ArcelorMittal Update on COVID-19 Impact

ArcelorMittal provided an update on the impact of COVID-19. It states: “The global escalation of COVID-19 and the measures put in place by governments around the world to contain the virus are negatively affecting economic activity and manufacturing supply chains in many parts of the world. Consequently, we are either seeing or expecting a significant decline in industrial activity in many, if not all of the geographic markets in which we operate, which affects our business. In response, we are downsizing production and temporary assets in steel and finishing, tailored for each country to meet regional and government demands. This will not necessarily be uniform across assets around the world, given the escalation of the virus at different points in different regions. While Europe is currently the epicenter, according to official figures from the WHO, cases in the NAFTA region now exceed those in China, with cases also on the rise in Africa, India, South America and the CIS. Where demand for our products persists, such as food packaging, we will strive to reduce operations to ensure customer satisfaction. ”

It states: “To mitigate the impact of lower production levels, we are taking significant steps to conserve cash and reduce costs in line with declining production levels. This includes access to measures put in place by governments to support companies during these unprecedented times. We are grateful to all governments for their swift implementation of measures that will be critical to many industries as we find ourselves in this period. "

It states: “The current volatility and uncertainty in the market is complex for every country, for every person and for every company. However, we are encouraged by the fact that in recent years our company has prioritized strengthening its balance sheet to ensure a solid financial foundation in any market environment. Net debt is at an all-time low, we have a very manageable debt repayment profile, in which we have used available cash to repay debt ahead of schedule in recent years, and we are also gaining significant liquidity. We intend to provide updated guidance on our 2020 cash flow needs, including capital expenditures, when we announce Q1 2020 results on May 7, 2020. To ensure the safety and well-being of our employees, shareholders and stakeholders, we nevertheless decided to postpone the planned general meeting of shareholders