Table of Contents - ArcelorMittal

1 Table of ContentsPageManagement reportIntroductionCompany overview3 History and development of the Company3 Cautionary Statement Regarding Forward-looking statements 9 Key transactions and events in 202010 Risk Factors14 Business overviewBusiness strategy35 Research and development36 Sustainable development40 Products54 Sales and marketing58 Insurance59 Intellectual property59 Government regulations60 Organizational structure65 Properties and capital expendituresProperty, plant and equipment68 Capital expenditures90 Reserves and Resources (iron ore and coal)92 Operating and financial reviewEconomic conditions98 Operating results119 Liquidity and capital resources131 Disclosures about market risk136 Contractual obligations138 Outlook139 Management and employeesDirectors and senior management140 Compensation147 Corporate governance163 Employees172 Shareholders and marketsMajor shareholders177 Related party transactions179 Markets180 New York Registry Shares180 Purchases of equity securities by the issuer and affiliated purchasers181 PageShare capital182 Additional informationMemorandum and Articles of Association182 Material contracts191 Exchange controls and other limitations affecting

2 Security holders193 Taxation194 Evaluation of disclosure controls and procedures198 Management s report on internal control over financial reporting 198 Glossary - definitions, terminology and principal subsidiaries200 Chief executive officer and chief financial officer s responsibility statement202 Consolidated financial statements for the year ended December 31, 2020203 Consolidated statements of operations204 Consolidated statements of other comprehensive income205 Consolidated statements of financial position206 Consolidated statements of changes in equity207 Consolidated statements of cash flows208 Notes to the consolidated financial statements209 report of the r viseur d entreprises agr - consolidated financial statements321 annual report of ArcelorMittal parent company for the year ended December 31.

3 2020326 Management report327 Chief executive officer and chief financial officer s responsibility statement 328 Financial statements of ArcelorMittal parent company for the year ended December 31, 2020329 Statements of financial position330 Statements of operations and statements of other comprehensive income331 Statements of changes in equity332 Statements of cash flows 333 Notes to the financial statements334 report of the r viseur d entreprises agr financial statements379 IntroductionCompany overviewArcelorMittal is one of the world s leading integrated steel and mining companies. ArcelorMittal is the largest steel producer in the Americas and Europe, second largest in Africa and the sixth largest steel producer in the CIS region and has a smaller but growing presence in Asia.

4 Steelproduction(million tonnes)Iron ore production(million tonnes)Coal production(million tonnes)Steel shipments(million tonnes)Sales(billion USD)The Company's key metrics above include the operations prior to its sale (see " Key transactions and events in 2020"): operations (in million tonnes) Crude steelIron has steel-making operations in 17 countries on four continents, including 38 integrated and mini-mill steel-making facilities following the sale of ArcelorMittal USA. As of December 31, 2020, ArcelorMittal had approximately 168,000 produces a broad range of high- quality finished and semi- finished steel products ("semis").

5 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 160 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 and sinter feed, as well as coking, PCI and thermal coal for consumption at its steel-making facilities some of which are also for sale commercially outside of the a global steel producer, the Company is able to meet the needs of different markets.

6 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 and Arcelor, each of which had grown through acquisitions over many years.

7 Since its creation ArcelorMittal has experienced periods of external growth as well consolidation and deleveraging (including through divestment). ArcelorMittal 's success is built on its core values of sustainability, quality and leadership and the entrepreneurial boldness that has empowered its emergence as the first truly global steel and mining company. Acknowledging that a combination of structural issues and macroeconomic conditions will continue to challenge returns in its sector, the Company has adapted its footprint to the new demand realities, redoubled its efforts to control costs and repositioned its operations with a view toward outperforming its competitors.

8 ArcelorMittal s research and development capability is strong and includes several major research centers as well as strong academic partnerships with universities and other scientific bodies. Against this backdrop, 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.

9 ArcelorMittal s steel-making operations have a high degree of geographic diversification. Approximately 38% of its crude steel was produced in the Americas, approximately 47% was produced in Europe and approximately 15% was produced in other countries, such as Kazakhstan, South Africa and Ukraine 3 Management reportin 2020. 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, present in South America, Africa, Europe and the CIS region, are integrated with its global steel-making facilities and are important producers of iron ore and coal in their own right.

10 Competitive strengthsAs 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. Group sales by market (2020)27%19%16%10%3%14%11%DistributionCo nstructionAutomotivePrimary TransformationPackagingOther Steel sales*Other sales** 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 shippingThe Company believes that the following factors contribute to ArcelorMittal s success in the global steel and mining industry:Market leader in steel.