TIDMMT 
 
   Luxembourg, May 9, 2019 - ArcelorMittal (referred to as "ArcelorMittal" 
or the "Company") (MT (New York, Amsterdam, Paris, Luxembourg), MTS 
(Madrid)), the world's leading integrated steel and mining company, 
today announced results(1) for the three-month period ended March 31, 
2019. 
 
   Highlights: 
 
 
   -- Health and safety: LTIF rate2 of 1.14x in 1Q 2019 
 
   -- Operating income decreased to $0.8bn in 1Q 2019 as compared to $1.0bn in 
      4Q 2018 and $1.6bn in 1Q 2018 
 
   -- EBITDA of $1.7bn in 1Q 2019, 15.3% lower as compared to $2.0bn in 4Q 
      2018, primarily reflecting a negative price-cost effect; 1Q 2019 EBITDA 
      down 34.2% YoY 
 
   -- Net income of $0.4bn in 1Q 2019 
 
   -- Steel shipments of 21.8Mt in 1Q 2019, up 7.9% vs. 4Q 2018 and up 2.2% vs. 
      1Q 2018 
 
   -- 1Q 2019 iron ore shipments of 13.8Mt (stable YoY), of which 9.2Mt shipped 
      at market prices (+0.4% YoY) 
 
   -- Gross debt of $13.4bn as of March 31, 2019 as compared to $12.6bn as of 
      December 31, 2018. Net debt increased to $11.2bn as of March 31, 2019 due 
      to impact of IFRS 1612 lease accounting ($1.2bn). Excluding IFRS 16 
      Leases impact, net debt would be $10.0bn as of March 31, 2019 as compared 
      to $10.2bn as of December 31, 2018 
 
   -- Maintaining an investment grade credit rating through the cycle remains 
      ArcelorMittal's financial priority, with a target to reduce net debt to 
      below $7bn (previous target of $6bn adjusted to reflect the impact of 
      IFRS 16) 
 
 
   Financial highlights (on the basis of IFRS(1) ): 
 
 
 
 
(USDm) unless otherwise shown       1Q 19   4Q 18   3Q 18   2Q 18      1Q 18 
----------------------------------  ------  ------  ------  ------  -------- 
Sales                               19,188  18,327  18,522  19,998  19,186 
Operating income                       769   1,042   1,567   2,361   1,569 
Net income attributable to equity 
 holders of the parent                 414   1,193     899   1,865   1,192 
Basic earnings per share (US$)        0.41    1.18    0.89    1.84    1.17 
 
Operating income/ tonne (US$/t)         35      51      76     109      73 
EBITDA                               1,652   1,951   2,729   3,073   2,512 
EBITDA/ tonne (US$/t)                   76      96     133     141     118 
Steel-only EBITDA/ tonne (US$/t)        56      79     119     127     101 
 
Crude steel production (Mt)           24.1    22.8    23.3    23.2      23.3 
Steel shipments (Mt)                  21.8    20.2    20.5    21.8      21.3 
Own iron ore production (Mt)          14.1    14.9    14.5    14.5      14.6 
Iron ore shipped at market price 
 (Mt)                                  9.2    10.0     8.5    10.0       9.1 
----------------------------------  ------  ------  ------  ------  -------- 
 
 
   Commenting, Mr. Lakshmi N. Mittal, ArcelorMittal Chairman and CEO, said: 
 
   "Our first quarter results reflect the challenging operating environment 
the industry has faced in recent months. Profitability has been impacted 
by lower steel pricing due to weaker economic activity and continued 
global overcapacity, as well as rising raw material costs as a result of 
supply-side developments in Brazil. 
 
   "We continue to face a challenge from high levels of imports, 
particularly in Europe, where safeguard measures introduced by the 
European Commission have not been fully effective. Although we are 
somewhat encouraged by the firmer price environment in China, this is 
not being reflected in Europe where in order to adapt to the current 
market environment we have recently announced annualized production cuts 
of three million tonnes in our flat steel operations. It is important 
there is a level playing field to address unfair competition, and this 
includes a green border adjustment to ensure that imports into Europe 
face the same carbon costs as producers in Europe. 
 
   "We remain focussed on our own initiatives to improve performance 
through delivery of our Action2020 plan. Generating positive free cash 
flow, demonstrating progress in our efforts to further strengthen our 
balance sheet and improve shareholder returns are the priority." 
 
   Sustainable development and safety performance 
 
   Health and safety - Own personnel and contractors lost time injury 
frequency rate 
 
   Health and safety performance (inclusive of ArcelorMittal Italia 
(previously known as Ilva)), based on own personnel figures and 
contractors lost time injury frequency (LTIF) rate was 1.14x(2) in the 
first quarter of 2019 ("1Q 2019"). 
 
   Excluding the impact of ArcelorMittal Italia, the LTIF was 0.66x for 1Q 
2019 as compared to 0.70x for the fourth quarter of 2018 ("4Q 2018") and 
0.62x for the first quarter of 2018 ("1Q 2018"). 
 
   The Company's efforts to improve its Health and Safety record remain 
focused on both further reducing the rate of severe injuries and 
preventing fatalities. 
 
   Own personnel and contractors - Frequency rate(2) 
 
 
 
 
                                             4Q    3Q 
Lost time injury frequency rate      1Q 19   18    18   2Q 18    1Q 18 
-----------------------------------  -----  ----  ----  -----  ------- 
Mining                                0.38  0.64  0.63   0.62   0.34 
NAFTA                                 0.58  0.37  0.56   0.64   0.39 
Brazil                                0.48  0.28  0.39   0.35   0.41 
Europe                                0.85  1.11  0.76   1.02   0.77 
ACIS                                  0.75  0.59  0.61   0.52   0.79 
Total Steel                           0.71  0.71  0.62   0.72   0.66 
Total (Steel and Mining)              0.66  0.70  0.62   0.71   0.62 
-----------------------------------  -----  ----  ----  -----  ----- 
ArcelorMittal Italia                 11.05 
                                     ----- 
Total (Steel and Mining) including 
 ArcelorMittal Italia                 1.14 
                                     ----- 
 
 
   Key sustainable development highlights for 1Q 2019: 
 
 
   -- Recognized a Worldsteel Sustainability Champion for our achievements in 
      safety, water, lifecycle analysis and social and environmental 
      reporting. 
 
   -- Announced preparations for an industrial scale pilot of hydrogen based 
      steelmaking in Hamburg, Germany. 
 
   -- Completed independent pre-audit against ResponsibleSteel - a 
      multistakeholder standard due to launch at the end of 2019. 
 
   -- On April 25, 2019, ArcelorMittal released a new film to mark its 13th 
      global health and safety day. The new film is designed to reinforce the 
      critical importance of a safety-first approach at all times within the 
      organisation. The film, which explores the day's theme, "We always choose 
      the safest way", supports a day of activities designed to reinforce the 
      Company's safety culture. To watch the video, go to: 
      https://corporate.arcelormittal.com/news-and-media/news/2019/apr/25-04-2019. 
 
 
 
   Analysis of results for 1Q 2019 versus 4Q 2018 and 1Q 2018 
 
   Total steel shipments in 1Q 2019 were 7.9% higher at 21.8Mt as compared 
with 20.2Mt for 4Q 2018 primarily due to higher steel shipments in 
Europe (+14.4%) due in part to the acquisition of ArcelorMittal Italia 
(following its consolidation from November 1, 2018) and NAFTA (+2.8%), 
offset in part by lower steel shipments in Brazil (-5.7%). Excluding the 
impact of ArcelorMittal Italia, steel shipments were 5.0% higher as 
compared to 4Q 2018. 
 
   Total steel shipments in 1Q 2019 were 2.2% higher as compared with 
21.3Mt for 1Q 2018 primarily due to higher steel shipments in Europe 
(+8.0%) due in part to the acquisition of ArcelorMittal Italia and 
Brazil (+16.0%) due in part to the impact of the Votorantim acquisition 
following its consolidation as from April 2018, offset in part by lower 
steel shipments in NAFTA (-4.3%) and ACIS (-12.1%) which was impacted by 
operational issues in Temirtau, Kazakhstan. Excluding the impacts of the 
ArcelorMittal Italia and Votorantim acquisitions, steel shipments were 
3.6% lower as compared to 1Q 2018. 
 
   Sales in 1Q 2019 were $19.2 billion as compared to $18.3 billion for 4Q 
2018 and $19.2 billion for 1Q 2018. Sales in 1Q 2019 were 4.7% higher as 
compared to 4Q 2018 primarily due to higher steel shipments (+7.9%) and 
higher seaborne iron ore reference prices (+15.2%), offset in part by 
lower average steel selling prices (-3.1%) and seasonally lower 
market-priced iron ore shipments (-8.2%). Sales in 1Q 2019 were stable 
as compared to 1Q 2018 as the impacts of lower average steel selling 
prices (-3.1%) were offset by higher steel shipments (+2.2%) and higher 
seaborne iron ore reference prices (+10.8%). 
 
   Depreciation for 1Q 2019 was higher at $733 million as compared to $723 
million for 4Q 2018. These charges now include the depreciation of 
right-of-use assets recognized for the first time within property, plant 
and equipment under IFRS 16 lease accounting, that were previously 
recorded in cost of sales and selling, general and administrative 
expenses. 1Q 2019 depreciation expense was higher than $711 million in 
1Q 2018 primarily due to the impact of IFRS 16 partially offset by 
foreign exchange gains. As a result of IFRS 16 and the impact of 
ArcelorMittal Italia net of remedies depreciation expense for FY 2019 is 
expected to increase to approximately $3.1 billion. 
 
   Impairment charges for 1Q 2019 were $150 million related to the remedy 
asset sales for the ArcelorMittal Italia acquisition. Impairment charges 
net of purchases gains for 4Q 2018 were $215 million(3) and primarily 
related to the acquisition of ArcelorMittal Italia and the remedy asset 
sales for the ArcelorMittal Italia acquisition. Impairment charges for 
1Q 2018 were $86 million related to the agreed remedy package required 
for the approval of the Votorantim acquisition(4) . 
 
   Exceptional items for 1Q 2019 were nil. Exceptional income for 4Q 2018 
were $29 million primarily related to $202 million for PIS/Cofins tax 
credits(10) related to prior periods recognized in Brazil, offset in 
part by $113 million in charges related to a blast furnace dismantling 
in Florange (France), and $60 million related to the new collective 
labour agreement in the US (including a signing bonus). Exceptional 
charges for 1Q 2018 were $146 million related to a provision taken in 
respect of a litigation case that was paid in 3Q 2018(5) . 
 
   Operating income for 1Q 2019 was lower at $0.8 billion as compared to 
$1.0 billion in 4Q 2018 and $1.6 billion in 1Q 2018 primarily driven by 
weaker operating conditions (negative price-cost effect in the steel 
segments) reflecting both the impact of the decline in steel prices 
since 4Q 2018 and higher raw material prices, offset in part by the 
impact of higher seaborne iron ore reference prices and higher steel 
shipments. Operating results for 1Q 2019, 4Q 2018, and 1Q 2018 were 
impacted by impairment charges net of purchase gains and exceptional 
items as discussed above. 
 
   Income from associates, joint ventures and other investments for 1Q 2019 
was $208 million as compared to $227 million for 4Q 2018 and $212 
million for 1Q 2018. 1Q 2019 and 1Q 2018 were positively impacted by the 
annual dividend declared by Erdemir ($93 million and $87 million, 
respectively). 4Q 2018 was positively impacted by $0.1 billion in 
currency translation gains following the disposal of ArcelorMittal's 
investment in MacSteel (South Africa). 
 
   Net interest expense in 1Q 2019 was $161 million as compared to $140 
million in 4Q 2018 and lower than $164 million in 1Q 2018. 1Q 2019 net 
interest increased due to new bonds issued during the quarter and the 
first-time adoption of IFRS 16 leases. The Company expects full year 
2019 net interest expense to increase to approximately $0.65 billion 
from previous guidance of approximately $0.6 billion primarily due to 
the impact of IFRS 16. 
 
 
 
   Foreign exchange and other net financing losses in 1Q 2019 were $231 
million as compared to $556 million for 4Q 2018 and $174 million in 1Q 
2018. Foreign exchange loss for 1Q 2019 was $48 million as compared to a 
loss of $7 million in 4Q 2018 and a gain of $72 million in 1Q 2018(6) . 
1Q 2019 includes non-cash mark-to-market losses of $6 million related to 
the mandatory convertible bonds call option as compared to losses of 
$443 million in 4Q 2018 and $35 million in 1Q 2018. 
 
   ArcelorMittal recorded an income tax expense of $135 million in 1Q 2019 
as compared to an income tax benefit of $711 million for 4Q 2018 and an 
income tax expense of $203 million for 1Q 2018. The income tax benefit 
for 4Q 2018 includes a $0.8 billion deferred tax benefit recorded mainly 
in Luxembourg resulting from the expectation of higher future profits. 
 
   Income attributable to non-controlling interests was $36 million for 1Q 
2019 as compared to $91 million for 4Q 2018 and $48 million in 1Q 2018 
and relates primarily to profits in ArcelorMittal Mines Canada and 
Bekaert (Brazil). Income attributable to non-controlling interests in 4Q 
2018 included the share of currency translation gain following the 
disposal of MacSteel as mentioned above. 
 
   ArcelorMittal recorded a net income for 1Q 2019 of $0.4 billion, or 
$0.41 basic earnings per share, as compared to a net income for 4Q 2018 
of $1.2 billion, or $1.18 basic earnings per share, and a net income for 
1Q 2018 of $1.2 billion, or $1.17 basic earnings per share. 
 
   Analysis of segment operations 
 
   NAFTA 
 
 
 
 
(USDm) unless otherwise 
shown                         1Q 19   4Q 18   3Q 18   2Q 18      1Q 18 
----------------------------  ------  ------  ------  ------  -------- 
Sales                         5,085   4,857   5,367   5,356   4,752 
Operating income                216     310     612     660     308 
Depreciation                   (134)   (127)   (132)   (131)   (132) 
Exceptional charges              --     (60)     --      --      -- 
EBITDA                          350     497     744     791     440 
Crude steel production (kt)   5,388   5,026   5,723   5,946   5,864 
Steel shipments (kt)          5,319   5,173   5,512   5,803   5,559 
Average steel selling price 
 (US$/t)                        874     882     896     853     779 
----------------------------  -----   -----   -----   -----   ----- 
 
 
   NAFTA segment crude steel production increased by 7.2% to 5.4Mt in 1Q 
2019 as compared to 5.0Mt in 4Q 2018. This increase reflects higher 
production in the US, despite an approximate 100kt loss due to a power 
outage at Burns Harbor, and to a much lesser extent the eventual restart 
of the blast furnace in Mexico which had suffered delays following 
scheduled maintenance in 3Q 2018. 
 
   Steel shipments in 1Q 2019 increased by 2.8% to 5.3Mt as compared to 
5.2Mt in 4Q 2018 with improvements in the flat business (+7.8%) offset 
by weaker long product shipments (-19.0%), primarily in Mexico due to 
less availability of material due to delayed restart of the blast 
furnace as discussed above. 
 
   Sales in 1Q 2019 increased by 4.7% to $5.1 billion as compared to $4.9 
billion in 4Q 2018, primarily due to higher steel shipments (+2.8%) 
offset in part by lower average steel selling prices (-0.9%, flat 
products were down -2.3% whilst long products increased 1.7%). 
 
   Exceptional charges for 4Q 2018 were $60 million related to the new 
collective labour agreement in the US (which included a signing bonus). 
 
   Operating income in 1Q 2019 of $216 million was lower as compared to 
$310 million in 4Q 2018 and $308 million in 1Q 2018. Operating results 
for 4Q 2018 were impacted by the exceptional charges as discussed above. 
 
   EBITDA in 1Q 2019 decreased by 29.6% to $350 million as compared to $497 
million in 4Q 2018 primarily due to negative price-cost effect offset in 
part by higher steel shipment volumes. EBITDA in 1Q 2019 was also 
negatively impacted by $32 million on account of the Burns Harbor power 
outage discussed above. EBITDA in 1Q 2019 decreased by 20.5% as compared 
to $440 million in 1Q 2018 primarily due to lower steel shipments 
(-4.3%). 
 
   Brazil 
 
 
 
 
(USDm) unless otherwise 
shown                         1Q 19   4Q 18   3Q 18   2Q 18      1Q 18 
----------------------------  ------  ------  ------  ------  -------- 
Sales                         2,156   2,429   2,103   2,191   1,988 
Operating income                239     398     374     369     215 
Depreciation                    (70)    (84)    (71)    (74)    (69) 
Impairment                       --      --      --      --     (86) 
Exceptional income               --     202      --      --      -- 
EBITDA                          309     280     445     443     370 
Crude steel production (kt)   3,013   3,191   3,158   3,114   2,801 
Steel shipments (kt)          2,880   3,053   3,097   2,831   2,483 
Average steel selling price 
 (US$/t)                        704     687     714     728     752 
----------------------------  -----   -----   -----   -----   ----- 
 
 
   Brazil segment crude steel production decreased by 5.6% to 3.0Mt in 1Q 
2019 as compared to 3.2Mt for 4Q 2018. 
 
   Steel shipments in 1Q 2019 decreased by 5.7% to 2.9Mt as compared to 4Q 
2018, due to lower export volumes for both flat and long products, 
partially offset by increased domestic shipments of flat products. 
 
   Sales in 1Q 2019 decreased by 11.2% to $2.2 billion as compared to $2.4 
billion in 4Q 2018, due to lower steel shipments offset in part by 2.4% 
higher average steel selling prices mainly due to improvement in long 
products. 
 
   Exceptional income for 4Q 2018 was $202 million related to PIS/Cofins 
tax credits related to prior periods recognized in Brazil. 
 
   Operating income in 1Q 2019 was lower at $239 million as compared to 
$398 million in 4Q 2018 but higher than $215 million in 1Q 2018. 
Operating results for 4Q 2018 were impacted by the exceptional income as 
discussed above. Operating income in 1Q 2018 was impacted by impairment 
of $86 million (Cariacica and Itaúna industrial plants in Brazil) 
related to the agreed remedy package required for the approval of the 
Votorantim acquisition. 
 
   EBITDA in 1Q 2019 increased by 10.6% to $309 million as compared to $280 
million in 4Q 2018 primarily due to a positive price-cost effect. 4Q 
2018 included a one-time provision of $17 million for employee related 
charges. EBITDA in 1Q 2019 was 16.3% lower as compared to $370 million 
in 1Q 2018 primarily due to foreign exchange translation impact and 
challenging market conditions in Argentina. 
 
   Europe 
 
 
 
 
(USDm) unless otherwise shown         1Q 19    4Q 18    3Q 18    2Q 18       1Q 18 
Sales                                10,494    9,761    9,559   10,527   10,641 
Operating income                         11       98      100      853      580 
Depreciation                           (309)    (323)    (262)    (292)    (318) 
Impairment charges net of purchase 
 gains                                 (150)    (215)    (509)      --       -- 
Exceptional charges                      --     (113)      --       --     (146) 
EBITDA                                  470      749      871    1,145    1,044 
Crude steel production (kt)          12,372   11,580   10,841   11,026   11,246 
Steel shipments (kt)                 11,553   10,098    9,709   10,516   10,697 
Average steel selling price (US$/t)     729      771      776      800      801 
-----------------------------------  ------   ------   ------   ------   ------ 
 
 
   Europe segment crude steel production increased by 6.8% to 12.4Mt in 1Q 
2019 as compared to 11.6Mt in 4Q 2018 due in part to the ArcelorMittal 
Italia acquisition (consolidated as from November 1, 2018). 
 
   Steel shipments in 1Q 2019 increased by 14.4% to 11.6Mt as compared to 
10.1Mt in 4Q 2018. Excluding the impact of ArcelorMittal Italia, steel 
shipments increased by 9% as compared to 4Q 2018, but were 2.8% lower 
than 1Q 2018. 
 
   Sales in 1Q 2019 were $10.5 billion, 7.5% higher as compared to $9.8 
billion in 4Q 2018, with higher steel shipments, as discussed above, 
offset in part by 5.4% lower average steel selling prices (both flat and 
long products declining). 
 
   Impairment charges net of purchase gains for 1Q 2019 and 4Q 2018 were 
$150 million and $215 million, respectively, primarily related to the 
ArcelorMittal Italia acquisition in 4Q 2018 and the associated remedy 
asset sales for the ArcelorMittal Italia in 2018 and 1Q 2019. Impairment 
charges net of purchase gains for 1Q 2018 were nil. 
 
   Exceptional charges for 1Q 2019 were nil. Exceptional charges for 4Q 
2018 were $113 million related to a blast furnace dismantling in 
Florange (France). Exceptional charges for 1Q 2018 were $146 million 
related to a provision taken in respect of a litigation case that was 
paid in 3Q 2018. 
 
   Operating income in 1Q 2019 was $11 million as compared to $98 million 
in 4Q 2018 and $580 million in 1Q 2018. Operating results were impacted 
by impairment charges net of purchase gains and exceptional items as 
discussed above. 
 
   Despite higher steel shipments, EBITDA in 1Q 2019 decreased by 37.3% to 
$470 million as compared to $749 million in 4Q 2018 primarily due to a 
negative price-cost effect. EBITDA in 1Q 2019 decreased by 55.0% as 
compared to $1,044 million in 1Q 2018, primarily due to lower steel 
shipments, foreign exchange, negative price-cost effect and losses of 
ArcelorMittal Italia. 
 
   ACIS 
 
 
 
 
(USDm) unless otherwise 
shown                         1Q 19   4Q 18   3Q 18   2Q 18      1Q 18 
----------------------------  ------  ------  ------  ------  -------- 
Sales                         1,645   1,763   1,989   2,129   2,080 
Operating income                 64     121     371     312     290 
Depreciation                    (81)    (77)    (76)    (85)    (73) 
EBITDA                          145     198     447     397     363 
Crude steel production (kt)   3,323   2,975   3,560   3,087   3,400 
Steel shipments (kt)          2,662   2,669   2,986   3,057   3,029 
Average steel selling price 
 (US$/t)                        541     561     597     621     610 
----------------------------  -----   -----   -----   -----   ----- 
 
 
   ACIS segment crude steel production in 1Q 2019 increased by 11.7% to 
3.3Mt as compared to 3.0Mt in 4Q 2018 primarily due to the restart of 
production in Temirtau (Kazakhstan) following an explosion at a gas 
pipeline in 4Q 2018. 
 
   Steel shipments in 1Q 2019 were stable at 2.7Mt as compared to 4Q 2018. 
 
   Sales in 1Q 2019 decreased by 6.7% to $1.6 billion as compared to $1.8 
billion in 4Q 2018 primarily due to lower average steel selling prices 
(-3.6%). 
 
   Operating income in 1Q 2019 was lower at $64 million as compared to $121 
million in 4Q 2018 and $290 million in 1Q 2018. 
 
   EBITDA in 1Q 2019 decreased by 26.9% to $145 million as compared to $198 
million in 4Q 2018 primarily due to a negative price-cost effect. EBITDA 
in 1Q 2019 was lower as compared to $363 million in 1Q 2018, primarily 
due to lower steel shipments (-12.1%) and negative price-cost effect. 
 
   Mining 
 
 
 
 
(USDm) unless otherwise shown            1Q 19   4Q 18   3Q 18   2Q 18      1Q 18 
---------------------------------------  ------  ------  ------  ------  -------- 
Sales                                    1,127   1,114   1,008   1,065   1,024 
Operating income                           313     241     179     198     242 
Depreciation                              (107)   (102)   (102)   (107)   (107) 
EBITDA                                     420     343     281     305     349 
 
Own iron ore production (a) (Mt)          14.1    14.9    14.5    14.5    14.6 
Iron ore shipped externally and 
 internally at market price (b) 
 (Mt)                                      9.2    10.0     8.5    10.0     9.1 
Iron ore shipment - cost plus 
 basis (Mt)                                4.6     5.7     5.6     4.6     4.7 
Own coal production (a) (Mt)               1.2     1.3     1.5     1.6     1.5 
Coal shipped externally and internally 
 at market price (b) (Mt)                  0.7     0.7     0.7     0.7     0.4 
Coal shipment - cost plus basis 
 (Mt)                                      0.7     0.7     0.9     0.9     0.9 
---------------------------------------  -----   -----   -----   -----   ----- 
 
   (a) Own iron ore and coal production not including strategic long-term 
contracts. 
 
   (b) Iron ore and coal shipments of market-priced based materials include 
the Company's own mines and share of production at other mines, and 
exclude supplies under strategic long-term contracts. 
 
   Own iron ore production in 1Q 2019 decreased by 5.8% to 14.1Mt as 
compared to 14.9Mt in 4Q 2018, due to seasonally lower production in 
ArcelorMittal Mines Canada(7) (AMMC), the temporary suspension of Serra 
Azul in Brazil (following evacuation on February 8, 2019 which has since 
been restarted on March 18, 2019; see key recent developments), and 
lower production in Temirtau and Hibbing (US) offset by increased 
production in Liberia. Own iron ore production in 1Q 2019 decreased by 
3.7% as compared to 1Q 2018 primarily due to lower production in 
Temirtau, Mexico and Serra Azul in Brazil offset in part by increased 
production at AMMC. 
 
   Market-priced iron ore shipments in 1Q 2019 decreased by 8.2% to 9.2Mt 
as compared to 10.0Mt in 4Q 2018, primarily driven by seasonally lower 
market-priced iron ore shipments in AMMC. Market-priced iron ore 
shipments in 1Q 2019 were largely stable as compared to 1Q 2018 driven 
by higher shipments in Liberia, offset by lower shipments in AMMC 
(extreme weather conditions) and in Ukraine. Market-priced iron ore 
shipments for FY 2019 are expected to be broadly stable as compared to 
FY 2018 with increases in Liberia and AMMC to be offset by lower volume 
in Mexico (in part due to the end of life of Volcan mine). 
 
   Own coal production in 1Q 2019 decreased by 6.8% to 1.2Mt as compared to 
1.3Mt in 4Q 2018 primarily due to lower production at Princeton (US). 
Own coal production in 1Q 2019 decreased by 19.7% as compared to 1.5Mt 
in 1Q 2018 due to lower production at Kazakhstan and Princeton (US). 
 
   Market-priced coal shipments in 1Q 2019 were stable at 0.7Mt as compared 
to 4Q 2018. Market-priced coal shipments in 1Q 2019 increased by 59.9% 
as compared to 1Q 2018 primarily due to increased shipments at 
Kazakhstan. 
 
   Operating income in 1Q 2019 increased to $313 million as compared to 
$241 million in 4Q 2018 and $242 million in 1Q 2018. 
 
   EBITDA in 1Q 2019 increased by 22.5% to $420 million as compared to $343 
million in 4Q 2018, primarily due to the impact of higher seaborne iron 
ore reference prices (+15.2%) offset in part by lower market-priced iron 
ore shipments (-8.2%). EBITDA in 1Q 2019 was 20.4% higher as compared to 
$349 million in 1Q 2018, primarily due to higher seaborne iron ore 
reference prices (+10.8%). 
 
   Liquidity and Capital Resources 
 
   For 1Q 2019 net cash provided by operating activities was $971 million 
as compared to $2,170 million in 4Q 2018 and $160 million in 1Q 2018. 
The cash provided by operating activities during 1Q 2019 reflects in 
part a working capital investment of $553 million (largely on account of 
higher steel shipment volumes) as compared to a working capital release 
of $430 million in 4Q 2018. The net cash provided by operating 
activities during 1Q 2018 reflected a working capital investment of 
$1,869 million. 
 
   Due to a smaller than anticipated release in 4Q 2018, the Group invested 
more in working capital than expected in 2018 ($4.4 billion versus 
guidance of $3.0-3.5 billion). The Group continues to expect this excess 
working capital to be released over the course of 2019. The 1Q 2019 
working capital investment followed the normal seasonal pattern but was 
less pronounced than in prior years given the excess build-up in 4Q 
2018. The extent of any further changes in working capital in 2019 will 
be dictated by market conditions, particularly the price and volume 
environment in the final weeks of the year. 
 
   Net cash used in investing activities during 1Q 2019 was $693 million as 
compared to $1,926 million during 4Q 2018 and $676 million in 1Q 2018. 
Capex decreased to $947 million in 1Q 2019 as compared to $1,156 million 
in 4Q 2018 and increased as compared to $752 million in 1Q 2018. Capex 
in 2019 is expected to increase to $4.3 billion (as compared to $3.3 
billion in 2018) reflecting carry over from underspend in 2018, the 
impact of ArcelorMittal Italia, the continued projected high return 
investments in Mexico and Brazil and other strategic projects (largely 
cost optimization). Net cash provided by other investing activities in 
1Q 2019 of $254 million primarily includes $0.3 billion due to the 
rollover of the Indian rupee hedge at market price which protects the 
dollar funds needed for the Essar transaction as per the resolution plan 
approved by the Committee of Creditors and the National Company Law 
Tribunal in Ahmedabad, offset in part by the quarterly lease payment for 
the ArcelorMittal Italia acquisition ($51 million). Net cash used in 
other investing activities in 4Q 2018 of $770 million primarily includes 
$1.0 billion investment for the repayment of Uttam Galva and KSS Petron 
debts (India), quarterly lease payment for ArcelorMittal Italia 
acquisition ($52 million) offset in part by MacSteel (South Africa) 
disposal proceeds ($220 million). Net cash provided by other investing 
activities in 1Q 2018 of $76 million primarily included proceeds from 
the sale of Frydek Mistek in Czech Republic. 
 
   Net cash used in financing activities in 1Q 2019 was $344 million as 
compared to $411 million and $33 million in 4Q 2018 and 1Q 2018, 
respectively. In 1Q 2019, net outflow of debt repayments and issuances 
of $136 million includes $1 billion repayment of amounts borrowed in 
connection with the purchase of the Uttam Galva and KSS Petron debts, 
$0.9 billion repayment of the EUR750 million 5-year, 3% bond at 
maturity; and offset in part by $1.6 billion cash received from the 
issuance of two new bonds (EUR750 million 2.25% notes due 2024 and $750 
million 4.55% notes due 2026) and $0.2 billion commercial paper 
issuance. In 4Q 2018, net outflow of debt repayments and issuances of 
$406 million primarily includes repayment of short-term facilities. 
During 1Q 2019, the Company paid dividends of $46 million to minority 
shareholders in AMMC (Canada). During 4Q 2018, the Company paid 
dividends of $32 million primarily to minority shareholders in Bekaert 
(Brazil). During 1Q 2018, the Company paid dividends of $50 million to 
minority shareholders in AMMC (Canada). 
 
   During 1Q 2019, the Company completed its share buyback programme having 
repurchased 4 million shares for a total value of $90 million (EUR80 
million) at an approximate average price per share of $22.42 (EUR19.89 
per share). 
 
   Outflows from lease principal payments and other financing activities 
(net) were $72 million in 1Q 2019 as compared to inflows of $27 million 
in 4Q 2018 and outflows of $20 million in 1Q 2018. The cash outflow 
increased as a result of the first-time application of IFRS 16, as the 
repayments of the principal portion of the operating leases are 
presented under financing activities (previously reported under 
operating activities). 4Q 2018 also included the net proceeds from 
transactions with minority shareholders primarily in relation to the 
ArcelorMittal Italia transactions. 
 
   As of March 31, 2019, the Company's cash and cash equivalents amounted 
to $2.2 billion as compared to $2.4 billion at December 31, 2018 and 
$2.3 billion at March 31, 2018. 
 
   Gross debt increased to $13.4 billion as of March 31, 2019, as compared 
to $12.6 billion at December 31, 2018, following the adoption of the new 
IFRS 16 Leases standard effective from January 1, 2019, which requires 
most operating leases to be recognized on the balance sheet as debt 
($1.2 billion). As of March 31, 2019, net debt increased to $11.2 
billion as compared to $10.2 billion as of December 31, 2018, largely 
due to the impact of IFRS 16 lease accounting as discussed above. 
Excluding the impact of IFRS 16, net debt was $10.0 billion, lower as 
compared to December 31, 2018 ($10.2 billion). 
 
   As of March 31, 2019, the Company had liquidity of $7.7 billion, 
consisting of cash and cash equivalents of $2.2 billion and $5.5 billion 
of available credit lines(8) . The $5.5 billion credit facility contains 
a financial covenant not to exceed 4.25x Net debt / LTM EBITDA (as 
defined in the facility). As of March 31, 2019, the average debt 
maturity was 4.9 years. 
 
   Key recent developments 
 
 
   -- On May 7, 2019, ArcelorMittal announced that due to the continuing 
      uncertainties surrounding the long-term future of iron ore production in 
      Prijedor, ArcelorMittal Prijedor has had to take the difficult decision 
      to reduce iron ore production from 1.5 to 1 million tonnes at its Omarska 
      mine in order to protect the maximum possible number of jobs for the 
      longer term. ArcelorMittal Prijedor's sole customer -- ArcelorMittal 
      Zenica -- is consequently reducing its consumption of iron ore from 
      Omarska and will instead import additional iron ore from outside Bosnia 
      and Herzegovina. By lowering production to one million tonnes a year, the 
      effective life of the Omarska mine will be extended by up to 10 years. 
      Without taking these measures, the mine would have to close in 2025. The 
      new plan is expected to commence from September 1, 2019. We deeply regret 
      that these essential measures will unavoidably lead to the loss of 300 
      jobs at ArcelorMittal Prijedor. This is significant proportion of the 
      approximately 800 people currently employed by ArcelorMittal Prijedor but 
      we have been forced to take this difficult decision due to the lack of 
      certainty surrounding the future of mining in Prijedor. The company will 
      work closely with Union representatives and provide all possible 
      assistance to those affected. 
 
   -- On May 7, 2019, the Annual General Meeting of shareholders of 
      ArcelorMittal held in Luxembourg approved all resolutions by a strong 
      majority. 69.77% of the voting rights were represented at the general 
      meeting. The results of the votes will be posted shortly 
      on www.arcelormittal.com under "Investors > Equity Investors > 
      Shareholders' meetings > Annual General Meeting of shareholders, 7 May 
      2019" where the full documentation regarding the general meeting is 
      available. The shareholders re-elected Mrs. Vanisha Mittal Bhatia, Mrs. 
      Suzanne Nimocks, Mr.Jeannot Krecké and Mr. Karel De Gucht as 
      directors of ArcelorMittal for a term of three years each. 
 
   -- On May 6, 2019, ArcelorMittal announced its intention to temporarily idle 
      production at its steelmaking facilities in Kraków, Poland and 
      reduce production in Asturias, Spain. In addition, the planned increase 
      of shipments at ArcelorMittal Italia to a six million tonne annual 
      run-rate will be slowed down following a decision to optimise cost and 
      quality over volume in this environment. Together, these actions will 
      result in a temporary annualised production reduction of around three 
      million tonnes. 
 
   -- On April 17, 2019, ArcelorMittal announced that it had received European 
      Commission ('EC') approval for the sale of several steelmaking assets to 
      Liberty House Group. The assets form a divestment package the Company 
      agreed with the European Commission ('EC') during its merger control 
      investigation into the Company's acquisition of Ilva S.p.A. Assets 
      included within the divestment package are ArcelorMittal Ostrava (Czech 
      Republic), ArcelorMittal Galati (Romania), ArcelorMittal Skopje 
      (Macedonia), ArcelorMittal Piombino (Italy), ArcelorMittal Dudelange 
      (Luxembourg) and several finishing lines at ArcelorMittal Liège 
      (Belgium). Transaction closing is expected to occur before the end of the 
      first half of this year, with the majority of proceeds expected to be 
      received on closing. 
 
   -- Pursuant to Essar Steel India Limited's ('ESIL') corporate insolvency 
      process, the Company's Resolution Plan was conditionally approved by 
      India's National Company Law Tribunal ('NCLT') on March 8, 2019. There 
      have been several appeals from, among others, the Committee of Creditors 
      and ESIL creditors to the National Company Law Appellate Tribunal 
      ('NCLAT') over how the Committee of Creditors has decided to distribute 
      the 42,000-crore rupee upfront payment from the Company's Resolution Plan 
      and how such payment should be distributed among the creditors of ESIL. 
      On April 12, 2019 India's Supreme Court stayed the disbursement of funds 
      to creditors, pending the final outcome of the NCLAT hearing, which is 
      ongoing. The transaction closing is expected 2Q 2019 / 3Q 2019. 
 
   -- On March 19 and 20, 2019, ArcelorMittal hosted an investor event at the 
      ArcelorMittal Italia facility in Taranto (Italy). The event, hosted by 
      Aditya Mittal and other members of the senior management team, included 
      presentations focused on the competitive progress at ArcelorMittal Europe 
      Flat Products, including its significant contribution to Action 2020 
      through its Transformation plan (and the equally impactful next phase in 
      the Transformation plan, driven by digitalization, positioning the 
      Company to increase the performance gap compared to competitors), and the 
      strategy to transform ArcelorMittal Italia into a modern, best-in-class, 
      integrated steel producer, capable of producing high-quality products, 
      satisfying its natural customer base and re-establishing a trusted and 
      transparent relationship with the local community and other key 
      stakeholders. 
 
   -- On March 11, 2019, ArcelorMittal issued US$750,000,000 aggregate 
      principal amount of its 4.550% notes due 2026. The proceeds to 
      ArcelorMittal, amounting to approximately $745 million, were used towards 
      repayment of existing debt including the $1 billion outstanding under a 
      $7 billion term facilities agreement entered into in connection with the 
      proposed acquisition of Essar Steel India Limited through a joint venture 
      with Nippon Steel Corporation. 
 
   -- On February 19, 2019, ArcelorMittal announced the completion of its share 
      buyback programme on February 15, 2019. ArcelorMittal has repurchased 4 
      million shares for a total value of approximately EUR79,577,540 
      (equivalent $US 89,679,370) at an approximate average price per share of 
      $22.42 (EUR19.89). All details are available on its website on: 
      https://corporate.arcelormittal.com/investors/equity-investors/share-buyback-2019 
      https://corporate.arcelormittal.com/investors/equity-investors/share-buyback-2019. 
 
 
   -- On February 8, 2019, the Company decided to implement an evacuation plan 
      downstream of its dormant Serra Azul tailing dam in Brazil, evacuating 
      the community situated downstream to the dam as a precautionary measure 
      based on an updated stability report following recent incidents in the 
      Brazilian mining sector in order to undertake further testing and 
      implement any necessary mitigation measures. Movement of evacuated 
      families to temporary rented houses is now largely complete. Monthly 
      emergency payments are being made to those families relocated as well as 
      people who lost access to their land -- in total there are 115 families 
      (355 people) directly impacted. For safety reasons, access to the 
      evacuated area continues to be restricted and controlled according to 
      guidance from local authorities. The reassessment of the dam is 
      progressing with support of international and in-country specialists 
      including the development of a plan to eventually remove the material 
      from the dormant dam for reprocessing, which was due to commence in 
      January 2019 as part of a longer-term plan to remove that dormant 
      tailings facility. An independent technical audit reporting directly to 
      the Public Prosecutors office has been engaged by ArcelorMittal and will 
      issue regular reports. Continuous 24/7 monitoring of the tailings storage 
      facility continues via radar, accelerometers, on line water level, 
      piezometers and imaging. The Mining operations at Serra Azul were 
      restarted on March 18, 2019. 
 
 
   Recent publications and filings 
 
 
   -- On April 29, 2019, ArcelorMittal published its 2018 integrated annual 
      review. The review underpins the Company's commitment to transparent 
      reporting. It has been produced in-line with the International Integrated 
      Reporting Council's framework and demonstrates the Company's approach to 
      ensuring it brings long-term, sustainable value to its broad stakeholder 
      base. It outlines the Company's progress against its four strategic 
      priorities, namely: improving its safety performance; achieving its 
      financial targets; delivering on its Action 2020 strategic plan and 
      integrating sustainability into the business. The review, which can be 
      accessed online at http://annualreview2018.arcelormittal.com includes 
      videos of several members of ArcelorMittal's senior management team, 
      including: Lakshmi Mittal, Chairman and CEO; Aditya Mittal, President and 
      CFO, ArcelorMittal and CEO, ArcelorMittal Europe; Brian Aranha, executive 
      vice president; and David Clarke, vice president. 
 
   -- On March 27, 2019, ArcelorMittal published the statutory financial 
      statements of ArcelorMittal parent company for the year ended December 
      31, 2018. These financial statements have been filed with the electronic 
      database of the Luxembourg Stock Exchange ( http://www.bourse.lu 
      www.bourse.lu) and are available on http://corporate.arcelormittal.com 
      http://corporate.arcelormittal.com under "Investors > Financial reports > 
      Annual reports". 
 
   -- On March 1, 2019, ArcelorMittal published its annual report for the year 
      ended December 31, 2018. The report has been filed with the electronic 
      database of the Luxembourg Stock Exchange ( http://www.bourse.lu 
      www.bourse.lu) and is available on http://corporate.arcelormittal.com 
      http://corporate.arcelormittal.com under "Investors > Financial reports > 
      Annual reports". 
 
   -- On February 25, 2019, ArcelorMittal filed its Annual Report 2018 on Form 
      20-F with the U.S. Securities and Exchange Commission (SEC). The report 
      is now available on http://corporate.arcelormittal.com 
      http://corporate.arcelormittal.com under "Investors > Financials reports 
      > SEC filings". 
 
 
   Outlook and guidance 
 
   Based on year-to-date growth and the current economic outlook, 
ArcelorMittal expects global apparent steel consumption ("ASC") to grow 
further in 2019 by between +1.0% to +1.5% (up from previous expectation 
of +0.5% to +1.0% growth). By region: 
 
   ArcelorMittal expects ASC in US to grow by +0.5% to +1.5% in 2019 (no 
change from previous expectation), driven by continued growth in 
machinery and non-residential construction. In Europe, driven by weak 
manufacturing and declining automotive production, demand is now 
expected to contract by up to -1.0% (versus previous expectation of a 
slight growth of up to +1.0%). In Brazil, our 2019 ASC forecasts have 
been slightly moderated to grow in a range of +3.0% to +4.0% (from 
previous expectation of +3.5% to +4.5%) after weaker than expected 
economic growth early in 2019. In the CIS, ASC is expected to grow +1.0% 
to +2.0% in 2019 (no change from previous expectation). Overall, World 
ex-China ASC is expected to grow by approximately +1.0% to +2.0% in 2019 
(down from previous expectation of +2.0% to +3.0%). In China, overall 
demand is expected to now grow by between +0% to +1.0% in 2019 (up from 
previous forecast for a contraction in demand by -0.5% to -1.5%), due to 
economic stimulus and as real estate demand continues to surprise on the 
upside. 
 
   Given these demand expectations, the positive scope effect of the 
ArcelorMittal Italia and Votorantim acquisition (net of the remedy 
assets sales for the ArcelorMittal Italia acquisition), the expectation 
that operational disruptions (both controllable and uncontrollable) that 
negatively impacted 2018 shipments will not recur, offset in part by 
impact of European production reduction, the Group's steel shipments are 
expected to increase in 2019 vs 2018. 
 
   Market-priced iron ore shipments for FY 2019 are expected to be broadly 
stable as compared to FY 2018 with increases in Liberia and AMMC to be 
offset by lower volume in Mexico (in part due to the end of life of 
Volcan mine). 
 
   The Company expects certain cash needs of the business (including capex, 
interest, cash taxes, pensions and certain other cash costs) but 
excluding working capital investment to be approximately $6.4 billion in 
2019. Capex is expected to be $4.3 billion including the continued 
investment in high returns projects in Mexico and Brazil. Interest 
expense is expected to increase in 2019 to approximately $0.65 billion 
as compared to previous forecast of $0.6 billion (primarily due to IFRS 
16 impact) while cash taxes, pensions and other cash costs are expected 
be $1.5 billion. 
 
   Due to a smaller than anticipated release in the final quarter of 2018, 
the Group invested more in working capital than expected in 2018 ($4.4 
billion versus guidance of $3.0-3.5 billion). The Group expects this 
additional investment of approximately $1 billion to be released over 
the course of 2019. The extent of any further changes in working capital 
in 2019 will be dictated by market conditions, particularly the price 
and volume environment in the final weeks. 
 
   The Company will continue to prioritize deleveraging and believes that 
$7 billion (previous target of $6 billion adjusted to reflect impact of 
IFRS 16) is an appropriate net debt target that will sustain investment 
grade metrics even at the low point of the cycle. The Company will 
continue to invest in opportunities that will enhance future returns. By 
investing in these opportunities with focus and discipline, the cash 
flow generation potential of the Company is expected to increase. 
 
   At meeting of shareholders at the Annual General Meeting on May 7, 2019, 
the shareholders voted in favor of an increase in the base dividend for 
2019(11) (paid from 2018 earnings) to $0.20 per share from $0.10 per 
share. ArcelorMittal intends to progressively increase the base dividend 
paid to its shareholders, and, on attainment of the net debt target, the 
Company is committed to returning a portion of annual FCF to 
shareholders. 
 
   ArcelorMittal Condensed Consolidated Statement of Financial Position(1) 
 
 
 
 
                                                   Mar 31,  Dec 31,    Mar 31, 
In millions of U.S. dollars                          2019     2018        2018 
ASSETS 
Cash and cash equivalents                            2,246    2,354    2,260 
Trade accounts receivable and other                  5,131    4,432    5,012 
Inventories                                         20,583   20,744   18,952 
Prepaid expenses and other current assets            3,000    2,834    2,653 
Assets held for sale(9)                              1,950    2,111      224 
Total Current Assets                                32,910   32,475   29,101 
 
Goodwill and intangible assets                       5,549    5,728    5,759 
Property, plant and equipment                       36,647   35,638   37,031 
Investments in associates and joint ventures         5,000    4,906    5,231 
Deferred tax assets                                  8,318    8,287    7,170 
Other assets                                         4,236    4,215    3,671 
Total Assets                                        92,660   91,249   87,963 
 
LIABILITIES AND SHAREHOLDERS' EQUITY 
Short-term debt and current portion of long-term 
 debt                                                2,739    3,167    4,084 
Trade accounts payable and other                    14,232   13,981   13,494 
Accrued expenses and other current liabilities       5,699    5,486    5,389 
Liabilities held for sale(9)                           828      821       42 
Total Current Liabilities                           23,498   23,455   23,009 
 
Long-term debt, net of current portion              10,591    9,316    9,309 
Deferred tax liabilities                             2,337    2,374    2,605 
Other long-term liabilities                         11,945   11,996   10,349 
Total Liabilities                                   48,371   47,141   45,272 
 
Equity attributable to the equity holders of 
 the parent                                         42,286   42,086   40,608 
Non-controlling interests                            2,003    2,022    2,083 
Total Equity                                        44,289   44,108   42,691 
Total Liabilities and Shareholders' Equity          92,660   91,249   87,963 
-------------------------------------------------  -------  -------  ------- 
 
 
   ArcelorMittal Condensed Consolidated Statement of Operations(1) 
 
 
 
 
                                                              Three months ended 
In millions of U.S. dollars unless         Mar 31,     Dec 31,     Sep 30,     Jun 30,       Mar 31, 
 otherwise shown                             2019        2018        2018        2018           2018 
---------------------------------------- 
Sales                                     19,188      18,327      18,522      19,998      19,186 
Depreciation (B)                            (733)       (723)       (653)       (712)       (711) 
Impairment charges net of purchase 
 gains (B)                                  (150)       (215)       (509)         --         (86) 
Exceptional items (B)                         --          29          --          --        (146) 
Operating income (A)                         769       1,042       1,567       2,361       1,569 
Operating margin %                           4.0%        5.7%        8.5%       11.8%        8.2% 
 
Income from associates, joint 
 ventures and other investments              208         227         183          30         212 
Net interest expense                        (161)       (140)       (152)       (159)       (164) 
Foreign exchange and other net 
 financing loss                             (231)       (556)       (475)       (390)       (174) 
Income before taxes and non-controlling 
 interests                                   585         573       1,123       1,842       1,443 
 Current tax expense                        (180)       (198)       (206)       (240)       (284) 
 Deferred tax benefit                         45         909          28         259          81 
Income tax (expense) / benefit              (135)        711        (178)         19        (203) 
Income including non-controlling 
 interests                                   450       1,284         945       1,861       1,240 
Non-controlling interests (income) 
 / loss                                      (36)        (91)        (46)          4         (48) 
Net income attributable to equity 
 holders of the parent                       414       1,193         899       1,865       1,192 
 
Basic earnings per common share 
 ($)                                        0.41        1.18        0.89        1.84        1.17 
Diluted earnings per common share 
 ($)                                        0.41        1.17        0.88        1.83        1.17 
 
Weighted average common shares 
 outstanding (in millions)                 1,014       1,014       1,014       1,013       1,019 
Diluted weighted average common 
 shares outstanding (in millions)          1,017       1,020       1,019       1,018       1,023 
 
OTHER INFORMATION 
EBITDA (C = A-B)                           1,652       1,951       2,729       3,073       2,512 
EBITDA Margin %                              8.6%       10.6%       14.7%       15.4%       13.1% 
 
Own iron ore production (Mt)                14.1        14.9        14.5        14.5        14.6 
----------------------------------------  ------      ------      ------      ------      ------ 
Crude steel production (Mt)                 24.1        22.8        23.3        23.2        23.3 
                                          ------      ------      ------      ------      ------ 
Steel shipments (Mt)                        21.8        20.2        20.5        21.8        21.3 
                                          ------      ------      ------      ------      ------ 
 
 
   ArcelorMittal Condensed Consolidated Statement of Cash flows(1) 
 
 
 
 
                                                        Three months ended 
                                         Mar 31,   Dec 31,    Sep 30,    Jun 30,    Mar 31, 
In millions of U.S. dollars                2019      2018       2018       2018        2018 
-------------------------------------- 
Operating activities: 
Income attributable to equity 
 holders of the parent                    414       1,193       899       1,865    1,192 
Adjustments to reconcile net income 
 to net cash provided by operations: 
Non-controlling interests income/ 
 (loss)                                    36          91        46          (4)      48 
Depreciation and impairment charges 
 net of purchase gains                    883         938     1,162         712      797 
Exceptional items(5)                       --         (29)       --          --      146 
Income from associates, joint 
 ventures and other investments          (208)       (227)     (183)        (30)    (212) 
Deferred tax (benefit)                    (45)       (909)      (28)       (259)     (81) 
Change in working capital                (553)        430    (1,713)     (1,232)  (1,869) 
Other operating activities (net)          444         683       451         180      139 
Net cash provided by operating 
 activities (A)                           971       2,170       634       1,232      160 
Investing activities: 
Purchase of property, plant and 
 equipment and intangibles (B)           (947)     (1,156)     (781)       (616)    (752) 
Other investing activities (net)          254        (770)      180          60       76 
Net cash used in investing activities    (693)     (1,926)     (601)       (556)    (676) 
Financing activities: 
Net (payments) / proceeds relating 
 to payable to banks and long-term 
 debt                                    (136)       (406)     (543)        474      263 
Dividends paid                            (46)        (32)      (37)       (101)     (50) 
Share buyback                             (90)         --        --          --     (226) 
Lease principal payments and other 
 financing activities (net)               (72)         27       (17)        (21)     (20) 
Net cash (used in) provided by 
 financing activities                    (344)       (411)     (597)        352      (33) 
Net (decrease) / increase in cash 
 and cash equivalents                     (66)       (167)     (564)      1,028     (549) 
Cash and cash equivalents transferred 
 to assets held for sale                  (11)         13        --  --    (23)       -- 
Effect of exchange rate changes 
 on cash                                  (15)          3       (56)       (104)      17 
-------------------------------------- 
Change in cash and cash equivalents       (92)       (151)     (620)        901     (532) 
 
Free cash flow (C=A+B)                     24       1,014      (147)        616     (592) 
--------------------------------------  -----      ------   -------      ------   ------ 
 
 
   Appendix 1: Product shipments by region 
 
 
 
 
(000'kt)   1Q 19   4Q 18   3Q 18  2Q 18      1Q 18 
---------  ------  ------  -----  ------  -------- 
Flat        4,750   4,406  4,885   5,011   4,811 
Long          721     890    774     969     921 
NAFTA       5,319   5,173  5,512   5,803   5,559 
Flat        1,699   1,832  1,695   1,494   1,400 
Long        1,194   1,232  1,415   1,345   1,095 
Brazil      2,880   3,053  3,097   2,831   2,483 
Flat        8,647   7,398  6,855   7,553   7,704 
Long        2,821   2,666  2,798   2,942   2,961 
           ------ 
Europe     11,553  10,098  9,709  10,516  10,697 
CIS         1,617   1,645  1,879   1,861   1,866 
Africa      1,049   1,023  1,102   1,199   1,167 
ACIS        2,662   2,669  2,986   3,057   3,029 
---------  ------  ------  -----  ------  ------ 
 
 
   Note: "Others and eliminations" are not presented in the table 
 
   Appendix 2a: Capex 
 
 
 
 
(USDm)   1Q 19  4Q 18  3Q 18  2Q 18    1Q 18 
NAFTA      182    244    155    110    160 
Brazil      84    102     59     36     47 
Europe     353    499    298    226    313 
ACIS       137    159    141    117    117 
Mining     115    143    116    119    107 
Total      947  1,156    781    616    752 
-------  -----  -----  -----  -----  ----- 
 
 
   Note: "Others" are not presented in the table 
 
   Appendix 2b: Capex projects 
 
   The following tables summarize the Company's principal growth and 
optimization projects involving significant capex. 
 
   Completed projects in most recent quarter 
 
 
 
 
Segment  Site / unit                Project                    Capacity / details                 Actual 
                                                                                                   completion 
NAFTA    Indiana Harbor (US)        Indiana Harbor "footprint  Restoration of 80" HSM and         4Q 2018 
                                     optimization project"      upgrades at Indiana Harbor         (a) 
                                                                finishing 
-------  -------------------------  -------------------------  ---------------------------------  ----------- 
Europe   ArcelorMittal Differdange  Modernisation of           Revamp finishing to achieve        2Q 2018 
          (Luxembourg)               finishing of "Grey         full capacity of Grey mill 
                                     rolling mill"              at 850kt/y 
Europe   Gent & Liège          Gent: Upgrade HSM          Increase 400kt in Ultra           2Q 2018 
          (Europe Flat Automotive    and new furnace            High Strength Steel capabilities 
          UHSS Program)              Liège: Annealing 
                                     line transformation 
 
 
   Ongoing projects 
 
 
 
 
Segment  Site / unit            Project              Capacity / details                 Forecasted 
                                                                                         completion 
-------  ---------------------  -------------------  ---------------------------------  ----------- 
ACIS     ArcelorMittal Kryvyi   New LF&CC 2&3        Facilities upgrade to switch       2019 
          Rih (Ukraine)                               from ingot to continuous 
                                                      caster route. Additional 
                                                      billets of 290kt over ingot 
                                                      route through yield increase 
Europe   Sosnowiec (Poland)     Modernization of     Upgrade rolling technology         2019 
                                 Wire Rod Mill        improving the mix of HAV 
                                                      products and increase volume 
                                                      by 90kt 
NAFTA    Mexico                 New Hot strip mill   Production capacity of 2.5Mt/year  2020(b) 
NAFTA    ArcelorMittal Dofasco  Hot Strip Mill       Replace existing three end         2021(c) 
          (Canada)              Modernization         of life coilers with two 
                                                      states of the art coilers 
                                                      and new runout tables 
NAFTA    Burns Harbor (US)      New Walking Beam     Two new walking beam reheat        2021 
                                 Furnaces             furnaces bringing benefits 
                                                      on productivity, quality 
                                                      and operational cost 
Brazil   ArcelorMittal Vega     Expansion project    Increase hot dipped / cold         2021(d) 
          Do Sul                                      rolled coil capacity and 
                                                      construction of a new 700kt 
                                                      continuous annealing line 
                                                      (CAL) and continuous galvanising 
                                                      line (CGL) combiline 
Brazil   Juiz de Fora           Melt shop expansion  Increase in meltshop capacity      On hold(e) 
                                                      by 0.2Mt/year 
Brazil   Monlevade              Sinter plant, blast  Increase in liquid steel           On hold(e) 
                                 furnace and melt     capacity by 1.2Mt/year; 
                                 shop                 Sinter feed capacity of 
                                                      2.3Mt/year 
-------  ---------------------  -------------------  ---------------------------------  ----------- 
Mining   Liberia                Phase 2 expansion    Increase production capacity       Under 
                                 project              to 15Mt/year                       review(f) 
 
 
   a)    In support of the Company's Action 2020 program, the footprint 
optimization project at ArcelorMittal Indiana Harbor is now complete, 
which has resulted in structural changes required to improve asset and 
cost optimization. The plan involved idling redundant operations 
including the #1 aluminize line, 84" hot strip mill (HSM), and #5 
continuous galvanizing line (CGL) and No.2 steel shop (idled in 2Q 2017) 
whilst making further planned investments totalling approximately $200 
million including a new caster at No.3 steel shop (completed in 4Q 2016), 
restoration of the 80" hot strip mill and Indiana Harbor finishing. The 
full project scope was completed in 4Q 2018. 
 
   b)    On September 28, 2017, ArcelorMittal announced a major US$1 
billion, three-year investment programme at its Mexican operations, 
which is focussed on building ArcelorMittal Mexico's downstream 
capabilities, sustaining the competitiveness of its mining operations 
and modernising its existing asset base. The programme is designed to 
enable ArcelorMittal Mexico to meet the anticipated increased demand 
requirements from domestic customers, realise in full ArcelorMittal 
Mexico's production capacity of 5.3 million tonnes and significantly 
enhance the proportion of higher added-value products in its product mix, 
in-line with the Company's Action 2020 plan. The main investment will be 
the construction of a new hot strip mill. Upon completion, the project 
will enable ArcelorMittal Mexico to produce c. 2.5 million tonnes of 
flat rolled steel, long steel c. 1.8 million tonnes and the remainder 
made up of semi-finished slabs. Coils from the new hot strip mill will 
be supplied to domestic, non-auto, general industry customers. The 
project commenced late 4Q 2017 and is expected to be completed in the 
second quarter of 2020. 
 
   c)     Investment in ArcelorMittal Dofasco (Canada) to modernise the hot 
strip mill. The project is to install two new state of the art coilers 
and runout tables to replace three end of life coilers. The strip 
cooling system will be upgraded and include innovative power cooling 
technology to improve product capability. Engineering and equipment 
manufacturing is complete. Construction activities for coiler are on 
track. Runout table installation work originally scheduled for April 
2019 will be effectively carried out during April 2020 shut down due to 
change in design and delay in manufacturing. The project is expected to 
be completed in 2021. 
 
   d)    In August 2018, ArcelorMittal announced the resumption of the Vega 
Do Sul expansion to provide an additional 700kt of cold-rolled annealed 
and galvanised capacity to serve the growing domestic market. The 
three-year $0.3 billion investment programme to increase rolling 
capacity with construction of a new continuous annealing line and CGL 
combiline (and the option to add a ca. 100kt organic coating line to 
serve construction and appliance segments), and upon completion, will 
strengthen ArcelorMittal's position in the fast growing automotive and 
industry markets through Advanced High Strength Steel products. The 
investments will look to facilitate a wide range of products and 
applications whilst further optimizing current ArcelorMittal Vega 
facilities to maximize site capacity and its competitiveness, 
considering comprehensive digital and automation technology. 
 
   e)    Although the Monlevade wire rod expansion project and Juiz de Fora 
rebar expansion were completed in 2015, both projects are currently on 
hold and are expected to be completed upon Brazil domestic market 
recovery. 
 
   f)      ArcelorMittal had previously announced a Phase 2 project that 
envisaged the construction of 15 million tonnes of concentrate sinter 
fines capacity and associated infrastructure. The Phase 2 project was 
initially delayed due to the declaration of force majeure by contractors 
in August 2014 due to the Ebola virus outbreak in West Africa, and then 
reassessed following rapid iron ore price declines over the ensuing 
period. ArcelorMittal Liberia is now undertaking the engineering phase 
of a feasibility study to identify the optimal concentration solution 
for utilising the resources at Tokadeh. The feasibility study is 
expected to be completed by mid-2019. 
 
   Appendix 3: Debt repayment schedule as of March 31, 2019 
 
 
 
 
 (USD billion)     2019  2020  2021  2022  2023  >=2024    Total 
Bonds                --   1.8   1.3   1.5   0.6     3.3    8.5 
Commercial paper    1.5    --    --    --    --      --    1.5 
Other loans         1.1   0.5   0.6   0.3   0.3     0.6    3.4 
Total gross debt    2.6   2.3   1.9   1.8   0.9     3.9   13.4 
-----------------  ----  ----  ----  ----  ----  ------  ----- 
 
 
   Appendix 4: Reconciliation of gross debt to net debt 
 
 
 
 
                                                  Mar 31,  Dec 31,    Mar 31, 
(USD million)                                       2019     2018        2018 
------------------------------------------------ 
Gross debt (excluding that held as part of the 
 liabilities held for sale)                       13,330   12,483   13,393 
Gross debt held as part of the liabilities held 
 for sale                                             96       77       -- 
Gross debt                                        13,426   12,560   13,393 
Less: 
Cash and cash equivalents                         (2,246)  (2,354)  (2,260) 
Cash and cash equivalents held as part of the 
 assets held for sale                                (21)     (10)      -- 
Net debt (including that held as part of the 
 assets and the liabilities held for sale)        11,159   10,196   11,133 
------------------------------------------------ 
 
Net debt / EBITDA                                       -     1.0           - 
                                                  -------  ------   --------- 
 
 
   Appendix 5: Terms and definitions 
 
   Unless indicated otherwise, or the context otherwise requires, 
references in this earnings release report to the following terms have 
the meanings set out next to them below: 
 
   Apparent steel consumption: calculated as the sum of production plus 
imports minus exports. 
 
   Average steel selling prices: calculated as steel sales divided by steel 
shipments. 
 
   Cash and cash equivalents: represents cash and cash equivalents, 
restricted cash and short-term investments. 
 
   Capex: represents the purchase of property, plant and equipment and 
intangibles. 
 
   Crude steel production: steel in the first solid state after melting, 
suitable for further processing or for sale. 
 
   EBITDA: operating income plus depreciation, impairment expenses and 
exceptional income/ (charges). 
 
   EBITDA/tonne: calculated as EBITDA divided by total steel shipments. 
 
   Exceptional items (income / (charges)): relate to transactions that are 
significant, infrequent or unusual and are not representative of the 
normal course of business of the period. 
 
   Foreign exchange and other net financing (loss) / gain: include foreign 
currency exchange impact, bank fees, interest on pensions, impairments 
of financial assets, revaluation of derivative instruments and other 
charges that cannot be directly linked to operating results. 
 
   Free cash flow (FCF): refers to net cash provided by operating 
activities less capex. 
 
   Gross debt: long-term debt, plus short-term debt and IFRS 16 liabilities 
impact (including that held as part of the liabilities held for sale). 
 
   Liquidity: cash and cash equivalents plus available credit lines 
excluding back-up lines for the commercial paper program. 
 
   LTIF: lost time injury frequency rate equals lost time injuries per 
1,000,000 worked hours, based on own personnel and contractors. 
 
   MT: refers to million metric tonnes 
 
   Market-priced tonnes: represent amounts of iron ore and coal from 
ArcelorMittal mines that could be sold to third parties on the open 
market. Market-priced tonnes that are not sold to third parties are 
transferred from the Mining segment to the Company's steel producing 
segments and reported at the prevailing market price. Shipments of raw 
materials that do not constitute market-priced tonnes are transferred 
internally and reported on a cost-plus basis. 
 
   Mining segment sales: i) "External sales": mined product sold to third 
parties at market price; ii) "Market-priced tonnes": internal sales of 
mined product to ArcelorMittal facilities and reported at prevailing 
market prices; iii) "Cost-plus tonnes" - internal sales of mined product 
to ArcelorMittal facilities on a cost-plus basis. The determinant of 
whether internal sales are reported at market price or cost-plus is 
whether the raw material could practically be sold to third parties 
(i.e. there is a potential market for the product and logistics exist to 
access that market). 
 
   Net debt: long-term debt, plus short-term debt and IFRS 16 liabilities 
impact less cash and cash equivalents (including those held as part of 
assets and liabilities held for sale). 
 
   Net debt/LTM EBITDA: refers to Net debt divided by last twelve months 
(LTM) EBITDA calculation. 
 
   Net interest expense: includes interest expense less interest income 
 
   On-going projects: refer to projects for which construction has begun 
(excluding various projects that are under development), even if such 
projects have been placed on hold pending improved operating conditions. 
 
   Operating results: refers to operating income/(loss). 
 
   Operating segments: NAFTA segment includes the Flat, Long and Tubular 
operations of USA, Canada and Mexico. The Brazil segment includes the 
Flat, Long and Tubular operations of Brazil and its neighboring 
countries including Argentina, Costa Rica and Venezuela. The Europe 
segment comprises the Flat, Long and Tubular operations of the European 
business, as well as Downstream Solutions. The ACIS segment includes the 
Flat, Long and Tubular operations of Kazakhstan, Ukraine and South 
Africa. Mining segment includes iron ore and coal operations. 
 
   Own iron ore production: includes total of all finished production of 
fines, concentrate, pellets and lumps and includes share of production 
(excludes strategic long-term contracts). 
 
   PMI: refers to purchasing managers index (based on ArcelorMittal 
estimates) 
 
   Seaborne iron ore reference prices: refers to iron ore prices for 62% Fe 
CFR China 
 
   Shipments: information at segment and group level eliminates 
intra-segment shipments (which are primarily between Flat/Long plants 
and Tubular plants) and inter-segment shipments respectively. Shipments 
of Downstream Solutions are excluded. 
 
   Steel-only EBITDA: calculated as Group EBITDA less Mining segment 
EBITDA. 
 
   Steel-only EBITDA/tonne: calculated as steel-only EBITDA divided by 
total steel shipments. 
 
   Working capital change (working capital investment / release): Movement 
of change in working capital - trade accounts receivable plus 
inventories less trade and other accounts payable. 
 
   YoY: refers to year-on-year. 
 
   Footnotes 
 
 
   1. The financial information in this press release has been prepared 
      consistently with International Financial Reporting Standards ("IFRS") as 
      issued by the International Accounting Standards Board ("IASB") and as 
      adopted by the European Union. The interim financial information included 
      in this announcement has also been also prepared in accordance with IFRS 
      applicable to interim periods, however this announcement does not contain 
      sufficient information to constitute an interim financial report as 
      defined in International Accounting Standard 34, "Interim Financial 
      Reporting". The numbers in this press release have not been audited. The 
      financial information and certain other information presented in a number 
      of tables in this press release 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 press 
      release 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 upon the 
      rounded numbers. This press release also includes certain non-GAAP 
      financial/alternative performance measures. ArcelorMittal presents EBITDA, 
      and EBITDA/tonne, which are non-GAAP financial/alternative performance 
      measures and calculated as shown in the Condensed Consolidated Statement 
      of Operations, as additional measures to enhance the understanding of 
      operating performance. ArcelorMittal believes such indicators are 
      relevant to describe trends relating to cash generating activity and 
      provides management and investors with additional information for 
      comparison of the Company's operating results to the operating results of 
      other companies. ArcelorMittal also presents net debt and change in 
      working capital as additional measures to enhance the understanding of 
      its financial position, changes to its capital structure and its credit 
      assessment. ArcelorMittal also presents free cash flow (FCF), which is a 
      non-GAAP financial/alternative performance measure calculated as shown in 
      the Condensed Consolidated Statement of Cash flows, because it believes 
      it is a useful supplemental measure for evaluating the strength of its 
      cash generating capacity. The Company also presents the ratio of net debt 
      to EBITDA for the twelve months ended December 31, 2018 which investors 
      may find useful in understanding the company's ability to service its 
      debt. Non-GAAP financial/alternative performance 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/alternative performance measures may not be comparable to 
      similarly titled measures applied by other companies. 
 
   2. Health and safety performance inclusive of ArcelorMittal Italia and 
      related facilities ("ArcelorMittal Italia") (consolidated as from 
      November 1, 2018) was 1.14x for 1Q 2019 and 0.91 for 4Q 2018. Health and 
      safety figures excluding ArcelorMittal Italia were 0.66x for 1Q 2019 as 
      compared to 0.70x for 4Q 2018. Previously published 4Q 2018 health and 
      safety performance figures for ArcelorMittal (inclusive of ArcelorMittal 
      Italia) and ArcelorMittal Italia have not been shown in the table for 
      comparative purposes. From 1Q 2019 onwards, the methodology and metrics 
      used to calculate health and safety figures for ArcelorMittal Italia have 
      been harmonized with those of ArcelorMittal. 
 
   3. Impairment charges net of purchase gains for 4Q 2018 include $0.4 billion 
      impairment expenses for ArcelorMittal Italia remedies and $0.2 billion 
      purchase gains on the ArcelorMittal Italia acquisition. 
 
   4. On April 20, 2018, following the approval by the Brazilian antitrust 
      authority - CADE of the combination of ArcelorMittal Brasil's and 
      Votorantim's long steel businesses in Brazil subject to the fulfilment of 
      divestment commitments, ArcelorMittal Brasil agreed to dispose of its two 
      production sites of Cariacica and Itaúna, as well as some wire 
      drawing equipment of ArcelorMittal Brasil and ArcelorMittal 
      Sul-Fluminense. The sale was completed early May 2018 to the Mexican 
      Group Simec S.A.B. de CV. A second package of some wire drawing equipment 
      of ArcelorMittal Brasil and ArcelorMittal Sul-Fluminense was sold to the 
      company Aço Verde do Brasil as part of CADE's conditional approval. 
 
   5. In July 2018, as a result of a settlement process, the Company and the 
      German Federal Cartel Office agreed to a EUR118 million ($146 million) 
      fine to be paid by ArcelorMittal Commercial Long Deutschland GmbH ending 
      an investigation that began in the first half of 2016 into antitrust 
      violations concerning the ArcelorMittal entities that were under 
      investigation. The payment was made in August 2018. 
 
   6. Following the May 16, 2018 approval of the Extraordinary General Meeting 
      to convert the share capital of the ArcelorMittal parent company from 
      Euro to US dollar, the Euro denominated tax losses and the related 
      deferred tax asset (DTA) held by the ArcelorMittal parent company were 
      translated into US dollars. The Company designated its euro denominated 
      debt as a hedge of certain euro denominated net investments in foreign 
      operations. Following this change, periodic revaluations of such external 
      euro-denominated debt are recorded in other comprehensive income rather 
      than the statement of operations. The conversion of the euro denominated 
      DTA was effective as of January 1, 2018, whilst the impacts on euro 
      denominated debt has been applied prospectively from April 1, 2018. As a 
      result, the Company's statement of operations no longer has foreign 
      exchange exposure to euro denominated debt and DTA. 
 
   7. ArcelorMittal Mines Canada, otherwise known as ArcelorMittal Mines and 
      Infrastructure Canada. 
 
   8. On December 19, 2018, ArcelorMittal signed a $5,500,000,000 Revolving 
      Credit Facility, with a five-year maturity plus two one-year extension 
      options (i.e. the options to extend are in the first and second years, so 
      at end 2019 and at end 2020). The facility will replace the 
      $5,500,000,000 revolving credit facility agreement signed April 30, 2015 
      and amended December 21, 2016, and will be used for the general corporate 
      purposes of the ArcelorMittal group. The facility gives ArcelorMittal 
      considerably improved terms over the former facility, and extends the 
      average maturity date by approximately three years. As of March 31, 2019, 
      the $5.5 billion revolving credit facility was fully available. 
 
   9. Assets and liabilities held for sale, as of March 31, 2019 and December 
      31, 2018, include the ArcelorMittal Italia remedy package assets (as 
      previously disclosed in the 1Q 2018 earnings release), and carrying value 
      of the USA long product facilities at Steelton ("Steelton"). Assets and 
      liabilities held for sale, as of March 31, 2018, primarily include the 
      carrying value of the USA long product facilities at Steelton, and 
      Cariacica and Itauna industrial plants in Brazil (sold in May 2018 as 
      remedy package for Votorantim acquisition). 
 
  10. The PIS (Program of Social Integration) and COFINS (Contribution for the 
      Financing of Social Security) are Brazilian federal taxes based on the 
      turnover of companies. The PIS is intended to finance the unemployment 
      insurance system, and COFINS to fund Social Security. For over two 
      decades, ArcelorMittal Brasil has been challenging the basis of the 
      calculation of the COFINS and PIS, specifically, whether Brazilian ICMS 
      (tax on sales and services) may be deducted from the base amount on which 
      PIS and COFINS taxes are calculated. Following the Supreme Court's 
      decision in the leading case and certain lower court decisions applying 
      it, the Court issued final and unappealable judgments in certain of the 
      cases filed by ArcelorMittal Brasil, thereby granting ArcelorMittal 
      Brasil the right to exclude ICMS from the PIS/COFINS' tax base and the 
      right to recognize the relevant credits from the past. Accordingly, 
      ArcelorMittal Brasil recognized $202 million additional PIS/COFINS 
      credits in 4Q 2018 for the period of 2005 to 2013 and is awaiting the 
      Court's final judgment on other pending cases related to the PIS/COFINS 
      topic. 
 
  11. Dividends are announced in US dollars. Dividends are paid in US dollars 
      for shares traded in the United States in the form of New York registry 
      shares. Dividends are paid in EUR for shares listed on the European Stock 
      Exchanges (Amsterdam, Paris, Luxembourg, MTS) and converted from US 
      dollars to EUR based on the European Central Bank exchange rate at May 
      16, 2019. A Luxembourg withholding tax of 15% is applied on the gross 
      dividend amounts. Dividend record date is May 17, 2019 and payment date 
      June 13, 2019. 
 
  12. ArcelorMittal has applied IFRS 16 Leases as of January 1, 2019. Due to 
      the transition option selected, the prior-period data has not been 
      restated. IFRS 16 Leases provides a single lessee accounting model 
      requiring lessees to recognize right-of-use assets and lease liabilities 
      for all non-cancellable leases except for short-term leases and low value 
      assets. The right-of-use assets are recognized as property, plant and 
      equipment and measured on January 1, 2019 at an amount equal to the lease 
      liability recognized as debt (short term $0.3 billion and long term $0.9 
      billion impact as of January 1, 2019) and measured on the basis of the 
      net present value of remaining lease payments. Net debt increased 
      accordingly by $1.2 billion in 1Q 2019. The recognition of the lease 
      expense in EBITDA for leases previously accounted for as operating leases 
      is replaced by a depreciation expense related to the right-of-use assets 
      and an interest expense reflecting the amortization of the lease 
      liability. IFRS 16 contributed to a positive EBITDA impact of $56 million 
      (majority in segment others) in 1Q 2019. In addition, cash payments 
      relating to the repayment of the principal amount of the lease liability 
      are presented in the consolidated statements of cash flows as outflows 
      from financing activities while lease payments for operating leases were 
      previously recognized as outflows from operating activities. 
 
 
   First quarter 2019 earnings analyst conference call 
 
   ArcelorMittal will hold a conference call hosted by Heads of Finance and 
Investor Relations for members of the investment community to discuss 
the three-month period ended March 31, 2019 on: Thursday May 9, 2019 at 
9.30am US Eastern time; 2.30pm London time and 3.30pm CET. 
 
 
 
 
The dial in numbers are: 
                      Toll free dial in    Local dial in 
Location                   numbers         numbers                 Participant 
UK local:                   0800 0515 931  +44 (0)203 364 5807          48013763# 
US local:                  1 86 6719 2729      +1 24 0645 0345          48013763# 
                                                                ----------------- 
US (New York):             1 86 6719 2729     + 1 646 663 7901          48013763# 
France:                       0800 914780      +33 1 7071 2916          48013763# 
Germany:                    0800 965 6288    +49 692 7134 0801          48013763# 
Spain:                        90 099 4930       +34 911 143436          48013763# 
Luxembourg:                     800 26908     +352 27 86 05 07          48013763# 
------------------  --------------------- 
A replay of the conference call will be available for one week by dialing: 
 +49 (0) 1805 2047 088; Access code 2523725# 
 
   Forward-Looking Statements 
 
   This document may contain forward-looking information and statements 
about ArcelorMittal and its subsidiaries. These statements include 
financial projections and estimates and their underlying assumptions, 
statements regarding plans, objectives and expectations with respect to 
future operations, products and services, and statements regarding 
future performance. Forward-looking statements may be identified by the 
words "believe", "expect", "anticipate", "target" or similar 
expressions. Although ArcelorMittal's management believes that the 
expectations reflected in such forward-looking statements are reasonable, 
investors and holders of ArcelorMittal's securities are cautioned that 
forward-looking information and statements are subject to numerous risks 
and uncertainties, many of which are difficult to predict and generally 
beyond the control of ArcelorMittal, that could cause actual results and 
developments to differ materially and adversely from those expressed in, 
or implied or projected by, the forward-looking information and 
statements. These risks and uncertainties include those discussed or 
identified in the filings with the Luxembourg Stock Market Authority for 
the Financial Markets (Commission de Surveillance du Secteur Financier) 
and the United States Securities and Exchange Commission (the "SEC") 
made or to be made by ArcelorMittal, including ArcelorMittal's latest 
Annual Report on Form 20-F on file with the SEC. ArcelorMittal 
undertakes no obligation to publicly update its forward-looking 
statements, whether as a result of new information, future events, or 
otherwise. 
 
   About ArcelorMittal 
 
   ArcelorMittal is the world's leading steel and mining company, with a 
presence in 60 countries and an industrial footprint in 18 countries. 
Guided by a philosophy to produce safe, sustainable steel, we are the 
leading supplier of quality steel in the major global steel markets 
including automotive, construction, household appliances and packaging, 
with world-class research and development and outstanding distribution 
networks. 
 
   Through our core values of sustainability, quality and leadership, we 
operate responsibly with respect to the health, safety and wellbeing of 
our employees, contractors and the communities in which we operate. For 
us, steel is the fabric of life, as it is at the heart of the modern 
world from railways to cars and washing machines. We are actively 
researching and producing steel-based technologies and solutions that 
make many of the products and components people use in their everyday 
lives more energy efficient. 
 
   We are one of the world's five largest producers of iron ore and 
metallurgical coal. With a geographically diversified portfolio of iron 
ore and coal assets, we are strategically positioned to serve our 
network of steel plants and the external global market. While our steel 
operations are important customers, our supply to the external market is 
increasing as we grow. In 2018, ArcelorMittal had revenues of $76.0 
billion and crude steel production of 92.5 million metric tonnes, while 
own iron ore production reached 58.5 million metric tonnes. 
 
   ArcelorMittal is listed on the stock exchanges of New York (MT), 
Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock 
exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS). For more 
information about ArcelorMittal please visit: 
https://www.globenewswire.com/Tracker?data=x-jAJbAYq8oCwWJ1ekL5bL27wdBOKTj4Dfztg0Jir1ppQ_3YPhGznizcSq9A0txtU01nNDlBOTUpI6mgA8Rk_MoXTKU7Ssai64NjPeRXwvesRllNPQfpYsTSCkqJH1m1 
http://corporate.arcelormittal.com/ 
 
   Enquiries 
 
   ArcelorMittal investor relations: Europe: +44 207 543 1128; Americas: +1 
312 899 3985; Retail: +44 207 543 1156; SRI: +44 207 543 1156 and 
Bonds/credit: +33 1 71 92 10 26. 
 
   ArcelorMittal corporate communications (E-mail: 
https://www.globenewswire.com/Tracker?data=lqgn638gbDVCqxZafQg3rlPSVI7XM2UPcxMMvhrRTHgVdlXBmcEkFnsXNCYr-c2DC_eBuEdxCs3XEUVgYh-mtH6NcrvjrG51Imh-ZcZRDpY= 
press@arcelormittal.com) +44 0207 629 7988. Contact: Paul Weigh +44 203 
214 2419 
 
   Attachment 
 
 
   -- ArcelorMittal reports first quarter 2019 results 
      https://ml-eu.globenewswire.com/Resource/Download/a25681ea-4deb-40fe-a1f4-a38422f4478f 
 
 
 
 
 

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