En mars dernier, ArcelorMittal présentait son plan de bataille pour l'Italie et notamment pour la reprise d'Ilva et sa remise à niveaux par rapport à ses autres usines.

1. Highly Restricted 0
ArcelorMittal Italia
Realising the potential of Europe's lowest cost asset
Matthieu Jehl, CEOMarch 19, 2019

2. Disclaimer
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.
1

3. • From Ilva to ArcelorMittal Italia
• ArcelorMittal Italia: plan and priorities
• First 100 days and work in progress
– Health & Safety
– Environment
– Turnaround
– Integration
Agenda
2

4. ArcelorMittal Italia:
A tier-1 asset, a perfect fit with ArcelorMittal’s strategy
* Source: Eurofer Market supply data 2018; **Iberia defined as Spain + Portugal
Italy: Second largest European flat steel consuming market (Mt)*
• Solid asset base: Taranto is the biggest
single-site integrated steel plant in Europe
• Increased geographical balance and better
presence in Southern Europe & Italy. A tier-
1 supplier to European & Italian customers
• Taranto is well positioned on the structural
cost curve and complemented by two high
quality finishing facilities
• Significant cost improvement potential and
synergies identified to drive value
• Able to leverage ArcelorMittal’s strengths in
R&D, product leadership and service
93.9 Mt
Total European Flat
steel demand 2018
20.9
15.4
10.7
7.9
5.7 5.6
PolandGermany Iberia**Italy FranceUK
3
ArcelorMittal Italia shipment product mix (Feb 2019)
TINPLATE
HRC
PICKLED
ANNEALED
3%
48%
27%
10%
9%
3%
HDG
HP

5. ArcelorMittal Italia: key deal milestones
Multi-year acquisition project concluded in November 2018
May 2018 Sept 2018 1 Nov 2018Sept 2018
Antitrust approval
from European
Commission
Enhanced
environmental
and social
commitments
Agreement with unions ArcelorMittal
takes over ILVA
operations:
renamed
ArcelorMittal Italia
2014 Beginning 2015 June 2017 Sept 2017
First
publication of
ILVA contract
notice
First
ArcelorMittal
offer
ILVA is assigned to
AM InvestCo,
contract signed with
Italian government
Environmental
law approved
Jan 2016
Second
publication of
ILVA contract
notice
4

6. ArcelorMittal in Italy
A fully integrated network
Novi Ligure
Cold rolling mill to serve
end-user customers (i.e.
automotive)
Genova
Cold rolling mill with hot
dip galvanizing capacity
Taranto
The largest single-site
steel making facility in
Europe
Strategically positioned
with a deep water port
3 production units
7 service centres including 5 within the joint
venture AMCLN*
13 distribution facilities including 12 within the
joint venture AMCLN*
5*Already existing JV between ArcelorMittal and CLN (shareholding: 49% ArcelorMittal Distribution Solutions Italia)
2 welded pipes facilities

7. ArcelorMittal Italia
Main production units
6
Taranto
Primary and finishing facilities
• Deep sea port for vessels >320kt
• 4 Coke batteries in operation, 2 Sinter Plants
• 3 x 11m BFs in operations, 1 x 14m BF in
standby waiting relining
• 2 steel shops, 6 BOFs, 5 CCs
• 2 HSMs, 1 plate mill, 3 tube mills
• 1 Pickling line, 1 PLTCM
• 2 HDG lines (HDG #1 and #2)
• Integrated SSC for slitted coils/sheets
• Logistic integration (incl. seaport loading)
• 2 integrated power plants, Air separation units
• Mining activities for lime, 2 lime furnaces
Main products
HRC black; CR coils; HDG coils; HR steel plates;
Raw/coated welded pipe; Cut sheets and coils
Finishing facilities
• 1 PLTCM
• 2 HDG (HDG #3 and #5)
• Tin plate: CRM, 2 CAL, 1 tinning line,
1 tin free line
• Tin plate service centre
Main products
Cold rolled coils
Hot rolled pickled coils
Hot-dip galvanized coils
Electrolytic tinplate
Electrolytic chrome plate
Cut sheets and coils
Finishing facilities
• 1 PLTCM
• 1 CAL plus several BA furnaces
• 1 HDG (#4) exposed capable
• 1 AluSi line
• 1 ELO line
Main products
Cold rolled coils
Hot-dip galvanized coils
Electro-galvanized coils
Cut sheets and coils
Genova Novi Ligure

8. • Transportation and storage of Ilva’s raw materials and processed products are provided by an
infrastructure system comprising three sea terminals (Genova, Taranto and Marghera) from fleet of
five vessels
• Taranto plant served by over 200 km of rail network and 50km of roads
• Port of Taranto strategically located for Middle East and Black Sea Traffic. We operate 4 piers and
a wharf totalling 4,589m of quayside (draught up to 24m) and 691,300m of operating space
• The “Gemma” (very large carrier): at 330m long and 57m broad, is currently the biggest ever
registered in Italy, used to carry raw materials (up to 315,000t)
Leverage strong logistics and infrastructure
7

9. ArcelorMittal Italia: organisation
COO Primary
Stefan Van Campe
COO Finishing
Taranto
Philippe Aubron
COO Finishing
Genova / Novi Ligure
Giuseppe Frustaci
CPO
Emmanuel Rodriguez
CMO Italy
Carlo Malasomma
Head of Finance & Govt. Affairs
Samuele Pasi
Head of Human Resources
Annalisa Pasquini
CEO
Matthieu Jehl
Head of R&D
Nicolas Bontems
Head of Environment
Alessandro Labile
Head of H&S
Sergio Palmisano
Investment plan coordination
Henri-Pierre Orsoni
8

10. • From Ilva to ArcelorMittal Italia
• ArcelorMittal Italia: plan and priorities
• First 100 days and work in progress
– Health & Safety
– Environment
– Turnaround
– Integration
Agenda
9

11. Our vision for ArcelorMittal Italia
A clear vision of long-term, sustainable success
10
• Significant environmental issues – need to
bring ILVA up to and beyond EU
environmental standards
• Industrial challenge: investment and
expertise to improve operational performance
of ILVA’s assets
• Poor financial performance: material
decline in revenue since 2011, loss-making
for the past 6 years
• Low share of high-value added steels in
the portfolio of ILVA
• Need to rebuild client confidence: product
quality, innovation, supply chain
• A company recognised for
environmental performance excellence:
emissions to be reduced to best practice
levels, in line with and beyond European
environmental standards and legislation
• Become a world-class player in terms of
competitiveness, sustainability,
environmental performance, value-add
• Leading presence in Italy, adding value
to the Italian industrial fabric
• A sustainably profitable company: one
that creates value for all stakeholders, and
the Italian economy
Yesterday Tomorrow

12. Investment plan to turnaround ArcelorMittal Italia
Capex commitment plan (€2.4bn)
• Comprehensive investment programme of c. €2.4 billion, and highly detailed industrial,
environmental and commercial plans
1.3
2.4
2.1
1.2
0.3
Environmental
2018-2023*
Industrial
2018-2024
Total capex
2018-2024
Capex funded by
ILVA SA (Riva)*
Net capex
*Additional €200m funds are available to cover cost of increased environmental capex, should additional reclamation of soil be necessary; i.e net spend to remain at €2.1bn 11

13. Three priorities of the plan:
Sustainability, Turnaround, Integration
Turnaround: buy - make - sell
Bring ArcelorMittal Italia
to Group profitability
level across its buy-
make-sell scope
Performance
and
profitability
Integration
Sustainability
and reputation
Health & Safety, environment, compliance
Bring ArcelorMittal Italia up and beyond
EU environmental standards. Rebuild the
public reputation of ArcelorMittal Italia
Key function/process
optimisation and alignment
Rebuilding and optimize
organisation, processes
and systems
12

14. Our approach
Clear actions and pathway to turnaround
Sustainability
and reputation
Performance
and profitability
Rebuilding and
Integration
Beg. Nov
Target setting and
planning.
Quick win launch
End 2018
Prioritisation and
implementation launch
(short cycles)
• Priorities set and agreed
• Clear program structure,
masterplan
• Tracking and steering
2019
Turnaround
implementation
• Projects realisation
• Ensuring positive
change
management
• Move to profitability
Beyond
Structural
continuous
improvement
towards
excellence
13

15. • From Ilva to ArcelorMittal Italia
• ArcelorMittal Italia: plan and priorities
• First 100 days and work in progress
– Health & Safety
– Environment
– Turnaround
– Integration
Agenda
14

16. • Group Health & Safety: Priority no. 1 in our
journey to “zero”  Align the ArcelorMittal Italia
health & safety performance to Group standards
Sustainability and reputation: health & safety
First 100 days and work in progress
1.9
3.1
2.5
1.8
1.4
1.0
201520132008 201220102007 2009 2011 2014 2016 2017 2018**
LTIF* rate in 2018 for ArcelorMittal
* LTIF = Lost time injury frequency defined as Lost Time Injuries per 1.000.000 worked hours; based on own personnel and contractors; A Lost Time Injury (LTI) is an incident that causes an injury that
prevents the person from returning to his next scheduled shift or work period. Lost Time Injury Frequency Rate (LTIFR) is the number of Lost Time Injuries per million man-hours.
** Data does not include the LTIFR for Ilva, which came into the scope as from November 1, 2018; *** Data for 4 months from Nov 18-Feb 19 only
15
0.810.85
0.780.820.85
0.69
Targets First 100 days and work in progress
• H&S progresses in a short period of time, but
LTIF*** (10.6x) is higher than Group average
• > 7900 trainees since Nov’18 (safety
leadership training, coaching, etc.)
• Review/ update Risk Assessment documents
• Fatality Prevention Audit to check Fatality
Prevention Standards (isolation, confined
spaces & gas hazard areas, HIRA, working at
heights, cranes & lifting, vehicles & driving,
rails, contractors)
• Introduce tool to check safety conditions
during non-routine & emergency activities
• Safety of machines and equipment
ArcelorMittal Italia LTIF
Nov18–Feb19 is 10.6x;
significantly
higher than group average

17. Sustainability and reputation: environment
Post investment ArcelorMittal Italia will be a global benchmark for the steel sector
Raw material yards
Zero dust emissions in
Tamburi from the raw materials
yards and conveyor belt before
the 1H 2020
€350m
Rain and waste water
treatment
Elimination of
run off polluted water
€160m
Coke plant revamping
Technology
best-in-class
€200m
Main areas of
intervention
16
Key elements of €1.2bn environmental capex plan 2018-2023*
• ~70 environmental projects are monitored ongoing basis  Equivalent to ~€500k spend per day
Filter in the sinter plants
Dust, metals and dioxin
reduction to lower levels
than EU BAT
€35m
*Additional funds are to b recovered from Riva fund so net environmental spend is €0.8bn

18. Sustainability and Reputation: environment
Improved commitments
Intervention
Requirements under DPCM*
2017
ArcelorMittal’s
commitments
Improved commitments
of summer 2018
Iron ore yard
coverage
• Start of the works required by
30.09.2018
• Completion within 36 months
from ArcelorMittal taking the
business (31.10.2018)
• Works started on
01.02.2018
• Planning to complete
within 24 months, by the
end of December 2019
• Work started 8 months earlier than
required.
• Expected to complete at least 22
months ahead of deadline.
Coal yard
coverage
• Completion within 36 months
from ArcelorMittal taking the
business
• Planning to complete by
the end of May 2020
• Completion at least 17 months earlier
than required
Treatment of
the coke oven
gas
• Level of H2S content in the
coke oven gas below 500
mg/Nm3, with the exception
of during the annual plant
maintenance (20 days)
• Implementation of the
improvement of the coke
oven gas desulphurization
plant within 36 months
from ArcelorMittal taking
the business.
• Reduction of SO2 emissions
associated to the use of coke oven gas
at Taranto plant.
• Maintenance of the H2S level in coke
oven gas below 500mg / Nm3 even
during the 20 days of annual
maintenance.
Waste water
treatment for
the Blast
Furnaces
scrubbing water
• Compliance with new limits by
1st July 2020
• Built new waste water
treatment, applying in
house technology for which
a patent has been filed in
December 2017
• Anticipate future regulation by avoiding
the use of highly hazardous chemical,
formaldehyde.
• Tailor made solution: onsite testing with
ArcelorMittal pilot plant already in
November 2017
17
* Decree of the President of the Council of Ministers

19. Sustainability and Reputation: environment
First 100 days and work in progress
✓ SH4 building closure
✓ PCI building closure
✓ OMO2 building closure
✓ Coking plant FC1 building closure and dedusting
✓ Dismantlement of the building sili cec of the cokes
and construction of the new conveyor belt NT2 as
by-pass
✓ Adjustment of temporary waste area in operation
✓ Construction of mobile hoods at GRF
✓ Dredging of the branch 1 of the discharge channel
number 1
✓ Waterproofing of the full landfill G2 in the Mater
Gratiae area
✓ Environmental investigation in the area of former
seized sleepers
✓ Environmental investigation in the area of former
seized tires
✓ Demolition of the S3 tank
✓ Pump & treat stockyards system
✓ Adjustment of the monitoring systems to the partial
discharges
 Pavement of BF slag yard
 Investments at coke batteries
 Conveyor belts enclosure
 Dismantling BF3
 Sinter yard coverage ordering for south and north
 Intervention for collection and treatment of rain
water
 Primary raw materials yard coverage
Completed by December 31, 2018 Work in progress
18
PCI building
SH4 building

20. Raw materials yard coverage
A unique project in Europe
Starting of
excavation
activities on
iron ore
yard
Installation of
foundation poles
on the iron ore
yard and
assembling of the
erection piers
Completion of
the first arch
of the shed
Feb 1, 2018 May 2018 4Q 2019 May 2020Dec 2018
Completion of
the iron ore
yard (first
phase)
Finalisation
of the coke
yard (first
phase)
Today
Yesterday
Tomorrow
19
Feb 2019
First section of
six roof arches
completed

21. Turnaround: buy – make – sell
First 100 days and work in progress
Buy
Make
Sell
Leverage on Group’s size and experience
• Continuity ensured on transferred contract and orders
• Access to ArcelorMittal contracts for all categories, starting with raw materials
• Enter into new partnership in full transparency
• Rationalize procurement strategy, so far driven by cash constraint and not cost
performance
Italy is a big and dynamic market, ArcelorMittal Italia is the relevant local producer
• Implementation of Group’s commercial approach and internal policies
• Align service and quality reputation to ArcelorMittal’s standards through an enlarged
and improved range of products (also through our new R&D centre in Taranto)
• Commercial impact on track, starting to get some results in general industry, not yet
automotive  we have secured some high level contracts and regained some
customers ILVA had lost
Turnaround of underperforming assets
• Ensure business continuity: raw materials, maintenance and repair
• Maintenance: accelerated plan for continuous casting segments
• Nov 2018: Restart production of plate mill and hot rolling mill #1
• Main operational priorities are being set up per area for proper industrial turnaround
20

22. Performance and profitability: industrial plan
Extensive program initiated across business to improve performance
Key investments in €1.3bn industrial capex plan 2018-2024
21
• Industrial capex plan with commitment to invest €1.3bn by 2024; including investment in BF#5 to
increase production from 6Mt to 8Mt upon completion of environmental plan
Eur
1.3bn
Mechanical and automation
upgrade for finishing
production tools
Maintenance of HSM, plate
mill, annealing and CRM
Rolls
Continuous caster
revamping
Hot stoves BF1 and BF4
BF1 heart repair
Hot stoves
BF1 and BF4
Steel shops (converters
and chimneys repair)
Energy efficiency
Product development /
enhancement
BF5

23. • Jan 2019: workforce complete with headcounts
of 10,700 (>8,200 employees in Taranto)
• Group mobility
• Filled positions with new colleagues or
ArcelorMittal people to provide new
competences to the organization
• Industrial relations: build new social dialogue
forums, EWC
• Integration of ArcelorMittal Group HR
processes (evaluation, KPIs, …)
• Definition of a training plan by role/function
• Promote personal development through a
culture of individual responsibility,
entrepreneurship and proactivity
Integration: HR
First 100 days and work in progress
14,000
10,700
Old ILVA ArcelorMittal Italia
-24%
Headcount (FTE)
22
* Based on crude steel per employee; ArcelorMittal estimates
**Between 2023 and 2025, the Company has committed to hire any workers who remain under Ilva’s extraordinary administration

24. Integration: Communication & CR
First 100 days and work in progress
• Dedicated channels for 2-way dialogue with our
people for their engagement
– Employees = first ambassadors of the company
and its culture
• Transparency, accountability and continuous
dialogue with our stakeholders
– STK mapping: 150 + organisations identified and
ranked according to relevance/influence
– Stakeholder meetings and dialogues
– Reporting
• Build and sustain the reputation: community
investments are a key to meet and win this
challenge
– Criteria developed to identify best projects
– 20 + requests received: first community investment
projects ready to be launched by April 2019
23

25. Integration: new R&D laboratory in Taranto
Creation during the first
18 months after
takeover
€10
millions
20
Researchers min.
Link with local
schools &
technology
institutes
• To support ArcelorMittal Italia growth by boosting Global R&D process solutions roll-out and by
transferring know-how of the Group
• To support ArcelorMittal Italia growth by boosting the copy-engineering of product mix
• To develop new process & products technogical solutions, with a particular focus on the
improvement of the environmental footprint of the steelmaking processes
• To focus on the continuous improvement and update of technologies & know-how
24

26. Integration: Group support
First 100 days and work in progress
25
• Use of internal benchmarks in the
Group to guide actions to improve
industrial KPIs
• Operating practices and processes to
turnaround the Italian business
• ArcelorMittal experts with extensive
experience in different sites, stationed
on ground in Italy to support and guide
Italian colleagues in their improvement
actions
• “Twinning” from rest of ArcelorMittal
Europe to provide more dedicated
support for improvement and product
development
“It is a great pleasure and honour
to be part of the recovery of this
plant together with a team who has
positive spirit to restore its
potential”
Stefan Van Campe, COO Primary
“The turnaround of ArcelorMittal
Italia is a once in a lifetime
experience and one of the biggest
challenges for the Group. That’s
why I am expecting a very big
challenge from a professional point of
view, in collaboration with some of
the best experts from the Group”
Jef Queeckers, Supply Process Engineer

27. c
Testimonials from Italy
“Having the opportunity to work in the biggest European steel plant is such
a challenge and I feel privileged to experience this in my career. I strongly
encourage everyone to take advantage of the opportunity to move
across sites and countries. It’s scary to get out of our comfort zone, but you
won’t believe me how scary it is to even think of getting back to it”
(Luciene Caberlin, Energy Manager)
“Discover a new plant, consolidate my technical skills, increase my professional
network, being part of a new team, increase my responsibilities. But on top of
those “professional” expectations, I have also some personal ones: offering to my
family the possibility to live in Italy, discovering a new culture, a new language, a
new cuisine, a new way of living: the famous “dolce vita”. Such a project will work
only if you have that double expectation”
(Antoine Dhennin, Head of Automation)
“I accepted because I felt great the call of a very big challenge. Apart from the
transfer to Taranto, build the Research Centre from scratch, identifying the
people, the structure, the research programs. A very exciting challenge because it
contains an aspect of social responsibility that I like. It has a useful target for the
ArcelorMittal Group, Italy, Puglia and Taranto”
(Nicolas Bontems, Head of R&D Centre)
26

28. Wrap up, our way to EBITDA accretive
2018
EBITDA
Positive
Year 1
FCF
Positive
Year 3
Performance in
line with AM
Europe levels
Production from 6Mt to 8MT; BF#5 ramp up
Procurement synergies
2019 2020 2021 2022 2023 2024
Key Improvement Drivers:
Procurement synergies
Commercial synergies
Operational synergies
Increase production to 6Mt
Key Targets
Increase production to 8Mt
Improve downstream utilisation and mix
Continuous improvement plans
Complete Environmental capex program
27

29. Key takeaways
• ArcelorMittal Italia target to be the lowest cost site in Europe with full complement of
downstream capabilities
• H&S performance is a priority
• Operationally, we began from low point given delay in acquisition closing; more short
term challenges, yet long term potential remains robust. On track to hit 6Mt this year
• We are on time with our environmental investments which are the key to enabling an
increase in production to 8Mt to generate further fixed cost savings
• Buy, make, sell is ArcelorMittal Italia’s key business philosophy and where €310m
synergies will be captured
• Progress on commercial approach despite challenging market environment
• Employee engagement is positive with ongoing development
• On track to achieve Financial targets set at time of acquisition: EBITDA positive year 1
and FCF positive year 3
28

30. Thank you for your attention
Genoa HDG LineTaranto