ArcelorMittal. Société Anonyme , boulevard d Avranches, L-1160 Luxembourg Grand-Duchy of Luxembourg. R.C.S. Luxembourg B 82.

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1 ArcelorMittal Société Anonyme 24-26, boulevard d Avranches, L-1160 Luxembourg Grand-Duchy of Luxembourg R.C.S. Luxembourg B (the Company ) MINUTES OF THE ANNUAL GENERAL MEETING OF SHAREHOLDERS (The "General Meeting") HELD ON WEDNESDAY MAY 9, 2018 from 11:30 AM (CET) at the Company s offices at 24-26, boulevard d Avranches, L-1160 Luxembourg, Grand-Duchy of Luxembourg The Chairman and CEO, Mr. Lakshmi N. Mittal, welcomed the shareholders to the General Meeting of ArcelorMittal. Mr. Lakshmi N. Mittal announced that the following persons had taken place on the podium: Mr. Aditya Mittal, President, CFO, Member of the CEO Office and CEO of ArcelorMittal Europe; Mr. Genuino Christino, Head of Finance; Mr. Michel Wurth, member of the Board of Directors (the Board ); Mr. Bart Wille, Head of Human Resources; Mr. Henk Scheffer, Company Secretary; Mr. Bruno Lafont, Lead Independent Director and Mr. Brian Aranha, Head of Strategy, CTO, R&D, CCM and global automotive. The Chairman pointed out the presence of the following members of the Board in the first row of the audience: Mrs. Suzanne Nimocks, Mrs. Karyn Ovelmen, Mrs. Vanisha Mittal Bhatia, Mr. Karel de Gucht, Mr. Tye Burt and Mr. Jeannot Krecké. Also present were Mr. Jean-Pierre Agazzi from Deloitte, ArcelorMittal s independent auditor, who had examined the 2017 financial statements submitted to the General Meeting for approval. Mr. Lakshmi N. Mittal, in his capacity as Chairman of the General Meeting, suggested appointing Mr. Tye Burt and Mrs. Suzanne Nimocks as scrutineers and Mr. Henk Scheffer as Secretary of the meeting, to which proposal there was no objection from the shareholders present, so that the scrutineers and the Secretary were appointed. Mr. Lakshmi N. Mittal drew the attention of the participants to the fact that shareholders must own at least one share of ArcelorMittal as of the record date to attend the General Meeting and that they must have followed the procedures described in the convening notice published on April 6, The Chairman requested Mr. Henk Scheffer to explain technical points about the General Meeting. After indicating the emergency exits, Mr. Scheffer pointed out that members of the press were authorised to attend the General Meeting but as the General Meeting was private, he informed them that they were not allowed to make any audio or video recordings. He requested the participants to keep their mobile phones switched off for the duration of the meeting. Mr. Scheffer explained that the processing and counting of votes would be carried out by an external service provider, LUMI. He underlined that the Annual General Meeting would validly deliberate on the resolutions regardless of the number of shareholders present and the number 1

2 of shares represented, and that the resolutions on the Agenda would be adopted by a simple majority of the votes validly cast by the shareholders present or represented. The publications required by law had been deposited with the bureau. The documents and information required by law had been sent or made available to the shareholders in a timely manner. The convening notice for this General Meeting had been published in Luxembourger Tageblatt, a Luxemburg local newspaper, on April 6, 2018 and in the Luxembourg official gazette RESA as well as on the Company s website, Copies of these publications could be consulted at the registration table. Thereafter, the Chairman confirmed that the General Meeting had been convened in accordance with Luxembourg law, was validly constituted and could validly deliberate and resolve on all Agenda items. The Chairman read out the Agenda of the General Meeting. The Secretary drew attention to the pack with the ArcelorMittal logo that the shareholders had received and that contained special cards on which the shareholders could write questions, if they wished to raise any question during the Questions & Answers sessions. Then he explained that the pack also contained a French version of the presentation made by the Chairman & CEO. He also underlined that only the shareholders present in person or proxy holders were entitled to ask questions and that the questions from the shareholders would be answered following the presentation of the 2017 accounts. Presentation of 2017 results Mr. Lakshmi N. Mittal presented the 2017 results of ArcelorMittal and made specific highlights on the Company s operations and strategy, as attached hereto in Annex A. Questions & Answers ( Q&A ) session At the request of the Chairman, the Secretary introduced the Q&A session with an explanation of the procedure. A summary of the Q&A is attached hereto in Annex B. The Q&A session lasted approximately 15 minutes. Vote The Chairman then closed the Q&A session and stated that, according to the attendance list that had been communicated to him, shareholders holding 70.12% of the voting rights were present or represented at the meeting. The Chairman then announced that he would submit the proposed resolutions related to items 1 to 8 of the Agenda of the Annual General Meeting. He asked the Secretary to inform the shareholders about the procedure to be followed for the voting process. The Secretary explained that the shareholders would vote on each of the resolutions by using an electronic voting device that had been handed to the shareholders upon registration. In addition, he detailed the functioning of the electronic voting device to the shareholders. The shareholders voted on the resolutions after the reading out loud of each resolution. AGM RESOLUTIONS 1. Report of the Board of Directors and the Auditors Reports on the annual accounts and the consolidated financial statements for the 2017 financial year No vote was required on this item. 2

3 2. Approval of the Consolidated Financial Statements for the financial year 2017 Resolution I The Annual General Meeting, after having reviewed the management report of the Board of Directors and the report of the independent auditor, approves the Consolidated Financial Statements for the financial year 2017 in their entirety, showing a consolidated net income of USD 4,575 million. 3. Approval of the Parent Company Financial Statements for the financial year 2017 Resolution II The Annual General Meeting, after having reviewed the management report of the Board of Directors and the report of the independent auditor, approves the Parent Company Financial Statements for the financial year 2017 in their entirety, showing a net income for the Company as parent company of the ArcelorMittal group of USD 8,162 million as established in accordance with IFRS as adopted by the European Union. 4. Allocation of results, determination of dividend and of compensation to be allocated to the members of the Board of Directors in relation to financial year 2017 Resolution III The Annual General Meeting acknowledges the net income of USD 8,162 million and that no allocation to the legal reserve or to the reserve for treasury shares is required. Upon the proposal of the Board, the General Meeting decided to pay a dividend out of profit brought forward. The General Meeting acknowledged that the dividend of USD 0.10 (gross) per share will be paid on 13 June Resolution IV Given the third resolution above, the Annual General Meeting sets the amount of total remuneration for the Board of Directors in relation to the financial year 2017 at $1,742,103 based on the annual fees set out in the Convening Notice. 5. Discharge of the directors Resolution V The General Meeting decided to grant discharge to the directors for the financial year

4 6. Election of members of the Board of Directors The mandate of each of the two following directors had come to an end on the date of the General Meeting: Mrs. Karyn Ovelmen and Mr. Tye Burt. The Board proposed the re-election Mrs. Karyn Ovelmen and Mr. Tye Burt as members of the Board for a three-year term. Resolution VI The General Meeting re-elected Mrs. Karyn Ovelmen as director of ArcelorMittal for a three-year mandate that will automatically expire on the date of the annual general meeting of shareholders to be held in Resolution VII The General Meeting re-elected Mr. Tye Burt as director of ArcelorMittal for a three-year mandate that will automatically expire on the date of the annual general meeting of shareholders to be held in Appointment of an independent company auditor in relation the Parent Company Financial Statements and the Consolidated Financial Statements for the financial year 2018 Resolution VIII The General Meeting decided to appoint Deloitte Audit as independent auditor for the audit of the Parent Company Financial Statements and the Consolidated Financial Statements for the financial year Authorisation of grants of shares based incentives The 2018 Cap for the number of PSUs that may be allocated to the CEO Office and other retention based grants below the CEO Office level, is proposed to be set at a maximum of 1,500,000 (one million five hundred thousand) shares representing less than 0.145% on a diluted basis and 0.147% of the Company s issued share capital (net of treasury shares) on an outstanding basis. Resolution IX The proposal was approved with 95 % of the votes casts for and 5 % against. * * * * * 4

5 CLOSING OF THE MEETING The Chairman thanked the shareholders for their participation at the General Meeting and expressed his wish to see them again at the Company s extraordinary general meeting of shareholders on 16 May He then closed the General Meeting at p.m. (CET). Signed by: Lakshmi N. Mittal (Chairman) Henk Scheffer (Secretary) Tye Burt (Scrutineer) Suzanne Nimocks (Scrutineer) 5

6 ANNEX B Questions and Answers session at the May 9, 2018 General Meeting Below is a summary of the questions and answers raised during the General Meeting What is your view on China and the progress it is making to cut capacity? China has already delivered capacity cuts of c. 115 million tonnes, from its 140 million tonne target, with a further 25 million tonnes expected to be cut this year. On top of this, additional c. 120 million tonnes of induction furnace (IF) capacity (primarily long products) has been closed. Chinese exports have come down in 2017 to 65 million tonnes compared to million tonnes in However, the threat of overproduction in China still exists. Will the Section 232 tariffs recently imposed by the US have an impact on the business of ArcelorMittal outside the US, in particular on the business in Brazil and in the EU? ArcelorMittal will continue to abide by the rules set by governments and regulators, and supports any action taken against unfair trade practices. Several countries have been exempted from Section 232 applying import tariffs of 25% to all steel articles. The exemption is valid until the end of the month and the countries concerned (e.g. Mexico, Canada and the EU) are negotiating the final conditions. As a result of this, the US might conclude bilateral agreements with these countries (as for example in the case of South Korea). Hopefully more agreements will be signed. Since so far Brazil is exempted, the import tariffs have had no implications on the trade between Brazil and the US. In the EU a safeguard investigation was opened last month. The result of this will be known in the end of Q2. What is the group s strategy after the acquisition of Ilva? The European Commission granted competition clearance for the acquisition of Ilva. However, against all efforts to persuade the European Commission that the project was not a concern from competition law perspective, the Commission requested ArcelorMittal to sell some of its existing assets, including in Ostrava and Galati as well as some lines in Liege and Dudelange in Luxembourg. Since Ilva is not directly linked to these assets, their selling does not fundamentally impact the strategy of Ilva. The first step of this strategy is to stabilize Ilva s operation as today it is not reaching its potential. ArcelorMittal plans to make significant investments to achieve a nameplate capacity of 8.5 million tons. Once we have made these investments, the addition of ILVA shall significantly strengthen the company s footprint in Europe. The project s financial impact is largely limited, because it is structured to be paid over 5 years. 6

7 Why does not the share price rise? The management team is committed to increasing the share price of ArcelorMittal. Today it is 30 euros and over the last years dividends were paid, and the company returned cash through various share buybacks. The steel industry has gone through a difficult period, but ArcelorMittal intends to maintain a low level of net debt and to create structural improvement of the business through Action 2020 to generate value for shareholders on a consistent basis. 7