ArcelorMittal Enters into Separate, Privately Negotiated Agreements with Certain Holders of its 5.50% Mandatorily Convertible Subordinated Notes due 2023

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15 December, 2020, 22:40 CET

ArcelorMittal (the "Company” or "ArcelorMittal”) announced today that the Company has entered into separate, privately negotiated exchange agreements with a limited number of holders of the Company’s 5.50% Mandatorily Convertible Subordinated Notes due 2023 (the "Notes”).

Pursuant to the exchange agreements, the Company will exchange $246.8 million in aggregate principal amount of the Notes, for an aggregate of (i) 22,653,933 shares (all existing shares held in treasury) of ArcelorMittal common stock (i.e. the minimum conversion ratio under the Notes) plus (ii) $25.4 million (including accrued interest on the exchanged Notes up to, but excluding, the settlement date). The Company will not receive any proceeds from the delivery of such shares of common stock. The exchanges are expected to close on or about 22 December 2020, subject to customary closing conditions. Following completion of the exchanges, approximately $1.0 billion aggregate principal amount of the Notes will remain outstanding.

J.P. Morgan Securities plc is acting as the exclusive exchange agent in connection with the transaction.

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The securities being offered pursuant to the transaction described in this press release (the "Securities”) have not been and will not be registered under the U.S. Securities Act of 1933, as amended ("Securities Act”), or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered, sold, resold, delivered or otherwise distributed absent registration, except in reliance on an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. There will be no public offering of the Securities in the United States or elsewhere.
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This press release is only addressed to and directed at persons in member states of the European Economic Area ("EEA”) and in the UK who are "Qualified Investors" within the meaning of Article 2(e) of the Prospectus Regulation. The Securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such Securities will be engaged in only with Qualified Investors. This press release must not be acted on or relied on in any member state of the EEA or in the UK by persons who are not Qualified Investors. For the purposes of this provision the expression "Prospectus Regulation" means Regulation (EU) 2017/1129 (as amended or superseded). References in this press release to regulations or directives include, in relation to the UK, those regulations or directives as they form part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 or have been implemented in UK domestic law, as appropriate.
No public offering of the Securities is being made in the United Kingdom. In the United Kingdom, all offers of the Securities will be made pursuant to an exemption under the Prospectus Regulation (as defined above) from the requirement to produce a prospectus. No prospectus will be made available in connection with the transaction and no such prospectus is required to be published in accordance with the Prospectus Regulation.
This press release has been issued by, and is the sole responsibility of, the Company. No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by J.P. Morgan Securities plc or by any of its affiliates or agents as to or in relation to, the accuracy or completeness of this press release or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.
J.P. Morgan Securities plc is acting on behalf of the Company and no one else in connection with the transaction, and will not be responsible to any other person for providing the protections afforded to any of its clients or for providing advice in relation to the transaction. J.P. Morgan Securities plc will not regard any other person as its client in relation to the transaction.
The distribution of this press release and the offering of the Securities in certain jurisdictions may be restricted by law. No action has been taken by the Company or J.P. Morgan Securities plc that would permit an offering of such Securities or possession or distribution of this press release or any other offering or publicity material relating to such shares in any jurisdiction where action for that purpose is required. Persons into whose possession this press release comes are required by the Company and J.P. Morgan Securities plc to inform themselves about, and to observe, such restrictions.
The information contained in this press release is subject to change without notice and, except as required by applicable law, the Company and J.P. Morgan Securities plc do not assume any responsibility or obligation to update publicly or review any of the forward-looking statements contained in it and nor do they intend to. This press release does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the Securities. Any investment decision to participate in the transaction and acquire the Securities must be made solely on the basis of publicly available information, which has not been independently verified by J.P. Morgan Securities plc.
The information in this press release may not be forwarded or distributed to any other person and may not be reproduced in any manner whatsoever. Any forwarding, distribution, reproduction or disclosure of this information in whole or in part is unauthorized. Failure to comply with this directive may result in a violation of the Securities Act or the applicable laws of other jurisdictions. This press release does not represent the announcement of a definitive agreement to proceed with the transaction and, accordingly, there can be no certainty that the transaction will proceed. The Company reserves the right not to proceed with the transaction or to vary any terms of the transaction in any way.
NOTWITHSTANDING ANYTHING IN THE FOREGOING, NO PUBLIC OFFERING OF THE SECURITIES IS BEING MADE BY ANY PERSON ANYWHERE AND THE COMPANY HAS NOT AUTHORIZED OR CONSENTED TO ANY SUCH OFFERING IN RELATION TO THE SECURITIES.

About ArcelorMittal

ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and primary steelmaking facilities in 18 countries. In 2019, ArcelorMittal had revenues of U.S.$70.6 billion and crude steel production of 89.8 million metric tonnes, while Iron Ore production reached 57.1 million metric tonnes.

Our goal is to help build a better world with smarter steels. Steels made using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for electric vehicles and renewable energy infrastructure that will support societies as they transform through this century. With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that change. This is what we believe it takes to be the steel company of the future.

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/