Arcelormittal Reports Third Quarter 2019 And Nine Months 2019 Results

Date : 11/07/2019 @ 6:30AM
Source : Dow Jones News
Stock : ArcelorMittal (MT)
Quote : 7.977  -0.096 (-1.19%) @ 8:04AM
ArcelorMittal share price Chart

Arcelormittal Reports Third Quarter 2019 And Nine Months 2019 Results

TIDMMT 
 
 
   Luxembourg, November 7, 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 
nine-month periods ended September 30, 2019. 
 
   Highlights: 
 
 
   -- Health and safety: LTIF rate2 of 1.36x in 3Q 2019 as compared to 1.26x in 
      2Q 2019; 1.24x in 9M 2019 
 
   -- Operating income of $0.3bn in 3Q 2019 as compared to an operating loss of 
      $0.2bn in 2Q 2019 
 
   -- EBITDA of $1.1bn in 3Q 2019, 31.6% lower as compared to $1.6bn in 2Q 
      2019, primarily reflecting the impact of seasonally lower steel shipments 
      and negative price-cost effect on the steel business, and the impact of 
      lower marketable iron ore shipments (-14.7%) and lower iron ore quality 
      premia11 on the mining segment results 
 
   -- Net loss of $0.5bn in 3Q 2019 as compared to net loss of $0.4bn in 2Q 
      2019 
 
   -- Steel shipments of 20.2Mt in 3Q 2019, 7.3% below 2Q 2019 on a comparable 
      basis (i.e excluding scope effect of remedy assets) largely reflecting 
      seasonality 
 
   -- 3Q 2019 iron ore shipments of 14.6Mt (+2.7% YoY), of which 8.4Mt shipped 
      at market prices (-1.5% YoY) 
 
   -- Gross debt of $14.3bn as of September 30, 2019, as compared to $13.8bn as 
      of June 30, 2019. Net debt increased by $0.5bn during the quarter to 
      $10.7bn as of September 30, 2019, primarily driven by negative free cash 
      flow due in part to a seasonal working capital investment ($0.2bn) 
 
 
   Financial highlights (on the basis of IFRS(1) ): 
 
 
 
 
(USDm) unless otherwise shown        3Q 19    2Q 19   3Q 18    9M 19     9M 18 
---------------------------------  -------  -------  ------  -------  -------- 
Sales                              16,634   19,279   18,522  55,101   57,706 
Operating income/(loss)               297     (158)   1,567     908    5,497 
Net (loss)/income attributable 
 to equity holders of the parent     (539)    (447)     899    (572)   3,956 
Basic (loss)/earnings per common 
 share (US$)                        (0.53)   (0.44)    0.89   (0.56)    3.89 
 
Operating income/(loss) / tonne 
 (US$/t)                               15       (7)      76      14       86 
EBITDA                              1,063    1,555    2,729   4,270    8,314 
EBITDA/ tonne (US$/t)                  53       68      133      66      131 
Steel-only EBITDA/ tonne (US$/t)       34       43      119      45      116 
 
Crude steel production (Mt)           22.2     23.8    23.3     70.1      69.8 
Steel shipments (Mt)                  20.2     22.8    20.5     64.8      63.6 
Own iron ore production (Mt)          13.6     14.6    14.5     42.3      43.5 
Iron ore shipped at market price 
 (Mt)                                  8.4      9.9     8.5     27.5      27.7 
---------------------------------  -------  -------  ------  -------  -------- 
 
   Commenting, Mr. Lakshmi N. Mittal, ArcelorMittal Chairman and CEO, said: 
 
   "As anticipated, we continued to face tough market conditions in the 
third quarter, characterized by low steel prices coupled with high raw 
material costs. In these markets, we remain focused on our own 
initiatives to improve performance and our priority is to reduce costs, 
adapt production and focus on ensuring the business remains cash flow 
positive. We continue to expect a substantial working capital release in 
the fourth quarter which should enable us to further reduce net debt 
year on year." 
 
   Sustainable development and safety performance 
 
   Health and safety - Own personnel and contractors lost time injury 
frequency rate 
 
   Health and safety performance(2) (inclusive of ArcelorMittal Italia 
(previously known as Ilva)), based on own personnel figures and 
contractors lost time injury frequency (LTIF) rate was 1.36x in third 
quarter of 2019 ("3Q 2019") as compared to 1.26x in the second quarter 
of 2019 ("2Q 2019"). Health and safety performance (inclusive of 
ArcelorMittal Italia) in the first nine months of 2019 ("9M 2019") was 
1.24x. 
 
   Excluding the impact of ArcelorMittal Italia, the LTIF was 0.82x for 3Q 
2019 as compared to 0.68x for 2Q 2019 and 0.62x for the third quarter of 
2018 ("3Q 2018"). Health and safety performance (excluding the impact of 
ArcelorMittal Italia) for 9M 2019 was 0.71x as compared to 0.66x for 
first nine months of 2018 (9M 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      3Q 19  2Q 19  3Q 18  9M 19    9M 18 
-----------------------------------  -----  -----  -----  -----  ------- 
Mining                                1.53   0.64   0.63   0.86   0.59 
NAFTA                                 0.54   0.46   0.56   0.53     0.56 
Brazil                                0.21   0.43   0.39   0.37     0.39 
Europe                                1.18   1.00   0.76   0.98     0.88 
ACIS                                  0.59   0.58   0.61   0.65     0.63 
Total Steel                           0.71   0.69   0.62   0.70     0.68 
Total (Steel and Mining)              0.82   0.68   0.62   0.71     0.66 
----------------------------------- 
ArcelorMittal Italia                 13.45  13.73      -  12.61        - 
Total (Steel and Mining) including 
 ArcelorMittal Italia                 1.36   1.26      -   1.24        - 
                                     -----  -----  -----  -----  ------- 
 
 
   Key sustainable development highlights for 3Q 2019: 
 
 
   -- ArcelorMittal won the Steelie Award for Sustainability from the World 
      Steel Association for the third consecutive year for the Company's 
      Climate Action report, a first for the steel industry. 
 
   -- ArcelorMittal was ranked first in the world in five categories relating 
      to steel companies' readiness for a low carbon transition in the CDP 
      report on the steel sector, 'Melting Point'. 
 
   -- ArcelorMittal reached two milestones in its low-emissions technology 
      strategy, signing a Framework Collaboration Agreement with technology 
      provider Midrex Technologies for the design of a demonstration plant at 
      its Hamburg site to produce steel with hydrogen; and a memorandum of 
      understanding with international energy firm Equinor to develop value 
      chains in carbon capture and storage as part of the Northern Lights 
      project which, together with partners Shell and Total, includes transport, 
      reception and permanent storage of CO2 in a reservoir in the northern 
      part of the North Sea. 
 
   -- ArcelorMittal Ghent completed the installation of more than 27,000 
      rooftop solar panels, resulting in the largest solar roof in Belgium, 
      with a capacity of 10.7kWp. Alongside the 10 wind turbines onsite and the 
      two further turbines planned, the Ghent site will soon have 50MW 
      installed renewable energy capacity on site. 
 
 
   Analysis of results for the nine months ended September 30, 2019 versus 
results for the nine months ended September 30, 2018 
 
   Total steel shipments for 9M 2019 were 64.8 million metric tonnes 
representing an increase of 1.8% as compared to 63.6 million metric 
tonnes in 9M 2018, primarily due to higher steel shipments in Europe 
(+6.9%) due to the impact of the consolidation of ArcelorMittal Italia 
as from November 1, 2018, offset in part by the scope effect of the 
remedy asset sales related to the ArcelorMittal Italia acquisition and 
in Brazil (+0.8%) due primarily to the acquisition of Votorantim 
(consolidated as from April 2018), offset in part by lower shipments in 
ACIS (-5.6%) and NAFTA (-5.8%). Excluding the impact of ArcelorMittal 
Italia, Votorantim, and remedy assets sales steel shipments in 9M 2019 
were 1.8% lower as compared to 9M 2018. 
 
   Sales for 9M 2019 decreased by 4.5% to $55.1 billion as compared with 
$57.7 billion for 9M 2018, primarily due to lower average steel selling 
prices reflecting continued supply chain destocking (-7.6%) offset in 
part by higher steel shipments (+1.8%). 
 
   Depreciation of $2.3 billion for 9M 2019 was higher as compared with 
$2.1 billion in 9M 2018. Depreciation charges for 2019 include the 
depreciation of right-of-use assets recognized in property, plant and 
equipment under IFRS 16 "Leases"(4) , which were previously recorded as 
lease expenses 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 9M 2019 were $1.1 billion(3) 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). Impairment charges for 9M 2018 were $595 million primarily 
related to the remedy asset sales for the ArcelorMittal Italia 
acquisition and $86 million related to the agreed remedy package in 
connection with the Votorantim acquisition(5) . 
 
   Exceptional items for 9M 2019 were nil. Exceptional charges for 9M 2018 
were $146 million related to a provision taken in 1Q 2018 in respect of 
a litigation case that was settled in 3Q 2018(6) . 
 
   Operating income for 9M 2019 was lower at $908 million as compared to 
$5.5 billion in 9M 2018 primarily impacted by 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 (reflecting in particular supply-side developments in 
Brazil) and impairments as discussed above, offset in part by improved 
mining segment performance (driven by higher seaborne iron ore reference 
prices +37.9%). The raw material pricing environment increased during 9M 
2019 and remains dislocated from steel fundamentals, compressing steel 
spreads to unsustainably low levels. 
 
   Income from associates, joint ventures and other investments for 9M 2019 
was lower at $327 million as compared to $425 million for 9M 2018 driven 
by lower profitability of investees, whilst 9M 2018 was negatively 
impacted by $132 million in 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 9M 2019 and 9M 2018 include the annual dividend 
income from Erdemir of $93 million and $87 million, respectively. 
 
   Net interest expense was lower at $467 million for 9M 2019, as compared 
to $475 million in 9M 2018. The Company expects full year 2019 net 
interest expense to be approximately $0.6 billion. 
 
   Foreign exchange and other net financing losses were $928 million for 9M 
2019 as compared to losses of $1.0 billion for 9M 2018. Foreign exchange 
losses for 9M 2019 were $126 million as compared to $227 million in 9M 
2018. 9M 2019 includes non-cash mark-to-market losses related to the 
mandatory convertible bond call option following the market price 
decrease of the underlying shares totalling $0.3 billion as compared to 
a loss of $0.1 billion in 9M 2018. 9M 2018 included $0.1 billion premium 
expense on the early redemption of bonds. 
 
   ArcelorMittal recorded an income tax expense of $334 million for 9M 2019 
as compared to $362 million for 9M 2018. The tax expense of $362 million 
in 9M 2018 included recognition of a deferred tax asset primarily due to 
the expectation of higher future profits mainly in Luxembourg. 
 
   ArcelorMittal's net loss for 9M 2019 was $0.6 billion (or $0.56 basic 
loss per common share), as compared to a net income in 9M 2018 of $4.0 
billion (or $3.89 basic earnings per common share). 
 
   Analysis of results for 3Q 2019 versus 2Q 2019 and 3Q 2018 
 
   Total steel shipments in 3Q 2019 were 11.4% lower at 20.2Mt as compared 
with 22.8Mt for 2Q 2019. Excluding the impact of the remedy assets sales, 
steel shipments were 7.3% lower as compared to 2Q 2019, primarily due to 
lower steel shipments in Europe (-10.4%, due largely to seasonality and 
weaker demand), ACIS (-14.6%, across Ukraine, Kazakhstan and South 
Africa) and NAFTA (-5.6%) offset in part by a slight improvement in 
Brazil (+0.9%). 
 
   Total steel shipments in 3Q 2019 were 1.7% lower as compared with 20.5Mt 
for 3Q 2018. Excluding the impact of the ArcelorMittal Italia 
acquisition net of the remedy asset sales, steel shipments were 1.6% 
lower as compared to 3Q 2018. 
 
   Sales in 3Q 2019 were $16.6 billion as compared to $19.3 billion for 2Q 
2019 and $18.5 billion for 3Q 2018. Sales in 3Q 2019 were 13.7% lower as 
compared to 2Q 2019 primarily due to lower steel shipments (-11.4%), 
lower average steel selling prices (-3.1%), lower market-priced iron ore 
shipments (-14.7%) and lower realized iron ore pricing reflecting 
reduced premia for high grade product including pellet(11) . Sales in 3Q 
2019 were 10.2% lower as compared to 3Q 2018 primarily due to lower 
average steel selling prices (-11.1%), lower steel shipments (-1.7%) and 
lower market-priced iron ore shipments (-1.5%) offset in part by higher 
seaborne iron ore reference prices (+52.6%). 
 
   Depreciation for 3Q 2019 was stable at $766 million as compared 2Q 2019. 
Depreciation for 3Q 2019 was higher than $653 million in 3Q 2018 
primarily due to the impact of IFRS 16. 
 
   Impairment charges for 3Q 2019 were nil. 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)(3) . Impairment charges 
for 3Q 2018 were $509 million primarily related to remedy asset sales 
for the ArcelorMittal Italia acquisition. 
 
   Operating income for 3Q 2019 was $297 million as compared to an 
operating loss for 2Q 2019 of $158 million and an operating income of 
$1.6 billion in 3Q 2018. Operating income for 3Q 2019 was impacted by 
lower shipment volumes and negative price-cost effect in the steel 
segments and lower market price iron ore shipments and lower iron ore 
premia in the mining segment. Operating loss in 2Q 2019 was primarily 
driven by impairments as discussed above, as well as weaker operating 
conditions (negative price-cost effect in the steel segments). Operating 
result for 3Q 2018 was impacted by impairment charges as discussed 
above. 
 
   Due to the lower profitability of investees, income from associates, 
joint ventures and other investments for 3Q 2019 was $25 million as 
compared to $94 million for 2Q 2019 and $183 million for 3Q 2018. 
 
   Net interest expense in 3Q 2019 was $152 million as compared to $154 
million in 2Q 2019 and $152 million in 3Q 2018. 
 
   Foreign exchange and other net financing losses in 3Q 2019 were $524 
million as compared to $173 million for 2Q 2019 and $475 million in 3Q 
2018. Foreign exchange loss for 3Q 2019 was $112 million as compared to 
foreign exchange gains of $34 million and $9 million, in 2Q 2019 and 3Q 
2018, respectively. 3Q 2019 includes non-cash mark-to-market losses of 
$243 million related to the mandatory convertible bonds call option 
following the market price decrease of the underlying shares; such 
losses amounted to $55 million in 2Q 2019 and $114 million in 3Q 2018. 
3Q 2018 also include premium expenses on the early redemption of bonds 
of $0.1 billion. 
 
   ArcelorMittal recorded an income tax expense of $185 million in 3Q 2019 
as compared to an income tax expense of $14 million for 2Q 2019 and $178 
million for 3Q 2018. The difference is primarily driven by 2Q 2019 
recognition of deferred tax asset in Luxembourg due to the expectation 
of higher future profits. 
 
   ArcelorMittal recorded a net loss for 3Q 2019 of $0.5 billion (or $0.53 
basic loss per common share), as compared to net loss for 2Q 2019 of 
$0.4 billion, (or $0.44 basic loss per common share), and a net income 
for 3Q 2018 of $0.9 billion, (or $0.89 basic earnings per common share). 
 
   Analysis of segment operations 
 
   NAFTA 
 
 
 
 
(USDm) unless otherwise 
 shown                       3Q 19   2Q 19   3Q 18    9M 19      9M 18 
Sales                       4,395   5,055   5,367   14,535   15,475 
Operating (loss) / income     (24)   (539)    612     (347)   1,580 
Depreciation                 (147)   (137)   (132)    (418)    (395) 
Impairment                     --    (600)     --     (600)      -- 
EBITDA                        123     198     744      671    1,975 
Crude steel production 
 (kt)                       5,658   5,590   5,723   16,636   17,533 
Steel shipments (kt)        5,135   5,438   5,512   15,892   16,874 
Average steel selling 
 price (US$/t)                792     836     896      835      843 
--------------------------  -----   -----   -----   ------   ------ 
 
 
   NAFTA segment crude steel production increased by 1.2% to 5.7Mt in 3Q 
2019 as compared to 5.6Mt in 2Q 2019, due to a marginal increase in 
Canada. 
 
   Steel shipments in 3Q 2019 decreased by 5.6% to 5.1Mt as compared to 2Q 
2019, primarily due to a 5.9% decline in flat steel shipments (due in 
part to lower slab shipments to the joint venture AM/NS Calvert) and 
reflecting supply chain destocking. 
 
   Sales in 3Q 2019 decreased by 13.1% to $4.4 billion as compared to $5.1 
billion in 2Q 2019, primarily due to a 5.2% decline in average steel 
selling prices (with flat and long products down 5.1% and 6.7%, 
respectively) reflecting ongoing supply chain destock, as well as to 
lower steel shipments. 
 
   Impairment charges for 3Q 2019 and 3Q 2018 were nil. Impairment charges 
for 2Q 2019 were $600 million related to impairment of the fixed assets 
of ArcelorMittal USA. Operating loss in 3Q 2019 was $24 million as 
compared to operating loss of $539 million in 2Q 2019 and an operating 
income of $612 million in 3Q 2018. 
 
   EBITDA in 3Q 2019 decreased by 37.9% to $123 million as compared to $198 
million in 2Q 2019 primarily due to negative price-cost effect and lower 
steel shipments. EBITDA in 3Q 2019 decreased by 83.5% as compared to 
$744 million in 3Q 2018 primarily due to negative price-cost effect and 
lower steel shipments. 
 
   Brazil 
 
 
 
 
(USDm) unless otherwise 
 shown                         3Q 19   2Q 19   3Q 18   9M 19     9M 18 
Sales                         1,929   2,126   2,103   6,211   6,282 
Operating income                196     234     374     669     958 
Depreciation                    (62)    (79)    (71)   (211)   (214) 
Impairment                       --      --      --      --     (86) 
EBITDA                          258     313     445     880   1,258 
Crude steel production (kt)   2,669   2,830   3,158   8,512   9,073 
Steel shipments (kt)          2,810   2,785   3,097   8,475   8,411 
Average steel selling price 
 (US$/t)                        676     705     714     695     730 
----------------------------  -----   -----   -----   -----   ----- 
 
 
   Brazil segment crude steel production decreased by 5.7% to 2.7Mt in 3Q 
2019 as compared to 2.8Mt for 2Q 2019, due in part to lower flat 
production following the stoppage of ArcelorMittal Tubarão's blast 
furnace #2 in response to deteriorating export market conditions, offset 
in part by higher production in the long business. Given continued weak 
export market conditions and high raw material costs, we expect the 
stoppage at BF#2 at Tubarão to last until the end of 2019. 
 
   Steel shipments in 3Q 2019 increased marginally by 0.9% to 2.8Mt as 
compared to 2Q 2019, due to an increase in domestic shipments while 
exports declined. Overall long products shipments increased by 6.1% 
while flat products declined by 3.2% due to lower exports. 
 
   Sales in 3Q 2019 decreased by 9.2% to $1.9 billion as compared to $2.1 
billion in 2Q 2019, primarily due to 4.1% lower average steel selling 
prices offset in part by marginally higher steel shipments as discussed 
above. 
 
   Operating income in 3Q 2019 declined to $196 million as compared to $234 
million in 2Q 2019 and $374 million in 3Q 2018. 
 
   EBITDA in 3Q 2019 decreased by 17.6% to $258 million as compared to $313 
million in 2Q 2019 primarily due to negative price-cost effect. EBITDA 
in 3Q 2019 was 42.0% lower as compared to $445 million in 3Q 2018 
primarily due to lower steel shipment volumes and negative price-cost 
effect. 
 
   Europe 
 
 
 
 
(USDm) unless otherwise 
 shown                     3Q 19    2Q 19    3Q 18    9M 19      9M 18 
Sales                     8,796   10,396    9,559   29,686   30,727 
Operating (loss) / 
 income                    (168)    (301)     100     (458)   1,533 
Depreciation               (311)    (313)    (262)    (933)    (872) 
Impairment                   --     (347)    (509)    (497)    (509) 
Exceptional charges          --       --       --       --     (146) 
EBITDA                      143      359      871      972    3,060 
Crude steel production 
 (kt)                    10,432   12,079   10,841   34,883   33,113 
Steel shipments (kt)      9,698   11,811    9,709   33,062   30,922 
Average steel selling 
 price (US$/t)              686      704      776      707      793 
-----------------------  ------   ------   ------   ------   ------ 
 
 
   Europe segment crude steel production decreased by 13.6% to 10.4Mt in 3Q 
2019 as compared to 12.1Mt in 2Q 2019. Excluding the scope impact of 
remedy asset sales related to the ArcelorMittal Italia acquisition, 
steel production was down 5.2%. The 4.2Mt annualized production 
curtailments to bring supply in line with addressable demand that were 
announced in May 2019 took effect in part in 3Q 2019 and are scheduled 
to take full effect in 4Q 2019. 
 
   Steel shipments in 3Q 2019 decreased by 17.9% to 9.7Mt as compared to 
11.8Mt in 2Q 2019. Excluding the scope impact of remedy asset sales 
related to the ArcelorMittal Italia acquisition, steel shipments were 
down 10.4% due to seasonality and lower demand driven by macro headwinds 
including declines in automobile production. Steel shipments were stable 
in 3Q 2019 as compared to 3Q 2018. 
 
   Sales in 3Q 2019 were $8.8 billion, 15.4% lower as compared to $10.4 
billion in 2Q 2019, with lower average steel selling prices -2.5% and 
lower shipments, as discussed above. 
 
   Impairment charges for 3Q 2019 were nil. Impairment charges for 2Q 2019 
and 3Q 2018 were $347 million and $509 million, respectively, related to 
remedy asset sales for the ArcelorMittal Italia acquisition. 
 
   Operating loss in 3Q 2019 was $168 million as compared to an operating 
loss in 2Q 2019 of $301 million and an operating income of $100 million 
in 3Q 2018. Operating results for 2Q 2019 and 3Q 2018 were impacted by 
impairment charges as discussed above. 
 
   EBITDA in 3Q 2019 decreased by 60.3% to $143 million as compared to $359 
million in 2Q 2019 primarily due to lower steel shipment volumes with a 
negative price cost effect offset by improved fixed cost performance. 
EBITDA in 3Q 2019 decreased by 83.6% as compared to $871 million in 3Q 
2018 primarily due to negative price-cost effect and continued losses of 
ArcelorMittal Italia. 
 
   ACIS 
 
 
 
 
(USDm) unless otherwise 
 shown                       3Q 19   2Q 19   3Q 18    9M 19      9M 18 
--------------------------  ------  ------  ------  -------  --------- 
Sales                       1,654   1,906   1,989    5,205    6,198 
Operating income               35     114     371      213      973 
Depreciation                  (93)    (85)    (76)    (259)    (234) 
EBITDA                        128     199     447      472    1,207 
Crude steel production 
 (kt)                       3,450   3,252   3,560   10,025   10,047 
Steel shipments (kt)        2,718   3,182   2,986    8,562    9,072 
Average steel selling 
 price (US$/t)                532     536     597      536      609 
--------------------------  -----   -----   -----   ------   ------ 
 
 
   ACIS segment crude steel production in 3Q 2019 increased by 6.1% to 
3.5Mt as compared to 3.3Mt in 2Q 2019 primarily due to normalized 
production in Ukraine following planned blast furnace repair during 2Q 
2019, offset in part by weaker South Africa performance. 
 
   Steel shipments in 3Q 2019 decreased by 14.6% to 2.7Mt as compared to 
3.2Mt as at 2Q 2019, due to the lower domestic shipments in South Africa 
due to weaker demand, maintenance of the hot strip mill for further 
improvements in Kazakhstan and timing of shipments in Ukraine. 
 
   Sales in 3Q 2019 decreased by 13.2% to $1.7 billion as compared to $1.9 
billion in 2Q 2019 primarily due to lower steel shipments. 
 
   Operating income in 3Q 2019 was $35 million as compared to $114 million 
in 2Q 2019 and significantly lower as compared to $371 million in 3Q 
2018. 
 
   EBITDA decreased by 35.8% to $128 million in 3Q 2019 as compared to $199 
million in 2Q 2019 primarily due to negative price-cost effect and lower 
steel shipment volumes. EBITDA in 3Q 2019 was significantly lower as 
compared to $447 million in 3Q 2018, primarily due to negative 
price-cost effect and lower steel shipments. 
 
   Mining 
 
 
 
 
(USDm) unless otherwise shown             3Q 19   2Q 19   3Q 18   9M 19     9M 18 
---------------------------------------  ------  ------  ------  ------  -------- 
Sales                                    1,182   1,423   1,008   3,732   3,097 
Operating income                           260     457     179   1,030     619 
Depreciation                              (112)   (113)   (102)   (332)   (316) 
EBITDA                                     372     570     281   1,362     935 
 
Own iron ore production (Mt)              13.6    14.6    14.5    42.3    43.5 
Iron ore shipped externally and 
 internally at market price (a) 
 (Mt)                                      8.4     9.9     8.5    27.5    27.7 
                                         -----   -----   -----   -----   ----- 
Iron ore shipment - cost plus 
 basis (Mt)                                6.2     5.6     5.6    16.4    14.9 
Own coal production (Mt)                   1.4     1.5     1.5     4.1     4.6 
Coal shipped externally and internally 
 at market price (a) (Mt)                  0.7     0.7     0.7     2.1     1.8 
Coal shipment - cost plus basis 
 (Mt)                                      0.8     0.7     0.9     2.2     2.7 
---------------------------------------  -----   -----   -----   -----   ----- 
 
 
   (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 3Q 2019 decreased by 7.4% to 13.6Mt as 
compared to 14.6Mt in 2Q 2019, primarily due to lower production at 
ArcelorMittal Mines Canada(7) (AMMC) following an electrical failure 
which led to a temporary stoppage of the concentrator and seasonally 
lower production (rainy season) at ArcelorMittal Liberia. Own iron ore 
production in 3Q 2019 decreased by 6.2% as compared to 3Q 2018 primarily 
due to lower AMMC and ArcelorMittal Volcan mine production offset in 
part by higher production in Kazakhstan. 
 
   Market-priced iron ore shipments in 3Q 2019 decreased by 14.7% to 8.4Mt 
as compared to 9.9Mt in 2Q 2019, primarily driven by lower shipments in 
AMMC due to production constraints following the temporary stoppage of 
the concentrator and seasonally lower market-priced iron ore shipments 
in Liberia. Market-priced iron ore shipments in 3Q 2019 were 1.5% lower 
as compared to 3Q 2018 driven by lower shipments in AMMC and at the 
Volcan mine, offset by higher shipments in Serra Azul and Liberia. 
Market-priced iron ore shipments for FY 2019 are expected to be stable 
as compared to FY 2018 with an increase in Liberia to be offset by lower 
volume at AMMC and Volcan mine. 
 
   Own coal production in 3Q 2019 of 1.4Mt was relatively stable as 
compared to 1.5Mt in 2Q 2019 primarily due to lower production at 
Princeton (US) offset in part by higher production in Temirtau 
(Kazakhstan). Own coal production in 3Q 2019 decreased by 2.1% as 
compared to 1.5Mt in 3Q 2018 due to lower production at Temirtau 
(Kazakhstan). 
 
   Market-priced coal shipments in 3Q 2019 increased by 4.9% to 0.7Mt as 
compared to 2Q 2019 and 4.7% as compared to 3Q 2018. 
 
   Operating income in 3Q 2019 decreased by 43.2% to $260 million as 
compared to $457 million in 2Q 2019 and increased by 45% as compared to 
$179 million in 3Q 2018. 
 
   EBITDA in 3Q 2019 decreased by 34.8% to $372 million as compared to $570 
million in 2Q 2019, primarily due to the impact of lower market-priced 
iron ore shipments (-14.7%), lower iron ore quality premia, higher 
freight costs as well as the impact of lower seaborne marketable coking 
coal prices (-20.6%). EBITDA in 3Q 2019 was 32.5% higher as compared to 
$281 million in 3Q 2018, primarily due to higher seaborne iron ore 
reference prices (+52.6%) offset in part by lower market-priced iron ore 
shipments (-1.5%) and lower iron ore quality premia, as well as the 
impact of lower seaborne marketable coking coal prices (-14.4%). 
 
   Liquidity and Capital Resources 
 
   For 3Q 2019 net cash provided by operating activities was $328 million 
as compared to $1,786 million in 2Q 2019 and $634 million in 3Q 2018. 
Net cash provided by operating activities in 3Q 2019 includes in part a 
working capital investment of $203 million as compared to a working 
capital release of $353 million in 2Q 2019 and a working capital 
investment of $1,713 million in 3Q 2018. 
 
   The Group invested more in working capital than expected in FY 2018 
($4.4 billion versus guidance of $3.0-3.5 billion) and continues to 
expect this additional investment of approximately $1 billion to be 
released in full in 2019. As a result, given the 9M 2019 investment of 
$0.4 billion, the Company expects at least a $1.4 billion release in the 
final quarter of 2019. The actual extent of any further changes in 
working capital in 2019, will however be dictated by market conditions, 
particularly the price and volume environment in the final weeks of the 
year. 
 
   Net cash used in investing activities during 3Q 2019 was $816 million as 
compared to $564 million during 2Q 2019 and $601 million in 3Q 2018. 
Capex increased to $941 million in 3Q 2019 as compared to $869 million 
in 2Q 2019 and $781 million in 3Q 2018. The Company continues to adapt 
its capex plans to the operating environment and now expects FY 2019 
capex to be less than $3.5 billion (lower versus mid-year guidance of 
$3.8 billion). 
 
   Net cash provided by other investing activities in 3Q 2019 of $125 
million primarily includes net proceeds from the sale of our remaining 
2.6% stake in Gerdau ($116 million cash received following sale of 30 
million shares) and final installment of disposal proceeds from 
ArcelorMittal USA's 21% stake in the Empire Iron Mine Partnership ($44 
million), offset by the quarterly lease payment for ArcelorMittal 
Italia. 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 entered into 
in connection with the proposed acquisition of Essar(10) and by the 
quarterly lease payment for the ArcelorMittal Italia acquisition. 
 
   Net cash provided by financing activities in 3Q 2019 was $659 million as 
compared to $180 million in 2Q 2019 and net cash used in financing 
activities in 3Q 2018 of $597 million. In 3Q 2019, net cash provided by 
financing activities includes a net inflow of $804 million primarily 
related to the net issuance and early redemption of bonds (see recent 
developments below). In 2Q 2019, net cash provided by financing 
activities included a net inflow of $0.5 billion for new bank financing. 
Net cash used in financing activities in 3Q 2018 of $597 million 
primarily includes payments relating to bond repurchases pursuant to 
cash tender offers ($0.6 billion). 
 
   During 3Q 2019, the Company paid dividends of $61 million mainly to 
minority shareholders in ArcelorMittal Mines Canada. During 2Q 2019, the 
Company paid dividends of $204 million mainly to ArcelorMittal 
shareholders. During 3Q 2018, the Company paid dividends of $37 million 
to minority shareholders in ArcelorMittal Mines Canada. 
 
   Outflows from lease principal payments and other financing activities 
(net) were $84 million for 3Q 2019 and 2Q 2019 respectively, as compared 
to $17 million in 3Q 2018. The increase year-on-year 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 September 30, 2019, the Company's cash and cash equivalents 
amounted to $3.6 billion as compared to $3.7 billion at June 30, 2019 
and $2.4 billion at December 31, 2018. 
 
   Gross debt increased to $14.3 billion as of September 30, 2019, as 
compared to $13.8 billion at June 30, 2019 and $12.6 billion in December 
31, 2018. As of September 30, 2019, net debt increased by $0.5 billion 
to $10.7 billion as compared to $10.2 billion as of June 30, 2019. Net 
debt was higher as of September 30, 2019 as compared to June 30, 2019 
primary due to negative free cash flow (including a temporary working 
capital investment of $0.2 billion). 
 
   As of September 30, 2019, the Company had liquidity of $9.1 billion, 
consisting of cash and cash equivalents of $3.6 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 September 30, 2019, the average debt 
maturity was 5.1 years. 
 
   Key recent developments 
 
 
   -- On November 4, 2019, AM InvestCo Italy ("AM InvestCo") sent to the 
      Commissioners of Ilva S.p.A. a notice to withdraw from, or terminate, the 
      agreement (the "Agreement") for the lease and subsequent conditional 
      purchase of the business of Ilva S.p.A. and certain of its subsidiaries 
      ("Ilva"), that had closed on 31 October 2018. The Agreement stipulates 
      that, in the event that a new law affects the environmental plan for the 
      Taranto plant so as to materially impair the ability to operate it or to 
      implement its industrial plan, AM InvestCo has a contractual right to 
      withdraw from the Agreement. Effective on November 3, 2019, the Italian 
      Parliament has removed the legal protection necessary for AM InvestCo to 
      implement its environmental plan without the risk of criminal liability, 
      thus justifying the withdrawal notice. In addition, the decisions issued 
      by the criminal court of Taranto bind the Ilva extraordinary 
      Commissioners to complete certain prescriptions by December 13, 2019 - a 
      term the Commissioners themselves deemed impossible to meet - failing 
      which blast furnace number 2 will be shut down. Such prescriptions should 
      also reasonably and prudentially be applied to the other two blast 
      furnaces at the Taranto plant. The shutdown would make it impossible for 
      AM InvestCo to implement its industrial plan, operate the Taranto plant 
      and, generally, perform the Agreement. Other serious occurrences, 
      independent of AM InvestCo's will, have also led to a situation of legal 
      and operational uncertainty that has further significantly impaired the 
      ability to carry out the necessary operations at Ilva and operate the 
      Taranto plant. All the mentioned circumstances also entitle AM InvestCo 
      to terminate the Agreement under the applicable provisions and principles 
      of the Italian Civil Code. In accordance with the content of the 
      Agreement, AM InvestCo has asked the extraordinary Commissioners to take 
      responsibility for Ilva's operations (including the Taranto plant and the 
      plants in Novi Ligure and Genova) and employees within 30 days from the 
      receipt of the notice of withdrawal and termination.Until transfer of the 
      operations to the Commissioners is completed, AM InvestCo will implement 
      its stand-by plan. AM InvestCo has been loss making since its 
      consolidation in the Group's results in November 2018. ArcelorMittal 
      expects to continue to consolidate AM InvestCo's results until the 
      control of the assets is transferred to the Commissioners. 
 
   -- The Supreme Court case which dealt with appeals over NCLAT's earlier 
      order concluded on October 24, 2019. Assuming a favourable and clear 
      final order which is expected to be issued shortly, the transaction 
      closing is expected in 4Q 2019. After completion, ArcelorMittal will 
      jointly own and operate ESIL in partnership with Nippon Steel Corp 
      ("NSC"), Japan's largest steel producer and the third largest steel 
      producer in the world, in-line with the joint venture formation agreement 
      signed with NSC on January 22, 2019. ArcelorMittal and NSC expect to 
      finance the joint venture through a combination of partnership equity 
      (one-third) and debt (two-thirds), and ArcelorMittal anticipates that its 
      investment in the joint venture will be equity accounted. 
 
   -- On October 4, 2019, S&P reaffirmed its BBB- rating but revised its 
      outlook to negative on the stated basis that they remain watchful of 
      further deteriorating markets or if the Company experiences delays with 
      its divestment program. 
 
   -- On September 25, 2019, ArcelorMittal South Africa (AMSA) announced that 
      its board of directors (the "AMSA Board") had extended its planned 
      strategic evaluation process to incorporate a review of the operational 
      and financial sustainability of certain of its major operating sites, 
      individual plants and production areas, although excluding its commercial 
      market coke operations and not impacting the announced planned 
      acquisition of the Highveld Structural Mill. AMSA is in the process of 
      consulting with its employees and trade unions and it is envisaged that 
      this process may be finalized in the fourth quarter of 2019. The 
      announcement notes that the objective of the review is to strengthen the 
      long-term sustainability of AMSA. Consequently, by actively addressing 
      those operating sites, individual plants and production areas which 
      historically have had a negative impact on AMSA's financial results, the 
      AMSA Board aims to strengthen the financial fundamentals of those 
      business areas which are underpinned by the targeted asset footprint. The 
      announcement further notes that the AMSA Board is committed to the 
      establishment of an affordable asset footprint with an enduring 
      competitive advantage. However, certain of the AMSA's operating sites, 
      individual plants and production areas have proven to be particularly 
      vulnerable from a financial perspective given (i) the extended period of 
      economic weakness, (ii) structural disadvantages, and (iii) an 
      increasingly uncompetitive cost base - notably manifest in unaffordable 
      regulated tariffs and raw material prices. The outcome of the review may 
      result in the closure of certain operating sites, individual plants and 
      production areas, and the consequential concentration of operations at 
      the remaining sites. Such decisions would be taken as a result of the 
      affected business areas being no longer financially viable considering 
      the factors noted above. 
 
   -- On August 30, 2019, ArcelorMittal redeemed all of the outstanding $324 
      million of its $500 million 5.125% Notes due June 1, 2020 and the 
      outstanding $626 million of its $1 billion 5.250% Notes due August 5, 
      2020. 
 
   -- On July 16, 2019, ArcelorMittal issued $750 million of its 3.60% Notes 
      due 2024 and $500 million of its 4.25% Notes due 2029. ArcelorMittal used 
      the net proceeds of this offering for general corporate purposes 
      including future repayment of existing indebtedness and to partially 
      pre-fund commitments under the ESIL acquisition financing facility. 
 
   -- On July 4, 2019, ArcelorMittal completed the issuance of EUR250 million 
      ($285 million) of its 2.25% Fixed Rate Notes due 2024, which were 
      consolidated and form a single series with the existing EUR750 million 
      2.25% Fixed Rate Notes due 2024 originally issued on January 17, 2019 
      under its EUR10 billion EMTN Program. The proceeds of the issuance were 
      used for general corporate purposes. 
 
   -- On July 1, 2019, ArcelorMittal completed the offering of EUR450 million 
      ($512 million) in variable rate loans in the German Schuldschein market. 
      The proceeds of the issuance were used for general corporate purposes. 
 
 
   Outlook and guidance 
 
   Based on year-to-date growth and the current economic outlook 
ArcelorMittal expects global apparent steel consumption ("ASC") to grow 
in 2019 by between +0.5% to +1.0% (i.e. towards the lower end of 
previous guidance of +0.5% to 1.5%). By region: In the US, given 
continued destocking of the supply chain, ASC is now expected to 
contract by up to -0.5% to -1.0% in 2019 (versus +0.0% to +1.0% previous 
guidance range), with ongoing weakness in automotive demand and a 
slowdown in machinery offset in part by healthy non-residential 
construction demand; In Europe, demand is expected to contract by up to 
-3.0% (versus -1.0% to -2.0% previous guidance range) with ongoing 
automotive demand weakness and slowing construction exacerbated by 
supply chain destocking; In Brazil, ASC growth in 2019 is forecasted  at 
around +0.5% to +1.0% (a moderation versus +1.5% to +2.5% previous 
guidance range) driven by delayed growth in infrastructure spend, 
ongoing supply chain destocking, as well as impacts of the Argentinian 
recession; In the CIS, expected ASC growth in 2019 has been upgraded to 
+2.5% to +3.0% (versus +1.0% to +2.0% previous estimate) led by robust 
demand in Russia. Overall, World ex-China ASC in 2019 is now expected to 
be stable in 2019 (versus previous guidance for growth within the range 
of +0.5% to +1.0%). In China, overall demand expectations have been 
increased again and we now forecast growth of between +1.5% to 2.0% in 
2019 (versus +0.5% to +1.5% previous guidance range) as real estate 
demand continues to remain robust. 
 
   Given these demand expectations, the Group's steel shipments are now 
expected to be stable in 2019 vs 2018 (revised from previous guidance of 
an increase year-on-year). 
 
   Market-priced iron ore shipments for FY 2019 are still expected to be 
stable as compared to FY 2018. 
 
   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 $5.0 billion in 2019 versus 
previous $5.4 billion guidance at 1H 2019 results announcement. The 
Company has further reduced expected capex to $3.5 billion versus 
mid-year guidance of $3.8 billion. Interest expense in 2019 is now 
expected to be $0.6 billion (revised down from $0.65 billion previous 
guidance) while cash taxes, pensions and other cash costs are now 
expected to be $0.9 billion (versus previous guidance of $1.0 billion 
due to lower expected cash taxes). 
 
   The Group invested more in working capital than expected in 2018 ($4.4 
billion versus guidance of $3.0-3.5 billion) and continues to expect 
this additional investment of approximately $1 billion to be released in 
full in 2019. As a result, given the 9M 2019 investment of $0.4 billion, 
the Company expects a release of at least $1.4 billion in the final 
quarter of 2019. The actual extent of any further changes in working 
capital in 2019 will, however, be dictated by market conditions, 
particularly the price and volume environment in the final weeks of the 
year. 
 
   As previously announced in the 2Q 2019 results and in line with our 
ongoing efforts to optimize our asset portfolio, we have identified 
opportunities to unlock $2 billion of value from the portfolio over the 
next 2 years. The Company is making progress and currently engaged in 
active discussions with interested parties on several opportunities. 
 
   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) 
 
 
 
 
                                                   Sept 30,  Jun 30,    Dec 31, 
In millions of U.S. dollars                          2019      2019        2018 
-------------------------------------------------  --------  -------  --------- 
ASSETS 
Cash and cash equivalents                             3,647    3,656    2,354 
Trade accounts receivable and other                   4,340    5,048    4,432 
Inventories                                          18,938   20,550   20,744 
Prepaid expenses and other current assets             2,830    3,123    2,834 
Assets held for sale(9)                                 115      122    2,111 
Total Current Assets                                 29,870   32,499   32,475 
 
Goodwill and intangible assets                        5,408    5,480    5,728 
Property, plant and equipment                        35,903   36,725   35,638 
Investments in associates and joint ventures          4,826    5,026    4,906 
Deferred tax assets                                   8,449    8,412    8,287 
Other assets                                          3,691    4,224    4,215 
Total Assets                                         88,147   92,366   91,249 
 
LIABILITIES AND SHAREHOLDERS' EQUITY 
Short-term debt and current portion of long-term 
 debt                                                 3,337    3,107    3,167 
Trade accounts payable and other                     12,440   14,418   13,981 
Accrued expenses and other current liabilities        5,288    5,549    5,486 
Liabilities held for sale(9)                             29       35      821 
Total Current Liabilities                            21,094   23,109   23,455 
                                                   --------  -------  ------- 
 
Long-term debt, net of current portion               10,968   10,723    9,316 
Deferred tax liabilities                              2,160    2,284    2,374 
Other long-term liabilities                          11,696   12,139   11,996 
Total Liabilities                                    45,918   48,255   47,141 
 
Equity attributable to the equity holders of 
 the parent                                          40,242   42,033   42,086 
Non-controlling interests                             1,987    2,078    2,022 
Total Equity                                         42,229   44,111   44,108 
Total Liabilities and Shareholders' Equity           88,147   92,366   91,249 
-------------------------------------------------  --------  -------  ------- 
 
 
   ArcelorMittal Condensed Consolidated Statement of Operations(1) 
 
 
 
 
                                                    Three months ended          Nine months ended 
------------------------------------------ 
In millions of U.S. dollars unless           Sept 30,    Jun 30,     Sept 30,    Sept 30,     Sept 30, 
 otherwise shown                               2019        2019        2018        2019           2018 
                                            ----------  ----------  ----------  ----------  ---------- 
Sales                                       16,634      19,279      18,522      55,101      57,706 
                                            ------      ------      ------      ------      ------ 
Depreciation (B)                              (766)       (766)       (653)     (2,265)     (2,076) 
                                            ------      ------      ------      ------      ------ 
Impairments (B)                                 --        (947)       (509)     (1,097)       (595) 
Exceptional items(6) (B)                        --          --          --          --        (146) 
Operating income / (loss) (A)                  297        (158)      1,567         908       5,497 
Operating margin %                             1.8%       (0.8)%       8.5%        1.6%        9.5% 
 
Income from associates, joint 
 ventures and other investments                 25          94         183         327         425 
Net interest expense                          (152)       (154)       (152)       (467)       (475) 
Foreign exchange and other net 
 financing loss                               (524)       (173)       (475)       (928)     (1,039) 
(Loss) / income before taxes 
 and non-controlling interests                (354)       (391)      1,123        (160)      4,408 
 Current tax expense                          (121)       (225)       (206)       (526)       (730) 
 Deferred tax (expense) / benefit              (64)        211          28         192         368 
Income tax expense                            (185)        (14)       (178)       (334)       (362) 
(Loss) / income including non-controlling 
 interests                                    (539)       (405)        945        (494)      4,046 
Non-controlling interests income                --         (42)        (46)        (78)        (90) 
Net (loss) / income attributable 
 to equity holders of the parent              (539)       (447)        899        (572)      3,956 
 
Basic (loss) / earnings per common 
 share ($)                                   (0.53)      (0.44)       0.89       (0.56)       3.89 
Diluted (loss) / earnings per 
 common share ($)                            (0.53)      (0.44)       0.88       (0.56)       3.87 
 
Weighted average common shares 
 outstanding (in millions)                   1,012       1,014       1,014       1,013       1,016 
Diluted weighted average common 
 shares outstanding (in millions)            1,012       1,014       1,019       1,013       1,021 
 
OTHER INFORMATION 
EBITDA (C = A-B)                             1,063       1,555       2,729       4,270       8,314 
EBITDA Margin %                                6.4%        8.1%       14.7%        7.7%       14.4% 
 
Own iron ore production (Mt)                      13.6        14.6        14.5        42.3        43.5 
Crude steel production (Mt)                       22.2        23.8        23.3        70.1        69.8 
Steel shipments (Mt)                              20.2        22.8        20.5        64.8        63.6 
------------------------------------------  ----------  ----------  ----------  ----------  ---------- 
 
 
   ArcelorMittal Condensed Consolidated Statement of Cash flows(1) 
 
 
 
 
                                             Three months ended        Nine months ended 
-------------------------------------- 
                                         Sept 30,   Jun 30,  Sept 30,   Sept 30,     Sept 30, 
In millions of U.S. dollars                2019       2019     2018       2019           2018 
                                        ----------  -------  --------  ----------  ---------- 
Operating activities: 
(Loss)/income attributable to 
 equity holders of the parent            (539)        (447)      899     (572)       3,956 
Adjustments to reconcile net income 
 to net cash provided by operations: 
Non-controlling interests income           --           42        46       78           90 
Depreciation and impairments              766        1,713     1,162    3,362        2,671 
Exceptional items(6)                       --           --        --       --          146 
Income from associates, joint 
 ventures and other investments           (25)         (94)     (183)    (327)        (425) 
Deferred tax expense / (benefit)           64         (211)      (28)    (192)        (368) 
Change in working capital                (203)         353    (1,713)    (403)      (4,814) 
                                        ----- 
Other operating activities (net)          265          430       451    1,139          770 
                                        ----- 
Net cash provided by operating 
 activities (A)                           328        1,786       634    3,085        2,026 
Investing activities: 
Purchase of property, plant and 
 equipment and intangibles (B)           (941)        (869)     (781)  (2,757)      (2,149) 
Other investing activities (net)          125          305       180      684          316 
Net cash used in investing activities    (816)        (564)     (601)  (2,073)      (1,833) 
Financing activities: 
Net proceeds / (payments) relating 
 to payable to banks and long-term 
 debt                                     804          468      (543)   1,136          194 
Dividends paid                            (61)        (204)      (37)    (311)        (188) 
Share buyback                              --           --        --      (90)        (226) 
Lease payments and other financing 
 activities (net)                         (84)         (84)      (17)    (240)         (58) 
Net cash provided by / (used in) 
 financing activities                     659          180      (597)     495         (278) 
Net increase / (decrease) in cash 
 and cash equivalents                     171        1,402      (564)   1,507          (85) 
                                        -----  ---  ------   -------   ------      ------- 
Cash and cash equivalents transferred 
 (to)/from assets held for sale            --           21        --       10          (23) 
                                        -----       ------   -------   ------      ------- 
Effect of exchange rate changes 
 on cash                                 (155)          17       (56)    (153)        (143) 
-------------------------------------- 
Change in cash and cash equivalents        16        1,440      (620)   1,364         (251) 
 
Free cash flow (C=A+B)                   (613)         917      (147)     328         (123) 
--------------------------------------  -----       ------   -------   ------      ------- 
 
 
   Appendix 1: Product shipments by region 
 
 
 
 
(000'kt)   3Q 19   2Q 19  3Q 18   9M 19     9M 18 
---------  -----  ------  -----  ------  -------- 
Flat       4,454   4,732  4,885  13,936  14,707 
Long         847     873    774   2,441   2,664 
NAFTA      5,135   5,438  5,512  15,892  16,874 
Flat       1,513   1,563  1,695   4,775   4,589 
Long       1,312   1,236  1,415   3,742   3,855 
Brazil     2,810   2,785  3,097   8,475   8,411 
Flat       7,225   8,824  6,855  24,696  22,112 
Long       2,333   2,883  2,798   8,037   8,701 
Europe     9,698  11,811  9,709  33,062  30,922 
CIS        1,657   2,064  1,879   5,338   5,606 
Africa     1,060   1,113  1,102   3,222   3,468 
ACIS       2,718   3,182  2,986   8,562   9,072 
---------  -----  ------  -----  ------  ------ 
 
 
   Note: "Others and eliminations" are not presented in the table 
 
   Appendix 2a: Capital expenditures 
 
 
 
 
(USDm)   3Q 19  2Q 19  3Q 18  9M 19    9M 18 
-------  -----  -----  -----  -----  ------- 
NAFTA      210    144    155    536    425 
Brazil      68     80     59    232    142 
Europe     390    337    298  1,080    837 
ACIS       153    115    141    405    375 
Mining     107    125    116    347    342 
Total      941    869    781  2,757  2,149 
-------  -----  -----  -----  -----  ----- 
 
 
   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 
      focused on building ArcelorMittal Mexico's downstream capabilities, 
      sustaining the competitiveness of its mining operations and modernizing 
      its existing asset base. The programme is designed to enable 
      ArcelorMittal Mexico to meet the anticipated increased demand 
      requirements from domestic customers, realize 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. 
 
   3. Investment in ArcelorMittal Dofasco (Canada) to modernize 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. 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 
      galvanized 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. Project completion is expected in 2021. 
 
   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 has now completed the detailed feasibility study to 
      identify the optimal concentration solution for utilizing the resources 
      at Tokadeh and its other deposits and has commenced detailed engineering 
      work in order to progress to the next stage of the process. The 
      investment case is now being assessed and in the final stages of review. 
 
 
   Appendix 3: Debt repayment schedule as of September 30, 2019 
 
 
 
 
 (USD billion)     2019  2020  2021  2022  2023  >=2024  Total 
-----------------  ----  ----  ----  ----  ----  ------  ------- 
Bonds                --   0.9   1.3   1.5   0.5     4.7    8.9 
Commercial paper    0.7   0.6    --    --    --      --    1.3 
Other loans         0.3   1.0   0.7   0.5   0.9     0.7    4.1 
Total gross debt    1.0   2.5   2.0   2.0   1.4     5.4   14.3 
-----------------  ----  ----  ----  ----  ----  ------  ----- 
 
 
   Appendix 4: Reconciliation of gross debt to net debt 
 
 
 
 
                                                  Sept 30,  Jun 30,  Dec 31, 
(USD million)                                       2019      2019    2018 
------------------------------------------------  --------  -------  --------- 
Gross debt (excluding that held as part of the 
 liabilities held for sale)                        14,305   13,830   12,483 
Gross debt held as part of the liabilities held 
 for sale                                              --       --       77 
Gross debt                                         14,305   13,830   12,560 
Less: 
Cash and cash equivalents                          (3,647)  (3,656)  (2,354) 
Cash and cash equivalents held as part of the 
 assets held for sale                                  --       --      (10) 
Net debt (including that held as part of the 
 assets and the liabilities held for sale)         10,658   10,174   10,196 
------------------------------------------------ 
 
Net debt / LTM EBITDA                                 1.7      1.3      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. 
 
   Change in cash and cash equivalents: represents the change in cash and 
cash equivalents, excluding restricted cash. 
 
   Crude steel production: steel in the first solid state after melting, 
suitable for further processing or for sale. 
 
   EBITDA: operating results 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. Segment information presented in this press release are 
      prior to inter-segment eliminations and certain adjustments made to 
      operating result of the segments to reflect corporate costs, income from 
      non-steel operations (e.g., logistics and shipping services) and the 
      elimination of stock margins between the segments. 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. The Company's guidance as to 
      its working capital release (or the change in working capital included in 
      net cash provided by operating activities) for the full year 2019 is 
      based on the same accounting policies as those applied in the Company's 
      financial statements prepared in accordance with IFRS. 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 last twelve 
      month period, 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 1.36x for 3Q 2019 and 1.26x for 2Q 2019. Health and 
      safety figures excluding ArcelorMittal Italia were 0.82x for 3Q 2019 as 
      compared to 0.68x for 2Q 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. 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 9M 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 will replace the 
      $5,500,000,000 revolving credit facility agreement signed April 30, 2015 
      and amended December 21, 2016, and will be used for the general corporate 
      purposes of the ArcelorMittal group. The facility gives ArcelorMittal 
      considerably improved terms over the former facility, and extends the 
      average maturity date by approximately three years. As of September 30, 
      2019, the $5.5 billion revolving credit facility was fully available. 
 
   9. Assets and liabilities held for sale, as of September 30, 2019 and 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 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. 
 
  10. Relates 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). 
 
  11. Weaker global steel demand has contributed to further price and margin 
      compression during 3Q 2019.  Correspondingly the demand for higher priced 
      iron ore direct charge materials (i.e., pellets and higher-grade ore) 
      decreased and related quality premia declined in line with the market 
      conditions. 
 
 
   Third quarter 2019 earnings analyst conference call 
 
   ArcelorMittal will hold a conference call hosted by Heads of Finance and 
Investor Relations for members of the investment community to discuss 
the three-month and nine-month periods ended September 30, 2019 on: 
Thursday November 7, 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          14858322# 
US local:                  1 86 6719 2729       +1 24 0645 0345          14858322# 
France:                       0800 914780       +33 1 7071 2916          14858322# 
Germany:                    0800 965 6288     +49 692 7134 0801          14858322# 
Spain:                        90 099 4930        +34 911 143436          14858322# 
Luxembourg:                     800 26908      +352 27 86 05 07          14858322# 
------------------  ---------------------                        ----------------- 
A replay of the conference call will be available for one week by dialling: 
 +49 (0) 1805 2047 088; Access code 2524629# 
 
   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) 
+44 0207 629 7988. Contact: Paul Weigh +44 203 214 2419 
 
   Attachment 
 
 
   -- ArcelorMittal reports third quarter 2019 and nine months 2019 results 
      https://ml-eu.globenewswire.com/Resource/Download/f4a4260f-f266-4894-b635-2ca0ddeb570e 
 
 
 
 
 
 
 

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