Fact Book 2009 Company Information

Transcription

1 Fact Book 2009 Company Information

2 Highlights, Market and Industry 02 Financial Highlights 04 Business Strategy 06 Key Figures 07 Steel Consumption and Markets 08 Steel Production by Process 09 Steel Producers and Industry 10 Apparent Consumption of Finished Steel 12 Crude Steel Production 14 Selected Steel Import/Export 16 Steel Prices Operations 24 Group Structure 26 Key Operating Subsidiaries Highlights 30 Board of Directors 34 Senior Management 38 Corporate Governance 44 Corporate Responsibility Operational Reviews 54 Shipment Breakdown 56 Production Breakdown 57 Mining Operations 58 Iron Ore Availability by Facility 59 Coal Production by Facility and Raw Material Production and Consumption 62 Number of Employees 63 Key Financial and Operational Information 64 Main Industrial Assets 66 Flat Carbon Americas 68 Flat Carbon Europe 70 Long Carbon Americas 71 Long Carbon Europe 72 Long Carbon Americas and Europe 74 AACIS 76 Stainless Steel Production Facilities 80 Belgium Gent (FCE) 81 Belgium Liège (FCE) 82 Brazil CST, Sol and Vega do Sul (FCA) 83 Canada Dofasco / Hamilton (FCA) 84 Czech Republic Ostrava (FCE & LC) 85 France Dunkerque, Mardyck, Montataire and Desvres (FCE) 86 France Florange, Mouzon and Dudelange (FCE) 87 France Fos-sur-Mer, Saint-Chély (FCE) 88 Germany Bremen (FCE) 89 Germany Eisenhüttenstadt (FCE) 90 Kazakhstan Temirtau (AACIS) 91 Mexico Lázaro Cárdenas (FCA & LC) 92 Poland Dąbrowa Górnicza, Sosnowiec and ZKZ (FCE & LC) 93 Poland Kraków and Świętochłowice (FCE) 94 Romania Galati (FCE) 95 South Africa Vanderbijlpark (AACIS) 96 Spain Gijón and Avilés (FCE & LC) 97 Ukraine Kryviy Rih (AACIS) 98 USA Burns Harbor (FCA) 99 USA Cleveland (FCA) 100 USA Indiana Harbor East and West (FCA) Financials and Share Information 104 Condensed Consolidated Statements of Operations 105 Condensed Consolidated Statements of Cash Flows 106 Condensed Quarterly Consolidated Statements of Operations 107 Condensed Consolidated Statements of Financial Position 108 Steel Sector and Stock Market Performance 110 Share Information 116 Equity Analyst Coverage 118 Glossary The financial information in this ArcelorMittal Fact Book 2009 has been prepared in accordance with International Financial Reporting Standards as adopted by the European Commission for publicly traded companies. The financial information herein does not contain certain information required to be provided to shareholders under Luxembourg law, including in particular the statutory accounts of ArcelorMittal on a stand-alone basis approved by the annual general meeting of shareholders of ArcelorMittal on May 11, A copy of the ArcelorMittal statutory accounts are available free of charge at the registered office of ArcelorMittal S.A., 19 avenue de la Liberté, L-2930 Luxembourg, Grand-Duchy of Luxembourg, or by calling or or sending an to contact@arcelormittal.com ArcelorMittal has made, and will continue to make, forward-looking statements with respect to, among other things, its financial position, business strategy, projected costs, projected savings, and the plans and objectives of our management. Such statements are identified by the use of forward-looking words or phrases such as anticipates, intends, expects, plans, believes, or estimates, or words or phrases of similar import. Our actual results may differ materially from those implied by such forward-looking statements on account of known and unknown risks and uncertainties, including, without limitation, the risks described in ArcelorMittal s Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (SEC) and other filings made by us with the SEC. ArcelorMittal s Annual Report on Form 20-F may be viewed or downloaded on in Investors & Shareholders Activity Reports & Documents - SEC Filings or on the SEC s website at ArcelorMittal does not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved. Such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. ArcelorMittal undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events or otherwise. Unless indicated otherwise, or the context otherwise requires, references herein to ArcelorMittal, the Group and the Company or similar terms are to ArcelorMittal, société anonyme, having its registered office at 19, avenue de la Liberté, L-2930 Luxembourg, Grand Duchy of Luxembourg, and, where the context requires, its consolidated subsidiaries.

3 Highlights, Market and Industry 01 ArcelorMittal is committed to its promise of transforming tomorrow and the three values that underpin it Sustainability, Quality and Leadership. These values shape our behavior. We recognize that the Company has a duty to its stakeholders to operate in a responsible and transparent manner and to safeguard the wellbeing of all its stakeholders, including employees, contractors and the communities in which it operates.

4 02 Highlights, Market and Industry Financial Highlights Sales (million US$) , % 2008* 124, % , % Shipments (million tonnes) % 2008* % % EBITDA** (million US$) , % 2008* 24, % , % Operating (loss) / income (million US$) 2009 (1,678) % 2008* 12, % , % Net income (million US$) % 2008* 9, % , % Basic Earnings per share (US$ per share) % 2008* % Source: ArcelorMittal. * As required by IFRS, the 2008 information has been adjusted retrospectively for the finalization in 2009 of the allocation of purchase price of acquisitions made in ** EBITDA is defined as operating income plus depreciation, impairment expenses and exceptional items % Shipments % 1. Asia and Africa 11,826 17% 2. Americas 25,603 36% 3. Europe 33,642 47% Total 71, % 2 Source: ArcelorMittal.

5 Highlights, Market and Industry 03 Yearly highlights for 2007, 2008 and * 2009 Steel markets World steel production (in millions metric tonnes) 1,342 1,327 1,205 Change year/year 8.3% -1.2% -9.2% HRC price US (USD/t) HRC price German (USD/t) HRC price Far East (USD/t) ArcelorMittal operations (thousands of metric tonnes) Shipments of steel products** 109, ,691 71,071 Change year/year -0.7% -7.3% -30.1% ArcelorMittal financials (millions of US dollars) Sales 105, ,936 65,110 Change year/year 18.8% 18.7% -47.9% EBITDA 19,400 24,571 5,824 Change year/year 26.8% 26.7% -76.3% Operating income (loss) 14,830 12,325 (1,678) Change year/year 25.1% -16.9% % Net income attributable to equity holders of the parent 10,368 9, Change year/year 29.7% -8.7% -98.8% Net cash provided by operating activities 16,532 14,652 7,278 Net cash used in investing activities (11,909) (12,428) (2,784) Cash and cash equivalents and restricted cash 8,105 7,587 6,009 Property, plant and equipment 61,994 60,251 60,385 Total assets 133, , ,697 Short-term debt and current portion of long-term debt 8,542 8,409 4,135 Long-term debt, net of current portion 22,085 25,667 20,677 Equity attributable to the equity holders of the parent 56,685 55,258 61,045 ArcelorMittal financials per share (US dollars) ArcelorMittal average share price Book value per share Basic earnings per share Change year/year 28.2% -7.7% -98.8% ArcelorMittal ratios EBITDA margin 18.4% 19.7% 8.9% Operating margin 14.1% 9.9% -2.6% EBITDA per tonne Sources: ArcelorMittal, WSA, CRU and NYSE. * As required by IFRS, the 2008 information has been adjusted retrospectively for the finalization in 2009 of the allocation of purchase price of acquisitions made in ** Some inter-company shipments are not eliminated.

6 04 Highlights, Market and Industry Business Strategy ArcelorMittal s success has been built upon a consistent strategy that emphasizes size and scale, vertical integration, product diversity, continuous growth in higher value products and a strong customer focus. The Group intends to continue to be the global leader in the steel industry, in particular through its three-dimensional strategy for sustainability and growth.

7 Highlights, Market and Industry 05 ArcelorMittal has unique geographical and product diversification, coupled with upstream and downstream integration that reduces exposure to risk and cyclicality. This strategy can be broken down into its three major elements: Geography: ArcelorMittal is the largest producer of steel in Europe, North and South America, Africa, the second largest steel producer in the CIS region, and has a growing presence in Asia, particularly in China. ArcelorMittal has steelmaking operations in 20 countries on four continents, including 65 integrated, mini-mill and integrated mini-mill steelmaking facilities which provide a high degree of geographic diversification. Approximately 35% of its steel is produced in the Americas, approximately 47% is produced in Europe and approximately 18% is produced in other countries, such as Kazakhstan, South Africa and the Ukraine. ArcelorMittal is able to improve management and spread its risk by operating in six segments (Flat Carbon Americas, Flat Carbon Europe, Long Carbon Americas and Europe, AACIS, Stainless Steel and ArcelorMittal Distribution Solutions), reflecting its geographic and product diversity. Worldwide steel demand in recent years has been driven by growth in developing economies, in particular in the BRICET 1 countries. The Company s expansion strategy in recent years has given it a leading position in Africa, Central and Eastern Europe, South America and Central Asia. The Company is also building its presence in China and India and recently made its first strategic investment in India in Uttam Galva. Products: As a global steel producer, ArcelorMittal is able to meet the needs of diverse markets. Steel consumption and product requirements are different in mature economy markets and developing economy markets. Steel consumption in mature economies is weighted towards flat products and a higher value-added mix, while developing markets utilize a higher proportion of long products and commodity grades. As these economies develop, local customers will require increasingly advanced steel products as market needs evolve. To meet these diverse needs, ArcelorMittal maintains a high degree of product diversification and seeks opportunities to increase the proportion of its product mix consisting of higher value-added products. The Company produces a broad range of high-quality finished, semi-finished carbon steel products and stainless steel products. Worldwide steel demand in recent years has been driven by growth in developing economies, in particular in the BRICET 1 countries. Value chain: ArcelorMittal has access to high-quality and low-cost raw materials through its captive sources and long-term contracts. ArcelorMittal plans to continue to develop its upstream and downstream integration in the medium-term, following a return to a more favorable market environment. Accordingly, the Company intends in the medium term to increase selectively its access to and ownership of low-cost raw material supplies, particularly in locations adjacent to or accessible from its steel plant operations. Downstream integration is a key element of ArcelorMittal s strategy to build a global customer franchise. In high-value products, downstream integration allows steel companies to be closer to the customer and capture a greater share of value-added activities. As its key customers globalize, ArcelorMittal intends to invest in value-added downstream operations, such as steel service centers and building and construction support services for the construction industry. In addition, the Company intends to continue to develop its distribution network in selected geographic regions. ArcelorMittal believes that these downstream and distribution activities should allow it to benefit from better market intelligence and better manage inventories in the supply chain to reduce volatility and improve working capital management. Furthermore, ArcelorMittal will continue to expand its production of value-added products in developing markets, leveraging off its experience in developed markets. Growth Prospects Notwithstanding the difficult market conditions of 2008 and 2009, ArcelorMittal s management believes that there will be strong global steel demand growth in the medium to long term. The Company will continue to invest opportunistically in expanding the production capacity of its existing facilities depending on market conditions and projected global and regional demand trends. Mergers and acquisitions have historically been a key pillar of ArcelorMittal s strategy to which it brings unique experience, particularly in terms of integration. Instead of creating new capacity, mergers and acquisitions increase industry consolidation and create synergies. ArcelorMittal has also placed strong emphasis on growth in emerging economies through greenfield developments. In light of the difficult economic and market conditions prevailing in late 2008 and 2009, ArcelorMittal curtailed mergers and acquisitions and greenfield investment activity. To the extent market conditions continue to improve, however, the Company gradually expects to resume mergers and acquisitions and other investment activity in order to take advantage of selected growth opportunities, mainly in emerging markets. In addition the Company remains focused on pursuing its greenfield growth opportunities. 1 BRICET refers to the countries of Brazil, Russia, India, China, Eastern Europe and Turkey.

8 06 Highlights, Market and Industry Key Figures Global steel market in 2009*: Over 600 billion US dollars World crude steel production in 2009*: 1.2 billion metric tonnes World leader in 2009*: ArcelorMittal * Sources: ArcelorMittal estimates and World Steel Association. World crude steel production 2009 in millions of metric tonnes 1,600 1, Source: World Steel Association.

9 Highlights, Market and Industry 07 Steel Consumption and Markets Steel consumption by end-user market in OECD* % 1. Construction 48% 2. Machinery 24% 3. Transport 13% 4. Metal products 8% 5. Oil and Gas 4% 6. Others 3% 2 Source: ArcelorMittal estimates. * The Organisation for Economic Co-operation and Development. Steel consumption by region % 1. European Union 11% 2. CIS and Other Europe 5% 3. NAFTA 7% 4. Central and South America 3% 5. China 48% 6. Japan 5% 7. Other Asia 14% 8. Rest of the World 7% Source: World Steel Association. 5 World steel market by product 3 1 % 1. Long 43% 2. Flat 54% 3. Tube 3% 2 Source: World Steel Association.

10 08 Highlights, Market and Industry Steel Production by Process Crude steel production by process and region 2009 Millions of metric tonnes Production Basic Oxygen Furnace % Electric Arc Furnace % Open Hearth Furnace % European Union % 43.6% 0.5% CIS and Other Europe % 32.0% 11.5% NAFTA % 62.2% Central and South America % 39.0% Africa % 66.1% Middle East % 88.5% China % 8.5% India % 60.1% 1.7% Japan % 21.9% Rest of Asia % 56.6% Oceania % 19.1% World 1, % 28.1% 1.3% Source: World Steel Association. Crude steel production by process % 1. Basic Oxygen Furnace 71% 2. Electric Arc Furnace 28% 3. Open Hearth Furnace 1% 1 Source: World Steel Association.

11 Highlights, Market and Industry 09 Steel Producers and Industry Top steel producer in 2009 in millions of metric tonnes (crude steel output) Rank Company Country ArcelorMittal Luxembourg Hebei Iron & Steel China Baosteel China Posco Korea Wuhan Iron & Steel China Anshan-Benxi China Shagang China Nippon Steel Japan JFE Steel Japan Tata Steel India Shandong Iron & Steel China Shougang China Severstal Russia Evraz Russia US Steel US Maanshan China Nucor US Sail India Gerdau Brazil Valin Steel China 11.8 Source: Steel Business Briefing. Top steel producers in 2009 in millions of metric tonnes (crude steel output) ArcelorMittal Hebei Iron & Steel Baosteel Posco Wuhan Iron & Steel Anshan-Benxi Shagang Nippon Steel JFE Steel Tata Steel Source: Steel Business Briefing.

12 10 Highlights, Market and Industry Apparent Consumption of Finished Steel Annual apparent consumption of finished steel Thousands of metric tonnes Germany 37,170 35,175 35,024 34,617 36,154 35,413 39,135 41,245 38,125 27,648 Change year/year 5% -5% 0% -1% 4% -2% 11% 5% -8% -27% France 18,504 16,905 16,822 15,248 16,041 15,674 15,825 16,442 15,529 10,524 Change year/year 3% -9% 0% -9% 5% -2% 1% 4% -6% -32% Italy 25,660 25,168 26,177 28,925 30,037 29,693 25,975 33,232 30,873 20,552 Change year/year 3% -2% 4% 10% 4% -1% -13% 28% -7% -33% UK 11,838 10,995 10,514 10,351 11,075 9,447 10,550 10,349 9,087 6,399 Change year/year -5% -7% -4% -2% 7% -15% 12% -2% -12% -30% Spain 15,628 16,929 17,448 17,864 19,338 18,354 21,524 21,251 16,741 12,048 Change year/year 2% 8% 3% 2% 8% -5% 17% -1% -21% -28% Europe 172, , , , , , , , , ,689 Change year/year 5% -5% 2% 4% 6% -3% 13% 2% -9% -26% USA 110,328 97,040 97,698 97, ,256 95, ,732 98,633 88,933 53,713 Change year/year 4% -12% 1% 0% 11% -12% 9% -6% -10% -40% Canada 15,034 12,862 13,726 13,712 15,661 14,102 14,938 13,208 12,268 9,422 Change year/year 1% -14% 7% 0% 14% -10% 6% -12% -7% -23% USA & Canada 125, , , , , , , , ,201 63,135 Change year/year 4% -12% 1% 0% 12% -11% 9% -7% -10% -38% Brazil 16,239 16,793 16,890 17,107 19,628 18,332 19,156 22,977 23,800 18,025 Change year/year 11% 3% 1% 1% 15% -7% 4% 20% 4% -24% Japan 92,461 87,513 88,492 91,419 94,992 94,031 94,956 98,272 95,086 65,720 Change year/year 12% -5% 1% 3% 4% -1% 1% 3% -3% -31% China 120, , , , , , , , , ,829 Change year/year 6% 23% 22% 23% 16% 24% 20% 19% 5% 25% South Korea 43,990 44,128 48,881 50,565 52,716 53,012 56,790 62,915 67,228 53,756 Change year/year 14% 0% 11% 3% 4% 1% 7% 11% 7% -20% Taiwan 23,212 20,481 23,822 23,667 26,070 23,616 23,115 21,200 18,695 14,264 Change year/year 3% -12% 16% -1% 10% -9% -2% -8% -12% -24% Asia 302, , , , , , , , , ,756 Change year/year 9% 7% 14% 13% 11% 13% 13% 14% 3% 10% CIS 40,177 36,756 36,398 44,316 44,656 44,545 48,647 55,981 49,738 39,635 Change year/year 12% -9% -1% 22% 1% 0% 9% 15% -11% -20% World 737, , , , , ,796 1,109,468 1,221,630 1,224,374 1,184,044 Change year/year 7% 0% 8% 9% 9% 5% 12% 10% 0% -3% Sources: CRU and ArcelorMittal estimates.

13 Highlights, Market and Industry 11 Quarterly apparent consumption of finished steel Thousands of metric tonnes 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 Germany 10,140 10,701 9,852 7,433 6,264 5,748 7,652 7,985 Change year/year -5% 2% -2% -26% -38% -46% -22% 7% France 4,421 4,656 3,903 2,548 2,584 2,474 2,393 3,073 Change year/year -1% 6% 4% -33% -42% -47% -39% 21% Italy 8,280 8,006 7,995 6,593 4,896 5,123 4,753 5,780 Change year/year -6% -9% 2% -16% -41% -36% -41% -12% UK 2,480 2,534 2,471 1,602 1,364 1,497 1,616 1,923 Change year/year -3% -9% -7% -33% -45% -41% -35% 20% Spain 5,052 5,251 3,973 2,466 2,661 2,877 3,055 3,454 Change year/year -5% -17% -19% -48% -47% -45% -23% 40% Europe 51,026 52,036 47,929 35,850 30,313 31,412 36,312 39,651 Change year/year -3% -2% -3% -27% -41% -40% -24% 11% USA 25,201 25,156 23,263 15,313 12,054 11,392 14,563 15,703 Change year/year 1% 0% -6% -36% -52% -55% -37% 3% Canada 3,165 3,338 2,896 2,869 2,366 1,957 2,363 2,736 Change year/year 16% -9% -13% -17% -25% -41% -18% -5% USA & Canada 28,366 28,494 26,158 18,182 14,420 13,349 16,926 18,440 Change year/year 3% -1% -6% -34% -49% -53% -35% 1% Brazil 5,937 5,788 6,276 5,799 3,295 4,184 5,077 5,469 Change year/year 16% -1% 7% -6% -44% -28% -19% -6% Japan 24,711 25,016 24,533 20,826 13,242 14,390 18,263 19,826 Change year/year 0% 2% 1% -16% -46% -42% -26% -5% China 119, , , , , , , ,938 Change year/year 15% 17% -5% -7% 4% 15% 41% 44% South Korea 17,564 17,998 18,008 13,658 11,452 12,605 14,616 15,083 Change year/year 15% 10% 18% -15% -35% -30% -19% 10% Taiwan 5,195 5,534 4,679 3,286 2,886 3,315 3,912 4,151 Change year/year -4% 1% -7% -38% -44% -40% -16% 26% Asia 178, , , , , , , ,341 Change year/year 13% 13% -1% -11% -10% -1% 21% 34% CIS 14,140 14,838 13,470 7,290 8,567 8,823 11,250 10,996 Change year/year 8% -3% -7% -44% -39% -41% -16% 51% World 317, , , , , , , ,842 Change year/year 8% 8% 0% -15% -20% -14% 2% 25% Sources: CRU and ArcelorMittal estimates.

14 12 Highlights, Market and Industry Crude Steel Production Annual crude steel production by country/region Thousands of metric tonnes Germany 46,361 44,803 44,939 44,657 46,374 44,523 47,223 48,550 45,833 32,670 Change year/year 10% -3% 0% -1% 4% -4% 6% 3% -6% -29% France 21,025 19,396 19,977 19,676 20,769 19,479 19,859 19,250 17,879 12,837 Change year/year 4% -8% 3% -2% 6% -6% 2% -3% -7% -28% Italy 26,298 26,461 25,070 26,799 28,359 29,341 31,533 31,963 30,576 19,634 Change year/year 6% 1% -5% 7% 6% 3% 7% 1% -4% -36% UK 15,022 13,575 11,618 13,074 13,847 13,294 13,952 14,347 13,561 9,902 Change year/year -9% -10% -14% 13% 6% -4% 5% 3% -5% -27% Spain 15,813 16,503 16,633 16,283 17,634 17,821 18,325 19,061 18,640 14,287 Change year/year 6% 4% 1% -2% 8% 1% 3% 4% -2% -23% Europe 195, , , , , , , , , ,112 Change year/year 6% -3% 0% 3% 5% -3% 6% 2% -7% -30% USA 100,711 89,710 91,975 91,339 98,522 93,216 98,539 97,033 91,350 58,195 Change year/year 5% -11% 3% -1% 8% -5% 6% -2% -6% -36% Canada 16,761 15,276 15,971 15,713 16,304 15,352 15,658 16,239 15,130 9,413 Change year/year 4% -9% 5% -2% 4% -6% 2% 4% -7% -38% USA & Canada 117, , , , , , , , ,480 67,608 Change year/year 4% -11% 3% -1% 7% -5% 5% -1% -6% -37% Brazil 27,815 26,719 29,685 31,147 32,909 31,612 30,910 33,787 33,713 26,509 Change year/year 11% -4% 11% 5% 6% -4% -2% 9% 0% -21% Latin America 40,350 38,553 42,327 44,460 47,176 46,831 46,682 49,605 48,773 38,795 Change year/year 13% -4% 10% 5% 6% -1% 0% 6% -2% -20% Japan 106, , , , , , , , ,743 87,535 Change year/year 13% -3% 5% 2% 2% 0% 3% 3% -1% -26% China 126, , , , , , , , , ,400 Change year/year 2% 13% 26% 22% 28% 26% 20% 15% 2% 14% South Korea 43,109 43,852 45,207 46,310 47,523 47,820 48,570 51,169 53,323 48,572 Change year/year 5% 2% 3% 2% 3% 1% 2% 5% 4% -9% Taiwan 17,408 17,340 18,222 18,763 19,535 18,593 20,372 20,452 20,211 15,849 Change year/year 13% 0% 5% 3% 4% -5% 10% 0% -1% -22% Asia and Middle East 346, , , , , , , , , ,133 Change year/year 7% 5% 14% 12% 16% 16% 14% 12% 2% 4% CIS 95,636 98,181 99, , , , , , ,986 97,421 Change year/year 14% 3% 2% 6% 6% 0% 6% 4% -8% -15% World* 841, , , ,786 1,060,111 1,127,107 1,236,394 1,329,369 1,310,365 1,201,985 Change year/year 7% 0% 7% 7% 10% 6% 10% 8% -1% -8% Source: World Steel Association. * Based on 66 countries representing more than 98% of total world crude steel production.

15 Highlights, Market and Industry 13 Quarterly crude steel production by country/region Thousands of metric tonnes 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 Germany 12,065 12,349 11,820 9,599 7,275 6,559 8,821 10,015 Change year/year -2% 1% -2% -20% -40% -47% -25% 4% France 4,871 5,131 4,566 3,311 2,934 2,921 3,200 3,782 Change year/year -7% -2% 1% -21% -40% -43% -30% 14% Italy 8,334 8,690 7,016 6,535 4,936 4,926 4,209 5,563 Change year/year 0% 6% 2% -23% -41% -43% -40% -15% UK 3,668 3,796 3,581 2,516 2,102 2,244 2,508 3,048 Change year/year 3% -1% 3% -27% -43% -41% -30% 21% Spain 4,876 5,723 4,877 3,163 3,060 3,642 3,457 4,128 Change year/year 8% 9% 7% -33% -37% -36% -29% 30% Europe 54,885 56,963 51,591 38,726 31,574 32,105 36,534 41,899 Change year/year -2% 1% 1% -27% -42% -44% -29% 8% USA 25,466 25,482 25,026 15,376 11,984 12,283 16,364 17,564 Change year/year 8% 2% 2% -36% -53% -52% -35% 14% Canada 4,194 4,153 4,172 2,610 2,349 1,825 2,262 2,977 Change year/year 7% 3% 1% -37% -44% -56% -46% 14% USA & Canada 29,660 29,635 29,198 17,986 14,333 14,108 18,626 20,541 Change year/year 8% 2% 2% -36% -52% -52% -36% 14% Brazil 8,641 8,810 9,395 6,867 5,002 5,565 7,889 8,053 Change year/year 8% 6% 8% -22% -42% -37% -16% 17% Latin America 12,287 12,802 13,540 10,144 7,733 8,342 11,164 11,556 Change year/year 4% 5% 8% -22% -37% -35% -18% 14% Japan 30,835 31,060 30,448 26,400 17,596 19,093 24,236 26,610 Change year/year 4% 4% 2% -14% -43% -39% -20% 1% China 124, , , , , , , ,673 Change year/year 9% 11% 1% -12% 2% 1% 21% 35% South Korea 13,480 13,987 13,524 12,332 10,242 11,884 12,851 13,595 Change year/year 7% 7% 8% -5% -24% -15% -5% 10% Taiwan 5,465 5,358 4,999 4,388 3,277 3,659 4,001 4,912 Change year/year 6% 3% -1% -14% -40% -32% -20% 12% Asia and Middle East 206, , , , , , , ,762 Change year/year 8% 9% 2% -12% -9% -8% 11% 26% CIS 32,372 32,748 30,210 18,656 21,476 22,911 26,450 26,584 Change year/year 4% 5% -1% -40% -34% -30% -12% 42% World* 342, , , , , , , ,829 Change year/year 6% 7% 2% -19% -23% -20% -5% 21% Source: World Steel Association. * Based on 66 countries representing more than 98% of total world crude steel production.

16 14 Highlights, Market and Industry Selected Steel Import/Export Annual selected steel import/export Thousands of metric tonnes China** Import 18,110 19,370 26,650 43,050 33,130 27,130 18,699 17,141 15,718 22,270 Change year/year 6% 7% 38% 62% -23% -18% -31% -8% -8% 42% Export 7,760 6,300 7,020 8,410 20,280 27,510 52,086 69,121 60,541 24,608 Change year/year 48% -19% 11% 20% 141% 36% 89% 33% -12% -59% Balance (10,350) (13,070) (19,630) (34,640) (12,850) ,387 51,980 44,823 2,338 USA** Import 37,956 30,080 32,684 22,989 35,807 32,109 45,272 33,243 31,927 16,215 Change year/year 6% -21% 9% -30% 56% -10% 41% -27% -4% -49% Export 6,529 6,144 6,010 8,220 7,933 9,393 9,728 11,152 13,476 9,282 Change year/year 20% -6% -2% 37% -3% 18% 4% 15% 21% -31% Balance (31,427) (23,936) (26,677) (14,905) (27,875) (22,716) (35,545) (22,090) (18,451) (6,933) European Union (27)* Import ND ND ND 14,730 16,146 15,898 25,567 32,222 25,243 12,629 Change year/year ND ND ND ND 10% -2% 61% 26% -22% -50% Export ND ND ND 22,846 23,148 24,844 23,379 22,686 24,032 22,775 Change year/year ND ND ND ND 1% 7% -6% -3% 6% -5% Balance ND ND ND 8,116 7,002 8,946 (2,188) (9,536) (1,211) 10,146 Japan** Import 5,564 4,500 3,685 3,691 4,508 5,466 4,663 5,036 4,786 3,281 Change year/year 8% -19% -18% 0% 22% 21% -15% 8% -5% -31% Export 31,448 32,366 38,551 37,199 36,055 32,374 34,956 36,639 37,929 33,654 Change year/year 12% 3% 19% -4% -3% -10% 8% 5% 4% -11% Balance 25,884 27,866 34,866 33,508 31,547 26,908 30,294 31,603 33,143 30,373 Sources: Eurofer, AISI, JISF, Chinese CGA. * Finished steel. ** Semi-finished and finished steel. ND: No data.

17 Highlights, Market and Industry 15 Quarterly selected steel import/export Thousands of metric tonnes 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 China** Import 4,230 4,157 4,080 3,251 4,186 6,644 6,458 4,982 Change year/year -3% -7% -6% -18% -1% 60% 58% 53% Export 11,487 15,605 22,550 10,899 5,142 4,210 6,361 8,895 Change year/year -28% -30% 30% -20% -55% -73% -72% -18% Balance 7,257 11,448 18,470 7, (2,434) (97) 3,913 USA** Import 7,721 8,210 8,404 7,592 5,497 3,127 3,178 4,413 Change year/year -11% -10% 1% 7% -29% -62% -62% -42% Export 3,026 3,464 4,060 2,926 1,985 1,951 2,497 2,848 Change year/year 17% 22% 44% 0% -34% -44% -39% -3% Balance (4,695) (4,746) (4,344) (4,666) (3,512) (1,176) (681) (1,565) European Union (27)* Import 6,199 6,447 7,209 5,388 3,829 2,933 2,636 3,224 Change year/year -24% -27% -19% -15% -38% -55% -63% -40% Export 6,043 6,439 5,802 5,748 4,884 5,872 5,843 6,172 Change year/year 14% 16% 2% -6% -19% -9% 1% 7% Balance (156) (8) (1,407) 360 1,055 2,939 3,207 2,948 Japan** Import 1,111 1,270 1,219 1, ,056 Change year/year -16% -5% 9% -5% -38% -47% -28% -11% Export 10,421 9,483 9,991 8,035 6,324 6,817 10,019 10,494 Change year/year 18% 4% 8% -15% -39% -28% 0% 31% Balance 9,310 8,213 8,772 6,849 5,640 6,148 9,147 9,438 Sources: Eurofer, AISI, JISF, Chinese CGA. * Finished steel. ** Semi-finished and finished steel.

18 16 Highlights, Market and Industry Steel Prices Annual steel prices, Americas Metric tonnes and short tons Latin America Slab Export (USD/t) Change year/year 12% -24% 25% 13% 88% -8% 12% 9% 49% -48% Latin America Billet Export (USD/t) Change year/year 10% -3% 15% 26% 52% -6% 11% 28% 47% -45% HRC US Domestic (USD/Short ton) HRC US Domestic (USD/t) Change year/year 3% -26% 44% -10% 109% -11% 7% -9% 62% -44% CRC US Domestic (USD/short ton) CRC US Domestic (USD/t) , Change year/year 2% -23% 36% -10% 80% -9% 7% -9% 55% -39% HDG US Domestic (USD/short ton) , HDG US Domestic (USD/t) , Change year/year -3% -18% 24% -8% 85% -8% 14% -7% 43% -38% Plate US Domestic (USD/short ton) , Plate US Domestic (USD/t) , Change year/year 3% -15% 12% 2% 97% 14% 5% 0% 50% -47% Wire rod US Domestic (USD/short ton) Wire rod US Domestic (USD/t) , Change year/year 8% -3% 8% 4% 67% 5% 0% 13% 49% -35% Merchant bars US Domestic (USD/short ton) Merchant bars US Domestic (USD/t) Change year/year 4% -21% 2% 18% 68% 4% 12% 12% 37% -21% Sections US Domestic (USD/short ton) Sections US Domestic (USD/t) , Change year/year 18% -12% 1% -2% 63% 11% 12% 16% 31% -22% Sources: CRU and ArcelorMittal estimates.

19 Highlights, Market and Industry 17 Quarterly steel prices, Americas Metric tonnes and short tons 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 Latin America Slab Export (USD/t) Change year/year 26% 65% 87% 14% -26% -60% -60% -30% Latin America Billet Export (USD/t) Change year/year 19% 66% 102% -1% -33% -57% -59% -10% HRC US Domestic (USD/Short ton) , HRC US Domestic (USD/t) 764 1,077 1, Change year/year 34% 77% 105% 33% -27% -59% -53% -26% CRC US Domestic (USD/short ton) 788 1,074 1, CRC US Domestic (USD/t) 869 1,183 1, Change year/year 29% 71% 89% 29% -24% -55% -48% -21% HDG US Domestic (USD/short ton) 859 1,153 1, HDG US Domestic (USD/t) 946 1,271 1, Change year/year 20% 59% 72% 23% -25% -55% -45% -19% Plate US Domestic (USD/short ton) 910 1,235 1,443 1, Plate US Domestic (USD/t) 1,003 1,361 1,591 1, Change year/year 20% 54% 83% 43% -18% -54% -58% -47% Wire rod US Domestic (USD/short ton) , Wire rod US Domestic (USD/t) 801 1,052 1,235 1, Change year/year 22% 37% 81% 56% -11% -40% -45% -38% Merchant bars US Domestic (USD/short ton) , Merchant bars US Domestic (USD/t) ,148 1, Change year/year 21% 33% 56% 35% 6% -25% -32% -26% Sections US Domestic (USD/short ton) , Sections US Domestic (USD/t) 943 1,088 1,249 1, Change year/year 23% 28% 47% 26% 4% -27% -35% -26% Sources: CRU and ArcelorMittal estimates.

20 18 Highlights, Market and Industry Steel Prices Annual steel prices, Europe* Metric tonnes CIS Slab Export (USD/t) Change year/year 20% -24% 39% 29% 90% -16% 1% 30% 52% -52% CIS Billet Export (USD/t) Change year/year 4% -11% 15% 31% 60% -2% 13% 28% 52% -47% HRC German Domestic (EUR/t) HRC German Domestic (USD/t) Change year/year 17% -21% 13% 34% 58% 2% 4% 15% 39% -7% CRC German Domestic (EUR/t) CRC German Domestic (USD/t) , Change year/year 20% -22% 11% 30% 46% 5% 2% 9% 31% -37% HDG German Domestic (EUR/t) HDG German Domestic (USD/t) , Change year/year 9% -26% 10% 32% 43% 4% 16% 11% 19% -36% Plate German Domestic (EUR/t) Plate German Domestic (USD/t) ,018 1, Change year/year 10% 7% 1% 31% 37% 26% 6% 25% 22% -47% Wire rod German Domestic (EUR/t) Wire rod German Domestic (USD/t) Change year/year -1% -7% 14% 32% 63% -13% 13% 17% 46% -45% Merchant bars German Domestic (EUR/t) Merchant bars German Domestic (USD/t) , Change year/year -5% -1% 11% 30% 30% 5% 28% 20% 36% -42% Sections German Domestic (EUR/t) Sections German Domestic (USD/t) , Change year/year -4% -4% 8% 32% 55% 3% 9% 30% 33% -39% Sources: CRU, TEX report, Metal Bulletin and ArcelorMittal estimates. * Currency conversion based on average exchange rate.

21 Highlights, Market and Industry 19 Quarterly steel prices, Europe* Metric tonnes 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 CIS Slab Export (USD/t) Change year/year 41% 64% 94% 6% -44% -63% -61% -25% CIS Billet Export (USD/t) Change year/year 39% 88% 103% -19% -42% -62% -57% 2% HRC German Domestic (EUR/t) HRC German Domestic (USD/t) 791 1,010 1, Change year/year 29% 52% 71% 4% -32% -49% -48% -17% CRC German Domestic (EUR/t) CRC German Domestic (USD/t) 881 1,104 1, Change year/year 22% 46% 58% -2% -33% -48% -45% -13% HDG German Domestic (EUR/t) HDG German Domestic (USD/t) 925 1,156 1, Change year/year 5% 27% 44% -2% -28% -44% -46% -17% Plate German Domestic (EUR/t) Plate German Domestic (USD/t) 1,194 1,365 1, Change year/year 31% 38% 38% -13% -37% -53% -58% -34% Wire rod German Domestic (EUR/t) Wire rod German Domestic (USD/t) 728 1,074 1, Change year/year 24% 54% 92% 8% -30% -56% -60% -16% Merchant bars German Domestic (EUR/t) Merchant bars German Domestic (USD/t) 908 1,297 1, Change year/year 21% 57% 62% 1% -31% -55% -51% -20% Sections German Domestic (EUR/t) Sections German Domestic (USD/t) 1,056 1,329 1, Change year/year 29% 48% 56% 2% -23% -50% -49% -26% Sources: CRU, TEX report, Metal Bulletin and ArcelorMittal estimates. * Currency conversion based on average exchange rate.

22 20 Highlights, Market and Industry Steel Prices Annual steel prices, Asia* Metric tonnes HRC Japan Domestic (000 JPY/t) HRC Japan Export (USD/t) HRC Far East Market (USD/t) Change year/year 25% -25% 30% 29% 34% -2% 6% 18% 44% -40% CRC Japan Domestic (000 JPY/t) CRC Japan Export (USD/t) , CRC Far East Market (USD/t) Change year/year 15% -25% 23% 36% 18% 9% 1% 5% 44% -36% HDG Japan Domestic (000 JPY/t) HDG Japan Export (USD/t) , HDG Far East Market (USD/t) Change year/year 13% -19% 9% 32% 10% 7% 11% 13% 23% -33% Plate Japan Domestic (000 JPY/t) Plate Japan Export (USD/t) , Plate Far East Market (USD/t) Change year/year 15% -16% 27% 37% 34% 1% 16% 30% 30% -43% Wire rod Japan Domestic (000 JPY/t) Wire rod Japan Export (USD/t) ,029 Wire rod Far East Market (USD/t) Change year/year 1% -3% 6% 30% 37% -8% 7% 28% 56% -39% Merchant bars Japan Domestic (000 JPY/t) Merchant bars Japan Export (USD/t) Merchant bars Far East Market (USD/t) Change year/year 11% -13% 2% 29% 10% 25% 5% 25% 51% -35% Sections Japan Domestic (000 JPY/t) Sections Japan Export (USD/t) Sections Far East Market (USD/t) Change year/year 16% -17% 12% 33% 56% -9% 3% 28% 47% -37% Sources: CRU and Mittal Steel estimates. * Currency conversion based on average exchange rate.

23 Highlights, Market and Industry 21 Quarterly steel prices, Asia* Metric tonnes 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 HRC Japan Domestic (000 JPY/t) HRC Japan Export (USD/t) , HRC Far East Market (USD/t) Change year/year 44% 66% 71% -3% -35% -55% -43% -14% CRC Japan Domestic (000 JPY/t) CRC Japan Export (USD/t) ,153 1, CRC Far East Market (USD/t) 800 1,072 1, Change year/year 38% 70% 68% 3% -33% -53% -37% -11% HDG Japan Domestic (000 JPY/t) HDG Japan Export (USD/t) 880 1,020 1,193 1, HDG Far East Market (USD/t) 887 1,123 1, Change year/year 11% 35% 42% 2% -28% -50% -34% -15% Plate Japan Domestic (000 JPY/t) Plate Japan Export (USD/t) ,250 1, Plate Far East Market (USD/t) 862 1,043 1, Change year/year 37% 50% 49% -14% -37% -55% -51% -19% Wire rod Japan Domestic (000 JPY/t) Wire rod Japan Export (USD/t) ,133 1,200 1,200 1, Wire rod Far East Market (USD/t) , Change year/year 62% 80% 82% 6% -28% -49% -48% -20% Merchant bars Japan Domestic (000 JPY/t) Merchant bars Japan Export (USD/t) , Merchant bars Far East Market (USD/t) , Change year/year 47% 75% 77% 9% -21% -46% -46% -19% Sections Japan Domestic (000 JPY/t) Sections Japan Export (USD/t) , Sections Far East Market (USD/t) 817 1,030 1, Change year/year 48% 64% 66% 14% -30% -45% -44% -23% Sources: CRU and Mittal Steel estimates. * Currency conversion based on average exchange rate.

24

25 Operations Davinder Chugh Member of Group Management Board, Responsible for Shared Services (reporting to CEO), IAC Member

26 24 Operations Group Structure ArcelorMittal Flat Carbon Americas Flat Carbon Europe Long Carbon Americas and Europe ArcelorMittal Brasil ArcelorMittal Mines Canada ArcelorMittal Atlantique & Lorraine ArcelorMittal Belgium Acindar ArcelorMittal Belval & Differdange ArcelorMittal Lázaro Cárdenas ArcelorMittal Dofasco ArcelorMittal España ArcelorMittal Flat Carbon Europe ArcelorMittal Brasil ArcelorMittal Hamburg ArcelorMittal USA ArcelorMittal Galati ArcelorMittal Poland ArcelorMittal Hochfeld ArcelorMittal Las Truchas Industeel Belgium Industeel France ArcelorMittal Madrid ArcelorMittal Montreal ArcelorMittal Gipuzkoa, S.L. ArcelorMittal Ostrava ArcelorMittal Point Lisas ArcelorMittal Poland ArcelorMittal Ruhrort Sonasid

27 Operations 25 AACIS Stainless Steel ArcelorMittal Distribution Solutions ArcelorMittal Kryviy Rih ArcelorMittal South Africa ArcelorMittal Inox Brasil ArcelorMittal Stainless Belgium ArcelorMittal International Luxembourg ArcelorMittal Temirtau ArcelorMittal S.A. is a holding company with no business operations of its own. All of its significant operating subsidiaries are indirectly owned by ArcelorMittal through intermediate holding companies. The chart above represents the current operational structure of the Company, including its significant operating subsidiaries, and not its legal or ownership structure.

28 26 Operations Key Operating Subsidiaries The following table identifies by operating segment each significant operating subsidiary of ArcelorMittal, including its registered office and ArcelorMittal s percentage ownership (as at December 31, 2009) thereof. Subsidiary (full legal name) Registered Office Percentage ownership Flat Carbon Americas ArcelorMittal Dofasco Inc Burlington Street East, P.O. Box 2460, % L8N 3J5 Hamilton, Ontario, Canada ArcelorMittal Lázaro Cárdenas S.A. de C.V. Fco. J. Mujica No. 1-B, Apartado Postal No. 19-A, 99.99% C.P , Cd. Lázaro Cárdenas, Michoacán, Mexico ArcelorMittal USA Inc. 1, South Dearborn, Chicago, IL 60603, USA % ArcelorMittal Mines Canada Inc 24 Boulevard des Iles, Suite 201, Port-Cartier, % Québec, G5B 2H3, Canada ArcelorMittal Brasil S.A. 1115, avenida Carandai, 24 Andar, % Belo Horizonte - MG, Brazil Flat Carbon Europe ArcelorMittal Atlantique et Lorraine SAS 1 à 5, rue Luigi Cherubini, St Denis, France % ArcelorMittal Belgium N.V. Avenue de l Yser, 24, 1040 Brussels, Belgium % ArcelorMittal España S.A. Residencia La Granda, Gozon, Asturias, Spain 99.79% ArcelorMittal Flat Carbon Europe SA Avenue de la Liberté, 19, L-2930 Luxembourg, Luxembourg % ArcelorMittal Galati S.A. Strada Smardan nr. 1, Galati, Romania 99.68% ArcelorMittal Poland S.A. Ul. Chorzowska 50, Katowice, Poland % 1 Industeel Belgium S.A. Rue de Châtelet, 266, 6030 Charleroi, Belgium % Industeel France S.A. 1 à 5, rue Luigi Cherubini, St Denis, France % Long Carbon Americas and Europe Acindar Industria Argentina de Aceros S.A. 2739, Estanislao Zeballos, B1643 AGY Buenos Aires, Argentina 99.99% 3 ArcelorMittal Belval & Differdange SA 66, rue de Luxembourg, 4221 Esch sur Alzette, Luxembourg % ArcelorMittal Brasil S.A. 1115, avenida Carandai, 24 Andar, Belo Horizonte - MG, Brazil 99.99% ArcelorMittal Hamburg GmbH Dradenaustrasse 33, D Hamburg, Germany % ArcelorMittal Hochfeld GmbH 2 Wörthstrasse 125, D Duisburg, Germany % ArcelorMittal Las Truchas, S.A. de C.V. Francisco J Mujica 1, 60950, Lázaro Cárdenas Michoacán, Mexico % ArcelorMittal Madrid S.L. Ctra. De Toledo KM 9,200, Madrid, Spain % ArcelorMittal Montreal Inc 4000, route des Aciéries, Contrecœur, Québec J0L 1C0, Canada % ArcelorMittal Gipúzkoa S.L. Carretera Nacional Madrid - Irun S/N, Olaberría, Spain % ArcelorMittal Ostrava a.s. Vratimovska 689, Ostrava-Kunčice, Czech Republic 82.55% ArcelorMittal Point Lisas Ltd. Mediterranean Drive, Point Lisas, Couva, Trinidad and Tobago % ArcelorMittal Poland S.A. Ul. Chorzowska 50, Katowice, Poland % 1 ArcelorMittal Ruhrort GmbH 2 Vohwinkelstrasse 107, D Duisburg, Germany % Société Nationale de Sidérurgie S.A. Route Nationale n 2, Km 18, BP 551, Al Aarroui, Morocco 32.40% 4

29 Operations 27 Subsidiary (full legal name) Registered Office Percentage ownership AACIS ArcelorMittal South Africa Ltd. Main Building, Room N3/5, Delfos Boulevard, 52.02% Vanderbijlpark, 1911, South Africa JSC ArcelorMittal Temirtau Republic Ave., 1, Temirtau, Karaganda Region, % Republic of Kazakhstan OJSC ArcelorMittal Kryviy Rih 1 Ordzhonikidze Street, Kryviy Rih, 95.13% Dnepropetrovsk Oblast, Ukraine Stainless Steel ArcelorMittal Inox Brasil S.A. Avenida Joao Pinheiro, 580, Centro, Belo Horizonte, % Minas Gerais, Brazil ArcelorMittal Stainless Belgium Avenue de l Yser, 24, 1040 Brussels, Belgium % ArcelorMittal Distribution Solutions ArcelorMittal International Luxembourg SA 19, avenue de la Liberté, 2930 Luxembourg, Luxembourg % 1 Represents the percentage of shares to which ArcelorMittal has title or that are subject to an executed agreement providing for their transfer to ArcelorMittal at a fixed price and future date. 2 ArcelorMittal Ruhrort and ArcelorMittal Hochfeld are together referred to as ArcelorMittal Duisburg. 3 Acindar Industria Argentina de Aceros S.A. is controlled by ArcelorMittal Brasil, a subsidiary of ArcelorMittal. 4 Société Nationale de Sidérurgie, S.A. is controlled by Nouvelles Sidérurgies Industrielles, a subsidiary of ArcelorMittal.

30 28 Operations 2009 Highlights In January 2009, ArcelorMittal began trading on a single order book in Paris, Amsterdam and Brussels, under the symbol MT. ArcelorMittal remains a member of key NYSE-Euronext indices, including the CAC40 and the AEX.

31 Operations 29 January Transaction with Soteg ArcelorMittal contributed its 76.9% stake in Saar Ferngas AG to Luxembourg-based utility Soteg, in which it held a minority ownership stake. Upon completion, ArcelorMittal s stake in Soteg increased from 20% to 26.2%. ArcelorMittal then sold 2.48% of Soteg to the Government of Luxembourg and SNCI ( Société Nationale de Crédit et d Investissement ), a Luxembourg governmentcontrolled investment. ArcelorMittal retains a 25.3% stake in Soteg, renamed Enovos. April European Works Council talks ArcelorMittal met with its European Works Council to provide an update on the temporary suspension of production at sites in Europe. In light of the ongoing exceptional economic environment, it was necessary to continue to suspend and optimize production to ensure the Company was well adapted to the market reality. All production suspensions were temporary and reviewed on a regular basis. May Agreement with Czech Government ArcelorMittal and the Czech Government agreed to resolve all pending arbitration and litigation regarding the privatization of Nova Hut and Vítkovice Steel. ArcelorMittal agreed to an amicable settlement of all pending litigation and arbitration cases against the Czech Government and its related entities. In addition, ArcelorMittal increased its stake in ArcelorMittal Ostrava to approximately 83%. As a part of the overall settlement agreement, ArcelorMittal Ostrava concluded a long-term supply agreement for hot metal with Evraz Vítkovice Steel. October Disposal ArcelorMittal signed a definitive agreement to divest its minority interest in Wabush Mines, Canada, pursuant to which it will receive $34.28 million for its 28.6% stake. After the disposal, ArcelorMittal continued to have significant mining operations and resources in Canada including ArcelorMittal Mines Canada. November Increase of stake ArcelorMittal acquired an additional 13.9% stake in ArcelorMittal Ostrava, increasing its stake to approximately 96.4%. The transaction was completed in January December International Volunteer Work Day ArcelorMittal held its second annual International Volunteer Work Day organized by the ArcelorMittal Foundation. It consisted of a set of actions implemented by the Group s local units to encourage employees to invest time and expertise for the benefit of local communities. Recent Developments Following the closing of a tender offer on January 7, 2010, ArcelorMittal acquired a 28.8% stake in Uttam Galva Steels Limited ( Uttam Galva ), a leading producer of cold rolled steel, galvanized products and color coated coils and sheets based in Western India that is listed on the major stock exchanges of India. The Company expects to purchase an additional 4.9% from the Promoter R.K. Miglani family in due course. ArcelorMittal entered into initial discussions with BHP Billiton to potentially combine their respective iron ore mining and infrastructure interests in Liberia and Guinea within a joint venture. ArcelorMittal, through the ArcelorMittal Foundation, donated $1 million to help the relief efforts in Port-au-Prince, Haiti, following the earthquake that struck the island on January 12, On March 16, 2010, ArcelorMittal announced it had signed a memorandum of understanding to establish a joint venture with the Turkish Company Dayen to build a steel mini-mill with electric furnace in Sulaimaniyah, Iraq. The mill would produce in its initial phase up to 250,000 tonnes per year of rebar from locally-sourced scrap, and requires an investment of $100-$130 million jointly subscribed by ArcelorMittal and Dayen. Construction is planned to start in the second quarter of 2010 and production is planned to commence early in the fourth quarter of Production could eventually increase to 500,000 tonnes per year. On March 31, 2010, ArcelorMittal announced that it will become a tier two sponsor of the 2012 Olympic and Paralympic Games, to support the infrastructure and success of the Games. ArcelorMittal will fund 16 million (of which 10 million is cash and 6 million is a loan) of the 19.1 million ArcelorMittal Orbit project, with the remaining 3.1 million provided by the London Development Agency.

32 30 Operations Board of Directors ArcelorMittal continues to place a strong emphasis on corporate governance. ArcelorMittal has six independent directors on its nine member Board of Directors. ArcelorMittal s Audit Committee and Appointments, Remuneration and Corporate Governance Committee are each comprised of three independent directors and half of the members of ArcelorMittal s Risk Management Committee are required to be independent. On May 11, 2010 the annual general meeting of shareholders re-elected Vanisha Mittal Bhatia as member of the Board of Directors and acknowledged the expirations of the mandates of John Castegnaro and José Ramón Álvarez Rendueles. In replacement of Mr. Georges Schmit who resigned as a member of the Board as of 31 December, 2009, the Board co-opted Jeannot Krecké as a Board member starting January 1, At the annual general meeting held on May 11, 2010 the shareholders also confirmed Mr. Krecké s appointment to the Board of Directors.

33 Operations 31 Lakshmi N. Mittal Lewis B. Kaden Vanisha Mittal Bhatia Lakshmi N. Mittal, 59, is the Chairman and CEO of ArcelorMittal. Mr. Mittal founded Mittal Steel Company (formerly the LNM Group) in 1976 and guided its strategic development, culminating in the merger with Arcelor, agreed in 2006, to found the world s largest steelmaker. Since the merger, Mr. Mittal has led a successful integration, establishing ArcelorMittal as one of the world s foremost industrial companies. He is widely recognized for the leading role he has played in restructuring the steel industry towards a more consolidated and globalized model. Mr. Mittal is an active philanthropist and a member of various trusts and boards, including the boards of directors of Goldman Sachs and EADS. He is also a member of the Foreign Investment Council in Kazakhstan, the International Investment Council in South Africa, the Investors Council to the Cabinet of Ministers of Ukraine, the World Economic Forum s International Business Council, the World Steel Association s Executive Committee and the Presidential International Advisory Board of Mozambique. He also sits on the Advisory Board of the Kellogg School of Management in the United States. Mr. Mittal began his career working in the family s steelmaking business in India, and has over 30 years of experience working in steel and related industries. In addition to forcing the pace of industry consolidation, he has also championed the development of integrated mini-mills and the use of DRI as a scrap substitute for steelmaking. Following the transaction combining Ispat International and LNM Holdings to form Mittal Steel in December 2004, together with the simultaneous announcement of the acquisition of International Steel Group in the United States to form the world s then-leading steel producer, Mr. Mittal was awarded Fortune magazine s European Businessman of the Year In 1996, Mr. Mittal was awarded Steelmaker of the Year by New Steel in the United States and the Willy Korf Steel Vision Award by World Steel Dynamics in 1998 for outstanding vision, entrepreneurship, leadership and success in global steel development. Following the creation of ArcelorMittal, Mr. Mittal was awarded Business Person of 2006 by the Sunday Times, International Newsmaker of the Year 2006 by Time Magazine and Person of the Year 2006 by the Financial Times for his outstanding business achievements. In January 2007, Mr. Mittal was presented with a fellowship from King s College London, the college s highest award. He also received the 2007 Dwight D Eisenhower Global Leadership Award, the Grand Cross of Civil Merit from Spain and was named AIST Steelmaker of the Year. In January 2008, Mr. Mittal was awarded the Padma Vibhushan, India s second highest civilian honor, by the President of India. In September 2008, Mr. Mittal was chosen for the third Forbes Lifetime Achievement Award, which honors heroes of entrepreneurial capitalism and free enterprise. Mr. Mittal was born in Sadulpur in Rajasthan, India on June 15, He graduated from St Xavier s College in Kolkata where he received a Bachelor of Commerce degree. Lewis B. Kaden, 67, is the Lead Independent Director of ArcelorMittal. He has approximately 40 years of experience in corporate governance, financial services, dispute resolution and economic policy. He is currently Vice Chairman of Citigroup. Prior to that, he was a partner of the law firm Davis Polk & Wardwell, and served as Counsel to the Governor of New Jersey, as a Professor of Law at Columbia University and as director of Columbia University s Center for Law and Economic Studies. He has served as a director of Bethlehem Steel Corporation for ten years and is currently Chairman of the Board of Directors of the Markle Foundation. He is a member of the Council on Foreign Relations and has been a moderator of the Business-Labor Dialogue. Mr. Kaden is a magna cum laude graduate of Harvard College and of Harvard Law School. He was the John Harvard Scholar at Emmanuel College, Cambridge University. Mr. Kaden s principal duties and responsibilities as Lead Independent Director are as follows:

34 32 Operations Narayanan Vaghul Wilbur L. Ross, Jr François Pinault Coordination of activities of the other Independent Directors; Liaison between the Chairman and the other Independent Directors; Calling meetings of the Independent Directors when necessary and appropriate; and Such other duties as are assigned from time to time by the Board of Directors. Vanisha Mittal Bhatia, 29, was appointed as a member of the LNM Holdings Board of Directors in June Mrs. Vanisha Mittal Bhatia was appointed to Mittal Steel s Board of Directors in December She has a Bachelor of Arts degree in Business Administration from the European Business School and has completed corporate internships at Mittal Shipping Ltd., Mittal Steel Hamburg GmbH and an Internet-based venture capital fund. Narayanan Vaghul, 73, has over 50 years of experience in the financial sector. He was the Chairman of ICICI Bank Limited between 2002 and April Previously, he served as the Chairman of the Industrial Credit and Investment Corporation of India, a long-term credit development bank for 17 years and, prior to that, served as Chairman of the Bank of India and Executive Director of the Central Bank of India. He was chosen as Businessman of the Year in 1992 by Business India and has served as a consultant to the World Bank, the International Finance Corporation and the Asian Development Bank. Mr. Vaghul was also a visiting Professor at the Stern Business School at New York University. Mr. Vaghul is a Board member in Wipro Limited, Mahindra & Mahindra Limited, Piramal Healthcare Limited (formerly Nicholas Piramal Limited), Apollo Hospital Enterprises Limited and Chairman of Mahindra World City Developers Limited (an unlisted public company). In addition, he is on the Board of several Trusts and non-profit companies dealing with education, health and a variety of socially relevant purposes. Narayanan Vaghul was awarded the Padma Bhushan, the third highest civilian honor in India. The award will be formally conferred in April 2010 by the President of India. Wilbur L. Ross, Jr., 72, has served as the Chairman of the ISG Board of Directors since ISG s inception. Mr. Ross is the Chairman and Chief Executive Officer of WL Ross & Co. LLC, a merchant banking firm, a position that he has held since April Mr. Ross is also the Chairman and Chief Executive Officer of WLR Recovery Fund L.P., WLR Recovery Fund II L.P., Asia Recovery Fund, Asia Recovery Fund Co-Investment, Nippon Investment Partners and Absolute Recovery Hedge Fund. Mr. Ross is also Chairman of Invesco Private Capital, Ohizumi Manufacturing Company in Japan, International Textile Group, International Coal Group and of American Home Mortgage Servicing Inc. Mr. Ross is a Board member of the Turnaround Management Association, Nikko Electric in Japan, Clarent Hospital Corp. and International Automotive Components. He also serves as a Director to Compagnie Européenne de Wagons SARL (Luxembourg), Wagon PLC (UK), the Japan Society, the Whitney Museum of American Art and the Yale School of Management. Previously, Mr. Ross served as the Executive Managing Director at Rothschild, the investment banking firm, from October 1974 to March 2000 and as Chairman of the Smithsonian Institution National Board. All ages as of January 1, 2010.

35 Operations 33 Jeannot Krecké Antoine Spillmann H.R.H. Prince Guillaume de Luxembourg François Pinault, 73, set up his first company in 1963, in the timber business. In 1988, the Pinault Group was listed on the Paris stock exchange. Renamed PPR, the company founded by François Pinault is today led by his son François Henri Pinault, has two major activities: Retail business with CFAO, a leading distributor of household goods, La Redoute, a leader in mail order trading, La FNAC, a leading retailer of cultural products in Europe, and Puma, a leader in sports products; Luxury goods business with Gucci Group, the second biggest luxury group in the world with famous brands such as Gucci, Yves Saint-Laurent, Bottega Veneta, Sergio Rossi, Boucheron, Stella McCartney, Alexander McQueen, Bedat & Co and Balenciaga. At the same time, François Pinault set up a separate structure in order to invest in companies with strong growth potential, but in sectors distinct from that of PPR. Founded in 1992 and fully controlled by François Pinault and his family, Artemis controls the famous French vineyard Chateau-Latour, the news magazine Le Point, the auction house Christie s, as well as part of the share capital of Vinci. François Pinault also owns the Rennes Football Club and the Marigny Theatre. As one of the largest collectors of contemporary art, François Pinault acquired the Palazzo Grassi in Venice in May 2005 to display its art collection and to organize cultural events. He also acquired La Punta Della Dogana in Venice to set up a contemporary art center. His collection is also displayed outside Venice. Jeannot Krecké, 59, started his university studies at the Université Libre de Bruxelles in 1969, from which he obtained a degree in physical and sports education. He decided in 1983 to change professional direction. His interests led him to retrain in economics, accounting and taxation. Following the Luxembourg legislative elections of June 13, 2004, Jeannot Krecké was appointed Minister of the Economy and Foreign Trade as well as Minister of Sports on July 31, Upon the return of the coalition government formed by the Christian Social Party (CSV) and the Luxembourg Socialist Workers Party (LSAP) as a result of the legislative elections of June 7, 2009, Jeannot Krecké retained the portfolio of Minister of the Economy and Foreign Trade on July 23, From July 2004, Jeannot Krecké represented the Luxembourg government on the Council of Ministers of the European Union in the Internal Market and Industry sections of its Competitiveness configuration as well as on the Economic and Financial Affairs Council and in the Energy section of its Transport, Telecommunications and Energy configuration. He was also a member of the Eurogroup from July 2004 to June Antoine Spillmann, 46, worked for leading investment banks in London from 1986 to He is an asset manager and executive partner at the firm Bruellan Wealth Management, an independent asset management company based in Geneva. Mr. Spillmann studied in Switzerland and London and holds degrees from the London Business School in Investment Management and Corporate Finance. H.R.H. Prince Guillaume de Luxembourg, 46, worked for six months at the International Monetary Fund in Washington, DC, and spent two years working for the Commission of European Communities in Brussels. He studied at the University of Oxford in the United Kingdom, and Georgetown University in Washington, DC, from which he graduated in 1987.

36 34 Operations Senior Management Group Management Board The strategic direction of the business is the responsibility of the GMB under the supervision of the Board of Directors. The GMB members are appointed by the Board of Directors and the GMB is headed by Lakshmi N. Mittal as Chief Executive Officer. On January 1, 2010, Peter Kukielski joined the GMB as Head of Mining, bringing a wealth of strategy, operations, project development and international experience to the Company. The senior management team continues to enjoy the relevant talent and expertise it needs to continue to deliver the best possible performance to all stakeholders.

37 Operations 35 Lakshmi N. Mittal Aditya Mittal Michel Wurth Gonzalo Urquijo Aditya Mittal, CFO, Responsible for Flat Americas, M&A, Investor Relations, Strategy and Communications Aditya Mittal, 33, is Chief Financial Officer of ArcelorMittal with additional responsibility for M&A Business & Project Development, Flat Americas, Strategy, Investors Relations and Communications. Prior to the merger to create ArcelorMittal, Aditya Mittal held the position of President and CFO of Mittal Steel Company from October 2004 to He joined Mittal Steel in January 1997 and has held various finance and management roles within the company. In 1999, he was appointed Head of Mergers and Acquisitions for Mittal Steel. In this role, he led the company s acquisition strategy, resulting in Mittal Steel s expansion into Central Europe, Africa and the United States. Besides the M&A responsibilities, Aditya Mittal was involved in post-integration, turnaround and improvement strategies. This led to Mittal Steel emerging as the world s largest and most global steel producer, growing its steelmaking capacities fourfold. As CFO of Mittal Steel, he also initiated and led Mittal Steel s offer for Arcelor to create the first 100 million tonne plus steel company. In 2008, Aditya Mittal was awarded European Business Leader of the Future by CNBC Europe. In 2009, he was also ranked 4th in the 40-under-40 list of Forbes magazine. He is a member of the World Economic Forum s Young Global Leaders Forum, the Young President s Organization, a Board Member at the Wharton School, a Board Member at Bennett, Coleman & Co., a Board Member at PPR and a member of Citigroup s International Advisory Board. Aditya Mittal holds a Bachelor s degree of Science in Economics with concentrations in Strategic Management and Corporate Finance from the Wharton School in Pennsylvania. Michel Wurth, Responsible for Flat Europe, ArcelorMittal Distribution Solutions, Products Development and R&D, Global Customers Michel Wurth, 55, was previously Vice President of the Group Management Board of Arcelor and Deputy CEO, with responsibility for Flat Carbon Steel Europe and Auto, Flat Carbon Steel Brazil, Coordination Brazil, Coordination Heavy Plate, R&D, NSC Alliance. The merger of Aceralia, Arbed and Usinor leading to the creation of Arcelor in 2002 led to Michel Wurth s appointment as Senior Executive Vice President and CFO of Arcelor, with responsibility over Finance and Management by Objectives. Michel Wurth joined Arbed in 1979 and held a variety of functions including Secretary of the Board of Directors, head of the Arbed subsidiary Novar and Corporate Secretary, before joining the Arbed Group Management Board and becoming its Chief Financial Officer in He was named Executive Vice President in Michel Wurth holds a law degree from the University of Grenoble, a degree in Political Science from the Institut d Études Politiques de Grenoble and a Master of Economics degree from the London School of Economics.

38 36 Operations Sudhir Maheshwari Christophe Cornier Davinder Chugh Peter Kukielski Gonzalo Urquijo, Responsible for Long Products, China, Stainless, Tubular Products, Corporate Responsibility: ArcelorMittal Foundation, Investment Allocation Committee (IAC) Chairman Gonzalo Urquijo, 48, previously member of the Group Management Board and Senior Executive Vice President and Chief Financial Officer of Arcelor, held the following responsibilities: Finance, Purchasing, IT, Legal Affairs, Investor Relations, Arcelor Steel Solutions and Services, and other activities. Gonzalo Urquijo also held several other positions within Arcelor, including Deputy Senior Executive Vice President and Head of the functional directorates of distribution. Until the creation of Arcelor in 2002, when he became Executive Vice President of the Operational Unit South of the Flat Carbon Steel sector, Mr. Urquijo was CFO of Aceralia. Between 1984 and 1992, he held a variety of positions at Citibank and Crédit Agricole before joining Aristrain in 1992 as CFO and later Co-CEO. Gonzalo Urquijo is a graduate in Economics and Political Science of Yale University and holds an MBA from the Instituto de Empresa in Madrid. Sudhir Maheshwari, Responsible for Corporate Finance, M&A and Business Development including India, and Risk Management; Alternate Chairman of the Corporate Finance and Tax Committee and Chairman of the Risk Management Committee (reporting to CFO) Mr. Maheshwari, 46, was previously a Member of the Management Committee of ArcelorMittal, Responsible for Finance and M&A. Prior to this, he was Managing Director, Business Development and Treasury at Mittal Steel from January 2005 until its merger with Arcelor in 2006 and Chief Financial Officer of LNM Holdings N.V. from January 2002 until its merger with Ispat International in December Mr. Maheshwari has over 23 years of experience in the steel and related industries. He has played an integral and leading role in all acquisitions in recent years including the ArcelorMittal merger and turnaround and integration thereof. He also plays a key leading role in various corporate finance, funding and capital market projects, including the initial public offering in 1997 and the various banking and public market financing transactions since then. Over a 21-year career with ArcelorMittal, he also held the positions of Chief Financial Officer at Mittal Steel Europe S.A., Mittal Steel Germany and Mittal Steel Point Lisas, and Director of Finance and M&A at Mittal Steel. Mr Maheshwari also serves on the Board of various subsidiaries of ArcelorMittal. Mr. Maheshwari is an honors graduate in accounting and commerce from St. Xavier s College, Calcutta and a fellow of The Institute of Chartered Accountants and The Institute of Company Secretaries in India. Christophe Cornier, Responsible for Asia, Africa, Technology and Projects Christophe Cornier, 57, was previously a Member of the Management Committee of ArcelorMittal, Responsible for Flat Carbon Western Europe. Prior to that, Christophe Cornier was responsible for Arcelor s flat products activities in Europe and for its worldwide automotive sector since December 2005, when he was appointed a member of the Arcelor s Management Committee. In June 2005, he was appointed head of Arcelor s Client Value Team. Upon the creation of Arcelor in 2002, he was named Executive Vice-President of FCS Commercial Auto. Before that, he was CEO of Sollac Mediterranée. In 1998, he was appointed CEO of La Magona, after joining Sollac Packaging as Managing Director in In 1985 he joined Usinor, where he was Business Development Director and Chief Controller of Sollac. He began his career with the French Ministry of Industry, which he left as a Deputy Director. Mr. Cornier is a graduate of the École Polytechnique and the École des Mines in Paris.

39 Operations 37 Davinder Chugh, Responsible for Shared Services (reporting to CEO), IAC Member Davinder Chugh, 53, has over 30 years of experience in the steel industry in general management, materials purchasing, marketing, logistics, warehousing and shipping. Davinder Chugh was previously a Senior Executive Vice President of ArcelorMittal responsible for Shared Services until Before becoming a Senior Executive Vice President of ArcelorMittal, he served as the CEO of Mittal Steel South Africa until Mr. Chugh also worked in South Africa from 2002 after the acquisition of Mittal Steel South Africa (ISCOR) and was involved in the turnaround and consolidation of the South African operations of ArcelorMittal. He also served as Director of Commercial and Marketing at Mittal Steel South Africa, among other positions. Mr. Chugh was Vice President of Purchasing in Mittal Steel Europe until 2002, where he consolidated procurement and logistics across plants in Europe. Prior to this, he held several senior positions at the Steel Authority India Limited in New Delhi, India. He holds degrees in science and law and has a Master of Business Administration. Peter Kukielski, Head of Mining On December 15, 2008, Peter Kukielski, 53, was appointed Senior Executive Vice President and Head of Mining of ArcelorMittal. Mr. Kukielski will be responsible for the Company s mining business and for driving its development. Mr. Kukielski was most recently Executive Vice President and Chief Operating Officer at Teck Cominco Limited. Prior to joining Teck Cominco, he was Chief Operating Officer of Falconbridge Limited before which he held senior engineering and project management positions with BHP Billiton and Fluor Corporation. Mr. Kukielski holds a Bachelor of Science degree in civil engineering from the University of Rhode Island and a Master of Science degree in civil engineering from Stanford University. Effective as of January 1, 2010, Peter Kukielski was appointed member of the Group Management Board. Management Committee Name Age 1 Position Bhikam Agarwal 57 Executive Vice President, Head of Finance Vijay Bhatnagar 62 Executive Vice President, CEO India Philippe Darmayan 57 Executive Vice President, CEO ArcelorMittal Distribution Solutions Phil du Toit 57 Executive Vice President, Head of Mining Projects and Exploration Bernard Fontana 48 Executive Vice President, Head of Human Resources Jean-Yves Gilet 53 Executive Vice President, CEO Stainless Pierre Gugliermina 58 Executive Vice President, Chief Technology Officer Robrecht Himpe 51 Executive Vice President, CEO Flat Europe Gerson Alves Menezes 60 Executive Vice President, CEO Long Carbon Americas (LCA) Michael Pfitzner 60 Executive Vice President, Head of Marketing and Commercial Coordination Arnaud Poupart-Lafarge 44 Executive Vice President, CEO Africa and Commonwealth of Independent States (CIS) Gerhard Renz 62 Executive Vice President, CEO Long Europe Michael Rippey 52 Executive Vice President, CEO USA Lou Schorsch 60 Executive Vice President, CEO Flat Americas Bill Scotting 51 Executive Vice President, Head of Strategy 1 Age as of January 1, 2010.

40 38 Operations Corporate Governance Board of Directors, Group Management Board and Management Committee ArcelorMittal is governed by a Board of Directors and a Group Management Board. The Group Management Board is assisted by a Management Committee. Board of Directors The Board of Directors is in charge of the overall management of ArcelorMittal. It is responsible for the performance of all acts of administration necessary or useful in furtherance of the corporate purpose of ArcelorMittal, except for matters expressly reserved by Luxembourg law or the Articles of Association to the general meeting of shareholders. The Articles of Association provide that the Board of Directors is composed of a minimum of three and a maximum of 18 members, all of whom, except the Chief Executive Officer, must be non-executive directors. None of the members of the Board of Directors, except for the Chief Executive Officer, may hold an executive position or executive mandate within ArcelorMittal or any entity controlled by ArcelorMittal. Mr. Lakshmi N. Mittal was elected Chairman of the Board of Directors on May 13, Mr. Mittal is also ArcelorMittal s Chief Executive Officer. As of date hereof, the Board of Directors is comprised of nine members in total: eight non-executive directors and one executive director. The Chief Executive Officer of ArcelorMittal is the sole executive director. Six of the nine members of the Board of Directors are independent. A director is considered independent if (a) he or she is independent within the meaning of the Listed Company Manual of the New York Stock Exchange, as amended from time to time, or any successor manual or provisions, subject to the exemptions available for foreign private issuers (the NYSE standards ), (b) he or she is unaffiliated with any shareholder owning or controlling more than two percent of the total issued share capital of ArcelorMittal, and (c) the Board of Directors makes an affirmative determination to this effect. For these purposes, a person is deemed affiliated to a shareholder if he or she is an executive officer, a director who also is an employee, a general partner, a managing member or a controlling shareholder of such shareholder. There is no requirement in the Articles of Association that directors be shareholders of the Company. The Articles of Association provide that directors are elected and removed by the general meeting of shareholders by a simple majority of votes cast. No shareholder has any specific right to nominate, elect or remove directors. Directors are elected by the general meeting of shareholders for three-year terms. In the event that a vacancy arises on the Board of Directors for any reason, the remaining members of the Board of Directors may, by a simple majority elect a new director to temporarily fulfill the duties attaching to the vacant post until the next general meeting of the shareholders. None of the members of the Board of Directors, including the executive director, have entered into service contracts with ArcelorMittal or any of its subsidiaries that provide for benefits upon the termination of their mandate. Operation of the Board of Directors General Luxembourg law permits the Board of Directors to engage the services of external experts or advisers, as well as to take all actions necessary or useful to implement the Company s corporate purpose. Meetings The Board of Directors meets when convened by the Chairman of the Board or two members of the Board of Directors. The Board of Directors holds physical meetings at least on a quarterly basis as five regular meetings are scheduled per year. The Board of Directors holds additional meetings if and when circumstances require, in person or by teleconference. The Board of Directors held seven meetings in The average attendance rate of the directors at the Board of Directors meetings held in 2009 was 86%. In order for a meeting of the Board of Directors to be validly held, a majority of the directors must be present or represented, including at least the Chairman and a majority of the independent directors. In the absence of the Chairman, the Board of Directors will appoint by majority vote a chairman pro tempore for the meeting in question. The Chairman may decide not to participate in a Board of Directors meeting, provided he has given a proxy to one of the directors who will be present at the meeting. For any meeting of the Board of Directors, a director may designate another director to represent him or her and vote in his or her name, provided that the director so designated may not represent more than one of his or her colleagues at any time.

41 Operations 39 Votes Each director has one vote and none of the directors, including the Chairman, has a casting vote. Decisions of the Board of Directors are made by a majority of the directors present and represented at a validly constituted meeting. Lead Independent Director In April 2008, the Board of Directors created the role of Lead Independent Director. The Lead Independent Director replaces the President of the Board of Directors as previously provided by the MoU and his or her function is to: coordinate the activities of the independent directors; liaise between the Chairman of the Board of Directors and the independent directors; call meetings of the independent directors when necessary and appropriate; and perform such other duties as may be assigned to him or her by the Board of Directors from time to time. Mr. Lewis B. Kaden was elected by the Board of Directors as ArcelorMittal s first Lead Independent Director in April The agenda of the meeting of the Board of Directors is agreed by the Chairman of the Board of Directors and the Lead Independent Director. Board of Directors Self-Evaluation and Continuing Education Program The Board of Directors decided in 2008 to conduct an annual self-evaluation of its functioning in order to identify potential areas for improvement. The first self-evaluation process was carried out in early The self-evaluation process was implemented through a questionnaire addressed to each director and a different questionnaire addressed to each member of the Board s Committees. The process is coordinated by the Company Secretary under the supervision of the Chairman and the Lead Independent Director. Its findings are examined by the Appointments, Remuneration and Corporate Governance Committee and presented with recommendations to the Board of Directors for implementation. The second self-evaluation began in December 2009 and was completed in January The Board of Directors believes that its members have the appropriate range of skills, knowledge and experience necessary to enable them to effectively govern the Company s business. To further bolster these skills, the Board of Directors launched in 2009 a continuous education program for its members. The topics to be addressed through the program include areas of importance for the future growth and development of the Company (e.g., strategy, marketing, human resources, industrial development, corporate governance, legal and regulatory). Additional topics may be added at the request of the members of the Board of Directors. The education program usually consists of an introduction by recognized experts in the relevant fields, who may be practitioners or academics, followed by a facilitated discussion between the presenter and the Board of Directors. The members of the Board of Directors also have the opportunity to participate in specific programs designed for directors of publicly listed companies at reputable academic institutions and business schools. The Board of Directors has a yearly budget dedicated to the continuing education program. Separate Meetings of Independent Directors The independent members of the Board of Directors may schedule meetings outside the presence of non-independent directors. Five meetings of the independent directors outside the presence of management and non-independent directors were held in Board of Directors Committees The Board of Directors has three committees: the Audit Committee, the Appointments, Remuneration and Corporate Governance Committee and the Risk Management Committee. The creation of the Risk Management Committee was announced on June 5, Audit Committee The Audit Committee must be composed solely of independent members of the Board of Directors. The members are appointed by the Board of Directors each year after the annual general meeting. The members must be independent as defined in Rule 10A-3 of the U.S. Securities Exchange Act of 1934, as amended. The Audit Committee makes decisions by a simple majority with no member having a casting vote. The primary function of the Audit Committee is to assist the Board of Directors in fulfilling its oversight responsibilities by reviewing: the financial reports and other financial information provided by ArcelorMittal to any governmental body or the public; ArcelorMittal s system of internal control regarding finance, accounting, legal compliance and ethics that the Board of Directors and senior management have established; and ArcelorMittal s auditing, accounting and financial reporting processes generally. The Audit Committee s primary duties and responsibilities are to: be an independent and objective party to monitor ArcelorMittal s financial reporting process and internal controls system; review and appraise the audit efforts of ArcelorMittal s independent auditors and internal auditing department; provide an open avenue of communication among the independent auditors, senior management, the internal audit department and the Board of Directors; approve the appointment and fees of the independent auditors; and monitor the independence of the independent auditors. The three members of the Audit Committee are Messrs. Narayanan Vaghul, Wilbur L. Ross and Antoine Spillmann, each of whom is an independent director according to the NYSE standards and the 10 Principles of Corporate Governance of the Luxembourg Stock Exchange. The Chairman of the Audit Committee is Mr. Vaghul, who has significant experience and financial expertise. Mr. Vaghul was until April 2009 the non-executive chairman of ICICI Bank Ltd., a major Indian commercial bank also listed on the NYSE. He is also a former chairman of the Mumbai (Bombay) Stock Exchange. Mr. Ross was the Chairman of International Steel Group (ISG) from its creation until its acquisition by ArcelorMittal in He is the Chairman of a number of international companies including the International Auto Components Group and is the Chairman and Chief Executive Officer of private equity firm WL Ross & Co. LLC. As such, he has acquired significant experience in the steel industry and in the management of international companies in various economic sectors. Mr. Spillmann also has significant financial expertise, having worked for several major banks, mainly in the United Kingdom, and is currently an executive partner at Bruellan, an asset management firm in Geneva, Switzerland.

42 40 Operations The Committee may also seek the advice of outside experts. According to its charter, the Audit Committee is required to meet at least four times a year. During 2009, the Audit Committee met seven times. The average attendance rate of the directors at the Audit Committee meetings held in 2009 was 75%. Appointments, Remuneration and Corporate Governance Committee The Appointments, Remuneration and Corporate Governance Committee (the ARCG Committee ) is comprised of three directors, each of whom is independent under the NYSE standards and the 10 Principles of Corporate Governance of the Luxembourg Stock Exchange. The members are appointed by the Board of Directors each year after the annual general meeting of shareholders. The ARCG Committee makes decisions by a simple majority with no member having a casting vote. The Board of Directors has established the ARCG Committee to: determine, on its behalf and on behalf of the shareholders within agreed terms of reference ArcelorMittal s compensation framework, including the stock options for the Chief Executive Officer, the Chief Financial Officer, the members of the Group Management Board and the members of the Management Committee; consider any candidate for appointment or reappointment to the Board of Directors at the request of the Board of Directors and provide advice and recommendations to it regarding the same; evaluate the functioning of the Board of Directors and monitor Directors self-assessment process; and develop, monitor and review corporate governance principles applicable to ArcelorMittal. The ARCG Committee s principal criteria in determining the compensation of executives is to encourage and reward performance that will lead to long-term enhancement of shareholder value. The ARCG Committee may seek the advice of outside experts. The three members of the ARCG Committee are Lewis B. Kaden, HRH Prince Guillaume of Luxembourg and Narayanan Vaghul, each of whom is independent in accordance with the NYSE standards and the 10 Principles of Corporate Governance of the Luxembourg Stock Exchange. The Chairman of the ARCG Committee is Mr. Kaden, who is also the Board s Lead Independent Director. The ARCG Committee is required to meet at least twice a year. During 2009, this committee met five times. The average attendance rate at the ARCG Committee meetings held in 2009 was 77%. Risk Management Committee As announced on June 5, 2009, the Board of Directors created a Risk Management Committee to assist it with risk management, in line with recent developments in corporate governance best practices and in parallel with the creation of a Group Risk Management Committee ( GRMC ) at the executive level. The members are appointed by the Board of Directors each year after the annual general meeting of shareholders. The Risk Management Committee must be comprised of at least two members. At its creation, the Risk Management Committee had two members, Antoine Spillmann and Georges Schmit. Sudhir Maheshwari, a member of the Group Management Board who chairs the GRMC, is an invitee to the meetings of the Risk Management Committee. At least half of the members of the Risk Management Committee must be independent under the NYSE standards and the 10 Principles of Corporate Governance of the Luxembourg Stock Exchange. Mr. Schmit resigned from the Board of Directors effective December 31, His replacement on the Risk Management Committee is Jeannot Krecké. The Risk Management Committee met for the first time on July 28, 2009 and had a total of two meetings in According to its charter, it is required to meet at least four times per year on a quarterly basis or more frequently if circumstances so require. The average attendance rate at the Risk Management Committee meetings held in 2009 was 100%. The members of the Risk Management Committee may decide to appoint a Chairman by majority vote. Mr. Spillmann was designated as Chairman. The Chairman of the GRMC will be an invitee to the Risk Management Committee and, in addition, it may invite any other member of the GRMC or any other expert from within the ArcelorMittal group to participate in a meeting. The Risk Management Committee may also seek the advice of outside experts. Decisions and recommendations of the Risk Management Committee are adopted at a simple majority. In case of deadlock, any Committee member may bring the matter before the Board of Directors. The Chairman or, in the absence of the Chairman, any other member of the Risk Management Committee, will report to the Board of Directors at each of the latter s quarterly meetings or more frequently if circumstances so require. The Risk Management Committee will conduct an annual self-evaluation of its own performance, its interaction with the GRMC and the Board of Directors as well as of its effectiveness and compliance with its charter. The purpose of the Risk Management Committee is to support the Board of Directors in fulfilling its corporate governance and oversight responsibilities by assisting with the monitoring and review of the risk management framework and process of ArcelorMittal. Its main responsibilities and duties are to assist the Board of Directors by developing recommendations regarding the following matters:

43 Operations 41 The oversight, development and implementation of a risk identification and management process and the review and reporting on the same in a consistent manner throughout the ArcelorMittal Group; The review of the effectiveness of the Group-wide risk management framework, policies and process at Corporate, Segment and Business Unit levels, and the proposing of improvements, with the aim of ensuring that the Group s management is supported by an effective risk management system; The promotion of constructive and open exchanges on risk identification and management among senior management (through the GRMC), the Board of Directors, the Internal Assurance department, the Legal Department and other relevant departments within the ArcelorMittal Group; The review of proposals for assessing, defining and reviewing the risk appetite/ tolerance level of the Group and ensuring that appropriate risk limits/tolerance levels are in place, with the aim of helping to define the Group s risk management strategy; The review of the Group s internal and external audit plans to ensure that they include a review of the major risks facing the ArcelorMittal Group; and Making recommendations within the scope of its charter to ArcelorMittal s senior management and to the Board of Directors about senior management s proposals concerning risk management. Group Management Board The Group Management Board is entrusted with the day-to-day management of ArcelorMittal. Mr. Lakshmi N. Mittal, the Chief Executive Officer, is the Chairman of the Group Management Board. The members of the Group Management Board are appointed and dismissed by the Board of Directors. As the Group Management Board is not a corporate body created by Luxembourg law or ArcelorMittal s Articles of Association, the Group Management Board may exercise only the authority granted to it by the Board of Directors. In establishing ArcelorMittal s strategic direction and corporate policies, Mr. Lakshmi N. Mittal is supported by members of ArcelorMittal s senior management, who have substantial professional and worldwide steel industry experience. Some of the members of ArcelorMittal s senior management team are also members of the Group Management Board. Management Committee The Group Management Board is assisted by a Management Committee comprised of the members of the Group Management Board and 15 other senior executive officers. The Management Committee discusses and prepares Group decisions on matters of Group-wide importance, integrates the geographical dimension of the Group, ensures in-depth discussions with ArcelorMittal s operational and resources leaders, and shares information about the situation of the Group and its markets. Succession Planning Succession management at ArcelorMittal is a systematic and deliberate process for identifying and preparing employees with potential to fill key organizational positions should the current incumbent s term expire. This process applies to all ArcelorMittal executives up to and including the Group Management Board. Succession management aims to ensure the continued effective performance of the organization by providing for the availability of experienced and capable employees who are prepared to assume these roles as they become available. For each position, candidates are identified based on performance and potential and their years to readiness and development needs are discussed and confirmed. Regular reviews of succession plans are conducted to ensure that they are accurate and up to date. Succession management is a necessary process to reduce risk, create a pipeline of future leaders, ensure smooth business continuity and improve employee motivation. Although ArcelorMittal s predecessor companies each had certain succession planning processes in place, the process has been reinforced, widened and made more systematic since Other Corporate Governance Practices ArcelorMittal is committed to adopt best practice standards in terms of corporate governance in its dealings with shareholders and aims to ensure good corporate governance by applying rules on transparency, quality of reporting and the balance of powers. ArcelorMittal continually monitors U.S., European Union and Luxembourg legal requirements and best practices in order to make adjustments to its corporate governance controls and procedures when necessary. ArcelorMittal complies with the Ten Principles of Corporate Governance of the Luxembourg Stock Exchange in all respects except for the recommendation to separate the posts of chairman of the Board of Directors and chief executive officer. The nomination of the same person for both positions was approved in 2007 by the shareholders (with the Significant Shareholder abstaining) of Mittal Steel Company N.V., which was at that time the parent company of the combined ArcelorMittal Group. Ethics and Conflict of Interest Ethics and conflicts of interest are governed by ArcelorMittal s Code of Business Conduct, which establishes the standards for ethical behavior that are to be followed by all employees and directors of ArcelorMittal in the exercise of their duties. They must always act in the best interests of ArcelorMittal and must avoid any situation in which their personal interests conflict, or could conflict, with their obligations to ArcelorMittal. As employees, they must not acquire any financial or other interest in any business or participate in any activity that could deprive ArcelorMittal of the time or the attention needed to devote to the performance their duties. Any behavior that deviates from the Code of Business Conduct is to be reported to the employee s supervisor, a member of the management, the head of the legal department or the head of the internal assurance department. Code of Business Conduct training is offered throughout ArcelorMittal. All new employees of ArcelorMittal must acknowledge the Code of Business Conduct in writing upon joining and are periodically trained about the Code of Business Conduct in each location where ArcelorMittal has operations. The Code of Business Conduct is available in the Corporate Governance Code of Business Conduct section of ArcelorMittal s website at

44 42 Operations Process for Handling Complaints on Accounting Matters As part of the procedures of the Board of Directors for handling complaints or concerns about accounting, internal controls and auditing issues, ArcelorMittal s Anti-Fraud Policy and Code of Business Conduct encourages all employees to bring such issues to the Audit Committee s attention on a confidential basis. In accordance with ArcelorMittal s Anti-Fraud and Whistleblower Policy, concerns with regard to possible fraud or irregularities in accounting, auditing or banking matters or bribery within ArcelorMittal or any of its subsidiaries or other controlled entities may also be communicated through the Corporate Governance Whistleblower section of the ArcelorMittal website at where ArcelorMittal s Anti-Fraud Policy and Code of Business Conduct are also available in each of the main working languages used within the Group. During 2009, 126 total complaints were referred to the Company s Internal Assurance team (described below). Following review, none of these complaints was found to be significant. Internal Assurance ArcelorMittal has an Internal Assurance function that, through its Head of Internal Assurance, reports to the Audit Committee. The function is staffed by full-time professional staff located within each of the principal operating subsidiaries and at the corporate level. Recommendations and matters relating to internal control and processes are made by the Internal Assurance function and their implementation is regularly reviewed by the Audit Committee. Independent Auditors The appointment and determination of fees of the independent auditors is the direct responsibility of the Audit Committee. The Audit Committee is further responsible for obtaining, at least once each year, a written statement from the independent auditors that their independence has not been impaired. The Audit Committee has also obtained a confirmation from ArcelorMittal s principal independent auditors to the effect that none of its former employees are in a position within ArcelorMittal that may impair the principal auditors independence. Measures to Prevent Insider Dealing and Market Manipulation The Board of Directors of ArcelorMittal has adopted Insider Dealing Regulations ( IDR ), which are updated when necessary and in relation to which training is conducted throughout the Group. The IDR s most recent version is available on ArcelorMittal s website, under Investors & Shareholders Corporate Governance Insider Dealing Regulations. The IDR apply to the worldwide operations of ArcelorMittal. The Company Secretary of ArcelorMittal is the IDR compliance officer and answers questions that members of senior management, the Board of Directors, or employees may have about the IDR s interpretation. ArcelorMittal maintains a list of insiders as required by the Luxembourg market manipulation (abus de marché) law of May 9, The compliance officer may assist senior executives and directors with the filing of notices required by Luxembourg law to be filed with the Luxembourg financial regulator, the CSSF (Commission de Surveillance du Secteur Financier). Furthermore, the compliance officer has the power to conduct investigations in connection with the application and enforcement of the IDR, in which any employee or member of senior management or of the Board of Directors is required to cooperate. Selected new employees of ArcelorMittal are required to participate in a training course about the IDR upon joining ArcelorMittal and every three years thereafter. The individuals who must participate in the IDR training include the members of senior management, employees who work in finance, legal, sales, mergers and acquisitions and other areas that the Company may determine from time to time. In addition, ArcelorMittal s Code of Business Conduct contains a section on Trading in the Securities of the Company that emphasizes the prohibition to trade on the basis of inside information. Board of Directors and Senior Management Compensation Policy Philosophy The ArcelorMittal Compensation Policy for executives is based on the following principles: Provide total compensation competitive with executive compensation levels of industrial companies of a similar size and scope; Promote internal equity and market median base pay levels for our executives, combined with pay for performance ; Motivate managers towards the achievement of Group-wide and personal goals, including efficiency and growth; and Retain individuals who consistently perform at expected levels and contribute to the success of the organization.

45 Operations 43 Governance Principles The Appointments, Remuneration and Corporate Governance Committee of ArcelorMittal draws up proposals annually for the Board of Directors on ArcelorMittal s executive compensation. The Committee also prepares proposals on the fees to be paid annually to the members of the Board of Directors. Such proposals relating to executive compensation comprise the following elements: Fixed annual salary; Short-term incentives, e.g., performance-related bonus; and Long-term incentives, e.g., stock options. They apply to the following group of senior executives: the Chief Executive Officer; the members of the Group Management Board; and the members of the Management Committee. Decisions on short- and long-term incentive plans may apply to a larger group of employees. The Appointments, Remuneration and Corporate Governance Committee receives updates about the application of these plans on a regular basis. Directors Remuneration Directors receive a fixed annual remuneration and an attendance fee per Board or Committee Meeting attended. They do not receive bonuses nor equity based compensation. Fixed Annual Salary The size of the fixed annual salary is targeted to the 75th percentile level of the peer group of companies, i.e., industrial companies of a similar size and scope. The base salary levels are reviewed annually to ensure that ArcelorMittal remains competitive. Short-Term Incentives: Performance-Related Bonus ArcelorMittal has a discretionary bonus plan. The performance of the ArcelorMittal Group as a whole, the performance of the relevant business units, the achievement of specific objectives and the individual s overall performance and potential determine the outcome of the bonus calculation. This bonus plan, called the Global Performance Bonus Plan, is applicable to more than 2,000 executives and managers worldwide. The bonus is calculated as a percentage of the individual s base salary. Different percentage ranges are used depending on the hierarchical level of the individual. Performance-related bonuses are paid only if certain minimum performance thresholds are exceeded by the ArcelorMittal Group as a whole and/or the relevant business segment. In 2009, the Global Performance Bonus was divided into two parts, with 30% related to the Company s objectives during the first six months of the year in order to focus management on the short-term and rapid actions required in response to the economic crisis. Wherever possible, 40% of the 2008 Global Performance Bonus and 2009 Global Performance Bonus were paid in shares as per the resolution approved by the annual general meeting of May 12, Long-Term Incentives: Stock Options The Chief Executive Officer, the Group Management Board members and the Management Committee members benefit from the Global Stock Option Plan. This plan also applies to a larger group of employees. The overall cap on options available for grants during a year is approved by the shareholders at the annual general meeting. Other Benefits In addition to the main compensation elements described above, other benefits may be provided to executives, such as company cars and contributions to pension plans and insurance policies.

46 44 Operations Corporate Responsibility strategy and performance highlights An overview of ArcelorMittal s approach to corporate responsibility is provided below. For more detailed information please see the 2009 Corporate Responsibility report: Our progress towards Safe Sustainable Steel, available at Achieving the goal of Safe Sustainable Steel remains a key priority and ArcelorMittal is proud to have made progress during very challenging times. ArcelorMittal continues to strive for leadership in improving its social and environmental performance. Investing in our people We want to make each and every person working on our behalf feel valued. Highlights in % reduction in Group Lost Time Injury Frequency Rate for employees and contractors to 1.9 per million hours worked, down from 2.5 in ,000 hours of online learning supported by the ArcelorMittal University Making steel more sustainable We are using our expertise in steel to develop cleaner processes and greener products. Highlights in % of steel production sites are certified to the accredited environmental management system, ISO $253m invested in Research and Development

47 Operations 45 ArcelorMittal s corporate responsibility approach is structured around four focus areas, which reflect the key priorities of our business and our stakeholders. Enriching our communities We play an important role in all the communities where we operate. Highlights in 2009 $31.3m in social investments made by the ArcelorMittal Foundation 8,500 employees participated in the ArcelorMittal Foundation s second International Volunteer Work Day Transparent governance Our business strategy, operations and everyday practices are all underpinned by transparent corporate governance. Highlights in % of employees participated in training on the Code of Business Conduct 21 country operations established local whistleblowing notification systems

48 46 Operations Corporate Responsibility management and governance Management and reporting structure Overseeing corporate responsibility is the task of the Board of Directors of the parent company of the ArcelorMittal Group. Corporate responsibility is an agenda item at every meeting, and specific reports on Health and Safety, environmental performance, community activities, and employee engagement are submitted at each meeting. The Board of Directors is also regularly updated on the investments made by the ArcelorMittal Foundation. Important operational decision-making for the Company is overseen by the Group Management Board (GMB), which operates by delegation of power from the Board of Directors, where the corporate responsibility representative is Gonzalo Urquijo. In addition, there are other GMB members who have line responsibility for specific issues such as Health and Safety, climate change, and environmental innovation in Research and Development. The GMB discusses the Group s corporate responsibility approach and program at least once every quarter. Day-to-day management of corporate responsibility at Group level resides with the corporate team, which has responsibilities in reporting, human rights, compliance with international standards and stakeholder engagement. ArcelorMittal s management of corporate responsibility continues to be strengthened. During 2009, there has been further progress in implementing an effective corporate responsibility governance structure at local level, which includes extending the network of coordinators and introducing dedicated committees or worker-led forums. The corporate responsibility department also manages relationships with key global stakeholders, including Socially Responsible Investment funds and shareholders, and international non-governmental organizations. The department is supported by the Corporate Responsibility Coordination Group consisting of senior managers from other relevant functions, such as Risk Management, Internal Assurance, Company Secretary, Communications, and Legal. This group comes together regularly on project work, workshops, and quarterly update meetings. The corporate responsibility department also supports the Company s operations to improve their corporate responsibility practices and performance by providing them with guidance and training, and collating the data to measure overall performance as a Group. Investing in our people Social dialogue Given the state of the market in 2009, the Company had no alternative but to adapt to the prevailing economic climate to safeguard the long-term survival of the business through a reduction in personnel. ArcelorMittal focused on a voluntary separation scheme which ran in tandem with a program of temporary salary cuts, which also included senior management. This decision also helped protect more jobs. In 2009, the Company payroll was reduced by just over 34,000 employees from 315,867 to 281,703 all through early retirement or voluntary separation. High levels of workplace dialogue and Trade Union consultation was undertaken, both before the plans were announced and as they were being implemented. ArcelorMittal s recent anticipation of change agreement with its European Trade Unions, negotiated through the European Metalworkers Federation, will help strengthen this further. This agreement addresses the sustainability and competitiveness of operations in Europe. It defines social dialogue structures within the Group to better manage and anticipate change at all levels. At European level there were 29 formal meetings in 2009, compared with 28 the previous year. These included core employee relation activities including Plenary Assemblies, Select Committees, European Works Council Secretariat meetings, as well as Health and Safety working groups and Trade Union training. Safety The goal of Safe Sustainable Steel is an integral part of ArcelorMittal s ambition to be the safest company in the sector, and an indication of how important this is to the operation of its business. Further steady progress on this was made in % 1 of ArcelorMittal s sites have now obtained certification to the international Occupational Health and Safety standard, with a further 47% in the process of certification. It is a target to have all of them covered by mid ArcelorMittal has made consistent incremental improvements in Lost Time Injury Frequency Rate (LTIFR) over the last three years. This is monitored for the Company s own personnel and contractors, and it now stands at 1.9 per million hours worked, compared with 2.5 in 2008, a reduction of 24%. There were still 36 fatalities last year a reduction from 89, the previous year. To eliminate fatalities ArcelorMittal is addressing this by speeding up implementation of existing Fatality Prevention Standards across all sites, especially those that have suffered accidents in the past. ArcelorMittal s target is to reduce its accident rate by a further 20% in Furthermore, in 2009, the Company revised its executive remuneration policy and it now includes a specific safety measure linked to internal LTIFR targets. 1 This figure excludes ArcelorMittal Distribution Solutions, which is primarily an in-house trading and distribution function of ArcelorMittal.

49 Operations 47 Lost Time Injury Frequency Rate per ArcelorMittal segment Segment Flat Carbon Americas Flat Carbon Europe Long Carbon Americas and Europe Asia, Africa and CIS Stainless Steel ArcelorMittal Distribution Solutions Total Steel Total Mines Total (Steel and Mines) Employee development The ArcelorMittal University plays a central role in training and developing employees at all levels of the Company. The focus in 2009 shifted to taking the University to the people, which in practice has meant putting more of its programs online, so that employees can access them at a time and a location that suits them. ArcelorMittal runs a number of academies across the Group. As part of the Leadership Academy, the University ran a Recognizing Potential program, which is a combination of e-learning, virtual conferences and optional projects. The program benefited 700 participants from more than 40 countries. Talent Pipeline training will start again in spring The Management Academy also refocused its activities on online training, offering leadership and management skills modules designed to improve communication skills, coaching, and team development. In 2009, the University offered functional academies which covered programs for Steel and Mining, Research and Development, Finance, Purchasing, Internal Assurance, Information Technology, Sales and Marketing and Human Resources. These help employees improve their skills and network with other ArcelorMittal professionals working in similar jobs. Over 1,100 people took part in some sort of training at the academy in 2009, an increase of more than 20% from Making Steel Sustainable Carbon strategy During 2009, a number of ArcelorMittal s steel production facilities were idled. This solution was necessary to strengthen the financial situation of the Group. Consequently, the Company s total CO 2 emissions footprint from steelmaking operations reduced significantly, from 224 million tonnes in 2008 to approximately 164 million tonnes in However, this was largely because of higher coking coal use, lower scrap use and general capacity constraints, emissions per tonne of steel increased in 2009 to tonnes of CO 2 per tonne of steel, from in The ArcelorMittal Climate Change Steering Committee, chaired by Christophe Cornier, a member of the Group Management Board, has confirmed the Group s commitment to cutting its emissions by 170kg per tonne of steel produced by 2020 (based on the 2007 scope of operations baseline). That is equivalent to an 8% reduction in emissions per tonne of steel. Many of the Company s plants in Europe, North America and South America are close to the technical limits of what can currently be done, but there is still scope to share best practice within ArcelorMittal, and bring all our plants up to the same high standard. The additional emission cuts at facilities will be achieved by a combination of process improvements and increased energy efficiency. Through the European Union Emissions Trading Scheme, or ETS, ArcelorMittal is allocated a certain amount of emission allowances. The amount of allowances allocated to the Company for 2008 and 2009 was set before the economic downturn. Although it was originally projected that the Company would need to buy extra allowances for the period , ArcelorMittal ended up with much lower production levels, and therefore lower levels of carbon emissions as a result of the economic crisis. As EU ETS allowances are granted on an ex-ante basis, many other businesses in heavy industries are currently having an excess of allowances. If such excess is still there at the end of the trading period, ArcelorMittal aims to invest any carbon credits it would sell in energy saving projects to reduce its carbon emissions. The focus in 2009 remained on the ongoing discussions at European level relating to the conditions under which free CO 2 allowances will be granted for trading period III ( ). ArcelorMittal is working together with policy-makers to ensure that the implementation of the ETS will be effective in ensuring competitiveness while achieving a lower carbon economy. Research and Development and Breakthrough technology ArcelorMittal also has an extensive Research and Development program that has been responsible for some major breakthroughs in the last few years. In 2009, the Research and Development spend was $253 million. With 15 major research centers in Europe, North America and South America, ArcelorMittal possesses a Research and Development capability unique in the steel industry, and that enables quick transfers of know-how to ArcelorMittal plants across the world. One of ArcelorMittal s key involvements is the 500 million European Ultra Low CO 2 Steelmaking program, or ULCOS. The Company has put forward two of its own sites, in France and Germany, in which prototype facilities, based on carbon capture technology, could be constructed ( By using pure oxygen instead of air, and recycling gas at the top of the blast furnace, the project could achieve a 25% reduction in the amount of carbon used, and around half of the emitted carbon could then be captured and stored. However, given the considerable financial and technological risks involved, the project needs substantial European and national endorsement as well as funding. 2 The figure printed in the CR report 2008 has since been revised owing to updated analysis.

50 48 Operations Environmental investments and management systems The Company was able to announce some significant environmental investments towards the end of 2009, and the total energy and environment capital expenditure for the year was $224 million. In addition, by the end of 2009, 93% of the Company s main production facilities had achieved certification to ISO 14001, which is the internationally recognized standard for environmental management. Enriching our communities Investment and stakeholder engagement ArcelorMittal continues to invest in local infrastructure, and support projects aimed at achieving sustainable social and economic growth. Local infrastructure projects range from essential utilities like power and water, to healthcare provision in areas that have no other access to medical services. Stakeholder engagement is a core part of ArcelorMittal s corporate responsibility strategy. All our major industrial plants are obligated to carry out their own program of activities and communications. These are designed to build relationships with their local community and identify areas of local concern, all of which is in line with the ArcelorMittal Community Engagement Standard. The ArcelorMittal Community Engagement Standard defines minimum community engagement requirements that all major subsidiaries must meet, both nationally and locally. The Community Engagement Standard and the accompanying guidance manual have been translated into six different languages: English, French, Portuguese, Russian, Serbian and Spanish. ArcelorMittal Foundation The ArcelorMittal Foundation is the Company s dedicated vehicle for channeling and managing community investments. It supported more than 550 projects in 2009, which added up to over $31 million invested into local communities. Human rights ArcelorMittal has expressed a strong commitment to protecting human rights, wherever it operates in the world. One of the areas this relates to is the Company s new mining or steel operations, which can lead to the need to resettle local people. This is always a last resort, and if there genuinely is no other alternative, the Company will apply robust international best practice procedures to ensure that the process is handled sensitively. ArcelorMittal insists on full and open consultation with everyone affected. The Company has formalized a good deal of this in a new human rights policy, which will be launched in Transparent Governance ArcelorMittal is listed on nine stock exchanges across Europe and North America, and is therefore subject to regulatory regimes. Still, the Company aims to go beyond the letter of the law, and set standards that reflect its own ambitions for leadership in the sector. The Company has reinforced the anti-corruption principles of ArcelorMittal s Code of Business Conduct by adopting detailed guidelines. These set out the standards expected of employees and agents to follow, and cover areas of particular sensitivity such as gifts and entertainment, offshore payments, and due diligence of business partners. The training program began in 2009, and will be extended further in These guidelines sit alongside anti-trust compliance guidelines and insider-dealing regulations, and complement the Code of Business Conduct, which is available on the Company website. By the end of 2009, 92% of the Company s employees had completed Code of Business Conduct training. Moreover, the Company s whistleblowing procedures continue to improve. The global system, which conforms to the Sarbanes-Oxley Act of 2002, is available a Additional local level processes allow employees to report any suspected accounting irregularities, auditing and financial issues, as well as any other fraud issues. By the end of 2009, 21 operations had implemented a localized whistleblowing system. Employees are made aware of the systems via the intranet, , newsletters and notice boards. Looking more widely, mainstream fund managers and investors have started to pay more attention to social, environmental, and ethical factors in the last few years. As a result, corporate responsibility has now become an integral part of the Company s Investor Relations program. ArcelorMittal regularly presents its corporate responsibility strategy and performance to fund managers and analysts, and the feedback is incorporated into management and reporting practices. ArcelorMittal is also a constituent of the FTSE4Good index the index series designed to measure the performance of companies meeting globally recognized corporate responsibility standards. To qualify for this index you have to meet strict performance standards on issues such as transparency, climate change and human rights.

51 By the end of 2009, 93% of the Company s main production facilities had achieved certification to ISO 14001, which is the internationally recognized standard for environmental management. ArcelorMittal Fact Book 2009 Operations 49

52 50 Operations Corporate Responsibility ArcelorMittal has defined key performance indicators to monitor the four areas of its corporate responsibility strategy. The Company has begun reporting its progress against these criteria and establishing targets. Key areas Key Performance Indicator (KPI) Definition Investing in our people Lost Time Injury Frequency Rate (per million hours worked) Percentage of operations * certified to the Health and Safety Management System, OHSAS Number of hours of full-time employee training at the ArcelorMittal University Lost Time Injury Frequency Rate (LTIFR) is the number of injuries which has resulted in an employee or contractor being away from work at least one day after the day it occurred, per million hours worked. OHSAS is the international management standard for Health and Safety. Number of hours of full-time employee training at the ArcelorMittal University. This excludes Health and Safety training and local formal and on-the-job training. Number of social dialogue interactions at corporate level Total Group carbon dioxide (CO2) emissions per tonne of steel produced (tonnes) Formal worker representation at European level, this includes core employee relation activities such as Plenary Assemblies, Select Committees, European Works Council Secretariat meetings as well as Health and Safety working groups and Union training. Total Group CO2 emissions per tonne of steel produced. This excludes data from mining activities. Making steel more sustainable Enriching our communities Percentage of industrial operations certified to the Environmental Management System, ISO Total spend on environmental capital expenditure ($) Economic value added ($) Number of community engagement plans Number of community grievance mechanisms in place ISO is an international environmental management system. Any investment in environmental improvements, such as water treatment facilities, de-dusting equipment and technology upgrades. This excludes environmental operating expenditures that are incurred as a result of continuous improvement. ArcelorMittal s economic value added figure is based on the Company s indirect economic contributions and includes wages and salaries, contractual and supplier payments, capital expenditure, research and development spend, corporate income tax, local taxes and shareholder dividends. This does not include electricity and local utility payments and ArcelorMittal Foundation investments. The ArcelorMittal Community Engagement Standard defines minimum community engagement requirements that all significant operating subsidiaries must meet. These requirements include: undertaking a stakeholder mapping exercise, where stakeholders and issues are identified, the establishment of communication channels that stakeholders can use to raise concerns, and the documentation of engagement activities. A mechanism to receive and act upon local community grievances. Transparent governance Number of direct beneficiaries from ArcelorMittal Foundation projects Percentage of employees receiving Code of Business Conduct training Number of significant operating subsidiaries with whistleblowing notification systems in place Number of significant operating subsidiaries undertaking Annual Board self-assessments Direct beneficiaries include individuals, organizations and neighborhoods. The ArcelorMittal Code of Business Conduct covers all our dealings with companies, suppliers and individuals, and addresses specific compliance issues such as anti-trust, anti-corruption, insider dealing, conflicts of interest, non-discrimination, Health and Safety and environmental performance. The training applies to all employees. Significant operating subsidiaries are required to supplement the Group s centralized whistleblowing procedures with additional local-level processes that enable employees to report suspected accounting irregularities, auditing and financial issues, as well as any other fraud matters. Significant operating subsidiaries are required to undertake annual Board self-assessments which cover issues such as strategy, values and performance. These assessments help Board members to identify areas for improvement. * This figure excludes ArcelorMittal s Distribution Solutions, which is primarily an in-house trading and distribution function of ArcelorMittal. ** The figure printed in the CR report 2008 has since been revised owing to updated analysis.

53 Operations 51 Key Good progress Progress No significant progress Progress Management commentary 2.5 per million hours 1.9 per million hours Improvement in Health and Safety performance, based on employee and contractors lost time injury frequency rate, seen in The Group target for 2010 is to reduce LTIFR by 20% based on 2009 performance. 37% 45% Ongoing investment in Health and Safety management systems in 2009, with many sites in the process of certification. The target is to achieve 100% certification of industrial sites by mid ,000 hours 310,000 hours The economic crisis forced a reduction in total training spend in 2009; however, the level of training remained comparable to In 2010, the ArcelorMittal University will re-launch many of its classroom training programs. 28 formal consultations 2.184** tonnes of CO2 per tonne of steel produced 29 formal consultations tonnes of CO2 per tonne of steel produced We are committed to maintaining open and regular dialogue, whatever the economic climate. Total CO2 emissions reduced in 2009, compared to 2008, but emissions per tonne of steel increased by 2.8%. Our target is to reduce emissions by 170kg per tonne of steel by 2020 equivalent to an 8% reduction in emissions per tonne of steel, compared to 2007 levels. 91% 93% In 2009, 93% of steel production plants were certified to the ISO standard with a target of achieving 100% certification by the end of A plan is being developed for the certification of our mining sites. $235 million $224 million The financial crisis impacted our ability to invest in environmental improvements as originally planned. However, announcements towards the end of 2009 were made and approximately $224 million was spent on environmental investments and energy saving projects in $30.8 billion $48.5 billion In 2009, this figure included $9.759 billion in employee wages and salaries, $30 billion in supplier payments, $354 million in corporate income tax, $626 million in local taxes, $2.612 billion in capital expenditure and $253 million in Research and Development. This figure is a significant increase on the previous year as we have included supplier payments for the first time. 2 All industrial operations have started the process of complying with the Community Engagement Standard by having identified local stakeholders and issues, and developed an engagement action plan. In early 2010, we have begun a capacity improvement program for selected sites. Kazakhstan and Liberia produced formal community engagement plans in 2009, and our target for 2010 is to have eight other sites establishing community engagement plans. Not available During 2009, industrial sites were reviewed to identify best practice within the Group. In 2010, guidance will be issued to support the further implementation of local grievance mechanisms. 8.8 million In 2009, the ArcelorMittal Foundation supported more than 550 projects in 27 countries, which impacted more than 8.8 million direct beneficiaries. 90% 92% Approximately 92% of employees had some form of training on the Code of Business Conduct in 2009 compared with approximately 90% the previous year. We will continue quarterly monitoring of Code of Business Conduct training, which is supplemented by training in Insider Dealing Regulations as well as anti-trust and anti-corruption guidelines By the end of 2009, 21 localized whistleblowing systems have been put in place, an increase from 12 in The target for 2010 is to have 23 systems in place. 1 The first Board self-assessment was completed in 2009 and the results have been presented to the Appointment, Remuneration and Corporate Governance Committee. Our aim is to complete self-assessments every year and to implement similar self-assessments in the boards of significant operating subsidiaries.

54 Operational Reviews Peter Kukielski Member of Group Management Board, Head of Mining

55

56 54 Operational Reviews Shipment Breakdown Shipment breakdown by segment Thousands of metric tonnes Flat Carbon Americas 26,862 25,810 16,121 Flat Carbon Europe 35,641 33,512 21,797 Long Carbon Americas and Europe 28,389 27,115 19,937 AACIS 16,351 13,296 11,769 Stainless Steel 1,935 1,958 1,447 Total* 109, ,691 71,071 * Figures exclude shipments from ArcelorMittal Distribution Solutions which are fully eliminated on consolidation. Shipment breakdown by region Thousands of metric tonnes 2009 % 1. North America 14,613 21% 2. South America 10,375 15% 3. Europe 33,509 47% 4. Africa 4,417 6% 5. Asia, CIS and Other* 8,157 11% Total 71, % 3 * Includes tubular business. Shipment breakdown by product Thousands of metric tonnes 2009 % 1. Flat Products 44,485 62% 2. Long Products 24,213 34% 3. Tubular Products 1,175 2% 4. Stainless Steel 1,198 2% Total 71, % 1

57 Operational Reviews 55 Shipment breakdown by segment and region Thousands of metric tonnes Flat Carbon North America 21,442 19,922 10,751 Flat Carbon South America 5,420 5,888 5,370 Flat Carbon Americas 26,862 25,810 16,121 Flat Carbon Europe 35,641 33,512 21,797 Long Carbon North America 4,811 5,095 3,862 Long Carbon South America 5,245 5,619 4,486 Long Carbon Europe 16,722 15,017 10,753 Others* 1,612 1, Long Carbon Americas and Europe 28,389 27,115 19,937 Africa 5,732 4,991 4,417 Asia CIS 10,618 8,305 7,352 AACIS 16,351 13,296 11,769 South America Europe 1,257 1, Stainless Steel 1,935 1,958 1,447 Total** 109, ,691 71,071 * Includes tubular business. ** Figures exclude shipments from ArcelorMittal Distribution Solutions which are fully eliminated on consolidation.

58 56 Operational Reviews Production Breakdown Crude steel production by process and segment 2009 Thousands of metric tonnes Blast Oxygen Furnace Electric Arc Furnace Open Hearth Furnace Total Crude Steel Flat Carbon Americas 14,049 2,508 16,556 Flat Carbon Europe 21,408 1,344 22,752 Long Carbon Americas and Europe 7,203 11,698 18,901 AACIS 11,016 1, ,412 Stainless Steel 518 1,097 1,616 Total 54,194 18, ,236 Crude steel production process breakdown 2 3 Thousands of metric tonnes 2009 % 1. Blast Oxygen Furnace 54,194 74% 2. Electric Arc Furnace 18,589 25% 3. Open Hearth Furnace 453 1% Total 73, % 1 Quarterly crude steel production by segment 2008 and 2009 Thousands of metric tonnes 1Q08 2Q08 3Q08 4Q Q09 2Q09 3Q09 4Q Flat Carbon Americas 7,980 7,685 7,339 3,472 26,476 3,499 3,332 4,323 5,402 16,556 Flat Carbon Europe 9,653 10,062 9,476 5,147 34,338 4,565 4,059 6,718 7,410 22,752 Long Carbon Americas and Europe 7,099 7,488 6,871 3,740 25,198 3,947 4,857 4,741 5,356 18,901 AACIS 4,346 4,390 4,258 2,124 15,118 2,903 3,227 3,382 3,899 13,412 Stainless Steel , ,616 Total 29,734 30,281 28,453 14, ,326 15,231 15,862 19,624 22,519 73,236

59 Operational Reviews 57 Mining Operations Iron ore production and resources 2009 Million (Mt) 2009 Iron ore production Iron ore resources* 16,226 * Resources exclude third party controlled mines and greenfield resources Liberia and Senegal. Coal production and resources 2009 Million (Mt) 2009 Coal production 7.58 Coal resources* 2,354 * Resources exclude third party controlled mines. Global iron ore and coal assets USA Bosnia Mexico Canada Senegal Liberia Algeria Ukraine Kazakhstan Kazakhstan Russia Brazil South Africa Iron Ore Coal USA South Africa

60 58 Operational Reviews Iron Ore Availability by Facility Iron ore availability by facility Resources Production 2 10 (in millions of (in millions of Mine Type Product Control 1 metric tonnes) metric tonnes) Kazakhstan 4.54 Lisakovsk Open Pit Concentrate % 3, Kentobe Open Pit Concentrate % Atasu Underground Lump and Fines % Atansore Open Pit Lump and Fines % Ukraine 8.26 Kryviy Rih Open Pit Concentrate 95.13% 1, Kryviy Rih Underground Lump 95.13% Algeria 1.10 Ouenza Open Pit Lump and Fines 70.00% Boukhadra Open Pit Lump and Fines 70.00% Bosnia Open Pit Lump and Fines 51.00% Mexico 3.63 Peña 3 Open Pit Pellets 50.00% Las Truchas Open Pit Concentrate % Volcan Open Pit Concentrate % Canada AMMC 11 Open Pit Concentrate and Pellets % 7, Wabush 3,4 Open Pit Pellets 28.57% 0.79 USA 2.58 Hibbing 3 Open Pit Pellets 62.30% Minorca Open Pit Pellets % USA Cleveland Cliffs 5 Open Pit Pellets Third Party N/A 8.45 South Africa Sishen 8 Open Pit Lump and Fines Third Party N/A 3.68 Thabazambi Open Pit Lump and Fines Third Party N/A 1.85 Brazil 3.58 Andrade 6 Open Pit Lump and Fines % AMMSA Open Pit Lump and Sinter feed % Total including strategic contracts 16, Control indicates shareholding stake owned by the Group and/or long-term agreements whereby iron ore is available to the Group. 2 Total of all finished production of fines, concentrate, pellets and lumps (includes share of production and strategic long-term contracts). 3 Own share of production. 4 On October 9, 2009, ArcelorMittal entered into an agreement to divest its non-controlling (minority) interest in Wabush. The transaction was completed in February Long-term supply contract with Cleveland Cliffs; prices are formula based. 6 Operated by Vale till November 15, 2009 at a cost plus basis. Post November 15, 2009 the mine has been operated by ArcelorMittal. 7 Strategic agreement prices on a cost plus basis. 8 Ongoing litigation with regard to the terms of this agreement. 9 Mineral Resource include Measured, Indicated and Inferred Resources. 10 Non financial information is unaudited. 11 The increase in resources of AMMC was due to the re-evaluation of the Mont Wright cut off and metal prices as well as the addition of the Mont Reed resources. 12 Mineral resource estimates have not been adjusted to reflect our ownership interest.

61 Operational Reviews 59 Coal Production by Facility and Raw Material Production and Consumption Coal production by facility Resources 6,7, Production 5,7,8 (in millions of (in millions of Mine Type Product Control 1 metric tonnes) metric tonnes) Kazakhstan Underground Concentrate % 1, Russia Kuzbass Underground Concentrate % USA AMP 2 Surface/Underground Concentrate % USA Madison 3 Underground Concentrate Third Party N/A 0.19 South Africa Tshikondeni 4 Underground Concentrate Third Party N/A 0.26 Total including strategic contracts 2, Control indicates stake owned by the group. 2 USA Princeton represents the Midvol and Concept mines that were acquired by ArcelorMittal in Long-term lease prices on a cost plus basis. 4 Strategic agreement prices on a cost plus basis. 5 The above coal production figures do not include the Coal of Africa Strategic supply agreement. 6 Coal Resources include Measured, Indicated and Inferred Resources. 7 Non financial information is unaudited. 8 Finished product. 9 Resource figures reflect the re-evaluation of resource base due to difference in parameters and criteria used. Raw material production and consumption 2009 Consumption from own Consumption from Millions of metric tonnes Consumption production/generation external purchase Self-sufficiency % Iron Ore* % PCI & Coal** % Coke % Scrap & DRI % 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0 64% 21% 93% 46% Iron Ore* PCI & Coal** Coke Scrap & DRI * Assuming full production of iron ore at ArcelorMittal Mines Canada and Serra Azul for captive use. ** Coal denoted only for steelmaking process and excludes steam coal for power generation. Assuming full production of coking coal at ArcelorMittal Midvol/Concept for captive use.

62

63 Lakshmi N. Mittal Chairman and CEO

64 62 Operational Reviews Number of Employees Number of employees 1 according to segments Segments Flat Carbon Americas 33,087 30,848 29,248 Flat Carbon Europe 71,438 71,192 58,965 Long Carbon Americas and Europe 69,833 72,969 63,693 AACIS 105, ,325 92,910 Stainless 11,570 12,415 11,135 ArcelorMittal Distribution Solutions 16,416 18,871 17,409 Other activities* 3,331 9,247 8,343 Total 311, , ,703 1 Full Time Equivalent. * Includes corporate offices. Allocation of employees 1 at December 31, 2009 according to geographical location Group 2009 % EU ,527 24% 2. Rest EU (EU27) 3 40,923 15% 3. Other European Countries 47,997 17% 4. North America 34,809 12% 5. South America 24,803 9% 6. Asia 45,594 16% 7. Middle East 135 0% 8. Africa 18,915 7% Total 281, % 1 Full Time Equivalent. 2 EU15 includes Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain, Sweden and the United Kingdom. 3 EU27 includes the EU15 countries plus Bulgaria, Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Romania, Slovakia and Slovenia.

65 Operational Reviews 63 Key Financial and Operational Information (in billions of US dollars, unless otherwise stated) Key financial and operational information ArcelorMittal Flat Carbon Flat Carbon Long Carbon Stainless Distribution 2009 Actual Americas Europe Americas and Europe AACIS Steel Solutions Total FINANCIAL INFORMATION (AUDITED) Sales Depreciation and impairment Exceptional items (0.2) 2.0 Operating (loss) / income (0.8) (0.5) (0.0) 0.3 (0.2) (0.3) (1.7) Operating margin (as a percentage of sales) -5.7% -2.7% -0.2% 3.5% -4.1% -2.1% -2.6% EBITDA (0.1) 5.8 EBITDA margin (as a percentage of sales) 8.4% 9.5% 9.9% 13.1% 6.1% -0.7% 8.9% Capital expenditure OPERATIONAL INFORMATION (UNAUDITED) Crude steel production (millions of metric tonnes) N/A 73.2 Steel shipments (millions of metric tonnes) Employees (000 s) ArcelorMittal Actual Flat Carbon Flat Carbon Long Carbon Stainless Distribution Americas Europe Americas and Europe AACIS Steel Solutions Total FINANCIAL INFORMATION (AUDITED) Sales Depreciation and impairment Exceptional items Operating income Operating margin (as a percentage of sales) 9.8% 7.2% 12.9% 23.9% 4.6% 0.8% 9.9% EBITDA EBITDA margin (as a percentage of sales) 22.0% 16.8% 20.7% 30.3% 11.2% 4.8% 19.7% Capital expenditure OPERATIONAL INFORMATION (UNAUDITED) Crude steel production (millions of metric tonnes) N/A Steel shipments (millions of metric tonnes) Employees (000 s) ArcelorMittal 2007 Actual Flat Carbon Flat Carbon Long Carbon Stainless Distribution Americas Europe Americas and Europe AACIS Steel Solutions Total FINANCIAL INFORMATION (AUDITED) Sales Depreciation and impairment Operating income Operating margin (as a percentage of sales) 14.5% 11.9% 15.1% 19.0% 9.4% 3.3% 14.1% EBITDA EBITDA margin (as a percentage of sales) 18.8% 15.9% 18.8% 22.3% 12.3% 4.2% 18.4% Capital expenditure OPERATIONAL INFORMATION (UNAUDITED) Crude steel production (millions of metric tonnes) N/A Steel shipments (millions of metric tonnes) Employees (000 s) During 2009 the Company recorded an exceptional gain of $380 million relating to reversal of litigation costs previously booked in the fourth quarter of 2008 following the Paris Court of Appeals decision to reduce the fine imposed on certain French distribution subsidiaries of ArcelorMittal by the French Competition Authority from 302 million ($441 million) to 42 million ($61 million). This gain was offset by exceptional charges amounting to $2.4 billion pre-tax related primarily to write-downs of inventory ($2.1 billion) and provisions for workforce reduction ($0.3 billion). During 2008, the Company had recorded exceptional charges amounting to $6.1 billion consisting of a non-recurring expense of approximately $1.7 billion primarily related to vested post-employment benefits in connection with the entry by ArcelorMittal USA into a new labor contract with its union employees, and exceptional charges amounting to $4.4 billion related to write-downs of inventory and raw material supply contracts, and provisions for workforce reduction and litigation. 2 As required by IFRS, the 2008 information has been adjusted retrospectively for the finalization in 2009 of the allocation of purchase price of acquisitions made in EBITDA defined as operating income plus depreciation, impairment expenses and exceptional items. Some inter-segment sales and intra-segment sales have not been eliminated. Some inter-company shipments are not eliminated. ArcelorMittal Distribution Solutions shipments are not consolidated and exclude all hirework and commission shipments from April 1, 2007 onwards. As from the fourth quarter 2007 onwards, ArcelorMittal Distribution Solutions division includes buying and selling trading activity from the ArcelorMittal International Business. Margin analysis calculated on the unrounded values. Total column includes others and eliminations.

66 ArcelorMittal Fact Book Operational Reviews Main Industrial Assets A highly flexible and efficient industrial network 17 Blast Oxygen Furnaces (BOF) 35 Electric Arc Furnaces (EAF) 4 Stainless sites

67 Operational Reviews 65 Main Industrial Assets Plants, property and equipment ArcelorMittal s principal operating subsidiaries are grouped into six segments, with steel production facilities, as well as iron ore and coal mining operations, in North and South America, Europe, Asia and Africa. All of its operating subsidiaries are substantially owned by ArcelorMittal through intermediate holding companies. The following table provides an overview by type of facility of ArcelorMittal s principal production units. Production facilities Number of Capacity 1 (in millions of Production in Facility facilities tonnes per year) (in millions of tonnes) Coke Plant Sinter Plant Blast Furnace Basic Oxygen Furnace (including Tandem Furnace) DRI Plant Electric Arc Furnace Continuous Caster Slabs Hot Rolling Mill Pickling Line Tandem Mill Annealing Line Skin Pass Mill Plate Mill Continuous Caster Bloom / Billet Breakdown Mill (Blooming / Slabbing Mill) Billet Rolling Mill Section Mill Bar Mill Wire Rod Mill Hot Dip Galvanizing Line Electro Galvanizing Line Tinplate Mill Tin Free Steel (TFS) Color Coating Line Seamless Pipes Welded Pipes Reflects design capacity and does not take into account other constraints in the production process. 2 Production facility details include the production numbers for each step in the steelmaking process. Output from one step in the process is used as input in the next step in the process. Therefore, the sum of the production numbers does not equal the quantity of sellable finished steel products.

68 66 Operational Reviews Burns Harbor; East Chicago; Gary, Indiana Riverdale, Illinois Cleveland, Ohio Hamilton, Ontario Coatesville; Conshohocken, Pennsylvania Columbus, Ohio Weirton, West Virginia Lázaro Cárdenas Flat Carbon Americas Flat Carbon Americas facilities Vitória São Francisco do Sul

69 Operational Reviews 67 Flat Carbon Americas Plants, property and equipment ArcelorMittal s Flat Carbon Americas segment has production facilities in both North and South America, including the United States, Canada, Brazil and Mexico. The following two tables set forth key items of information regarding ArcelorMittal s principal production locations and production units in the Flat Carbon Americas segment. Production locations Unit Country Locations 1 Type of Plant Products Warren USA Warren, OH Coke-making Coke Monessen USA Monessen, PA Coke-making Coke Indiana Harbor USA East Chicago, IN Integrated Flat Burns Harbor USA Burns Harbor, IN Integrated Flat Cleveland USA Cleveland, OH Integrated Flat Riverdale USA Riverdale, IL Integrated Flat Coatesville USA Coatesville, PA Mini-mill Flat Gallatin USA Gallatin, KY Mini-mill Flat Columbus Coatings USA Columbus, OH Downstream Flat I/N Tek and I/N Kote USA New Carlisle, IN Downstream Flat Conshohocken USA Conshohocken, PA Downstream Flat Weirton USA Weirton, WV Downstream Flat Gary Plate USA Gary, IN Downstream Flat Double G USA Jackson, MS Downstream Flat Minorca Mines USA Virginia, MN Iron Ore Mine Mining Hibbing Taconite Mines USA Hibbing, MN Iron Ore Mine Mining Mid Vol USA McDowell, WV Coal Mine Mining Concept USA Tazewell, VA Coal Mine Mining Sol Brazil Vitória Coke-Making Coke ArcelorMittal Tubarão Brazil Vitória Integrated Flat ArcelorMittal Vega Brazil São Francisco do Sul Downstream Flat ArcelorMittal Dofasco Canada Hamilton Integrated, Mini-mill Flat ArcelorMittal Mines Canada Canada Québec Iron Ore Mine Mining ArcelorMittal Lázaro Cárdenas Mexico Lázaro Cárdenas Mini-mill Flat ArcelorMittal Lázaro Cárdenas Vulcan Mines Mexico Sonaro Iron Ore Mine Mining ArcelorMittal Lázaro Cárdenas Pena Colorada Mexico Minatitlan Iron Ore Mine Mining 1 In 2009, ArcelorMittal USA permanently closed the finishing facilities at Hennepin and Lackawanna and they are not included in the table above. Production facilities Number of Capacity 1 (in millions of Production in Facility facilities tonnes per year) (in millions of tonnes) Coke Plant Sinter Plant Blast Furnace Basic Oxygen Furnace (including Tandem Furnace) DRI Plant Electric Arc Furnace Continuous Caster Slabs Hot Rolling Mill Pickling Line Tandem Mill Annealing Line Skin Pass Mill Hot Dip Galvanizing Line Electro Galvanizing Line Tinplate Mill Tin Free Steel (TFS) Plate Mill Reflects design capacity and does not take into account other constraints in the production process. 2 Production facility details include the production numbers for each step in the steelmaking process. Output from one step in the process is used as input in the next step in the process. Therefore, the sum of the production numbers does not equal the quantity of sellable finished steel products. The production facilities and production capacity of Hennepin and Lackawanna are not included in this table.

70 68 Operational Reviews Flat Carbon Europe Flat Carbon Europe facilities Tallinn Charleroi Gent Bremen Eisenhüttenstadt Chorzów; Dąbrowa Górnicza; Sosnowiec; Świętochłowice Dunkerque; Mardyck Desvres Montataire Mouzon Geel; Genk Liège Dudelange Florange Kraków Frýdek Místek; Ostrava Basse-Indre Le Creusot Asturias (Avilés & Gijón) Châteauneuf; Saint-Chamond Fos-sur-Mer Galati Saint-Chély d Apcher Etxebarri; Sestao Piombino Skopje Sagunto Avellino Annaba

71 Operational Reviews 69 Flat Carbon Europe Plants, property and equipment ArcelorMittal s Flat Carbon Europe segment has production facilities in Western and Eastern Europe, including Germany, Belgium, France, Spain, Italy, Luxembourg, Romania, Poland, Macedonia, Estonia and the Czech Republic. The following two tables provide an overview by type of facility of ArcelorMittal s principal production locations and production units in the Flat Carbon Europe segment. Production locations Unit Country Locations Type of Plant Products ArcelorMittal Bremen Germany Bremen Integrated Flat ArcelorMittal Eisenhüttenstadt Germany Eisenhüttenstadt Integrated Flat ArcelorMittal Belgium Belgium Gent, Geel, Genk, Huy, Liège Integrated and Downstream Flat ArcelorMittal Liège Upstream Belgium Liège Integrated Flat ArcelorMittal Atlantique et Lorraine France Dunkerque, Mardyck, Montataire, Integrated and Downstream Flat Desvres, Florange, Mouzon, Basse-Indre ArcelorMittal Méditerranée France Fos-sur-Mer, Saint-Chély d Apcher Integrated Flat ArcelorMittal Galati Romania Galati Integrated Flat, Long, Pipes and Tubes ArcelorMittal España Spain Avilés, Gijón, Etxebarri Integrated Flat, Long ArcelorMittal Poland Poland Kraków, Świętochłowice, Integrated Flat Dąbrowa Górnicza, Chorzów, Sosnowiec ArcelorMittal Sestao Spain Bilbao Mini-mill Flat ArcelorMittal Sagunto Spain Sagunto Downstream Flat ArcelorMittal Piombino Italy Avellino, Piombino Downstream Flat ArcelorMittal Dudelange Luxembourg Dudelange, Giebel Downstream Flat ArcelorMittal Frydek Mistek Czech Republic Ostrava Downstream Flat ArcelorMittal Skopje Macedonia Skopje Downstream Flat ArcelorMittal Tallinn Estonia Tallinn Downstream Flat Industeel France, Belgium Charleroi, Le Creusot, Mini-mill and Downstream Flat Chateauneuf, Saint-Chamond, Seraing Production facilities Number of Capacity 1 (in millions of Production in Facility facilities tonnes per year) (in millions of tonnes) Coke Plant Sinter Plant Blast Furnace Basic Oxygen Furnace (including Tandem Furnace) Electric Arc Furnace Continuous Caster Slabs Hot Rolling Mill Pickling Line Tandem Mill Annealing Line Skin Pass Mill Plate Mill Continuous Bloom / Billet Caster Billet Rolling Mill Hot Dip Galvanizing Line Electro Galvanizing Line Tinplate Mill Color Coating Line Reflects design capacity and does not take into account other constraints in the production process. 2 Production facility details include the production numbers for each step in the steelmaking process. Output from one step in the process is used as input in the next step in the process. Therefore, the sum of the production numbers does not equal the quantity of sellable finished steel products.

72 70 Operational Reviews Contrecœur, Québec East Chicago, Illinois Steelton, Pennsylvania Vinton, Texas Georgetown, South Carolina LaPlace, Louisiana Harriman, Tennesse Celaya, Guanajuato Lázaro Cárdenas Tultitlán, Estado de México Córdoba, Veracruz Point Lisas Caldera; Guapiles; Tibas Long Carbon Americas Long Carbon Americas facilities João Monlevade Cariacica Piracicaba Juiz de Fora Note: Wire Drawing facilities not shown on map. Villa Constitución

73 Operational Reviews 71 Long Carbon Europe Long Carbon Europe facilities Note: Wire Drawing facilities not shown on map. Hamburg Warsaw Duisburg Dąbrowa Górnicza; Sosnowiec; Zdzieszowice Belval; Differdange; Dommeldange; Rodange; Schifflange Ostrava Gandrange Asturias (Avilés & Gijón) Bergara; Olaberría; Zumárraga Hunedoara Zenica Zaragoza Madrid Annaba Nador Jorf el Lasfar

74 72 Operational Reviews Long Carbon Americas and Europe Plants, property and equipment ArcelorMittal s Long Carbon Americas and Europe segment has production facilities in North and South America and Europe, including the United States, Canada, Brazil, Argentina, Costa Rica, Mexico, Trinidad, Spain, Germany, France, Luxembourg, Italy, Poland, Romania, Morocco, Algeria, Bosnia and Herzegovina and the Czech Republic. The following two tables provide an overview by type of facility of ArcelorMittal s principal production locations and production units in the Long Carbon segment. Production locations Unit Country Locations Type of Plant Products ArcelorMittal Ostrava Czech Republic Ostrava Integrated Long / Sections, Wire Rod, Sheet Piles ArcelorMittal Poland Poland Dąbrowa Górnicza, Integrated Long / Sections, Sosnowiec, Królewska Wire Rod, Sheet Piles ArcelorMittal Annaba Algeria Annaba Integrated / Mini-mill Long / Wire Rod, Rebars, Flat/Hot-Rolled Coils, Galvanized Coils, Cold Rolled Coils, Tubes / Seamless Pipes ArcelorMittal Belval & Differdange Luxembourg Esch-Belval, Differdange Mini-mill Long / Sections, Sheet Piles ArcelorMittal Rodange & Schifflange Luxembourg Esch Schifflange, Rodange Mini-mill Long / Sections, Rails, Rebars ArcelorMittal España Spain Gijón Downstream Long / Rails, Wire Rod ArcelorMittal Madrid Spain Madrid Mini-mill Long / Sections ArcelorMittal Gipuzkoa Spain Olaberría, Bergara and Zumárraga Mini-mill Long / Sections/Wire Rod ArcelorMittal Zaragoza Spain Zaragoza Mini-mill Long / Light Bars and Angles ArcelorMittal Gandrange France Gandrange Downstream Long / Wire Rod ArcelorMittal Warszawa Poland Warsaw Mini-mill Long / Bars ArcelorMittal Hamburg Germany Hamburg Mini-mill Long / Wire Rods ArcelorMittal Duisburg Germany Ruhrort, Hochfeld Mini-mill Long / Billets, Wire Rod ArcelorMittal Hunedoara Romania Hunedoara Mini-mill Long / Sections, Wire Rod Sonasid Morocco Nador, Jorf el Lasfar Mini-mill Long ArcelorMittal Zenica Bosnia and Herzegovina Zenica Mini-mill / Integrated Long ArcelorMittal Tebessa Algeria Annaba Iron Ore Mine Mining ArcelorMittal Prijedor Bosnia and Herzegovina Prijedor Iron Ore Mine Mining ArcelorMittal Montreal Canada Contrecœur East, West Mini-mill Long / Wire Rod / Bar ArcelorMittal USA USA Steelton, PA Mini-mill Long / Rail ArcelorMittal USA USA Georgetown, SC Mini-mill Long / Wire Rod ArcelorMittal USA USA Indiana Harbor Bar, IN Mini-mill Long / Bar ArcelorMittal USA USA Vinton, TX Mini-mill Long ArcelorMittal USA USA LaPlace, LA Mini-mill Long ArcelorMittal USA USA Harriman, TN Downstream Long ArcelorMittal Point Lisas Trinidad Point Lisas Mini-mill Long / Wire Rod ArcelorMittal Brasil Brazil João Monlevade Integrated Long / Wire Rod Acindar Argentina Villa Constitución Mini-mill Long / Wire Rod / Bar ArcelorMittal Brasil Brazil Juiz de Fora, Piracicaba, Mini-mill Long / Bar / Wire Rod Vitória, Cariacica ArcelorMittal Brasil Costa Rica Costa Rica Downstream Long / Wire Rod ArcelorMittal Las Truchas Mexico Lázaro Cárdenas, Córdoba, Integrated, Mini-mill Long / Bar, Wire Rod Celaya, Tultitlán, Vinton and Downstream ArcelorMittal Las Truchas Mexico Lázaro Cárdenas Iron Ore Mine Mining ArcelorMittal Romania, Czech Republic, Galati, Roman, Iasi, Ostrava, Kraków, Downstream P&T Tubular Products Poland, South Africa, Vereeniging, Temirtau, Kazakhstan, Canada, Contrecœur West, USA, Mexico, Algeria, France, Venezuela Brampton, Woodstock, Hamilton, Shelby, Marion, Monterrey, Annaba, Hautmont, Vitry

75 Operational Reviews 73 Production facilities Number of Capacity 1 (in millions of Production in Facility facilities tonnes per year) (in millions of tonnes) Coke Plant Sinter Plant Blast Furnace Basic Oxygen Furnace (including Tandem Furnace) DRI Plant Electric Arc Furnace Continuous Caster Slabs Hot Rolling Mill Pickling Line Tandem Mill Annealing Line Skin Pass Mill Continuous Caster Bloom / Billet Breakdown Mill (Blooming / Slabbing Mill) Billet Rolling Mill Section Mill Bar Mill Wire Rod Mill Hot Dip Galvanizing Line Electro Galvanizing Line Tinplate Mill Seamless Pipes Welded Pipes Reflects design capacity and does not take into account other constraints in the production process. 2 Production facility details include the production numbers for each step in the steelmaking process. Output from one step in the process is used as input in the next step in the process. Therefore, the sum of the production numbers does not equal the quantity of sellable finished steel products.

76 74 Operational Reviews AACIS AACIS facilities Temirtau Kryviy Rih Saldanha Vanderbijlpark; Vereeniging Newcastle

77 Operational Reviews 75 AACIS Plants, property and equipment ArcelorMittal s AACIS segment has production facilities in Asia and Africa, including Kazakhstan, Ukraine, South Africa and Russia. The following two tables provide an overview by type of facility of ArcelorMittal s principal production locations and production units in the AACIS segment. Production locations Unit Country Locations Type of Plant Products ArcelorMittal Temirtau Kazakhstan Karaganda Integrated Flat, Pipes and Tubes ArcelorMittal Temirtau Kazakhstan Lisakovsk, Kentobe, Atasu, Atansore Iron Ore Mine Mining ArcelorMittal Temirtau Kazakhstan Kostenko, Kuzembaev, Saranskaya, Coal Mine Mining Abaiskaya, Kazakhstanskaya, Lenina, Shaktanskaya, Tenteskaya ArcelorMittal Kryviy Rih Ukraine Kryviy Rih Integrated Long ArcelorMittal Kryviy Rih Ukraine Underground and Open Mines Iron Ore Mine Mining ArcelorMittal South Africa South Africa Vanderbijlpark, Saldanha, Integrated, Mini-mill Flat, Long, Pipes and Tubes Newcastle,Vereeniging, Pretoria Production facilities Number of Capacity 1 (in millions of Production in Facility facilities tonnes per year) (in millions of tonnes) Coke Plant Sinter Plant Blast Furnace Basic Oxygen Furnace (including Tandem Furnace) DRI Plant Electric Arc Furnace Continuous Caster Slabs Hot Rolling Mill Pickling Line Tandem Mill Annealing Line Skin Pass Mill Plate Mill Continuous Caster Bloom / Billet Breakdown Mill (Blooming / Slabbing Mill) Billet Rolling Mill Section Mill Bar Mill Wire Rod Mill Hot Dip Galvanizing Line Electro Galvanizing Line Tinplate Mill Color Coating Line Reflects design capacity and does not take into account other constraints in the production process. 2 Production facility details include the production numbers for each step in the steelmaking process. Output from one step in the process is used as input in the next step in the process. Therefore, the sum of the production numbers does not equal the quantity of sellable finished steel products.

78 ArcelorMittal Fact Book Operational Reviews Stainless Steel Stainless Steel assets Europe 14 Service centers 20 Sales offices 5 Production sites Americas 7 Service centers 8 Sales offices 1 Production site Asia 3 Service centers 14 Sales offices

79 Operational Reviews 77 Stainless Steel Plants, property and equipment ArcelorMittal s Stainless Steel segment has production facilities in South America and Europe, including Brazil, France and Belgium. The following two tables provide an overview by type of facility of ArcelorMittal s principal production locations and production units in the Stainless Steel segment. Production locations Unit Country Locations Type of Plant Products ArcelorMittal Inox Brasil Brazil Timóteo Integrated Stainless / Silicon ArcelorMittal Inox Brasil Tubos Brazil Timóteo, Ribeirão Pires Downstream Stainless Tubes Cinter Uruguay Montevideo Downstream Stainless Tubes ArcelorMittal Stainless France France Gueugnon Downstream Stainless Flat ArcelorMittal Stainless & Nickel Alloys France Imphy Mini-mill Stainless Semis / Alloys ArcelorMittal Stainless Precision Europe France Pont de Roide / Firminy Downstream Stainless precision ArcelorMittal Stainless France France Isbergues Downstream Stainless Flat ArcelorMittal Stainless Tubes Europe France Ancerville Downstream Stainless Tubes ArcelorMittal Stainless Belgium Belgium Châtelet, Genk Mini-mill / Downstream Stainless Flat ArcelorMittal Stainless Automotive Tubes Czech Republic Usti Downstream Stainless Tubes Production facilities Number of Capacity 1 (in millions of Production in Facility facilities tonnes per year) (in millions of tonnes) Blast Furnace Electric Arc Furnace Continuous Caster Slabs Hot Rolling Mill Cold Rolling Mill (Z mill) Pickling Line Annealing Line Skin Pass Mill Continuous Bloom / Billet Caster Reflects design capacity and does not take into account other constraints in the production process. 2 Production facility details include the production numbers for each step in the steelmaking process. Output from one step in the process is used as input in the next step in the process. Therefore, the sum of the production numbers does not equal the quantity of sellable finished steel products. 3 Allocation to pickling and annealing lines is based on carbon steel process logic, meaning that the pickling line category includes hot annealing lines (anneal before rolling for stainless steel). Annealing lines include final annealing and pickling lines as well as bright annealing lines, which are similar to annealing lines for carbon steel.

80 Production Facilities Felicidad Cristobal Managing Director of ArcelorMittal Foundation

81

82 80 Production Facilities Belgium Gent (FCE) Operational capacity and production 2009 in metric tonnes Iron Ore Coal Sintering Plant 7,200kt Blast Furnace 4,100kt Coke Oven 1,270kt (3,661kt) Scrap (2,751kt) Oxygen Converter 5,000kt (1,038kt) (2,993kt) Continuous Casting Slabs 6,500kt Hot Rolling Mill 5,500kt (2,958kt) Slab (3,221kt) Hot Rolled Coil Coated Coil Cold Rolling Mill 3,317kt (150kt) Color Coating Line 314kt (2,062kt) Cold Rolled Coil Galvanizing Line 1,638kt Coated Coil (1,208kt) Operational capacity Production 2009 figures in brackets

83 Production Facilities 81 Belgium Liège (FCE) Operational capacity and production 2009 in metric tonnes Iron Ore Coal Sintering Plant 5,200kt Blast Furnace 3,100kt Coke Oven 800kt (348kt) Scrap (332kt) Oxygen Converter 3,200kt (528kt) (335kt) Continuous Casting Slabs 3,500kt Hot Rolling Mill 2,900kt (331kt) Slab (353kt) Hot Rolled Coil Coated Coil Cold Rolling Mill 2,320kt (93kt) Color Coating Line 244kt (1,240kt) Cold Rolled Coil Galvanizing Line 2,231kt Coated Coil (1,046kt) Operational capacity Production 2009 figures in brackets

84 82 Production Facilities Brazil CST, Sol and Vega do Sul (FCA) Operational capacity and production 2009 in metric tonnes Iron Ore Coal Sintering Plant 6,500kt Blast Furnace 8,020kt Coke Oven 3,254kt (5,954kt) (5,639kt) Oxygen Converter 7,600kt (2,658kt) (5,439kt) Continuous Casting Slabs 7,800kt (5,334kt) Slab Hot Rolling Mill 4,000kt Cold Rolled Coil Cold Rolling Mill 940kt (2,586kt) Hot Rolled Coil Galvanizing Line 440kt (883kt) Coated Coil (439kt) Operational capacity Production 2009 figures in brackets

85 Production Facilities 83 Canada Dofasco / Hamilton (FCA) Operational capacity and production 2009 in metric tonnes Coal Iron Ore Blast Furnace 2,500kt Coke Oven 1,041kt (1,921kt) Oxygen Converter 2,430kt (957kt) Scrap (2,005kt) Continuous Casting Slabs 3,690kt Electric Arc Furnace 1,260kt (2,686kt) Slab (759kt) Hot Rolling Mill 4,200kt Cold Rolled Coil Cold Rolling Mill 2,943kt (3,074t) Hot Rolled Coil Galvanizing Line 1,556kt (2,088kt) Coated Coil (986kt) Operational capacity Production 2009 figures in brackets

86 84 Production Facilities Czech Republic Ostrava (FCE & LC) Operational capacity and production 2009 in metric tonnes Iron Ore Coal Sintering Plant 3,700kt Blast Furnace 4,114kt Coke Oven 1,525kt (1,710kt) Scrap (1,672kt) Oxygen Converter 3,600kt (868kt) Continuous Casting Slabs 1,350kt (1,622kt) Continuous Casting Billets 2,200kt (565kt) Slab Seamless Pipe 288kt (1,023kt) Blooms Billets Hot Rolling Mill 1,350kt (128kt) Section/Wire Rod Mill 1,950kt (536kt) Hot Rolled Coil Sections 1,350kt Wire Rod 600kt (716kt) (117kt) Welded Pipes 45kt Cold Rolling Mill 220kt Cold Rolled Coil (28kt) (112kt) Operational capacity Production 2009 figures in brackets

87 Production Facilities 85 France Dunkerque, Mardyck, Montataire and Desvres (FCE) Operational capacity and production 2009 in metric tonnes Iron Ore Coal Sintering Plant 9,600kt Blast Furnace 6,972kt Coke Oven 1,360kt (5,478kt) Scrap (4,564kt) Oxygen Converter 6,750kt (1,128kt) (4,753kt) Continuous Casting Slabs 6,500kt (4,646kt) Slab Hot Rolling Mill 4,800kt Coated Coil Cold Rolling Mill 1,438kt (3,291kt) Hot Rolled Coil (144kt) Color Coating Line 213kt (1,073kt) Cold Rolled Coil Galvanizing Line 2,264kt Coated Coil (1,356kt) Operational capacity Production 2009 figures in brackets

88 86 Production Facilities France Florange, Mouzon and Dudelange (FCE) Operational capacity and production 2009 in metric tonnes Iron Ore Coal Sintering Plant 4,400kt Blast Furnace 2,847kt Coke Oven 680kt (955kt) Scrap (580kt) Oxygen Converter 2,500kt (571kt) (619kt) Continuous Casting Slabs 2,400kt (601kt) Slab Hot Rolling Mill 3,100kt Coated Coil Cold Rolling Mill 2,152kt (1,704kt) Hot Rolled Coil (48kt) Color Coating Line 222kt (1,237kt) Cold Rolled Coil Galvanizing Line 2,216kt Coated Coil (1,101kt) Operational capacity Production 2009 figures in brackets

89 Production Facilities 87 France Fos-sur-Mer, Saint-Chély (FCE) Operational capacity and production 2009 in metric tonnes Iron Ore Coal Sintering Plant 6,800kt Blast Furnace 5,110kt Coke Oven 1,650kt (3,102kt) Scrap (2,426kt) Oxygen Converter 5,000kt (1,012kt) (2,469kt) Continuous Casting Slabs 5,000kt (2,416kt) Slab Hot Rolling Mill 4,800kt (2,321kt) Hot Rolled Coil Cold Rolling Mill 158kt Cold Rolled Coil (105kt) Operational capacity Production 2009 figures in brackets

90 88 Production Facilities Germany Bremen (FCE) Operational capacity and production 2009 in metric tonnes Iron Ore Sintering Plant 2,100kt Blast Furnace 3,943kt Coke (2,022kt) (2,150kt) Oxygen Converter 3,600kt (2,350kt) Continuous Casting Slabs 3,600kt (2,302kt) Slab Hot Rolling Mill 5,000kt Cold Rolling Mill 1,515kt (2,543kt) Hot Rolled Coil (752kt) Cold Rolled Coil Galvanizing Line 1,064kt Coated Coil (693kt) Operational capacity Production 2009 figures in brackets

91 Production Facilities 89 Germany Eisenhüttenstadt (FCE) Operational capacity and production 2009 in metric tonnes Iron Ore Sintering Plant 2,900kt Blast Furnace 2,080kt Coke (1,625kt) (1,311kt) Scrap Oxygen Converter 2,300kt Continuous Casting Billets and Blooms 500kt Blooms Billets (1,497kt) (71kt) Continuous Casting Slabs 2,400kt (1,360kt) Slab Hot Rolling Mill 2,150kt (1,123kt) Cold Rolling Mill 1,430kt Hot Rolled Coil Coated Coil (923kt) (87kt) Cold Rolled Coil Galvanizing Line 881kt Coated Coil Color Coating Line 145kt (680kt) Operational capacity Production 2009 figures in brackets

92 90 Production Facilities Kazakhstan Temirtau (AACIS) Operational capacity and production 2009 in metric tonnes Iron Ore Coal Sintering Plant 7,200kt Blast Furnace 4,590kt Coke Oven 3,507kt (5,279kt) Blooms Billets (2,996kt) Oxygen Converter 6,000kt (2,384kt) Scrap Bar Mill 400kt (3,328kt) Continuous Casting Slabs 5,200kt (37kt) Bars (3,283kt) Slab Hot Rolling Mill 4,600kt Coated Coil Cold Rolling Mill 2,150kt (3,288kt) Hot Rolled Coil (58kt) Color Coating Line 80kt (1,770kt) Cold Rolled Coil Galvanizing Line 800kt Coated Coil (649kt) Operational capacity Production 2009 figures in brackets

93 Production Facilities 91 Mexico Lázaro Cárdenas (FCA & LC) Operational capacity and production 2009 in metric tonnes Iron Ore Direct Reduced Iron 4,100kt Pelletizer Plant 5,258kt Coal (1,699kt) Electric Arc Furnace 4,000kt (2,526kt) Blast Furnace 1,550kt Coke Oven 563kt (1,515kt) Continuous Casting Slabs 3,800kt (1,307kt) Oxygen Converter 1,166kt (440kt) Scrap (1,365kt) Slab (1,336kt) Continuous Casting Billets and Blooms 2,000kt (1,412kt) Blooms Billets Bar Mill 1,250kt Wire Rod Mill 500kt (809kt) Sections (451kt) Wire Rod Operational capacity Production 2009 figures in brackets

94 92 Production Facilities Poland Dąbrowa Górnicza, Sosnowiec and ZKZ (FCE & LC) Operational capacity and production 2009 in metric tonnes Iron Ore Coal Sintering Plant 4,930kt Blast Furnace 4,400kt Coke Oven 4,010kt (3,387kt) (2,022kt) Oxygen Converter 5,000kt (2,983kt) Scrap (2,296kt) Continuous Casting Slabs 3,000kt Continuous Casting Billets and Blooms 3,000kt (589kt) Slab (1,618kt) Blooms Billets Section Mill 1,800kt Wire Rod Mill 750kt (935kt) Sections (447kt) Wire Rod Operational capacity Production 2009 figures in brackets

95 Production Facilities 93 Poland Kraków and Świętochłowice (FCE) Operational capacity and production 2009 in metric tonnes Iron Ore Coal Sintering Plant 1,950kt Blast Furnace 2,300kt Coke Oven 660kt (982kt) Scrap (961kt) Oxygen Converter 2,600kt (393kt) (1,043kt) Continuous Casting Slabs 2,000kt Hot Rolling Mill 2,400kt (1,015kt) Slab (1,440kt) Hot Rolled Coil Welded Pipes 350kt Coated Coil Cold Rolling Mill 1,000kt (66kt) (155kt) Color Coating Line 280kt (527kt) Cold Rolled Coil Galvanizing Line 660kt Coated Coil (396kt) Operational capacity Production 2009 figures in brackets

96 94 Production Facilities Romania Galati (FCE) Operational capacity and production 2009 in metric tonnes Iron Ore Sintering Plant 8,150kt Blast Furnace 6,300kt Coke (1,868kt) Continuous Casting Slabs 5,060kt (1,565kt) Oxygen Converter 6,400kt Continuous Casting Billets and Blooms 521kt (1,726kt) Slab (1,790kt) Blooms Billets (Nil) Billet Mill 1,000kt (Nil) Plate Mill 2,700kt Hot Rolling Mill 3,500kt (414kt) Plate (1,250kt) Hot Rolled Coil Cold Rolling Mill 1,000kt Welded Pipes 45kt (324kt) Cold Rolled Coil (13kt) Galvanizing Line 200kt Coated Coil (137kt) Operational capacity Production 2009 figures in brackets

97 Production Facilities 95 South Africa Vanderbijlpark (AACIS) Operational capacity and production 2009 in metric tonnes Iron Ore Coal Sintering Plant 2,630kt Coke Oven 1,940kt (1,822kt) (866kt) Blast Furnace 3,796kt Scrap Direct Reduced Iron 950kt (1,714kt) (709kt) Continuous Casting Slabs 4,740kt Oxygen Converter 3,360kt Electric Arc Furnace 1,500kt Slab (1,614kt) (1,029kt) (2,479kt) Plate Mill 600kt Hot Rolling Mill 3,500kt Hot Rolled Coil Cold Rolling Mill 1,483kt (167kt) (2,191kt) (1,083kt) Plate Cold Rolled Coil Coated Coil Color Coating Line 101kt Coated Coil Galvanizing Line 700kt (87kt) (546kt) Operational capacity Production 2009 figures in brackets

98 96 Production Facilities Spain Gijón and Avilés (FCE & LC) Operational capacity and production 2009 in metric tonnes Iron Ore Coal Sintering Plant 5,500kt Blast Furnace 4,600kt Coke Oven 2,470kt (3,687kt) (3,061kt) (1,486kt) Scrap Oxygen Converter 5,200kt (3,204kt) Continuous Casting Slabs 4,400kt Continuous Casting Billets and Blooms 2,050kt (2,581kt) (536kt) Slab Hot Rolling Mill 3,650kt Blooms Billets Wire Rod Mill 600kt (2,148kt) (240kt) Plate Mill 610kt Hot Rolled Coil Section and Rail Mill 350kt Wire Rod (327kt) (295kt) Plate Cold Rolling Mill 1,131kt Rails (401kt) Cold Rolled Coil Galvanizing Line 695kt Coated Coil (378kt) Operational capacity Production 2009 figures in brackets

99 Production Facilities 97 Ukraine Kryviy Rih (AACIS) Operational capacity and production 2009 in metric tonnes Iron Ore Coal Sintering Plant 12,491kt Blast Furnace 10,270kt Coke Oven 4,134kt (7,836kt) (4,419kt) Oxygen Converter 8,525kt (2,195kt) (5,039kt) Ingot Casting Blooming Mill 10,000kt Section Mill 4,150kt (5,043kt) Blooms Billets Wire Rod Mill 1,920kt Sections Wire Rod (2,499kt) (1,383kt) Operational capacity Production 2009 figures in brackets

100 Production Facilities 98 Production Facilities USA Burns Harbor (FCA) Operational capacity and production 2009 in metric tonnes Iron Ore Coal Sintering Plant 2,200kt Blast Furnace 4,700kt Coke Oven 1,632kt (Nil) (2,016kt) Oxygen Converter 5,085kt (1,094kt) (2,115kt) Continuous Casting Slabs 3,964kt Plate Mill 1,651kt (2,016kt) Slab Hot Rolling Mill 3,964kt (442kt) Plate (1,779kt) Hot Rolled Coil Cold Rolling Mill 2,087kt Coated Coil Galvanizing Line 544kt (941kt) Cold Rolled Coil (358kt) Operational capacity Production 2009 figures in brackets

101 Production Facilities 99 USA Cleveland (FCA) Operational capacity and production 2009 in metric tonnes Iron Ore Blast Furnace 2,815kt Coke (548kt) Oxygen Converter 5,771kt Scrap (617kt) Continuous Casting Slabs 5,291kt (614kt) Slab Hot Rolling Mill 2,995kt (466kt) Hot Rolled Coil Cold Rolling Mill 908kt Coated Coil Galvanizing Line 635kt (150kt) Cold Rolled Coil (142kt) Operational capacity Production 2009 figures in brackets

102 Production Facilities 100 Production Facilities USA Indiana Harbor East and West (FCA) Operational capacity and production 2009 in metric tonnes Iron Ore Sintering Plant 2,178kt Blast Furnace 8,704kt Coke (Nil) (4,244kt) Oxygen Converter 8,929kt Scrap (4,066kt) Continuous Casting Slabs 10,235kt (3,902kt) Slab Hot Rolling Mill 8,850kt (3,568kt) Hot Rolled Coil Cold Rolling Mill 2,613kt Coated Coil Galvanizing Line 1,088kt (1,202kt) Cold Rolled Coil (417kt) Operational capacity Production 2009 figures in brackets

103 Production Facilities 101 Notwithstanding the difficult market conditions of 2008 and 2009, ArcelorMittal s management believes that there will be strong global steel demand growth in the medium to long term. The Company will continue to invest opportunistically in expanding the production capacity of its existing facilities depending on market conditions and projected global and regional demand trends.

104 Financials and Share Information Julien Onillon Vice President of ArcelorMittal, Head of Investor Relations

105

106 104 Financials and Share Information Condensed Consolidated Statements of Operations (Based on IFRS, in millions of US dollars, except shares, per share, employee and shipment data) Condensed Consolidated Statements of Operations Year Ended Year Ended Year Ended December 31, December 31, December 31, 2007 (audited) (audited) 2009 (audited) Sales 105, ,936 65,110 Depreciation and impairment 4,570 6,104 5,458 Exceptional items 1 6,142 2,045 Operating income (loss) 14,830 12,325 (1,678) Operating margin (as percentage of sales) 14.1% 9.9% -2.6% Net financing costs, income from equity method investments and other income 58 (699) (2,759) Income (loss) before taxes 14,888 11,626 (4,437) Income tax expense (benefit) 3,038 1,128 (4,512) Effective tax rate % 20.4% 9.7% 101.7% Net income (including non-controlling interests) 11,850 10, Non-controlling interests 1,482 1,032 (43) Net income 10,368 9, Basic earnings per common share Diluted earnings per common share Weighted average common shares outstanding (in millions) 1,399 1,383 1,445 Diluted weighted average common shares outstanding (in millions) 2 1,401 1,386 1,446 EBITDA 3 19,400 24,571 5,824 EBITDA margin (as percentage of sales) 18.4% 19.7% 8.9% OTHER INFORMATION (unaudited) Total shipments of steel products 4 (millions of metric tonnes) Employees (000 s) During 2009 the Company recorded an exceptional gain of $380 million relating to reversal of litigation costs previously booked in the fourth quarter of 2008 following the Paris Court of Appeals decision to reduce the fine imposed on certain French distribution subsidiaries of ArcelorMittal by the French Competition Authority from 302 million ($441 million) to 42 million ($61 million). This gain was offset by exceptional charges amounting to $2.4 billion pre-tax related primarily to write-downs of inventory ($2.1 billion) and provisions for workforce reduction ($0.3 billion). During 2008, the Company had recorded exceptional charges amounting to $6.1 billion consisting of a non-recurring expense of approximately $1.7 billion primarily related to vested post-employment benefits in connection with the entry by ArcelorMittal USA into a new labor contract with its union employees, and exceptional charges amounting to $4.4 billion related to write-downs of inventory and raw material supply contracts, and provisions for workforce reduction and litigation. 2 Diluted common shares relate to effect of stock options. 3 EBITDA defined as operating income plus depreciation, impairment expenses and exceptional items. 4 ArcelorMittal Distribution Solutions shipments are not consolidated. 5 As required by International Financial Reporting Standards (IFRS), the 2008 information has been adjusted retrospectively for the finalization in 2009 of the allocation of purchase price of acquisitions made in 2008.

107 Financials and Share Information 105 Condensed Consolidated Statements of Cash Flows (Based on IFRS, in millions of US dollars) Condensed Consolidated Statements of Cash Flows Year Ended Year Ended Year Ended December 31, December 31, December 31, 2007 (audited) (audited) 2009 (audited) OPERATING ACTIVITIES: Net cash provided by operating activities 16,532 14,652 7,278 INVESTING ACTIVITIES: Purchase of property, plant and equipment (5,448) (5,531) (2,792) Acquisition of net assets of subsidiaries and non-controlling interests, net of cash acquired (6,052) (6,201) (120) Investments in associates and joint ventures accounted for under equity method (1,196) (3,114) (33) Other investing activities (net) 787 2, Net cash used in investing activities (11,909) (12,428) (2,784) FINANCING ACTIVITIES: Offering of common shares 3,153 Proceeds from mandatorily convertible bonds 750 Proceeds/payments from short-term and long-term debt 1,435 4,873 (8,594) Purchase of treasury shares (2,553) (4,440) Dividends paid 1 (2,269) (2,576) (1,338) Other financing activities (net) 2 (30) 11 (318) Net cash provided by (used in) financing activities (3,417) (2,132) (6,347) Effect of exchange rate changes on cash 634 (376) 196 Net increase (decrease) in cash and cash equivalents 1,840 (284) (1,657) 1 Includes dividends paid to non-controlling interests. 2 Includes sale of treasury shares for stock option exercises. 3 As required by IFRS, the 2008 information has been adjusted retrospectively for the finalization in 2009 of the allocation of purchase price of acquisitions made in 2008.

108 106 Financials and Share Information Condensed Quarterly Consolidated Statements of Operations (in millions of US dollars, except shares and per share data) Condensed Quarterly Consolidated Statements of Operations 1Q08 2Q08 3Q08 4 4Q08 4 1Q09 2Q09 3Q09 4Q09 Sales 29,809 37,840 35,198 22,089 15,122 15,176 16,170 18,642 Depreciation and impairment (1,430) (1,425) (1,418) (1,831) (1,118) (1,228) (1,284) (1,827) Exceptional items 1 (1,699) (4,443) (1,248) (1,177) Operating income / (loss) 3,614 6,621 5,442 (3,352) (1,483) (1,184) Operating margin (as percentage of sales) 12.1% 17.5% 15.5% -15.2% -9.8% -7.8% 1.9% 3.7% Net financing costs, income from equity method investments and other income (407) 503 (537) (258) (738) (909) (286) (826) Income before taxes 3,207 7,124 4,905 (3,610) (2,221) (2,093) 19 (142) Income tax (expense) benefit (596) (933) (683) 1,084 1,088 1, ,286 Effective tax rate % 18.6% 13.1% 13.9% 30.0% 49.0% 59.2% N/A N/A Net income (loss) (including non-controlling interests) 2,611 6,191 4,222 (2,526) (1,133) (854) 918 1,144 Non-controlling interests (240) (352) (406) (34) (15) (74) Net income 2,371 5,839 3,816 (2,560) (1,063) (792) 903 1,070 Basic earnings per common share (1.88) (0.78) (0.57) Diluted earnings per common share (1.88) (0.78) (0.57) Weighted average common shares outstanding (in millions) 1,407 1,390 1,371 1,365 1,366 1,395 1,508 1,509 Diluted weighted average common shares outstanding (in millions) 2 1,410 1,394 1,375 1,365 1,367 1,396 1,597 1,537 Base dividend per share (USD) EBITDA 3 5,044 8,046 8,559 2, ,221 1,589 2,131 EBITDA margin (as percentage of sales) 16.9% 21.3% 24.3% 13.2% 5.8% 8.0% 9.8% 11.4% 1 During 2009 the Company recorded an exceptional gain of $380 million relating to reversal of litigation costs previously booked in the fourth quarter of 2008 following the Paris Court of Appeals decision to reduce the fine imposed on certain French distribution subsidiaries of ArcelorMittal by the French Competition Authority from 302 million ($441 million) to 42 million ($61 million). This gain was offset by exceptional charges amounting to $2.4 billion pre-tax related primarily to write-downs of inventory ($2.1 billion) and provisions for workforce reduction ($0.3 billion). During 2008, the Company had recorded exceptional charges amounting to $6.1 billion consisting of a non-recurring expense of approximately $1.7 billion primarily related to vested post-employment benefits in connection with the entry by ArcelorMittal USA into a new labor contract with its union employees, and exceptional charges amounting to $4.4 billion related to write-downs of inventory and raw material supply contracts, and provisions for workforce reduction and litigation. 2 Diluted common shares relate to effect of stock options. 3 EBITDA defined as operating income plus depreciation, impairment expenses and exceptional items. 4 As required by International Financial Reporting Standards (IFRS), the 2008 information has been adjusted retrospectively for the finalization in 2009 of the allocation of purchase price of acquisitions made in 2008.

109 Financials and Share Information 107 Condensed Consolidated Statements of Financial Position (Based on IFRS, in millions of US dollars) Condensed Consolidated Statements of Financial Position (audited) As of December As of December As of December 31, , , 2009 ASSETS Current Assets Cash, cash equivalents and restricted cash 8,105 7,587 6,009 Trade accounts receivable and other 9,533 6,737 5,750 Inventories 21,750 24,754 16,835 Prepaid expenses and other current assets (including assets held for sale) 5,940 5,340 4,213 Total Current Assets 45,328 44,418 32,807 Goodwill, intangible assets and property, plant and equipment 77,025 76,887 77,419 Investments in associates and joint ventures 5,887 8,512 9,628 Other non-current assets 5,385 3,338 7,843 Total Assets 133, , ,697 LIABILITIES AND EQUITY Current Liabilities Short-term debt and current portion of long-term debt 8,542 8,409 4,135 Trade accounts payable and other 13,991 10,501 10,676 Accrued expenses and other current liabilities (including liabilities held for sale) 9,676 11,673 8,719 Total Current Liabilities 32,209 30,583 23,530 Long-term debt, net of current portion 22,085 25,667 20,677 Other non-current liabilities 17,796 17,588 18,092 Total Liabilities 72,090 73,838 62,299 Equity attributable to equity holders of the parent 56,685 55,258 61,045 Non-controlling interests 4,850 4,059 4,353 Total Equity 61,535 59,317 65,398 Total Liabilities and Equity 133, , ,697 1 As required by IFRS, the 2008 information has been adjusted retrospectively for the finalization in 2009 of the allocation of purchase price of acquisitions made in 2008.

110 108 Financials and Share Information Steel Sector and Stock Market Performance Since August 1st 2006 (US$/share) Aug 06 - Dec 06 Jan 07 - Jun 07 Jul 07 - Dec 07 Jan 08 - Jun 08 Jul 08 - Dec 08 Jan 09 - Jun 09 Jul 09 - Dec 09 ArcelorMittal Since August 1st 2006 base 100 (US$) Aug 06 - Dec 06 Jan 07 - Jun 07 Jul 07 - Dec 07 Jan 08 - Jun 08 Jul 08 - Dec 08 Jan 09 - Jun 09 Jul 09 - Dec 09 ArcelorMittal Global Metals and Mining index

111 Financials and Share Information 109 Since August 1st 2006 base 100 ( ) Aug 06 - Dec 06 Jan 07 - Jun 07 Jul 07 - Dec 07 Jan 08 - Jun 08 Jul 08 - Dec 08 Jan 09 - Jun 09 Jul 09 - Dec 09 ArcelorMittal EuroStoxx 50 Since August 1st 2006 base 100 (US$) Aug 06 - Dec 06 Jan 07 - Jun 07 Jul 07 - Dec 07 Jan 08 - Jun 08 Jul 08 - Dec 08 Jan 09 - Jun 09 Jul 09 - Dec 09 ArcelorMittal S&P 500

112 110 Financials and Share Information Share Information Share data Number of shares issued (in millions) 1, , ,560.9 Number of shares outstanding (in millions) 1, , ,509.5 High share price* $83.88 $ $44.93 Low share price* $39.59 $15.52 $18.11 Average share price* $61.67 $66.52 $31.53 High share price** Low share price** Average share price** Average market capitalization (billions) $89.35 $96.38 $49.22 Earning per share $7.41 $6.84 $0.08 Cash flow per share*** $11.63 $10.73 $4.82 Book value per share $39.87 $40.45 $40.44 Dividend $1.30 $1.50 $0.75 Free float 57.0% 56.9% 59.1% Sources: * NYSE. ** Paris Stock Exchange. *** Cash flow from operations. Shareholding structure (as at December 31, 2009) % 1. Free Float (923.0 million shares) 59% 2. Mittal Family (637.9 million shares) 41% 2 1 Source: ArcelorMittal estimates.

113 Financials and Share Information 111 The following table sets forth information as of December 31, 2009 with respect to the beneficial ownership of ArcelorMittal common shares by each person who is known to be the beneficial owner of more than 5% of the shares and all directors and senior management as a group. One ArcelorMittal share gives right to one vote. You can find further information about ArcelorMittal s share capital in the Capital section of the ArcelorMittal website. ArcelorMittal shares Mittal family 637,944, % Treasury shares 49,919, % Other public shareholders 873,050, % Total 1,560,914, % Total issued less treasury shares 1,510,994,904 % of Total Includes options and shares privately held by significant shareholder. Stock exchange listings The following table sets forth, for the periods indicated, the high and low sales prices per share of ArcelorMittal shares as reported on the NYSE and the European exchanges on which its shares are listed. Prices per share until September 3, 2007 are those of class A common shares of Mittal Steel, which, along with its class B common shares, were exchanged for shares of ArcelorMittal in the first-step merger of Mittal Steel and ArcelorMittal. The New York NYSE Euronext NYSE Euronext Luxembourg NYSE Euronext Spanish Stock Exchange Amsterdam Paris Stock Exchange Brussels Stock Exchanges 1 ArcelorMittal Shares ArcelorMittal Shares ArcelorMittal Shares ArcelorMittal Shares ArcelorMittal Shares ArcelorMittal Shares High (US$) Low (US$) High ( ) Low ( ) High ( ) Low ( ) High ( ) Low ( ) High ( ) Low ( ) High ( ) Low ( ) Year ended December 31, Year ended December 31, Year ended December 31, Year ended December 31, 2008 First Quarter Second Quarter Third Quarter Fourth Quarter Year ended December 31, 2009 First Quarter Second Quarter Third Quarter Fourth Quarter Month ended Sep Oct Nov Dec Jan Feb 2010* * February 2010 data is through February 1-8, Spanish Stock Exchanges in Madrid, Barcelona, Bilbao and Valencia ( MTS ). Includes intraday highs and lows. Class A common shares of the former Mittal Steel were listed on Euronext Paris by NYSE Euronext and the Spanish Stock Exchanges on July 27, 2006, and on Euronext Brussels by NYSE Euronext and the Official List of the Luxembourg Stock Exchange on August 1, ArcelorMittal shares are listed and traded on the NYSE (symbol MT ), ArcelorMittal s principal United States trading market, and outside the United States are admitted to trading on the Luxembourg Stock Exchange s regulated market and listed on the Official List of the Luxembourg Stock Exchange ( MT ) and are listed and traded (on a single order book since January 14, 2009) on the NYSE Euronext European markets (Paris, Amsterdam and Brussels) ( MT ) and the stock exchanges of Madrid, Barcelona, Bilbao and Valencia (the Spanish Stock Exchanges ) ( MTS ).

114 112 Financials and Share Information Share Information Dividend policy Considering the exceptional global economic conditions, ArcelorMittal s Board of Directors has recommended to maintain the annual dividend per share at $0.75 for The dividend payments will occur on a quarterly basis for the full year 2010 (see financial calendar). Dividends are announced in USD and paid in USD for shares listed on the New York Stock Exchange and paid in euros for shares listed on the European stock exchanges (The Netherlands, France, Spain, Luxembourg and Belgium). Once market conditions have normalized, the Board of Directors will review the dividend policy. Listing places and indexes Listing places ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Brussels (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS). Indexes ArcelorMittal is a member of more than 120 indices including the following leading indices: DJ STOXX 50, DJ EURO STOXX 50, CAC40, AEX, FTSE Eurotop 100, MSCI Pan-Euro, DJ Stoxx 600, S&P Europe 500, Bloomberg World Index and NYSE Composite Index. Recognized for its commitment to Sustainable Development, the Group is also a member of the FTSE4Good index. Ticker symbols Stock Exchange Symbol Bloomberg Reuters Paris MT MT NA ISPA.AS Amsterdam MT MT NA ISPA.AS New York MT MT US MT.N Madrid MTS MTS SM MTS.MC Brussels MT MT NA ISPA.AS Luxembourg MT MT LX MTP.LU

115 Financials and Share Information 113 Financial calendar Financial results* February 10, 2010 Results for 4th quarter 2009 and 12 months 2009 April 29, 2010 Results for 1st quarter 2010 July 28, 2010 Results for 2nd quarter 2010 and 6 months 2010 October 26, 2010 Results for 3rd quarter 2010 and 9 months 2010 Dividend payment March 15, 2010 June 14, 2010 September 13, 2010 December 15, 2010 Shareholder and investor meetings March 24 & 26, 2010 May 11, 2010 June 16, 2010 September 15, st quarterly payment of base dividend (interim dividend) 2nd quarterly payment of base dividend 3rd quarterly payment of base dividend 4th quarterly payment of base dividend Plant tour with analysts and institutional investors Annual shareholder meeting in Luxembourg Individual investor event Investor Day with Group Management Board members * Earnings results are issued before the opening of the stock exchanges on which ArcelorMittal is listed. To subscribe to ArcelorMittal releases and results, please visit the subscription form section under Investors & Shareholders Contacts on

116 114 Financials and Share Information Share Information Dividend payment schedule In 2010 the payment of quarterly dividends will occur according to the following schedule. The gross dividend per share amounts to 0.75 USD per share (paid on a quarterly basis) and was approved at the annual general meeting of 11 May Quarterly payments of USD per share will occur on 15 March, 14 June, 13 September and 15 December Dividends are announced in USD and paid in USD for shares listed on the New York Stock Exchange and paid in euros for shares listed on the NYSE European Stock Exchanges (Netherlands, France, Spain, Luxembourg and Belgium). Dividends to be paid in euros are converted from USD to euros based on the European Central Bank exchange rate mentioned in the table below. A Luxembourg withholding tax of 15% is applied on the gross dividend amounts. Dividend calendar 1st Quarter 2010 (interim dividend) USA, Netherlands, France, Spain, Luxembourg, Belgium Gross dividend per share USD Ex-Dividend February 19 Record Date February 23 Payment Date March 15 FX Exchange Date for conversion for USD to euros: February 18: (gross dividend per share in euros: ) 2nd Quarter 2010 USA, Netherlands, France, Spain, Luxembourg, Belgium Gross dividend per share USD Ex-Dividend May 21 Record Date May 25 Payment Date June 14 FX Exchange Date for conversion for USD to euros: May 20: (gross dividend per share in euros: ) 3rd Quarter 2010 USA, Netherlands, France, Spain, Luxembourg, Belgium Gross dividend per share USD Ex-Dividend August 20 Record Date August 24 Payment Date September 13 FX Exchange Date: August 19 4th Quarter 2010 USA, Netherlands, France, Spain, Luxembourg, Belgium Gross dividend per share USD Ex-Dividend November 19 Record Date November 23 Payment Date December 15 FX Exchange Date: November 18

117 Financials and Share Information 115 Investor Relations By implementing high standards of financial information disclosure and providing clear, regular, transparent and even-handed information to all its shareholders, ArcelorMittal aims to be the first choice for investors in the sector. To meet this objective and provide information to fit the needs of all parties, ArcelorMittal has decided to implement an active and broad communications policy: road shows with the financial community, conference calls, plant visits, meetings with individual investors, a virtual meeting and conference center on Second Life and a website featuring management comments on quarterly, half-year and full-year results. Individual Investors ArcelorMittal s senior management plans to meet individual investors and shareholder associations in road shows throughout In order to improve the communication and debate with its individual investors, ArcelorMittal has opened a virtual meeting and conference center on Second Life. The ArcelorMittal virtual meeting and conference center enables investors to have access to Group documentation, corporate videos, discuss in real time with Company representatives or other shareholders present on the location or leave questions in the dedicated question box. This is also the optimal location to arrange interactive Group presentations and courses. A dedicated toll free number for individual investors is available at Requests for information or meetings on the virtual meeting and conference center may also be sent to: PrivateInvestors@arcelormittal.com Analysts and Investors As the world s leading steel company and major investment vehicle in the steel sector, ArcelorMittal constantly seeks to develop relationships with financial analysts and international investors. Depending on their geographical location, investors may use the following s: InstitutionalsAmericas@arcelormittal.com or InstitutionalsEurope@arcelormittal.com Socially Responsible Investors The Investor Relations team is also a privileged source of information on the growing Socially Responsible Investment community. The team organizes special events on ArcelorMittal s Corporate Responsibility strategy and answers all requests for information sent to the Group. SRI@arcelormittal.com Credit and Fixed Income Investors Credit, Fixed Income Investors and rating agency are followed by a dedicated team from Investor Relations. CreditFixedIncome@arcelormittal.com Contact information ArcelorMittal Investor Relations ArcelorMittal Investor Relations 19, avenue de la Liberté L-2930 Luxembourg Dedicated Investor Relations teams are at the disposal of analysts and investors: InstitutionalsAmericas@arcelormittal.com InstitutionalsEurope@arcelormittal.com (toll-free, from the EU and Switzerland) PrivateInvestors@arcelormittal.com SRI@arcelormittal.com CreditFixedIncome@arcelormittal.com Telephone To subscribe to ArcelorMittal releases and results, please visit the subscription form section under Investors & Shareholders Contacts on

118 116 Financials and Share Information Equity Analyst Coverage The following analysts regularly publish research reports on ArcelorMittal. Please note that this list is provided for informational purposes and might change when a company initiates or cancels coverage of ArcelorMittal. The recommendations, forecasts and opinions expressed in these reports are those of the analysts and are not necessary representing the recommendations, forecasts and opinions of ArcelorMittal and its management. Company and Analyst Telephone Affiliated Research Group Chuck Bradford chuck@ar-group-llc.com RBS/ABN AMRO Tim Huff tim.huff@uk.abnamro.com Nick Moore nick.metals.moore@uk.abnamro.com Applebaum Research Michelle Applebaum michelle@michelleapplebaum.com Banesto Bolsa Robert Jackson rjackson@notes.banesto.es Bank of America Merrill Lynch Nik Oliver nik_oliver@ml.com Jason Fairclough jason_fairclough@ml.com Rick Mattila rick_mattila@ml.com BBVA Luis de Toledo luis.detoledo@groupobbva.com Berenberg Bank John Klein john.klein@berenberg.de BHF Bank Hermann Reith hermann.reith@bhf-bank.com Cheuvreux Alexander Haissl ahaissl@cheuvreux.com Citigroup Johan Rode johan.rode@citi.com Collins Stewart Imran Akram iakram@collinsstewart.com Commerzbank Dirk Nettling dirk.nettling@commerzbank.com Credit Suisse Michael Shillaker michael.shillaker@credit-suisse.com Alessandro Abate alessandro.abate@credit-suisse.com Dahlman Rose & Co. Anthony Rizzuto, Jr arizzuto@dahlmanrose.com Anthony Young Ayoung@dahlmanrose.com Deutsche Bank David Martin david.s.martin@db.com Jorge Beristain jorge.beristain@db.com Mathias Carlson mathias.carlson@db.com Exane BNP Paribas Sylvain Brunet sylvain.brunet@exane.com Vincent Lepine vincent.lepine@exane.com Fortis Antonio López antonio.lopez@fortis.com Goldman Sachs Peter Mallin-Jones peter.mallin-jones@gs.com Mikko Heiskanen mikko.heiskanen@gs.com Andrew Byrne andrew.byrne@gs.com Sal Tharani sal.tharani@gs.com

119 Financials and Share Information 117 Company and Analyst Telephone HSBC Thorsten Zimmermann Ibersecurities Francisco José Rodríguez ING Nick Hatch Matthew McDonald JP Morgan Ben Defay Michael Gambardella Kempen & Co Tom Ackermans Erwin Dut Kepler Capital Markets Rochus Brauneiser rochus.brauneiser@keplercm.com Longbow Research Luke Folta lfolta@longbowresearch.com MF Global Charlie Dove-Edwin cdove-edwin@mfglobal.com Morgan Stanley Ephrem Ravi ephrem.ravi@morganstanley.com Carsten Riek carsten.riek@morganstanley.com Nomura Paul Cliff paul.cliff@nomura.com Gavin Wood gavin.wood@nomura.com Oddo Securities Luc Pez lpez@oddo.fr Oppenheim Research Peter Metzger peter.metzger@oppenheim.de Ulrich Scholz ulrich.scholz@oppenheim.de Petercam Alexandre Weinberg alexandre.weinberg@petercam.be Rabo Securities Frank Claassen frank.claassen@rabobank.com Ralf Jacobs ralf.jacobs@rabobank.com SNS Securities Danny Van Doesburg danny.vandoesburg@snssecurities.nl Société Générale Alain William alain.william@sgcib.com Steubing AG Michael Broeker michael.broeker@steubing.com UBS Andrew Snowdowne andrew.snowdowne@ubs.com Timna Tanners timna.tanners@ubs.com UniCredit Christian Obst christian.obst@unicreditgroup.de

120 118 Financials and Share Information Glossary Alloy Steels Alloy steels have enhanced properties due to the presence of one or more special elements, or to the presence of larger proportions of elements such as manganese and silicon that are present in carbon steels. Apparent Consumption Total shipments minus exports plus imports of steel. Bar A finished steel product, commonly in flat, square, round or hexagonal shapes. Rolled from billets, bars are produced in two major types, merchant and special. Basic Oxygen Steelmaking The process whereby hot metal and steel scrap are charged into a basic oxygen furnace (BOF). High purity oxygen is then blown into the metal bath, combining with carbon and other elements to reduce the impurities in the molten charge and convert it into steel. Billet A piece of semi-finished iron or steel that is nearly square and is longer than a bloom. Bars and rod are made from billets. Blast Furnace A large cylindrical structure into which iron ore is combined with coke and limestone to produce molten iron. Bloom A semi-finished product, large and mostly square in cross-section. Blooms are shaped into girders, beams, and other structural shapes. Carbon Steels The largest percentage of steel production. Common grades have a carbon content ranging from 0.06% to 1.0%. Coal The primary fuel used by integrated iron and steel producers. Coil A finished steel product such as sheet or strip which has been wound or coiled after rolling. Coke A form of carbonized coal burned in blast furnaces to reduce iron ore pellets or other iron-bearing materials to molten iron. Coke Ovens Ovens where coke is produced. Coal is usually dropped into the ovens through openings in the roof, and heated by gas burning in flues in the walls between ovens within the coke oven battery. After heating for about 18 hours, the end doors are removed and a ram pushes the coke into a quenching car for cooling before delivery to the blast furnace. Cold Rolling The passing of sheet or strip that has previously been hot rolled and pickled through cold rolls, i.e. below the softening temperature of the metal. Cold rolling makes a product that is thinner, smoother, and stronger than can be made by hot rolling alone. Continuous Casting A process for solidifying steel in the form of a continuous strand rather than individual ingots. Molten steel is poured into open bottomed, water-cooled molds. As the molten steel passes through the mold, the outer shell solidifies. CRC Cold Rolled Coil (see Cold Rolling). Crude Steel Steel in the first solid state after melting, suitable for further processing or for sale. Synonymous to raw steel. Direct Reduction A family of processes for making iron from ore without exceeding the melting temperature. No blast furnace is needed. Electrical Steels Specially manufactured cold rolled sheet and strip containing silicon, processed to develop definite magnetic characteristics for use by the electrical industry. Electric Arc Furnace An electric furnace used to melt steel scrap or direct reduced iron. EUR or Euro. Flat Products A term referring to a class of products including sheet, strip and plate that are made from slabs. Galvanized Steel Produced when hot or cold rolled sheet or strip is coated with zinc either by the hot dipping or electrolytic deposition process. Zinc coating applied by the hot dip method is normally heavy enough to resist corrosion without additional protective coating. Materials electrolytically galvanized are not used for corrosion resistant applications without subsequent chemical treatment and painting, except in mild corrosive conditions, due to the thin coating of zinc. Galvanize is a pure zinc coating. A special heat-treating process converts the pure zinc coating to a zinc/iron alloy coating, and the product is known as Galvanneal. HDG Hot Dip Galvanized (see Galvanized Steel). Hot Metal Molten iron produced in the blast furnace. Hot Rolling Rolling semi-finished steel after it has been reheated. HRC Hot Rolled Coil (see Hot Rolling). Indicated Mineral Resources An Indicated Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed. Inferred Mineral Resources An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.

121 Financials and Share Information 119 Integrated Steelmaker A producer that converts iron ore into semi-finished or finished steel products. Traditionally, this process required coke ovens, blast furnaces, steelmaking furnaces, and rolling mills. A growing number of integrated mills use the direct reduction process to produce sponge iron without coke ovens and blast furnaces. Iron Ore The primary raw material in the manufacture of steel. JPY Japanese Yen. Ladle Metallurgy The process whereby conditions (temperature, pressure and chemistry) are controlled within the ladle of the steelmaking furnace to improve productivity in preceding and subsequent steps and the quality of the final product. Limestone Used by the steel industry to remove impurities from the iron made in blast furnaces. Magnesium-containing limestone, called dolomite, is also sometimes used in the purifying process. Line Pipe Used for transportation of gas, oil or water generally in a pipeline or utility distribution system. Measured Mineral Resources A Measured Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality, densities, shape and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity. Mechanical Tubing Welded or seamless tubing produced in a large number of shapes to closer tolerances than other pipe. Mineral Resources A Mineral Resource is a concentration or occurrence of natural, solid, inorganic or fossilized organic material in or on the Earth s crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral Resources are subdivided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories. Mini-mill A small non-integrated or semi-integrated steel plant, generally based on electric arc furnace steelmaking. Mini-mills produce rods, bars, small structural shapes and flat rolled products. Net Ton See Ton. Oil Country Tubular Goods (OCTG) Pipe used in wells in oil and gas industries, consisting of casing, tubing, and drill pipe. Casing is the structural retainer for the walls; tubing is used within casing oil wells to convey oil to ground level; drill pipe is used to transmit power to a rotary drilling tool below ground level. Open Hearth Process A process for making steel from molten iron and scrap. The open hearth process has been replaced by the basic oxygen process in most modern facilities. Pellets An enriched form of iron ore shaped into small balls. Pig Iron High carbon iron made by the reduction of iron ore in the blast furnace. Plate A flat rolled product rolled from slabs or ingots, of greater thickness than sheet or strip. Rolling Mill Equipment that reduces and transforms the shape of semi-finished or intermediate steel products by passing the material through a gap between rolls that is smaller than the entering materials. Semi-Finished Products Products such as slabs, billets, and blooms which must be rolled or otherwise processed to create usable steel shapes. Sheet A flat rolled product over 12 inches in width and of less thickness than plate. Sheet Piling Rolled sections with interlocking joints (continuous throughout the entire length of the piece) on each edge to permit being driven edge-to-edge to form continuous walls for retaining earth or water. Sintering A process which combines ores too fine for efficient blast furnace use with flux stone. The mixture is heated to form clumps, which allow better draft in the blast furnace. Slab A wide semi-finished product made from an ingot or by continuous casting. Flat rolled steel products are made from slabs. Sponge Iron The product of the direct reduction process. Also known as direct reduced iron (DRI). Stainless Steels Stainless steels offer a superior corrosion resistance due to the addition of chromium and/or nickel to the molten steel. Standard Pipe Used for low-pressure conveyance of air, steam, gas, water, oil or other fluids and for mechanical applications. Used primarily in machinery, buildings, sprinkler systems, irrigation systems, and water wells rather than in pipelines or distribution systems. Strip A flat rolled product customarily narrower in width than sheet, and often produced to more closely controlled thicknesses. Structural Pipe And Tubing Welded or seamless pipe and tubing generally used for structural or loadbearing purposes above-ground by the construction industry, as well as for structural members in ships, trucks, and farm equipment. Structural Shapes Rolled flange sections, sections welded from plates, and special sections with at least one dimension of their cross-section three inches or greater. Included are angles, beams, channels, tees and zeds. Tin Coated Steel Cold rolled sheet, strip, or plate coated with tin or chromium. Ton (t) a) A unit of weight in the US Customary System equal to 2,240 pounds. Also known as long ton. b) A unit of weight in the US Customary System equal to 2,000 pounds. Also known as short ton. Also known as net ton. Tonne (T) A metric tonne, equivalent to 1,000 kilograms or 2,204.6 pounds or short ton. USD, US$ or $ US Dollar. Wire: Drawn And/Or Rolled The broad range of products produced by cold reducing hot rolled steel through a die, series of dies, or through rolls to improve surface finish, dimensional accuracy, and physical properties. Wire Rods Coiled bars of up to 18.5 millimeters in diameter, used mainly in the production of wire.

122 120 Notes Notes

123 Photography: ArcelorMittal Photo Library; Wolfgang von Brauchitsch; istockphoto; wide.lu. Designed and produced by (United Kingdom). Printed by Royle Print, London. Copyright 2010 ArcelorMittal.

124 Published in June To receive a copy of the Fact Book, please contact: ArcelorMittal Luxembourg: 19, Avenue de la Liberté L-2930 Luxembourg Grand-Duchy of Luxembourg T: London: 7th Floor, Berkeley Square House Berkeley Square London W1J 6DA United Kingdom