ArcelorMittal Q1 Report 2023

1Q 2023 Key highlights:

• Operating performance improved: 1Q 2023 operating income of $1.2bn (vs. operating loss of $0.3bn3,4 in 4Q
  2022); EBITDA of $1.8bn in 1Q 2023 (vs. $1.3bn in 4Q 2022) and EBITDA/t of $126/t in 1Q 2023 (vs. $100/t in 4Q 2022)
• Net income: $1.1bn in 1Q 2023 (vs. $0.3bn7 in 4Q 2022) includes share of JV and associates net income of
  $0.3bn (vs. $0.1bn in 4Q 2022)

Sales in 1Q 2023 were $18.5 billion as compared to $16.9 billion for 4Q 2022 and $21.8 billion for 1Q 2022. As compared to 4Q 2022, the +9.5% increase in sales was primarily due to higher steel shipment volumes (as discussed above) offset in part by lower average steel selling prices (-2.7%). Sales in 1Q 2023 were -15.3% lower as compared to 1Q 2022 primarily due to lower average steel selling prices (-13.3%) and lower steel shipments (-5.8%).

Operating income for 1Q 2023 was $1.2 billion as compared to an operating loss in 4Q 2022 of $0.3 billion (impacted by impairment charges as discussed above) and operating income of $4.4 billion in 1Q 2022. The improvement in operating income compared to 4Q 2022 reflected improving steel shipment volumes and lower costs (including energy) and improved mining performance.