Arcelormittal Reports Second Quarter 2019 And Half Year 2019 Results

Date : 08/01/2019 @ 5:30AM
Source : Dow Jones News
Stock : ArcelorMittal (MT)
Quote : 15.4  0.956 (6.62%) @ 4:39PM
ArcelorMittal share price Chart

Arcelormittal Reports Second Quarter 2019 And Half Year 2019 Results

TIDMMT 
 
 
   Luxembourg, August 1, 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 and 
six-month periods ended June 30, 2019. 
 
   Highlights: 
 
 
   -- Health and safety: LTIF rate2 of 1.26x in 2Q 2019 and 1.19x in 1H 2019 
 
   -- Operating loss of $0.2bn in 2Q 2019 including $0.9bn of impairments 
      ($0.3bn related to the remedy asset sales for the ArcelorMittal Italia 
      acquisition and $0.6bn impairment of the fixed assets of ArcelorMittal 
      USA following a sharp decline in steel prices and high raw material 
      costs); 1H 2019 operating income of $0.6bn including $1.1bn of 
      impairments3 
 
   -- EBITDA of $1.6bn in 2Q 2019; 1H 2019 EBITDA of $3.2bn, -42.6% lower YoY 
      reflecting a negative price-cost effect 
 
   -- Net loss of $0.4bn in 2Q 2019 (including $0.9bn of impairments3); 1H 2019 
      net loss of $33 million (including $1.1bn of impairments3) 
 
   -- Steel shipments of 22.8Mt in 2Q 2019, up 4.3% vs. 1Q 2019 and up 4.8% vs. 
      2Q 2018; 1H 2019 steel shipments of 44.6Mt, up 3.5% YoY largely 
      reflecting the impact of the ArcelorMittal Italia acquisition 
 
   -- 2Q 2019 iron ore shipments of 15.5Mt (+6.1% YoY), of which 9.9Mt shipped 
      at market prices (-1.0% YoY); 1H 2019 iron ore shipments of 29.3Mt (+3.0% 
      YoY), of which 19.1Mt shipped at market prices (-0.4% YoY) 
 
   -- Gross debt of $13.8bn as of June 30, 2019 as compared to $13.4bn as of 
      March 31, 2019. Net debt decreased by $1.0bn during the quarter to 
      $10.2bn as of June 30, 2019, due in part to M&A proceeds and working 
      capital release ($0.4bn) (despite higher raw materials costs and higher 
      steel shipments). Excluding IFRS 16 impact4, net debt as of June 30, 2019 
      was $1.5bn lower YoY 
 
 
   Strategic actions: 
 
 
   -- Given weak demand and high import levels in Europe, the Company has taken 
      steps to align its European production levels to the current market 
      demand. As a result of previously announced European production 
      curtailments, approximately 4.2Mt of annualized production curtailment is 
      scheduled for 2H 2019 
 
   -- Further temporary cost initiatives undertaken to navigate the current 
      weak market backdrop 
 
   -- Excluding IFRS 16 impact, net debt at the end of June 30, 2019 was the 
      lowest level achieved since the ArcelorMittal merger. Deleveraging 
      remains the Group's priority. 
 
   -- Cash needs of the business for 2019 have been reduced by $1.0bn to $5.4bn, 
      due to lower expected capex and tax and others 
 
   -- To complement the expected deleveraging through FCF generation, the 
      Company has identified opportunities to unlock up to $2bn of value from 
      its asset portfolio over the next two years 
 
 
   Outlook: 
 
 
   -- The Company now expects global steel demand in 2019 to grow +0.5% to 
      +1.5% (ex-China steel demand growth of +0.5% to +1.0%; US +0% to +1.0%; 
      and Europe to contract by between -2.0% to -1.0%) 
 
   -- Against this backdrop and considering scope changes (ArcelorMittal Italia 
      acquisition, remedy asset sales and European production curtailments) 
      steel shipments are still expected to increase YoY, which should provide 
      support for the Group's Action 2020 program 
 
 
   Financial highlights (on the basis of IFRS(1) ): 
 
 
 
 
(USDm) unless otherwise shown         2Q 19   1Q 19   2Q 18    1H 19   1H 18 
-----------------------------------  -------  ------  ------  -------  -------- 
Sales                                19,279   19,188  19,998  38,467   39,184 
Operating (loss)/income                (158)     769   2,361     611    3,930 
Net (loss)/income attributable 
 to equity holders of the parent       (447)     414   1,865     (33)   3,057 
Basic (loss) / earnings per common 
 share (US$)                          (0.44)    0.41    1.84   (0.03)    3.01 
 
Operating (loss) / income/ tonne 
 (US$/t)                                 (7)      35     109      14       91 
EBITDA                                1,555    1,652   3,073   3,207    5,585 
EBITDA/ tonne (US$/t)                    68       76     141      72      130 
Steel-only EBITDA/ tonne (US$/t)         43       56     127      50      114 
 
Crude steel production (Mt)             23.8    24.1    23.2     47.8      46.5 
Steel shipments (Mt)                    22.8    21.8    21.8     44.6      43.1 
Own iron ore production (Mt)            14.6    14.1    14.5     28.7      29.1 
Iron ore shipped at market price 
 (Mt)                                    9.9     9.2    10.0     19.1      19.1 
-----------------------------------  -------  ------  ------  -------  -------- 
 
 
   Commenting, Mr. Lakshmi N. Mittal, ArcelorMittal Chairman and CEO, said: 
 
   "After a strong 2018, market conditions in the first half of 2019 have 
been very tough, with the profitability of our steel segments suffering 
due to lower steel prices combined with higher raw material costs. This 
has been only partially offset by improved profitability from our mining 
segment, but I am pleased that we have generated healthy free cash flow 
demonstrating the improved robustness of the business thanks to our 
Action 2020 plan. 
 
   Global overcapacity remains a clear challenge. We have reduced capacity 
in Europe in response to the current weak demand environment, which has 
also impacted the turnaround of the ex-Ilva facilities in Italy. Further 
action needs to be taken to address the increasing level of imports 
entering the continent due to ineffective safeguard measures and we 
continue to engage with the European Commission to create a level 
playing field for the sector. A supportive regulatory and funding 
environment is also crucial to our ambition to significantly reduce our 
emissions as announced in our recent Climate Action report. 
 
   We are taking further actions to adapt and strengthen the Company, 
ensuring we make continued progress towards our net debt target and 
increase returns to shareholders. Despite the current challenges, the 
Company is well positioned to benefit from any improvement in market 
conditions and the current very low spread environment". 
 
   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 1.26x in second 
quarter of 2019 ("2Q 2019") as compared to 1.14x in the first quarter of 
2019 ("1Q 2019"). Health and safety performance (inclusive of 
ArcelorMittal Italia) in the first six months of 2019 ("1H 2019") was 
1.19x. 
 
   Excluding the impact of ArcelorMittal Italia, the LTIF was 0.68x for 2Q 
2019 as compared to 0.66x for 1Q 2019 and 0.71x for the second quarter 
of 2018 ("2Q 2018").  Health and safety performance (excluding the 
impact of ArcelorMittal Italia) improved to 0.66x in 1H 2019 as compared 
to 0.67x for the first six months of 2018 ("1H 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 
 
 
 
 
Lost time injury frequency rate      2Q 19  1Q 19  2Q 18  1H 19  1H 18 
-----------------------------------  -----  -----  -----  -----  ------- 
Mining                                0.64   0.38   0.62   0.51   0.53 
NAFTA                                 0.46   0.58   0.64   0.50   0.52 
Brazil                                0.43   0.48   0.35   0.45   0.36 
Europe                                1.00   0.85   1.02   0.91   0.92 
ACIS                                  0.58   0.75   0.52   0.66   0.64 
Total Steel                           0.69   0.71   0.72   0.69   0.69 
Total (Steel and Mining)              0.68   0.66   0.71   0.66   0.67 
----------------------------------- 
ArcelorMittal Italia                 13.73  11.05      -  12.35        - 
Total (Steel and Mining) including 
 ArcelorMittal Italia                 1.26   1.14      -   1.19        - 
                                     -----  -----  -----  -----  ------- 
 
 
   Key sustainable development highlights for 2Q 2019: 
 
 
   -- ArcelorMittal published its first Climate Action report with a stated 
      ambition to significantly reduce its carbon footprint by 2050; 
      ArcelorMittal's European business specifically targets to be carbon 
      neutral by 2050. 
 
   -- ArcelorMittal has become a member of the Energy Transition Commission. 
 
   -- ArcelorMittal hosted a consultation at the ArcelorMittal Orbit in London 
      on the draft ResponsibleSteel(TM) standard - the steel industry's first, 
      multi-stakeholder standard for the entire 'mine-to-metal' steel value 
      chain.  The standard is due to launch to the market at the end of 2019. 
 
   -- ArcelorMittal won Fiat Chrysler Automobiles' best raw material supplier 
      award, recognizing our commitment to deliver value through innovation, 
      quality and competitiveness. 
 
   -- ArcelorMittal was named Steel Sustainability Champion by the World Steel 
      Association for the second consecutive year. 
 
 
   Analysis of results for the six months ended June 30, 2019 versus 
results for the six months ended June 30, 2018 
 
   Total steel shipments for 1H 2019 were 44.6 million metric tonnes 
representing an increase of 3.5% as compared to 1H 2018, 
 
   primarily due to higher steel shipments in Europe (+10.1%) due to the 
impact of ArcelorMittal Italia (following its consolidation from 
November 1, 2018) and in Brazil (+6.6%), offset in part by lower 
shipments in ACIS (-4.0%) and NAFTA (-5.3%). Excluding the impact of 
ArcelorMittal Italia and Votorantim, steel shipments in 1H 2019 were 
1.9% lower as compared to 1H 2018. 
 
   Sales for 1H 2019 decreased by 1.8% to $38.5 billion as compared with 
$39.2 billion for 1H 2018, primarily due to lower average steel selling 
prices (-6.1%) offset in part by higher steel shipments (+3.5%). 
 
   Depreciation of $1.5 billion for 1H 2019 was higher as compared with 
$1.4 billion in 1H 2018. Depreciation charges for 2019 include the 
depreciation of right-of-use assets recognized in property, plant and 
equipment under IFRS 16 lease accounting, which were previously recorded 
in cost of sales and selling, general and administrative expenses. FY 
2019 depreciation is expected to be approximately $3.1 billion (based on 
current exchange rates). 
 
   Impairment charges for 1H 2019 were $1.1 billion related to the remedy 
asset sales for the ArcelorMittal Italia acquisition ($0.5 billion) and 
impairment of the fixed assets of ArcelorMittal USA ($0.6 billion) 
following a sharp decline in steel prices and high raw material costs. 
Impairment charges for 1H 2018 were $86 million related to the agreed 
remedy package required for the approval of the Votorantim 
acquisition(5) . 
 
   Exceptional items for 1H 2019 were nil. Exceptional charges for 1H 2018 
were $146 million related to a provision taken in respect of a case that 
has been settled(6) . 
 
   Operating income for 1H 2019 was lower at $0.6 billion as compared to 
$3.9 billion in 1H 2018 primarily driven by impairments as discussed 
above, as well as weaker operating conditions (negative price-cost 
effect in steel segments) reflecting both the impact of the decline in 
steel prices since 4Q 2018 and higher raw material costs offset in part 
by improved mining segment performance. 
 
   Income from associates, joint ventures and other investments for 1H 2019 
was higher at $302 million as compared to $242 million for 1H 2018. 
Performance of Calvert and Chinese investee weakened in 1H 2019 as 
compared to 1H 2018, whilst 1H 2018 was negatively impacted by $132 
million impairment of ArcelorMittal's investment in Macsteel (South 
Africa) following the announced sale of its 50% stake in May 2018. 
Income from investments in associates, joint ventures and other 
investments in 1H 2019 and 1H 2018 include the annual dividend income 
from Erdemir of $93 million and $87 million, respectively. 
 
   Net interest expense in 1H 2019 was slightly lower at $315 million as 
compared to $323 million in 1H 2018. The Company expects full year 2019 
net interest expense to be approximately $650 million. 
 
   Foreign exchange and other net financing losses were $404 million for 1H 
2019 as compared to $564 million for 1H 2018. Foreign exchange losses 
for 1H 2019 were $14 million as compared to foreign exchange losses of 
$237 million in 1H 2018. 
 
   ArcelorMittal recorded an income tax expense of $149 million for 1H 2019 
as compared to $184 million for 1H 2018. The deferred tax benefit of 
$340 million in 1H 2018 is the result of recording a deferred tax asset 
primarily due to the expectation of higher future profits mainly in 
Luxembourg, following the share capital conversion. 
 
   ArcelorMittal's net loss for 1H 2019 was $33 million, or $0.03 basic 
loss per common share, as compared to a net income in 1H 2018 of $3.1 
billion, or $3.01 basic earnings per common share. 
 
   Analysis of results for 2Q 2019 versus 1Q 2019 and 2Q 2018 
 
   Total steel shipments in 2Q 2019 were 4.3% higher at 22.8Mt as compared 
with 21.8Mt for 1Q 2019 primarily due to higher steel shipments in ACIS 
(+19.5%) due to normalization of production in Temirtau (Kazakhstan), 
seasonally higher shipments in Europe (+2.2%), higher shipments in NAFTA 
(+2.2%), primarily due to ramp up of the blast furnace in Mexico, offset 
by lower shipments in Brazil (-3.3%) due to weaker export conditions. 
 
   Total steel shipments in 2Q 2019 were 4.8% higher as compared with 
21.8Mt for 2Q 2018 primarily due to higher steel shipments in Europe 
(+12.3%) due to the acquisition of ArcelorMittal Italia, ACIS (+4.1%) 
due to operational issues in Ukraine last year offset by lower steel 
shipments in NAFTA (-6.3%) and in Brazil (-1.6%). Excluding the impact 
of the ArcelorMittal Italia acquisition, steel shipments were -0.7% 
lower as compared to 2Q 2018. 
 
   Sales in 2Q 2019 were 0.5% higher at $19.3 billion as compared to $19.2 
billion for 1Q 2019 primarily due to higher steel shipments (+4.3%) 
offset in part by lower average steel selling prices (-3.9%). Sales in 
2Q 2019 were 3.6% lower as compared to $20 billion for 2Q 2018 primarily 
due to lower average steel selling prices (-8.8%), partially offset by 
higher steel shipments (+4.8%). 
 
   Depreciation for 2Q 2019 was higher at $766 million as compared to $733 
million for 1Q 2019. 2Q 2019 depreciation expense was higher than $712 
million in 2Q 2018 primarily due to the impact of IFRS 16. 
 
   Impairment charges for 2Q 2019 were $947 million related to the remedy 
asset sales for the ArcelorMittal Italia acquisition ($347 million) and 
impairment of the fixed assets of ArcelorMittal USA ($600 million) 
following a sharp decline in steel prices and high raw material costs. 
Impairment charges for 1Q 2019 of $150 million related to the remedy 
asset sales for the ArcelorMittal Italia acquisition. Impairment charges 
for 2Q 2018 were nil. 
 
   Operating loss for 2Q 2019 was $0.2 billion as compared to an operating 
income of $0.8 billion in 1Q 2019 and an operating income of $2.4 
billion in 2Q 2018 primarily driven by impairments as discussed above, 
as well as weaker operating conditions (negative price-cost effect in 
the steel segments) reflecting both the impact of the decline in steel 
prices since 1Q 2019 and higher raw material prices, offset in part by 
the impact of higher seaborne iron ore reference prices. 
 
   Income from associates, joint ventures and other investments for 2Q 2019 
was $94 million as compared to $208 million for 1Q 2019 and $30 million 
for 2Q 2018. 2Q 2019 was impacted by weaker Chinese and Calvert investee 
performances. 1Q 2019 was positively impacted by the annual dividend 
declared by Erdemir ($93 million). 2Q 2018 was impacted by $132 million 
impairment of ArcelorMittal's investment in Macsteel (South Africa) 
following the announced sale of its 50% stake in May 2018. 
 
   Net interest expense in 2Q 2019 was $154 million as compared to $161 
million in 1Q 2019 and lower than $159 million in 2Q 2018. 
 
 
 
   Foreign exchange and other net financing losses in 2Q 2019 were $173 
million as compared to $231 million for 1Q 2019 and $390 million in 2Q 
2018. Foreign exchange gain for 2Q 2019 was $34 million as compared to 
foreign exchange losses of $48 million and $309 million, in 1Q 2019 and 
2Q 2018, respectively. 2Q 2019 includes non-cash mark-to-market losses 
of $55 million related to the mandatory convertible bonds call option as 
compared to losses of $6 million in 1Q 2019 and gains of $91 million in 
2Q 2018. 
 
   ArcelorMittal recorded an income tax expense of $14 million in 2Q 2019 
as compared to an income tax expense of $135 million for 1Q 2019 and an 
income tax benefit of $19 million for 2Q 2018. 
 
   Income attributable to non-controlling interests was $42 million for 2Q 
2019 as compared to $36 million for 1Q 2019 and losses attributable to 
non-controlling interests of $4 million in 2Q 2018. 
 
   ArcelorMittal recorded a net loss for 2Q 2019 of $0.4 billion, or $0.44 
basic loss per common share, as compared to net income for 1Q 2019 of 
$0.4 billion, or $0.41 basic earnings per common share, and a net income 
for 2Q 2018 of $1.9 billion, or $1.84 basic earnings per common share. 
 
   Analysis of segment operations 
 
   NAFTA 
 
 
 
 
(USDm) unless otherwise 
shown                       2Q 19   1Q 19   2Q 18    1H 19   1H 18 
Sales                       5,055   5,085   5,356   10,140   10,108 
Operating (loss) / income    (539)    216     660     (323)     968 
Depreciation                 (137)   (134)   (131)    (271)    (263) 
Impairments                  (600)     --      --     (600)      -- 
EBITDA                        198     350     791      548    1,231 
Crude steel production 
 (kt)                       5,590   5,388   5,946   10,978   11,810 
Steel shipments (kt)        5,438   5,319   5,803   10,757   11,362 
Average steel selling 
 price (US$/t)                836     874     853      855      817 
--------------------------  -----   -----   -----   ------   ------ 
 
 
   NAFTA segment crude steel production increased by 3.7% to 5.6Mt in 2Q 
2019 as compared to 5.4Mt in 1Q 2019. This increase was primarily due to 
ramp up of the blast furnace in Mexico (which had suffered delays 
following scheduled maintenance in 3Q 2018). 
 
   Steel shipments in 2Q 2019 increased by 2.2% to 5.4Mt as compared to 
5.3Mt in 1Q 2019 primarily due to a 21.1% improvement in the long 
product shipments (mainly in Mexico as discussed above). 
 
   Sales in 2Q 2019 were stable at $5.1 billion as compared to 1Q 2019, 
primarily due to higher steel shipments (+2.2%) offset by a 4.3% decline 
in average steel selling prices (with both flat and long products down 
3.6% and 5.7%, respectively). US prices have deteriorated through 2Q 
2019 reflecting weaker demand exacerbated by prolonged customer 
destocking and increased domestic supply with prices well below import 
parity. 
 
   Impairment charges for 2Q 2019 were $600 million related to impairment 
of the fixed assets of ArcelorMittal USA following a sharp decline in 
steel prices and high raw material costs. As a result, there was an 
operating loss in 2Q 2019 of $539 million as compared to operating 
income of $216 million in 1Q 2019 and $660 million in 2Q 2018. 
 
   EBITDA in 2Q 2019 decreased by 43.4% to $198 million as compared to $350 
million in 1Q 2019 primarily due to negative price-cost effect offset in 
part by higher steel shipment volumes. EBITDA in 2Q 2019 decreased by 
75.0% as compared to $791 million in 2Q 2018 primarily due to a negative 
price-cost effect and lower steel shipments (-6.3%). 
 
   Brazil 
 
 
 
 
(USDm) unless otherwise 
shown                         2Q 19   1Q 19   2Q 18   1H 19   1H 18 
----------------------------  ------  ------  ------  ------  -------- 
Sales                         2,126   2,156   2,191   4,282   4,179 
Operating income                234     239     369     473     584 
Depreciation                    (79)    (70)    (74)   (149)   (143) 
Impairment                       --      --      --      --     (86) 
EBITDA                          313     309     443     622     813 
                              ----- 
Crude steel production (kt)   2,830   3,013   3,114   5,843   5,915 
Steel shipments (kt)          2,785   2,880   2,831   5,665   5,314 
Average steel selling price 
 (US$/t)                        705     704     728     705     739 
----------------------------  -----   -----   -----   -----   ----- 
 
 
   Brazil segment crude steel production decreased by 6.1% to 2.8Mt in 2Q 
2019 as compared to 3.0Mt for 1Q 2019, due in part to the decision to 
stop ArcelorMittal Tubarão's blast furnace #2 in June, two months 
earlier than its initial maintenance schedule due to deteriorating 
export market conditions, as well as lower production in the long 
business. 
 
   Steel shipments in 2Q 2019 decreased by 3.3% to 2.8Mt as compared to 
2.9Mt in 1Q 2019, due to a decrease in flat products (-8.0%) primarily 
due to lower exports. 
 
   Sales in 2Q 2019 decreased by 1.4% to $2.1 billion as compared to $2.2 
billion in 1Q 2019, primarily due to lower steel shipments as discussed 
above. Average steel selling prices remained stable as increases in 
local currency sales prices were offset by currency depreciation. 
 
   Operating income in 2Q 2019 marginally declined to $234 million as 
compared to $239 million in 1Q 2019 and was lower than $369 million in 
2Q 2018. 
 
   EBITDA in 2Q 2019 increased by 1.2% to $313 million as compared to $309 
million in 1Q 2019. EBITDA in 2Q 2019 was 29.3% lower as compared to 
$443 million in 2Q 2018 primarily due to negative price-cost effect and 
foreign exchange translation impact. 
 
   Europe 
 
 
 
 
(USDm) unless otherwise 
shown                     2Q 19    1Q 19    2Q 18    1H 19   1H 18 
-----------------------  -------  -------  -------  -------  --------- 
Sales                    10,396   10,494   10,527   20,890   21,168 
Operating (loss) / 
 income                    (301)      11      853     (290)   1,433 
Depreciation               (313)    (309)    (292)    (622)    (610) 
Impairment                 (347)    (150)      --     (497)      -- 
Exceptional charges          --       --       --       --     (146) 
EBITDA                      359      470    1,145      829    2,189 
Crude steel production 
 (kt)                    12,079   12,372   11,026   24,451   22,272 
Steel shipments (kt)     11,811   11,553   10,516   23,364   21,213 
Average steel selling 
 price (US$/t)              704      729      800      716      800 
-----------------------  ------   ------   ------   ------   ------ 
 
 
   Europe segment crude steel production decreased by 2.4% to 12.1Mt in 2Q 
2019 as compared to 12.4Mt in 1Q 2019, primarily due to weaker than 
expected market conditions. 
 
   Steel shipments in 2Q 2019 seasonally increased by 2.2% to 11.8Mt as 
compared to 11.6Mt in 1Q 2019, whilst they were 12.3% higher than 2Q 
2018 (due to the scope impact from the ArcelorMittal Italia acquisition 
which was consolidated from November 1, 2018), the impact of floods in 
Asturias, Spain and the impact of rail strikes in France in 2Q 2018. 
 
   Sales in 2Q 2019 were $10.4 billion, -0.9% lower as compared to $10.5 
billion in 1Q 2019, with lower average steel selling prices -3.5% (with 
both flat and long products declining 3.5% and 3.7%, respectively) 
offset in part by higher steel shipments, as discussed above. 
 
   Impairment charges for 2Q 2019 and 1Q 2019 were $347 million and $150 
million, respectively, related to remedy asset sales related to 
ArcelorMittal Italia. Impairment charges for 2Q 2018 were nil. 
 
   Operating loss in 2Q 2019 was $301 million as compared to operating 
income of $11 million in 1Q 2019 and $853 million in 2Q 2018. Operating 
results were impacted by impairment charges as discussed above. 
 
   Despite seasonally higher steel shipments, EBITDA in 2Q 2019 decreased 
by -23.7% to $359 million as compared to $470 million in 1Q 2019 
primarily due to a negative price-cost effect. EBITDA in 2Q 2019 
decreased by -68.7% as compared to $1,145 million in 2Q 2018, primarily 
due to negative price-cost effect, foreign exchange impact, and 
continued losses of ArcelorMittal Italia. Assuming existing market 
conditions and no ongoing license to operate issues, an accelerated 
action plan has been implemented to significantly reduce ArcelorMittal 
Italia losses by 4Q 2019. 
 
   ACIS 
 
 
 
 
(USDm) unless otherwise 
shown                         2Q 19   1Q 19   2Q 18   1H 19   1H 18 
----------------------------  ------  ------  ------  ------  -------- 
Sales                         1,906   1,645   2,129   3,551   4,209 
Operating income                114      64     312     178     602 
Depreciation                    (85)    (81)    (85)   (166)   (158) 
EBITDA                          199     145     397     344     760 
Crude steel production (kt)   3,252   3,323   3,087   6,575   6,487 
Steel shipments (kt)          3,182   2,662   3,057   5,844   6,086 
Average steel selling price 
 (US$/t)                        536     541     621     538     616 
----------------------------  -----   -----   -----   -----   ----- 
 
 
   ACIS segment crude steel production in 2Q 2019 was broadly stable at 
3.3Mt as compared to 1Q 2019 primarily due to normalization of 
production in Temirtau (Kazakhstan) following an explosion at a gas 
pipeline in 4Q 2018 offset by lower production in Ukraine due to planned 
blast furnace repair and in South Africa following a scheduled 
maintenance. 
 
   Steel shipments in 2Q 2019 increased by 19.5% to 3.2Mt as compared to 
2.7Mt as at 1Q 2019, primarily due to the improved shipments in all 
three regions particularly in Kazakhstan. 
 
   Sales in 2Q 2019 increased by 15.8% to $1.9 billion as compared to $1.6 
billion in 1Q 2019 primarily due to higher steel shipments. 
 
   Operating income in 2Q 2019 was higher at $114 million as compared to 
$64 million in 1Q 2019 and lower as compared to $312 million in 2Q 2018. 
 
   EBITDA in 2Q 2019 increased by 37.5% to $199 million as compared to $145 
million in 1Q 2019 primarily due to higher steel shipment volumes. 
EBITDA in 2Q 2019 was 49.7% lower as compared to $397 million in 2Q 
2018, primarily due to negative price-cost effect partially offset by 
higher shipments. 
 
   Mining 
 
 
 
 
(USDm) unless otherwise shown            2Q 19   1Q 19   2Q 18   1H 19   1H 18 
---------------------------------------  ------  ------  ------  ------  -------- 
Sales                                    1,423   1,127   1,065   2,550   2,089 
Operating income                           457     313     198     770     440 
Depreciation                              (113)   (107)   (107)   (220)   (214) 
EBITDA                                     570     420     305     990     654 
 
Own iron ore production (Mt)              14.6    14.1    14.5    28.7    29.1 
Iron ore shipped externally and 
 internally at market price (a) 
 (Mt)                                      9.9     9.2    10.0    19.1    19.1 
Iron ore shipment - cost plus 
 basis (Mt)                                5.6     4.6     4.6    10.2     9.3 
Own coal production (Mt)                   1.5     1.2     1.6     2.7     3.1 
Coal shipped externally and internally 
 at market price (a) (Mt)                  0.7     0.7     0.7     1.4     1.1 
Coal shipment - cost plus basis 
 (Mt)                                      0.7     0.7     0.9     1.4     1.8 
---------------------------------------  -----   -----   -----   -----   ----- 
 
 
   (a) Iron ore and coal shipments of market-priced based materials include 
the Company's own mines and share of production at other mines 
 
   Own iron ore production in 2Q 2019 increased by 4.0% to 14.6Mt as 
compared to 14.1Mt in 1Q 2019, primarily due to seasonally higher 
production in ArcelorMittal Mines Canada(7) (AMMC). Own iron ore 
production in 2Q 2019 increased by 1.2% as compared to 2Q 2018 primarily 
due to higher AMMC and Ukraine production offset in part by lower 
production in Liberia and Kazakhstan and the Volcan mine in Mexico which 
reached end of life in May 2019. 
 
   Market-priced iron ore shipments in 2Q 2019 increased by 7.7% to 9.9Mt 
as compared to 9.2Mt in 1Q 2019, primarily driven by seasonally higher 
market-priced iron ore shipments in AMMC offset in part by lower 
shipments in Liberia and at the Volcan mine in Mexico (as discussed 
above). Market-priced iron ore shipments in 2Q 2019 were largely stable 
as compared to 2Q 2018 driven by higher shipments in AMMC and Serra Azul 
offset by lower shipments in Ukraine. Market-priced iron ore shipments 
for FY 2019 are expected to be stable as compared to FY 2018 with 
increases in Liberia and AMMC to be offset by lower volume at the Volcan 
mine. 
 
   Own coal production in 2Q 2019 increased by 18.1% to 1.5Mt as compared 
to 1.2Mt in 1Q 2019 primarily due to higher production at Princeton (US) 
and Temirtau (Kazakhstan). Own coal production in 2Q 2019 decreased by 
9.0% as compared to 1.6Mt in 2Q 2018 due to lower production at Temirtau 
(Kazakhstan). 
 
   Market-priced coal shipments in 2Q 2019 were stable at 0.7Mt as compared 
to 1Q 2019 and 2Q 2018. 
 
   Operating income in 2Q 2019 increased by 46.2% to $457 million as 
compared to $313 million in 1Q 2019 and $198 million in 2Q 2018. 
 
   EBITDA in 2Q 2019 increased by 35.8% to $570 million as compared to $420 
million in 1Q 2019, primarily due to the impact of higher seaborne iron 
ore reference prices (+22.5%) and higher market-priced iron ore 
shipments (+7.7%). EBITDA in 2Q 2019 was 86.7% higher as compared to 
$305 million in 2Q 2018, primarily due to higher seaborne iron ore 
reference prices (+53.0%). 
 
   Liquidity and Capital Resources 
 
   For 2Q 2019 net cash provided by operating activities was $1,786 million 
as compared to $971 million in 1Q 2019 and $1,232 million in 2Q 2018. 
The cash provided by operating activities during 2Q 2019 reflects in 
part a working capital release of $353 million as compared to a working 
capital investment of $553 million in 1Q 2019 and a working capital 
investment of $1,232 million in 2Q 2018. 
 
   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 expects this additional 
investment of approximately $1 billion to be released in full over the 
course of 2019. The 1H 2019 working capital investment of $0.2 billion 
was significantly less pronounced than in previous years despite 
seasonally higher shipments and higher raw material prices reflecting 
the Company's focus on the structural release of the excess working 
capital. Given the 1H 2019 working capital investment of $0.2 billion 
this implies a release of $1.2 billion in 2H 2019. 
 
   Net cash used in investing activities during 2Q 2019 was $564 million as 
compared to $693 million during 1Q 2019 and $556 million in 2Q 2018. 
Capex decreased to $869 million in 2Q 2019 as compared to $947 million 
in 1Q 2019 and increased as compared to $616 million in 2Q 2018. Whilst 
no significant delays to growth investments are expected, the Company 
has reduced overall expected capex across all segments in FY 2019 by 
$0.5 billion and now expects FY 2019 capex to be $3.8 billion versus 
previous guidance of $4.3 billion. 
 
   Net cash provided by other investing activities in 2Q 2019 of $305 
million primarily includes net proceeds from remedy asset sales for the 
ArcelorMittal Italia acquisition of $0.5 billion, offset by $0.1 billion 
partial reversal of the Indian rupee rolling hedge (see below) and by 
the quarterly lease payment for the ArcelorMittal Italia acquisition 
($51 million). 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 provided by financing activities in 2Q 2019 was $180 million as 
compared to net cash used in financing activities of $344 million in 1Q 
2019 and net cash provided by financing activities in 2Q 2018 of $352 
million. 
 
   In 2Q 2019, net cash provided by financing activities included a net 
inflow of $0.5 billion for new bank financing. 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. Net cash provided by financing activities in 
2Q 2018 of $352 million primarily includes proceeds from a $1 billion 
short-term loan facility entered into on May 14, 2018 offset by 
repayment of a EUR400 million ($491 million) bond at maturity on April 
9, 2018. 
 
   During 2Q 2019, the Company paid dividends of $204 million mainly to 
ArcelorMittal shareholders. During 1Q 2019, the Company paid dividends 
of $46 million to minority shareholders in AMMC (Canada). During 2Q 
2018, the Company paid dividends of $101 million to ArcelorMittal 
shareholders. 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 $84 million in 2Q 2019 as compared $72 million in 1Q 2019 and 
$21 million in 2Q 2018. The increase is as a result of the first-time 
application of IFRS 16 effective from January 1, 2019, as the repayments 
of the principal portion of the operating leases are presented under 
financing activities (previously reported under operating activities). 
 
   As of June 30, 2019, the Company's cash and cash equivalents amounted to 
$3.7 billion as compared to $2.2 billion at March 31, 2019 and $2.4 
billion at December 31, 2018. 
 
   Gross debt increased to $13.8 billion as of June 30, 2019, as compared 
to $13.4 billion at March 31, 2019 and $12.6 billion in December 31, 
2018. As of June 30, 2019, net debt decreased by $1.0 billion to $10.2 
billion as compared to $11.2 billion as of March 31, 2019. Net debt as 
of December 31, 2018, was $10.2 billion. 
 
   As of June 30, 2019, the Company had liquidity of $9.2 billion, 
consisting of cash and cash equivalents of $3.7 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 June 30, 2019, the average debt maturity 
was 4.7 years. 
 
   Key recent developments 
 
 
   -- On May 6, 2019, ArcelorMittal announced its intention to temporarily 
      reduce annualized European primary steelmaking production by 3Mt in the 
      2H 2019. These measures included temporarily idling production at its 
      steelmaking facilities in Kraków, Poland and reduce production in 
      Asturias, Spain as well as the slow down at ArcelorMittal Italia 
      following a decision to optimise cost and quality over volume in this 
      environment. Furthermore, on May 29, 2019, the Company announced 
      additional steps to adjust its European production levels to the current 
      market demand by a further 1.2Mt to take total annualized productions 
      cuts to 4.2Mt in 2H 2019. These include: 
 
          1. Reduce primary steelmaking production at its facilities in Dunkirk, 
             France and Eisenhüttenstadt, Germany; 
 
          2. Reduce primary steelmaking production at its facility in Bremen, 
             Germany in the fourth quarter of this year, where a planned blast 
             furnace stoppage for repair works will be extended; 
 
          3. Extend the stoppage planned in the fourth quarter of this year to 
             repair a blast furnace at its plant in Asturias, Spain. 
 
 
   ArcelorMittal stated that these actions were taken in light of difficult 
operating conditions in Europe with a combination of weakening demand, 
rising imports, high energy costs and rising carbon costs. 
 
 
   -- On May 29, 2019, ArcelorMittal published its first Climate Action report 
      in which it announced its ambition to significantly reduce CO2 emissions 
      globally and be carbon neutral in Europe by 2050. To achieve this goal 
      the Company is building a strategic roadmap linked to the evolution of 
      public policy and developments in low-emissions steelmaking technologies. 
      A target to 2030 will be launched in 2020, replacing the Company's 
      current target of an 8% carbon footprint reduction by 2020, against a 
      2007 baseline. The report explains in greater detail the future 
      challenges and opportunities for the steel industry, the plausible 
      technology pathways the Company is exploring as well as its views on the 
      policy environment required for the steel industry to succeed in meeting 
      the targets of the Paris Agreement. 
 
   -- In June 2017, ArcelorMittal signed an agreement for the lease (for a 
      period up to August 2023) and subsequent acquisition of Ilva's business 
      assets, providing for total maximum payments of EUR 1.8 billion. The 
      lease period started on November 1, 2018. According to the legal 
      framework in force at the time of signing and closing of the lease 
      agreement, Ilva's insolvency trustees, as well as the lessee and 
      purchaser of Ilva's assets, were granted protection from criminal 
      liability related to environmental, health and safety, and workplace 
      security issues at Ilva's Taranto plant, pending the timely 
      implementation of the EUR 1.15 billion environmental investment program 
      approved by the Italian Government in September 2017. In September 2017 
      and then August 2018 the Italian State Solicitor-General issued an 
      opinion confirming that the term of the protection coincided with the 
      term of the Company's environmental plan, namely to August 23, 2023. On 
      June 28, 2019, however, the Italian Parliament ratified a law decree 
      enacted by the Government, which has removed the protection for criminal 
      liability related to public health and safety, and workplace security 
      matters and, as from September 7, 2019, will also remove such protection 
      as it relates to environmental matters. ArcelorMittal considers that the 
      removal of this protection could impair any operator's ability to operate 
      the Taranto plant while implementing the environmental plan. 
      ArcelorMittal remains in discussions with the Italian authorities on this 
      matter, in view of reaching before September 7, 2019 an appropriate 
      solution compatible with the continued operation of the Taranto plant. No 
      assurance can be given at this stage as to the outcome of such 
      discussions.In addition, on July 9, 2019 the public prosecutor of Taranto 
      ordered the shutdown of blast furnace No. 2 of the Taranto plant. The 
      order was in the context of a procedure dating from a fatality in 2015, 
      as a result of which the blast furnace was put under seizure and 
      improvements were required to be undertaken by the Special Commissioners 
      as a condition to the continued operation of the blast furnace. The 
      timeline of the shutdown of blast furnace No. 2 remains to be determined 
      and will be set forth in a plan the judicial custodian appointed by the 
      public prosecutor of Taranto is currently preparing and whose 
      implementation would take 60 days. ArcelorMittal Italia is assessing 
      technical aspects and is working with the relevant authorities towards an 
      acceptable solution so that the blast furnace (which has an annual 
      production target of 1.5 million tonnes) may remain operational. 
 
 
   -- On July 1, 2019, ArcelorMittal announced the completion of the sale to 
      Liberty House Group ('Liberty') of several steelmaking assets that form 
      the 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. The assets included in 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). The total net consideration 
      (consisting of amounts payable upon closing and subsequently in part 
      contingent upon certain criteria, net of EUR 110 million placed in 
      escrow) for the assets payable to ArcelorMittal is EUR740 million subject 
      to customary closing adjustments. Of this total amount, EUR610 million 
      was received on June 28, 2019. The Company has deposited EUR110 million 
      in escrow to be used by Liberty for certain capital expenditure projects 
      to satisfy commitments given in the EC approval process. 
 
   -- On July 4, 2019, ArcelorMittal announced the completion of an issuance of 
      EUR250 million of its 2.250% notes due January 17, 2024 (the "Notes"), 
      which will be consolidated and form a single series with the existing 
      EUR750 million 2.250 per cent. notes due January 17, 2024, originally 
      issued on January 17, 2019. At the time of pricing the "tap" issuance, 
      the yield to maturity (representing the actual annual cost of the 
      issuance for ArcelorMittal) was 0.984%. The issuance closed on July 4, 
      2019. The Notes were issued under ArcelorMittal's EUR10 billion wholesale 
      Euro Medium Term Notes Programme. The proceeds of the issuance will be 
      used for general corporate purposes. 
 
   -- On July 4, 2019, the National Company Law Appellate Tribunal ("NCLAT") of 
      India disposed of the various appeals pending before it while approving 
      the Company's resolution plan for the acquisition of Essar Steel India 
      Limited ("ESIL"). Several appeals have been filed before India's Supreme 
      Court challenging the NCLAT's order and on July 22, 2019, India's Supreme 
      Court further stayed the implementation of the NCLAT's order pending a 
      hearing of the appeals on August 7, 2019. The transaction closing is now 
      expected 3Q 2019. 
 
   -- On July 11, 2019, ArcelorMittal completed the pricing of its offering of 
      US$750 million aggregate principal amount of its 3.600% notes due 2024 
      (the "Series 2024 Notes") and US$500 million aggregate principal amount 
      of its 4.250% notes due 2029 (the "Series 2029 Notes"). The proceeds to 
      ArcelorMittal (before expenses), amounting to approximately $1.2 billion, 
      will be used for general corporate purposes including future repayment of 
      existing indebtedness and to partially pre-fund commitments under the 
      Essar acquisition financing facility. The issuance closed on July 16, 
      2019. 
 
   -- On July 30, 2019, ArcelorMittal announced that it has given notice that 
      it will redeem all of the outstanding 5.125% Notes due June 1, 2020 and 
      5.250% Notes due August 5, 2020 on August 30, 2019. Following prior 
      tender offers, there is currently the following outstanding principal 
      amount of 5.125% Notes and 5.250% Notes, respectively: US$324,229,000 
      (original issuance of US$500,000,000) and US$625,630,000 (original 
      issuance of US$1,000,000,000). 
 
   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 +0.5% to +1.5% (slightly revised down from 
previous expectation of +1.0% to +1.5% growth). By region: 
 
   ASC in US is expected to grow marginally by between +0.0% to +1.0% in 
2019, with healthy non-residential construction demand offset by ongoing 
weakness in automotive demand and a slowdown in machinery demand (a 
moderation of growth versus +0.5% to +1.5% previous estimate). In Europe, 
ASC is expected to contract by between -2.0% to -1.0% with ongoing 
automotive demand weakness primarily due to lower exports (versus -1.0% 
to 0.0% previous estimate).  In Brazil, ASC growth in 2019 is forecasted 
in the range of +1.5% to +2.5% (a moderation of growth versus +3.0% to 
4.0% previous estimate) as domestic GDP has slowed, as well as impacts 
of Argentinian recession and delayed growth in infrastructure spend 
until pension reform is passed. In the CIS, expected ASC growth is 
unchanged at +1.0% to +2.0% in 2019. Overall, World ex-China ASC is 
expected to grow by approximately +0.5% to +1.0% in 2019 (a moderation 
versus previous estimate of +1.0% to +2.0%). 
 
   In China, ASC growth forecast has increased to between +0.5% to +1.5% in 
2019 (versus previous estimate of +0.0% to +1.0%) as real estate demand 
remains resilient. 
 
   The Group's steel shipments are expected to increase in 2019 versus 2018 
due to 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 now complete), the 
expectation that 2018 operational disruptions (both controllable and 
uncontrollable) will not recur, offset in part by European production 
curtailments. 
 
   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 the 
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 movements) to be approximately $5.4 billion in 
2019 versus $6.4 billion previous guidance. Whilst no significant delays 
to growth investments are expected, the Company has reduced overall 
expected capex across all segments in FY 2019 by $0.5 billion and now 
expects FY 2019 capex to be $3.8 billion (versus previous guidance of 
$4.3 billion). Interest expense in 2019 is expected to be $0.65 billion 
(no change) while cash taxes, pensions and other cash costs are now 
expected to be $1.0 billion (versus previous guidance of $1.5 billion). 
 
   As announced with the full year 2018 results in February 2019, the $1 
billion excess working capital accumulated in 2018 is expected to be 
released in full over the course of 2019. Given the 1H 2019 working 
capital investment of $0.2 billion this implies a release of $1.2 
billion in 2H 2019. 
 
   The Company will continue to prioritize deleveraging and believes that 
$7 billion (including impact of IFRS 16) is an appropriate net debt 
target that will sustain investment grade metrics even at the low point 
of the cycle. 
 
   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) 
 
 
 
 
                                                   Jun 30,  Mar 31,    Dec 31, 
In millions of U.S. dollars                          2019     2019        2018 
-------------------------------------------------  -------  -------  --------- 
ASSETS 
Cash and cash equivalents                            3,656    2,246    2,354 
Trade accounts receivable and other                  5,048    5,131    4,432 
Inventories                                         20,550   20,583   20,744 
Prepaid expenses and other current assets            3,123    3,000    2,834 
Assets held for sale(9)                                122    1,950    2,111 
Total Current Assets                                32,499   32,910   32,475 
 
Goodwill and intangible assets                       5,480    5,549    5,728 
Property, plant and equipment                       36,725   36,647   35,638 
Investments in associates and joint ventures         5,026    5,000    4,906 
Deferred tax assets                                  8,412    8,318    8,287 
Other assets                                         4,224    4,236    4,215 
Total Assets                                        92,366   92,660   91,249 
 
LIABILITIES AND SHAREHOLDERS' EQUITY 
Short-term debt and current portion of long-term 
 debt                                                3,107    2,739    3,167 
Trade accounts payable and other                    14,418   14,232   13,981 
Accrued expenses and other current liabilities       5,549    5,699    5,486 
Liabilities held for sale(9)                            35      828      821 
Total Current Liabilities                           23,109   23,498   23,455 
                                                   -------  -------  ------- 
 
Long-term debt, net of current portion              10,723   10,591    9,316 
Deferred tax liabilities                             2,284    2,337    2,374 
Other long-term liabilities                         12,139   11,945   11,996 
Total Liabilities                                   48,255   48,371   47,141 
 
Equity attributable to the equity holders of 
 the parent                                         42,033   42,286   42,086 
Non-controlling interests                            2,078    2,003    2,022 
Total Equity                                        44,111   44,289   44,108 
Total Liabilities and Shareholders' Equity          92,366   92,660   91,249 
-------------------------------------------------  -------  -------  ------- 
 
 
   ArcelorMittal Condensed Consolidated Statement of Operations(1) 
 
 
 
 
                                                    Three months ended          Six months ended 
------------------------------------------ 
In millions of U.S. dollars unless           Jun 30,     Mar 31,     Jun 30,     Jun 30,       Jun 30, 
 otherwise shown                               2019        2019        2018        2019           2018 
                                            ----------  ----------  ----------  ----------  ---------- 
Sales                                       19,279      19,188      19,998      38,467      39,184 
Depreciation (B)                              (766)       (733)       (712)     (1,499)     (1,423) 
Impairments (B)                               (947)       (150)         --      (1,097)        (86) 
Exceptional items(6) (B)                        --          --          --          --        (146) 
                                            ------      ------      ------      ------      ------ 
Operating (loss) / income (A)                 (158)        769       2,361         611       3,930 
Operating margin %                            (0.8)%       4.0%       11.8%        1.6%       10.0% 
 
Income from associates, joint 
 ventures and other investments                 94         208          30         302         242 
Net interest expense                          (154)       (161)       (159)       (315)       (323) 
Foreign exchange and other net 
 financing loss                               (173)       (231)       (390)       (404)       (564) 
(Loss) / income before taxes 
 and non-controlling interests                (391)        585       1,842         194       3,285 
 Current tax expense                          (225)       (180)       (240)       (405)       (524) 
 Deferred tax benefit                          211          45         259         256         340 
Income tax (expense) / benefit                 (14)       (135)         19        (149)       (184) 
(Loss) / income including non-controlling 
 interests                                    (405)        450       1,861          45       3,101 
Non-controlling interests (income) 
 / loss                                        (42)        (36)          4         (78)        (44) 
Net (loss) / income attributable 
 to equity holders of the parent              (447)        414       1,865         (33)      3,057 
 
Basic (loss) / earnings per common 
 share ($)                                   (0.44)       0.41        1.84       (0.03)       3.01 
Diluted (loss) / earnings per 
 common share ($)                            (0.44)       0.41        1.83       (0.03)       2.99 
 
Weighted average common shares 
 outstanding (in millions)                   1,014       1,014       1,013       1,013       1,016 
Diluted weighted average common 
 shares outstanding (in millions)            1,014       1,017       1,018       1,013       1,021 
 
OTHER INFORMATION 
EBITDA (C = A-B)                             1,555       1,652       3,073       3,207       5,585 
EBITDA Margin %                                8.1%        8.6%       15.4%        8.3%       14.3% 
 
Own iron ore production (Mt)                  14.6        14.1        14.5        28.7        29.1 
                                            ------      ------      ------      ------      ------ 
Crude steel production (Mt)                   23.8        24.1        23.2        47.8        46.5 
                                            ------      ------      ------      ------      ------ 
Steel shipments (Mt)                          22.8        21.8        21.8        44.6        43.1 
------------------------------------------  ------      ------      ------      ------      ------ 
 
 
   ArcelorMittal Condensed Consolidated Statement of Cash flows(1) 
 
 
 
 
                                            Three months ended       Six months ended 
                                        Jun 30,   Mar 31,   Jun 30,   Jun 30,      Jun 30, 
In millions of U.S. dollars               2019      2019      2018      2019          2018 
--------------------------------------  -------  ---------  -------  ----------  --------- 
Operating activities: 
(Loss)/income attributable to 
 equity holders of the parent             (447)    414       1,865      (33)      3,057 
Adjustments to reconcile net income 
 to net cash provided by operations: 
Non-controlling interests income/ 
 (loss)                                     42      36          (4)      78          44 
Depreciation and impairments             1,713     883         712    2,596       1,509 
Exceptional items(6)                        --      --          --       --         146 
Income from associates, joint 
 ventures and other investments            (94)   (208)        (30)    (302)       (242) 
Deferred tax benefit                      (211)    (45)       (259)    (256)       (340) 
Change in working capital                  353    (553)     (1,232)    (200)     (3,101) 
Other operating activities (net)           430     444         180      874         319 
Net cash provided by operating 
 activities (A)                          1,786     971       1,232    2,757       1,392 
Investing activities: 
Purchase of property, plant and 
 equipment and intangibles (B)            (869)   (947)       (616)  (1,816)     (1,368) 
Other investing activities (net)           305     254          60      559         136 
Net cash used in investing activities     (564)   (693)       (556)  (1,257)     (1,232) 
Financing activities: 
Net proceeds / (payments) relating 
 to payable to banks and long-term 
 debt                                      468    (136)        474      332         737 
Dividends paid                            (204)    (46)       (101)    (250)       (151) 
Share buyback                               --     (90)         --      (90)       (226) 
Lease payments and other financing 
 activities (net)                          (84)    (72)        (21)    (156)        (41) 
Net cash provided by / (used in) 
 financing activities                      180    (344)        352     (164)        319 
Net increase / (decrease) in cash 
 and cash equivalents                    1,402     (66)      1,028    1,336         479 
                                        ------   -----      ------   ------      ------ 
Cash and cash equivalents transferred 
 from/(to) assets held for sale             21     (11)        (23)      10         (23) 
                                        ------   -----      ------   ------      ------ 
Effect of exchange rate changes 
 on cash                                    17     (15)       (104)       2         (87) 
-------------------------------------- 
Change in cash and cash equivalents      1,440     (92)        901    1,348         369 
 
Free cash flow (C=A+B)                     917      24         616      941          24 
--------------------------------------  ------   -----      ------   ------      ------ 
 
 
   Appendix 1: Product shipments by region 
 
 
 
 
(000'kt)   2Q 19   1Q 19   2Q 18   1H 19   1H 18 
---------  ------  ------  ------  ------  -------- 
Flat        4,732   4,750   5,011   9,482   9,822 
Long          873     721     969   1,594   1,890 
NAFTA       5,438   5,319   5,803  10,757  11,362 
Flat        1,563   1,699   1,494   3,262   2,894 
Long        1,236   1,194   1,345   2,430   2,440 
Brazil      2,785   2,880   2,831   5,665   5,314 
Flat        8,824   8,647   7,553  17,471  15,257 
Long        2,883   2,821   2,942   5,704   5,903 
Europe     11,811  11,553  10,516  23,364  21,213 
CIS         2,064   1,617   1,861   3,681   3,727 
Africa      1,113   1,049   1,199   2,162   2,366 
ACIS        3,182   2,662   3,057   5,844   6,086 
---------  ------  ------  ------  ------  ------ 
 
 
   Note: "Others and eliminations" are not presented in the table 
 
   Appendix 2a: Capital expenditures 
 
 
 
 
(USDm)   2Q 19  1Q 19  2Q 18  1H 19  1H 18 
-------  -----  -----  -----  -----  ------- 
NAFTA      144    182    110    326    270 
Brazil      80     84     36    164     83 
Europe     337    353    226    690    539 
ACIS       115    137    117    252    234 
Mining     125    115    119    240    226 
Total      869    947    616  1,816  1,368 
-------  -----  -----  -----  -----  ----- 
 
 
   Note: "Others" are not presented in the table 
 
   Appendix 2b: Capital expenditure projects 
 
   The following tables summarize the Company's principal growth and 
optimization projects involving significant capex. 
 
   Completed projects in most recent quarter 
 
 
 
 
Segment  Site /   Project                    Capacity / details           Actual 
         unit                                                              completion 
NAFTA    Indiana  Indiana Harbor "footprint  Restoration of 80" HSM and   4Q 2018 
         Harbor    optimization project"      upgrades at Indiana Harbor   (a) 
         (US)                                 finishing 
-------  -------  -------------------------  ---------------------------  ----------- 
 
 
   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 up to 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) 
 
 
   1. 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. 
 
   2. 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 2020. Deep 
      foundation essentially complete. Building erection ongoing. Working with 
      EPC consortium on productivity improvements. 
 
   3. 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. 
 
   4. 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. 
 
   5. 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. 
 
   6. 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 currently conducting detailed engineering 
      following the feasibility study in order to be ready to progress to the 
      next stage of the project. The investment case will be assessed in 2H 
      2019. 
 
 
   Appendix 3: Debt repayment schedule as of June 30, 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    1.3   0.2    --    --    --      --    1.5 
Other loans         0.6   1.0   0.7   0.5   0.4     0.6    3.8 
Total gross debt    1.9   3.0   2.0   2.0   1.0     3.9   13.8 
-----------------  ----  ----  ----  ----  ----  ------  ----- 
 
 
   Appendix 4: Reconciliation of gross debt to net debt 
 
 
 
 
                                                  Jun 30,  Mar 31,  Dec 31, 
(USD million)                                       2019     2019    2018 
------------------------------------------------  -------  -------  --------- 
Gross debt (excluding that held as part of the 
 liabilities held for sale)                       13,830   13,330   12,483 
Gross debt held as part of the liabilities held 
 for sale                                             --       96       77 
Gross debt                                        13,830   13,426   12,560 
Less: 
Cash and cash equivalents                         (3,656)  (2,246)  (2,354) 
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)        10,174   11,159   10,196 
------------------------------------------------  ------ 
 
Net debt / LTM 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 neighbouring 
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. 
 
   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 1.26x for 2Q 2019 and 1.14x for 1Q 2019. Health 
and safety figures excluding ArcelorMittal Italia were 0.68x for 2Q 2019 
as compared to 0.66x for 1Q 2019. 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.     Management performed its quarterly analysis of impairment 
indicators, and a downward revision of cash flow projections for 
ArcelorMittal USA resulted from the weaker than anticipated operating 
environment in the US, including lower than expected steel prices, lower 
ASC and high raw material costs. Impairment charges for 2Q 2019 were 
$947 million related to the remedy asset sales for the ArcelorMittal 
Italia acquisition ($347 million) and impairment of the fixed assets of 
ArcelorMittal USA ($600 million) following a sharp decline in steel 
prices and high raw material costs. Impairment charges for 1H 2019 were 
$1.1 billion related to the remedy asset sales for the ArcelorMittal 
Italia acquisition ($0.5 billion) and impairment of the fixed assets of 
ArcelorMittal USA ($0.6 billion) following a sharp decline in steel 
prices and high raw material costs. 
 
   4.     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. On January 
1, 2019 net debt increased accordingly by $1.2 billion following the 
adoption of IFRS 16 lease standard. 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. 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. 
 
   5.     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. 
 
   6.     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. 
 
   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 replaced 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 June 30, 2019, 
the $5.5 billion revolving credit facility was fully available. 
 
   9.     Assets and liabilities held for sale, as of June 30, 2019 are 
related to the carrying value of the USA long product facilities at 
Steelton ("Steelton"). 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 the USA long product facilities at Steelton. 
 
   Second quarter 2019 earnings analyst conference call 
 
   ArcelorMittal will hold a conference call hosted by Mr. Lakshmi Mittal, 
Chairman and CEO and Aditya Mittal, President and CFO to discuss the 
three month and six-month period ended June 30, 2019 on: Thursday August 
1, 2019 at 9.30am US Eastern time; 14.30pm London time and 15.30pm 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          81958122# 
US local:                  1 86 6719 2729       +1 24 0645 0345          81958122# 
                                                                 ----------------- 
France:                       0800 914780       +33 1 7071 2916          81958122# 
Germany:                    0800 965 6288     +49 692 7134 0801          81958122# 
Spain:                        90 099 4930        +34 911 143436          81958122# 
Luxembourg:                     800 26908      +352 27 86 05 07          81958122# 
------------------  --------------------- 
A replay of the conference call will be available for one week by dialling: 
 +49 (0) 1805 2047 088; Access code 2524123# 
 
   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: 
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: press@arcelormittal.com 
https://www.globenewswire.com/Tracker?data=VXJy4sDPeo_nc0enaZWkE97hxzywYr0uy_YhLkwt6oQnhRknbAeK0ysJ1ZJrc2gVd7NS8cmE8w8VULCWMqR-2rjiMHjBJaRzvicTARbThPg= 
) +44 0207 629 7988. Contact: Paul Weigh +44 203 214 2419 
 
   Attachment 
 
 
   -- ArcelorMittal reports second quarter 2019 and half year 2019 results 
      https://ml-eu.globenewswire.com/Resource/Download/26f6ae50-0444-4075-be37-25488534d70c 
 
 
 
 
 

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