both the precision and reliability of the resulting estimates of

the deferred tax assets are subject to substantial uncertainties.

In case a history of recent losses is present, the Company

considers whether convincing other evidence exists, such as

the character of (historical) losses and planning opportunities,

to support the deferred tax assets recognition.

Deferred tax assets and liabilities are offset when there is a

legally enforceable right to set off current tax assets against

current tax liabilities, when they relate to income taxes levied

by the same taxation authority and when the Company intends

to settle its current tax assets and liabilities on a net basis.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

Uncertain (income) tax positions are periodically assessed by

the Company based on management's best judgment given

any changes in the facts, circumstances and information

available and applicable tax laws. When it is probable that the

position taken in the tax return will not be accepted by the tax

authorities, the Group establishes provisions based on the

most likely amount of the liability (recovery) or weighted

average of various possible outcomes to reflect the effect of

the uncertainty in determining the related taxable profit (tax

loss), tax bases, unused tax losses, unused tax credits or tax

rates, to the extent that a reliable estimate can be made.

The Company has adopted International Tax Reform – Pillar

Two Model Rules (Amendments to IAS 12 upon their release

on May 23, 2023). The Amendments provide a temporary

mandatory exception from deferred tax accounting for the top-

up tax, which is effective immediately, and require disclosures

about the Pillar Two exposure from December 31, 2023. The

Company has applied a temporary mandatory relief from

deferred tax accounting for the impacts of the top-up tax and

accounts for it as a current tax when incurred.

Pillar Two legislation has been enacted or substantively

enacted in the jurisdiction of ArcelorMittal S.A., the ultimate

parent of the Group, and in certain other jurisdictions where the

Company operates. The legislation is effective for the

Company's financial year beginning January 1, 2024. Based

on the applicable criteria, the Company is subject to Pillar Two

minimum tax.

10.1 Income tax expense

The components of income tax expense (benefit) are

summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2023 |
| Total current tax expense <sup>1</sup> | 602 | 1025 | 1008 |
| Total deferred tax expense <br>(benefit)<br>| (243) | 510 | (770) |
| Total income tax expense  | 359 | 1535 | 238 |

---

The following table reconciles the expected tax expense at the

statutory rates applicable in the countries where the Company

operates to the total income tax expense as calculated:

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2023 |
| Net income (including non-<br>controlling interests)<br>| 3243 | 1380 | 1022 |
| Income tax expense | 359 | 1535 | 238 |
| Income before tax | 3602 | 2915 | 1260 |
| Tax expense at the statutory rates <br>applicable to income in the <br>countries <sup>2</sup><br>| 677 | 582 | 454 |
| Permanent items | (487) | (31) | (101) |
| Rate changes | (29) | 370 |  |
| Net change in measurement of <br>deferred tax assets<br>| (68) | 182 | (423) |
| Tax effects of foreign currency <br>translation<br>| 16 | (21) | (20) |
| Tax credits | (12) | (16) | (26) |
| Other taxes | 199 | 219 | 324 |
| Others | 63 | 250 | 30 |
| Income tax expense | 359 | 1535 | 238 |

---

1. For the year ended December 31, 2025, current income tax expense

includes 8 of top-up tax in relation to Pillar Two taxation.

2. Tax expense at the statutory rates is based on income before tax excluding

income from investments in associates, joint ventures and other investments.

ArcelorMittal's consolidated income tax expense is affected by

the income tax laws and regulations in effect in the various

countries in which it operates and the pre-tax results of its

subsidiaries in each of these countries, which can change from

year to year. ArcelorMittal operates in jurisdictions, mainly in

Eastern Europe and Asia, which have a structurally lower

corporate income tax rate than the statutory tax rate as

enacted in Luxembourg (23.87%), as well as in jurisdictions,

mainly in Brazil and Mexico, which have a structurally higher

corporate income tax rate.

---

| | | | |
|:---|:---|:---|:---|
| *Permanent items*  | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2023 |
| Acquisition gain of Calvert | (444) |  |  |
| Taxable reversals of (tax <br>deductible) write-downs on shares <br>and receivables<br>|  |  | (647) |
| Non-deductible loss on disposal of <br>Kazakhstan operations<br>|  |  | 573 |
| Juros sobre o Capital Próprio | (1) | (4) | (117) |
| Other permanent items | (42) | (27) | 90 |
| Total permanent items | (487) | (31) | (101) |

---

*Acquisition gain of Calvert:* The gain recognized in connection

with the acquisition of the 50% stake in AMNS Calvert is non-

taxable.

*Taxable reversals of (tax deductible) write-downs on shares* 

*and receivables:* in the framework of the Company's

impairment test for goodwill and property, plant and equipment,

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

the recoverability of the carrying amounts of investments in

shares and intragroup receivables is also reviewed annually,

resulting in tax deductible write-downs, or taxable reversals of

previously recorded write-downs, of the values of loans and

shares of consolidated subsidiaries in Luxembourg.

*Juros sobre o Capital Próprio*: Corporate taxpayers in Brazil,

which distribute a dividend can benefit from a tax deduction

corresponding to an amount of interest calculated as a yield on

capital. The deduction is determined as the lower of the

interest as calculated by application of the Brazilian long-term

interest rate on the opening balance of capital and reserves,

and 50% of the income for the year or accumulated profits from

the previous year. For accounting purposes, this distribution of

interest on capital is considered as a dividend distribution,

while for Brazilian tax purposes it is considered as tax

deductible interest.

*Non-deductible loss on disposal of Kazakhstan operation*s: the

Company recorded 0.9 billion impairment charges and

1.5 billion foreign exchange translation losses in connection

with the divestment of its operations in Kazakhstan in 2023.

Both items were non-deductible for tax purposes, see note 2.3.

*Rate changes* 

The 29 tax benefit resulting from rate changes in 2025 is due to

the decrease from 30.3% to 25% of the statutory tax rate as

enacted in Germany and applied to deferred taxes. The 370

tax expense resulting from rate changes in 2024 was due to

the decrease from 24.94% to 23.87% of the statutory tax rate

as enacted in Luxembourg and applied to deferred taxes.

*Net change in measurement of deferred tax assets* 

The 2025 net change in measurement of deferred tax assets of

68 mainly consists of (i) 620 recognition of deferred tax assets

in Luxembourg mainly due to the utilization of unrecognized tax

losses carried forward, partly offset by (ii) 552 net

derecognition of deferred tax assets related to negative results

for the current and prior years, primarily in Mexico, and other

tax jurisdictions.

The 2024 net change in measurement of deferred tax assets of

182 mainly consisted of (i) 563 net unrecognition of deferred

tax assets related to negative results for the year in other tax

jurisdictions partly offset by (ii) 381 recognition of deferred tax

assets in Luxembourg mainly due to the utilization of

unrecognized tax losses carried forward.

The 2023 net change in measurement of deferred tax assets of

423 mainly consisted of (i) 314 recognition of deferred tax

assets in Luxembourg including 366 recognition of tax losses

carried forward based on revised taxable income forecast and

(ii) 109 net recognition of deferred tax assets in other tax

jurisdictions, including 292 recognition related to higher future

profits expectations.

*Tax effects of foreign currency translation* 

Tax effects of foreign currency translation of 16, (21) and (20)

at December 31, 2025, 2024 and 2023, respectively, refer

mainly to deferred tax assets and liabilities of certain entities

with a different functional currency than the currency applied

for tax filing purposes.

*Tax credits* 

Tax credits are mainly attributable to the Company's operating

subsidiaries in Brazil. They relate to credits claimed on foreign

investments, credits for research and development and other

credits.

*Other taxes* 

Other taxes mainly include withholding taxes on dividends,

services, royalties and interests as well as mining duties in

Canada and Mexico, state tax, Corporate Alternative Minimum

Tax ("CAMT"), Base Erosion and Anti-Abuse Tax ("BEAT") in

the U.S., and *Cotisation sur la Valeur Ajoutée des Entrepris*es

("CVAE'') in France.

---

| | | | |
|:---|:---|:---|:---|
| *Others* | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2023 |
| Tax contingencies/settlements | 97 | 263 | 43 |
| Prior period taxes | (28) | (10) | (4) |
| Others | (6) | (3) | (9) |
| Total | 63 | 250 | 30 |

---

Tax contingencies/settlements of 97, 263, and 43 at

December 31, 2025, 2024 and 2023, respectively, consist of

uncertain tax positions (see note 10.3) including 202 recorded

in 2024 for expected resolution of the tax disputes in the North

America segment.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

10.2 Income tax recorded directly in equity and/or other

comprehensive income

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2023 |
| Recognized in other comprehensive <br>income on:<br>|  |  |  |
| Deferred tax expense (benefit) |  |  |  |
| Gain (loss) on derivative financial <br>instruments<br>| (47) | (107) | (126) |
| Recognized actuarial gain (loss) | 47 | 17 | (18) |
| Foreign currency translation <br>adjustments<br>| 52 | 4 | 110 |
|  | 52 | (86) | (34) |
| Recognized directly in equity on: |  |  |  |
| Deferred tax expense (benefit) |  |  |  |
| Loss related to repurchase of MCNs |  |  | (231) |
|  |  |  | (231) |
| Total | 52 | (86) | (265) |

---

10.3 Uncertain tax positions

The Company operates in multiple jurisdictions with complex

legal and tax regulatory environments. In certain of these

jurisdictions, ArcelorMittal has taken income tax positions that

management believes are supportable and are intended to

withstand challenge by tax authorities. Some of these positions

are inherently uncertain and include those relating to transfer

pricing matters and the interpretation of income tax laws

applied in complex transactions. The Company periodically

reassesses its tax positions. Changes to the financial

statement recognition, measurement and disclosure of tax

positions are based on management's best judgment given any

changes in the facts, circumstances, information available and

applicable tax laws. Considering all available information and

the history of resolving income tax uncertainties, the Company

believes that the ultimate resolution of such matters will not

have a material effect on the Company's financial position,

statements of operations or cash flows beyond the income tax

contingencies recorded as of the reporting date. (see notes 9.2

and 9.3).

10.4 Deferred tax assets and liabilities

The origin of the deferred tax assets and liabilities is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Assets | Assets | Liabilities | Liabilities | Net | Net |
| | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Intangible assets | 26 | 21 | (265) | (494) | (239) | (473) |
| Property, plant and equipment | 109 | 289 | (3978) | (3599) | (3869) | (3310) |
| Inventories | 164 | 200 | (75) | (60) | 89 | 140 |
| Financial instruments | 70 | 23 | (42) | (82) | 28 | (59) |
| Other assets | 149 | 374 | (634) | (652) | (485) | (278) |
| Provisions | 784 | 692 | (677) | (557) | 107 | 135 |
| Other liabilities | 628 | 584 | (137) | (109) | 491 | 475 |
| Tax losses and other tax benefits carried forward | 10137 | 9733 |  |  | 10137 | 9733 |
| Tax credits carried forward | 307 | 241 |  |  | 307 | 241 |
| Deferred tax assets (liabilities) | 12374 | 12157 | (5808) | (5553) | 6566 | 6604 |
| Deferred tax assets |  |  |  |  | 8860 | 8942 |
| Deferred tax liabilities |  |  |  |  | (2294) | (2338) |

---

Deferred tax assets recognized by the Company as of December 31, 2025 included the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Gross amount | Total deferred <br>tax assets<br>| Recognized <br>deferred tax <br>assets<br>| Unrecognized <br>deferred tax <br>assets<br>|
| Tax losses and other tax benefits carried forward | 157279 | 37557 | 10137 | 27420 |
| Tax credits carried forward | 769 | 769 | 307 | 462 |
| Other temporary differences | 16644 | 3989 | 1930 | 2059 |
| Total |  | 42315 | 12374 | 29941 |

---

Deferred tax assets recognized by the Company as of December 31, 2024 included the following:

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Gross amount | Total deferred <br>tax assets<br>| Recognized <br>deferred tax <br>assets<br>| Unrecognized <br>deferred tax <br>assets<br>|
| Tax losses and other tax benefits carried forward | 150155 | 35888 | 9733 | 26155 |
| Tax credits carried forward | 646 | 646 | 241 | 405 |
| Other temporary differences | 15025 | 3553 | 2183 | 1370 |
| Total |  | 40087 | 12157 | 27930 |

---

As of December 31, 2025, the majority of unrecognized

deferred tax assets relates to tax losses carried forward

attributable to various subsidiaries located in different

jurisdictions (primarily Brazil, Germany, Luxembourg, Spain

and South Africa) with different statutory tax rates. At each

reporting date, ArcelorMittal considers existing evidence, both

positive and negative, including the earnings history and

results of recent operations, reversals of deferred tax liabilities,

projected future taxable income, and planning strategies, that

could impact the view with regard to future realization of these

deferred tax assets.

The amount of the total deferred tax assets is the aggregate

amount of the various recognized and unrecognized deferred

tax assets at the various subsidiaries and not the result of a

computation with a given blended rate. The utilization of tax

losses carried forward is restricted to the taxable income of the

subsidiary or tax consolidation group to which it belongs. The

utilization of tax losses carried forward may also be restricted

by the character of the income, expiration dates and limitations

on the yearly use of tax losses against taxable income.

At December 31, 2025, the total amount of accumulated tax

losses in Luxembourg with respect to the ArcelorMittal S.A. tax

integration amounted to 133.4 billion, of which 35.0 billion is

considered realizable, resulting in the recognition of 8.4 billion

of deferred tax assets at the applicable income tax rate in

Luxembourg. At December 31, 2024, the total amount of

accumulated tax losses in Luxembourg with respect to the

main tax consolidation amounted to approximately 130.3

billion, of which 35.5 billion was considered realizable, resulting

in the recognition of 8.5 billion of deferred tax assets at the

applicable income tax rate in Luxembourg. Under the

Luxembourg tax legislation, tax losses generated before 2017

can be carried forward indefinitely and are not subject to any

specific yearly loss utilization limitations. The tax losses carried

forward relate primarily to tax deductible write-down charges

taken on investments in shares of consolidated subsidiaries

recorded by certain of ArcelorMittal's holding companies in

Luxembourg. Of the total tax losses carried forward, 74.8 billion

may be subject to recapture in the future if the write-downs that

caused them are reversed creating taxable income unless the

Company crystallizes them through sales or other

organizational restructuring activities.

The Company believes that it is probable that sufficient future

taxable profits will be generated to support the recognized

deferred tax asset for tax losses carried forward in

Luxembourg. As part of its recoverability assessment the

Company has taken into account (i) its most recent forecast

approved by management and the Board of Directors, (ii) the

likelihood that the factors that have contributed to past losses

in Luxembourg will not recur, (iii) the fact that ArcelorMittal in

Luxembourg is the main provider of funding to the Company's

consolidated subsidiaries, leading to significant amounts of

taxable interest income on outstanding and future loans as

updated based on most recent funding strategy, (iv) the

expected level of interest expenses in Luxembourg driven by

the Group net debt level, (v) the industrial franchise agreement

whereby ArcelorMittal S.A. licenses its business model for

manufacturing, processing and distributing steel to group

subsidiaries, and (vi) other significant and reliable sources of

operational income earned from ArcelorMittal's European and

worldwide operating subsidiaries for centralized distribution

and procurement activities performed in Luxembourg. The

Company has also considered the implications of the net-zero

path and its carbon emissions intensity reduction targets on its

future taxable profits expectations in relation to the existing

business models and the potential future financing of such

projects, resulting in no major impact on the estimated level of

future taxable profit. In performing the assessment, the

Company estimates at which point in time its earnings

projections are no longer reliable, and thus taxable profits are

no longer probable. Accordingly, the Company has established

consistent forecast periods for its different income streams for

estimating probable future taxable profits, against which the

unused tax losses can be utilized in Luxembourg.

At December 31, 2025, based upon the level of historical

taxable income and projections for future taxable income over

the periods in which the deductible temporary differences are

anticipated to reverse, management believes it is probable that

ArcelorMittal will realize the benefits of the recognized deferred

tax assets of 8.9 billion. The amount of future taxable income

required to be generated by ArcelorMittal's subsidiaries to

utilize the deferred tax assets of 8.9 billion is at least 38.9

billion. Historically, the Company has been able to generate

sufficient taxable income and believes that it will generate

sufficient levels of taxable income in the coming years to allow

the Company to utilize tax benefits associated with tax losses

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

carried forward and other deferred tax assets that have been

recognized in its consolidated financial statements. Where the

Company has had a history of recent losses, it relied on

convincing other evidence such as the character of (historical)

losses and planning opportunities to support the deferred tax

assets recognized.

As of December 31, 2025, ArcelorMittal recorded 117 of

deferred income tax liabilities in respect of deferred taxation

that would arise if temporary differences on investments in

subsidiaries, associates and interests in joint ventures were to

be realized in the foreseeable future as compared to 132 as of

December 31, 2024. No deferred tax liability has been

recognized in respect of other temporary differences on

investments in subsidiaries, associates and interests in joint

ventures because the Company is able to control the timing of

the reversal of the temporary difference and it is probable that

such differences will not reverse in the foreseeable future. The

amount of these unrecognized deferred tax liabilities was 923

at December 31, 2025 (898 at December 31, 2024).

10.5 Tax losses, tax credits and other tax benefits carried

forward

At December 31, 2025, the Company had total estimated tax

losses carried forward and other tax benefits of 157.3 billion.

This includes net operating losses and other tax benefits of

27.1 billion primarily related to subsidiaries in the Basque

Country in Spain, Luxembourg, Mexico, Poland and the United

States which expire as follows:

---

| | | | |
|:---|:---|:---|:---|
| Year expiring | Recognized | Unrecognized | Total |
| 2026 | 1 | 48 | 49 |
| 2027 | 3 | 201 | 204 |
| 2028 | 23 | 261 | 284 |
| 2029 | 30 | 102 | 132 |
| 2030 | 118 | 110 | 228 |
| 2031 - 2046 | 1181 | 24986 | 26167 |
| Total | 1356 | 25708 | 27064 |

---

The remaining tax losses carried forward and other tax benefits

for an amount of 130.2 billion (of which 41.0 billion are

recognized and 89.3 billion are unrecognized) are carried

forward for unlimited period of time and primarily relate to the

Company's operations in Brazil, France, Germany,

Luxembourg, and Spain.

At December 31, 2025, the Company also had total estimated

tax credits carried forward of 769.

Such amount includes tax credits of 517 (of which 106

recognized and 411 unrecognized) primarily attributable to

subsidiaries in the Basque country in Spain and Luxembourg

which expire as follows:

---

| | | | |
|:---|:---|:---|:---|
| Year expiring | Recognized | Unrecognized | Total |
| 2026 |  | 1 | 1 |
| 2027 |  | 1 | 1 |
| 2028 |  | 1 | 1 |
| 2029 |  | 1 | 1 |
| 2030 |  | 1 | 1 |
| 2031 - 2046 | 106 | 406 | 512 |
| Total | 106 | 411 | 517 |

---

The remaining tax credits for an amount of 252 of which 201

are recognized and 51 are unrecognized) are indefinite and

primarily attributable to the Company's operations in Brazil, the

Netherlands, Spain and the United States.

Tax losses, tax credits and other tax benefits carried forward

are denominated in the currency of the countries in which the

respective subsidiaries are located and operate, except for

Luxembourg where the tax losses are mainly denominated in

U.S. dollar. Fluctuations in currency exchange rates could

impact the U.S. dollar equivalent value of these tax losses

carried forward in future years.

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

NOTE 11: EQUITY

11.1 Share details

*Share capital*

The Company's shares consist of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | December 31, 2023 | Movement in year | December 31, 2024 | Movement in year | December 31, 2025 |
| Issued shares | 852809772 |  | 852809772 | (77809772) | 775000000 |
| Treasury shares | (33538016) | (50725134) | (84263150) | 70388969 | (13874181) |
| Total outstanding shares | 819271756 | (50725134) | 768546622 | (7420803) | 761125819 |

---

Following the cancellation of 77,809,772 treasury shares on

November 20, 2025, share capital decreased from 303

represented by 852,809,772 ordinary shares without nominal

value at December 31, 2024 and 2023 to 275 represented by

775,000,000 issued ordinary shares without nominal value at

December 31, 2025.

*Authorized shares* 

Authorized share capital as of December 31, 2024 and 2023,

of 395 represented by 1,111,418,599 ordinary shares without

nominal value decreased to 367 represented by 1,033,608,827

ordinary shares without nominal value as of December 31,

2025 following the above-mentioned cancellation of treasury

shares on November 20, 2025.

*Share buyback* 

On March 31, 2023, ArcelorMittal completed a share buyback

program announced on July 29, 2022 for 60.4 million shares

(approximately 1.4 billion based on share price as of July 26,

2022) to be completed by the end of May 2023 (subject to

market conditions) under the authorization given by the annual

general meeting of shareholders of May 4, 2022. The

Significant Shareholder decided not to participate in the

program consistent with the position announced on February

25, 2022. The total repurchase value was €1,456 million

(1,492) at an average price per share of €24.10 ($24.68).

On April 1, 2025, ArcelorMittal completed the 85 million shares

buyback program it announced on May 5, 2023 under the

authorization given by the annual general meeting of

shareholders of May 2, 2023 and continued under the April 30,

2024 annual general meeting of shareholders authorization.

The total value of the repurchased shares was €1,990 million

(2,156) at an average price per share of €23.42 ($25.37).

On April 7, 2025, ArcelorMittal announced the commencement

of a new share buyback program with share repurchases to be

conducted in tranches that may be announced through May

2030. Repurchases under the first tranche of the program,

which is for up to 10 million shares, commenced immediately,

under the authorization given by the annual general meeting of

shareholders of April 30, 2024, and subsequently under the

authorization of the annual general meeting of shareholders

held on May 6, 2025. The actual amount of shares to be

repurchased in various tranches pursuant to the program will

depend on the level of post-dividend free cash flow generated

over the period (the Company's defined policy is to return a

minimum of 50% of post-dividend annual free cash flow), the

continued authorization by shareholders and market

conditions. The shares acquired under the program are

intended primarily to reduce ArcelorMittal's share capital, to

meet ArcelorMittal's obligations arising from employee share

programs and/or to meet such other purposes as announced at

the time of each tranche. At December 31, 2025, ArcelorMittal

had repurchased 2 million shares for a total value of €51 million

(58) at an average price per share of €25.74 ($29.25).

*Treasury shares* 

ArcelorMittal held, indirectly and directly, 13.9 million and 84.3

million treasury shares as of December 31, 2025 and

December 31, 2024, respectively.

11.2 Equity instruments and hybrid instruments

*Mandatory convertible bonds* 

The Company issued through Hera Ermac, a wholly-owned

subsidiary, 1,000 corresponding to 666,666 unsecured and

unsubordinated bonds mandatorily convertible into preferred

shares of such subsidiary ("MCBs"). The bonds were placed

privately with a Luxembourg affiliate of Crédit Agricole and are

not listed. The Company has the option (fair value was nil as of

December 31, 2025 and 2024) to call the mandatory

convertible bonds until 10 business days before the maturity

date. Hera Ermac invested the proceeds of the bonds issuance

and an equity contribution by the Company in notes issued by

a subsidiary of the Company and linked to the value of China

Oriental. The conversion date of the mandatory convertible

bonds was extended from time to time. The Company

determined that the MCBs are a hybrid instrument including an

equity component recognized as non-controlling interests and

a liability component for interest payments.

On March 14, 2023, the Company prepaid 226,666 out of the

666,666 MCBs for a total cash consideration of 340. Following

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

the early partial repayment, the Company allocated the cash

consideration to the liability component (25) and equity

component (315) of the instrument, which resulted in 291

decrease in non-controlling interests and 24 decrease in

retained earnings consistent with the original allocation using

the net present value of the future interest payments at the

date of early redemption.

On December 21, 2023, the Company signed an agreement for

an extension of the conversion date of the mandatory

convertible bonds from January 31, 2024 to January 30, 2026

and on December 19, 2025, the conversion date of the

mandatory convertible bonds was further extended to January

28, 2028. The other main features of the mandatory convertible

bonds remained unchanged. The Company determined that

the extensions on December 21, 2023 and December 19, 2025

led to the extinguishment of the existing compound instrument

and the recognition of a new compound instrument including

non-controlling interests for 547 and 569, respectively, and

other liabilities for 113 and 91, respectively. The derecognition

of the previous instrument and the recognition at fair value of

the new instrument resulted on December 21, 2023 and

December 19, 2025 in 66, and 101, respectively, expense

included in financing costs-net in the consolidated statement of

operations and 32 decrease and 22 increase in non-controlling

interests, respectively.

*Mandatorily convertible subordinated notes*

On May 18, 2020, the Company completed an offering of

mandatorily convertible subordinated notes ("MCNs") due May

18, 2023 for 1,250. The MCNs had a three-year maturity, were

issued at 100% of the principal amount and were mandatorily

converted into common shares of the Company upon maturity

unless converted earlier at the option of the holders or

ArcelorMittal during the conversion period or upon occurrence

of certain defined events. On May 19, 2023, upon mandatory

conversion of the 24,290,025 remaining outstanding MCNs,

ArcelorMittal delivered a total of 57,057,991 treasury shares (of

which 9,396,120 to the Significant Shareholder) with a carrying

amount of 1,534. The Company determined that the MCNs are

a hybrid instrument including an equity component and a

liability component for interest payments. Following the

mandatory conversion, it derecognized the 509 equity

component presented separately in the statements of changes

in equity and recognized a 1,025 (794 net of tax) decrease in

additional paid-in capital.

11.3 Earnings per common share

Basic earnings per common share is computed by dividing net income available to equity holders of the parent by the weighted average

number of common shares outstanding during the year. Diluted earnings per share is computed by dividing income available to equity

holders of the parent by the weighted average number of common shares plus potential common shares from share unit plans

whenever the conversion results in a dilutive effect.

The following table provides the numerators and a reconciliation of the denominators used in calculating basic and diluted earnings per

common share for the years ended December 31, 2025, 2024 and 2023.

---

| | | | |
|:---|:---|:---|:---|
| | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| | 2025 | 2024 | 2023 |
| Net income attributable to equity holders of the parent | 3152 | 1339 | 919 |
| Weighted average common shares outstanding (in millions) for the purposes of basic earnings per share | 763 | 788 | 842 |
| Incremental shares from assumed conversion of restricted share units and performance share units (in <br>millions)<br>| 3 | 3 | 3 |
| Weighted average common shares outstanding (in millions) for the purposes of diluted earnings per share | 766 | 791 | 845 |

---

11.4 Dividends

Calculations to determine the amounts available for dividends

are based on ArcelorMittal's separate financial statements

("ArcelorMittal S.A.") which are prepared in accordance with

IFRS, as endorsed by the European Union. ArcelorMittal S.A.

has no significant manufacturing operations of its own and

generates its profit mostly from financing activities and the

management fees/industrial franchise agreements with Group

companies. Accordingly, it can only pay dividends or

distributions to the extent it is entitled to receive cash dividend

distributions from its subsidiaries' recognized gains, profit

generated by its own activities, from the sale of its assets or

cash from the issuance of common shares. Dividends are

declared in U.S. dollar and are payable in either U.S. dollar or

in euros.

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| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Approved by | Dividend per<br>share (in $)<br>| Payout date | Total (in<br>millions of $)<br>|
| Dividend for financial year 2022 | Annual general shareholders' meeting on May 2, 2023 | 0.44 | June 15, 2023 and <br>December 7, 2023<br>| 369 |
| Dividend for financial year 2023 | Annual general shareholders' meeting on April 30, 2024 | 0.50 | June 12, 2024 and <br>December 4, 2024<br>| 393 |
| Dividend for financial year 2024 | Annual general shareholders' meeting on May 6, 2025 | 0.55 | June 11, 2025 and <br>December 3, 2025<br>| 421 |

---

On May 6, 2025 at the annual general meeting of

shareholders, the shareholders approved the Company's

dividend of $0.55 per share. The dividend amounted to 421

and payment includes two installments; the first installment of

210 was paid on June 11, 2025 and the second one of 211 was

settled on December 3, 2025.

In February 2026, the Board of Directors recommended the

base annual dividend to increase to $0.60 per share and to be

paid in four equal quarterly installments in March, June,

September and December 2026, subject to the approval of

shareholders at the annual general meeting of shareholders in

May 2026. The first quarter dividend to be paid in March 2026

shall be an interim dividend.

11.5 Non-controlling interests

*11.5.1 Non-wholly owned subsidiaries that have material non-controlling interests* 

The tables below provide a list of the subsidiaries which include significant non-controlling interests at December 31, 2025 and 2024

and for the years ended December 31, 2025, 2024 and 2023.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Name of Subsidiary | Country of <br>incorporation <br>and operation<br>| % of non-<br>controlling <br>interests <br>and non- <br>controlling <br>voting <br>rights at <br>December <br>31, 2025<br>| % of non-<br>controlling <br>interests <br>and non- <br>controlling <br>voting <br>rights at <br>December <br>31, 2024<br>| Net income <br>(loss) <br>attributable <br>to non- <br>controlling <br>interests for <br>the year <br>ended <br>December <br>31, 2025<br>| Non-<br>controlling <br>interests at <br>December <br>31, 2025<br>| Net income <br>(loss) <br>attributable <br>to non- <br>controlling <br>interests for <br>the year <br>ended <br>December <br>31, 2024<br>| Non-<br>controlling <br>interests at <br>December <br>31, 2024<br>| Net income <br>(loss) <br>attributable <br>to non- <br>controlling <br>interests for <br>the year <br>ended <br>December <br>31, 2023<br>|
| AMSA | South Africa | 30.78% | 30.78% | (42) | (24) | (98) | 19 | (67) |
| Société Nationale de Sidérurgie <br>S.A. ("Sonasid")<sup>1</sup><br>| Morocco | 67.57% | 67.57% | 16 | 134 | 8 | 111 | 3 |
| AMKR | Ukraine | 4.87% | 4.87% | (10) | 26 | (11) | 41 | (15) |
| Belgo Bekaert Arames ("BBA") | Brazil | 45.00% | 45.00% | 47 | 200 | 56 | 186 | 55 |
| Hera Ermac<sup>2</sup> | Luxembourg |  |  |  | 555 |  | 532 |  |
| AMMC | Canada | 15.00% | 15.00% | 94 | 591 | 109 | 543 | 149 |
| Finocas<sup>4</sup> | Belgium | 50.00% | 50.00% | 3 | 340 | 2 | 297 | 1 |
| Arceo<sup>5</sup> | Belgium | 38.11% | 62.86% | 2 | 65 | 5 | 143 | 3 |
| AML<sup>3</sup> | Liberia | 15.00% | 15.00% | (20) | (154) | (18) | (156) | (11) |
| ArcelorMittal Texas HBI | USA | 20.00% | 20.00% | (12) | 187 | (17) | 199 | (8) |
| Other |  |  |  | 13 | 150 | 5 | 148 | (7) |
| Total |  |  |  | 91 | 2070 | 41 | 2063 | 103 |

---

1. Sonasid - ArcelorMittal holds a controlling stake of 50% in Nouvelles Sidérurgies Industrielles ("NSI"). ArcelorMittal controls NSI on the basis of a shareholders' agreement

which includes deadlock arrangements in favor of the Company. NSI holds a 64.86% stake in Sonasid. The total non-controlling interests in Sonasid of 67.57% are the

result of ArcelorMittal's indirect ownership percentage in Sonasid of 32.43% through its controlling stake in NSI.

2. Hera Ermac - The non-controlling interests correspond to the equity component net of transaction fees of the mandatory convertible bonds maturing on January 28, 2028

(see note 11.2).

3. AML is incorporated in Cyprus. On December 19, 2025, December 17, 2024 and December 21, 2023, ArcelorMittal fully settled 150, 200 and 100 capital increases,

respectively, in AML including 23, 30 and 15, respectively, on behalf of non-controlling interests.

4. ArcelorMittal holds a 50% controlling interest in Finocas NV ("FInocas"). ArcelorMittal controls Finocas on the basis of a shareholders' agreement which includes deadlock

arrangements in favor of the Company. As from January 1, 2051, the Flemish Region has the right to acquire the 50% interest held in Finocas by the Company at a price

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| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

equivalent to the fair market value of the shares on that date as determined by an independent expert if a capital decrease requested by any of the shareholders is not

approved by the general meeting of shareholders.

5. See note 11.5.2.

The tables below provide summarized statements of financial position for the above-mentioned subsidiaries as of December 31, 2025

and 2024 and summarized statements of operations and summarized statements of cash flows for the years ended December 31,

2025, 2024 and 2023.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| Summarized statements <br>of financial position<br>| AMSA | Sonasid | AMKR | BBA | Hera <br>Ermac<br>| AMMC | Arceo | AML | Finocas | ArcelorMittal <br>Texas HBI<br>|
| Current assets | 698 | 362 | 556 | 267 | 232 | 1687 | 139 | 358 | 449 | 473 |
| Non-current assets | 517 | 146 | 1219 | 207 | 990 | 3365 | 31 | 2026 | 231 | 584 |
| Total assets | 1215 | 508 | 1775 | 474 | 1222 | 5052 | 170 | 2384 | 680 | 1057 |
| Current liabilities | 758 | 297 | 1092 | 103 | 60 | 486 |  | 1074 | 2 | 96 |
| Non-current liabilities | 533 | 23 | 232 | 14 | 137 | 497 |  | 2143 |  | 24 |
| Net assets | (76) | 188 | 451 | 357 | 1025 | 4069 | 170 | (833) | 678 | 937 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| Summarized statements of <br>operations <br>| AMSA | Sonasid | AMKR | BBA | Hera <br>Ermac<br>| AMMC | Arceo | AML | Finocas | ArcelorMittal <br>Texas HBI<br>|
| Revenue | 1812 | 655 | 1695 | 753 |  | 3062 |  | 539 | 8 | 621 |
| Net (loss) income  | (136) | 26 | (214) | 108 | 43 | 620 | 5 | (113) | 6 | (58) |
| Total comprehensive (loss) <br>income <br>| (136) | 28 | (232) | 110 | 43 | 634 | 5 | (113) | 6 | (58) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| Summarized statements of cash <br>flows<br>| AMSA | Sonasid | AMKR | BBA | Hera <br>Ermac<br>| AMMC | Arceo | AML | Finocas | ArcelorMittal <br>Texas HBI<br>|
| Net cash provided by / (used in) <br>operating activities<br>| (17) | 22 | 167 | 146 | 34 | 881 | 7 | 117 | 7 | 94 |
| Net cash provided by / (used in) <br>investing activities<br>| (43) | (29) | (137) | (17) | (34) | (540) | 23 | (551) | (7) | (157) |
| Net cash provided by / (used in) <br>financing activities<br>| 21 | (17) | (31) | (125) |  | (368) | (96) | 434 |  |  |
| Impact of currency movements on <br>cash<br>| 10 | 7 | (1) | (1) |  |  | 13 |  |  |  |
| Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |
| At the beginning of the year / at <br>acquisition date<br>| 123 | 70 | 12 | 12 | 7 | 214 | 88 | 2 |  | 69 |
| At the end of the year | 94 | 53 | 10 | 15 | 7 | 187 | 35 | 2 |  | 6 |
| Dividend to non-controlling interests |  | (10) |  | (52) |  | (54) | (5) |  |  |  |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| Summarized statements of <br>financial position <br>| AMSA | Sonasid | AMKR | BBA | Hera <br>Ermac<br>| AMMC | Arceo | AML | Finocas | ArcelorMittal <br>Texas HBI <br>|
| Current assets | 858 | 337 | 576 | 246 | 199 | 1517 | 199 | 253 | 390 | 404 |
| Non-current assets | 426 | 117 | 1157 | 183 | 990 | 3252 | 32 | 1518 | 205 | 713 |
| Total assets | 1284 | 454 | 1733 | 429 | 1189 | 4769 | 231 | 1771 | 595 | 1117 |
| Current liabilities | 812 | 273 | 872 | 87 | 55 | 499 |  | 1143 | 2 | 97 |
| Non-current liabilities | 410 | 20 | 176 | 14 | 175 | 479 |  | 1500 |  | 24 |
| Net assets | 62 | 161 | 685 | 328 | 959 | 3791 | 231 | (872) | 593 | 996 |

---

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| Summarized statements of operations | AMSA | Sonasid | AMKR | BBA | Hera <br>Ermac<br>| AMMC | Arceo | AML | Finocas | ArcelorMittal <br>Texas HBI<br>|
| Revenue | 2104 | 530 | 1606 | 818 |  | 2921 |  | 188 | 8 | 599 |
| Net (loss) income  | (317) | 12 | (221) | 122 | 62 | 710 | 8 | (118) | 4 | (88) |
| Total comprehensive (loss) income  | (317) | 9 | (209) | 118 | 62 | 720 | 8 | (118) | 4 | (85) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| Summarized statements of cash flows  | AMSA | Sonasid | AMKR | BBA | Hera <br>Ermac<br>| AMMC | Arceo | AML | Finocas | ArcelorMittal <br>Texas HBI<br>|
| Net cash provided by / (used in) operating <br>activities<br>| 19 | 20 | 150 | 126 | 37 | 1055 | 6 | 16 | 5 | 87 |
| Net cash provided by / (used in) investing <br>activities<br>| (64) | (16) | (102) | (7) | (36) | (81) | (1) | (579) | (350) | (19) |
| Net cash provided by / (used in) financing <br>activities<br>| 35 | (9) | (49) | (117) | (1) | (872) | (6) | 560 | 344 |  |
| Impact of currency movements on cash | (1) | (2) | (1) | (4) |  |  | (6) |  | 1 |  |
| Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |
| At the beginning of the year | 134 | 77 | 14 | 14 | 7 | 112 | 95 | 5 |  | 1 |
| At the end of the year | 123 | 70 | 12 | 12 | 7 | 214 | 88 | 2 |  | 69 |
| Dividend to non-controlling interests |  | (7) |  | (49) |  | (128) | (3) |  |  |  |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
| Summarized statements of <br>operations <br>| AMSA | Sonasid | AMKR | BBA | Hera <br>Ermac<br>| AMMC | Arceo | AML | Finocas | ArcelorMittal <br>Texas HBI<br>|
| Revenue | 2256 | 471 | 1144 | 915 |  | 3216 |  | 248 |  | 732 |
| Net (loss) income  | (217) | 4 | (328) | 128 | (51) | 943 | 5 | (85) | 2 | (40) |
| Total comprehensive (loss) <br>income <br>| (216) | 13 | (336) | 127 | (51) | 935 | 5 | (85) | 2 | (43) |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
| Summarized statements of cash <br>flows<br>| AMSA | Sonasid | AMKR | BBA | Hera <br>Ermac<br>| AMMC | Arceo | AML | Finocas | ArcelorMittal <br>Texas HBI<br>|
| Net cash provided by / (used in) <br>operating activities<br>| 52 | 16 | 49 | 209 | 33 | 997 | 10 | 90 | 1 | 125 |
| Net cash provided by / (used in) <br>investing activities<br>| (93) | (20) | (112) | (66) | 509 | (553) | (7) | (314) | (1) | (122) |
| Net cash provided by / (used in) <br>financing activities<br>| 27 | (13) | 52 | (148) | (535) | (538) | (3) | 225 |  | (6) |
| Impact of currency movements on <br>cash<br>| (9) | 5 | (1) | 1 |  |  | 2 |  |  |  |
| Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |
| At the beginning of the year | 157 | 89 | 26 | 18 |  | 206 | 93 | 4 |  | 4 |
| At the end of the year | 134 | 77 | 14 | 14 | 7 | 112 | 95 | 5 |  | 1 |
| Dividend to non-controlling <br>interests<br>|  | (4) |  | (62) |  | (79) | (2) |  |  | (1) |

---

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

11.5.2 Transactions with non-controlling interests

Acquisitions of non-controlling interests, which do not result in

a change of control, are accounted for as transactions with

owners in their capacity as owners and therefore no goodwill is

recognized as a result of such transactions. In such

circumstances, the carrying amounts of the controlling and

non-controlling interests are adjusted to reflect the changes in

their relative interests in the subsidiary. Any difference between

the amount by which the non-controlling interests are adjusted

and the fair value of the consideration paid or received is

recognized directly in equity and attributed to the owners of the

parent.

Transactions with non-controlling interests also include the

mandatory convertible bonds (see note 11.2).

Following the subscription by the Flemish region and

ArcelorMittal on May 30, 2024 and December 9, 2024 of two

capital increases in Finocas, non-controlling interests

increased by 172.

On June 30, 2025, Arceo completed a €75 million (88) capital

decrease pursuant to which the non-controlling interest held by

Wallonie Entreprendre decreased by 97 from 62.86% to

38.11%.

*Put option liabilities*

On March 30, 2022 Votorantim S.A. exercised the put option

right it has under its shareholders' agreement with the

Company with respect to its 2.9% preferred share interest in

ArcelorMittal Brasil following the acquisition of Votorantim

S.A.'s long steel business in Brazil in 2018, which was

subsequently renamed ArcelorMittal Sul Fluminense ("AMSF").

The exercise price of the put option is calculated pursuant to

an agreed formula in the shareholders' agreement which

applies a 6 times multiple of ArcelorMittal Brasil Longs

Business EBITDA in the four immediately preceding calendar

quarters from the date of the put option exercise (subject to

certain adjustments, such as the exclusion of any unusual,

infrequent or abnormal events) less an assumed net debt of

BRL 6.2 billion times 15%. The Company determined that it

has a present ownership interest in the preferred shares

subject to the put option. Accordingly, it recognized at

acquisition date of AMSF a 328 financial liability at amortized

cost and measured at the present value of the redemption

amount. As of December 31, 2022, the Company calculated

the put option exercise price in the amount of BRL1.0 billion

(179). Votorantim S.A. indicated that it did not agree with

ArcelorMittal Brasil's calculation of the exercise price and filed

a request for arbitration on September 28, 2022. In January

2023, ArcelorMittal Brasil settled the undisputed amount it

accepts as the value of the put option for 179. In June 2025,

the parties reached a settlement to the dispute and

ArcelorMittal Brasil will pay a settlement amount totaling

approximately 546 over a period of 3 years (see note 9.3).

On June 3, 2021, following an amendment to the shareholders'

agreement signed between the Company and non-controlling

interests in NSI, an entity in which ArcelorMittal holds a 50%

controlling stake and which holds a 64.86% interest in Sonasid

in Morocco, the Company granted to such non-controlling

interests a put option to buy the totality of their shares in NSI

exercisable by its holders during the periods between

December 5, 2027 to December 4, 2029 and December 5,

2032 to December 4, 2034. The carrying amount of the

financial liability at amortized cost was 153 and 114 as of

December 31, 2025 and 2024, respectively, and is measured

at the present value of the redemption amount (see note 9.2).

In conjunction with the acquisition of an 80% interest in

ArcelorMittal Texas HBI on June 30, 2022, ArcelorMittal

granted to voestalpine a put option exercisable at the end of

the fifth, tenth and fifteenth year subsequently to the acquisition

date. The carrying amount of the financial liability at amortized

cost was 175 and 176 as of December 31, 2025 and 2024,

respectively and is measured at the present value of the

redemption amount of the written put option based on the lower

of equity value increased by an annual contractual return and

fair value (see note 9.2).

In connection with the acquisition of control of AMTBA on April

1, 2025, ArcelorMittal granted a put option exercisable between

January 1, 2030 and December 31, 2033 to the non-controlling

interest and recognized accordingly a 31 financial liability at

amortized cost measured at the present value of the

redemption amount (see note 2.2.4).

NOTE 12: RELATED PARTIES

The related parties of the Group are predominately

subsidiaries, joint operations, joint ventures, associates and

key management personnel (see note 8.1) of the Group.

Transactions between the parent company, its subsidiaries and

joint operations are eliminated on consolidation and are not

disclosed in this note. Related parties include the Significant

Shareholder, which is the trustee of a fully discretionary trust of

which Mr. Lakshmi N. Mittal and Mrs. Usha Mittal are

beneficiaries and which owns, together with shares owned

directly by Mr. and Mrs. Mittal, 43.88% of ArcelorMittal's issued

ordinary shares.

Transactions with related parties of the Company mainly relate

to sales and purchases of raw materials and steel products and

were as follows:

---

| |
|:---|
| Consolidated financial statements |
| (millions of U.S. dollar, except share and per share data) |

---

12.1 Sales and trade receivables

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Year ended December 31, | Year ended December 31, | Year ended December 31, | December 31, | December 31, |
| | | Sales | Sales | Sales | Trade receivables | Trade receivables |
| Related parties and their subsidiaries where applicable | Category | 2025 | 2024 | 2023 | 2025 | 2024 |
| Gonvarri Steel Industries <sup>1</sup> | Associate | 2020 | 2091 | 2474 | 66 | 60 |
| Calvert <sup>3</sup> | Joint Venture | 1595 | 3231 | 3405 |  | 26 |
| AMNS India | Joint Venture | 351 | 47 | 101 | 8 | 3 |
| Aperam  | Other | 330 | 382 | 445 | 29 | 31 |
| Bamesa | Associate | 327 | 269 | 345 | 21 | 20 |
| Borçelik | Joint Venture | 299 | 287 | 371 | 3 | 11 |
| Tameh | Joint Venture | 137 | 168 | 214 | 11 | 24 |
| WDI <sup>2</sup> | Associate | 127 | 128 | 183 | 22 | 9 |
| Coils Lamiere Nastri (C.L.N.) | Associate | 95 | 144 | 185 | 1 | 11 |
| ArcelorMittal CLN Distribuzione Italia  | Joint Venture | 94 | 198 | 214 | 61 | 2 |
| Tuper <sup>4</sup> | Joint Venture | 65 | 231 | 238 |  | 53 |
| ArcelorMittal RZK Çelik Servis Merkezi | Joint Venture | 40 | 61 | 88 | 10 | 16 |
| Others |  | 545 | 528 | 562 | 40 | 56 |
| Total |  | 6025 | 7765 | 8825 | 272 | 322 |

---

1. Gonvarri Steel Industries include mainly the joint ventures ArcelorMittal Gonvarri Brasil Productos Siderúrgicos and ArcelorMittal Gonvarri SSC Slovakia.

2. WDI includes Westfälische Drahtindustrie Verwaltungsgesellschaft mbH & Co. KG and Westfälische Drahtindustrie GmbH.

3. On June 18, 2025, ArcelorMittal acquired control of Calvert (see note 2.2.4).

4. On May 5, 2025, ArcelorMittal acquired control of Tuper (see note 2.2.4).

12.2 Purchases and trade payables

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Year ended December 31, | Year ended December 31, | Year ended December 31, | December 31, | December 31, |
| | | Purchases | Purchases | Purchases | Trade payables | Trade payables |
| Related parties and their subsidiaries where applicable | Category | 2025 | 2024 | 2023 | 2025 | 2024 |
| Tameh | Joint Venture | 535 | 550 | 669 | 58 | 89 |
| Global Chartering | Joint Venture | 306 | 276 | 296 | 20 | 7 |
| Integrated Metal Recycling | Joint Venture | 110 | 130 | 125 | 7 | 8 |
| AMNS India | Joint Venture | 108 | 84 | 96 | 86 | 11 |
| Alkat | Associate | 82 | 116 | 75 | 11 | 13 |
| Aperam | Other | 74 | 126 | 92 | 17 | 17 |
| CFL Cargo  | Associate | 74 | 69 | 59 | 19 | 11 |
| Exeltium  | Associate | 72 | 87 | 85 | 24 | 14 |
| Baycoat  | Joint Venture | 60 | 70 | 62 | 8 | 8 |
| Sitrel | Joint Venture | 49 | 53 | 60 | 4 |  |
| Enerfos | Joint Venture | 48 | 57 | 60 | 6 | 13 |
| Others |  | 377 | 380 | 370 | 92 | 100 |
| Total |  | 1895 | 1998 | 2049 | 352 | 291 |

---

12.3 Other transactions with related parties

On December 3, 2014, ArcelorMittal signed a member capital

expenditure loan agreement with Calvert. As of December 31,

2024, the loans amounted to 253, including accrued interest.

The loans bear interest from 2.28% to 6.93% and have various

maturity dates ranging from less than 1 to 25 years. On June

18, 2025, the Company acquired control of Calvert (see note

2.2.4).

![Annual report 20257.jpg](mt-20251231_g36.jpg)

## Exhibit 1.1

**Exhibit 1.1**

**« ArcelorMittal »**

société anonyme

**<u>24-26, boulevard d'Avranches, L-1160 Luxembourg</u>**

R.C.S. Luxembourg, section B numéro 82 454

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

**STATUTS COORDONNES à la date du 20 novembre 2025**

**\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\***

------

**<u>Article 1. Form - Corporate name</u>**

The Company's legal name is **ArcelorMittal** and it is a public limited company ("*société anonyme*").

**<u>Article 2. Duration</u>**

The Company is established for an unlimited period. It may be dissolved at any time by decision of the general meeting of shareholders taken in the same manner as for a change in the articles of association in accordance with article 19 below.

**<u>Article 3. Corporate purpose</u>**

The corporate purpose of the Company shall be the manufacture, processing and marketing of steel, steel products and all other metallurgical products, as well as all products and materials used in their manufacture, their processing and their marketing, and all industrial and commercial activities connected directly or indirectly with those objects, including mining and research activities and the creation, acquisition, holding, exploitation and sale of patents, licences, know-how and, more generally, intellectual and industrial property rights.

The Company may realise that corporate purpose either directly or through the creation of companies, the acquisition, holding or acquisition of interests in any companies or partnerships, membership in any associations, consortia and joint ventures.

In general, the Company's corporate purpose comprises the participation, in any form whatsoever, in companies and partnerships, and the acquisition by purchase, subscription or in any other manner as well as the transfer by sale, exchange or in any other manner of shares, bonds, debt securities, warrants and other securities and instruments of any kind.

It may grant assistance to any affiliated company and take any measure for the control and supervision of such companies.

It may carry out any commercial, financial or industrial operation or transaction which it considers to be directly or indirectly necessary or useful in order to achieve or further its corporate purpose.

**<u>Article 4. Registered office</u>**

The Company's registered office and principal office shall be established in Luxembourg City. The registered office may be transferred within the municipality of Luxembourg City by simple decision of the board of directors. It may be transferred to any other municipality in the Grand Duchy of Luxembourg by means of a resolution of the board of directors (in which case the board of directors shall have the power to amend the articles of association accordingly) or a resolution of an extraordinary general meeting of shareholders, adopted in the manner required for an amendment of these articles of association.

Branches or offices both in the Grand Duchy of Luxembourg and abroad may be set up by simple decision of the board of directors.

In the event that the board of directors determines that extraordinary political, economic or societal events have occurred or are imminent that may hinder the ordinary course activities of the Company at the registered office or the ease of communication either with that office or from that office to places abroad, it may temporarily transfer the registered office to a location abroad until the complete cessation of the abnormal circumstances; provided, however, that such temporary transfer shall have no effect on the nationality of the Company, which, despite the temporary transfer of its registered office, shall remain a Luxembourg company.

**<u>Article 5. Capital - Increase in capital</u>**

**5.1.** The issued share capital amounts to **two hundred seventy-five million one hundred twenty-nine thousand and one hundred thirty-seven United States Dollars and seventy cents (USD 275,129,137.70).** It is represented by **seven hundred seventy-five million (775,000,000)** shares fully paid up without nominal value.

&nbsp;&nbsp;&nbsp;&nbsp;b&nbsp;&nbsp;&nbsp;&nbsp;

------

**5.2.** The Company's authorised share capital, including the issued share capital, shall amount to three hundred sixty-seven million three hundred twenty thousand five hundred ninety-eight United States Dollars and fifty cents (USD 367,320,598.50) represented by one billion thirty-three million six hundred eight thousand eight hundred twenty-seven (1,033,608,827) ordinary shares without nominal value.

**5.3.** The issued capital and the authorised capital of the Company may be increased or decreased by resolution of the general meeting of shareholders adopted in the forms and in accordance with the conditions laid down for amending the articles of association under article 19 of the present articles of association.

**5.4.** Subject to the provisions of the Luxembourg law of 10 August 1915 on commercial companies, as amended from time to time and in particular by the law of 10 August 2016 (hereinafter referred to as the "**Law**"), each shareholder shall have a preferential right of subscription in the event of the issue of new shares in return for contributions in cash. Such preferential right of subscription shall be proportional to the fraction of the capital represented by the shares held by each shareholder. The right to subscribe shares may be exercised within a period determined by the board of directors which, unless applicable law provides otherwise, may not be less than fourteen days from the publication of the offer in accordance with applicable law. The board of directors may decide (i) that shares corresponding to preferential subscription rights which remain unexercised at the end of the subscription period may be subscribed to by or placed with such person or persons as determined by the board of directors, or (ii) that such unexercised preferential rights may be exercised in priority in proportion to the capital represented by their shares, by the existing shareholders who already exercised their rights in full during the preferential subscription period. In each such case, the terms of the subscription by or placement with such person or the subscription terms of the existing shareholders shall be determined by the board of directors.

The preferential subscription right may be limited or cancelled by a resolution of the general meeting of shareholders adopted in accordance with article 19 of the present articles of association.

The preferential subscription right may also be limited or cancelled by the board of directors (i) in the event that the general meeting of shareholders delegates, under the conditions laid down in article 19 of the present articles of association and by amending the present articles of association, to the board of directors the power to issue shares and to limit or cancel the preferential subscription right for a period of no more than five years set by the general meeting, as well as (ii) pursuant to the authorization conferred by article 5.5 of the present articles of association.

**5.5** The board of directors is authorised, during a period starting on the day of the general meeting held on 13 June 2020 and ending on the fifth anniversary of the date of publication in the Luxembourg legal gazette (*Recueil Electronique des Sociétés et Associations*) of the minutes of such general meeting, without prejudice to any renewals, to increase the issued share capital on one or more occasions within the limits of the authorised share capital.

The board of directors is authorised to determine the conditions of any capital increase including through contributions in cash or in kind, by the incorporation of reserves, issue premiums or retained earnings, with or without the issue of new shares, or following the issue and the exercise of subordinated or non-subordinated bonds, convertible into or repayable by or exchangeable for shares (whether provided in the terms at issue or subsequently provided), or following the issue of bonds with warrants or other rights to subscribe for shares attached, or through the issue of stand-alone warrants or any other instrument carrying an entitlement to, or the right to subscribe for, shares

The board of directors is authorised to set the subscription price, with or without issue premium, the date from which the shares or other financial instruments will carry beneficial rights and, if applicable, the duration, amortisation, other rights (including early repayment), interest rates, conversion rates and exchange rates of the aforesaid financial instruments as well as all the other conditions and terms of such financial instruments including as to their subscription, issue and payment, for which the board of directors may make use of Article 32-1 paragraph 3 of the Law.

The board of directors is authorised to limit or cancel the preferential subscription rights of existing shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;c&nbsp;&nbsp;&nbsp;&nbsp;

------

The board of directors is authorised subject to performance criteria to allocate existing shares or new shares issued under the authorised share capital free of charge, to employees and corporate officers (including directors) of the Company and of companies of which at least 10 per cent of the capital or voting rights is directly or indirectly held by the Company.

The terms and conditions of such allocations are to be determined by the board of directors.

Decisions of the board of directors relating to the issue, pursuant to the authorisation conferred by this article 5.5, of any financial instruments carrying or potentially carrying a right to equity shall, by way of derogation from article 9 of the present articles of association, be taken by a majority of two-thirds of the members present or represented.

When the board of directors has implemented a complete or partial increase in capital as authorised by the foregoing provisions, article 5 of the present articles of association shall be amended to reflect that increase.

The board of directors is expressly authorised to delegate to any natural or legal person to organise the market in subscription rights, accept subscriptions, conversions or exchanges, receive payment for the price of shares, bonds, subscription rights or other financial instruments, to have registered increases of capital carried out as well as the corresponding amendments to article 5 of the present articles of association and to have recorded in said article 5 of the present articles of association the amount by which the authorisation to increase the capital has actually been used and, where appropriate, the amounts of any such increase that are reserved for financial instruments which may carry an entitlement to shares.

**5.6.** The non-subscribed portion of the authorised capital may be drawn on by the exercise of conversion or subscription rights already conferred by the Company.

**<u>Article 6. Shares</u>**

**6.0. &nbsp;&nbsp;&nbsp;&nbsp;**(i) This article 6.0 shall apply until the Compulsory Conversion Date, and the board of directors is authorised and instructed to thereafter record the removal from the articles of association of this Article 6.0., of the words "As from the Effective Date" in article 6.1. and of the first sentence of the last paragraph of article 13.8. All references in these articles of association to shares issued in dematerialised form shall include shares converted from registered form to dematerialised form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Until the Effective Date (as defined in 6.9. below) shares shall be issued solely in the form of registered shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Subject to paragraph (iv), the Company shall consider the person in whose name the shares are recorded in the register of shareholders to be the owner of those shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) However, where shares are recorded in the register of shareholders on behalf of one or more persons in the name of a securities settlement system or the operator of such a system or in the name of a professional depositary of securities or any other depositary (such systems, professionals or other depositaries being referred to hereinafter as "**Depositaries**") or of a sub-depositary designated by one or more Depositaries, the Company - subject to its having received from the Depositary with whom those shares are kept in account a confirmation in proper form - will permit those persons to exercise the rights attaching to those shares, including admission to and voting at general meetings and shall consider those persons to be the owners of the shares for the purpose of article 7 of the present articles of association. The board of directors may determine the requirements with which such confirmations must comply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding the foregoing, the Company shall make payments, by way of dividends or otherwise, in cash, shares or other assets only into the hands of the Depositary or sub-depositary recorded in the register or in accordance with the Depositary or sub-despositary's instructions, and that payment shall release the Company from any and all obligations for such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Confirmations that an entry has been made in the register of shareholders will be provided to shareholders directly recorded in the register of shareholders or, in case of Depositaries or sub-depositaries recorded in the register, upon their request. Except for transfers in accordance with the rules and regulations of the relevant Depositary, the transfer of shares shall be made by a written

&nbsp;&nbsp;&nbsp;&nbsp;d&nbsp;&nbsp;&nbsp;&nbsp;

------

declaration of transfer inscribed in the register of shareholders and dated and signed by the transferor and the transferee or by their duly-appointed agents. The Company may accept any other document, instrument, writing or correspondence as sufficient proof of the transfer.

**6.1** As from the Effective Date, all the shares are solely issued in dematerialised form.

**6.2** The shares shall be issued by means of their registration in an issuance account held at a settlement institution or a central account keeper as referred to by the law of 6 April 2013 on dematerialised securities, as amended or replaced (the "**2013 Law**") or, subject to and in accordance with Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositaries, as amended or replaced, at or on behalf of a central securities depositary (such settlement institution, central account keeper and central securities depositary, a "**CSD**").

**6.3.** Transfers of shares shall be by book entry only.

**6.4.** In order to exercise their rights as shareholders, holders of shares will need to obtain a certificate in proper form from the institution where their securities account is held. Pursuant to the 2013 Law, the certificate must confirm the relevant account holder has certified that it holds the shares for its own account or on behalf of the holder of the rights to the shares pursuant to proper authority given by such holder. The Company shall consider the holder entitled to exercise the voting rights attached to the shares as the owner of the shares for the purpose of article 7 of the articles of association.

**6.5.** The Company may request the CSD to provide it with the name or corporate denomination, nationality, date of birth or date of incorporation and address of the holders of voting securities of the Company recorded in the books of the CSD as well as the number of such voting securities held by each of them and, where applicable, any restrictions such securities may be subject to. The CSD shall provide the Company with the identification data that it holds on each holder of such securities account in its books and the number of such voting securities held by each of them.

As used herein "voting securities" shall mean the shares of the Company as well as those securities which have, or may in the future confer, voting rights in the Company's general meeting.

The same information on holders may be obtained by the Company through account keepers and any other person wherever located who hold a securities account with the CSD which is credited with such voting securities.

The Company may request the persons featured on the lists so provided to the Company to confirm that they hold those voting securities for their own account.

Where a person fails to communicate the information requested by the Company in accordance with this article 6.5 within two months as from the request, or communicates incomplete or erroneous information, the Company may suspend the voting rights of such person until it has fully complied with its obligations.

**6.6.** The Company shall make all dividend and other payments whether in cash, shares or other assets into the hands of the CSD or in accordance with the CSD's instructions, and such payment shall release the Company from any further obligation for such payment.

**6.7.** Within the limits and conditions laid down by the Law, the Company may repurchase its own shares or cause them to be repurchased by its subsidiaries.

**6.8.** The shares of the Company are indivisible vis-à-vis the Company and the Company shall recognise only one legal owner per share. Owners *per indivisum* must be represented vis-à-vis the Company by a single person in order to be able to exercise their rights.

**6.9.** &nbsp;&nbsp;&nbsp;&nbsp;(i) The board of directors is authorised and empowered to give effect to the compulsory dematerialisation of the shares provided for (a) by these articles of association and (b) to determine the date from which new shares in the Company may only be issued in dematerialised form. The compulsory dematerialisation of the existing shares will be effective the later of (a) three months after the date of publication of the compulsory dematerialisation and of the identity of the CSD appointed

&nbsp;&nbsp;&nbsp;&nbsp;e&nbsp;&nbsp;&nbsp;&nbsp;

------

by the board of directors and (b) the effective date determined by the board of directors (the "**Effective Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) As from the Effective Date, shares held via book entry through Euroclear S.A. / N.V., Amsterdam Branch or any other securities settlement system may no longer be directly registered in the register of shareholders of the Company (the "**Register**") and all such shares will be dematerialised and registered in the issuance account kept at the CSD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In accordance with article 9 (2) of the 2013 Law, holders directly recorded in the Register shall provide the Company with the required data allowing their shares to be credited to their securities account, no later than the date which is two years after the Effective Date (the "**Compulsory Conversion Date**"). Upon each such conversion, the Register shall be updated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Voting rights attached to shares which have not been dematerialised by the Compulsory Conversion Date shall thereafter be automatically suspended until their dematerialisation. Any distributions on such shares shall be held in escrow by the Company and, subject to prescription, shall be paid after such dematerialisation has occurred.

Such shares shall not be taken into account for the calculation of the quorum and of the majorities during the general meetings of shareholders and the holders of such shares shall not be admitted to such general meetings.

The shares of holders directly registered in the Register who have not requested the dematerialisation of such shares by the eighth anniversary of the Effective Date (or such later date prior to the tenth anniversary of the Effective Date as the board of directors may decide) may be sold by the Company in accordance with the 2013 Law with at least three months prior notice published in the same way as the convening notices for general meetings of shareholders.

(v) The board of directors is authorised and empowered to remove this article 6.9 from the articles of association as from the earlier of (a) the date when all shares have been converted into dematerialised shares and (b) the date when all shares which have not been duly dematerialised have been sold in accordance with paragraph (iv) above.

**<u>Article 7. Rights and obligations of shareholders</u>**

**7.1.** The provisions of articles 8 to 15 inclusive of the law of 11 January 2008 on transparency requirements on issuers of securities as amended from time to time (the "**Transparency Law**") and the implementing provisions under the related Grand Ducal and CSSF regulations (as the same may be amended, supplemented or replaced (together with the Transparency Law, the "**Securities Regulations**")) and the sanction of suspension of voting rights set out therein shall also apply (a) to any acquisition or disposal of shares resulting in a shareholding reaching, increasing above or decreasing below a threshold of two and one-half per cent (2.5%) of voting rights in the Company and (b) to any acquisition or disposal of shares resulting in a shareholding reaching, increasing above or decreasing below a threshold of three per cent (3%) of voting rights in the Company and (c), over and above three per cent (3%) of voting rights in the Company, to any acquisition or disposal of shares resulting in successive thresholds of one per cent (1%) of voting rights in the Company being reached or crossed (either through an increase or a decrease). Any reference in this article 7 to an acquisition, disposal or holding of shares shall be deemed to include a reference to the acquisition, disposal or holding of the financial instruments referred to by the Securities Regulations, and the voting rights attaching to shares held or controlled by a person shall be aggregated with the voting rights attaching to the shares underlying such financial instruments held by such person.

**7.2** Any person who, taking into account articles 9 and 11(4) and (5) of the Transparency Law acquires shares resulting in possession of five per cent (5%) or more or a multiple of five percent (5%) or more of the voting rights in the Company must on pain of the suspension of voting rights in accordance with article 13.6 of the present articles of association within ten (10) Luxembourg Stock Exchange trading days following the date such threshold is reached or crossed by registered mail with return receipt requested, of such person's intention (a) to acquire or dispose of shares in the Company within the next twelve (12) months, (b) to seek to obtain control over the Company or (c) to seek to appoint a member to the Company's board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;f&nbsp;&nbsp;&nbsp;&nbsp;

------

**7.3** Any person under an obligation to notify the Company of the acquisition of shares conferring on that person, having regard to articles 9 and 11(4) and (5) of the Transparency Law, one quarter (25%) or more of the total voting rights in the Company, shall be obliged to make, or cause to be made, in each country where the Company's securities are admitted to trading on a regulated or other market and in each of the countries in which the Company has made a public offering of its shares, an unconditional public offer to acquire for cash all outstanding shares and securities giving access to shares, linked to the share capital or whose rights are dependent on the profits of the Company (hereafter, collectively, **"securities linked to capital"**), whether those securities were issued by the Company or by entities controlled or established by it or members of its group. Each of these public offers must be conducted in conformity and compliance with the legal and regulatory requirements applicable to public offers in each State concerned.

In any case, the price must be fair and equitable and, in order to guarantee equality of treatment of shareholders and holders of securities linked to capital of the Company, the said public offers must be made at or on the basis of an identical price, which must be justified by a report drawn up by a first rank financial institution nominated by the Company whose fees and costs must be advanced by the person subject to the obligation laid down in the first paragraph of this article 7.3.

This obligation to make an unconditional cash offer shall not apply (i) in case of transfers not involving a change in the person(s) ultimately controlling such voting rights or (ii) if the acquisition of the Company's shares by the person making such notification has received the prior assent of the Company's shareholders in the form of a resolution adopted in conformity with article 19 of the present articles of association at a general meeting of shareholders, including in particular in the event of a merger or a contribution in kind paid for by a share issue.

**7.4**. If the public offer as described in article 7.3 of the present articles of association has not been made within a period of two (2) months of notification to the Company of the increase in the holding giving entitlement to the percentage of voting rights referred to in paragraph 1 of article 7.3 of the present articles of association or of notification by the Company to the shareholder that such increase has taken place, or if the Company is informed that a competent authority in one of the countries in which the securities of the Company are admitted to trading (or in one of the countries in which the Company has made a public offering of its shares) has determined that the public offer was made contrary to the legal or regulatory requirements governing public offers applicable in that country, as from the expiry of the aforementioned period of two (2) months or from the date on which the Company received that information, the right to attend and vote at general meetings of shareholders and the right to receive dividends or other distributions may, in accordance with article 13.6. of the present articles of association be suspended in respect of the shares corresponding to the percentage of the shares held by the shareholder in question exceeding the threshold set in paragraph 1 of article 7.3 of the present articles of association as from which a public offer has to be made.

A shareholder who has exceeded the threshold set by paragraph 1 of article 7.3 of the present articles of association and requires a general meeting of shareholders to be called pursuant to article 70 of the Law, must, in order to be able to vote at that meeting, have made a definitive and irrevocable public offer as described in article 7.3 of the present articles of association before that meeting is held. Failing this, the right to vote attaching to the shares exceeding the threshold set by paragraph 1 of article 7.3 of the present articles of association may, in accordance with article 13.6. of the present articles of association, be suspended.

If, at the date on which the annual general meeting is held, a shareholder exceeds the threshold set by paragraph 1 of article 7.3 of the present articles of association, his or her voting rights may, in accordance with article 13.6. of the present articles of association, be suspended to the extent of the percentage exceeding the said threshold except where the shareholder in question undertakes in writing not to vote in respect of the shares exceeding the threshold or where the shareholder has definitively and irrevocably made the public offer required by article 7.3. of the present articles of association.

**7.5.** The provisions of article 7 shall not apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)to the Company itself in respect of shares directly or indirectly held in treasury,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the CSD, acting as such, provided that said CSD may only exercise the voting right attached to such shares if they have received instructions from the owner of the shares, the provisions of this article 7 thereby applying to the owner of the shares,

&nbsp;&nbsp;&nbsp;&nbsp;g&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to any disposal and to any issue of shares by the Company in connection with a merger or a similar transaction or the acquisition by the Company of any other company or activity,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)to the acquisition of shares resulting from a public offer for the acquisition of all the shares in the Company and all of the securities linked to capital,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;to the acquisition or transfer of a participation remaining below ten per cent (10%) of total voting rights by a market maker acting in this capacity, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;it is approved by its home Member State by virtue of directive 2004/39/CE; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;it neither interferes in the management of the Company nor exercises influence on the Company to acquire its shares or to maintain their price,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to the acquisition of shares for the purpose of stabilisation as permitted by applicable law provided the voting rights attached to such shares are not exercised or otherwise used.

**7.6.** Voting rights are calculated on the basis of the entirety of the shares to which voting rights are attached even if the exercise of such voting rights is suspended.

**<u>Article 8. Board of directors</u>**

**8.1.** The Company shall be administered by a board of directors composed of at least three (3) members and of a maximum of eighteen (18) members; all of whom except the Chief Executive Officer (**"*administrateur-président de la direction générale*"**) shall be non-executive. None of the members of the board of directors, except for the Chief Executive Officer of the Company (**"*administrateur-président de la direction générale*"**), shall have an executive position or executive mandate with the Company or any entity controlled by the Company. The Chief Executive Officer ("***administrateur-président de la direction générale***") is not a « *directeur général* » as referred to in Article 60-1 of the Law.

At least one-half of the board of directors shall be composed of independent members. A member of the board of directors shall be considered as "independent", if (i) he or she is independent within the meaning of the Listed Company Manual of the New York Stock Exchange (the "**Listed Company Manual**"), as it may be amended, or any successor provision, subject to the exemptions available for foreign private issuers, and if (ii) he or she is unaffiliated with any shareholder owning or controlling more than two percent (2%) of the total issued share capital of the Company (for the purposes of this article, a person is deemed affiliated to a shareholder if he or she is an executive officer, or a director who is also employed by the shareholder, a general partner, a managing member, or a controlling shareholder of such shareholder).

**8.2**. The members of the board of directors do not have to be shareholders in the Company.

**8.3.** The members of the board of directors shall be elected by the shareholders at the annual general meeting or at any other general meeting of shareholders for a period terminating (except in the event of the replacement of a member of the board of directors during his or her mandate) at the third annual general meeting following the date of their appointment.

**8.4.** The Mittal Shareholder (as defined below) may, at its discretion, decide to exercise the right of proportional representation provided in the present article and nominate candidates for appointment as members of the board of directors (the **"Mittal Shareholder Nominees"**) as follows. Upon any exercise by the Mittal Shareholder of the right of proportional representation provided by this article, the general meeting of shareholders shall elect, among the Mittal Shareholder Nominees, a number of members of the board of directors determined by the Mittal Shareholder, such that the number of members of the board of directors so elected among the Mittal Shareholder Nominees, in addition to the number of members of the board of directors in office who were elected in the past among the Mittal Shareholder Nominees, shall not exceed the Proportional Representation. For the purposes of this article, the **"Proportional Representation"** shall mean the product of the total number of members of the board of directors after the proposed election(s) and the percentage of the total issued and outstanding share capital of the Company owned, directly or indirectly, by the Mittal Shareholder on the date of the general meeting of shareholders concerned, with such product rounded to the closest integral. When exercising the right of Proportional Representation granted to it pursuant to this article, the Mittal Shareholder shall specify the number of members of the board of directors that the general meeting of shareholders shall elect from among the Mittal Shareholder Nominees, as well as the identity of the Mittal Shareholder Nominees. For purposes of this article the **"Mittal Shareholder"** shall mean Mr Lakshmi N. Mittal, Mrs Usha Mittal or any of their heirs or

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successors acting directly or indirectly and/or the trust or trusts of which Mr. Lakshmi N. Mittal, Mrs. Usha Mittal and/or their heirs or successors are the beneficiaries, hold or control ArcelorMittal shares or any other entity controlled, directly or indirectly, by either of them. The provisions of this article shall not in any way limit the rights that the Mittal Shareholder may additionally have to nominate and vote in favour of the election of any director in accordance with its general rights as a shareholder.

**8.5.** A member of the board of directors may be dismissed with or without cause and may be replaced at any time by the general meeting of shareholders in accordance with the aforementioned provisions relating to the composition of the board of directors.

In the event that a vacancy arises on the board of directors following a member's death or resignation or for any other reason, the remaining members of the board of directors may, by a simple majority of the votes validly cast, elect a member of the board of directors so as temporarily to fulfil the duties attaching to the vacant post until the next general meeting of shareholders in accordance with the aforementioned provisions relating to the composition of the board of directors.

**8.6.** Except for a meeting of the board of directors convened to elect a member to fill a vacancy as provided in the second paragraph of article 8.5, or to convene a general meeting of shareholders to deliberate over the election of Mittal Shareholder Nominees, and except in the event of a grave and imminent danger requiring an urgent board of directors' decision, which shall be approved by the directors elected from among the Mittal Shareholder Nominees, the board of directors of the Company will not be deemed to be validly constituted and will not be authorized to meet until the general meeting of shareholders has elected from among the Mittal Shareholder Nominees the number of members of the board of directors required under article 8.4.

**8.7.** In addition to the directors' fees determined in accordance with article 17 below, the general meeting may grant members of the board of directors a fixed amount of compensation and attendance fees, and upon the proposal of the board of directors, allow the reimbursement of the expenses incurred by members of the board of directors in order to attend the meetings, to be imputed to the charges.

The board of directors shall in addition be authorised to compensate members of the board of directors for specific missions or functions

**8.8.** The Company will indemnify, to the broadest extent permitted by Luxembourg law, any member of the board of directors or member of the management board (which shall not constitute a *comité de direction* pursuant to Article 60-1 of the Law), as well as any former member of the board of directors or member of the management board, for any costs, fees and expenses reasonably incurred by him or her in the defence or resolution (including a settlement) of any legal actions or proceedings, whether they be civil, criminal or administrative, to which he or she may be made a party by virtue of his or her former or current role as member of the board of directors or member of the management board of the Company.

Notwithstanding the foregoing, a former or current member of the board of directors or member of the management board will not be indemnified if he or she is found guilty of gross negligence, fraud, fraudulent inducement, dishonesty or of the commission of a criminal offence or if it is ultimately determined that he or she has not acted honestly and in good faith and with the reasonable belief that his or her actions were in the Company's best interests.

The aforementioned indemnification right shall not be forfeited in the case of a settlement of any legal actions or proceedings, whether they be civil, criminal or administrative.

The provisions above shall inure to the benefit of the heirs and successors of the former or current member of the board of directors or member of the management board without prejudice to any other indemnification rights that he or she may otherwise claim.

Subject to any procedures that may be implemented by the board of directors in the future, the expenses for the preparation and defence in any legal action or proceeding covered by this article 8.8 may be advanced by the Company, provided that the concerned former or current member of the board of directors or member of the management board delivers a written commitment that all sums paid in advance will be reimbursed to the Company if it is ultimately determined that he or she is not entitled to indemnification under this article 8.8.

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**<u>Article 9. Procedures for meetings of the Board of Directors</u>**

The board of directors shall choose from amongst its members a chairman of the board of directors (the "**Chairman of the board of directors**") (*Président du conseil d'administration)* and, if considered appropriate, a president (the "**President**") (*Président)* and one or several vice-chairmen and shall determine the period of their office, not exceeding their appointment as director.

The board of directors shall meet, when convened by the Chairman of the board of directors or the President, or a vice-chairman, or two (2) members of the board of directors, at the place indicated in the notice of meeting.

The meetings of the board of directors shall be chaired by the Chairman of the board of directors or the President or, in their absence, by a vice-chairman. In the absence of the Chairman of the board of directors, of the President, and of the vice-chairmen, the board of directors shall appoint by a majority vote a chairman pro tempore for the meeting in question.

A written notice of meeting shall be sent to all members of the board of directors for every meeting of the board of directors at least five (5) days before the date scheduled for the meeting, except in case of urgency, in which case the nature of the emergency shall be specified in the notice of meeting. Notice of meeting shall be given by letter or by fax or by electronic mail or by any other means of communication guaranteeing the authenticity of the document and the identification of the person who is the author of the document. Notice of meeting may be waived by the consent of each member of the board of directors given in the same manner as that required for a notice of meeting. A special notice of meeting shall not be required for meetings of the board of directors held on the dates and at the times and places determined in a resolution adopted beforehand by the board of directors.

For any meeting of the board of directors, each member of the board of directors may designate another member of the board of directors to represent him and vote in his or her name and place, provided that a given member of the board of directors may not represent more than one of his or her colleagues. The representative shall be designated in the same manner as is required for notices of meeting. The mandate shall be valid for one meeting only and, where appropriate, for every further meeting as far as there is the same agenda.

The board of directors may deliberate and act validly only if the majority of the members of the board of directors are present or represented. Decisions shall be taken by a simple majority of the votes validly cast by the members of the board of directors present or represented. None of the members of the board of directors, including the Chairman of the board of directors, the President and vice-chairmen, has a casting vote.

A member of the board of directors may take part in and be regarded as being present at a meeting of the board of directors by telephone conference or by any other means of telecommunication which enable all the persons taking part in the meeting to hear each other and speak to each other.

If all the members of the board of directors agree as to the decisions to be taken, the decisions in question may also be taken in writing without any need for the members of the board of directors to meet. To this end, the members of the board of directors may express their agreement in writing, including by fax or by any other means of communication guaranteeing the authenticity of the document and the identification of the member of the board of directors who wrote the document. The consent may be given on separate documents which together constitute the minutes of such decisions.

Any director who has, directly or indirectly, a financial interest in a transaction submitted to the approval of the board of directors which conflicts with the Company's interest, must inform the board of directors of such conflict of interest and must have his or her declaration recorded in the minutes of the meeting of the board of directors. The relevant director may not take part in the discussions on and may not vote on the relevant transaction and he or she shall not be counted for the purposes of whether the quorum is present, in which case the board of directors may validly deliberate if at least the majority of the non-conflicted directors are present or represented. Any such conflict of interest must be reported to the next general meeting of shareholders prior to taking any resolution on any other item. This paragraph shall not be applicable to ordinary business operations entered into under normal conditions.

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**<u>Article 10. Minutes of meetings of the board of directors</u>**

The minutes of meetings of the board of directors shall be signed by the person who chaired the meeting and by those members of the board of directors taking part in the meeting and who request to sign such minutes.

Copies or excerpts of minutes intended for use in judicial proceedings or otherwise shall be signed by the Chairman of the board of directors or the President or a vice-chairman.

**<u>Article 11. Powers of the board of directors</u>**

**11.1.** The board of directors shall have the most extensive powers to administer and manage the Company. All powers not expressly reserved to the general meeting by the Law or the present articles of association shall be within the competence of the board of directors.

**11.2.** The board of directors may decide to set up committees to consider matters submitted to them by the board of directors, including an audit committee and an appointments, remuneration and corporate governance committee. The audit committee shall be composed solely of independent members of the board of directors, as defined in article 8.1.

**11.3.** The board of directors may delegate the day-to-day management of the Company's business and the power to represent the Company with respect thereto to one or more executive officers (*directeurs généraux) (*who shall not qualify as *"directeur general"* under Article 60-1 of the Law*)*, executives (*directeurs)* or other agents, who may together constitute a management board (*direction générale*) (which shall not constitute a *comité de direction* pursuant to Article 60-1 of the Law) deliberating in conformity with rules determined by the board of directors. The board of directors may also delegate special powers to any person and confer special mandates on any person.

**<u>Article 12. Authorised signatures</u>**

The Company shall be bound by the joint or individual signature of all persons to whom such power of signature shall have been delegated by the board of directors.

**<u>Article 13. Shareholders' meetings – General</u>**

**13.1** Any duly constituted general meeting of the Company's shareholders shall represent all the shareholders in the Company. It shall have the widest powers to order, implement or ratify all acts connected with the Company's operations.

**13.2.** General meetings shall be convened at least 30 days before the meeting date. If the general meeting is reconvened for lack of quorum, the convening notice for the reconvened meeting shall be published at least 17 days before the meeting date.

**13.3** The record date for general meetings shall be the 14<sup>th</sup> day at midnight (24:00 hours) (Luxembourg time) before the date of the general meeting (the "**Record Date**"). Shareholders shall notify the Company of their intention to participate in the general meeting in writing by post or electronic means at the postal or electronic address indicated in the convening notice, no later than the day determined by the board of directors, which may not be earlier than the Record Date, indicated in the convening notice.

**13.4** The documents required to be submitted to the shareholders in connection with a general meeting shall be posted on the Company's corporate website from the date of first publication of the general meeting convening notice in accordance with Luxembourg law.

**13.5** General meetings of shareholders shall be chaired by the Chairman of the board of directors or the President or, in their absence, by a vice-chairman. In the absence of the Chairman of the board of directors, of the President and of the vice-chairmen, the general meeting of shareholders shall be presided over by the most senior member of the board of directors present .

**13.6** Each share shall be entitled to one vote provided that the board of directors may suspend the right to vote of any shareholder who does not fulfill its obligations under the present articles of

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association. Each shareholder may have himself represented at any general meeting of shareholders by giving a proxy in writing and notifying such appointment by post or by electronic means at the postal or electronic address indicated in the convening notice.

**13.7** Except where law or the articles of association provide otherwise, resolutions shall be adopted at general meetings by a simple majority of the votes validly cast by the shareholders present or represented.

**13.8** When organising a general meeting, the board of directors may in its sole discretion decide to set up arrangements allowing shareholders to participate by electronic means in a general meeting by way *inter alia* of the following forms of participation: (i) real time transmission of the general meeting; (ii) real time two-way communication enabling shareholders to address the general meeting from a remote location; or (iii) a mechanism for casting votes, whether before or during the general meeting, without the need to appoint a proxyholder physically present at the meeting.

The board of directors may also determine that shareholders may vote from a remote location by correspondence, by means of a form provided by the Company including the following information:

- the name, address and any other pertinent information concerning the shareholder,

- the number of votes the shareholder wishes to cast, the direction of his or her vote, or his or her abstention,

- the agenda of the meeting including the draft resolutions,

- at the discretion of the Company, the option to vote by proxy for any new resolution or any modification of the resolutions that may be proposed during the meeting or announced by the Company after the shareholder's submission of the form provided by the Company,

- the period within which the form and the confirmation referred to below must be received by or on behalf of the Company, and

- the signature of the shareholder.

A shareholder using a voting form and who is not directly recorded in the register of shareholders must annex to the voting form a confirmation of his shareholding as of the Record Date as provided by article 6.4. Once the voting forms are submitted to the Company, they can neither be retrieved nor cancelled, except that in case a shareholder has included a proxy to vote in the circumstances envisaged in the fourth indent above, the shareholder may cancel such proxy or give new voting instructions with regard to the relevant items by written notice as described in the convening notice, before the date specified in the voting form.

**13.9** Any shareholder who participates in a general meeting of the Company by the foregoing means shall be deemed to be present, shall be counted when determining a quorum and shall be entitled to vote on all agenda items of the general meeting.

**13.10** The board of directors may adopt any regulations and rules concerning the participation of shareholders at general meetings in accordance with Luxembourg law including with respect to ensuring the identification of shareholders and proxyholders and the safety of electronic communications.

**13.11** In the event that all the shareholders are present or represented at a general meeting of shareholders and declare that they have been informed of the agenda of the general meeting, the general meeting may be held without prior notice of meeting or publication. Holders of bonds, debt securities, warrants and other securities and instruments of any kind issued by the Company other than shares do not have the right to attend to shareholders' meetings.

**<u>Article 14. Annual general meeting of shareholders</u>**

**14.1** The annual general meeting of shareholders shall be held in accordance with Luxembourg law within six (6) months from the end of the previous financial year at the Company's registered office or at any other place in the Grand-Duchy of Luxembourg, as finally determined by the board of directors and indicated in the convening notice.

**14.2** Following the approval of the annual accounts and consolidated accounts, the general meeting shall decide by special vote on the discharge of the liability of the members of the board of directors.

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**14.3** General meetings of shareholders other than the annual general meeting may be held on the dates, at the time and at the place indicated in the notice of meeting.

**<u>Article 15. Independent Auditors</u>**

The annual accounts and consolidated accounts shall be audited, and the consistency of the management report with those accounts verified, by one or more independent auditors ("*réviseurs d'entreprises agréés*") appointed by the general meeting of shareholders for a period not exceeding three (3) years.

The independent auditor(s) may be re-elected.

They shall record the result of their audit in the reports required by law.

**<u>Article 16. Financial year</u>**

The Company's financial year shall commence on 1 January each year and end on 31 December the same year.

**<u>Article 17. Allocation of profits</u>**

Five per cent (5%) of the Company's net annual profits shall be allocated to the reserve required by the Law. This allocation shall cease to be mandatory when that reserve reaches ten per cent (10%) of the subscribed capital. It shall become mandatory once again when the reserve falls below that percentage.

The remainder of the net profit shall be allocated as follows by the general meeting of shareholders upon the proposal of the board of directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a global amount shall be allocated to the board of directors by way of directors' fees ("*tantièmes*"). This amount may not be less than one million one hundred eighty-eight thousand three hundred US Dollars (USD 1,188,300). In the event that the profits are insufficient, the amount of one million one hundred eighty-eight thousand three hundred US Dollars shall be imputed in whole or in part to the charges. The distribution of this amount as amongst the members of the board of directors shall be effected in accordance with the board of directors' rules of procedure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the balance shall be distributed as dividends to the shareholders or placed in the reserves or carried forward.

Where, upon the conversion of convertible or exchangeable securities into shares in the Company, the Company proceeds to issue new shares or to attribute shares of its own, those shares shall not take part in the distribution of dividends for the financial year preceding the conversion or exchange, unless the issue conditions of the convertible or exchangeable securities provide otherwise.

Interim dividends may be distributed under the conditions laid down by the Law by decision of the board of directors.

No interest shall be paid on dividends declared but not paid which are held by the Company on behalf of shareholders.

**<u>Article 18. Dissolution and liquidation</u>**

In the event of a dissolution of the Company, liquidation shall be carried out by one or more liquidators, who may be natural or legal persons, appointed by the general meeting of shareholders, which shall determine their powers and remuneration.

**<u>Article 19. Amendment of the articles of association</u>**

The present articles of association may be amended from time to time as considered appropriate by a general meeting of shareholders subject to the requirements as to quorum and voting laid down by the Law.

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By exception to the preceding paragraph, articles 8.1, 8.4, 8.5, 8.6 and 11.2 as well as the provision of this article 19 may only be amended by a general meeting of shareholders disposing of a majority of votes representing two-thirds of the voting rights attached to the shares in the Company.

**<u>Article 20. Applicable law and jurisdiction</u>**

For all matters not governed by the present articles of association, the parties refer to the provisions of the Law.

All disputes which may arise during the duration of the Company or upon its liquidation between shareholders, between shareholders and the Company, between shareholders and members of the board of directors or liquidators, between members of the board of directors and liquidators, between members of the board of directors or between liquidators of the Company on account of company matters shall be subject to the jurisdiction of the competent courts of the registered office. To this end, any shareholder, member of the board of directors or liquidator shall be bound to have an address for service in the district of the court for the registered office and all summonses or service shall be duly made to that address for service, regardless of their actual domicile; if no address for service is given, summonses or service shall be validly made at the Company's registered office.

The foregoing provisions do not affect the Company's right to bring proceedings against the shareholders, members of the board of directors or liquidators of the Company in any other court having jurisdiction on some other ground and to carry out any summonses or service by other means apt to enable the defendant to defend itself.

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## Exhibit 2.2

**Exhibit 2.2**

**DESCRIPTION OF THE REGISTRANT'S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934**

As of December 31, 2025, ArcelorMittal ("ArcelorMittal," the "Company," "we," "us," and "our") had the following securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"):

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| | | | |
|:---|:---|:---|:---|
| **Table** | **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **I** | **Ordinary Shares** | **MT** | **New York Stock Exchange** |

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This summary of the general terms and provisions of our Ordinary Shares does not purport to be complete and is subject to and qualified in its entirety by reference to our articles of association (the "Articles of Association"), which are incorporated herein by reference to Exhibit 1.1 Articles of Association of ArcelorMittal, dated November 20, 2025.

As of December 31, 2025, the Company's issued share capital was $275 million represented by 775,000,000 shares without nominal value. ArcelorMittal's ordinary shares are also traded on the stock exchanges of Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish Stock Exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).

***Form and transfer of shares***

The shares of ArcelorMittal are issued in registered form only and are freely transferable. There are no restrictions on the rights of Luxembourg or non-Luxembourg residents to own ArcelorMittal shares.

In accordance with Luxembourg law, the ownership of registered shares is evidenced by the inscription of the name of the shareholder and the number of shares held by such shareholder in the shareholders' register. Each transfer of shares is made by a written declaration of transfer recorded in the shareholders' register of ArcelorMittal, dated and signed by the transferor and the transferee or by their duly appointed agent. ArcelorMittal may accept and enter into its shareholders' register any transfer based on an agreement between the transferor and the transferee provided a true and complete copy of such agreement is provided to ArcelorMittal.

The Articles of Association provide that shares may be held through a securities settlement (clearing) system or a professional depositary of securities. Shares held in this manner have the same rights and obligations as the registered shares. Shares held through a securities settlement system or a professional depositary of securities may be transferred in accordance with customary procedures for the transfer of securities in book-entry form.

The ArcelorMittal ordinary shares may be held in registered form on the Company's register only. Registered shares are fully fungible and may consist of:

a. ArcelorMittal Registry Shares, which are registered directly on ArcelorMittal's Luxembourg shareholders' register,

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b. shares traded on Euronext Amsterdam, Euronext Paris, the regulated market of the Luxembourg Stock Exchange and the Spanish Stock Exchanges, which are held in Euroclear, or

c. shares traded on the NYSE (the "New York Registry Shares"), which are registered (including in the name of the nominee of DTC) in a New York Share Register kept on behalf of ArcelorMittal by Citibank, N.A., its New York transfer agent.

ABN AMRO assists the Company with certain administrative tasks relating to the day-to-day administrative management of the shareholders' register. The Company maintains a New York shareholders' register with Citibank, N.A. (located at 388 Greenwich Street, New York, New York 10013) for its New York Registry Shares that trade on the NYSE with underlying positions held in Euroclear. As of December 31, 2025, 47,569,865 shares (or approximately 6.14% of ArcelorMittal's total issued shares) were New York Registry Shares.

The law of April 6, 2013 concerning dematerialized securities allows Luxembourg issuers to opt for the full dematerialization of shares. The extraordinary general meeting of ArcelorMittal shareholders held on May 10, 2017 authorized and empowered the Board of Directors to give effect to such dematerialization and to determine its effective date, following which new shares in the Company may only be issued in dematerialized form (the "Effective Date"). Notice of the compulsory dematerialization will be given in accordance with Article 6.9 (i) of the Articles of Association. As from the Effective Date, shareholders would be required to hold their shares in a securities account at a bank or other financial intermediary, which would in turn hold the shares via an account with a securities depository such as Clearstream or Euroclear. Dematerialized securities would be solely represented by account entries with the securities depositary and would therefore exist only in electronic form. It would then no longer be possible for shareholders to hold shares through a direct, nominative registration in the Company's register of shareholders as is currently the case. As of December 31, 2025, notice of the Effective Date has not been given.

***Dividends***

Except for shares held in treasury by the Company, each ArcelorMittal share is entitled to participate equally in dividends if and when they are declared out of funds legally available for such purposes. The Articles of Association provide that the annual ordinary general meeting of shareholders may declare a dividend and that the Board of Directors may declare interim dividends within the limits set by Luxembourg law.

Declared and unpaid dividends held by ArcelorMittal for the account of its shareholders do not bear interest. Under Luxembourg law, claims for dividends lapse in favor of ArcelorMittal five years after the date on which the dividends have been declared.

***Voting and Information Rights***

There are no restrictions on the rights of Luxembourg or non-Luxembourg residents to vote ArcelorMittal shares. Each share entitles the shareholder to attend a general meeting of shareholders in person or by proxy, to address the general meeting of shareholders and to vote. Each share entitles the holder to one vote at the general meeting of shareholders. There is no minimum shareholding (beyond owning a single share or

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representing the owner of a single share) required to be able to attend or vote at a general meeting of shareholders.

Directors of ArcelorMittal are elected for a period terminating (except in the event of the replacement of a member of the board of directors during his or her mandate) at the third annual general meeting following the date of their appointment.

&nbsp;&nbsp;&nbsp;&nbsp;The voting and information rights of ArcelorMittal's shareholders have been further expanded since the entry into force of the Luxembourg law of August 1, 2019 amending the law of 24 May 2011 on the exercise of certain rights of shareholders and transposing Directive (EU) 2017/828 of the European Parliament and of the Council of May 17, 2017 (the "Shareholders' Rights Law").

***Issuance of shares*** 

The issuance of shares by ArcelorMittal requires either an amendment of the Articles of Association approved by an extraordinary general meeting of shareholders ("EGM") or a decision of the Board of Directors that is within the limits of the authorized share capital set out in the Articles of Association. In the latter case, the Board of Directors may determine the conditions for the issuance of shares, including the consideration (cash or in kind) payable for such shares.

The EGM may not validly deliberate unless at least half of the share capital is present or represented upon the first call. If the quorum is not met, the meeting may be reconvened. The second meeting will be held regardless of the proportion of share capital represented. At both meetings, resolutions with respect to the capital increase (or decrease), in order to be adopted, must be carried by at least two-thirds of the votes cast.

***Capital reduction*** 

The Articles of Association provide that the issued share capital of ArcelorMittal may be reduced subject to the approval of at least two-thirds of the votes cast at an extraordinary general meeting of shareholders where, at first call, at least 50% of the issued share capital is required to be represented, with no quorum being required at a reconvened meeting.

The extraordinary general meeting of shareholders held on May 2, 2023 decided to authorize the Board of Directors, for a period of three years (i) to cancel all the shares repurchased by the Company under its share buyback programs up to a maximum of 88 million shares and to consequently reduce the issued share capital of the Company and the authorized share capital of the Company by an amount corresponding to the product of the number of treasury shares cancelled multiplied by thirty-six U.S. dollar cents (USD 0.36), being the par value of the shares in the Company - and (ii) to consequentially amend articles 5.1 and 5.2 of the articles of association of the Company to reflect the above cancellations and reductions of the issued and authorized share capital of the Company, (iii) to reduce or cancel the relevant reserves constituted under applicable law in relation thereto and (iv) to instruct and delegate power to and authorize the Board of Directors or its delegate(s) to implement the cancellation of the number of treasury shares determined by the Board of Directors and the corresponding reduction of share capital and related matters in one or more installments as deemed fit by the Board of Directors, to cause the share capital reductions and cancellations of the treasury shares and the consequential amendment of the Articles to be recorded by way of one or more notarial deeds, and generally to take any steps, actions or formalities as appropriate or useful to implement this decision of the extraordinary general meeting.

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***Repurchase of shares*** 

ArcelorMittal is prohibited by Luxembourg law from subscribing for its own shares. ArcelorMittal may, however, repurchase its own shares or have another person repurchase shares on its behalf, subject to certain conditions, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;a prior authorization of the general meeting of shareholders setting out the terms and conditions of the proposed repurchase, including the maximum number of shares to be repurchased, the duration of the period for which the authorization is given (which may not exceed five years) and the minimum and maximum consideration per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;the repurchase may not reduce the net assets of ArcelorMittal on a non-consolidated basis to a level below the aggregate of the issued share capital and the reserves that ArcelorMittal must maintain pursuant to Luxembourg law or its Articles of Association;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;only fully paid-up shares may be repurchased. At December 31, 2025, all of ArcelorMittal's issued ordinary shares were fully paid-up; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;the acquisition offer is made on the same terms and conditions to all the shareholders who are in the same position, it being noted however that listed companies may repurchase their own shares on the stock exchange without an acquisition offer having to be made to the shareholders.

In addition, Luxembourg law allows the Board of Directors to approve the repurchase of ArcelorMittal shares without the prior approval of the general meeting of shareholders if necessary to prevent serious and imminent harm to ArcelorMittal. In such a case, the next general meeting of shareholders must be informed by the Board of Directors of the reasons for and the purpose of the acquisitions made, the number and nominal values, or in the absence thereof, the accounting par value of the shares acquired, the proportion of the issued share capital that they represent, and the consideration paid for them.

The annual general meeting of shareholders held on May 6, 2025 (the "2025 AGM") decided to authorize, effective immediately after the 2025 AGM, the Board of Directors, with the option to delegate to the corporate bodies of the other companies in the ArcelorMittal group in accordance with the Luxembourg law of August 10, 1915 on commercial companies, as amended (the "Law"), to acquire and sell shares in the Company in accordance with the Law and any other applicable laws and regulations, including but not limited to entering into off-market and over-the-counter transactions and to acquire shares in the Company through derivative financial instruments as well as to enter into cash-settled derivative financial instruments to mitigate the volatility in the share prices paid to acquire shares in the Company (the "Authorization").

Any acquisitions, disposals, exchanges, contributions or transfers of shares by the Company or other companies in the ArcelorMittal group must be in accordance with Regulation (EU) No. 596/2014 of the European Parliament and of the Council of April 16, 2014 on market abuse (the "MAR Regulation") as amended from time to time and most recently by the EU Listing Act (Regulation (EU) 2024/2809)**,** formally adopted on October 23, 2024 and partially in force since December 4, 2024, Commission Delegated Regulation (EU) No. 2016/1052 of March 8, 2016 with regard to regulatory technical standards for the conditions applicable to buy-back programs and stabilization measures and Luxembourg law of December 23, 2016 on market abuse implementing the MAR Regulation.

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Such transactions may be carried out at any time, including during a tender offer period, subject to applicable laws and regulations including Section 10(b) and Section 9(a)(2) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Rule 10b-5 promulgated under the Exchange Act.

The Authorization is valid until the end of the annual general meeting of shareholders to be held in 2028 (the "2028 AGM"), or until the date of its renewal by a resolution of the general meeting of shareholders if such renewal date is prior to the expiration of the 2028 AGM.

The Company may not repurchase shares amounting to more than 10% of its issued share capital (at the date of the 2025 AGM being 85,280,977 shares). The maximum number of own shares that the Company may hold at any time directly or indirectly may not have the effect of reducing its net assets ("*actif net*") below the amount mentioned in paragraphs 1 and 2 of Article 461-2 of the Law. The purchase price per share to be paid shall not exceed 110% of the average of the final listing prices of the 30 trading days preceding the three trading days prior to each date of repurchase, and shall not be less than one euro cent. The final listing prices are those on the New York Stock Exchange, Euronext markets on which the Company's shares are listed or the Luxembourg Stock Exchange, depending on the market on which the purchases are made. For off-market transactions, the maximum purchase price shall be 110% of the reference price on the New York Stock Exchange (in case of purchase in USD) or the Euronext markets (in case of purchase in EUR) on which the Company's shares are listed. The reference price will be deemed to be the average of the final listing prices per share on these markets during 30 consecutive days on which these markets are open for trading preceding the three trading days prior to the date of purchase. For the avoidance of doubt, price restrictions set out in the immediately preceding paragraphs do not apply to cash-settled derivative financial instruments entered into to mitigate volatility in the per share prices paid to acquire shares in the Company. In the event of a share capital increase by incorporation of reserves or issue premiums and the free allotment of shares as well as in the event of the division or regrouping of the shares, the purchase price indicated above shall be adjusted by a multiplying coefficient equal to the ratio between the number of shares comprising the issued share capital prior to the transaction and such number following the transaction.

***Preemptive Rights*** 

Unless limited or cancelled by the Board of Directors pursuant to a power granted by an extraordinary general meeting of shareholders or by an extraordinary general meeting of shareholders, holders of ArcelorMittal shares have a pro rata preemptive right to subscribe for newly issued shares, except for shares issued for consideration other than cash (i.e., in kind).

***Liquidation*** 

In the event of the liquidation, dissolution or winding-up of ArcelorMittal, the assets remaining after allowing for the payment of all liabilities will be paid out to the shareholders pro rata to their respective shareholdings. The decision to liquidate, dissolve or wind-up the Company requires the approval of at least two-thirds of the votes cast at a general meeting of shareholders where at first call at least 50% of the share capital is represented, with no quorum being required at a reconvened meeting. Irrespective of whether the liquidation is subject to a vote at the first or a subsequent extraordinary general meeting of shareholders, it requires the approval of at least two-thirds of the votes cast at the extraordinary general meeting of shareholders.

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***Amendment of the Articles of Association*** 

Any amendments to the Articles of Association must be approved by an extraordinary general meeting of shareholders held in the presence of a Luxembourg notary, followed by the publications required by Luxembourg law.

In order to be adopted, amendments of the Articles of Association relating to the size and the requisite minimum number of independent and non-executive directors of the Board of Directors, the composition of the Audit & Risk Committee, and the nomination rights to the Board of Directors of the Significant Shareholder require a majority of votes representing two-thirds of the voting rights attached to the shares in ArcelorMittal. The same majority rule applies to amendments of the provisions of the Articles of Association that set out the foregoing rule.

***Merger and division*** 

A merger whereby the Luxembourg company being acquired transfers to an existing or newly incorporated Luxembourg company all of its assets and liabilities in exchange for the issuance to the shareholders of the company being acquired of shares in the acquiring company, and a division whereby a company (the company being divided) transfers all its assets and liabilities to two or more existing or newly incorporated companies in exchange for the issuance of shares in the beneficiary companies to the shareholders of the company being divided or to such company, and certain similar restructurings must be approved by an extraordinary general meeting of shareholders of the relevant companies held in the presence of a notary. These transactions require the approval of at least two-thirds of the votes cast at a general meeting of shareholders of each of the companies where at least 50% of the share capital is represented upon first call, with no such quorum being required at a reconvened meeting.

***Mandatory bid—squeeze-out right—sell-out right*** 

***Mandatory bid.*** The Luxembourg law of May 19, 2006 implementing Directive 2004/25/EC of the European Parliament and the Council of April 21, 2004 on takeover bids, as amended from time to time (the "Takeover Law"), provides that, if a person acting alone or in concert acquires securities of ArcelorMittal which, when added to any existing holdings of ArcelorMittal securities, gives such person voting rights representing at least one third of all of the voting rights attached to the issued shares in ArcelorMittal, this person is obliged to make an offer for the remaining shares in ArcelorMittal. In a mandatory bid situation the "fair price" is in principle considered to be the highest price paid by the offeror or a person acting in concert with the offeror for the securities during the 12–month period preceding the mandatory bid.

ArcelorMittal's Articles of Association provide that any person who acquires shares giving them 25% or more of the total voting rights of ArcelorMittal must make or cause to be made, in each country where ArcelorMittal's securities are admitted to trading on a regulated or other market and in each of the countries in which ArcelorMittal has made a public offering of its shares, an unconditional public offer to acquire for cash all outstanding shares and securities giving access to shares linked to the share capital or whose rights are dependent on the profits of ArcelorMittal. The price offered must be fair and equitable and must be justified by a report drawn up by a leading international financial institution nominated by the Company.

***Squeeze-out right.*** 

The Takeover Law provides that, when an offer (mandatory or voluntary) is made to all of the holders of voting securities of ArcelorMittal and if after such offer the offeror holds at least 95% of the securities carrying voting

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rights and 95% of the voting rights, the offeror may require the holders of the remaining securities to sell those securities (of the same class) to the offeror. The price offered for such securities must be a fair price. The price offered in a voluntary offer would be presumed a fair price in the squeeze-out proceedings if the offeror acquired at least 90% of ArcelorMittal shares carrying voting rights that were the subject of the offer. The price paid in a mandatory offer is presumed a fair price. The consideration paid in the squeeze-out proceedings must take the same form as the consideration offered in the offer or consist solely of cash. Moreover, an all-cash option must be offered to the remaining ArcelorMittal shareholders. Finally, the right to initiate squeeze-out proceedings must be exercised within three months following the expiration of the offer.

***Sell-out right.*** The Takeover Law provides that, when an offer (mandatory or voluntary) is made to all of the holders of voting securities of ArcelorMittal and if after such offer the offeror holds securities carrying more than 90% of the voting rights, the remaining security holders may require that the offeror purchase the remaining securities of the same class. The price offered in a voluntary offer would be presumed "fair" in the sell-out proceedings if the offeror acquired at least 90% of ArcelorMittal shares carrying voting rights and which were the subject of the offer. The price paid in a mandatory offer is presumed to be a fair price. The consideration paid in the sell-out proceedings must take the same form as the consideration offered in the offer or consist solely of cash. Moreover, an all-cash option must be offered to the remaining ArcelorMittal shareholders. Finally, the right to initiate sell-out proceedings must be exercised within three months following the expiration of the offer.

***Disclosure of significant ownership in ArcelorMittal shares*** 

Holders of ArcelorMittal shares and derivatives or other financial instruments linked to ArcelorMittal shares may be subject to the notification obligations of the Luxembourg law of January 11, 2008, as amended, on transparency requirements regarding information about issuers whose securities are admitted to trading on a regulated market (the "Transparency Law"). The following description summarizes these obligations. ArcelorMittal shareholders are advised to consult with their own legal advisers to determine whether the notification obligations apply to them.

The Transparency Law provides that, if a person acquires or disposes of a shareholding in ArcelorMittal, and if following the acquisition or disposal the proportion of voting rights held by the person reaches, exceeds or falls below one of the thresholds of 5%, 10%, 15%, 20%, 25%, one-third, 50% or two-thirds of the total voting rights existing when the situation giving rise to a declaration occurs, the relevant person must simultaneously notify ArcelorMittal and the CSSF (the Luxembourg securities regulator) of the proportion of voting rights held by it further to such event within four Luxembourg Stock Exchange trading days of the day of execution of the transaction triggering the threshold crossing.

A person must also notify ArcelorMittal of the proportion of his or her voting rights if that proportion reaches, exceeds or falls below the above-mentioned thresholds as a result of events changing the breakdown of voting rights.

The above notification obligations also apply to persons who directly or indirectly hold financial instruments linked to ArcelorMittal shares. Pursuant to article 12 a. of the Transparency Law, persons who hold ArcelorMittal shares and financial instruments linked to ArcelorMittal's shares must aggregate their holding.

ArcelorMittal's Articles of Association also provide that the above disclosure obligations also apply to:

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&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;any acquisition or disposal of shares resulting in the threshold of 2.5% of voting rights in ArcelorMittal being reached or crossed upwards or downwards,

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;any acquisition or disposal of shares resulting in the threshold of 3.0% of voting rights in ArcelorMittal being reached or crossed upwards or downwards, and

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;with respect to any shareholder holding at least 3.0% of the voting rights in ArcelorMittal, to any acquisition or disposal of shares resulting in successive thresholds of 1.0% of voting rights being reached or crossed upwards or downwards.

Pursuant to the Articles of Association, any person who acquires shares giving him or her 5% or more or a multiple of 5% or more of the voting rights must inform ArcelorMittal within 10 Luxembourg Stock Exchange trading days following the date on which the threshold was reached or crossed by registered letter with return receipt requested as to whether he or she intends to acquire or dispose of shares in ArcelorMittal within the next 12 months or intends to seek to obtain control over ArcelorMittal or to appoint a member to ArcelorMittal's Board of Directors.

The sanction of suspension of voting rights automatically applies, subject to limited exceptions set out in the Transparency Law, to any shareholder (or group of shareholders) who has (or have) reached or crossed the thresholds set out in article 7 of the Articles of Association and articles 8 to 15 of the Transparency Law but have not notified the Company accordingly. The sanction of suspension of voting rights will apply until such time as the notification has been properly made by the relevant shareholder(s).

For the purposes of calculating the percentage of a shareholder's voting rights in ArcelorMittal, the following are taken into account:

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;voting rights held by a third party with whom that person or entity has concluded an agreement and which obliges them to adopt, by concerted exercise of the voting rights they hold, a lasting common policy towards ArcelorMittal;

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;voting rights held by a third party under an agreement concluded with that person or entity providing for the temporary transfer for consideration of the voting rights in question;

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;voting rights attaching to shares pledged as collateral with that person or entity, provided the person or entity controls the voting rights and declares its intention to exercise them;

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;voting rights attaching to shares in which a person or entity holds a life interest;

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;voting rights which are held or may be exercised within the meaning of the four foregoing points by an undertaking controlled by that person or entity;

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;voting rights attaching to shares deposited with that person or entity which the person or entity may exercise at its discretion in the absence of specific instructions from the shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;voting rights held by a third party in its own name on behalf of that person or entity; and

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;voting rights which that person or entity may exercise as a proxy where the person or entity may exercise the voting rights in its sole discretion.

In addition, the Articles of Association provide that, for the purposes of calculating a person's voting rights in ArcelorMittal, the voting rights attached to shares underlying any other financial instruments owned by that person (such as convertible notes) must be taken into account for purposes of the calculation described above.

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***Identification of shareholders*** 

Pursuant to the Shareholders' Rights Law, listed companies have the ability to identify their shareholders and ultimately improve communication between them and their shareholders. Intermediaries, including those in third countries, are required to provide the Company with information to enable the identification of shareholders. Intermediaries that are covered by the Shareholders' Rights Law are investment firms, credit institutions and central securities depositories which provide share safekeeping or administration of securities accounts or maintenance services to shareholders or other persons. Third country in-scope intermediaries are those which provide these services to shareholders or other intermediaries with respect to shares in the Company and are located outside of the European Union.

## Exhibit 4.17

**Exhibit 4.17**

ARCELORMITTAL EXECUTIVE OFFICE

PERFORMANCE SHARE UNIT PLAN

ANNEX C

<u>Amendment of eligible participants to the Executive Office Performance Share Units Plan</u>

The ArcelorMittal Executive Office Performance Share Unit Plan approved at the annual general shareholders meeting held on May 2nd, 2023 was intended to create an incentive vehicle provided exclusively to the members of the Executive Office, who will no longer receive awards granted pursuant to the ArcelorMittal Equity Incentive Plan.

The Plan included the definition of "Participant" as a member of the Executive Office who is eligible to participate in the Plan and to whom one or more Awards have been granted pursuant to the Plan and, following the death of any such person, his or her successors, heirs, executors, and administrators, as the case may be.

At the annual general shareholders meeting held on May 6, 2025 has been approved to amend the Participant definition in the sense of including the Chief Financial Officer as eligible to be granted Awards pursuant to the Plan as from that date.

For the purpose of the Plan, any mention made in the Plan to the Group Executive Office or its members should be interpreted as including the Chief Financial Officer.

## Exhibit 4.18

**Exhibit 4.18**

ARCELORMITTAL

EQUITY INCENTIVE PLAN

ANNEX E

Supplemental Terms for 2025-2026 Restricted Share Units and Performance Share Units

The following share limits and vesting provisions shall apply to all Awards of Restricted Share Units and Performance Share Units granted pursuant to the Plan during the period beginning on the date of the annual general meeting of shareholders of the Company in 2025 and ending on the date of the annual general meeting of shareholders of the Company in 2026 (the "2025-2026 Plan Year"). All other terms and conditions of the Restricted Share Units and Performance Share Units are as set forth in the Plan, including but not limited to Section 6 thereof.

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Shares Available for Grant</u>. Subject to adjustment as provided in Section 7 of the Plan the number of shares of Common Stock that may be issued pursuant to Awards of Restricted Share Units and Performance Share Units granted pursuant to the Plan during the 2025-2026 Plan Year and the number of shares of Common Stock that may be issued pursuant to Awards of Performance Share Units granted to the Executive Office members pursuant to the Executive Office Performance Share Units Plan may not exceed 6,000,000 (six million).

2. <u>Vesting and Settlement.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Award of Restricted Share Units granted pursuant to the Plan during the 2025-2026 Plan Year shall vest in full on the third (3) year anniversary of the date on which the Award was granted, subject to the continued active Employment of the Participant through such date, and be settled by the Company pursuant to the terms of the Plan on or within fourteen (14) days following the vesting date, provided that the Participant has submitted all necessary settlement information prior to such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise determined by the Committee at any time at or after the Award Notice, if a Participant's Employment is terminated for any reason other than by reason of the Participant's Retirement at the age of sixty or more and the Participant has ten (10) years of continuous employment with one or several Affiliates, each Performance Share Unit that has not vested as of the date of such termination shall expire and be terminated. If a Participant's Employment is terminated due to the Participant's Retirement at the age of sixty or more and the Participant has ten (10) years of continuous employment with one or several Affiliates prior to the vesting date, the number of Performance Share Units that is equal to the sum for each calendar year of the vesting period to (A) the number of Performance Share Units granted pursuant to the Award Notice divided by 3, multiplied by (B) a fraction, the numerator of which is the number of days or the calendar year during which the Participant was employed, multiplied by (C) the multiplier corresponding to the achievement of the goals during the concerned calendar year, and the denominator of which is the total number of days in the calendar year, shall vest upon the vesting date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Award of Performance Share Units granted pursuant to the Plan during the 2025-2026 Plan Year shall vest after the completion of the three (3) full year financial exercises following the date on which the Award was granted, subject to the continued active Employment of the Participant through such date and subject to the achievement of the following goals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The achievement of Total Shareholder Return (TSR) counting for 40% (forty percent),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The achievement of Environmental, Social and Governance targets (ESG) counting for 20% (twenty percent) split as follows:

■15% Health & Safety measure

■5% Climate action measure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• And the achievement of Return on Capital Employed ("ROCE") counting for 40% (forty percent). In some business units other strategic measures might have been agreed by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The performance targets for the Performance Share Units granted during the 2025-2026 Plan Year and the portion of the Award conditioned by each of them shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The vesting of forty percent (40%) of the Award shall be subject to the Company achievement on TSR (the "<u>TSR Award</u>") over the vesting period and shall be determined by comparing the Company's TSR to the TSR performance of the companies comprising a comparator group defined by the Committee (the "<u>Peer Group</u>") calculated year-by-year. This comparison will be based on rolling averages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The vesting of twenty percent (20%) of the Award shall be subject to the Company achievement on ESG targets as set by the Board of Directors over the vesting period (the "<u>ESG Award</u>"), calculated year-by-year for Health & Safety measure and cumulative over three years for Climate action measure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The vesting of the remaining forty percent (40 %) of the Award shall be subject to the Company achievement on ROCE targets (or other strategic measures agreed by the Committee) over the vesting period (the "<u>ROCE Award</u>") as set by the Board of Directors calculated as rolling averages year-by-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The performance targets applicable to the Awards shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) With respect to the TSR Award, the threshold, target, stretch and ceiling levels shall be, respectively, the 80%, 100%, 120% and 140% of the rolling average TSR performance realized by the companies in the Peer Group year-by-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) With respect to the ESG Award, the threshold, target, stretch and ceiling levels shall be, respectively, the 80%, 100%, 120% and 140% of the target as set by the Board of Directors, calculated year-by-year for Health & Safety and cumulative for Climate action measure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) With respect to the ROCE Award, the threshold level shall be 6%, the target level shall be 9%, the stretched level shall be 12%, and the ceiling level shall be 14% as set by the Board of Directors, calculated year-by-year. For other strategic measure, the Board of Directors will determine the level of threshold and stretched.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) At the end of the vesting period the Committee shall determine whether the performance achieved for each of the performance criteria has been met and, for the portion of the awards conditioned by each of them, the Performance Share Units that shall vest and be subject to settlement for each Participant as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) No Performance Share Units shall vest if the Committee determines that the achievement reached for the performance target is below the threshold level defined for the TSR award, the ESG award and the ROCE (or any other strategic measure) award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Performance Share Units shall vest and the Participant shall have the right to the settlement of a number of shares equal to 50% of the Performance Share Units if the Committee determines that the achievement reached for the performance target is at the threshold level defined for TSR, ESG and ROCE (or any other strategic measure) awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Performance Share Units shall vest and the Participant shall have the right to the settlement of a number of shares equal to 100% of the Performance Share Units if the Committee determines that the achievement reached for the performance target is at the target level defined for TSR, ESG and ROCE (or any other strategic measure) awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Performance Share Units shall vest and the Participant shall have the right to the settlement of a number of shares equal to 150% of the Performance Share Units if the Committee determines that the achievement reached for the performance target is at the stretch level defined for TSR, ESG and ROCE (or any other strategic measure) awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Performance Share Units shall vest and the Participants shall have the right to the settlement of a number of shares equal to 200% of the Performance Share Units granted if the Committee determines that the achievement reached for the performance target is at the ceiling level defined for TSR, ESG and ROCE (or any other strategic measure) awards.

For performance results between threshold and ceiling levels, the Committee shall apply straight-line interpolation to determine the number of Performance Share Units to be settled for TSR award, ESG and other strategic measure award, whereas for ROCE award the Committee shall apply linear interpolation only between target and ceiling. In no event the Participant will be entitled to settlement of a number of Performance Share Units equal to more than 200% of the PSUs granted to the Participant.

The table below summarizes the performance criteria and the percentage of vesting associated to different achievement levels for each Award portion described in this document:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Performance Measure** | **Weight & Calculation** | **Threshold** | **Target** | **Stretch** | **Ceiling** |
| **TSR vs. Peer Group** | 40% Rolling average Year-by-year | 80% vs. rolling average of Peer Group | 100% vs. rolling average of Peer Group | 120% vs. rolling average of Peer Group | 140% vs. rolling average of Peer Group |
| **ROCE** | 40% Rolling average Year-by-year | 6% | 9% | 12% | 14% |
| **ESG (20%)** | 15% H&S Year-by-year | 80% of target | 100% of target | 120% of target | 140% of target |
|  | 5% Climate action Cumulative | 80% of target | 100% of target | 120% of target | 140% of target |
| Percentage of Vesting | Percentage of Vesting | 50% | 100% | 1505 | 200% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Committee shall determine whether the performance criteria have been met within ninety (90) days from the vesting date and shall inform each Participant of such performance as soon as practicable thereafter. Vested Awards shall be settled by the Company pursuant to the terms of the Plan on or within fourteen (14) days after the confirmation that the performance criteria have been met, provided that the Participant has submitted all necessary settlement information prior to such time.

At the end of the vesting period, the Committee shall determine for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) TSR, ROCE, other strategic measure and H&S targets, the level of performance achieved for each of these goals and financial year, on per annum basis, each year carrying the same weight.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Climate action target, the level of performance achieved for each of these goals, on a cumulative basis.

For purposes of clarification, if a Participant belongs to different business units during the performance period or otherwise has duties and responsibilities that affect the performance of multiple business units during the performance period, the Committee may take into consideration the achievements reached for the applicable performance objectives of multiple business units, as appropriate, for various portions of the performance period in respect of Performance Share Units held by such Participant, considering for each financial year the achievements reached by the business units to which the Participant belonged to or for which the Participant had responsibilities for the longest period within the financial year.

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EXHIBIT 5

Terms Applicable to Participants Subject to United States Federal, State or Local Tax in Respect of Any Restricted Share Units or Performance Share Units Granted Pursuant to the Plan during the 2025-2026 Plan Year.

Pursuant to Section 17 of the Plan, the following terms and conditions shall apply to all Awards issued to any Participant who is or may be subject to federal, state or local tax in respect of any Restricted Share Units or Performance Share Units granted pursuant to the Plan during the 2025-2026 Plan Year (a "U.S. Participant"). With respect to each U.S. Participant, in the event of any conflict between the terms of the Plan and this Exhibit, the terms of this Exhibit shall apply.

1. <u>Vesting and Settlement.</u>

All Awards granted to U.S. Participants shall be settled within two and one-half months (75 calendar days) following the date on which such Award vests.

In the event that a U.S. Participant's Employment terminates for any reason prior to the vesting date of the Award:

&nbsp;&nbsp;&nbsp;&nbsp;(i) unless otherwise determined by the Committee at any time at or after the Award Notice, if a Participant's Employment is terminated for any reason other than by reason of the Participant's Retirement at the age of sixty or more and the Participant has ten (10) years of continuous employment with one or several Affiliates, each Performance Share Unit that has not vested as of the date of such termination shall expire and be terminated. If a Participant's Employment is terminated due to the Participant's Retirement at the age of sixty or more and the Participant has ten (10) years of continuous employment with one or several Affiliates prior to the vesting date, the number of Performance Share Units that is equal to the sum for each calendar year of the vesting period to (A) the number of Performance Share Units granted pursuant to the Award Notice divided by 3, multiplied by (B) a fraction, the numerator of which is the number of days or the calendar year during which the Participant was employed, multiplied by (C) the multiplier corresponding to the achievement of the goals during the concerned calendar year, and the denominator of which is the total number of days in the calendar year, shall vest upon the vesting date.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Participant's Employment terminates by reason of the Participant's death, disability or Retirement at age sixty (60) or more, each Restricted Share Unit shall vest as set forth in Section 6(c) of the Plan and in section 2 of the annex D, and shall be settled within fourteen (14) days following the date of such U.S. Participant's death, disability or Retirement, provided that all necessary settlement information has been submitted by the Participant or his or her heirs.

Settlement of such Award may not be deferred under Section 4(e) of the Plan, except in compliance with Section 409A of the Code. Notwithstanding anything to the contrary, in the event that such U.S. Participant is a "specified employee" (within the meaning of Section 409A(2)(B) of the Code) on the date his or her Employment terminates by reason of Retirement, the Award shall be settled on the first business

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day of the first calendar month that begins after the six-month anniversary of the date of the termination of Employment.

2. <u>Committee Discretion</u>.

With respect to Awards granted to U.S. Participants, the Committee's authority with respect to leaves of absence as set forth in Section 4(d) of the Plan shall be limited as follows: the Committee shall determine whether an authorized leave of absence, or absence in military or government service, shall constitute termination of Employment; provided that, no payment shall be made with respect to any Award that is subject to Section 409A of the Internal Revenue Code of 1986, as amended from time to time, and all regulations, interpretations and administrative guidance issued thereunder (the "Code") as a result of any such authorized leave of absence or absence in military or government service unless such authorized leave of absence constitutes a separation from service for purposes of Section 409A.

3. <u>Payments by the Company</u>.

With respect to Awards granted to U.S. Participants, the Committee may not accelerate the settlement of any Award unless any such acceleration would be permissible under Section 409A of the Code.

4. <u>Adjustments Upon Certain Changes.</u>

No provision of Section 9 of the Plan shall be given effect with respect to Awards granted to U.S. Participants, to the extent that such provision would cause any tax to become due under Section 409A of the Code.

5. <u>Amendment or Termination of the Plan.</u>

With respect to Awards granted to U.S. Participants, no provision of the Board of Directors' right to amend or terminate the plan as provided in Section 12 of the Plan shall be given effect to the extent that such provision would cause any tax to become due under Section 409A of the Code.

6. <u>Certain Limitations on Awards to Ensure Compliance with Code Section 409A.</u>

The Company intends that the Plan and each Award granted hereunder that is subject to Section 409A of the Code shall comply with Section 409A of the Code and that the Plan shall be interpreted, operated and administered accordingly. In the event any term and/or condition of an Award granted hereunder would cause the application of an accelerated or additional tax due by the Participant under Section 409A of the Code, such term and/or condition shall be restructured, to the extent possible, in a manner, determined by the Committee, that does not cause such an accelerated or additional tax. Any reservation of rights by the Company hereunder affecting the timing of payment of any Award subject to Section 409A of the Code (including, without limitation, the rights of the Committee pursuant to Section 9(d)) will only be as broad as is permitted by Section 409A of the Code. Notwithstanding anything herein to the contrary, in no event shall the Company be liable for the payment of or gross up in connection with any taxes and or penalties owed by the Participant pursuant to Section 409A of the Code.

------

To the extent that a Participant is not, during the period of time when his or her Award is outstanding, subject to the application of Section 409A of the Code, the limitations contained herein solely to ensure compliance with Section 409A of the Code shall not apply.

## Exhibit 4.19

**Exhibit 4.19**

ARCELORMITTAL EXECUTIVE OFFICE

Performance Share Unit PLAN

ANNEX D

Supplemental Terms for 2025-2026 Executive Office Performance Share Units Plan

The following share limits and vesting provisions shall apply to all Awards granted pursuant to the Plan during the period beginning on the date of the general meeting of shareholders of the Company in 2025 and ending on the date of the annual general meeting of shareholders of the Company to be held in 2026 (the "2025-2026 <u>Plan Year</u>"). All other terms and conditions of the Performance Share Units are as set forth in the Plan, including but not limited to Section 6 thereof.

1. <u>Grant of Awards</u>

The value of the Award shall correspond to 180% of the base salary at the date of the grant of the Award for the Executive Chairman of ArcelorMittal and for the Chief Executive Officer of ArcelorMittal and to 110% of the base salary at the date of the grant of the Award for the Chief Financial Officer.

For the purpose of the above, the value of the Award shall be calculated by using the relevant exchange rate of the business day preceding the day of the grant (as published in the treasury server https://web-treasury.appliarmony.net/servlet/Serv3?Forme=Form21).

In order to determine the amount of the Award, the Volume-Weighted Average Price of the New York Stock Exchange of the business day (VWAP) preceding the grant shall be used. In order to calculate the number of Performance Share Units to be granted, a mathematic rounding shall be applied.

2. <u>Vesting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each Award granted during the 2025-2026 Plan Year shall vest after the completion of the three (3) full year financial exercises commenced after the date on which the Award was granted, subject to the continued active Employment of the Participant through such date and subject to the achievement of the performance targets described hereafter, each of which shall determine the vesting of a specific portion of the Award and therefore shall be calculated separately to determine the total vesting.

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The performance targets for each Award granted during the 2025-2026 Plan Year and the portion of the Award conditioned by each of them shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The vesting of fifty percent (50%) of the Award (the "<u>TSR Award</u>") shall be subject to the Company achievement on Total Shareholder Return (TSR) over the vesting period, which shall be determined by comparing the Company's TSR to the weighted

------

average of the TSR performance of the companies comprising a comparator group defined by the Committee, as measured over the three-year vesting period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;The vesting of twenty percent (20%) of the Award (the "<u>EPS Award</u>") shall be subject to the Company achievement on Earnings Per Share ratio (EPS) over the vesting period relative, which shall be determined by comparing the Company's EPS to the weighted average of the EPS performance of companies comprising a comparator group defined by the Committee, as measured over the three-year vesting period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) &nbsp;&nbsp;&nbsp;&nbsp;The vesting of the remaining thirty percent (30%) of the Award (the "<u>ESG Award</u>") shall be subject to the Company achievement on Environmental, Social and Governance measures over the vesting period as defined by the Committee split as follows:

-20%: Health & Safety measure

-10%: Climate action measure

&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;The performance targets applicable to the TSR Award, the EPS Award and the ESG Award shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp;With respect to the TSR Award Portion, the target level shall be 100% of the weighted average, the stretch level shall be 120% of weighted average and the ceiling level shall be 140% of the weighted average TSR performance realized by the companies in the comparator group over the three years of the vesting period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;With respect to the EPS Award, the target level shall be 100% of the weighted average, the stretch level shall be 120% of weighted average and the ceiling level shall be 140% of the weighted average EPS performance realized by the companies in the comparator group over the three years of the vesting period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) &nbsp;&nbsp;&nbsp;&nbsp;With respect to the ESG Award, the target level shall be 100% of the target, the stretch level shall be 120% of the target and the ceiling level shall be 140% of the target.

&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;At the end of the vesting period the Committee shall determine the level of performance achieved for each of the performance criteria and, for the portion of the awards conditioned by each of them, the Performance Share Units that shall vest and be subject to settlement for each Participant as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp;No Performance Share Units shall vest if the Committee determines that the achievement reached for the performance target is below the target level defined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;Performance Share Units shall vest and the Participants shall have the right to the settlement of a number of shares equal to 100% of the Performance Share Units

------

granted if the Committee determines that the achievement reached for the performance is at the target level defined for the TSR, EPS and ESG Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) &nbsp;&nbsp;&nbsp;&nbsp;Performance Share Units shall vest and the Participants shall have the right to the settlement of a number of shares equal to 150% of the Performance Share Units granted if the Committee determines that the achievement reached for the performance is at the stretch level defined for the TSR, EPS and ESG Awards

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) &nbsp;&nbsp;&nbsp;&nbsp;Performance Share Units shall vest and the Participants shall have the right to the settlement of a number of shares equal to 200% of the Performance Share Units granted if the Committee determines that the achievement reached for the performance is at the ceiling level defined for the TSR, EPS and ESG Awards.

For performance results between target and ceiling levels of the performance the Committee shall apply straight-line interpolation to determine the number of Performance Share Units that shall vest and be subject to settlement for the Participants, provided that in no event will a Participant be entitled to settlement of a number of Performance Share Units equal to more than 200% of the Performance Share Units granted to the Participant.

The table below summarizes the performance criteria and the percentage of vesting associated to different achievement levels for each Award portion described in this document.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Performance Measure** | **Weight & Calculation** | **Target** | **Stretch** | **Ceiling** |
| **TSR vs. comparator Group** | 50% | 100% vs. weighted average of comparator Group | 120% vs. weighted average of comparator Group | ≥140% vs. weighted average of comparator Group |
| **EPS vs. comparator Group** | 20% | 100% vs. weighted average of comparator Group | 120% vs. weighted average of comparator Group | ≥140% vs. weighted average of comparator Group |
| **ESG (30%)** | 20% H&S | 100% of target | 120% of target | ≥140% of target |
|  | 10% Climate action | 100% of target | 120% of target | ≥140% of target |
| Percentage of vesting | Percentage of vesting | 100% | 150% | 200% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(e) &nbsp;&nbsp;&nbsp;&nbsp;The Committee shall determine whether the performance criteria have been met within ninety (90) days from the vesting date and shall inform each Participant of such performance as soon as practicable thereafter.

Vested awards shall be settled by the Company pursuant to the terms of the Plan on or within fourteen (14) days after confirmation that the performance criteria have been met, provided that the Participant has submitted all necessary settlement information prior to such time.

------

EXHIBIT 3

Terms Applicable to Participants Subject to United States Federal, State or Local Tax in Respect of Performance Share Units Granted Pursuant to the Plan during the 2025-2026 Plan Year

Pursuant to Section 16 of the Plan, the following terms and conditions shall apply to all Awards issued to any Participant who is or may be subject to federal, state or local tax in respect of any Performance Share Units granted pursuant to the Plan during the 2025-2026 Plan Year (a "<u>U.S. Participant</u>"). With respect to each U.S. Participant, in the event of any conflict between the terms of the Plan and this Exhibit, the terms of this Exhibit shall apply.

1. <u>Vesting and Settlement</u>.

All Awards granted to U.S. Participants shall be settled within two and one-half months (75 calendar days) following the date on which such Award vests.

2. <u>Committee Discretion</u>.

With respect to Awards granted to U.S. Participants, the Committee's authority with respect to leaves of absence as set forth in Section 4(d) of the Plan shall be limited as follows: the Committee shall determine whether an authorized leave of absence, or absence in military or government service, shall constitute termination of Employment; provided that, no payment shall be made with respect to any Award that is subject to Section 409A of the Code as a result of any such authorized leave of absence or absence in military or government service unless such authorized leave or absence constitutes a separation from service for purposes of Section 409A.

3. <u>Payments by the Company</u>.

With respect to Awards granted to U.S. Participants, the Committee may not accelerate the settlement of any Award unless any such acceleration would be permissible under Section 409A of the Code.

4. <u>Adjustments Upon Certain Changes</u>.

No provision of Section 9 of the Plan shall be given effect with respect to Awards granted to U.S. Participants, to the extent that such provision would cause any tax to become due under Section 409A of the Code.

5. <u>Amendment or Termination of the Plan</u>.

With respect to Awards granted to U.S. Participants, no provision of the Board of Directors' right to amend or terminate the plan as provided in Section 12 of the Plan shall be given effect to the extent that such provision would cause any tax to become due under Section 409A of the Code.

6. <u>Certain Limitations on Awards to Ensure Compliance with Code Section 409A</u>.

------

The Company intends that the Plan and each Award granted hereunder that is subject to Section 409A of the Code shall comply with Section 409A of the Code and that the Plan shall be interpreted, operated and administered accordingly. In the event any term and/or condition of an Award granted hereunder would cause the application of an accelerated or additional tax due by the Participant under Section 409A of the Code, such term and/or condition shall be restructured, to the extent possible, in a manner, determined by the Committee, that does not cause such an accelerated or additional tax. Any reservation of rights by the Company hereunder affecting the timing of payment of any Award subject to Section 409A of the Code (including, without limitation, the rights of the Committee pursuant to Section 9(d)) will only be as broad as is permitted by Section 409A of the Code. Notwithstanding anything herein to the contrary, in no event shall the Company be liable for the payment of or gross up in connection with any taxes and or penalties owed by the Participant pursuant to Section 409A of the Code.

To the extent that a Participant is not, during the period of time when his or her Award is outstanding, subject to the application of Section 409A of the Code, the limitations contained herein solely to ensure compliance with Section 409A of the Code shall not apply.

## Exhibit 8.1

**Exhibit 8.1**

**LIST OF PRINCIPAL SUBSIDIARIES**

The following is a list of ArcelorMittal's principal operating subsidiaries as of December 31, 2025, each wholly- or majority-owned directly or indirectly through intermediate holding companies

---

| | | |
|:---|:---|:---|
| **Name of Subsidiary** | **Abbreviation** | **Country** |
| **North America** | | |
| ArcelorMittal Calvert LLC | ArcelorMittal Calvert | United States of America |
| ArcelorMittal Dofasco G.P. | ArcelorMittal Dofasco | Canada |
| ArcelorMittal Long Products Canada G.P. | ArcelorMittal Long Products Canada | Canada |
| ArcelorMittal México S.A. de C.V. | ArcelorMittal Mexico | Mexico |
| ArcelorMittal Texas HBI LLC | ArcelorMittal Texas HBI | United States of America |
| **Brazil and neighboring countries ("Brazil")** | **Brazil and neighboring countries ("Brazil")** |  |
| Acindar Industria Argentina de Aceros S.A. | Acindar | Argentina |
| ArcelorMittal Brasil S.A. | ArcelorMittal Brasil | Brazil |
| ArcelorMittal Pecém S.A. | ArcelorMittal Pecém | Brazil |
| **Europe** |  |  |
| ArcelorMittal Belgium N.V. | ArcelorMittal Belgium | Belgium |
| ArcelorMittal Belval & Differdange S.A. | ArcelorMittal Belval & Differdange | Luxembourg |
| ArcelorMittal Bremen GmbH | ArcelorMittal Bremen | Germany |
| ArcelorMittal Duisburg GmbH | ArcelorMittal Duisburg | Germany |
| ArcelorMittal Eisenhüttenstadt GmbH | ArcelorMittal Eisenhüttenstadt | Germany |
| ArcelorMittal España S.A. | ArcelorMittal España | Spain |
| ArcelorMittal Flat Europe S.A. | AMFE | Luxembourg |
| ArcelorMittal France S.A.S. | ArcelorMittal France | France |
| ArcelorMittal Hamburg GmbH | ArcelorMittal Hamburg | Germany |
| ArcelorMittal Méditerranée S.A.S. | ArcelorMittal Méditerranée | France |
| ArcelorMittal Poland S.A. | ArcelorMittal Poland | Poland |
| **Sustainable Solutions** |  |  |
| AM Green Energy Private Limited | ArcelorMittal Green Energy | India |
| ArcelorMittal International Luxembourg S.A. | ArcelorMittal International Luxembourg | Luxembourg |
| **Mining** |  |  |
| ArcelorMittal Liberia Holdings Ltd.<sup>1</sup> | ArcelorMittal Liberia | Liberia |
| ArcelorMittal Mining Canada G.P. and ArcelorMittal Infrastructure Canada G.P. | ArcelorMittal Mines and Infrastructure Canada ("AMMC") | Canada |
| **Others** |  |  |
| ArcelorMittal South Africa Ltd. | ArcelorMittal South Africa | South Africa |
| PJSC ArcelorMittal Kryvyi Rih | ArcelorMittal Kryvyi Rih | Ukraine |

---

1. ArcelorMittal Liberia Holdings Ltd. with operations in Liberia is incorporated in Cyprus.

## Exhibit 12.1

**Exhibit 12.1**

**CERTIFICATIONS OF ARCELORMITTAL'S CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER PURSUANT TO RULE 13a-14(a) UNDER THE EXCHANGE ACT**

I, Mr. Aditya Mittal, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this annual report on Form 20-F of ArcelorMittal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The Company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The Company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of the Company's Board of Directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting.

Date: March 6, 2026

<u>/s/ Aditya Mittal</u>

Mr. Aditya Mittal

Chief Executive Officer

------

I, Mr. Genuino Christino, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this annual report on Form 20-F of ArcelorMittal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The Company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The Company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of the Company's Board of Directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting.

Date: March 6, 2026

<u>/s/ Genuino Christino</u>

Mr. Genuino Christino

Chief Financial Officer

## Exhibit 13.1

**Exhibit 13.1**

**CERTIFICATIONS OF ARCELORMITTAL'S CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER PURSUANT TO RULE 13(a)-14(b) UNDER THE EXCHANGE ACT AND SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE**

In connection with the Annual Report on Form 20-F of ArcelorMittal (the "Company") for the year ended December 31, 2025 as filed with the Securities and Exchange Commission (the "Report"), Mr. Aditya Mittal, as Chief Executive Officer of the Company, and Mr. Genuino Christino, as Chief Financial Officer of the Company, each hereby certifies that, to the best of his knowledge and belief:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

<u>/s/ Aditya Mittal</u>

Mr. Aditya Mittal

Chief Executive Officer

Date: March 6, 2026

<u>/s/ Genuino Christino</u>

Mr. Genuino Christino

Chief Financial Officer

Date: March 6, 2026

This certification is furnished as an exhibit to the Report and accompanies the Report pursuant to Rule 13(a)-14(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and shall not be deemed filed by the Company for purposes of Section 18 of the Exchange Act.

## Exhibit 15.1

**Exhibit 15.1**

![annotation2025-02x26101905a.jpg](annotation2025-02x26101905a.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in the following Registration Statements of ArcelorMittal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Registration Statement (Form F-3 No. 333-278551), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Registration Statements (Form S-8 Nos. 333-147382, 333-153576, 333-162697, and 333-170117).

of our reports dated March 6, 2026, with respect to the consolidated financial statements and the effectiveness of internal control over financial reporting of ArcelorMittal included in this Annual Report (Form 20-F) of ArcelorMittal for the year ended December 31, 2025.

/s/ Ernst & Young

Société anonyme

Cabinet de révision agréé

Luxembourg, Grand Duchy of Luxembourg

March 6, 2026

A member firm of Ernst & Young Global Limited

## Exhibit 15.2

**Exhibit 15.2**

![amlogo.jpg](amlogo.jpg)

ArcelorMittal Mining Canada G.P.

**CONSENT OF QUALIFIED PERSON** 

**Re: &nbsp;&nbsp;&nbsp;&nbsp;**Annual Report on Form 20-F of ArcelorMittal

I, Melanie Bolduc, an employee of ArcelorMittal, in connection with ArcelorMittal's Annual Report on Form 20-F for the year ended December 31, 2025 (the "2025 20-F"):

&nbsp;&nbsp;&nbsp;&nbsp;a) certify that I have supervised and validated the preparation of the mineral resource estimates for the Mont-Wright and Fire Lake mines and Mont-Reed deposit.

&nbsp;&nbsp;&nbsp;&nbsp;b) consent to the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission), in connection with the 2025 20-F, the Registration Statements listed in paragraph (c) below and mineral resource estimates for Mont-Wright and Fire Lake mines and Mont-Reed deposit; and

&nbsp;&nbsp;&nbsp;&nbsp;c) consent to the incorporation by reference of the 2025 20-F into the Registration Statements Nos. 333-147382, 333-153576, 333-162697 and 333-170117 on Form S-8 and the Registration Statement No. 333-278551 on Form F-3 (and any amendments or supplements thereto).

I am responsible for authoring, and this consent pertains to, mineral resource estimates for the Mont-Wright and Fire Lake mines and Mont-Reed deposit. I certify that I have read the 2025 20-F and that it fairly and accurately represents the mineral resource estimates for each property for which I am responsible.

Dated: February 1<sup>st</sup>, 2026

<u>/s/ Melanie Bolduc</u> 

Melanie Bolduc, P.Eng.

General Manager, Long Term Planning and Technical Services,

ArcelorMittal Mining Canada G.P.

1010, rue De Sérigny, bureau 200

Longueuil (Quebec) J4K 5G7

514-285-1464

Ordre des ingénieurs du Québec (121990)

------

![amlogo.jpg](amlogo.jpg)

ArcelorMittal Mining Canada G.P.

**CONSENT OF QUALIFIED PERSON** 

**Re:** &nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F of ArcelorMittal

I, Celso Reis, an employee of ArcelorMittal, in connection with ArcelorMittal's Annual Report on Form 20-F for the year ended December 31, 2025 (the "2025 20-F"):

&nbsp;&nbsp;&nbsp;&nbsp;a) certify that I have supervised and validated the preparation of the mineral reserve estimates for the Mont-Wright and Fire Lake mines.

&nbsp;&nbsp;&nbsp;&nbsp;b) consent to the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission), in connection with the 2025 20-F, the Registration Statements listed in paragraph (c) below and mineral reserve estimates for Mont-Wright and Fire Lake mines; and

&nbsp;&nbsp;&nbsp;&nbsp;c) consent to the incorporation by reference of the 2025 20-F into the Registration Statements Nos. 333-147382, 333-153576, 333-162697 and 333-170117 on Form S-8 and the Registration Statement No. 333-278551 on Form F-3 (and any amendments or supplements thereto).

I am responsible for authoring, and this consent pertains to, mineral reserve estimates for the Mont-Wright and Fire Lake mines. I certify that I have read the 2025 20-F and that it fairly and accurately represents the mineral reserve estimates for each property for which I am responsible.

Dated: February 23<sup>rd</sup>, 2026

<u>/s/ Celso Reis</u>

Celso Reis,

Manager, Mine Planning,

MAusIMM (CP)

ArcelorMittal Mining Canada G.P.

1010, rue De Sérigny, bureau 200

Longueuil (Quebec) J4K 5G7

514-216-8943

## Exhibit 15.3

**Exhibit 15.3**

![slr-20231.jpg](slr-20231.jpg)

**CONSENT OF QUALIFIED PERSON** 

**Re: &nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F of ArcelorMittal S.A. ("ArcelorMittal")**

SLR Consulting (Canada) Ltd. ("**SLR**"), in connection with ArcelorMittal's Annual Report on Form 20-F for the year ended December 31, 2025 (the "**2025 20-F**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.certifies that it supervised and validated the preparation of the original estimates of mineral resources and mineral reserves for the Mary River Mine as of December 31, 2023, which were used for the calculation of the estimates of mineral resources and mineral reserves by annual depletion method as described in the 2025 20-F;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.consents to the use of and references to its name, including its status as an expert or "qualified

person" (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange Commission), in connection with the 2025 20-F, including in the consent of Baffinland Iron Mines with respect to the original estimates of mineral resources and mineral reserves for the Mary River Mine as of December 31, 2023, and the Registration Statements listed in paragraph (c) below; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.consents to the incorporation by reference of the 2025 20-F into the Registration Statements Nos. 333-147382, 333-153576, 333-162697 and 333-170117 on Form S-8 and the Registration Statement No. 333-278551 on Form F-3 (and any amendments or supplements thereto).

SLR is responsible for authoring, and this consent pertains to, the original estimates of mineral resources and mineral reserves for the Mary River Mine as of December 31, 2023. SLR certifies that it has read the 2025 20-F and that it fairly and accurately represents its role with respect to the original estimates of mineral resources and mineral reserves for the Mary River Mine as of December 31, 2023.

Dated February 10, 2026

**SLR Consulting (Canada) Ltd.** 

Per:&nbsp;&nbsp;&nbsp;&nbsp;

<u>/s/ Jason J. Cox</u>

**Jason J. Cox, P.Eng.** 

Global Technical Director - Canada Mining Advisory

+*1 647 400-7769* &nbsp;&nbsp;&nbsp;&nbsp;

------

![annotation2025-02x24152740.jpg](annotation2025-02x24152740.jpg)

**CONSENT OF QUALIFIED PERSON** 

**Re:** &nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F of ArcelorMittal

I, Hayley Pothier, an employee of Baffinland Iron Mines, in connection with ArcelorMittal's Annual Report on Form 20-F for the year ended December 31, 2025 (the "2025 20-F"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) &nbsp;&nbsp;&nbsp;&nbsp;certify that I completed and validated the preparation of the mineral resource and mineral reserve estimates (calculated by annual depletion based on the original estimates of a qualified person of SLR Consulting (Canada) Ltd.) for the Mary River Mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) &nbsp;&nbsp;&nbsp;&nbsp;consent to the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission), in connection with the 2025 20-F, the Registration Statements listed in paragraph (c) below and mineral resource and mineral reserve estimates for the Mary River Mine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) &nbsp;&nbsp;&nbsp;&nbsp;consent to the incorporation by reference of the 2025 20-F into the Registration Statements Nos. 333-147382, 333-153576, 333-162697 and 333-170117 on Form S-8 and the Registration Statement No. 333-278551 on Form F-3 (and any amendments or supplements thereto).

I am responsible for authoring, and this consent pertains to, the mineral resource and mineral reserve estimates for the Mary River Mine. I certify that I have read the 2025 20-F and that it fairly and accurately represents the mineral resources and mineral reserve estimates for each property for which I am responsible.

Dated: 2026-02-23

<u>/s/ Hayley Pothier</u>

Hayley Pothier,

Principal Resource Geologist

P.Geo (Ontario) - Reg. No. 2734

![annotation2025-02x27101803.jpg](annotation2025-02x27101803.jpg)

------

![annotation2025-02x24152740.jpg](annotation2025-02x24152740.jpg)

**CONSENT OF QUALIFIED PERSON** 

**Re:** &nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F of ArcelorMittal

I, Jonathan Hey, an employee of Baffinland Iron Mines, in connection with ArcelorMittal's Annual Report on Form 20-F for the year ended December 31, 2025 (the "2025 20-F"):

&nbsp;&nbsp;&nbsp;&nbsp;a) certify that I supervised and validated the preparation of the mineral resource and mineral reserve estimates (calculated by annual depletion based on the original estimates of a qualified person of SLR Consulting (Canada) Ltd.) for the Mary River Mine;

&nbsp;&nbsp;&nbsp;&nbsp;b) consent to the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission), in connection with the 2025 20-F, the Registration Statements listed in paragraph (c) below and the mineral resource and mineral reserve estimates for the Mary River Mine; and

&nbsp;&nbsp;&nbsp;&nbsp;c) consent to the incorporation by reference of the 2025 20-F into the Registration Statements Nos. 333-147382, 333-153576, 333-162697 and 333-170117 on Form S-8 and the Registration Statement No. 333-278551 on Form F-3 (and any amendments or supplements thereto).

I am responsible for authoring, and this consent pertains to, the mineral resource and mineral reserve estimates for the Mary River Mine. I certify that I have read the 2025 20-F and that it fairly and accurately represents the mineral resources and mineral reserve estimates for each property for which I am responsible.

Dated: 2026-02-23

<u>/s/ Jonathan Hey</u>

Jonathan Hey,

Sr. Director, Exploration & Strategic Planning

P.Geo (Ontario) - Reg. No. 2972

![annotation2025-02x27101803.jpg](annotation2025-02x27101803.jpg)

## Exhibit 15.4

**Exhibit 15.4**

![amlogo2.jpg](amlogo2.jpg)

**CONSENT OF QUALIFIED PERSON** 

**Re:** &nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F of ArcelorMittal

I, Raquel Camargos Lima, an employee of ArcelorMittal, in connection with ArcelorMittal's Annual Report on Form 20-F for the year ended December 31, 2025 (the "2025 20-F"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) certify that I have supervised and validated the preparation of the mineral reserve estimates of Andrade iron ore mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) consent to the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission), in connection with the 2025 20-F, the Registration Statements listed in paragraph (c) below and mineral reserve estimates of Andrade iron ore mine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) consent to the incorporation by reference of the 2025 20-F into the Registration Statements Nos. 333-147382, 333-153576, 333-162697 and 333-170117 on Form S-8 and the Registration Statement No. 333-278551 on Form F-3 (and any amendments or supplements thereto).

I am responsible for authoring, and this consent pertains to, mineral reserve estimates of Andrade iron ore mine. I certify that I have read the 2025 20-F and that it fairly and accurately represents the mineral reserve estimates for each property for which I am responsible.

Dated: February 23, 2026

<u>/s/</u> <u>Raquel Camargos Lima</u>

Raquel Camargos Lima

Senior Mining Engineer

Chartered Professional (CPMin) - AusIMM #3058203.

ArcelorMittal Brazil

23<sup>rd</sup> Floor

Avenue Carandai no. 1.115

Belo Horizonte

30130-915

Brazil

+5531995578222

------

![amlogo2.jpg](amlogo2.jpg)

**CONSENT OF QUALIFIED PERSON** 

**Re:** Annual Report on Form 20-F of ArcelorMittal

I, Raquel Camargos Lima, an employee of ArcelorMittal, in connection with ArcelorMittal's Annual Report on Form 20-F for the year ended December 31, 2025 (the "2025 20-F"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) certify that I have supervised and validated the preparation of the mineral reserve estimates of Serra Azul iron ore mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) consent to the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission), in connection with the 2025 20-F, the Registration Statements listed in paragraph (c) below and mineral reserve estimates of Serra Azul iron ore mine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) consent to the incorporation by reference of the 2025 20-F into the Registration Statements Nos. 333-147382, 333-153576, 333-162697 and 333-170117 on Form S-8 and the Registration Statement No. 333-278551 on Form F-3 (and any amendments or supplements thereto).

I am responsible for authoring, and this consent pertains to, mineral reserve estimates of Serra Azul iron ore mine. I certify that I have read the 2025 20-F and that it fairly and accurately represents the mineral reserve estimates for each property for which I am responsible.

Dated: February 23, 2026

<u>/s/</u> <u>Raquel Camargos Lima</u>

Raquel Camargos Lima

Senior Mining Engineer

Chartered Professional (CPMin) - AusIMM #3058203.

ArcelorMittal Brazil

23<sup>rd</sup> Floor

Avenue Carandai no. 1.115

Belo Horizonte

30130-915

Brazil

+5531992032107

------

![amlogo2.jpg](amlogo2.jpg)

**CONSENT OF QUALIFIED PERSON** 

**Re:** Annual Report on Form 20-F of ArcelorMittal

I, Marlon Sarges Ferreira, an employee of ArcelorMittal, in connection with ArcelorMittal's Annual Report on Form 20-F for the year ended December 31, 2025 (the "2025 20-F"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) certify that I have supervised and validated the preparation of the mineral resource estimates of Andrade iron ore mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) consent to the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission), in connection with the 2025 20-F, the Registration Statements listed in paragraph (c) below and mineral resource estimates of Andrade iron ore mine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) consent to the incorporation by reference of the 2025 20-F into the Registration Statements Nos. 333-147382, 333-153576, 333-162697 and 333-170117 on Form S-8 and the Registration Statement No. 333-278551 on Form F-3 (and any amendments or supplements thereto).

I am responsible for authoring, and this consent pertains to, mineral resource estimates of Andrade iron ore mine. I certify that I have read the 2025 20-F and that it fairly and accurately represents the mineral resource estimates for each property for which I am responsible.

Dated: February 23, 2026

<u>/s/</u> <u>Marlon Sarges Ferreira</u>

Marlon Sarges Ferreira

Specialist Geologist

AIG Member - #6914

ArcelorMittal Brazil

23<sup>rd</sup> Floor

Avenue Carandai no. 1.115

Belo Horizonte

30130-915

Brazil

+5531992032107

------

![amlogo2.jpg](amlogo2.jpg)

**CONSENT OF QUALIFIED PERSON** 

**Re:** Annual Report on Form 20-F of ArcelorMittal

I, Marlon Sarges Ferreira, an employee of ArcelorMittal, in connection with ArcelorMittal's Annual Report on Form 20-F for the year ended December 31, 2025 (the "2025 20-F"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) certify that I have supervised and validated the preparation of the mineral resource estimates of Serra Azul iron ore mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) consent to the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission), in connection with the 2025 20-F, the Registration Statements listed in paragraph (c) below and mineral resource estimates of Serra Azul iron ore mine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) consent to the incorporation by reference of the 2025 20-F into the Registration Statements Nos. 333-147382, 333-153576, 333-162697 and 333-170117 on Form S-8 and the Registration Statement No. 333-278551 on Form F-3 (and any amendments or supplements thereto).

I am responsible for authoring, and this consent pertains to, mineral resource estimates of Serra Azul iron ore mine. I certify that I have read the 2025 20-F and that it fairly and accurately represents the mineral resource estimates for each property for which I am responsible.

Dated: February 23, 2026

<u>/s/</u> <u>Marlon Sarges Ferreira</u>

Marlon Sarges Ferreira

Geologist Specialist

AIG Member - #6914

ArcelorMittal Brazil

23<sup>rd</sup> Floor

Avenue Carandai no. 1.115

Belo Horizonte

30130-915

Brazil

+5531992032107

## Exhibit 15.5

**Exhibit 15.5**

![thakuraniheadera.jpg](thakuraniheadera.jpg)

**CONSENT OF QUALIFIED PERSON**

**Re:** Annual Report on Form 20-F of ArcelorMittal

DMT Consulting Private Limited, in connection with ArcelorMittal's Annual Report on Form 20-F for the year ended December 31, 2025 (the "2025 20-F"):

a) certifies that it has supervised and validated the preparation of the mineral resources and mineral reserves estimates for the Thakurani Iron Ore Mine, India;

b) consents to the use of and references to its name, including its status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission), in connection with the 2025 20-F, the Registration Statements listed in paragraph (c) below and mineral resources and mineral reserves estimates for the Thakurani Iron Ore Mine, India; and

c) consents to the incorporation by reference of the 2025 20-F into the Registration Statements Nos. 333-147382, 333-153576, 333-162697, and 333-170117 on Form S-8 and the Registration Statement No. 333-278551 on Form F-3 (and any amendments or supplements thereto).

DMT Consulting Private Limited is responsible for authoring, and this consent pertains to, mineral resources and mineral reserves estimates for the Thakurani Iron Ore Mine, India. DMT Consulting Private Limited certify that it has read the 2025 20-F and that it fairly and accurately represents the mineral resources and mineral reserves estimates for each property for which it is responsible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![smeindia.jpg](smeindia.jpg)

Dated: January 20, 2026

<u>/s/ Edmundo J. Laporte</u>

**Edmundo J. Laporte, PE, PEng, CPEng**

Registered Member, SME#4150038

Professional Engineer, Engineers Ontario #100508702&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Chartered Professional Engineer (Australia) #3802017&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Independent Associate - DMT Consulting Private Limited

![thakuranifootera.jpg](thakuranifootera.jpg)

------

**For DMT Consulting Private Limited:**

<u>/s/ R Karthikeyan</u>

**R Karthikeyan**

Title: Director (DMT Consulting Private Limited)

Date: 20-01-2026

MAusIMM Number - 335209

![thakuranifooter2a.jpg](thakuranifooter2a.jpg)

------

![ghoraburhaniheadera.jpg](ghoraburhaniheadera.jpg)

**CONSENT OF QUALIFIED PERSON**

**Re:** Annual Report on Form 20-F of ArcelorMittal

DMT Consulting Private Limited, in connection with ArcelorMittal's Annual Report on Form 20-F for the year ended December 31, 2025 (the "2025 20-F"):

a) certifies that it has supervised and validated the preparation of the mineral resources and mineral reserves estimates for the Ghoraburhani Sagasahi Iron Ore Mine, India;

b) consents to the use of and references to its name, including its status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission), in connection with the 2025 20-F, the Registration Statements listed in paragraph (c) below and mineral resources and mineral reserves estimates for the Ghoraburhani Sagasahi Iron Ore Mine, India; and

c) consents to the incorporation by reference of the 2025 20-F into the Registration Statements Nos. 333-147382, 333-153576, 333-162697, and 333-170117 on Form S-8 and the Registration Statement No. 333-278551 on Form F-3 (and any amendments or supplements thereto).

DMT Consulting Private Limited is responsible for authoring, and this consent pertains to, mineral resources and mineral reserves estimates for the Ghoraburhani Sagasahi Iron Ore Mine, India. DMT Consulting Private Limited certify that it has read the 2025 20-F and that it fairly and accurately represents the mineral resources and mineral reserves estimates for each property for which it is responsible.

![smeindia.jpg](smeindia.jpg)

Dated: January 20, 2026

<u>/s/ Edmundo J. Laporte</u>

**Edmundo J. Laporte, PE, PEng, CPEng**

Registered Member, SME#4150038

Professional Engineer, Engineers Ontario #100508702

Chartered Professional Engineer (Australia) #3802017

Independent Associate - DMT Consulting Private Limited

![ghoraburhanifootera.jpg](ghoraburhanifootera.jpg)

------

**For DMT Consulting Private Limited:**

<u>/s/ R Karthikeyan</u>

**R Karthikeyan**

Director (DMT Consulting Private Limited)

MAusIMM Number - 335209

![ghoraburhanifooter2a.jpg](ghoraburhanifooter2a.jpg)

## Exhibit 15.6

**Exhibit 15.6**![image7a.jpg](image7a.jpg)

**CONSENT OF QUALIFIED PERSON**

**Re:** &nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F of ArcelorMittal

I, Michael Spleit, an employee of ArcelorMittal, am a mining engineer with over 15 years' experience in the mineral resource industry and a master's degree in mining engineering from McGill University. I have performed personal inspections of ArcelorMittal Liberia's Mt. Tokadeh, Mt. Gangra, and Mt. Yuelliton deposits on several occasions and most recently in March 2025.

I, Michael Spleit**,** in connection with ArcelorMittal's Annual Report on Form 20-F for the year ended December 31, 2025 (the "2025 20-F"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;certify that I have supervised and validated the preparation of mineral reserve estimates for ArcelorMittal Liberia's Mt. Tokadeh, Mt. Gangra, and Mt. Yuelliton deposits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;consent to the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission), in connection with the 2025 20-F, the Registration Statements listed in paragraph (c) below and the ArcelorMittal Liberia Phase 2 and Phase 3 mineral reserve estimates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)&nbsp;&nbsp;&nbsp;&nbsp;consent to the incorporation by reference of the 2025 20-F into the Registration Statements Nos. 333-147382, 333-153576, 333-162697 and 333-170117 on Form S-8 and the Registration Statement No. 333-278551 on Form F-3 (and any amendments or supplements thereto).

I, Michael Spleit, am responsible for authoring, and this consent pertains to, ArcelorMittal Liberia Western Range mineral reserves. The preparation of ArcelorMittal Liberia Western Range mineral reserves is based on information provided by ArcelorMittal Mining Ltd., which includes capital costs, operating costs, and mineral processing assumptions. I have taken responsible measures to confirm information provided by others and take responsibility for the information.

I, Michael Spleit, certify that I have read the 2025 20-F and that it fairly and accurately represents the mineral reserve estimates for ArcelorMittal Liberia's Mt. Tokadeh, Mt. Gangra, and Mt. Yuelliton deposits.

Dated: 2026-02-02

<u>/s/ Michael Spleit</u>

Michael Spleit, ing.\| Mining Technical Services Manager

OIQ membership #: 145612

ArcelorMittal Mining UK Ltd

Mining \| 6th Floor Berkeley Square House, Berkeley Square

London W1J 6DA, United Kingdom

(514) 285-1464

------

![image7a.jpg](image7a.jpg)

**CONSENT OF QUALIFIED PERSON** 

**Re:** &nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F of ArcelorMittal

I, Dr. Alistair Bryan Jeffcoate, an employee of ArcelorMittal, in connection with ArcelorMittal's Annual Report on Form 20-F for the year ended December 31, 2025 (the "2025 20-F"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;certify that I have supervised and validated the preparation of the mineral resource estimates for the Mt. Tokadeh, Mt. Gangra, and Mt. Yuelliton deposits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) &nbsp;&nbsp;&nbsp;&nbsp;consent to the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission), in connection with the 2025 20-F, the Registration Statements listed in paragraph (c) below and ArcelorMittal Liberia mineral resource estimates for the Mt. Tokadeh, Mt. Gangra, and Mt. Yuelliton deposits; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) &nbsp;&nbsp;&nbsp;&nbsp;consent to the incorporation by reference of the 2025 20-F into the Registration Statements Nos. 333-147382, 333-153576, 333-162697 and 333-170117 on Form S-8 and the Registration Statement No. 333-278551 on Form F-3 (and any amendments or supplements thereto).

I am responsible for authoring, and this consent pertains to, ArcelorMittal Liberia mineral resource estimates for the Mt. Tokadeh, Mt. Gangra, and Mt. Yuelliton deposits. I certify that I have read the 2025 20-F and that it fairly and accurately represents the mineral resource estimates for each property for which I am responsible.

Dated: February 5<sup>th</sup> 2026

<u>/s/ Alistair Bryan Jeffcoate</u>

Dr. Alistair Bryan Jeffcoate

Manager - Mineral Resources & Exploration, ArcelorMittal Mining Ltd.

MAusIMM(CP), Membership No. 306906

ArcelorMittal limited

6th Floor

Berkley Square House

Berkley Square

London

W1J 6DA

United Kingdom

+44 (0)20 7543 1130

## Exhibit 15.7

**Exhibit 15.7**

![slr-2023.jpg](slr-2023.jpg)

February 24, 2026

**Consent of Qualified Person** 

**Re: &nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F of ArcelorMittal S.A. (the "Company")**

SLR Consulting (Canada) Ltd. ("**SLR**"), in connection with ArcelorMittal's Annual Report on Form 20-F for the year ended December 31, 2025 (the "**2025 20-F**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Certifies that it has supervised and validated the preparation of the Mineral Resource and Mineral Reserve estimates for the Las Truchas Mine, in Mexico;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Consents to the use of and references to its name, including its status as an expert or "qualified

person" (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange Commission), in connection with the 2025 20-F, the Registration Statements listed in paragraph (c) below, and Mineral Resource and Mineral Reserve estimates for the Las Truchas Mine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Consents to the incorporation by reference of the 2025 20-F into the Registration Statements Nos. 333-147382, 333-153576, 333-162697, and 333-170117 on Form S-8 and Registration Statement No. 333-278551 on Form F-3 (and any amendments or supplements thereto).

SLR is responsible for authoring, and this consent pertains to, the December 31, 2025 Mineral Resource and Mineral Reserve estimates for the Las Truchas Mine. SLR certifies that it has read the 2025 20-F and that it fairly and accurately represents the Mineral Resource and Mineral Reserve estimates for the Las Truchas Mine.

Regards,

**SLR Consulting (Canada) Ltd.**

<u>/s/ Jason J. Cox</u>

**Jason J. Cox** 

Global Technical Director - Canada Mining Advisory

P.Eng., Professional Engineers Ontario (PEO), #90487158

+1 416-947-0907

## Exhibit 15.8

**Exhibit 15.8**

Consorcio Minero Benito Juarez Peña Colorada

**CONSENT OF THE QUALIFIED PERSON** 

**Re: &nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F of ArcelorMittal**

I, Hernandez Guerrero Hector Rodrigo, an employee of Peña Colorada, in connection with ArcelorMittal's Annual Report on Form 20-F for the year ended December 31, 2025 (the "2025 20-F"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.certify that I have supervised and validated the preparation of the mineral resources estimates for Peña Colorada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.consent to the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission), in connection with the 2025 20-F, the Registration Statements listed in paragraph (c) below and mineral resources estimate for Peña Colorada; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.consent to the incorporation by reference of the 2025 20-F into the Registration Statements Nos. 333-147382, 333-153576, 333-162697, and 333-170117 on Form S-8 and the Registration Statement No. 333-278551 on Form F-3 (and any amendments or supplements thereto).

I am responsible for authoring, and this consent pertains to, the mineral resources estimate for Peña Colorada. I certify that I have read the 2025 20-F and that it fairly and accurately represents the mineral resources estimate of each property for which I am responsible.

Dated: 04 February 2026 &nbsp;&nbsp;&nbsp;&nbsp;

<u>/s/ Hector Rodrigo Hernández Guerrero</u>

Hector Rodrigo Hernández Guerrero

Head of Geology of Peña Colorada

Australasian Institute of Mining and Metallurgy member MAusIMM CP (Geo) Reg. No. 3059580;

Av. del Trabajo No. 1000 Tapeixtles, 28876 Manzanillo, Colima and +52314 331 0600 EXT 4708

------

Consorcio Minero Benito Juarez Peña Colorada

**CONSENT OF QUALIFIED PERSON**

**Re: &nbsp;&nbsp;&nbsp;&nbsp;**Annual Report on Form 20-F of ArcelorMittal

I, Werner Jordaan Spies, an employee of Peña Colorada, in connection with ArcelorMittal's Annual Report on Form 20-F for the year ended December 31, 2025 (the "2025 20-F"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;certify that I have supervised and validated the preparation of the mineral reserves estimate for Peña Colorada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;consent to the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission), in connection with the 2025 20-F, the Registration Statements listed in paragraph (c) below and mineral reserves estimate for Peña Colorada; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;consent to the incorporation by reference of the 2025 20-F into the Registration Statements Nos. 333-147382, 333-153576, 333-162697 and 333-170117 on Form S-8 and the Registration Statement No. 333-278551 on Form F-3 (and any amendments or supplements thereto).

I am responsible for authoring, and this consent pertains to, the mineral reserves estimate for Peña Colorada. I certify that I have read the 2025 20-F and that it fairly and accurately represents the mineral reserves estimate for each property for which I am responsible.

Dated: 04 February 2026

<u>/s/ Werner Jordaan Spies</u>

Werner Jordaan Spies

South African Institute of Mining and Metallurgy member SAIMM CP(Mining) Reg. 701130

Av. del Trabajo No. 1000 Tapeixtles, 28876 Manzanillo, Colima and +52 314 125437

## Exhibit 15.9

**Exhibit 15.9**

![slrconsulting.jpg](slrconsulting.jpg)

February 24, 2026

**Consent of Qualified Person** 

**Re: Annual Report on Form 20-F of ArcelorMittal S.A. (the "Company")**

SLR Consulting (Canada) Ltd. ("SLR"), in connection with ArcelorMittal's Annual Report on Form 20-F for the year ended December 31, 2025 (the "2025 20-F"):

&nbsp;&nbsp;&nbsp;&nbsp;a) Certifies that it has supervised and validated the preparation of the Mineral Resource estimate for the Thabazimbi Iron Ore Mine, in South Africa;

&nbsp;&nbsp;&nbsp;&nbsp;b) Consents to the use of and references to its name, including its status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission), in connection with the 2025 20-F, the Registration Statements listed in paragraph (c) below, and the Mineral Resource estimate for the Thabazimbi Iron Ore Mine; and

&nbsp;&nbsp;&nbsp;&nbsp;c) Consents to the incorporation by reference of the 2025 20-F into the Registration Statements Nos. 333-147382, 333-153576, 333-162697, and 333-170117 on Form S-8 and the Registration Statement No. 333-278551 on Form F-3 (and any amendments or supplements thereto).

SLR is responsible for authoring, and this consent pertains to the December 31, 2025 Mineral Resource estimate for the Thabazimbi Iron Ore Mine. SLR certifies that it has read the 2025 20-F and that it fairly and accurately represents the Mineral Resource estimate for the Thabazimbi Iron Ore Mine.

Regards,

**SLR Consulting (Canada) Ltd.**

<u>/s/ Jason J. Cox</u>

**Jason J. Cox**

Global Technical Director - Canada Mining Advisory

P.Eng., Professional Engineers Ontario (PEO), #90487158

+1 416-947-0907

## Exhibit 15.10

**Exhibit 15.10**

![kai1.jpg](kai1.jpg)

**CONSENT OF QUALIFIED PERSON** 

**Re:** &nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F of ArcelorMittal

LLC «KAI», in connection with ArcelorMittal's Annual Report on Form 20-F for the year ended December 31, 2025 (the "2025 20-F"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) &nbsp;&nbsp;&nbsp;&nbsp;certifies that it has supervised and validated the preparation of the Mineral Reserves and Mineral Resources estimates for ArcelorMittal Kryvyi Rih Open Pit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) &nbsp;&nbsp;&nbsp;&nbsp;consents to the use of and references to its name, including its status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission), in connection with the 2025 20-F, the Registration Statements listed in paragraph (c) below and the Mineral Reserves and Mineral Resources estimates for ArcelorMittal Kryvyi Rih Open Pit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) &nbsp;&nbsp;&nbsp;&nbsp;consents to the incorporation by reference of the 2025 20-F into the Registration Statements Nos. 333-147382, 333-153576, 333-162697 and 333-170117 on Form S-8 and the Registration Statement No. 333-278551 on Form F-3 (and any amendments or supplements thereto).

LLC «KAI» is responsible for authoring, and this consent pertains to, the Mineral Reserves and Mineral Resources estimates for ArcelorMittal Kryvyi Rih Open Pit. LLC «KAI» certifies that it has read the 2025 20-F and that it fairly and accurately represents the Mineral Reserves and Mineral Resources estimates for each property for which it is responsible.

Dated: January 27, 2026

<u>/s/ Mykhailo Nazarenko</u>

Mykhailo Nazarenko

Engineering Project Manager

Member of Australasian Institute of Mining and Metallurgy

------

![kai1.jpg](kai1.jpg)

**CONSENT OF QUALIFIED PERSON** 

**Re:** &nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F of ArcelorMittal

LLC «KAI», in connection with ArcelorMittal's Annual Report on Form 20-F for the year ended December 31, 2025 (the "2025 20-F"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) &nbsp;&nbsp;&nbsp;&nbsp;certifies that it has supervised and validated the preparation of the Mineral Reserves and Mineral Resources estimates for ArcelorMittal Kryvyi Rih Underground Mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) &nbsp;&nbsp;&nbsp;&nbsp;consents to the use of and references to its name, including its status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission), in connection with the 2025 20-F, the Registration Statements listed in paragraph (c) below and the Mineral Reserves and Mineral Resources estimates for ArcelorMittal Kryvyi Rih Underground Mine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) &nbsp;&nbsp;&nbsp;&nbsp;consents to the incorporation by reference of the 2025 20-F into the Registration Statements Nos. 333-147382, 333-153576, 333-162697, and 333-170117 on Form S-8 and the Registration Statement No. 333-278551 on Form F-3 (and any amendments or supplements thereto).

LLC «KAI» is responsible for authoring, and this consent pertains to, the Mineral Reserves and Mineral Resources estimates for ArcelorMittal Kryvyi Rih Underground Mine. LLC «KAI» certifies that it has read the 2025 20-F and that it fairly and accurately represents the Mineral Reserves and Mineral Resources estimates for each property for which it is responsible.

Dated: January 27, 2026

<u>/s/ Mykhailo Nazarenko</u>

Mykhailo Nazarenko

Engineering Project Manager

Member of Australasian Institute of Mining and Metallurgy

<br>