2Q 2024 key highlights:

Health and safety focus: Protecting employee health and safety remains the overarching priority of the Company; the Company-wide audit of safety by dss+ remains on track for completion by 3Q 2024 and will support our pathway to zero serious injuries and fatalities; LTIF2 rate of 0.57 in 2Q 2024 and 0.59 in 1H 2024
Resilient operating results: Benefits of diversification were apparent in the second quarter, with higher steel shipments (+3.2% vs. 1Q 2024) and lower costs helping to offset the impact of lower steel prices; 2Q 2024 EBITDA3 of $1.9bn (vs. $2.0bn in 1Q 2024) with EBITDA/t of $134/t in 2Q 2024 (vs. $140/t in 1H 2024) continuing to reflect structural improvements
Net income impacted by non-cash items: $0.5bn in 2Q 2024 vs. $0.9bn in 1Q 2024 largely explained by the impact of the non-cash mark-to-market on Vallourec shares10
Financial strength: Net debt of $5.2bn at the end of the quarter (gross debt of $11.1bn and cash and cash equivalents of $5.9bn as of June 30, 2024) remains a strong foundation for continued growth investment and capital returns
Cash flow being reinvested for growth and shareholder returns: over the past 12 months, the Company has generated investable cash flow18 of $2.6bn with $1.5bn invested on strategic growth projects and $1.8bn returned to ArcelorMittal shareholders
Key developments towards strategic objectives:

Organic growth: As expected the Vega CMC (Brazil) project is ramping up and the 1GW renewables project in India has begun commissioning. Further projects nearing completion include: Calvert EAF (US), Serra Azul (Brazil), electrical steel (France) and capacity expansion in Liberia. Strategic growth projects are estimated to add $1.8 billion to the Company's EBITDA potential by the end of 20265
Asset portfolio: The Sustainable Solutions segment is making progress towards the targeted doubling of EBITDA in the next 5 years. The Company has acquired Italpannelli’s Italian and Spanish businesses, building on ArcelorMittal’s exposure to insulation panels for low carbon emissions buildings. Together with Vallourec (which will be reported within India and JV segment), these acquisitions are estimated to add a further $0.2bn to EBITDA potential in 2025
Consistent shareholder returns: In addition to its growing base dividend ($0.50/sh in 2024, of which the first $0.25/sh installment was paid in June 2024), the Company will continue to return a minimum 50% of post-dividend FCF to shareholders through its share buyback programs. The Company repurchased 1.5% of its outstanding shares during 2Q 2024 (4.2% during the 1H 2024)11 bringing the total reduction in fully diluted share count to 36% since September 20206
Outlook:

Company believes current market conditions are unsustainable: China’s excess production relative to demand is resulting in very low domestic steel spreads and aggressive exports; steel prices in both Europe and US are below the marginal cost. The Company expects apparent demand to be higher in 2H’24 vs. 2H’23 (which was impacted by destocking particularly in Europe). As absolute inventory levels remain low, particularly in Europe, the Company remains optimistic that restocking activity will occur once real demand begins to recover
Disciplined capex investment: Capex in 2024 continues to be expected within the range of $4.5bn-$5.0bn range, including $1.4-1.5bn on our strategic growth projects4,9. A capital-efficient decarbonization strategy is essential to achieving appropriate returns on investment. ArcelorMittal continues to optimize its decarbonization pathway, with the objective of achieving its targets within the established budget
Positive free cash flow outlook in 2024 and beyond: The Company expects the $1.6bn investment in working capital in 1H’24 to reverse by year end, supporting the outlook for free cash flow generation. The completion of the Company’s strategic growth projects is expected to support structurally higher EBITDA and investable cash flow in the coming periods
Financial highlights (on the basis of IFRS1):

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https://corporate.arcelormittal.com/media/press-releases/arcelormittal-reports-second-quarter-2024-and-half-year-2024-results