Exhibit 99.1

ArcelorMittal (the ‘Company’) today announces that it has signed a Share Purchase Agreement to acquire 65,243,206 shares, representing c.28.4% equity interest in Vallourec, for €14.64 per share from Funds managed by Apollo Global Management, Inc., for a total consideration of approximately €955 million. Transaction closing is subject to regulatory approvals and is expected to close in the second half of the year.

Having carried out a successful restructuring in recent years, Vallourec presents a compelling opportunity to increase ArcelorMittal’s exposure to the attractive, downstream, value-added tubular market. It is a global leader in premium tubular solutions for energy markets and demanding industrial applications, offering innovative, safe and competitive products for sectors including energy, automotive and construction. 85% of Vallourec’s 2.2 million tonnes of annual rolling capacity is focused around low-carbon, integrated productions hubs in US and Brazil, both of which are important strategic markets for ArcelorMittal.

In 2023 Vallourec reported EBITDA of €1.2 billion on sales of €5.1 billion. It expects EBITDA from the energy transition business to reach between 10 and 15% by 2030, given the growth potential from hydrogen, geothermal and carbon capture.

ArcelorMittal does not intend to launch a tender offer for Vallourec’s remaining shares over the next six months.

Vallourec’s steel making facilities in Brazil and the US have low carbon emissions (North America steel production at 0.290 tCO2 per tonne of steel and Brazil steel production at 0.945 tCO2 per tonne of steel1), with an ambitious roadmap to reduce CO2 intensity (scope 1, 2 and 3 upstream) by 30% in 2030 and 35% in 2035 (vs 2021 baseline).

1 Scopes 1 and 2 only