ArcelorMittal Fact Book

ArcelorMittal Fact Book 2006

ArcelorMittal Fact Book 2006 01 02 At a glance 04 Company Profile 08 Highlights 10 Market and Industry 12 Key Figures 13 Steel Consumption and Markets 15 Steel Production by Process 16 Apparent Consumption of Finished Steel 18 Crude Steel Production 20 Selected Steel Import/Export 22 Steel Prices 28 Steel Producers and Industry 30 Operations 32 Group Structure 34 Key Operating Subsidiaries 36 Strong Track Record of Successful Integration 38 2006 Monthly Highlights 40 Board of Directors 44 The Group Management Board 46 Management Committee 50 Corporate Governance Board Practices 54 Technology and Innovation 56 Integration Review 60 Environment 62 Communities ArcelorMittal Foundation 64 Corporate Social Responsibility 66 Shipment Breakdown 68 Production Breakdown 69 Mining Operations 70 Iron Ore Production Facilities 71 Raw Material Self Sufficiency 72 Number of Employees 73 Key Financial and Operational Information 74 Main Industrial Assets 76 Flat Carbon Americas 78 Flat Carbon Europe 80 Long Carbon Americas 81 Long Carbon Europe 84 AACIS 86 Stainless 88 Production Facilities 90 USA, Burns Harbour 91 USA, Sparrows Point 92 USA, Cleveland 93 USA, Indiana Harbour East and West 94 Canada, Dofasco / Hamilton 95 Mexico, Lázaro Cárdenas 96 Brazil, CST and Vega do Sul 97 Czech Republic, Ostrava 98 Romania, Galati 99 Poland, Krakow 100 Poland, Dabrowa 101 Spain, Gijón and Avilés 102 France, FOS 103 France, Dunkerque, Mardyck and Montataire 104 France, Florange, Mouzon and Dudelange 105 Germany, Bremen 106 Germany, Ekostahl, Eisenhüttenstadt 107 South Africa, Vanderbijlpark 108 Kazakhstan, Temirtau 109 Ukraine, Kryviy Rih 110 Financials 112 Consolidated Statements of Income and Cash Flows 113 Consolidated Balance Sheet 114 Share Price and Shareholding 116 Steel Sector and Stock Market Performance 118 Share Information 122 Equity Analyst Coverage 124 Glossary and Safe Harbour Statement 126 Glossary 128 Safe Harbour Statement ArcelorMittal is the number one steel company in the world, with 320,000 employees in more than 60 countries. Created from the merger between Arcelor and Mittal Steel, the Group is the leader in all major global customer segments, including automotive, construction, household appliances and packaging. The financial information in the ArcelorMittal Fact Book 2006 has been prepared in accordance with International Financial Reporting Standards as adopted by the European Union. This financial information does not contain complete information related to the statutory account of Mittal Steel Company N.V. A copy of the Dutch statutory accounts can be obtained free of charge by contacting the registered office of Mittal Steel Company N.V., Hofplein 20, 15th floor, 3032 AC Rotterdam, The Netherlands, or by contacting the ABN AMRO Service Desk at +31 (0)76 579 9455.

02 ArcelorMittal Fact Book 2006 At a glance At a glance ArcelorMittal Fact Book 2006 03 At a glance 2006 has been a groundbreaking year for the steel industry. It saw the creation of ArcelorMittal, the world s first 100 million tonnes plus steel company in a merger which highlighted the benefits of a more consolidated steel industry. 100

04 ArcelorMittal Fact Book 2006 At a glance At a glance ArcelorMittal Fact Book 2006 05 Company Profile ArcelorMittal is the largest steel producer in the Americas, Africa, and Europe, and it has a growing presence in Asia. ArcelorMittal has steelmaking operations in 27 countries on four continents, including 64 integrated, mini-mill and integrated mini-mill steelmaking facilities. As of December 31, 2006, ArcelorMittal had approximately 320,000 employees. ArcelorMittal s steelmaking operations have a high degree of geographic diversification. Approximately 35% of its steel is produced in the Americas, approximately 48% is produced in Europe and approximately 17% is produced in other countries, such as Kazakhstan, Algeria and South Africa. ArcelorMittal produces a broad range of high-quality finished and semi-finished carbon steel products. Specifically, ArcelorMittal produces flat products, including sheet and plate, long products, including bars, rods and structural shapes, and stainless steel products. ArcelorMittal sells its products primarily in local markets and through its centralized marketing organisation to a diverse range of customers in approximately 187 countries, including the automotive, appliance, engineering, construction and machinery industries. ArcelorMittal operates its business in six reportable operating segments: Flat Carbon Americas; Flat Carbon Europe; Long Carbon Americas and Europe; Asia, Africa and CIS; Stainless Steel; and ArcelorMittal Solutions and Services (trading and distribution). ArcelorMittal s steelmaking operations have a high degree of geographic diversification. Approximately 35% of its steel is produced in the Americas, approximately 48% is produced in Europe and approximately 17% is produced in other countries, such as Kazakhstan, Algeria and South Africa. In addition, ArcelorMittal s sales are balanced both geographically and between developed and developing markets, which have different characteristics. ArcelorMittal has access to high-quality and low-cost raw materials through its captive sources and long-term contracts. In 2006, on a pro forma basis after giving effect to the acquisition of Arcelor (assuming full production of iron ore at Dofasco for captive use), approximately 45% of ArcelorMittal s requirements of iron ore and approximately 9% of its coal requirements were supplied from its own mines or from long-term contracts at many of its operating units. ArcelorMittal is actively developing its raw material self-sufficiency, including through recent initiatives to gain or expand access to iron ore sources in Liberia, Ukraine and Senegal. In addition, ArcelorMittal is the world s largest producer of direct reduced iron, or DRI, which is a scrap substitute used in the mini-mill steelmaking process, with total production on a pro forma basis of approximately 9.3 million tonnes in 2006. ArcelorMittal s DRI production satisfies all of its mini-mill input requirements. ArcelorMittal is one of the world s largest producers of coke, a critical raw material derived from coal, and it satisfies approximately 76% of its coke needs. ArcelorMittal s facilities have good access to shipping facilities, including its eleven deep-water port facilities and its railway sidings. ArcelorMittal s pro forma net income for the twelve months ended December 31, 2006, after giving full-year effect to its acquisition of Arcelor, was $8.0 billion, or $5.76 per share, as compared with pro forma net income of $8.3 billion, or $5.97 per share, for the year ended December 31, 2005. ArcelorMittal s net income for the year ended December 31, 2006 was $6.1 billion, or $5.29 per share, as compared with net income of $3.8 billion, or $4.80 per share, for the year ended December 31, 2005. As of December 31, 2006, ArcelorMittal had shareholders equity of $50.2 billion, total debt of $26.6 billion and cash and cash equivalents, including restricted cash, of $6.1 billion. Competitive Strengths We believe that the following factors contribute to our success in the global steel industry: Scale and scope of operations ArcelorMittal is the world s largest steel producer. We have an annual production capacity of approximately 138 million tonnes of crude steel for the year ended December 31, 2006, and in 2006 we shipped approximately 110.5 million tonnes of steel on a pro forma basis. We are the largest producer of steel in the Americas, Africa and Europe, and we have a growing presence in Asia. In 2006, we significantly increased our size by acquiring Arcelor, which was the world s second-largest steel producer by production volume at that time. We have operations in each country party to the North American Free Trade Agreement, or NAFTA, and in many member states of the European Union, which facilitates the free trade of goods between such countries. In addition, certain of our operating units have access to markets experiencing above average growth in steel consumption. The combination of our local, regional and international distribution provides us with a global manufacturing and marketing presence, and we use our scale and global presence to achieve significant cost savings and operational efficiencies in production, procurement and marketing. Integrated business model focused on low-cost production. We believe that our access to relatively low-cost raw materials, efficient use of steelmaking facilities, global procurement strategy and implementation of overall company-wide knowledge management practices make us one of the lowest cost steel producers in each of the regions in which we operate. Many of our operating units are strategically well located to access low-cost raw materials, such as iron ore in Kazakhstan, Mexico, Brazil and Ukraine, and natural gas in Trinidad and Tobago. Our operations also have strong vertical integration as a result of our captive sources of raw materials, such as iron ore, coal and coke, and our access to owned infrastructure, such as deepwater port facilities and railway sidings. We believe that our degree of raw material integration provides us with a competitive advantage through our ability to better monitor the quality of our raw materials and through reduced exposure to the volatility of raw material spot market prices. Our downstream integration through AM3S enables us to service our markets and customers more directly. In addition, we seek to maximize operational efficiencies by implementing strict cost management and targeting capital investments to achieve lower costs of production at each of our facilities. As a result, we believe that we are well positioned to manage the cyclicality of the steel industry. Diverse product portfolio and strong customer relationships We produce a diversified portfolio of products to meet a wide range of customer needs across all steel consuming industries, including the automotive, appliance, engineering, construction and machinery industries. We sell our products in local markets and through our centralized marketing organisation to customers in approximately 187 countries. We believe that our diversified product offering enables us to build strong relationships with our customers, which include many of the world s major automobile and appliance manufacturers. Our research and development facilities in North America and Europe help to strengthen our relationship with our customers as we work with them to meet their evolving product needs. Proven expertise in steel acquisitions and turnarounds. Our senior management team has proven expertise in successfully acquiring and integrating operations and turning around underperforming assets within tight timeframes. We utilize a disciplined approach to investing and have teams from different business units across our company responsible for evaluating any new asset, conducting due diligence and monitoring integration and post-acquisition performance. Since our inception in 1989, we have grown through a series of acquisitions and by improving the operating performance and financial management at the facilities that we have acquired. In particular, we seek to improve acquired businesses by eliminating operational bottlenecks, addressing any historical under-investments and increasing acquired facilities capability to produce higher quality steel. We introduce focused capital expenditure programs, implement companywide best practices, balance working capital, ensure adequate management resources and introduce safety and environmental improvements at acquired facilities. We believe that these operating and financial measures have reduced conversion costs of production, increased productivity and improved the quality of steel produced at these facilities.

06 ArcelorMittal Fact Book 2006 At a glance At a glance ArcelorMittal Fact Book 2006 07 Company Profile ArcelorMittal s success has been built on a consistent strategy that emphasises size and scale, vertical integration, product diversity, continuous growth in higher value products and a strong customer focus. We intend to continue to play a leading role in the consolidation of the global steel industry and to be the global leader in the steel industry. Business improvement through company-wide knowledge management program. Knowledge sharing and implementing best practices is an integral part of our management philosophy. Through our global Knowledge Management Program ( KMP ), we share, develop and utilize our knowledge and experience across our facilities to accelerate improvement in business performance. The KMP covers all key functional areas, such as procurement, marketing and health and safety, as well as the main steps in steel production and processing. The KMP includes ongoing detailed benchmarking, regular technical meetings and information-sharing at the corporate, regional and operating levels and inter-plant expert and operational support to drive performance improvement. The KMP enables each business unit to benefit from the scale and reach of our global presence and to have access to the best practices and experience within our company. We believe that the KMP provides a differentiating advantage to our business performance by continuously contributing to reduced procurement and conversion costs and enhanced productivity and profitability. Research and Development. Our research and development facilities in Europe and North America help to strengthen our relationship with our customers as we work with them to meet their evolving product needs and developing new steel solutions. Our research and development centers support our business units in process improvement and innovation to produce the best quality steel at the lowest cost and environmental impact. ArcelorMittal s expanded size has helped it to increase and strengthen the number of research partnerships in which it is involved with world-class scientific and technical universities. Common research work on projects dealing with automotive steel and manufacturing processes through the Global Strategic Alliance with Nippon Steel has continued. Strong financial profile. We believe that our strong financial position and cash flow generation, as illustrated by our corporate investment grade credit ratings, enable us to take advantage of acquisition and investment opportunities. We currently have corporate investment grade credit ratings of BBB from Standard & Poor s, a division of The McGraw-Hill Companies, Inc., and from Fitch Ratings, and a senior implied rating of Baa3 from Moody s Investors Service Ltd. As of December 31, 2006, we had cash and cash equivalents (including short-term investments and restricted cash) of $6.1 billion and total debt of $26.6 billion. In addition, including our operating subsidiaries, we had available borrowing capacity of $9.0 billion at December 31, 2006. Experienced management team led by our founder, Mr. Lakshmi N. Mittal. ArcelorMittal is led by Mr. Lakshmi N. Mittal, Chairman of the Board of Directors and Chief Executive Officer and founder of the ArcelorMittal, who is supported by a strong and experienced central and local management team. Business Strategy ArcelorMittal s success has been built on a consistent strategy that emphasizes size and scale, vertical integration, product diversity, continuous growth in higher value products and a strong customer focus. We intend to continue to play a leading role in the consolidation of the global steel industry and to be the global leader in the steel industry. Key elements of our strategy are to: Consolidate our leadership position in high quality products into a global customer platform. We have established a reputation for producing high quality steel products for the most demanding applications. We intend to continue to partner with our key customers in research and development activities and in assisting them in their product design initiatives to ensure that we remain a supplier of preference for them. Customers for high quality steel products, which today are primarily based in mature economies, are becoming increasingly global and expanding their capacities in developing countries to serve rising local demand. These globalizing customers value a supplier s ability to deliver worldwide the same products of consistent quality. We will continue to invest in our assets and capabilities in emerging economies in order to meet the needs of these markets. In regions where we have a relatively limited presence (such as China and India), we will look at acquisition opportunities or greenfield possibilities to complete our global footprint. Utilize our existing geographic diversification and strong position in high quality products in mature economies to capture future growth in Brazil, Russia, India, China, Eastern Europe and Turkey ( BRICET ) countries. Worldwide steel demand is driven by growth in developing economies, namely BRICET countries. Our acquisition strategy over recent years has given us a leading position in Africa, Central and Eastern Europe, South America and Central Asia to benefit from this growth. We are also building our presence in China and India. As these economies develop, local customers will require increasingly advanced steel products as market needs change. We will continue to transfer capability for higher quality products from our operations in developed markets to our operations in developing markets to enable us to grow with these changing needs. Maintain a high degree of product diversification. A global steel producer must be able to meet the needs of different markets. Steel consumption and product requirements clearly differ between 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. To meet these diverse needs, we plan to maintain a high degree of product diversification. We also plan to seek opportunities to increase the proportion of our product mix consisting of higher value-added products. Maintaining strong, long-term customer relationships. ArcelorMittal intends to continue to focus on the development and maintenance of long-term relationships with its customers. ArcelorMittal has entered into long-term framework agreements with key customers, in particular in the flat steel segment. For example, we provide just-in-time inventory management for our leading U.S. and European, based automotive industry clients. With more than 25% of the worldwide market share of flat steel sheets for the automotive industry, ArcelorMittal is a strategic partner for the major original equipment manufacturers ( OEMs ) and develops a capability to build long-term relationships with them based on longterm contracts, early vendor involvement, contributions to global OEM platforms and common value-creation programs. The global industrial footprint of ArcelorMittal, combined with a capability to deploy the same standards on different continents, allows ArcelorMittal to assist the major OEMs in their international developments. Achieve cost leadership and operational excellence across the product range. Cost leadership is essential in the steel industry. To maintain this, we intend to utilize our scale and global presence to achieve greater production efficiencies, operational synergies and cost savings across our business. Specifically, we plan to: Develop and maintain a cost-competitive supply base. Our size and geographic scope give us access to local, regional and global suppliers and enable us to continue to develop and secure high quality and cost competitive supplies. We plan to pursue these opportunities by adopting global and regional commercial procurement strategies and by executing these strategies on either a local or centralized basis as appropriate. Maximize the operational efficiency and effectiveness of our plants. We plan to continue to invest in technology and process development in order to lower production costs and improve performance. We utilize and adapt a wide range of steelmaking technologies, depending upon local conditions, for raw material and energy supplies. In addition, we seek to protect and enhance our competitiveness through our knowledge management and continuous improvement programs and by looking for opportunities for facility optimisation and specialisation on a product basis. Practice capital management discipline. The steel industry is capital intensive. Therefore, we promote capital management discipline to improve our capital efficiency. We plan to continue to focus our capital expenditure programs on eliminating production bottlenecks and improving product capabilities to meet the requirements for higher valueadded products. Where appropriate, we utilize our in-house design, engineering and fabrication capabilities to reduce the capital cost of projects. Continue to invest in low-cost semifinished capacity. We have some of the most cost-competitive steelmaking operations in the world at its facilities in South Africa, Brazil, Ukraine and Kazakhstan. We intend to increase capacity at these facilities, which can advantageously supply slabs and other semi-finished products to downstream facilities in North America and Europe. Maintain a high level of vertical integration to hedge against price fluctuations of raw materials. Upstream integration allows steel companies to hedge against supply-side constraints and price fluctuations for key raw materials. We intend to increase selectively our access to and ownership of low-cost raw material supplies, particularly in locations adjacent to or accessible from our steel plant operations. Enhance our research and development leadership to drive innovation and growth. We intend to continue to invest in our research and development capabilities to ensure we can develop and deliver the high-end products that our key customers require. As we grow, the investment in our research and development activities becomes leveraged over a larger asset base. This should allow further investment in order to accelerate innovation. As part of our research and development strategy, we intend to continue to promote and develop our relationships with public research institutes and universities. Own and manage distribution channels in key geographic regions. Downstream integration is a key element of our 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 valueadded activities. As our key customers globalize, we intend to invest in valueadded downstream operations, such as steel service centers and downstream operations, such as our building and construction support unit services serving the construction industry. In addition, we intend to continue to develop our distribution network in selected geographic regions. These downstream and distribution activities should allow us to benefit from better market intelligence and better manage inventories in the supply chain to reduce volatility and improve working capital management. Build a world-class organisation to implement the strategy. We intend to build the world s most admired steel institution with leading management, social, human resources and corporate sustainability policies. In doing so, we plan to attract, develop and retain the best possible management talent. We intend to maintain an open and performance-oriented culture designed to encourage managers at all levels to act like entrepreneurs, to assume accountability, to make decisions in the best interest of ArcelorMittal and to support one another in all efforts to improve continuously.

08 ArcelorMittal Fact Book 2006 At a glance At a glance ArcelorMittal Fact Book 2006 09 Highlights Highlights ArcelorMittal pro forma figures (unaudited) 2006 88,576 (+10.5%) 2005 2006 110.5 (+7.4%) 2005 2006 15,272 (+2.1%) 2005 2006 11,824 (+1.5%) 2005 11,648 2006 5.76 (-3.7%) 2005 5.97 Sources : ArcelorMittal. 14,959 80,171 102.9 Sales (million US$) Shipments (million tonnes) EBITDA (million US$) Operating income (million US$) Basic Earnings per share (US$ per share) 2005* 2006* Steel markets World steel production (millions of metric tonnes) 1,129.6 1,239.5 Change year/year 9.7% HRC price US (US dollars per metric tonnes) 600 642 HRC price German (US dollars per metric tonnes) 561 583 HRC price Far East (US dollars per metric tonnes) 449 478 ArcelorMittal operations (thousands of metric tonnes) Shipments of steel products** 102,866 110,504 Change year/year 7.4% ArcelorMittal financials (millions of US dollars) Sales 80,171 88,576 Change year/year 10.5% EBITDA*** 14,959 15,272 Operating income 11,648 11,824 Financing costs net (1,257) (1,328) Net income 8,263 7,973 Change year/year (3.5%) Net cash provided by operating activities 10,825 Net cash used in investing activities (4,775) Cash and Short-term investments 6,146 Property, plant and equipment 54,696 Total assets 112,166 Short-term debt 4,922 Long-term debt net of current portion 21,645 Shareholders equity 42,127 Shipments 2006 2006 % 1. Asia and Africa 20,309 18% 2. Americas 38,838 35% 3. Europe 51,357 47% Total 110,504 100% 1 2 ArcelorMittal financials per share (US dollars) ArcelorMittal average share price 29.32 35.45 Book value per share 30.42 Basic earnings per share 5.97 5.76 Change year/year (3.5%) ArcelorMittal ratios EBITDA margin 18.7% 17.2% Operating margin 14.5% 13.3% Interest cover **** 9.3 8.9 Sources : ArcelorMittal. 3 Sources : ArcelorMittal, IISI, CRU and NYSE. * Pro forma. ** Some intercompany shipments are not eliminated. *** EBITDA defined as operating income plus depreciation. **** Operating income / financing cost.

10 ArcelorMittal Fact Book 2006 Market and Industry Market and Industry ArcelorMittal Fact Book 2006 11 Market and Industry Looking forward, I am optimistic about the future. Economic indicators are positive and steel demand growth is expected to remain at between 3 5% per year for the foreseeable future. Consolidation should continue, improving the overall health of the industry and enabling us to take further steps towards creating a more sustainable environment. China remains the greatest challenge, but encouragingly current indicators demonstrate that Chinese exports are beginning to fall. Additionally it is important that the Chinese steel market, which remains highly fragmented, also starts to consolidate in order to be able to manage supply and demand more effectively. The Chinese government has voiced its support for consolidation and I would hope we will see a move in this direction over the next few years. Lakshmi N. Mittal, President and Chief Executive Officer 3-5 %

12 ArcelorMittal Fact Book 2006 Market and Industry Market and Industry ArcelorMittal Fact Book 2006 13 Key Figures Steel Consumption and Markets Global steel market in 2006*: 850 billion US dollars World crude steel production in 2006*: 1,240 million metric tonnes World leader in 2006*: ArcelorMittal Steel consumption by end-user market in OECD 4 3 5 6 7 8 1 Source : ArcelorMittal estimates. 2 1. Construction 44% 2. Automotive 19% 3. Shipbuilding 3% 4. Packaging 4% 5. Mechanical and Industrial machinery 22% 6. Oil and Gas 5% 7. Rails 2% 8. Other 2% * Source : ArcelorMittal estimates and IISI. World crude steel production 2006 in millions of metric tonnes 1950 1958 1966 1974 1982 1990 1998 2006 Source : IISI. 1600 1200 800 400 0 Steel consumption by region 6 Source : IISI. 7 8 1 5 4 2 3 1. European Union 16% 2. Russia and Other Europe 7% 3. North America 14% 4. South America 3% 5. China 32% 6. Japan 7% 7. Other Asia 14% 8. RoW 6%

14 ArcelorMittal Fact Book 2006 Market and Industry Market and Industry ArcelorMittal Fact Book 2006 15 Steel Consumption and Markets Steel Production by Process continued World steel market by product 2006 Crude steel production by process and region 2006 3 1 2 Sources : IISI and ArcelorMittal estimates. 1. Long 44% 2. Flat 54% 3. Tube 2% Millions of metric tonnes Production Basic Oxygen Furnace Electric Arc Furnace Open Hearth Furnace European Union 197.9 59.5% 40.5% 0.0% CIS and Other Europe 156.5 54.3% 27.3% 18.4% NAFTA 130.3 42.7% 57.3% 0.0% Central and South America 46.3 59.1% 39.7% 1.2% Africa 18.3 40.1% 59.9% 0.0% Middle East 15.1 14.6% 85.4% 0.0% China 422.7 87.0% 13.0% 0.0% India 44.0 47.3% 50.5% 2.6% Japan 116.2 74.0% 26.0% 0.0% Rest of Asia 85.6 43.1% 56.9% 0.0% Oceania 8.7 80.7% 19.3% 0.0% World 1,241.5 65.5% 32.1% 2.4% Source : IISI. Crude steel production, trades and markets in 2006 (in millions of metric tonnes) Crude steel production by process 2006 9 3 1 1. Basic Oxygen Furnace 66% 2. Electric Arc Furnace 32% 3. Open Hearth Furnace 2% 121 2 5 130 18 8 6 9 234 11 15 10 2 423 4 202 Source : IISI. 4 44 46 6 18 1 9 7 Source : IISI. Crude steel production Trade flow

16 ArcelorMittal Fact Book 2006 Market and Industry Market and Industry ArcelorMittal Fact Book 2006 17 Apparent Consumption of Finished Steel Apparent Consumption of Finished Steel Annual apparent consumption of finished steel Thousands of metric tonnes 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Germany 27,689 30,249 31,857 31,536 33,640 31,809 30,730 30,586 32,007 31,611 35,644 Change year/year -14% 9% 5% -1% 7% -5% -3% 0% 5% -1% 13% France 13,218 14,372 15,328 16,318 17,318 16,135 17,018 16,206 16,835 16,000 16,632 Change year/year -4% 9% 7% 6% 6% -7% 5% -5% 4% -5% 4% Italy 21,478 24,674 26,315 26,090 27,156 26,606 26,966 29,403 29,825 29,464 25,261 Change year/year -19% 15% 7% -1% 4% -2% 1% 9% 1% -1% -14% UK 10,015 10,323 10,972 10,454 9,914 10,441 9,827 9,835 10,395 8,662 9,982 Change year/year -2% 3% 6% -5% -5% 5% -6% 0% 6% -17% 15% Spain 10,791 13,296 15,724 17,564 17,910 18,841 19,578 20,397 22,003 21,643 24,813 Change year/year -16% 23% 18% 12% 2% 5% 4% 4% 8% -2% 15% Europe 123,208 137,609 148,681 148,526 154,754 153,745 154,686 157,019 167,935 161,508 186,840 Change year/year -13% 12% 8% 0% 4% -1% 1% 2% 7% -4% 16% USA 87,741 94,042 101,767 991,27 102,222 90,061 91,272 89,933 103,512 90,523 102,982 Change year/year 7% 7% 8% -3% 3% -12% 1% -1% 15% -13% 14% Canada 12,835 14,969 15,705 16,131 17,548 15,066 15,649 15,388 16,796 16,062 17,326 Change year/year 1% 17% 5% 3% 9% -14% 4% -2% 9% -4% 8% USA and Canada 100,576 109,010 117,472 115,258 119,769 105,128 106,921 105,321 120,308 106,585 120,308 Change year/year 6% 8% 8% -2% 4% -12% 2% -1% 14% -11% 13% Brazil 12,230 12,983 14,932 14,062 16,000 14,461 16,173 14,374 15,610 16,758 17,138 Change year/year 0% 6% 15% -6% 14% -10% 12% -11% 9% 7% 2% Japan 74,793 77,990 65,062 64,797 73,007 68,472 67,953 70,391 72,515 73,623 73,093 Change year/year 0% 4% -17% 0% 13% -6% -1% 4% 3% 2% -1% China 88,864 90,143 97,010 111,138 118,059 143,688 179,490 226,388 259,180 313,992 363,463 Change year/year 10% 1% 8% 15% 6% 22% 25% 26% 14% 21% 16% South Korea 34,056 34,400 21,494 29,245 33,719 33,639 38,622 39,291 41,394 40,039 44,576 Change year/year 7% 1% -38% 36% 15% 0% 15% 2% 5% -3% 11% Taiwan 17,733 21,581 20,331 19,591 20,254 16,801 19,521 19,012 21,744 19,337 18,418 Change year/year -11% 22% -6% -4% 3% -17% 16% -3% 14% -11% -5% Asia 242,926 251,339 221,566 245,673 269,307 287,463 334,951 385,552 429,116 482,418 539,028 Change year/year 4% 3% -12% 11% 10% 7% 17% 15% 11% 12% 12% CIS 24,318 27,049 28,060 30,900 28,514 31,115 31,278 37,232 40,006 45,065 48,413 Change year/year 16% 11% 4% 10% -8% 9% 1% 19% 7% 13% 7% World 593,454 634,342 625,940 659,362 701,902 709,279 764,587 827,801 911,445 960,686 1,072,239 Change year/year 0% 7% -1% 5% 6% 1% 8% 8% 10% 5% 12% Source: CRU. Quarterly apparent consumption of finished steel Thousands of metric tonnes 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 Germany 8,345 8,111 7,293 7,862 8,457 9,472 8,430 9,285 Change year/year 3% 7% -13% -1% 1% 17% 16% 18% France 4,419 4,152 3,230 4,199 4,348 4,797 3,591 3,896 Change year/year 0% -8% -13% 1% -2% 16% 11% -7% Italy 8,132 7,762 6,454 7,116 7,688 8,632 7,983 8,646 Change year/year 15% 2% -3% -16% -5% 11% 24% 22% UK 2,449 2,144 1,880 2,190 2,445 2,391 2,525 2,621 Change year/year -7% -21% -27% -12% 0% 12% 34% 20% Spain 5,625 5,689 4,954 5,375 5,909 6,455 5,951 6,498 Change year/year 1% -3% 2% -6% 5% 13% 20% 21% Europe 42,706 40,857 37,552 40,393 44,278 48,985 45,455 48,122 Change year/year 3% -6% -6% -7% 4% 20% 21% 19% USA 23,411 22,490 21,607 23,014 26,020 27,322 26,915 22,725 Change year/year -5% -16% -21% -8% 11% 21% 25% -1% Canada 3,974 4,048 3,825 4,215 4,513 4,744 4,151 3,918 Change year/year -3% -6% -6% -3% 14% 17% 9% -7% USA and Canada 27,385 26,538 25,432 27,229 30,533 32,066 31,066 26,643 Change year/year -4% -15% -19% -7% 11% 21% 22% -2% Brazil 4,245 4,166 4,175 4,172 3,364 4,528 4,901 4,345 Change year/year 9% 1% 3% 18% -21% 9% 17% 4% Japan 18,231 18,691 18,126 18,574 18,181 17,913 18,296 18,703 Change year/year 4% 3% -1% 0% 0% -4% 1% 1% China 69,662 76,704 82,660 84,966 83,427 93,008 91,024 96,004 Change year/year 9% 25% 27% 24% 20% 21% 10% 13% South Korea 9,920 10,890 9,392 9,837 9,764 11,632 11,811 11,369 Change year/year 2% -2% -6% -7% -2% 7% 26% 16% Taiwan 5,107 5,213 4,615 4,401 4,119 4,671 4,854 4,774 Change year/year -1% -11% -16% -16% -19% -10% 5% 8% Asia 111,590 120,512 123,593 126,723 125,145 137,084 135,701 141,098 Change year/year 6% 15% 15% 13% 12% 14% 10% 11% CIS 10,492 9,901 12,381 12,291 11,577 11,949 12,478 12,409 Change year/year 5% 8% 19% 19% 10% 21% 1% 1% World 232,574 238,291 240,699 249,122 253,077 273,893 269,584 275,685 Change year/year 5% 6% 5% 6% 9% 15% 12% 11% Source: CRU.

18 ArcelorMittal Fact Book 2006 Market and Industry Market and Industry ArcelorMittal Fact Book 2006 19 Crude Steel Production Crude Steel Production Annual crude steel production by country/region Thousands of metric tonnes 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Germany 39,821 45,007 44,046 42,061 46,361 44,803 44,939 44,657 46,374 44,523 47,223 Change year/year -5% 13% -2% -5% 10% -3% 0% -1% 4% -4% 6% France 17,623 19,773 20,127 20,202 21,025 19,396 19,977 19,676 20,769 19,480 19,865 Change year/year -3% 12% 2% 0% 4% -8% 3% -2% 6% -6% 2% Italy 24,453 25,491 25,798 24,898 26,298 26,461 25,070 26,799 28,359 29,254 31,192 Change year/year -12% 4% 1% -3% 6% 1% -5% 7% 6% 3% 7% UK 18,136 18,543 17,286 16,516 15,022 13,575 11,618 13,074 13,847 13,280 13,958 Change year/year 3% 2% -7% -4% -9% -10% -14% 13% 6% -4% 5% Spain 12,432 13,739 14,821 14,919 15,813 16,503 16,633 16,283 17,634 17,953 18,184 Change year/year -10% 11% 8% 1% 6% 4% 1% -2% 8% 2% 1% Europe 177,118 192,192 193,707 184,209 195,027 189,626 189,177 195,771 205,185 199,400 210,830 Change year/year -7% 9% 1% -5% 6% -3% 0% 3% 5% -3% 6% USA 94,240 97,226 97,294 96,328 100,711 89,710 91,975 91,339 98,522 93,216 98,539 Change year/year 1% 3% 0% -1% 5% -11% 3% -1% 8% -5% 6% Canada 14,745 15,354 15,931 16,185 16,761 15,276 15,971 15,713 16,304 15,469 15,454 Change year/year 3% 4% 4% 2% 4% -9% 5% -2% 4% -5% 0% USA and Canada 108,985 112,580 113,225 112,513 117,472 104,986 107,946 107,052 114,826 108,685 113,993 Change year/year 1% 3% 1% -1% 4% -11% 3% -1% 7% -5% 5% Brazil 25,239 26,151 25,761 24,998 27,815 26,719 29,685 31,147 32,909 31,619 30,910 Change year/year 1% 4% -1% -3% 11% -4% 11% 5% 6% -4% -2% Latin America 49,767 52,066 51,605 51,095 55,918 51,822 56,441 59,716 63,888 62,783 62,655 Change year/year 5% 5% -1% -1% 9% -7% 9% 6% 7% -2% 0% Japan 98,803 104,543 93,548 94,195 106,444 102,867 108,009 110,516 112,717 112,472 116,229 Change year/year -3% 6% -11% 1% 13% -3% 5% 2% 2% 0% 3% China 98,908 107,313 114,135 123,705 126,317 143,137 179,718 219375 280,069 352,811 421,456 Change year/year 6% 8% 6% 8% 2% 13% 26% 22% 28% 26% 19% South Korea 38,903 42,554 39,895 41,041 43,109 43,852 45,207 46,310 47,523 47,772 48,543 Change year/year 6% 9% -6% 3% 5% 2% 3% 2% 3% 1% 2% Taiwan 12,416 16,056 16,903 15,413 17,408 17,340 18,222 18,763 19,535 18,546 20,209 Change year/year 6% 29% 5% -9% 13% 0% 5% 3% 4% -5% 9% Asia 294,018 319,326 312,260 323,965 346,265 362,734 414,616 466,366 543,091 627,621 716,017 Change year/year 2% 9% -2% 4% 7% 5% 14% 12% 16% 16% 14% CIS 76,521 78,685 73,809 83,731 95,706 98,253 100,068 106,299 113,118 113,002 119,571 Change year/year 1% 3% -6% 13% 14% 3% 2% 6% 6% 0% 6% World 735,811 785,908 775,072 785,845 841,588 838,944 897,109 962,620 1,059,791 1,126,621 1,231,406 Change year/year 0% 7% -1% 1% 7% 0% 7% 7% 10% 6% 9% Source: IISI. Quarterly crude steel production by country/region Thousands of metric tonnes 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 Germany 11,649 11,247 10,426 11,201 11,253 12,071 11,889 12,010 Change year/year 0% -3% -10% -2% -3% 7% 14% 7% France 5,113 5,038 4,356 4,973 5,209 5,437 4,469 4,750 Change year/year -3% -8% -10% -4% 2% 8% 3% -4% Italy 7,595 7,562 6,562 7,535 7,847 7,980 7,166 8,199 Change year/year 9% 4% 0% 0% 3% 6% 9% 9% UK 3,257 3,556 3,155 3,312 3,487 3,668 3,442 3,361 Change year/year -3% -4% -8% -1% 7% 3% 9% 1% Spain 4,515 4,835 4,156 4,447 4,105 5,090 4,271 4,718 Change year/year 12% -2% -2% 1% -9% 5% 3% 6% Europe 51,854 50,884 46,141 50,521 51,800 55,088 50,847 53,095 Change year/year 2% -5% -6% -2% 0% 8% 10% 5% USA 24,103 22,805 22,486 23,822 24,669 25,991 25,334 22,545 Change year/year 1% -7% -11% -5% 2% 14% 13% -5% Canada 4,008 4004 3,578 3,879 3,778 4,020 3,987 3,669 Change year/year -3% 0% -13% -4% -6% 0% 11% -5% USA and Canada 28,111 26,809 26,064 27,701 28,447 30,011 29,321 26,214 Change year/year 0% -6% -11% -4% 1% 12% 12% -5% Brazil 7,940 7,988 7,717 7,974 7,187 7,292 8,293 8,138 Change year/year 0% -2% -9% -3% -9% -9% 7% 2% Latin America 15,543 16,147 15,327 15,766 14,949 15,197 16,300 16,209 Change year/year 0% 3% -7% -2% -4% -6% 6% 3% Japan 27,763 28,964 27,832 27,913 28,009 28,974 29,080 30,166 Change year/year 1% 3% -1% -3% 1% 0% 4% 8% China 77,658 89,255 91,432 94,466 92,517 106,264 108,953 113,722 Change year/year 24% 36% 28% 18% 19% 19% 19% 20% South Korea 11,802 11,984 11,547 12,439 11,645 12,264 12,161 12,473 Change year/year 1% 0% 1% 0% -1% 2% 5% 0% Taiwan 4,858 4,832 4,415 4,441 4,590 5,210 5,255 5,154 Change year/year 0% 1% -8% -12% -6% 8% 19% 16% Asia 144,490 157,914 158,387 166,831 161,864 178,586 182,074 193,493 Change year/year 14% 22% 17% 10% 12% 13% 15% 16% CIS 27,691 28,032 27,634 29,645 28,225 30,431 30,157 30,758 Change year/year 0% 1% -3% 1% 2% 9% 9% 4% World 272,005 284,307 278,530 291,778 288,826 312,617 311,534 318,429 Change year/year 7% 9% 5% 5% 6% 10% 12% 9% Source: IISI.

20 ArcelorMittal Fact Book 2006 Market and Industry Market and Industry ArcelorMittal Fact Book 2006 21 Selected Steel Import/Export Selected Steel Import/Export Annual selected steel import/export Thousands of metric tonnes 1998 1999 2000 2001 2002 2003 2004 2005 2006 China** Import 12,380 17,040 18,110 19,370 26,650 43,050 33,130 27,130 18,910 Change year/year -6% 38% 6% 7% 38% 62% -23% -18% -30% Export 357 5,250 7,760 6,300 7,020 8,410 20,280 27,510 52,070 Change year/year -23% 1371% 48% -19% 11% 20% 141% 36% 89% Balance -12,023-11,790-10,350-13,070-19,630-34,640-12,850 380 33,160 US** Import 41,520 35,730 37,956 30,080 32,684 22,989 35,807 32,110 45,273 Change year/year 33% -14% 6% -21% 9% -30% 56% -10% 41% Export 5,519 5,426 6,529 6,144 6,010 8,220 7,933 9,393 9,728 Change year/year -9% -2% 20% -6% -2% 37% -3% 18% 4% Balance -36,001-30,304-31,427-23,936-26,674-14,769-27,874-22,717-35,545 European Union* Import 15,828 11,108 14,239 15,436 14,270 15,444 16,965 16,290 26,122 Change year/year -4% -30% 28% 8% -8% 8% 10% -4% 60% Export 15,997 14,560 16,640 17,246 17,824 20,301 21,256 22,430 21,957 Change year/year 0% -9% 14% 4% 3% 14% 5% 6% -2% Balance 169 3,452 2,402 1,810 3,554 4,857 4,291 6,140-4,165 Japan** Import 5,263 5,158 5,564 4,500 3,685 3,691 4,508 5,466 4,642 Change year/year -22% -2% 8% -19% -18% 0% 22% 21% -15% Export 27,623 28,092 31,448 32,366 38,551 37,199 36,055 32,374 34,937 Change year/year 6% 2% 12% 3% 19% -4% -3% -10% 8% Balance 22,360 22,934 25,884 27,866 34,866 33,508 31,547 26,908 30,296 Source: Eurofer, AISI, JISF, Chinese CGA. * Finished steel. ** Semi-finished and finished steel. Quarterly selected steel import/export Thousands of metric tonnes 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 China** Import 6,370 7,630 7,090 6,040 4,710 4,910 4,870 4,420 Change year/year -46% -18% 13% 7% -26% -36% -31% -27% Export 8,050 8,350 5,400 5,710 7,360 12,820 14,560 17,330 Change year/year 324% 109% -3% -35% -9% 54% 170% 204% Balance 1,680 720-1,690-330 2,650 7,910 9,690 12,910 US** Import 8,324 8,479 7,180 8,127 11,221 11,371 12,377 10,304 Change year/year 23% -4% -31% -18% 35% 34% 72% 27% Export 2,586 2,181 2,215 2,411 2,460 2,518 2,380 2,370 Change year/year 23% 12% 19% 19% -5% 15% 7% -2% Balance -5,738-6,298-4,965-5,716-8,761-8,853-9,997-7,934 European Union* Import 5,369 4,252 2,899 3,770 5,212 6,471 6,841 7,598 Change year/year 55% 1% -33% -24% -3% 52% 136% 102% Export 5,033 5,690 5,684 6,023 5,446 5,327 5286 5,898 Change year/year -11% 3% 15% 17% 8% -6% -7% -2% Balance -336 1,438 2,785 2,253 234-1,144-1,555-1,700 Japan** Import 1,488 1,518 1,220 1,240 1,161 1,133 1,094 1,254 Change year/year 32% 44% 13% -1% -22% -25% -10% 1% Export 8,629 8,501 7,851 7,392 8,119 8,892 9,016 8,910 Change year/year -15% -3% -8% -14% -6% 5% 15% 21% Balance 7,141 6,984 6,631 6,152 6,959 7,759 7,922 7,656 Source: Eurofer, AISI, JISF, Chinese CGA. * Finished steel. ** Semi-finished and finished steel.

22 ArcelorMittal Fact Book 2006 Market and Industry Market and Industry ArcelorMittal Fact Book 2006 23 Steel Prices Steel Prices Annual steel prices, Americas Metric tonnes 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Latin America Slab Export (USD/t) 229 227 206 200 223 170 212 240 452 415 465 Change year/year -1% -1% -9% -3% 12% -24% 25% 13% 88% -8% 12% Latin America Billet Export (USD/t) 188 212 198 160 175 169 194 245 371 348 387 Change year/year n/c 13% -7% -20% 10% -3% 15% 26% 52% -6% 11% HRC US Domestic (USD/short ton) 345 342 304 292 301 224 323 290 608 544 582 HRC US Domestic (USD/t) 380 377 335 322 332 246 356 320 671 600 642 Change year/year -1% -1% -11% -4% 3% -26% 44% -10% 109% -11% 7% CRC US Domestic (USD/short ton) 460 460 416 404 411 314 427 386 696 631 675 CRC US Domestic (USD/t) 508 507 458 445 453 347 471 426 767 695 744 Change year/year -1% 0% -10% -3% 2% -23% 36% -10% 80% -9% 7% HDG US Domestic (USD/short ton) 506 533 495 439 428 350 433 397 735 677 770 HDG US Domestic (USD/t) 558 588 546 484 471 386 478 437 810 747 848 Change year/year -4% 5% -7% -11% -3% -18% 24% -8% 85% -8% 14% Plate US Domestic (USD/short ton) 397 416 404 331 341 291 324 332 653 743 782 Plate US Domestic (USD/t) 438 458 446 365 376 320 357 366 720 819 862 Change year/year n/c 5% -3% -18% 3% -15% 12% 2% 97% 14% 5% Wire rod US Domestic (USD/short ton) 310 345 325 272 293 285 308 320 535 562 564 Wire rod US Domestic (USD/t) 342 380 359 300 323 314 339 353 590 619 622 Change year/year n/c 11% -6% -16% 8% -3% 8% 4% 67% 5% 0% Merchant bars US Domestic (USD/short ton) 301 331 344 302 314 248 253 299 503 525 586 Merchant bars US Domestic (USD/t) 331 365 380 333 347 274 279 330 555 579 646 Change year/year n/c 10% 4% -12% 4% -21% 2% 18% 68% 4% 12% Sections US Domestic (USD/short ton) 355 362 375 311 367 324 329 322 526 582 650 Sections US Domestic (USD/t) 392 399 413 343 405 358 363 355 580 641 717 Change year/year n/c 2% 4% -17% 18% -12% 1% -2% 63% 11% 12% Sources: CRU and ArcelorMittal estimates. Quarterly steel prices, Americas Metric tonnes 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 Latin America Slab Export (USD/t) 517 460 325 360 367 463 538 493 Change year/year 47% 2% -33% -27% -29% 1% 66% 37% Latin America Billet Export (USD/t) 367 355 338 333 330 382 410 425 Change year/year 7% -12% -10% -9% -10% 8% 21% 28% HRC US Domestic (USD/short ton) 632 533 461 550 550 594 621 563 HRC US Domestic (USD/t) 696 587 509 606 606 655 685 621 Change year/year 37% -13% -34% -16% -13% 12% 35% 2% CRC US Domestic (USD/short ton) 710 617 556 640 640 685 717 659 CRC US Domestic (USD/t) 783 680 613 705 705 755 790 726 Change year/year 32% -11% -30% -15% -10% 11% 29% 3% HDG US Domestic (USD/short ton) 757 655 603 695 703 783 826 765 HDG US Domestic (USD/t) 834 722 665 766 775 863 911 843 Change year/year 38% -9% -30% -14% -7% 20% 37% 10% Plate US Domestic (USD/short ton) 776 742 690 765 765 777 797 790 Plate US Domestic (USD/t) 856 818 761 843 843 856 878 871 Change year/year 58% 19% -4% -3% -1% 5% 15% 3% Wire rod US Domestic (USD/short ton) 585 570 547 545 545 550 591 570 Wire rod US Domestic (USD/t) 645 628 603 601 601 606 652 628 Change year/year 39% 6% -8% -7% -7% -3% 8% 5% Merchant bars US Domestic (USD/short ton) 524 514 509 553 560 580 608 598 Merchant bars US Domestic (USD/t) 578 567 561 610 617 639 670 659 Change year/year 25% 2% -5% 0% 7% 13% 19% 8% Sections US Domestic (USD/short ton) 583 583 540 620 620 640 670 670 Sections US Domestic (USD/t) 643 643 595 683 683 706 739 739 Change year/year 32% 11% -3% 7% 6% 10% 24% 8% Sources: CRU and ArcelorMittal estimates.

24 ArcelorMittal Fact Book 2006 Market and Industry Market and Industry ArcelorMittal Fact Book 2006 25 Steel Prices Steel Prices Annual steel prices, Europe* Metric tonnes 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 CIS Slab Export (USD/t) 192 189 166 145 174 132 183 237 450 378 382 Change year/year -21% -2% -12% -12% 20% -24% 39% 29% 90% -16% 1% CIS Billet Export (USD/t) 220 210 185 155 162 144 165 215 345 337 381 Change year/year -14% -4% -12% -16% 4% -11% 15% 31% 60% -2% 13% HRC German Domestic (EUR/t) 259 271 269 236 317 258 276 309 443 448 463 HRC German Domestic (USD/t) 325 306 301 251 293 231 261 350 551 561 583 Change year/year -25% -6% -2% -17% 17% -21% 13% 34% 58% 2% 4% CRC German Domestic (EUR/t) 372 395 361 314 435 349 367 397 528 551 560 CRC German Domestic (USD/t) 466 446 404 334 402 312 347 450 657 688 705 Change year/year -20% -4% -9% -17% 20% -22% 11% 30% 46% 5% 2% HDG German Domestic (EUR/t) 411 442 461 375 472 362 374 414 538 558 642 HDG German Domestic (USD/t) 515 483 517 399 436 324 355 468 670 697 809 Change year/year -20% -6% 7% -23% 9% -26% 10% 32% 43% 4% 16% Plate German Domestic (EUR/t) 396 408 355 272 347 381 362 396 493 618 648 Plate German Domestic (USD/t) 496 461 398 289 319 341 343 449 613 770 816 Change year/year -15% -7% -14% -27% 10% 7% 1% 31% 37% 26% 6% Wire rod German Domestic (EUR/t) 235 264 237 224 254 245 264 292 435 378 424 Wire rod German Domestic (USD/t) 295 298 265 238 235 220 250 331 540 472 534 Change year/year -15% 1% -11% -10% -1% -7% 14% 32% 63% -13% 13% Merchant bars German Domestic (EUR/t) 240 267 280 262 286 293 308 333 393 415 523 Merchant bars German Domestic (USD/t) 301 302 314 279 264 263 291 377 489 515 659 Change year/year -10% 1% 4% -11% -5% -1% 11% 30% 30% 5% 28% Sections German Domestic (EUR/t) 293 302 312 284 315 310 318 350 495 509 552 Sections German Domestic (USD/t) 367 342 350 302 291 278 301 397 616 634 694 Change year/year -13% -7% 2% -14% -4% -4% 8% 32% 55% 3% 9% Sources: CRU, TEX report, Metal Bulletin and ArcelorMittal estimates. * Currency conversion based on average exchange rate. Quarterly steel prices, Europe* Metric tonnes 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 CIS Slab Export (USD/t) 493 428 307 283 290 390 447 400 Change year/year 32% -3% -38% -43% -41% -9% 46% 41% CIS Billet Export (USD/t) 353 338 323 333 309 382 410 425 Change year/year 18% -1% -12% -10% -13% 13% 27% 28% HRC German Domestic (EUR/t) 519 475 396 403 413 474 486 480 HRC German Domestic (USD/t) 681 599 483 480 497 596 619 619 Change year/year 58% 14% -17% -28% -27% -1% 28% 29% CRC German Domestic (EUR/t) 618 585 496 503 513 575 585 569 CRC German Domestic (USD/t) 810 737 606 598 617 722 746 734 Change year/year 55% 19% -13% -24% -24% -2% 23% 23% HDG German Domestic (EUR/t) 626 587 501 520 530 663 694 681 HDG German Domestic (USD/t) 821 739 612 618 637 834 885 879 Change year/year 54% 17% -14% -23% -22% 13% 45% 42% Plate German Domestic (EUR/t) 651 646 584 590 593 649 661 690 Plate German Domestic (USD/t) 854 814 713 701 713 816 843 890 Change year/year 68% 46% 10% -5% -16% 0% 18% 27% Wire rod German Domestic (EUR/t) 449 353 331 378 373 430 453 442 Wire rod German Domestic (USD/t) 589 445 404 450 449 541 577 570 Change year/year 49% -25% -29% -26% -24% 22% 43% 27% Merchant bars German Domestic (EUR/t) 400 385 403 470 476 520 549 549 Merchant bars German Domestic (USD/t) 525 485 491 559 572 653 699 709 Change year/year 15% 2% 1% 5% 9% 35% 42% 27% Sections German Domestic (EUR/t) 564 487 469 513 510 531 582 584 Sections German Domestic (USD/t) 740 614 573 610 613 668 742 753 Change year/year 51% 7% -14% -17% -17% 9% 30% 23% Sources: CRU, TEX report, Metal Bulletin and ArcelorMittal estimates. * Currency conversion based on average exchange rate.

26 ArcelorMittal Fact Book 2006 Market and Industry Market and Industry ArcelorMittal Fact Book 2006 27 Steel Prices Steel Prices Annual steel prices, Asia* Metric tonnes 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 HRC Japan Domestic (000 JPY/t) 43.4 48.0 48.0 41.8 41.6 37.9 39.1 48.4 67.1 74.2 67.8 HRC Japan Export (USD/t) 334 334 283 243 297 216 238 320 496 629 539 HRC Far East Market (USD/t) 311 312 260 220 274 205 265 343 460 449 478 Change year/year -17% 0% -17% -15% 25% -25% 30% 29% 34% -2% 6% CRC Japan Domestic (000 JPY/t) 59.5 62.2 60.6 54.6 53.9 48.4 46.6 63.4 70.4 89.7 81.0 CRC Japan Export (USD/t) 487 457 373 340 387 300 320 446 603 729 627 CRC Far East Market (USD/t) 465 436 352 319 365 275 338 460 541 592 598 Change year/year -12% -6% -19% -9% 15% -25% 23% 36% 18% 9% 1% HDG Japan Domestic (000 JPY/t) 92.1 99.1 101.6 100.6 101.3 95.8 94.3 98.7 105.0 116.6 116.6 HDG Japan Export (USD/t) 592 600 527 502 553 503 490 523 694 829 725 HDG Far East Market (USD/t) 494 501 428 403 454 369 404 531 587 627 699 Change year/year -11% 2% -15% -6% 13% -19% 9% 32% 10% 7% 11% Plate Japan Domestic (000 JPY/t) 44.5 47.2 48.6 43.1 41.1 38.6 37.3 44.6 70.2 83.2 79.7 Plate Japan Export (USD/t) 455 430 382 345 375 378 370 370 528 642 627 Plate Far East Market (USD/t) 313 288 240 203 233 196 249 341 458 461 536 Change year/year n/c -8% -17% -15% 15% -16% 27% 37% 34% 1% 16% Wire rod Japan Domestic (000 JPY/t) 48.9 51.1 49.3 37.5 35.8 41.6 42.5 39.4 57.0 68.3 74.5 Wire rod Japan Export (USD/t) 399 383 333 291 293 303 300 300 488 579 600 Wire rod Far East Market (USD/t) 340 323 274 231 233 226 238 310 425 390 418 Change year/year n/c -5% -15% -16% 1% -3% 6% 30% 37% -8% 7% Merchant bars Japan Domestic (000 JPY/t) 42.4 41.2 36.7 31.4 32.0 35.0 37.7 45.2 66.1 70.0 69.6 Merchant bars Japan Export (USD/t) 383 323 287 271 299 267 250 254 494 501 460 Merchant bars Far East Market (USD/t) 359 300 264 248 276 239 245 315 346 432 456 Change year/year -9% -16% -12% -6% 11% -13% 2% 29% 10% 25% 5% Sections Japan Domestic (000 JPY/t) 38.5 38.4 35.7 32.4 34.5 36.3 38.3 45.7 71.6 76.3 75.7 Sections Japan Export (USD/t) 386 363 288 252 289 283 270 329 509 555 561 Sections Far East Market (USD/t) 375 352 277 241 278 231 258 342 533 484 498 Change year/year -5% -6% -21% -13% 16% -17% 12% 33% 56% -9% 3% Sources: CRU, TEX report, Metal Bulletin and ArcelorMittal estimates. * Currency conversion based on average exchange rate. Quarterly steel prices, Asia* Metric tonnes 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 HRC Japan Domestic (000 JPY/t) 79.1 77.0 71.1 69.6 67.9 68.0 67.4 67.7 HRC Japan Export (USD/t) 567 650 650 650 483 552 600 520 HRC Far East Market (USD/t) 502 482 402 412 388 528 525 472 Change year/year 6% 3% -8% -10% -23% 10% 31% 15% CRC Japan Domestic (000 JPY/t) 91.8 93.5 88.1 85.4 82.2 81.0 80.4 80.6 CRC Japan Export (USD/t) 667 750 750 750 563 603 700 640 CRC Far East Market (USD/t) 665 665 524 513 507 660 653 573 Change year/year 21% 21% 0% -5% -24% -1% 25% 12% HDG Japan Domestic (000 JPY/t) 115.2 116.3 117.3 117.5 116.8 116.9 116.1 116.5 HDG Japan Export (USD/t) 767 850 850 850 657 703 750 790 HDG Far East Market (USD/t) 662 687 562 598 556 692 777 770 Change year/year 16% 18% -3% -3% -16% 1% 38% 29% Plate Japan Domestic (000 JPY/t) 84.5 84.5 82.2 81.7 79.9 79.9 79.4 79.6 Plate Japan Export (USD/t) 617 650 650 650 700 593 613 600 Plate Far East Market (USD/t) 478 482 447 437 428 550 577 590 Change year/year 2% 8% 0% -8% -10% 14% 29% 35% Wire rod Japan Domestic (000 JPY/t) 61.7 65.2 71.2 75.0 74.8 73.3 74.4 75.4 Wire rod Japan Export (USD/t) 550 567 600 600 600 600 600 600 Wire rod Far East Market (USD/t) 395 405 382 380 360 437 447 427 Change year/year -10% -10% -9% -3% -9% 8% 17% 12% Merchant bars Japan Domestic (000 JPY/t) 71.1 70.6 69.1 69.3 69.2 69.9 69.5 69.7 Merchant bars Japan Export (USD/t) 533 550 460 460 460 460 460 460 Merchant bars Far East Market (USD/t) 417 446 447 420 393 463 487 480 Change year/year -3% -1% 7% 1% -6% 4% 9% 14% Sections Japan Domestic (000 JPY/t) 77.1 76.6 75.8 75.6 75.9 76.0 75.4 75.7 Sections Japan Export (USD/t) 580 580 530 530 530 553 580 580 Sections Far East Market (USD/t) 508 500 480 447 427 513 530 520 Change year/year 2% -10% -9% -18% -16% 3% 10% 16% Sources: CRU, TEX report, Metal Bulletin and ArcelorMittal estimates. * Currency conversion based on average exchange rate.

28 ArcelorMittal Fact Book 2006 Market and Industry Market and Industry ArcelorMittal Fact Book 2006 29 Steel Producers and Industry Steel Producers and Industry Top steel producer in 2006 Rank Company Country million metric tonnes crude steel output 1 ArcelorMittal* Luxembourg 118.0 2 Nippon Steel Japan 33.7 3 JFE Japan 32.0 4 POSCO Korea 31.2 5 Anben China 22.6 6 Baosteel China 22.5 7 US Steel U.S. 21.3 8 Nucor U.S. 20.3 9 Tangshan China 19.1 10 Corus Group U.K. 18.3 11 Riva Italy 18.2 12 Severstal Russia 17.6 13 ThyssenKrupp Germany 16.8 14 Evraz Russia 16.1 15 Gerdau Brazil 15.6 16 Jiangsu Shagang China 14.6 17 Wuhan China 13.8 18 Sumitomo Japan 13.6 19 SAIL India 13.5 20 Techint Argentina 12.8 Sources: Metal Bulletin ArcelorMittal estimates. * Pro forma Arcelor, Dofasco. Top steel producer 2006 in million metric tonnes crude steel output 0 20 40 60 80 100 120 Sources: Metal Bulletin ArcelorMittal estimates. * Pro forma Arcelor, Dofasco ArcelorMittal Nippon Steel JFE POSCO Anben Baosteel US Steel Nucor Tangshan Corus Group

30 ArcelorMittal Fact Book 2006 Operations Operations ArcelorMittal Fact Book 2006 31 Operations The ArcelorMittal merger has created a steel company with an unrivalled geographical footprint. Three times the size of its nearest competitor, ArcelorMittal has steel plants on four continents and a presence in over 60 countries, enjoying regional leadership in North and South America, Western Europe, Eastern Europe, CIS and Africa. 60

32 ArcelorMittal Fact Book 2006 Operations Operations ArcelorMittal Fact Book 2006 33 Group Structure ArcelorMittal Flat Carbon Americas Flat Carbon Europe Long Carbon Americas and Europe Asia, Africa, Commonwealth of Independent States and Balkans (AACIS) Stainless ArcelorMittal Steel Services and Solutions (AM3S) CST Dofasco Acería Compacta de Bizkaia Arcelor Atlantique et Lorraine Acindar Arcelor Bergara Mittal Steel Annaba Mittal Steel Kryviy Rih Acesita Ugine and Alz Belgium Arcelor Auto Processing France Arcelor Construction France Mittal Steel Lázaro Cárdenas Mittal Steel USA Arcelor Bremen Arcelor Eisenhüttenstadt Arcelor Madrid Arcelor Olaberría Mittal Steel Liberia Mittal Steel South Africa Ugine and Alz France Arcelor International America PUM Service D Acier Arcelor España Arcelor Méditerranée Arcelor Profil Luxembourg Arcelor Rodange Mittal Steel Temirtau Sonasid Ravené Schäfer Arcelor Steel Belgium Cockerill Sambre Belgo Mittal Canada Industeel Belgium Industeel France Mittal Steel Hamburg Mittal Steel Hochfeld Mittal Steel Galati Mittal Steel Ostrava Mittal Steel Point Lisas Mittal Steel Ruhrort Mittal Steel Poland Arcelor Piombino Mittal Steel USA Arcelor Huta Warszawa Mittal Steel Poland Mittal Steel Ostrava

34 ArcelorMittal Fact Book 2006 Operations Operations ArcelorMittal Fact Book 2006 35 Key Operating Subsidiaries Subsidiary (full legal name) Registered office Percentage ownership Flat Carbon Americas Companhia Siderúrgica de Tubarão S.A. Av. Brigadeiro Eduardo Gomes, 930, Jardim Limoeiro, 29163-970 Serra 67.41% 5 Espirito Santo, Brazil Dofasco Inc. 1330 Burlington Street East, L8N 3J5 Hamilton, Ontario, Canada 100% Mittal Steel Lázaro Cárdenas S.A. de C.V. Fco. J. Mujica No. 1-B, Apartado Postal No. 19-A, C.P. 60950 100% Cd. Lázaro Cárdenas, Michoacan, Mexico Mittal Steel USA Inc. 1 South Dearborn, Chicago, IL 60603, USA 100% Subsidiary (full legal name) Registered office Percentage ownership AACIS Mittal Steel Annaba Spa Sidi Amar, El-Hadjar Complex, B.P. 2055 Annaba 23000, Algeria 70% OJSC Mittal Steel Kryviy Rih 1 Ordzhonikidze Street, Kryviy Rih, 50095 Dnepropetrovsk Oblast, Ukraine 93.77% Mittal Steel Liberia Limited 401, Ocean View Apartments, UN Drive, Monrovia, Liberia 70% Mittal Steel South Africa Ltd. Main Building, Room N3/5, Delfos Boulevard, Vanderbijlpark, 1911, South Africa 52% JSC Mittal Steel Temirtau Republic Ave., 1, 101407 Temirtau, Karaganda Region, Republic of Kazakhstan 100% Société Nationale de Sidérurgie, S.A. Route Nationale n 2, Km 18, BP 551, Al Aarroui, Morocco 32.34% 4 Flat Carbon Europe Aceria Compacta de Bizkaia, S.A. 6, Chavarri, 48910 Sestao, Vizcaya, Spain 99.72% Arcelor Atlantique et Lorraine SAS 1 à 5, rue Luigi Cherubini, 93200 St Denis, France 100% Arcelor Bremen GmbH Auf Den Delben 35, D-28237 Bremen, Germany 99.88% Arcelor Eisenhüttenstadt GmbH Werkstr. 1, D-15890 Eisenhüttenstadt, Brandenburg, Germany 100% Arcelor España S.A. Residencia La Granda, 33418 Gozon, Asturias, Spain 99.72% Arcelor Méditerranée SAS 1 à 5, rue Luigi Cherubini, 93200 St Denis, France 100% Arcelor Steel Belgium N.V. Avenue de l Yser, 24, 1040 Brussels, Belgium 99.82% Arcelor Piombino S.p.a. Via S.Egidio nr.16, 50123 Firenze, Italy 99.79% Cockerill Sambre S.A. Rue Trasenster, 21, 4102 Seraing, Belgium 100% Industeel Belgium S.A. Rue de Châtelet, 266, 6030 Charleroi, Belgium 100% Industeel France S.A. 1 à 5, rue Luigi Cherubini, 93200 St Denis, France 100% Mittal Steel Galati S.A. Strada Smardan nr. 1, Galati, Romania 99.65% Mittal Steel Ostrava a.s. Vratimovska 689, 707 02 Ostrava-Kunčice, Czech Republic 84.47% 1 Mittal Steel Poland S.A. Ul. Chorzowska 50, 40-121 Katowice, Poland 99.48% 1 Stainless Steel Acesita S.A. Avenida Joao Pinheiro, 580, Centro, 30130-180 Belo Horizonte, Minas Gerais, Brazil 57.32% Ugine & Alz Belgium N.V. Avenue de l Yser, 24, 1040 Brussels, Belgium 99.82% Ugine & Alz France S.A. 1 à 5, rue Luigi Cherubini, 93200 St Denis, France 100% AM3S Arcelor Auto Processing France SAS Route de Saint Leu d Esserent, 60160 Montataire, France 100% Arcelor Construction France S.A. Immeuble Hermès, 20, rue Jacques Daguerre, 92500 Rueil Malmaison, France 100% Arcelor International America, LLC 350 Hudson Street, 4th floor, New York, New York 10014, USA 100% Produits d Usines Métallurgiques Pum-Station Service Acier S.A. 1 & 3, place Max Rousseaux, 51076 Reims Cedex, France 100% Ravené Schäfer GmbH Gutenbergstrasse 11, D-33790 Halle, Germany 100% Long Carbon Americas and Europe Acindar Industria Argentina de Aceros S.A. 2739, Estanislao Zeballos, B1643 AGY Buenos Aires, Argentina 44.38% 3 Arcelor Bergara, S.A. 6, C/Ibarra, 20570 Bergara, Spain 99.72% Arcelor Huta Warszawa Sp.z.o.o. UL.Kasprowicza 132, 01-949 Warszawa, Poland 100% Arcelor Madrid, S.L. Ctra. De Toledo KM 9,200, 28021 Madrid, Spain 99.72% Arcelor Olaberría, S.L. Carretera Nacional Madrid Irun S/N, 20212 Olaberría, Spain 99.72% Arcelor Profil Luxembourg S.A. 66, rue de Luxembourg, 4221 Esch sur Alzette, Luxembourg 99.82% Arcelor Rodange S.A. 1, rue de l Industrie, BP 24, 4801 Rodange, Luxembourg 79.70% Belgo Siderurgia S.A. 1115, avenida Carandai, 24 Andar, 30130-915 Belo Horizonte- MG, Brazil 67.41% 5 Mittal Canada Inc. 4000, route des Aciéries, Contrecoeur, Québec J0L 1C0, Canada 100% Mittal Steel Hamburg GmbH Dradenaustrasse 33, D-21129 Hamburg, Germany 100% Mittal Steel Hochfeld GmbH 2 Wörthstrasse 125, D-47053 Duisburg, Germany 100% Mittal Steel Ostrava a.s. Vratimovska 689, 707 02 Ostrava-Kunčice, Czech Republic 84.47% 1 Mittal Steel Point Lisas Ltd. Mediterranean Drive, Point Lisas, Couva, Trinidad and Tobago 100% Mittal Steel Poland S.A. Ul. Chorzowska 50, 40-121 Katowice, Poland 99.48% 1 Mittal Steel Ruhrort GmbH 2 Vohwinkelstrasse 107, D-47137 Duisburg, Germany 100% Mittal Steel USA Inc. 1 South Dearborn, Chicago, IL 60603, USA 100% 1 Represents the percentage of shares to which Mittal Steel has title or that are subject to an executed agreement providing for their transfer to Mittal Steel at a fixed price and future date. 2 Mittal Steel Ruhrort and Mittal Steel Hochfeld are together referred to as Mittal Steel Duisburg. 3 Acindar Industria Argentina de Aceros S.A. is controlled by Arcelor Brazil, a subsidiary of Mittal Steel. 4 Société Nationale de Sidérurgie, S.A. is controlled by Nouvelles Sidérurgies Industrielles, a subsidiary of Mittal Steel. 5 On 4 June ArcelorMittal increased it stake in Arcelor Brasil to 96.6% of the company. ArcelorMittal intends to redeem all of the remaining shares through a tender squeeze out process as permitted by Brazilian regulations.

36 ArcelorMittal Fact Book 2006 Operations Operations ArcelorMittal Fact Book 2006 37 Strong Track Record of Successful Integration Hunan Valin Trinidad Ispat International Sibalsa Karmet LNM Sidbec Hamburg Ruhrort Hochfeld Inland Alfasid Sidex Novahut PHS Hunedoara Jones & Laughlin Youngstown Sheet & Tube Jones & Laughlin Republic Bethlehem Lukens LTV Bethlehem ISG Kryvorizhstal Unimetal BH Steel Acme Iscor National Steel Weirton Steel Korf Group Georgetown Arbed Belgo Bremen Arbed CST Belgo Arcelor Brazil Sidmar Acindar Dofasco Aceralia Aristain UCIN Aceralia Velasco Usinor Sacilor Ugine Cockerill/EkoStahl Usinor Huta Warsawa Acesita Sonasid Sicartsa

38 ArcelorMittal Fact Book 2006 Operations Operations ArcelorMittal Fact Book 2006 39 2006 Monthly Highlights 2006 has been a very exciting and challenging year for ArcelorMittal. The new company has been at the forefront of the consolidation process, leading the industry through mergers and acquisitions. Creating the world s largest steel company, Mittal Steel and Arcelor reach an agreement in June 2006 to combine the two companies in a merger of equals. The terms of the transaction were reviewed by the Boards of Arcelor and Mittal Steel which each recommended the transaction to their shareholders. January 2006 Historic moment for the Global Steel Industry The year starts with the historic launch of the Mittal Steel offer to the shareholders of Arcelor to create the world s first 100 million tonne plus steel producer. The aim of increasing globalisation and consolidation, necessary in the steel industry, defines the deal and sets the pace for the industry. February 2006 Expansion and strong results Mittal Canada completes the acquisition of three Stelco subsidiaries, the Norambar and Stelfil plants, located in Quebec, and the Stelwire plant in Ontario. Stelfil and Stelwire will add 250,000 tonnes of steel wire to the company s annual production capacity, providing a wider product mix to better meet customers needs. Arcelor acquires a 38.41% stake in Laiwu Steel Corporation, in China. Laiwu Steel Corporation is China s largest producer of sections and beams, and will further boost its operational excellence thanks to this partnership. It is still awaiting approval with the Beijing authorities. April 2006 Renewal after Hurricane Katrina and new galvanized line Out of the devastation of Hurricane Katrina, arose a revitalised Mississippi youth baseball field, rebuilt with the help of Mittal Steel USA and Arcelor. The companies provide money towards the purchase of lighting fixtures and steel cross bar support. It also arranges for and donates the labour costs for their installation. Mittal Steel USA places a new line into operation in Cleveland to provide top-quality galvanized sheet steel to automakers and other demanding customers. The new line is designed to produce in excess of 630,000 tonnes of corrosion-resistant sheet annually, using the hot-dip galvanizing process. May 2006 US clears the way for bid Mittal Steel announces US antitrust clearance for the Arcelor bid and the approval of the offer documents by European regulators. The acceptance period starts in Luxembourg, Belgium and France on 18 May 2006 (some days later for Spain and the United States) and lasts until 29 June 2006. Arcelor contributes to the first anti-seismic school building in Izmit (Turkey), where a school building had been destroyed by an earthquake in 1999. June 2006 Historic agreement to create the No.1 Global Steel Company Creating the world s largest steel company, Mittal Steel and Arcelor reach an agreement to combine the two companies in a merger of equals. The terms of the transaction were reviewed by the Boards of Arcelor and Mittal Steel which each recommended the transaction to their shareholders. The combined Group, domiciled and headquartered in Luxembourg, is named ArcelorMittal. Demonstrating the commitment to extend markets in developing nations, a strategic partnership between ArcelorMittal and SNI (Société Nationale d Investissement) is concluded concerning the development of Sonasid. This consolidates and develops the position of Sonasid on the Moroccan market, allowing the company to benefit from the transfer of ArcelorMittal s technologies and skills in the Long Carbon Steel product sector. September 2006 New dividend policy ArcelorMittal announces new dividend policy, under which it will pay out 30% of net income annually. 93.7% of Arcelor shareholders tender their shares to Mittal Steel. ArcelorMittal confirms Value Plan up to 2008. December 2006 Deals, deals, deals! ArcelorMittal sells Thüringen long carbon steel plant to Grupo Alfonso Gallardo for 591 million, as part of Mittal Steel s commitments to the European Commission. ArcelorMittal and the Government of Liberia conclude the review of the Mining Development Agreement. With this agreement giving access to iron ore mining, with capacity of 15 million tonnes a year, the Liberian Government and ArcelorMittal will be partners in jumpstarting economic recovery and development for Liberia. The US$1 billion investment will bring around 3,500 direct jobs and 15,000 to 20,000 indirect jobs. ArcelorMittal sells the Italian long carbon steel production Travi e Profilati di Pallanzeno and San Zeno Acciai to Duferco for 117 million, as part of Mittal Steel s commitment to the European Commission. ArcelorMittal acquires Sicartsa, the leading Mexican long steel producer. Sicartsa is a fully integrated producer of long steel with an annual production capacity of about 2.7 million tonnes, and with production facilities in Mexico and Texas. This combination of Sicartsa with Mittal Steel Lázaro Cárdenas leads to the creation of Mexico s largest steel producer with an annual capacity of 6.7 million tonnes. ArcelorMittal signs a Memorandum of Understanding for the Greenfield project in Orissa, India. The aim is to set up steelmaking operations in the Keonijhar District. The integrated steel plant should have a total annual capacity of 12 million tonnes. This would include captive mining facilities, captive power supply, water supply infrastructure and other facilities including setting up townships for employees. The first slab in the new continuous caster in Dabrova has been produced and represents a key step of the successful restructuring of ArcelorMittal Poland. Other projects had been achieved earlier, such as the relining of a blast furnace in September 2006, the commissioning of the new colour coating line in Huta Florina. The start-up of a new hot strip mill in Krakow is foreseen in the first half of 2007. ArcelorMittal says EBITDA will be higher in 2007 than in 2006. February 2007 Recent events ArcelorMittal announces its first set of pro forma full year results. ArcelorMittal signs various agreements with the State of Senegal in West Africa, to develop iron ore mining in the Faleme region of South East Senegal. With an expected investment of approximately US$2.2 billion, the project will encompass the development of the mine, the building of a new port near Dakar and the development of about 750km of rail infrastructure. The mine should start production in 2011. ArcelorMittal signs partnership agreement for a seamless tube-mill in Saudi Arabia. June 2007 Recent events ArcelorMittal acquired the remaining outstanding shares in Arcelor Brasil S.A. through a mandatory tender offer for a total consideration of approximately US$5.4 billion of which approximately US$3.7 billion in cash and 27.0 million ArcelorMittal shares, elevating its stake to 96.6% of the company. ArcelorMittal, the world s leading steel company, launched its brand identity and design.

40 ArcelorMittal Fact Book 2006 Operations Operations ArcelorMittal Fact Book 2006 41 Board of Directors ArcelorMittal s Board of Directors is composed of 18 members, responsible for the overall supervision of the company. Twelve of its members were appointed equally by Arcelor and Mittal Steel. There are three shareholder representatives and three employee representatives. The Board is truly international in character. 01 02 03 04 05 06 07 08 09 Joseph Kinsch (01), 73, is the Chairman of ArcelorMittal s Board of Directors. At the helm of Luxembourg-based steelmaker Arbed, he has been one of the key consolidators of the world steel industry of the last decades, first by reshaping Arbed s strategy and steering its growth, notably in Europe and Brazil, then by assuming a significant role in the three-way merger of European steel companies which resulted in Arcelor, and recently by negotiating a merger of equals between Arcelor and Mittal Steel. Mr. Kinsch joined Arbed in 1961 at its Burbach (Saar, Germany) plant. A year later, he moved to the company s headquarters in Luxembourg. There, he held various financial (accounting and finance) and industrial (steel processing) positions. Mr. Kinsch was a member of the Group s Management Board from 1980 to 1991, became CEO in 1992 and Chairman of the Board of Directors in 1993. In 2002, at the creation of Arcelor, he was chosen to chair the Board of Directors of the new company. Joseph Kinsch holds a Master degree in Economics and is a Doctor of Laws h.c. He is the Honorary Consul of Brazil in Luxembourg. His merits as an entrepreneur have been widely recognised throughout the world. Lakshmi N. Mittal (02), 56, is the President of the Board of Directors and Chief Executive Officer of Arcelor Mittal. He is the founder of Mittal Steel and has been responsible for its strategic direction and development. He is widely recognised for the role he has played in restructuring the steel industry towards a more consolidated and globalised model. He is also a non-executive Director of Mittal Steel South Africa, an executive committee member of the International Iron and Steel Institute, a member of the Foreign Investment Council in Kazakhstan, the International Investment Council in South Africa, the World Economic Forum s International Business Council, a Director of ICICI Bank Ltd and is on the Advisory Board of the Kellogg School of Management in the United States. At the end of 2006, Mr. Mittal was named Man of the Year by the Financial Times, Business Person of 2006 for The Sunday Times, Gewinner 2006 for Die Welt, and Newsmaker of the Year for Time magazine. He was awarded Fortune magazine s European Businessman of the Year 2004 and was named Entrepreneur of the Year by the Wall Street Journal in 2004. He was previously named Steel Maker of the Year in 1996 by New Steel, a leading industry publication and was awarded the 8th honorary Willy Korf Steel Vision Award, the highest recognition for worldwide achievement in the steel industry. Mr. Mittal has been nominated for the 2007 Dwight D. Eisenhower Global Leadership Award. Vanisha Mittal Bhatia (03), 26, was appointed as a member of the LNM Holdings Board of Directors in June 2004. Mrs. Vanisha Mittal Bhatia was appointed to Mittal Steel s Board of Directors in December 2004. She has a Bachelor of Arts degree in Business Administration from the European Business School and has completed corporate internships at Mittal Shipping, Mittal Steel Hamburg GmbH and an Internet-based venture capital fund. She is the daughter of Mr. Lakshmi N. Mittal. Narayanan Vaghul (04), 70, has 49 years of experience in the financial sector and has been the Chairman of Industrial Credit and Investment Corporation of India for 16 years and of ICICI Bank Ltd. for the last two years. Prior to that, he was Chairman of the Bank of India and Executive Director of the Central Bank of India. He was chosen as the Businessman of the Year in 1992 by Business India, a leading Indian publication, 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 Chairman of the Indian Institute of Finance Management and Research and is also a Board member of various other companies, including Wipro Ltd., Mahindra & Mahindra Ltd., Nicholas Piramal India Ltd., Apollo Hospitals Ltd. and Himatsingka Seide Ltd. Wilbur L. Ross, Jr. (05), 69, was the founder of ISG which merged with LNM to create Mittal Steel in 2004. Mr. Ross is the Chairman and Chief Executive Officer of WL Ross & Co LLC, a merchant banking firm, a position he has held since April 2000. 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 the general partner of WLR Recovery Fund L.P., WLR Recovery Fund II L.P., Asia Recovery Fund and Absolute Recovery Hedge Fund. Mr. Ross is also Chairman of Ohizumi Manufacturing company in Japan, Chairman of International Textile Group, International Coal Group and of Marquis Who s Who Inc., in the United States and Chairman of Insuratex Ltd., in Bermuda. Mr. Ross is a Board member of the Turnaround Management Association, Nikko Electric Co. in Japan, Tong Yang Life Insurance Co. in Korea and of Syms Corp., Clarent Hospital Corp. and News Communications Inc. in the United States. He is also Director of IAC Acquisition Corporation Ltd. in the United Kingdom, Compagnie Européenne de Wagons SARL in Luxembourg, Oxford Automotive in Denmark and Safety Components International in the United States. He is Director of the Japan Society and of the Yale School of Management. Mr. Ross is also a member of the Business Roundtable. Previously, Mr. Ross served as the Executive Managing Director at Rothschild Inc., an investment banking firm, from October 1974 to March 2000. Mr. Ross was also Chairman of the Smithsonian Institution National Board. Lewis B. Kaden (06), 64, has approximately 38 years of experience in corporate governance, dispute mediation, labour and employment law and economic policy. He is currently Vice Chairman and Chief Administrative Officer of Citigroup Inc. Prior to that, he was a partner at the law firm of 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 s Centre 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 the moderator of the Business-Labor Dialogue. Mr. Kaden is a graduate of Harvard College and of Harvard Law School. He was the John Harvard Scholar at Emmanuel College, Cambridge University. François H. Pinault (07), 70, is the founder and former President of the Artemis Group and PPR. The Artemis Group is a 25 billion global investment holding company including 42% of the listed company PPR. PPR includes retail brands, such as FNAC, La Redoute, Le Printemps, Conforama and luxury brands, such as Gucci Group, which includes Gucci, Bottega Veneta, Yves Saint Laurent, Boucheron and Balenciaga. Artemis also owns Chateau Latour vineyard in France and Christie s auction house. Mr. Pinault also owns insurance and media businesses and holds minority shares in the French group Bouygues. Mr. Pinault serves on the Board of Directors for Financière Pinault and Artemis. José Ramón Álvarez Rendueles (08), 66, has extensive experience in the financial, economic and industrial sectors. He was former Governor of the Bank of España and President of the Bank Zaragozano. He is President of the Board of Directors of Arcelor España, Peugeot España and Pirelli España. He is professor of public finance at the Universidad Autónoma de Madrid, the President of the Prince of Asturias Foundation and a Director of Gestavisíon Telecinco S.A. Sergio Silva de Freitas (09), 63, has 40 years of experience in the financial sector. He is President of the Board of Directors and of the Audit, Appointments and Remunerations Committees of Arcelor Brasil. After several years spent in high ranking positions in important financial institutions in London and in Washington, he became Senior Vice President of Banco Itaù and is now member of the International Advisory Board of Banco Itaù, Sao Paulo, Brazil. He has a Bachelor s degree in Electrical Engineering from Escola Nacional de Engenharia da Universidade Brasil.

42 ArcelorMittal Fact Book 2006 Operations Operations ArcelorMittal Fact Book 2006 10 Board of Directors 11 12 13 14 15 16 17 continued Georges Schmit (10), 53, is Director General at the Ministry of the Economy and Foreign Trade and a Member of the Board of Economic Development of the Grand-Duchy of Luxembourg. He is also Vice Chairman of the Société Nationale de Crédit et d Investissement (SNCI) and of the «Entreprise des Postes et Télécommunications», Luxembourg and a Director of SES Global S.A., of Banque et Caisse d Epargne de l Etat, Luxembourg, and of Paul Wurth S.A. Since 2000, he has been the representative of Luxembourg on the Enterprise Policy Group, an advisory body to the European Commission. Mr. Schmit holds a Master of Arts degree in Economics from the University of Michigan. Edmond Pachura (11), 72, has 40 years of experience in the industrial sector. He is Chairman of the Union des Négociants en Aciers Spéciaux (UNAS), Paris. Previously, he was Director of Renault and CEO of Sollac. Mr. Pachura has also been a member of the Board of Directors of Charbonnages de France since 1997 and of the SNCF (Société Nationale des Chemins de Fer) since 1998. Michel Angel Marti (12), 59, is a representative of the employees. He is former Secretary of the Conféderation Française Démocratique du Travail (CFDT) union, Broye, France. Manuel Fernández López (13), 60, is a representative of the employees. He is also Secretary General of the Metal, Construcción y Afines de UGT union; Federación Estatal (M.C.A.-U.G.T.); Madrid, Spain. John O. Castegnaro (15), 61, is a representative of the employees. He is a member of the Luxembourg Parliament and Honorary Chairman of trade union Onhofhängege Gewerkschaftsbond Lëtzebuerg (OGB-L). Jean-Pierre Hansen (14), 58, is Vice Chairman of the Executive Committee and Senior Executive Vice President of Suez, and is responsible for Operations. He entered the electricity and gas sector in 1975. Since 1 January 2005, Mr. Hansen has been Vice Chairman and CEO of Electrabel, a role he previously held from 1992 to March 1999. Since March 1999, he has also held the position of Chairman of the Executive Committee of Electrabel. He is also CEO of Suez-Tractebel, Chairman of Fabricom and Director of Distrigas, Fluxys, AGBAR and ACEA, Vice Chairman of the Federation of Enterprises in Belgium, and Associate Professor of Economics at the UCL and at the École Polytechnique (Paris). Mr. Hansen holds a Master s degree in Electrical Engineering, a degree in Economics and a Doctorate in Engineering. Antoine Spillmann (16), 43, is a representative of Corporación JMAC B.V. After several years spent in different banks, mainly in the United Kingdom, he is now Asset Manager and executive partner at the firm Bruellan, an asset management company based in Geneva. H.R.H. Prince Guillaume de Luxembourg (17), 43, worked for six months at the International Monetary Fund in Washington, US and spent two years at the Commission of European Communities in Brussels. He studied at Oxford University and graduated from Georgetown University in the United States. Romain Zaleski (18), 73, graduated from the Ecole Polytechnique and from the Ecole des Mines de Paris (Mining School). He then served as a technical consultant in the public service, in particular at the Ministry of Industry. After leaving the public service, he was appointed as a Managing Director in several groups related to industry and to banking. In 1984, he settled in Italy and dedicated himself to the reorganisation and the development of Carlo Tassara SpA group, a leading company operating in the sectors of heavy industry, steel industry, ironworks, metallurgy and production of electric power. He led the Carlo Tassara group to its current position, with the holding of interests in the banking sector in Mittel, Banca Intesa, Banca Lombarda and Generali, as well as in the industrial sector, in Eramet and in Mittal Steel. Managing Director of the Carlo Tassara group and of Banca Lombarda, one of the top ten Italian banks, from 2003 to 2005, Mr. Zaleski was also Chairman of Italenergia Bis, a holding company of the Edison group, the second largest producer of electric power in Italy. 18 43

44 ArcelorMittal Fact Book 2006 Operations Operations ArcelorMittal Fact Book 2006 45 The Group Management Board The strategic direction of the business is the responsibility of a six-strong Group Management Board (GMB), formed in August 2006. The GMB members were appointed by the Board of Directors, and is headed by Lakshmi N. Mittal as Chief Executive. Its composition reflects the Group s new structure, which is divided into five key segments. Roland Junck, Member of the Group Management Board, Advisor to the CEO Roland Junck was previously a member of the Group Management Board of Arcelor with responsibility for the global Long Carbon Steel and Wire Drawing business and for China. He started his career with Arbed in 1980 in the rolling mills at Dudelange, before moving to Esch-Schifflange in 1985. In 1993, Mr. Junck was named General Manager of TrefilArbed Bissen, being appointed Managing Director in 1996. He was named Senior Vice President of Aceralia in 1998 and was a member of the Arbed Group Management Board from 1999 to 2002 when he was appointed Senior Executive Vice President of the newly created Arcelor. Mr. Junck graduated from the Federal Polytechnic in Zurich and earned an MBA from Sacred Heart University of Luxembourg. Aditya Mittal, CFO, Member of the Group Management Board, Responsible for Flat Products Americas Aditya Mittal is Chief Financial Officer of ArcelorMittal with additional responsibility for Flat Products Americas and for Merger and Acquisitions. Prior to the merger to create ArcelorMittal, Aditya Mittal held the position of President and CFO of Mittal Steel from October 2004 to 2006. 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. These acquisitions included Kryvorizhstal in Ukraine, Polskie Huty Stali in Poland, Nova Hut in Czech Republic, Sidex in Romania, Annaba in Algeria, Iscor in South Africa, and International Steel Group in the US. In addition to his Merger and Acquisition 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. 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 from which he graduated magna cum laude. Aditya Mittal is the son of Mr. Lakshmi N. Mittal. Malay Mukherjee, Member of the Group Management Board, Responsible for Asia and Africa, Mining, Stainless Malay Mukherjee has over 30 years of experience in a variety of technical and commercial functions in the steel industry, including iron ore mining, project implementation, materials management and steel plant operations. He joined the LNM Group in 1993 from the Steel Authority of India, where his last position was as Executive Director (Works) at the Bhilai Steel Plant, the largest integrated steel plant in India, with a production capacity of approximately four million tonnes. Mr. Mukherjee has a Master s degree in Mining from the USSR State Commission in Moscow and a Bachelor of Science degree from the Indian Institute of Technology in Kharagpur, India. Mr. Mukherjee has completed an advanced Management Programme conducted by the Commonwealth Secretariat in joint association with University of Ottawa, Canada and the Indian Institute of Management, Ahmedabad. Mr. Mukherjee joined Ispat Karmet in 1996 from Ispat Mexicana where he was Managing Director. He joined Ispat Europe as President and CEO in June of 1999. Formerly the President and Chief Operating Officer of Ispat International N.V., Mr. Mukherjee became Chief Operating Officer of Mittal Steel in October 2004. Mr. Mukherjee is a recipient of the MECON Award from the Indian Institute of Metals. Gonzalo Urquijo, Member of the Group Management Board, Responsible for Long Products, Distribution and Wire Drawing Gonzalo Urquijo, previously Senior Executive Vice President and Chief Financial Officer of Arcelor, was responsible for Finance, Purchasing, IT, Legal Affairs, Investor Relations, Arcelor Steel Solutions and Services, and other activities. Mr. Urquijo also held several other positions within Arcelor and in this sector, 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 becoming Co-Chief Executive Officer. Mr. Urquijo graduated in Economics and Political Science from Yale University and holds an MBA from the Instituto de Empresa in Madrid. Michel Wurth, Member of the Group Management Board, Responsible for Flat Products Europe, Global Auto, Plates and R&D Michel Wurth was previously Vice President of the Group Management Board and Deputy CEO of Arcelor, and was responsible for Flat Carbon Steel Europe and Auto, Flat Carbon Steel Brazil, Coordination Brazil, Coordination Heavy Plate, R&D and NSC Alliance. The merger of Aceralia, Arbed and Usinor leading to the creation of Arcelor in 2002 saw Mr. Wurth appointed as Senior Executive Vice President and CFO of Arcelor, with responsibility over Finance and Management by Objectives. Mr. Wurth joined Arbed in 1979 and held a variety of positions, 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 Chief Financial Officer in 1996. He was named Executive Vice President in 1998. Mr. Wurth holds a Law degree from the University of Grenoble, a Political Science degree from the Institut d Etudes Politiques de Grenoble and a Master of Economics from the London School of Economics. From left to right: Malay Mukherjee, Aditya Mittal, Roland Junck, Lakshmi N. Mittal, Gonzalo Urquijo, Michel Wurth.

46 ArcelorMittal Fact Book 2006 Operations Operations ArcelorMittal Fact Book 2006 47 Management Committee All GMB members also sit on a strong Management Committee, active since early September 2006 and responsible for regional or sectoral organisations and Group-level functions such as Purchasing, Marketing and Performance Enhancement. The new structure is both lean and flat. It aims to create an organisation that is at once inventive and adaptable, with clear accountability at every level. Above all, it aims to foster an entrepreneurial spirit that will keep ArcelorMittal ahead of its competitors. Bhikam Agarwal Executive Vice President, Responsible for Financial Controlling and Reporting Bhikam Agarwal has been the Managing Director, Controlling of Mittal Steel and has over 30 years of experience in steel and related industries. He has held various senior executive positions within Mittal Steel and was previously Chief Financial Officer after its formation at Ispat International. He has been responsible for the financial strategy of Mittal Steel and has been a coordinator of its prior activities in the capital markets. Mr. Agarwal has also led the finance and accounting functions of Ispat International across all its operating subsidiaries. Roeland Baan Executive Vice President, Responsible for South and Central Africa and Pipes and Tubes Roeland Baan has been Chief Executive Officer of Mittal Steel Europe. He joined Mittal Steel from the global conglomerate SHV Holdings, which lists metals recycling among its non-core activities. There he spent eight years as a member of the Energy Divisions Executive Committee and was responsible for developing and executing its strategy across a number of key regions, including Europe, South America and the Mediterranean rim. Prior to that, Mr. Baan spent 16 years with Shell, where he held a number of positions worldwide. He has a Master s degree in Economics from Vrije Universiteit in Amsterdam. Alain Bouchard Executive Vice President, Responsible for Purchasing Function on Worldwide Basis Alain Bouchard has been Arcelor s Executive Vice President Purchasing since 2004. Prior to that, he was in charge, at Arcelor and Usinor, of the Cockerill-Sambre works in Liège (Belgium) and at Sollac Lorraine. From 1993 to 1999, he held various positions in production planning, customer services, information systems-information technology, and reengineering of support functions within Usinor s Flat Carbon Steel business in Paris. From 1989 to 1993, he worked at Usinor s Fos-sur-Mer plant, after joining the IRSID Steel Research and Development Institute in 1973. Mr. Bouchard is an IT engineer, a graduate of the Ecole Nationale Supérieure d Informatique et Mathématiques Appliquées de Grenoble, and a Physics engineer, with a degree from Ecole Nationale Supérieure de Physique de Grenoble. José Armando Campos Executive Vice President, Responsible for Flat South America José Armando Campos was the President and officer in charge of the Flat Steel Business Area at Arcelor Brasil and President and CEO of CST since 1997. Prior to that, he worked in mining development and metallurgical areas at the Companhia Vale do Rio Doce from 1974 to 1992. Mr. Campos has been a member of the Brazilian Metallurgy and Materials Society since 1972 and the Board of Directors of the Brazilian Business Council for Sustainable Development. Mr. Campos is also a member of the Board of Directors of Acesita. He is a Mining Engineer, with a degree from the Federal University of Ouro Preto. Narendra Chaudhary Executive Vice President, Responsible for Carbon Steel Asia, Mediterranean, Black Sea Basin and Balkans Narendra Chaudhary was appointed CEO of Mittal Steel s Ukrainian operation in January 2006. Prior to that, Mr. Chaudhary was Director, Operations and Maintenance for Mittal Steel. Mr. Chaudhary joined Mittal Steel in 1993 at its Mexican operations and has held a number of positions at Mittal Steel since then, including as CEO of Mittal Steel Galati in Romania and CEO of Mittal Steel s operations in Kazakhstan. Mr. Chaudhary possesses over 39 years of experience in a variety of technical and managerial functions in the steel industry. He worked at Steel Authority of India Limited plants in various capacities for 28 years. Mr. Chaudhary has a Bachelor s degree in Engineering from Bihar Institute of Technology, India. Davinder Chugh Senior Executive Vice President, Responsible for Shared Services Davinder Chugh, previously CEO of Mittal Steel South Africa, has over 25 years experience in the steel industry, particularly in materials purchasing, logistics, warehousing and shipping. Mr. Chugh also was Commercial Director at Mittal Steel from 2002 to 2006. Before joining Mittal Steel South Africa, he was Vice President of purchasing at Mittal Steel Europe. Mr. Chugh has been with the company since 1995 and successfully integrated the materials management functions at newly acquired plants in Hamburg, Duisburg, France, Romania and Algeria. 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 s degree in Business Administration. Christophe Cornier Executive Vice President, Responsible for Flat Europe Christophe Cornier has been responsible for Arcelor s Flat Products activities in Europe and for its worldwide automotive sector since December 2005, when he was appointed member of the Arcelor s Management Committee. In June 2005, he was appointed Head of Arcelor s Client Value Team. At the creation of Arcelor in 2002, he was named Executive Vice President of FCS Commercial Auto. Before that, he was CEO of Sollac Méditerranée. In 1998, he was appointed CEO of La Magona, after joining Sollac Packaging as Managing Director in 1993. In 1985 he joined Usinor, where he was Business Development Director and Chief Controller of Sollac. He began his career within the French Ministry of Industry, which he left as a Deputy Director. Mr. Cornier is a graduate of the Ecole Polytechnique and the Ecole des Mines, in Paris. Philippe Darmayan Executive Vice President, Responsible for ArcelorMittal Steel Solutions and Services (AM3S) Philippe Darmayan has been Executive Vice President in charge of Arcelor Steel Solutions and Services (A3S) since January 2005. Before that, he was CEO of Ugine & ALZ. A graduate of French business school HEC, Philippe Darmayan joined Arcelor to lead the transformation of Ugine & ALZ in 2002. Before, he held various management positions in the aluminium businesses of Pechiney Group, which he joined in 1996, and was a plant Director and Managing Director of Franco-Belge de Fabrication de Combustibles, a subsidiary of Framatome. Bernard Fontana Executive Vice President, Responsible for Human Resources Bernard Fontana joined Arcelor as Senior Vice President of Human Resources, Flat Products Europe in 2004. A graduate of Ecole Polytechnique, one of France s leading engineering schools, he was hired by French chemical group SNPE in 1986, where he managed various production sites and business units as well as its North American branch, eventually becoming deputy CEO. With the merger of ArcelorMittal in 2006, he was appointed as Executive Vice President of Global Automotive business, which he successfully led. He has taken over the responsibility of Human Resources in June 2007.

48 ArcelorMittal Fact Book 2006 Operations Operations ArcelorMittal Fact Book 2006 49 Management Committee continued Jean-Yves Gilet Executive Vice President, Responsible for Stainless Steel Worldwide Jean-Yves Gilet has been advisor to the CEO with responsibility for Arcelor s Stainless Steel business worldwide since December 2005, in charge of preparing and implementing the strategic reorganisation of this business. Prior to that, he was Senior Executive Vice President of Arcelor, in charge of the Stainless Steel Sector, a position he held since the creation of Arcelor in 2002. In 1999, he became a member of the Usinor executive committee. In 1998, he was named Chairman and CEO of Acesita in Brazil. He joined Usinor in 1990 and, between 1991 and 1998, he held management positions at Imphy, Ugine-Savoie and Sprint Métal Stainless businesses. Prior to that, he was Cabinet Head for the Regional Development and Minister in France. Mr. Gilet, an engineering graduate of the Ecole Polytechnique (Corps des Mines), began his career in 1981 at the Industry Ministry, before joining DATAR, the regional development agency. Sudhir Maheshwari Executive Vice President, Responsible for Finance and M&A Sudhir Maheshwari was previously the Managing Director, Business Development and Treasury of Mittal Steel and has 20 years of experience in steel and related industries. He was the Chief Financial Officer of LNM Holdings from January 2002, until its merger with Ispat International in December 2004. He has played an integral role in all the recent acquisitions by Mittal Steel, including turnaround and integration activities, and in various corporate finance and capital market projects, including the initial public offering in 1997. He also held the positions of Chief Financial Officer at Mittal Steel Europe, Mittal Steel Germany and Mittal Steel Point Lisas, and was Director of Finance and Mergers and Acquisitions at Mittal Steel. Mr. Maheshwari has worked for Mittal Steel for 18 years. Mr. Maheshwari is an Honours Graduate in Accounting and Commerce from St Xavier s College, Calcutta and a Fellow Member of the Institute of Chartered Accountants and the Institute of Company Secretaries in India. Carlo Panunzi Executive Vice President, Responsible for Long Americas Carlo Panunzi was previously Senior Executive Vice President of Arcelor Brasil, in charge of Long Products and Distribution. In 2002, Carlo Panunzi became the President of Belgo Mineira, a company he had joined in 1999 and where he was, among other positions, Managing Director of the Piracicaba plant in the State of São Paulo. Before that, he held several positions at Arbed, which he joined in 1973 as an engineer at the Differdange plant s rolling line. Michael Pfitzner Executive Vice President, Responsible for Commercial Coordination Michael Pfitzner joined Mittal Steel as Director of Marketing in February 2006. He has over 25 years of extensive industry experience in commercial functions with several steel companies namely Mannesmann, Saarstahl, ThyssenKrupp Stainless and Salzgitter. At Salzgitter, where he worked for nearly 5 years, Mr. Pfitzner was a member of the Executive Board responsible for Sales and Distribution. Mr. Pfitzner has a degree in Economics from the University of Bonn, Germany. Gerhard Renz Executive Vice President, Responsible for Long Europe Gerhard Renz has been the Chief Operating Officer of Mittal Steel Europe and has over 32 years of experience in the steel industry. Mr. Renz formerly worked as the Managing Director of Mittal Steel Hamburg. He is a Board Member of Verein Deutscher Eisenhüttenleute, Wirtschaftsvereinigung Stahl and the European Iron and Steel Institute. He holds a Bachelor s degree in Engineering. Michael G. Rippey Executive Vice President, Responsible for USA Michael Rippey was elected in August 2006 as President and Chief Executive Officer of Mittal Steel USA. Previously, he had been the Mittal Steel s Executive Vice President, Sales and Marketing, since April 2005, with direct responsibility for all sales and marketing of light flat-rolled and plate products. Mr. Rippey had been Executive Vice President, Commercial, and Chief Financial Officer at Ispat Inland, since January 2004 and an Officer of Mittal Steel USA since June 1998. He has a Bachelor s degree in Marketing from Indiana University, Bloomington; a Master s degree in Banking and Finance from Loyola University, Chicago; and a Master of Business Administration from the University of Chicago. Lou Schorsch Executive Vice President, Responsible for Flat Americas Lou Schorsch was elected in August 2006 as President and Chief Executive Officer of Flat Americas. Previously, he had been Chief Executive Officer of Mittal Steel USA since the merger between Mittal Steel and ISG in October 2004. Prior to that, Dr. Schorsch was the President and Chief Executive Officer of Ispat Inland where he was responsible for significant improvements in its operational performance. Dr. Schorsch has over 25 years of experience in consulting and managerial roles primarily relating to the steel industry. Prior to joining Ispat Inland in October 2003, he held various senior positions in the consulting and e-commerce sectors. Most recently, he was President and Chief Executive Officer of GSX.Com and Principal at McKinsey & Company, where he worked from 1985 until 2000. While at McKinsey, he was a co-leader of its metals practice. Dr. Schorsch has published numerous articles in such publications as Business Week and Challenge and has also co-authored a book on steel entitled Upheaval in a Basic Industry. Bill Scotting Executive Vice President, Responsible for Performance Enhancement Bill Scotting joined Mittal Steel in September 2002 to lead its Performance Enhancement activities. Formerly an Associate Principal at McKinsey & Company, Mr. Scotting has 20 years of experience in the steel industry in technical, operations management and consulting roles. He has also held positions at BHP Steel, Pioneer Concrete (UK), Mascott Partnership and CRU International. Mr. Scotting holds a Bachelor of Science (Metallurgy) degree from the University of Newcastle in Australia, where he was awarded the Australasian Institute of Metallurgy Prize for Metallurgy, and an MBA (with distinction) from Warwick Business School in the United Kingdom. André van den Bossche Executive Vice President, Responsible for Marketing André van den Bossche has been Arcelor s Executive Vice President Commercial Worldwide Optimisation since 2005. Prior to that, he was Managing Director of Arcelor s Flat Carbon Steel commercial organisation from 2002 to 2005, Managing Director at the Aceralia Sidstahl Ibérica and Sidstahl sales organisations, from 1995 to 2001, and Sales Director at TradeArbed Luxembourg from 1986 to 1995. At Sidmar (Ghent), which he joined in 1970, he was Vice President of the Commercial and Customer Relations Department, General Manager of the cold rolling mill and production and management engineer at the cold rolling mill. Mr. van den Bossche is a civil engineer graduated from the Universities of Louvain and Ghent.

50 ArcelorMittal Fact Book 2006 Operations Operations ArcelorMittal Fact Book 2006 51 Corporate Governance Board Practices The following summarises aspects of Mittal Steel s Board Practices and corporate governance practices more generally. Mittal Steel / Arcelor Memorandum of Understanding Mittal Steel, the Significant shareholder and Arcelor entered into a Memorandum of Understanding on 25 June 2006 (the Memorandum of Understanding or MOU ), on the basis of which Arcelor s Board of Directors recommended Mittal Steel s offer for Arcelor and pursuant to which, among other things, the parties agreed on certain corporate governance matters relating to the combined group. In particular, the Memorandum of Understanding includes certain special governance mechanisms designed to promote the integration of Mittal Steel and Arcelor during an initial three-year transitional period beginning as from 1 August 2006, which period is referred to herein as the Initial Term. Mittal Steel and Arcelor agreed to change and unify their respective corporate governance structures and rules until Mittal Steel is merged into Arcelor in accordance with the MOU, following which the surviving entity, which will be the parent company of the group, will be renamed. It is currently expected that the surviving entity will be renamed ArcelorMittal, and this name is used in the summary herein. Since the implementation of the Memorandum of Understanding, Mittal Steel has been governed by a Board of Directors and a Group Management Board. Until Mittal Steel is merged into Arcelor, the composition and operation of each of Mittal Steel s and Arcelor s Board of Directors, Group Management Board and Management Committee will be identical. Board of Directors, Group Management Board and Management Committee of Mittal Steel The Memorandum of Understanding provides that each of Mittal Steel, Arcelor and ArcelorMittal will be governed by a Board of Directors and a Management Board, subsequently renamed Group Management Board. The Memorandum of Understanding further provides that during the Initial Term, the Board of Directors of each of Arcelor, Mittal Steel and ArcelorMittal will have the following characteristics: Each initial Board of Directors would be composed of 18 non-executive members, the majority of whom would be independent. Six members would be nominated by Mittal Steel, three of whom would be independent. Six members would be from the (then-existing) Arcelor Board of Directors. Three members would be from the (then-existing) Arcelor Board of Directors representing then-existing Arcelor major shareholders. An additional three members would be employee representatives. In addition, during the Initial Term, the Board of Directors will appoint one director as Chairman and one director as President of the Board of Directors. Mr. Joseph J. Kinsch is currently the Chairman of the Board of Directors of Arcelor, while Mr. Lakshmi N. Mittal is currently the President of the Board of Directors and CEO of Arcelor. Following the merger of Mittal Steel into Arcelor, Mr. Kinsch shall be the Chairman of the Board of Directors of ArcelorMittal and Mr. Mittal shall be the President of the Board of Directors and CEO of ArcelorMittal. In addition, the Memorandum of Understanding provides that upon the retirement of Mr. Joseph Kinsch, Mr. Lakshmi N. Mittal would become the Chairman of ArcelorMittal and Mr. Joseph Kinsch would propose the successor President, who shall be an independent director or a former employee of Arcelor. The proposed successor President will serve as President for so long as he or she is a director and the Significant shareholder has agreed to vote for his or her renewal as a director, except in case of gross negligence or willful misconduct in the exercise of his or her functions as director or in the event that the Appointments, Remuneration and Corporate Governance Committee vetoes his or her nomination. Moreover, upon retirement, death or incapacity of Mr. Lakshmi N. Mittal, he shall be replaced by any other representative designated by the Significant shareholder from time to time. On 5 November 2006, Mr. Roland Junck resigned as Chief Executive Officer of Mittal Steel in the interest of Mittal Steel and its stakeholders. Mr. Junck has since remained a member of the Group Management Board. On the same date, Mr. Lakshmi N. Mittal was appointed a member of the Group Management Board and Chief Executive Officer of Mittal Steel and Mr. Mittal resigned as a member of the Appointments, Remuneration and Corporate Governance Committee. Mr. Mittal has remained as Chairman of the Board of Directors. Effective the same date, Mr. Sergio Silva de Freitas was appointed by the Board of Directors as Mr. Mittal s successor on the Appointments, Remuneration and Corporate Governance Committee. The proposal to appoint Mr. Mittal as Chief Executive Officer of Mittal Steel and Arcelor was unanimously approved by the Boards of Directors of Mittal Steel and Arcelor. As a consequence, the Board of Directors has one executive director, instead of being composed exclusively of non-executive directors. The General Meeting of Shareholders of Mittal Steel will be asked to ratify this appointment at the first General Meeting of Shareholders to be held in 2007. The Board of Directors is in charge of the overall management of Mittal Steel. The Board of Directors is currently comprised of 17 non-executive directors and one executive director. The Chairman and Chief Executive Officer of Mittal Steel, Mr. Lakshmi N. Mittal, is the sole executive director. The Memorandum of Understanding provides that the directors will be elected and removed by the General Meeting of Shareholders, by a simple majority of votes cast. Except as specifically described below, no shareholder will have special rights to nominate, elect or remove directors. All directors will be elected by the General Meeting of Shareholders for three-year terms. Following the Initial Term, and subject to the provisions of ArcelorMittal s Articles of Association, the Significant shareholder will be entitled to representation on ArcelorMittal s Board of Directors in proportion to its shareholding. The Group Management Board is entrusted with the day-to-day management of Mittal Steel. 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 Dutch law or Mittal Steel s Articles of Association, the Group Management Board exercises only the authority granted to it by the Board of Directors. Any references in Mittal Steel s Articles of Association to the managing board are references to its Board of Directors. In establishing Mittal Steel s strategic direction and corporate policies, Mr. Lakshmi N. Mittal is supported by members of our senior management, who have substantial professional and worldwide steel industry experience. Some of the members of our senior management team are also members of the Group Management Board. The Group Management Board is assisted by a Management Committee comprised of the members of the Group Management Board and 20 other senior executives. 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 Mittal Steel s operational and resources leaders and shares information about the situation of the Group and its markets. Operation of the Board of Directors The required quorum for meetings of the Board of Directors is a majority of the directors, including at least the Chairman, the President and a majority of the independent directors being present or represented. Each director has one vote and no director has a casting vote. Decisions of the Board of Directors are made by a majority of the directors present and represented at a quorate meeting, except as otherwise required by Dutch law. During the Initial Term, the agenda of each meeting of the Board of Directors will be jointly agreed by the Chairman and the President of the Board of Directors and will include any matters proposed to be included on the agenda jointly by the Chairman and the President. In the event of a disagreement, the Chairman and the President will work together to try to resolve any such disagreement. After the expiration of the Initial Term, the Chairman and the President will use their reasonable best efforts to agree on the agenda. Director Independence Thirteen of the 18 members of the Board of Directors are independent. A director is considered to be independent if (a) he or she is independent within the meaning of the Listed Company Manual of the New York Stock Exchange, Inc., which is referred to as the Listed Company Manual, as it may be amended from time to time, or any successor provision, subject to the exemptions available for foreign private issuers with respect to the director independence requirements under the Listed Company Manual, and (b) he or she is unaffiliated with any shareholder owning or controlling more than two percent of the total issued share capital of Mittal Steel. 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, or a managing member of such shareholder. Separate Meeting of Non-executive Directors The non-executive members of the Board of Directors schedule meetings without the presence of management. There is no minimum number of meetings that the non-executive directors must hold per year. During 2006, the non-executive directors of Mittal Steel held three meetings separate from the executive director(s). The presiding independent director at each of these meetings was chosen at the meeting. Communications with the Board of Directors Pursuant to a process adopted by the Board of Directors, a shareholder or any other person may send communications directly to the Board of Directors through Mittal Steel s website at http://www. mittalsteel.com/dynamic/dynamicdefault. asp?id=questionable. Significant Shareholder Right of Opposition and Right of Board Representation The Memorandum of Understanding provides that during the Initial Term, with respect to Board of Directors decisions that require shareholders approval, the Significant shareholder will vote in accordance with the position expressed by the Board of Directors, unless the Significant shareholder opposes any such position, in which case the Significant shareholder can vote as it wishes, subject to the following requirements. During the Initial Term, if Mr. Lakshmi N. Mittal opposes any decision of the Board of Directors on a matter that does not require shareholders approval and that was not proposed by him, Mr. Lakshmi N. Mittal will have the right to request that such action first be approved by a shareholders meeting, and the Significant shareholder will have the right to vote at such meeting as it sees fit. The Board of Directors will not approve any action that has been rejected by such shareholders meeting. The Memorandum of Understanding further provides that during the Initial Term, and subject to the Significant shareholder owning or controlling at least 15% of the outstanding share capital of Mittal Steel or ArcelorMittal, the Significant shareholder is entitled to elect to Mittal Steel s or ArcelorMittal s Board of Directors, as the case may be, up to (and not more than) six directors, including three directors who are affiliated (directly or indirectly) with the Significant shareholder and three independent directors. Following the Initial Term, and subject to the provisions of Mittal Steel s or ArcelorMittal s Articles of Association, as the case may be, the Significant shareholder will be entitled to representation on Mittal Steel s or ArcelorMittal s Board of Directors, as the case may be, in proportion to its shareholding. Board of Directors Committees Following the implementation of the Memorandum of Understanding, the Board of Directors has two committees: an Audit Committee and an Appointments, Remuneration and Corporate Governance Committee.

52 ArcelorMittal Fact Book 2006 Operations Operations ArcelorMittal Fact Book 2006 53 Corporate Governance Board Practices continued Audit Committee The Audit Committee is composed of four independent directors, with independence defined as set out above and also in Rule 10A-3 under the Exchange Act. The members are appointed by the Board of Directors. 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 Mittal Steel to any governmental body or the public; Mittal Steel s system of internal control regarding finance, accounting, legal compliance and ethics that the Board of Directors and members of management have established; and Mittal Steel s auditing, accounting and financial reporting processes generally. The Audit Committee s primary duties and responsibilities are to: serve as an independent and objective party to monitor Mittal Steel s financial reporting process and internal controls system; review and appraise the audit efforts of Mittal Steel s independent accountants and internal auditing department; provide an open avenue of communication among the independent accountants, financial and senior management, the internal auditing department and the Board of Directors; approve the appointment and fees of the independent auditors; and monitor the independence of the external auditors. The current members of the Audit Committee are: Messrs. Narayanan Vaghul, José Rámon Álvarez-Rendueles, Wilbur L. Ross and Edmond Pachura, all of whom are independent under Mittal Steel s Corporate Governance guidelines, the NYSE standards and the Dutch Corporate Governance Code. The Chairman of the Audit Committee is Mr. Vaghul, who has significant experience and financial expertise. Mr. Vaghul is the Chairman of ICICI Bank, a company that is listed on the NYSE and the Mumbai Stock Exchange. Mr. Álvarez-Rendueles, as former Governor of the Bank of España and former President of the Bank Zaragozano, also has significant experience and financial expertise. Both Mr. Ross and Mr. Pachura have considerable experience in managing companies affairs. The charter of the Audit Committee is available at http://www.mittalsteel.com/ Investor+Relations/Corporate+Governance. The Audit Committee is required to meet at least four times a year. During 2006, the Audit Committee met nine times, five of which were physical meetings and four of which were meetings held by teleconference. Appointments, Remuneration and Corporate Governance Committee Until 30 October 2006, the Board of Directors had a Nomination Committee and a Remuneration Committee. As of 30 October 2006, these two committees have been replaced by the Appointments, Remuneration and Corporate Governance Committee. The Appointments, Remuneration and Corporate Governance Committee is comprised of four directors, all of whom are independent, as were all directors in the two predecessor committees. The members are appointed by the Board of Directors. The Appointments, Remuneration and Corporate Governance Committee makes decisions by a simple majority with no member having a casting vote. The Board of Directors has established the Appointments, Remuneration and Corporate Governance Committee to: determine on its behalf and on behalf of the shareholders within agreed terms of reference Mittal Steel s framework of remuneration and compensation, including stock options for the Chief Executive Officer and the Chief Financial Officer of Mittal Steel, the members of the Group Management Board and the members of the Management Committee; consider any appointment or reappointment to the Board of Directors at the request of the Board of Directors; provide advice and recommendations to the Board of Directors on such appointment; and develop, monitor and review corporate governance principles applicable to Mittal Steel. The Appointments, Remuneration and Corporate Governance Committee s principal responsibility in compensating executives is to encourage and reward performance that will lead to long-term enhancement of shareholder value. The Appointments, Remuneration and Corporate Governance Committee will, at the request of the Board of Directors, consider any appointment or reappointment to the Board of Directors. It will provide advice and recommendations to the Board of Directors on such appointment. The Appointments, Remuneration and Corporate Governance Committee is also responsible for developing, monitoring and reviewing Corporate Governance principles applicable to Mittal Steel. The current members of the Appointments, Remuneration and Corporate Governance Committee are: Messrs. Joseph Kinsch, Sergio Silva de Freitas, Lewis Kaden and Jean-Pierre Hansen, all of whom are independent under Mittal Steel s Corporate Governance guidelines, the NYSE standards as well as the Dutch Corporate Governance Code. The Chairman of the Appointments, Remuneration and Corporate Governance Committee is Mr. Kaden. The charter of the Appointments, Remuneration and Corporate Governance Committee is available at http:/ /www.mittalsteel.cominvestor+ Relations/Corporate+Governance. The Appointments, Remuneration and Corporate Governance Committee is required to meet at least twice a year. Its two predecessors, the Mittal Steel Nomination Committee and the Mittal Steel Remuneration Committee, were also required to meet twice a year. During 2006, each of these three committees met three times. Governance Following the Initial Term The Memorandum of Understanding provides that upon expiration of the Initial Term, the parties to the MOU will review ArcelorMittal s corporate governance rules described above in order to reflect the best standards of corporate governance for comparable companies and, in particular, have them conform with the corporate governance aspects of the NYSE listing standards applied to non-us companies and the applicable Luxembourg corporate governance code or similar document. The Chairman and the President shall consult in the year prior to the end of the Initial Term with a view to determining the identity of the directors that could be recommended to the Appointments, Remuneration and Corporate Governance Committee. Dutch and US Corporate Governance In June 2001, Mittal Steel adopted corporate governance guidelines in line with best practices on corporate governance. Mittal Steel has since continued to monitor diligently new, proposed and final US and Dutch corporate regulatory requirements, and it will make adjustments to its corporate governance controls and procedures to stay in compliance with these requirements on a timely basis. Mittal Steel is committed to meeting the corporate governance and requirements under applicable current and proposed SEC and New York Stock Exchange listing standards and the laws of The Netherlands. The Dutch Corporate Governance Code was published on 9 December 2003. During the Mittal Steel Annual General Meeting of Shareholders held on 5 May 2004, the implications of the Dutch Corporate Governance Code were discussed with its shareholders and certain proposed changes to Mittal Steel s Articles of Association to bring them in line with the requirements of the Dutch Corporate Governance Code were approved by the shareholders. Finally, Mittal Steel s General Meeting of Shareholders, in which the Significant Shareholder can determine the outcome of votes, also approved one deviation from the Dutch Corporate Governance Code, i.e., the separation of the posts of Chairman and Chief Executive Officer, as it approved that Mr. Lakshmi N. Mittal could remain Mittal Steel s Chairman and Chief Executive Officer. Because this deviation was approved by the General Meeting of Shareholders, Mittal Steel is in compliance with the Dutch Corporate Governance Code and the relevant provisions of Book 2 of the Dutch Civil Code. At the Mittal Steel Annual General Meeting of Shareholders held on 26 May 2005, the shareholders approved an amendment to Mittal Steel s Articles of Association stipulating a clear division of responsibility for setting a remuneration policy for the Board of Directors and individual members of the Board of Directors between the Board of Directors, the Remuneration Committee (since then replaced by the Appointments, Remuneration and Corporate Governance Committee, as described above) and shareholders. In addition, the Mittal Steel Articles of Association were updated to reflect changes in Dutch law. Each year the Board of Directors will submit for approval by the General Meeting of Shareholders a proposal regarding the arrangements for the remuneration in the form of shares or rights to acquire shares. The proposal will at least set out the maximum number of shares or rights to subscribe for shares to be granted to the members of the Board of Directors and the applicable criteria for such grant or for any change thereto. A lack of approval by the general meeting of shareholders of such proposal will not affect the representative authority of the Board of Directors in connection with the grant of rights to subscribe for shares. In accordance with the Dutch Corporate Governance Code, non-executive members of the Board of Directors will not receive any share options, and no options have been awarded after 2002. Finally, on 30 June 2006, the General Meeting of Shareholders of Mittal Steel resolved to amend Mittal Steel s Articles of Association to eliminate all differences between the rights attached to Mittal Steel s class A common shares and class B common shares (except for the right of the holders of the class B common shares to convert their class B common shares on a share-per-share basis into class A common shares). Following the implementation of the amendment, which took effect on 7 September 2006, all shareholders hold shares carrying the same voting and economic rights; each share one vote, irrespective of the time it has been held. As a result of the amendment, the holders of class B common shares no longer have the right to make a binding nomination for the appointment of directors to the Board of Directors. All directors are elected by the General Meeting of Shareholders to serve three-year terms by a simple majority of the votes cast. Process for Handling Complaints about Accounting Matters As part of the procedures of the Board of Directors for handling complaints or concerns about Mittal Steel s financial accounting, internal controls and auditing issues, Mittal Steel s Code of Business Conduct encourages all employees to bring such issues to the Audit Committee s attention. Concerns relating to such issues may be communicated through the Mittal Steel website at http://www. mittalsteel.com/dynamic/dynamicdefault. asp?id=questionable. During 2006, employees reported no complaints of this nature. Internal Assurance Mittal Steel has an Internal Assurance function. Until 19 December 2006, the function was solely the responsibility of the Director Internal Assurance, who reported to the Audit Committee. Since 19 December 2006, the Director-Internal Assurance of Mittal Steel was made jointly responsible for the function along with the Head of Internal Audit at Arcelor. The function is staffed by full time professional staff located at 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 recognised public accounting firm Independence The appointment and determination of fees of the independent recognised public accounting firm is the direct responsibility of the Audit Committee. The Audit Committee is further responsible for obtaining annually a written statement from the independent recognised public accounting firms that their independence has not been impaired. The Audit Committee has also obtained a confirmation from the principal independent recognised public accounting firm that none of its former employees is in a position with Mittal Steel that may impair the principal independent recognised public accounting firm s independence. Ethics and Conflict of Interest Ethics and conflicts of interest are governed by Mittal Steel s Code of Business Conduct. The Code of Business Conduct sets out standards for ethical behaviour that are to be followed by all employees and directors of Mittal Steel in the discharge of their duties. They must always act in the best interests of Mittal Steel and must avoid any situation in which their personal interests conflict, or could conflict, with their obligations to Mittal Steel. As employees, they must not acquire any financial or other interest in any business or participate in any activity that could deprive Mittal Steel of the time or the attention needed to devote to the performance their duties. Any behaviour 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 audit/internal assurance department. The Code of Business Conduct is available at http:// www.mittalsteel.com/investor+relations/ Corporate+Governance.

54 ArcelorMittal Fact Book 2006 Operations Operations ArcelorMittal Fact Book 2006 55 Technology and Innovation Research and Development plays a key role in Arcelor Mittal s strategy to lead innovation in the world of steel. The Group employs 1,200 researchers in 13 research centres around the world. In 2006, US$185 million was spent on research. Two-thirds of this amount was focused on the development of new products and solutions for the Group s customers. The Research and Development taskforce set up 14 working groups to integrate the two companies impressive R&D capabilities each one co-headed by a Mittal Steel and an Arcelor researcher. They covered the full spectrum of process and product research. Where the R&D budget was allocated: Flat Carbon: 81% Stainless Steel: 7% Long Carbon: 6% Plates: 5% Others: 1% The merger has added a new dimension to the R&D effort by widening the range of potential applications for existing technical know-how and permitting the better use of this expanded R&D resource in order to accelerate project work. In 2006, a number of cooperation projects were initiated between the Arcelor and Mittal Steel R&D teams throughout the world. One example: in the automotive field, hot stamping steel is now being produced in the US while martensitic steel - used in key safety-critical applications - is being transferred to Europe. Process R&D In 2006, process research focused on: The development of models for optimising the use of raw materials and energy; The modelling of the Group s processes from raw materials to finished products to improve industrial performance; Improved recycling of by-products such as sludge, dust and steel slag. Special attention is being paid to the recovery of expensive zinc; The use of ground tyres as a carbon additive in electric furnaces. Now validated, the process makes the electric furnace an even cleaner production process than before; The start of the second phase of the ULCOS (Ultra Low CO 2 Steelmaking) programme. Co-financed by the European Union and the 48 partners engaged in the programme, ULCOS is aimed at finding new production processes that drastically reduce emissions of CO 2 and other greenhouse gases. Five technologies were selected for Phase II experimentation. Automotive R&D The automotive industry constantly seeks to reduce cost, improve passive safety, reduce vehicle weight and increase durability through even better corrosion resistance. The combined efforts of ArcelorMittal have achieved a number of advances in these areas: The range of high strength and high deformability steel has been improved and extended through, for instance, Dual Phase, TRIP (Transformation Induced Plasticity), and hot stamping steel. Major research has been carried out on new metallurgical concepts, carbon steel and stainless steel, making it possible to consider marketing steel in the short and medium term with very high elasticity and plasticity, and capable of the very high energy absorptions necessary for crash test qualification. In the field of corrosion resistance, the first tests of ultra high surface quality zinc coating by hot galvanizing for use on visible parts have aroused considerable customer interest. In the field of mufflers, Ugine & Alz has worked to develop F18 MNb, a new type of stainless steel providing better resistance to oxidation at high temperatures, necessary as a result of increased exhaust gas temperatures. F18 MNb facilitates good catalysis. In long products, new steel for truck crankshafts and valve springs have been developed, with high mechanical properties and improved fatigue resistance, in order to increase performance and achieve a lighter weight. Further R&D is focused on industrial applications most notably flat carbon steel, electrical steel, special plates and stainless steel and construction and civil engineering. Integration Quick Wins in R&D The Research and Development taskforce set up 14 working groups to integrate the two companies impressive R&D capabilities each one co-headed by a Mittal Steel and an Arcelor researcher. They covered the full spectrum of process and product research. About 20 quick wins have already been identified, the following four of which are particularly significant: Production of Usibor, an Arcelor development for hot stamping which offers top-of-range strength-to-weight characteristics and corrosion resistance, is to commence in the US following trials early last year. Usibor has a number of applications in the automotive field particularly for bumper and door beams, A-pillars and B-pillars. Production of martensitic grades developed by Mittal Steel in Chicago, deployed by the auto industry in key safety-critical applications such as roll bars, will commence in Europe this year. Outifo software developed in Europe to optimise the design of stamping tools reducing the need for customers to engage in long and costly test cycles is being implemented in the US. The software gives a competitive advantage if they use ArcelorMittal materials. Process improvements designed by the former Arcelor process facilities are being transferred to former Mittal Steel plants. They include, for instance, processes to reduce clogging in the continuous caster thereby improving quality and delivering performance.

56 ArcelorMittal Fact Book 2006 Operations Operations ArcelorMittal Fact Book 2006 57 Integration Review As the two leading consolidators in the global steel industry, both Arcelor and Mittal Steel came to the merger with strong track records of successful integration. Each was the product of a series of international mergers and acquisitions that presented challenging organisational and cultural issues. As a result of that common history, each had a group of professionals highly experienced at integrating diverse businesses and delivering anticipated merger gains. Drawing on this experience, it was agreed from the outset that speed was of the essence in achieving a successful integration. An ambitious timetable was set for putting a new organisational structure in place, unifying key functional areas, and driving the process that would capture the targeted synergies by the end of year three. Quick wins were sought that would make an immediate impact. Some 80% of the integration process was planned to be completed by the middle of 2007 when the integration effort would largely be incorporated into daily business. Organisation The new management structure was put in place over the summer and autumn of 2006 and is designed to create an organisation that combines scale with agility. At the very top is an 18-member Board of Directors responsible for the overall supervision of the company. The majority of its members are independent. There are three shareholder representatives and three employee representatives. The Board is truly international in character. The strategic direction of the business is the responsibility of a six-strong Group Management Board (GMB), members appointed by the Board of Directors and which started to work together in early August 2006. Headed by Lakshmi Mittal, who assumes the role of Chief Executive, its composition reflects the Group s new structure, which is divided into five key segments. All GMB members also sit on a Management Committee of Executive Vice Presidents, active since early September 2006 and responsible for regional or sectoral organisations and Group-level functions such as purchasing, marketing and Performance Enhancement. Below that committee are just three more tiers of management. The majority of appointments down to Manager level were announced by early-december. Care was taken to ensure a balance of appointments from the two predecessor companies, whilst respecting a best of both principle. The new structure is both lean and flat. It is designed to avoid top-heavy bureaucracies or functional silos and deliver a clear line of sight in the decision-making process. It aims to create an organisation that is at once inventive and adaptable, with clear accountability at every level. Above all, it aims to foster an entrepreneurial spirit that will keep ArcelorMittal ahead of its competitors. Integration Process An Integration Office was established in September 2006 under co-heads drawn from each predecessor company. Supported by a strong team of managers within the business segments, the Integration Office assembled 20 taskforces which in turn ran 30 sub-taskforces to drive integration in each area. With every business segment given a target for the synergies it was expected to achieve, the taskforces had the job of confirming those targets bottom up, work out where the opportunities lay, propose concrete actions and put plans in place to capture them. The integration process is guided by four simple principles: Value creation. The purpose is to optimise ArcelorMittal, not individual businesses. A mix of initiatives is bringing both short-term cash gains and fundamental multi-year improvements. Simplicity. Integration is part of daily life, with line management accountable for delivering the expected impact thereby fostering entrepreneurship across the organisation. Synergies and stand-alone improvement plans have quickly been incorporated in 2007 budgets. Fast, yet sustainable. The integration decision-making process runs in parallel with business as usual. Four core functions budgeting/control, capital expenditure planning, operational control and human resources were integrated as quickly as possible to ensure immediate and total control of the ongoing business. Best of both. A forward-looking organisational design has been implemented with the best person appointed for each job, irrespective of passport, but with attention to balance between the two companies. The process has been transparent and open, with full data sharing. Similarly, best of both has been applied in designing key management processes.

58 ArcelorMittal Fact Book 2006 Operations Operations ArcelorMittal Fact Book 2006 59 Integration Review continued Throughout the process, the role of the Integration Office has been to coordinate, challenge and support the taskforces (injecting urgency into the process), provide a quality check on their work and report back to the GMB. It has also worked closely with Internal Communications to ensure the progress of the integration and Group aspirations are communicated fully throughout the organisation. An Intranet site, opened in November 2006, was quickly followed with a Web TV launch in January 2007. Both have received excellent feedback. The Integration Office has achieved its goals and was wound down at the end of March 2007, one quarter ahead of the original schedule. At the end of 2006, approximately 75% of the targeted US$1.6 billion of synergies are now covered by action plans. Taskforces and operational units are finalising milestones and plans for the remainder. The organisational structure is in place and HR policies are being finalised and implemented. The new ArcelorMittal brand was unveiled in the second quarter of 2007. Most taskforces have merged back into the business segments from which their members came, though some such as purchasing will have a continuing role for some time to come. Synergies The planned merger synergies, worth an annualised US$1.6 billion, are targeted in three main areas: marketing and trading, purchasing, and manufacturing and process optimisation. In the final quarter of 2006, merger-related synergies worth an annualised US$269 million were secured, mainly in the area of marketing and trading. By the end of the first quarter of 2007, the total of annualised synergies reached US$573 million. In addition to marketing and trading synergies, it included some purchasing benefits and the first gains from manufacturing and process optimisation. Rapid progress is being made in every area: Marketing and Trading. Brazilian and Mexican slab sales are now coordinated to provide one face to the customer. Similarly, in Long Products, on a continental basis, there is a unified commercial organisation offering harmonised pricing and a better service to customers; logistics have been transformed by switching sourcing to the plant closest to the customer wherever possible. Trading and international sales have been consolidated into ArcelorMittal International, which now operates a unified sales network with four regional hubs. In Global Automotive and Flat Carbon Europe, organisational changes to deliver one face to the customer have improved market dynamics and the recognition of value provided by the Group. The transfer of key technologies between Europe and the US is allowing both regions to enhance the range of advanced automotive steel grades they offer. Purchasing. Merger synergies are expected to have a significant impact from the second quarter of 2007, as supplier renegotiations and the effects of global sourcing start to flow. Increased intra-group sourcing is already delivering benefits. One example: ArcelorMittal Steel Solutions and Services is sourcing substantial tonnages from the Group s Eastern European plants that were previously sourced from third parties. Manufacturing and process optimisation. Material benefits are expected to start flowing in the second half of 2007 as several factors combine. The benchmarking of all plants and processes, combined with the systematic sharing of best practices, is having a progressive impact on productivity and efficiency. Plants with similar product or process characteristics have been twinned to ensure the rapid transfer of best practices through the exchange of experiences. Plans to optimise plant output by refocusing production to specialise on a given product area, thus achieving the longest possible production runs and avoiding duplicated investment spending are expected to have an increasingly beneficial impact from 2008 onwards. Specialisation has already taken effect in the area of slab manufacturing. The integration process is on schedule and set to deliver the anticipated synergy gains within the forecasted time-frame. US $1.6 billion annualised worth of planned merger synergies by 2008.

60 ArcelorMittal Fact Book 2006 Operations Operations ArcelorMittal Fact Book 2006 61 Environment For ArcelorMittal, continuous improvement in its environmental performance is a key element in its commitment towards Sustainable Development. In order to achieve this, the company has put in place a management system to take care of ArcelorMittal s impact on the environment, so as to ensure that environmental aspects comply with legislation, monitor performance and develop more environmentally-friendly methods of production. The Group Environment Directorate works closely in collaboration with the regional production facilities to ensure a consistent and coordinated approach to ArcelorMittal environmental performance across all operations. In 2006, focus during the integration phase has been on: Coordinating environmental reporting and analysis; Implementing common policies and action plans; Providing environmental framework and guidance to production facilities; Supporting environmental compliance activities; and Undertaking benchmarking and trend analysis. Investment In 2006, more than US$120 million was invested in environmental projects around the Group, many of which are ongoing. Examples include: In South Africa, the Vanderbiljpark facility implemented a central wastewater treatment resulting in a zero discharge operation and drastically reducing the fresh water intake by 60%. ArcelorMittal USA launched a windmill farm project at a former steel production facility in Lackawana, New York. The first phase will involve the erection of eight 2.5MW windmills for a production capacity of around 57,000 MWh/y. In France, a flue gas flow treatment at the sinter plant in Fos sur Mer was successfully implemented. The process reduces dust, sulphur dioxide (SO 2) and dioxins emissions. In Spain, the facilities in Olaberria, Zumárraga and Bergara focused on reducing their non-recovered residues. The Electric Arc Furnace (EAF) slag had previously been sent to landfill. Joint work with the administration was developed to change the standards for use of EAF slag in road construction and investment was made in a unique slag treatment plant for the three facilities for slag preparation for use in road construction. This will be operational in 2007 and will result in a substantial reduction in non-recovered residues. Many of these investments and process efficiencies have resulted in ArcelorMittal s production facilities receiving recognition for their environmental performance. Examples include: ArcelorMittal Gent, Belgium was awarded the Environmental Charter of East Flanders granted to companies who demonstrate a continuous improvement of their environmental performance, compliance with legislation being a prerequisite to be candidate. ACB in Bizkaia, Spain was one of 12 companies nominated for the European Business Awards for the Environment. The prize, awarded by the European Commission every two years, acknowledges companies for outstanding contributions to sustainable development. Raising standards Group operations comply with local and legal regulatory requirements and every effort is made to anticipate new legislation by investing ahead of its implementation. Any breaches are recorded diligently and dealt with promptly. Many operations are accredited to ISO 14001 and ArcelorMittal is committed to achieving 100% certification of all production facilities. To deliver this commitment, the Group has issued mandatory application of ISO 14001 certification for all production facilities. The Group is currently reworking the compliance verification procedure building on the strengths of the Arcelor and Mittal Steel approaches. Going forward, this compliance methodology will be integrated into the global environmental database that is currently being developed to capture Group-wide data on air emissions, water quality, CO 2 and residues. A process of identifying projects and experts to boost Clean Development Mechanism / Joint Implementation initiatives through the Group was started in 2006 and common development strategy and guidelines are now being established. In addition, the second phase of the Ultra Low CO 2 Steelmaking (ULCOS) programme has started. Co-financed by the European Union and the 48 partners engaged in the programme, ULCOS aims at finding new production processes that drastically reduce emissions of CO 2 and other greenhouse gases. Five technologies have been selected for the Phase II experimentation. During 2006, ArcelorMittal has been actively engaging in developing mechanisms to ensure knowledge sharing across the Group. A number of working groups have been set up to ensure managers are exposed to and transfer, current best practice approaches. Examples include: A monitoring campaign focusing on diffuse dust was initiated in 2006 in order to quantify building diffuse dust emissions in sinter plants, blast furnaces and steelmaking plants. The objective of the campaign is to improve the knowledge on diffuse dust emissions and to move facilities to take these emissions into account in their progress plans. In 2006 measurements were made in Imphy, Bremen, Monlevade, Acindar and Juiz de Fora. A biodiversity working group was created to build on the best practice work of many of our Brazilian and Western European facilities. The objectives are to better understand the ArcelorMittal contribution and impact on biodiversity, to compile a database on biodiversity, and to recommend a Group-wide response to the findings. The creation of an e-based information exchange tool which will provide up-to-date information to environmental managers across global operations on Environmental legal framework; measurements; best process techniques; cleaner production; Biodiversity and studies. In March 2007, environmental managers from all regional operations met as part of ArcelorMittal s internal Knowledge Management Programme (KMP). The focus was on drafting a Group-wide Environment policy to be published later in the year and the development of key environmental objectives. The importance of raising awareness on environmental issues extends beyond the production facilities and in 2006, ArcelorMittal announced its US$2 million sponsorship of the China Environmental Awareness Programme (CEAP), launched 18 December in Beijing by the United Nations Development Programme (UNDP) and the Chinese government. One of the programmes in the partnership will contribute to the provision of capacity building in Clean Development Mechanism (CDM) initiatives in 12 provinces in China, as part of the implementation of the Millennium Development Goals (MDG). The three-year campaign will raise awareness about environmental issues through media campaigns built around high-profile national events such as the 2008 Beijing Olympics and the Shanghai Expo in 2010. 2007 Priorities Moving into 2007, ArcelorMittal will continue to focus on completion of the 2006 priority areas and in addition will focus on: Ensuring all ArcelorMittal production facilities are anticipating and responding to upcoming environmental legislation most effectively. A Group-wide legislation watch including Europe, USA and China will be implemented to make sure local issues and initiatives are handled appropriately and supported by knowledge of the most environmentally efficient governments; Developing a Group-wide communication strategy to handle local issues and needs in regard to regulations, process techniques, measurements, cleaner production; Analysing the performance results from environmental reporting to detect potential improvement opportunities and conduct benchmarking and trend analysis.

62 ArcelorMittal Fact Book 2006 Operations Operations ArcelorMittal Fact Book 2006 63 Communities ArcelorMittal Foundation For ArcelorMittal, communities are essential to delivering its business strategy. Acting responsibly does not simply mean donating goods and services, or time, to specific projects although this is happening everywhere the Group operates. It also implies that ArcelorMittal has a wider interest and commitment to ensure that the communities in which it operates prosper. In the last quarter 2006, ArcelorMittal decided to create a Foundation to show the Group s commitment to sustainability in the local communities where it has a presence. This Foundation would only be formally incorporated in 2007. Social Investment During 2006, ArcelorMittal business segments continued to engage in a wide range of social investment initiatives, providing extensive support in education, healthcare, sports, enterprise and cultural activities. In 2006, ArcelorMittal contributed US$47 million in charitable contributions, sponsorship and to social investment projects. An additional US$2.6 million was contributed in the form of in-kind contributions products and employee-time. Examples of social investment in 2006 include: In Brazil, an ambitious target set in 2004 to register 250,000 people as bone marrow donors was not only met, but exceeded in 2006. By the end of the year, the number of donors registered topped 334,000. Many thousands of people at the Group s Belgo, Vega do Sul and Acesita plants are among those who have volunteered in the last two-and-a-half years. The Group s support for bone marrow transplant programmes goes back to 1988. It has since contributed to the development of stem cell donor registers in France, Spain, Italy, Belgium and Luxembourg. In the US, the Cleveland Ohio plant (among others) played a large role in the local community. Financial help for a variety of causes from the United Way to Harvest for Hunger was supported by countless hours of voluntary work by employees. Other projects ranged from supporting the Boys and Girls Clubs of Cleveland (through a combination of money and employee volunteering) to improving the Cuyahoga River Valley environment. In China, the first set of scholarships was granted in May 2006 under a new scholarship programme for students at Hunan Province s Central South University. The scholarships, aimed at promoting creativity and innovation, support 80 scholars a year in undergraduate and post-graduate programmes and a further 40 engaged in doctoral and post-doctoral research. In Kazakhstan, extensive and broad ranging social investment continued in 2006, this included the donation of 40 ambulances to the Karaganda Ambulance Centre and sponsorship of a wide range of sports and cultural events for the City of Temirtau. In Europe, ArcelorMittal continued its support for a range of locally driven initiatives. This included support given to sports and youth development initiatives in Spain; funding of medical equipment in the Czech Republic and development of an educational multi-media language laboratory in Poland. In 2006, ArcelorMittal contributed US$47 million in charitable contributions, sponsorship and to social investment projects. An additional US$2.6 million was contributed in the form of in-kind contributions products and employee-time.

64 ArcelorMittal Fact Book 2006 Operations Operations ArcelorMittal Fact Book 2006 65 Corporate Social Responsibility Sustainable Steel means building a stable global institution with the resources to deliver the products that customers want, while respecting the needs of the communities in which ArcelorMittal operates. The challenge and opportunity during the integration phase has been to identify the strengths, best practices and areas for improvement in order to fulfill ArcelorMittal s commitment to Sustainable Development. ArcelorMittal has grown rapidly over recent years by acquiring steelmaking operations around the world and has inherited a wide range of values, principles and management approaches to addressing sustainability challenges. The challenge and opportunity during the integration phase has been to identify the strengths, best practices and areas for improvement in order to fulfill ArcelorMittal s commitment to Sustainable Development - including the management of health, safety and environmental issues, as well as those areas covered by the developing Group CSR strategy. Given the company s diversity, focus in 2006 has been on: Benchmarking global and regional performance in CSR; Understanding the challenges and initiatives of country operations; Responding to key stakeholders such as Socially Responsible Investment (SRI) Funds regarding the impacts of the ArcelorMittal merger; and Developing a Group framework (strategy, policies, standards and tools) to promote the consistent treatment of Sustainable Development throughout the company. Even as ArcelorMittal develops its Group Sustainable Development framework, the country and regional operations have demonstrated a continuing commitment to social and environmental responsibility within the communities in which the Group operates. This commitment takes the form of stakeholder engagement efforts, community partnerships and community development programmes. Moving into 2007, activities at both Group and country levels will be emphasised. For the Group, the key elements of the Group Sustainable Development framework will be completed and reported on performance by the end of 2007. ArcelorMittal will also continue to respond to its key stakeholders, in particular to gather feedback as the company moves forward with this framework. The Group will also continue to support and develop programmes and partnerships in its country operations. To accomplish this, the investment placed in communities through operations must be conducted in a manner that is also sensitive to the economic well-being of those communities, the sustainability of the resources used and the integral role of ArcelorMittal s products in society. 2006 Highlights During the year, priority areas have progressed: Completion of a 2006 CSR Country Level Risk and Opportunity Register to better understand the social challenges faced by the communities and the company; Provision of a Group-wide environmental framework and guidance to facilities; Assessment of sponsorship and social investment activities across all business units to inform the strategy of the newly formed ArcelorMittal Foundation; Coordination of Group-wide environmental reporting and analysis; Development and roll-out of a framework to assess the organisational structures in place in all regions to address CSR impacts; Evolving Sustainable Development Framework In a global Group such as ArcelorMittal, it is the responsibility of the Group to provide a consistent framework within which the various country and regional operations can continue to provide social and economic benefit to the communities in which they operate. Therefore, a Sustainable Development framework is evolving and it will provide consistent standards and values in the form of tools and knowledge sharing, whilst allowing operations to determine what is most important in their own communities. In 2006, this evolution has centred on policy development, standards development and the introduction of key mechanisms to improve performance. Policy Development During 2006, ArcelorMittal has sought to evolve the CSR policies and commitments of Arcelor and Mittal Steel by integrating best practice aspects from both to form an ArcelorMittal CSR policy. This will address the broad scope of CSR activities within ArcelorMittal and will align with the Health and Safety, Environment and Human Resources policies. Together, these policies will underpin the delivery of the Sustainable Development strategy. Following feedback from senior management and regional business units, a consultation exercise will be undertaken to gauge stakeholder views on these policies. We will also seek to align the ArcelorMittal CSR policy to external international voluntary standards and frameworks, such as the United Nation Global Compact and ILO (International Labour Organisation) as appropriate. The ArcelorMittal Policy will be published later in the year. A CSR department has been created at Group level to implement the strategy. A member of the ArcelorMittal Board has been assigned overall responsibility for Sustainable Development. In addition, a Vice President (VP) for Sustainable Development has been appointed. Reporting directly to the ArcelorMittal Board, the VP will work closely with a newly formed CSR committee which has been set up with members of senior management to oversee the strategic issues and decisions in relation to this area. Standards Development To measure its success, ArcelorMittal has developed a unique internal benchmarking system designed to drive improvement in CSR throughout the company. The system assesses policies; forward planning; allocation of responsibilities; internal communication; external communication; management systems and auditing. During 2006, it has been benchmarked through many of ArcelorMittal global operations in order to create a robust methodology that is applicable across the range of socioeconomic conditions. The benchmarking system has enabled ArcelorMittal to measure the quality of management processes and to build an inventory of significant risks and opportunities across the business. Given the diverse history and economic settings of ArcelorMittal operations, a wide spectrum of performance exists and appropriate goals are now being agreed to drive improvement. In order to meet these goals, consistent standards for responsible practices will be established across the business for each of the seven aspects (policies, forward planning, allocation of responsibilities, internal communication, external communication, management systems and auditing). Introducing Key Mechanisms to Improve Performance The final focus of the evolving Sustainable Development framework has been developing specific mechanisms to improve performance. Primarily, ArcelorMittal has been actively engaged in developing support tools that can be used at sites covering various CSR aspects, as well as building a community of CSR champions across the business. Both will be crucial in ensuring sufficient organisational capacity to deliver a successful CSR programme. We are also actively working towards disclosure of comprehensive company information on the company s social and environmental performance. Achieving this goal will always be challenging in a complex corporate environment and doubly so in ArcelorMittal, given its pace of growth. In October 2006, the new Group started to review the key performance indicators and targets used across all departments from both Arcelor and Mittal Steel. An integrated team is currently developing a road map for reporting by setting up data collection streams across the Group to gauge performance at a site level, setting non-financial (economic, social and environmental) targets and measuring performance against these. ArcelorMittal will publish a report later in the year on the company s non-financial performance and Sustainable Development commitments. Stakeholders Dialogue, Engagement and Partnership Building and maintaining trust amongst the many and varied stakeholder groups relies upon action rather than words and much of the detailed work is rightly led from within country operations. Therefore, it is no surprise that even as the Group Sustainable Development Framework is being built, the country operations have demonstrated significant commitment to responsible behaviour within their own communities. Each site manager is responsible for engaging with their local stakeholders and partners, both internal and external. ArcelorMittal also recognises that a multistakeholder approach offers the best hope of increasing capacity to pre-empt, manage and mitigate global risks. Throughout 2006, engagement at sites have been characterised by a wide range of positive activities and initiatives. Examples include: ArcelorMittal South Africa held regular meetings with Municipal Authorities in order to understand the needs of local communities and will be building on this by proactively setting up forums for consultation with local communities, even where no specific concerns have been identified. ArcelorMittal Brasil continued its systematic approach to stakeholder dialogue through their Stakeholder Engagement Programme, which has included a mapping of key stakeholder s views to ensure that these are fed into the business decision-making processes on strategy and future projects. At the Group level, these regional engagement programmes are being built by integrating the learning and best practice elements into the Group Sustainable Development Framework, which will include a systematic assessment of stakeholders expectations around non-financial impacts. The outcome of which will include a list of material issues and areas of concern for each stakeholder. Going forward, ArcelorMittal will look to establish systematic stakeholder dialogue at all levels of the company to inform the development of the ArcelorMittal strategy, policies and public disclosure. During 2006, the Group also implemented many projects in partnership with institutions and non-governmental organisations (NGOs). Examples include: In Algeria, the company is working with an environmental NGO, Association for Protection of Environment and Fight against Pollution (ANPEP) on several projects in the Annaba area. These have focused on increasing the green belt around the plant and a local river cleanup. In Brazil, the Environmental Communication Programme (PCA) is a long term partnership initiative with primary, secondary and higher education institutions in Great Vitória. Since 1997, the programme has focused on improving environmental education and awareness of sustainability to students, teachers and educators. The activities are developed in-line with school curricula and include workshops; guided visits to the plant and educational vegetable gardens. These types of projects will be increasingly evaluated and pursued in a more strategic manner. Moving forward, ArcelorMittal will emphasise country partnerships that match both the needs of the community and society as well as the values of ArcelorMittal. 2007 Sustainable Development Priorities Moving into 2007, ArcelorMittal has established the following priorities in Sustainable Development: Continue to support and develop responsible social and environmental practices within our country operations; Draft CSR policies and integrate these with the existing Health and Safety, Environment and Human Resources Policies to develop the Sustainable Development Policy Series; Continue to develop specific mechanisms, tools and communication networks to enhance the sharing of best practice and to improve performance; Identify the Group s top ten sustainability issues and use these to agree and draft the Sustainable Development strategy in line with the overall business strategy; Continue to focus on communication with key stakeholders such as Socially Responsible Investment (SRI) Funds whilst expanding stakeholder engagement practices at Group and country levels; Publicly report on Sustainable Development performance by the end of the year; Develop more responsive products that address the needs of current and future society.

66 ArcelorMittal Fact Book 2006 Operations Operations ArcelorMittal Fact Book 2006 67 Shipment Breakdown Shipment breakdown by segment Thousands of metric tonnes 2005 2006 Flat Carbon Americas 28,259 29,960 Flat Carbon Europe 30,709 33,111 Long Carbon Americas and Europe 23,141 24,897 AACIS 18,680 20,309 Stainless 2,074 2,227 Total* 102,863 110,504 Sources : ArcelorMittal estimates. * Figures exclude shipments from AM3S which are fully eliminated on consolidation. Shipment breakdown by region Shipment breakdown by segment and region Thousands of metric tonnes 2005 2006 North America 23,889 24,808 South America 4,370 5,152 Flat Carbon America 28,259 29,960 Flat Carbon Europe 30,709 33,111 North America 3,216 3,237 South America 4,523 4,948 Europe 15,402 16,712 Long Carbon Americas and Europe 23,141 24,897 Africa 7,988 8,401 Asia, CIS and others 10,692 11,908 AACIS 18,680 20,309 4 5 1 3 2 Thousands of metric tonnes 2006 % 1. North America 28,045 25% 2. South America 10,793 10% 3. Europe 51,357 46% 4. Africa 8,401 8% 5. Asia, CIS and others 11,908 11% Total 110,504 100% South America 649 693 Europe 1,425 1,534 Stainless 2,074 2,227 Total* 102,863 110,504 Sources : ArcelorMittal estimates. * Figures exclude shipments from AM3S which are fully eliminated on consolidation. Sources : ArcelorMittal estimates. Shipment breakdown by product 3 4 1 Thousands of metric tonnes 2006 % 1. Flat Products 71,410 65% 2. Long Products 35,605 32% 3. Pipes and Tubes 1,262 1% 4. Stainless 2,227 2% Total 110,504 100% 2 Sources : ArcelorMittal estimates.

68 ArcelorMittal Fact Book 2006 Operations Operations ArcelorMittal Fact Book 2006 69 Production Breakdown Mining Operations Crude steel production by process and segment 2006 Thousands of metric tonnes Basic Oxygen Furnace Electric Arc Furnace Open Hearth Furnace Total Crude Steel Flat Carbon Americas 27,042 4,479 31,521 Flat Carbon Europe 36,493 2,002 38,495 Long Carbon Americas and Europe 7,102 17,519 24,621 AACIS 15,353 3,501 1,900 20,754 Stainless 548 2,042 2,590 Total 86,538 29,543 1,900 117,981 Sources : ArcelorMittal estimates. ArcelorMittal s portfolio of mining assets geographically diversified for reduced risk and close to steel plant to maximise synergies. Canada Iron Ore Production 15.3 Mt Resources 1,421 Mt Algeria Iron Ore Production 1.9 Mt Resources 133 Mt Bosnia Iron Ore Production 1.5 Mt Resources 62 Mt USA Iron Ore* Production 5.3 Mt Resources 365 Mt Senegal Iron Ore*** Resources 750 Mt Ukraine Iron Ore Production 9.7 Mt Resources 1,858 Mt USA Iron Ore* Production 2.9 Mt Resources 170 Mt USA Iron Ore** Production 11.2 Mt Kazakhstan Iron Ore Production 4.9 Mt Resources 2,613 Mt Crude steel production process breakdown 2 3 1 Thousands of metric tonnes 2006 % 1. Basic Oxygen Furnace 86,538 73% 2. Electric Arc Furnace 29,543 25% 3. Open Hearth Furnace 1,900 2% Total 117,981 100% Sources : ArcelorMittal estimates. Mexico Iron Ore* Production 2.9 Mt Resources 330 Mt Liberia Iron Ore*** Resources 1,454 Mt Existing Mines Existing Mines with expansion project New projects Brazil Iron Ore** Production 1.4 Mt Resources 426 Mt South Africa Iron Ore** Production 8.5 Mt * Share of production. ** Strategic contract. *** Under development.

70 ArcelorMittal Fact Book 2006 Operations Operations ArcelorMittal Fact Book 2006 71 Iron Ore Production Facilities Raw Material Self Sufficiency Raw material production and consumption Mine Type Product Control 1 Resources 2 2006 Availability 3 (in millions of metric tonnes) (in millions of metric tonnes) Kazakhstan 4.9 Lisakovski Open Pit Concentrate 100.00% 1,889 1.4 Kentube Open Pit Concentrate 100.00% 111 1.2 Atasu Underground Lump and Fines 100.00% 576 1.1 Atansore Open Pit Lump and Fines 100.00% 38 1.3 Ukraine 9.7 Kryviy Rih Open Pit Concentrate 93.77% 1,835 7.8 Kryviy Rih Underground Lump 93.77% 23 1.9 Algeria 1.9 Ouenza Open Pit Lump and Fines 70.00% 83 1.5 Boukhadra Open Pit / Underground Lump and Fines 70.00% 50 0.4 Bosnia 1.5 Omarska Open Pit Lump and Fines 51.00% 6 1.5 Buvac Open Pit Lump and Fines 51.00% 56 NA Mexico 2.9 Pena 4 Open Pit Pellets 50.00% 90 2.1 Sicartsa Open Pit Concentrate 100.00% 240 0.9 Canada 15.3 QCM Open Pit Concentrate and Pellets 100.00% 1,383 14.1 Wabush 4 Open Pit Pellets 28.60% 38 1.2 USA 8.2 Hibbing 4 Open Pit Pellets 62.30% 365 5.3 Minorca Open Pit Pellets 100.00% 170 2.9 Consumption Total production / generation External purchase Iron Ore* 142 64 78 Coal ** 53 5 48 Coke 37 28 9 Scrap *** 39 14 25 DRI 10 10 - Raw material self sufficiency 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0 45% 9% Iron Ore* Coal** Coke Scrap*** DRI * Assuming full production of iron ore at Dofasco for captive use; excluding Sicartsa mines production. ** Coal denoted only for steelmaking process and excludes steam coal for power generation. *** Scrap excludes DRI, which the Company produces for internal consumption and in replacement of scrap. 76% 36% 100% USA Cleveland Cliffs 5 Open Pit Pellets Cleveland Cliffs NA 11.2 South Africa 6 8.5 Sishen Open Pit Lump and Fines Kumba NA 5.8 Thabazambi Open Pit Lump and Fines Kumba NA 2.6 Brazil Andrade Open Pit Lump and Fines CVRD 426 1.4 Total including strategic contracts 65.5 1 Control indicates shareholding stake owned by the Group and/or long term agreements whereby iron ore is available to the Group at cost plus basis (unrelated to the market). 2 Unaudited mineral resource: measured and indicated; Figures exclude Liberia (1,454M Mt) and Senegal (750M Mt). 3 Concentrate, lumps, fine or pellet equivalent. 4 Includes own share of production and resources wherever mines are owned or on shared basis. 5 Long term supply contract with Cleveland Cliff prices are formula based. 6 Long term agreement prices on cost plus basis.

72 ArcelorMittal Fact Book 2006 Operations Operations ArcelorMittal Fact Book 2006 73 Number of Employees Key Financial and Operational Information Number of employees by segment (end of period, full time equivalent) Segment 2005 2006 Flat Carbon Americas* 37,829 36,700 Flat Carbon Europe 72,948 67,238 Long Carbon Americas and Europe 41,325 40,893 AACIS 154,101 148,291 Stainless 13,679 11,542 AM3S 11,055 11,560 Others** 3,322 3,354 Total 334,259 319,578 Source: ArcelorMittal Estimates. * Includes Dofasco. ** Includes corporate offices. Number of employees by geographical location (end of period, full time equivalent) 6 5 4 Source: ArcelorMittal Estimates. 7 1 3 2 Group 2006 % 1. EU 15 74,459 23 2. Rest EU (EU25) 36,894 12 3. Other European Countries 80,769 25 4. North America 36,651 11 5. South America 20,932 7 6. East Asia 50,152 16 7. Africa 19,721 6 Total 319,578 100 Pro forma key financial and operational information 2006 Amounts in billions of US dollars Flat Carbon Flat Carbon Long Carbon unless otherwise stated Americas Europe Americas and Europe AACIS Stainless AM3S Financial Information Sales 21.9 27.6 18.5 14.7 7.3 11.9 Depreciation 1.0 1.0 0.6 0.5 0.2 0.1 Operating income 2.6 2.8 3.0 2.6 0.7 0.5 Operating margin (as a percentage of sales) 11.9% 10.2% 16.1% 17.9% 10.1% 3.9% EBITDA 3.6 3.9 3.6 3.1 0.9 0.6 EBITDA margin (as a percentage of sales) 16.4% 14.0% 19.2% 21.0% 12.9% 4.7% Capital expenditure -1.6-1.3-0.9-0.6-0.2-0.1 Operational Information Crude Steel Production (millions of metric tonnes) 31.5 38.5 24.6 20.8 2.6 - Steel Shipments (millions of metric tonnes) 30.0 33.1 24.9 20.3 2.2 14.3 Employees (000 s) 36.7 67.2 40.9 148.3 11.5 11.6 EBITDA is operating income plus depreciation. Crude steel production is a combination of crude steel at the former Arcelor units and liquid steel at former Mittal Steel units. Some inter segment sales and intra segment have not been eliminated. Some intercompany shipments are not eliminated. AM3S shipments are not consolidated. Pro forma key financial and operational information 2005 Amounts in billions of US dollars Flat Carbon Flat Carbon Long Carbon unless otherwise stated Americas Europe Americas and Europe AACIS Stainless AM3S Financial Information Sales 20.9 24.9 16.6 12.4 6 10.8 Depreciation 1.0 1.0 0.6 0.4 0.2 0.1 Operating income 2.7 3.2 2.0 2.8 0.4 0.3 Operating margin (as a percentage of sales) 12.7% 12.7% 12.3% 22.9% 7.1% 2.9% EBITDA 3.6 4.2 2.6 3.2 0.6 0.4 EBITDA margin (as a percentage of sales) 17.4% 16.7% 15.6% 25.9% 9.9% 3.8% Capital expenditure -1.5-1.0-0.6-0.6-0.3-0.1 Operational Information Crude Steel Production (millions of metric tonnes) 31.0 36.2 22.8 20.1 2.3 - Steel Shipments (millions of metric tonnes) 28.3 30.7 23.1 18.7 2.1 13.7 Employees (000 s) 37.8 72.9 41.3 154.1 13.7 11.1 EBITDA is operating income plus depreciation. Crude steel production is a combination of crude steel at the former Arcelor units and liquid steel at former Mittal Steel units. Some inter segment sales and intra segment have not been eliminated. Some intercompany shipments are not eliminated. AM3S shipments are not consolidated.

74 ArcelorMittal Fact Book 2006 Operations Operations ArcelorMittal Fact Book 2006 75 Main Industrial Assets Main Industrial Assets A highly flexible and efficient industrial network Plants, Property and Equipment BOF EAF Stainless ArcelorMittal s principal operating subsidiaries are grouped into six segments, and has production facilities in twenty-six countries in North and South America, Europe, Asia and Africa. All of its operating subsidiaries are substantially owned by ArcelorMittal through intermediate holding companies. Production facilities Facility Number of facilities Capacity (in millions of tonnes per year) Production in 2006 (in millions of tonnes) 1 / 2 Coke Plant 63 35.6 31.1 Sinter Plant 36 106.9 93.0 Blast Furnace 64 104.6 85.0 Basic Oxygen Furnace (including Tandem Furnace) 71 111.3 89.8 DRI Plant 14 11.8 9.4 Electric Arc Furnace 55 40.2 31.9 Continuous Caster Bloom / Billet 41 35.1 26.1 Breakdown Mill (Blooming / Slabbing Mill) 8 17.0 9.8 Billet Rolling Mill 6 8.5 3.0 Section / Bar / Rail Mill 52 23.3 18.8 Wire Rod Mill 22 14.0 11.5 Continuous Caster Slabs 55 96.1 79.3 Hot Rolling Mill 37 90.0 67.8 Pickling Line 58 53.1 35.3 Tandem Mill 41 42.3 31.1 Annealing Line 54 20.2 12.7 Skin Pass Mill 42 23.7 14.5 Hot Dip Galvanizing Line 62 20.9 16.6 Electro Galvanizing Line 15 2.6 1.9 Tinplate Mill 17 4.6 3.1 Tin Free Steel (TFS) 1 0.5 0.2 Color Coating Line 17 2.6 1.9 Plate Mill 9 6.7 5.0 Seamless Pipes 6 1.1 0.7 Welded Pipes 7 0.7 0.5 1 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. Hence, the summation of production numbers does not equal the quantity of saleable finished steel products. 2 2006 production figures are based on annual production as if acquisitions had occurred on January 1, 2006.

76 ArcelorMittal Fact Book 2006 Operations Operations ArcelorMittal Fact Book 2006 77 Flat Carbon Americas Flat Carbon Americas Flat Carbon Americas facilities 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 a general description of ArcelorMittal s principal production locations and production units in the Flat Carbon Americas segment: Production locations Dofasco Sidbec Lackawanna Riverdale, Indiana Harbor, Burns Harbor Coatesville Cleveland Conshohocken I/N Tek and I/N Kote Hennepin Columbus Weirton Sparrows Point Unit Country Locations Type of plant Products Cleveland USA Cleveland, OH Integrated Flat Warren USA Warren, OH Coke making Coke Columbus Coatings USA Columbus, OH Downstream Flat Hennepin USA Hennepin, IL Downstream Flat IH USA East Chicago, IN Integrated Flat I/N Tek and I/N Kote USA New Carlisle, IN Downstream Flat Riverdale USA Riverdale, IL Integrated Flat Burns Harbor USA Burns Harbor, IN Integrated Flat Coatesville USA Coatesville, PA Mini-mill Flat Conshohocken USA Conshohocken, PA Downstream Flat Lackawanna USA Lackawanna, NY Downstream Flat Weirton USA Weirton, WV Downstream Flat Sparrows Point USA Sparrows Point, MD Integrated Flat Gary Plate USA Gary, IN Downstream Flat Double G USA Jackson, MS Downstream Flat Lázaro Cárdenas Mexico Lázaro Cárdenas Mini-mill Flat CST Brazil Vitoria Integrated Flat Vega do Sul Brazil São Francisco do Sul Downstream Flat Dofasco Canada Hamilton Integrated, Mini-mill Flat Lázaro Cárdenas Production facilities Facility Number of facilities Capacity (in millions of tonnes per year) Production in 2006 (in millions of tonnes) 1 / 2 Coke Plant 6 6.3 6.3 Sinter Plant 6 13.3 14.1 Blast Furnace 16 32.4 27.5 Basic Oxygen Furnace (including Tandem Furnace) 23 36.6 29.2 DRI Plant 2 4.1 3.9 Electric Arc Furnace 9 9.3 7.8 Continuous Bloom / Billet Caster 3 2.6 1.2 Breakdown Mill (Blooming / Slabbing Mill) 1 0.7 0.4 Bar / Rail Mill 3 1.0 0.7 Wire Rod Mill 1 0.7 0.4 Continuous Caster - Slabs 22 41.3 34.8 Hot Rolling Mill 11 34.9 25.6 Pickling Line 18 21.4 13.7 Tandem Mill 10 15.8 10.0 Annealing Line 8 10.1 5.8 Skin Pass Mill 14 12.3 6.7 Hot Dip Galvanizing Line 19 7.4 4.5 Electro Galvanizing Line 1 0.2 0.0 Tinplate Mill 4 1.3 0.7 Tin Free Steel (TFS) 1 0.5 0.2 Color Coating Line 1 0.3 0.3 Plate Mill 6 3.2 2.9 CST Vega do Sul Double G Coatings Integrated steelmaking facilities Integrated or Mini-mill steelmaking facilities Downstream finishing facilities 1 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. Hence, the summation of production numbers does not equal the quantity of saleable finished steel products. 2 2006 production figures are based on annual production as if acquisitions had occurred on January 1, 2006.

78 ArcelorMittal Fact Book 2006 Operations Operations ArcelorMittal Fact Book 2006 79 Flat Carbon Europe Flat Carbon Europe Flat Carbon Europe facilities Dunkerque Mardyck Avilés Bilbao Gent Liège Florange Fos Bremen Eisenhüttenstadt Ostrava Dabrowa Krakow Galati 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 and the Czech Republic. The following two tables sets forth a general description of ArcelorMittal s principal production locations and production units in the Flat Carbon Europe segment: Production locations Unit Country Locations Type of plant Products Arcelor Bremen Germany Bremen Integrated Flat Liège Belgium Liège Integrated Flat Arcelor Atlantique France Dunkirk, Mardyck, Montataire, Desvres Integrated Flat Arcelor Lorraine France Florange, Mouzon Integrated Flat Arcelor Eisenhüttenstadt Germany Eisenhüttenstadt Integrated Flat Arcelor España Spain Avilés, Gijón Integrated Flat Arcelor Méditerranée France Fos-sur-Mer, Saint-Chély Integrated Flat Arcelor Gent Belgium Ghent, Geel, Genk Integrated Flat ACB Spain Bilbao Mini-mill Flat Industeel France, Belgium Charleroi, Le Creusot, Chateauneuf, Saint-Chamond Mini-mill Flat Mittal Steel Galati Romania Galati Integrated Flat, Long, Pipes and Tubes Mittal Steel Poland Poland Krakow, Swietochlowice Integrated Flat Production facilities Facility Number of facilities Capacity (in millions of tonnes per year) Production in 2006 (in millions of tonnes) 1 / 2 Coke Plant 20 11.9 11.0 Sinter Plant 15 53.7 44.7 Blast Furnace 24 39.8 32.7 Basic Oxygen Furnace (including Tandem Furnace) 18 41.0 34.1 Electric Arc Furnace 5 2.6 2.0 Continuous Bloom / Billet Caster 3 1.6 0.2 Breakdown Mill (Blooming / Slabbing Mill) 3 0.7 0.6 Billet Rolling Mill 1 2.5 0.2 Continuous Caster - Slabs 22 38.4 33.0 Hot Rolling Mill 15 36.6 30.6 Pickling Line 26 23.3 15.4 Tandem Mill 21 20.2 17.2 Annealing Line 14 5.1 3.4 Skin Pass Mill 14 8.0 5.9 Hot Dip Galvanizing Line 33 11.7 10.7 Electro Galvanizing Line 9 2.2 1.7 Tinplate Mill 9 1.9 1.5 Color Coating Line 13 2.0 1.4 Plate Mill 2 2.9 1.7 Welded Pipes 2 0.2 0.2 1 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. Hence, the summation of production numbers does not equal the quantity of saleable finished steel products. 2 2006 production figures are based on annual production as if acquisitions had occurred on January 1, 2006.

80 ArcelorMittal Fact Book 2006 Operations Operations ArcelorMittal Fact Book 2006 81 Long Carbon Americas Long Carbon Europe Long Carbon Americas facilities Long Carbon Europe facilities Indiana Harbor Steelton Georgetown Contrecoeur East and West Longueuil Hamburg Warsaw Ruhrort/Hochfeld Thüringen* Katowice DG, Sosnowiec Belval/Rodange/Differdange Schifflange Ostrava Gandrange Lázaro Cárdenas* Laminadora Costarricense Point Lisas Gijón Bergara Pallanzeno* Zumarraga Olaberría Zaragoza San Zeno Hunedoara Madrid Itaúna Piracicaba Monlevade Vitória Juiz de Fora Acindar * Sicartsa acquired in 2007. * Pallanzeno and Thüringen sold in January 2007.

82 ArcelorMittal Fact Book 2006 Operations Operations ArcelorMittal Fact Book 2006 83 Long Carbon Americas and Europe Long Carbon Americas and Europe Long Carbon Americas and Europe Plants, property and equipment ArcelorMittal s Long Carbon segment has production facilities in North and South America and Europe, including the United States, Canada, Brazil, Trinidad, Spain, Germany, France, Luxembourg, Italy, Poland, Romania and the Czech Republic. The following two tables set forth a general description of ArcelorMittal s principal production locations and production units in the Long Carbon segment: Production locations Unit Country Locations Type of plant Products Travi e Profilati di Pallanzeno Italy Pallanzeno Downstream Long / Sections Arcelor Thüringen Germany Unterwellenborn Mini-mill Long / Sections Arcelor Profil Luxembourg SA Luxembourg Esch-Belval Differdange Mini-mill Long / Sections, Sheet Piles Aceralia Largos Veriña Carril & Alambron Spain Gijón Downstream Long / Rails, Wire Rod Arcelor Madrid SL Spain Madrid Mini-mill Long / Sections Arcelor Olaberría Spain Olaberría Mini-mill Long / Sections Arcelor Bergara Spain Bergara Mini-mill Long / Sections Arcelor Laminados Zaragoza, SA Spain Zaragoza Mini-mill Long / Light Bars and Angles Arcelor Rodange Luxembourg Esch Schifflange, Rodange Mini-mill Long / Sections, Rails, Rebars Arcelor Huta Warszawa Poland Warsaw Mini-mill Long / Bars Arcelor Zumárraga Spain Zumárraga Mini-mill Long / Bars, Wire rods Mittal Steel Europe Germany Hamburg Mini-mill Long / Wire Rods Mittal Steel Europe Germany Ruhrort, Hochfeld Mini-mill Long / Billets, Wire Rod Mittal Steel Tréfileurope Luxembourg Schifflange Downstream Long / Wire Drawing Mittal Steel Hunedoara Romania Hunedoara Mini-mill Long / Sections, Wire Rod Mittal Steel Ostrava Czech Republic Ostrava Integrated Long / Sections, Wire Rod Mittal Steel Poland Poland Dabrowa Gornica, Sosnowiec Integrated Long / Sections, Wire Rod Mittal Steel Canada Canada Contrecoeur East, West Mini-mill Long / Wire Rod / Bars Mittal Steel USA USA Steelton, PA Mini-mill Long / Rail Mittal Steel USA USA Georgetown, SC Mini-mill Long / Wire Rod Mittal Steel USA USA Indiana Harbor Bar, IN Mini-mill Long / Bar Mittal Steel Point Lisas Trinidad Point Lisas Mini-mill Long / Wire Rod Belgo Brazil Jao Monlevade Integrated Long / Wire Rod Belgo Argentina Villa Constitucion Mini-mill Long / Wire Rod / Bar Belgo Brazil Juiz de Fora, Piracicaba, Vitoria Mini-mill Long / Bar / Wire Rod Arcelor Belgo Costa Rica Costa Rica Downstream Long / Wire Rod Wire Drawing Luxembourg, USA, Austria, Bissen, Bettembourg, Arkansas, Hungary, Poland, UK, Brazil, Szengotthard, Sycow, Sheffield, Canada, Costa Rica, Argentina BBA, BMB, BBN, Montreal, Contagem, Vespasiano, Ferra de Santana, La Tablada Downstream Long / Wire Drawing Long Carbon Americas and Europe Plants, property and equipment Production facilities Facility Number of facilities Capacity (in millions of tonnes per year) Production in 2006 (in millions of tonnes) 1 / 2 Coke Plant 13 6.1 5.4 Sinter Plant 4 13.2 10.7 Blast Furnace 7 9.6 7.8 Basic Oxygen Furnace (including Tandem Furnace) 11 11.2 9.6 DRI Plant 6 6.2 4.1 Electric Arc Furnace 24 19.6 16.1 Continuous Caster - Bloom / Billet 30 26.5 21.9 Breakdown Mill (Blooming / Slabbing Mill) 2 5.6 1.2 Billet Rolling Mill 3 3.7 1.1 Section / Bar / Rail Mill 35 16.4 12.2 Wire Rod Mill 14 9.3 7.3 Continuous Caster - Slabs 1 2.3 1.9 Hot Rolling Mill 2 2.0 1.4 Pickling Line 3 0.7 0.7 Tandem Mill 4 0.6 0.4 Annealing Line 6 0.5 0.5 Skin Pass Mill 1 0.2 0.1 Hot Dip Galvanizing Line 3 0.0 0.0 Electro Galvanizing Line 3 0.1 0.1 Seamless Pipes 2 0.3 0.3 Welded Pipes 2 0.2 0.2 1 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. Hence, the summation of production numbers does not equal the quantity of saleable finished steel products. 2 2006 production figures are based on annual production as if acquisitions had occurred on January 1, 2006.

84 ArcelorMittal Fact Book 2006 Operations Operations ArcelorMittal Fact Book 2006 85 AACIS AACIS AACIS facilities AACIS Plants, property and equipment ArcelorMittal s AACIS segment has production facilities in Europe, Asia and Africa, including Kazakhstan, Ukraine, South Africa, Algeria, Macedonia, Bosnia and Herzegovina and Morocco. The following two tables set forth a general description of ArcelorMittal s principal production locations and production: Production locations Unit Country Locations Type of plant Products Mittal Steel Temirtau Kazakhstan Karaganda Integrated Flat, Pipes and Tubes Mittal Steel Kryviy Rih Ukraine Kryviy Rih Integrated Long Mittal Steel South Africa South Africa Vanderbijlpark, Saldanha, Integrated, Mini-mill Flat, Long, Newcastle, Vereeniging Pipes and Tubes Mittal Steel Annaba Algeria Annaba Integrated, Mini-mill Flat, Long, Pipes and Tubes Sonasid Zenica Skopje Annaba Kryviy Rih Temirtau Hunan Valin* Mittal Steel Skopje Macedonia Skopje Downstream Flat Mittal Steel Zenica BH Zenica Mini-mill Long Sonasid Morocco Nador, Jorf, Lasfar Mini-mill Long Pipes and Tubes Romania, Czech Republic, Roman, Ostrava, Vereeniging, South Africa, Algeria, Annaba, Krakow, Iasi, Galati, Poland, Canada, Kazakhstan Contrecoeur, Temirtau Downstream Pipes and Tubes Production facilities * 29.5% owned. Vanderbijlpark Saldanha Newcastle Vereeniging Flat Long Facility Number of facilities Capacity (in millions of tonnes per year) Production in 2006 (in millions of tonnes) 1 / 2 Coke Plant 24 11.3 8.4 Sinter Plant 11 26.8 23.5 Blast Furnace 15 22.2 16.4 Basic Oxygen Furnace (including Tandem Furnace) 19 22.5 16.8 DRI Plant 6 1.5 1.4 Electric Arc Furnace 11 5.7 3.7 Continuous Caster - Bloom / Billet 4 4.3 2.8 Breakdown Mill (Blooming / Slabbing Mill) 2 10.0 7.6 Billet Rolling Mill 2 2.3 1.7 Section / Bar Mill 14 5.9 5.8 Wire Rod Mill 7 4.1 3.8 Continuous Caster - Slabs 6 11.2 7.5 Hot Rolling Mill 5 12.0 8.0 Pickling Line 6 5.6 3.8 Tandem Mill 6 5.7 3.5 Annealing Line 10 2.1 1.2 Skin Pass Mill 6 1.9 0.9 Hot Dip Galvanizing Line 7 1.7 1.4 Electro Galvanizing Line 2 0.2 0.1 Tinplate Mill 4 1.4 0.9 Color Coating Line 3 0.2 0.2 Plate Mill 1 0.6 0.4 Seamless Pipes 4 0.8 0.4 Welded Pipes 3 0.3 0.1 1 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. Hence, the summation of production numbers does not equal the quantity of saleable finished steel products. 2 2006 production figures are based on annual production as if acquisitions had occurred on January 1, 2006.

86 ArcelorMittal Fact Book 2006 Operations Operations ArcelorMittal Fact Book 2006 87 Stainless Stainless Stainless assets Stainless 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 set forth a general description of ArcelorMittal s principal production locations and production units in the Stainless Steel segment: Production locations Unit Country Locations Type of plant Products Acesita Brazil Timoteo Integrated Stainless Steel Silicium Steel, Carbon Alloyed, Steel Ugine & Alz France, Belgium Charleroi (Carinox), Gueugnon, Genk, Isbergues* Mini-mill Stainless Steel * The Isbergues melt shop closed in the third quarter of 2006. Production facilities Facility Number of facilities Capacity (in millions of tonnes per year) Production in 2006 (in millions of tonnes) 1 / 2 Blast Furnace 2 0.7 0.5 Electric Arc Furnace 3 6 3.0 2.2 Breakdown Mill (Blooming / Slabbing Mill) 1 0.1 0.0 Continuous Caster - Slabs 4 3.0 2.2 Hot Rolling Mill 4 4.5 2.2 Cold Rolling Mill (Z mill) 19 2.1 1.6 Pickling Line 4 5 2.1 1.7 Annealing Line 16 2.4 1.8 Skin Pass Mill 7 1.3 0.9 1 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. Hence, the summation of production numbers does not equal the quantity of saleable finished steel products. 2 2006 production figures are based on annual production as if acquisitions had occurred on January 1, 2006. 3 In 2006, the Isbergues plant produced an additional 220,000 tonnes at the electric arc furnace and continuous casting (the melt-shop shut down in the third quarter of 2006). 4 Allocation to pickling lines and annealing lines is based on carbon steel process logic where the category Pickling Line includes hot annealing lines (anneal prior 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. Melt shop capacity Service centre Sales office Stainless Steel International

88 ArcelorMittal Fact Book 2006 Production Facilities Production Facilities ArcelorMittal Fact Book 2006 89 Production Facilities ArcelorMittal s principal operating subsidiaries are grouped into six segments, and has production facilities in 27 countries in North and South America, Europe, Asia and Africa. All of its operating subsidiaries are substantially owned by ArcelorMittal through intermediate holding companies. 27

90 ArcelorMittal Fact Book 2006 Production Facilities Production Facilities ArcelorMittal Fact Book 2006 91 USA, Burns Harbour USA, Sparrows Point Operational capacity and production 2006 in metric tonnes Operational capacity and production 2006 in metric tonnes Iron Ore Coal Iron Ore Sintering Plant 2,200kt Blast Furnace 4,700kt Coke Oven 1,500kt Sintering Plant 3,176kt Blast Furnace 3,358kt Coal (2,039kt) (3,935kt) (1,503kt) (2,261kt) (2,310kt) Oxygen Converter 5.085kt Oxygen Converter 3,448kt (3,543kt) (2,555kt) Slab Caster 4,628kt Slab Caster 3,358kt (3,649kt) (2,450kt) Plate Mill 1,125kt Slab Hot Rolling Mill 4,083kt Slab Hot Rolling Mill 2,722kt (1,045kt) (3,055kt) (1,723kt) Plate Cold Rolling Mill 2,270kt Hot Rolled Coil Cold Rolling Mill 1,858kt Hot Rolled Coil (1,764kt) (1,260kt) Cold Rolled Coil Coated Coil Cold Rolled Coil Coated Coil (522kt) (455kt) Operational capacity Production 2006 Operational capacity Production 2006

92 ArcelorMittal Fact Book 2006 Production Facilities Production Facilities ArcelorMittal Fact Book 2006 93 USA, Cleveland USA, Indiana Harbor East and West Operational capacity and production 2006 in metric tonnes Operational capacity and production 2006 in metric tonnes Sinter Blast Furnace 2,815kt Coke Iron Ore (2,426kt) Oxygen Converter 5,771kt Scrap Sintering Plant 2,100kt Blast Furnace 9,406kt Coke (2,971kt) (1,778kt) (7,452kt) Slab Caster 4,682kt Oxygen Converter 8,979kt Scrap (2,949kt) (7.938kt) Slab Hot Rolling Mill 2,995kt Slab Caster 9,092kt (2,260kt) (7.714kt) Cold Rolling Mill 1,633kt Hot Rolled Coil Slab Hot Rolling Mill 8,893kt (520kt) (6,786kt) Cold Rolled Coil Coated Coil Cold Rolling Mill 4,083kt Hot Rolled Coil (131kt) (2,280kt) Cold Rolled Coil Coated Coil (675kt) Operational capacity Production 2006 Operational capacity Production 2006

94 ArcelorMittal Fact Book 2006 Production Facilities Production Facilities ArcelorMittal Fact Book 2006 95 Canada, Dofasco / Hamilton Mexico, Lázaro Cárdenas Operational capacity and production 2006 in metric tonnes Operational capacity and production 2006 in metric tonnes Coal Direct Reduced Iron 4100kt (3901kt) Sinter Blast Furnace 2,500kt Coke Oven 1,041kt Electric Arc Furnace 4,000kt (2,384kt) (1,018kt) (3,839kt) Oxygen Converter 2,430kt Scrap Continuous Casting Slabs 3,800kt (2,425kt) (3,692kt) Continuous Casting Slabs 3,680kt Electric Arc Furnace 1,260kt Slab (3,670kt) (1,250kt) Slab Hot Rolling Mill 4,200kt (3,670kt) (3,894kt) Cold Rolling Mill 1,165kt Hot Rolled Coil Cold Rolled Coil Coated Coil Operational capacity Production 2006 Operational capacity Production 2006

96 ArcelorMittal Fact Book 2006 Production Facilities Production Facilities ArcelorMittal Fact Book 2006 97 Brazil, CST and Vega do Sul Czech Republic, Ostrava Operational capacity and production 2006 in metric tonnes Operational capacity and production 2006 in metric tonnes Iron Ore Coal Iron Ore Coal Sintering Plant 6,500kt Blast Furnace 5,094kt Coke Oven 1,795kt Sintering Plant 3.700kt Blast Furnace 4,114kt Coke Oven 1,500kt (6,013kt) (4,900kt) (1,700kt) (3,558kt) (3,159kt) (1,360kt) Oxygen Converter 5,274kt Scrap Oxygen Converter 3,600kt (4,800kt) (3,062kt) Slab Caster 5,135kt Continuous Casting Slabs 1,350kt Continuous Casting Billets 2,200kt (5,000kt) (3,062kt) (1,854kt) Slab Hot Rolling Mill 2,709kt Slab Blooms Billets (2,000kt) (1,151kt) Cold Rolling Mill 940kt Hot Rolled Coil Hot Rolling Mill 1,350kt Section/Wire Rod/Mill 2,350kt (880kt) (1,124kt) Cold Rolled Coil Coated Coil (440kt) Hot Rolled Coil Sections Wire Rod Seamless Pipe (1,004kt) (445kt) (276kt) Welded Pipes 45kt Operational capacity Production 2006 (38kt) Operational capacity Production 2006

98 ArcelorMittal Fact Book 2006 Production Facilities Production Facilities ArcelorMittal Fact Book 2006 99 Romania, Galati Poland, Krakow Operational capacity and production 2006 in metric tonnes Operational capacity and production 2006 in metric tonnes Iron Ore Coal Iron Ore Coal Sintering Plant 8,150kt Blast Furnace 6,300kt Coke Oven 2,255kt Sintering Plant 2,100kt Blast Furnace 2,300kt Coke Oven 1,375kt (4,948kt) (3,940kt) (1,804kt) (1,983kt) (1,777kt) (1,200kt) Slab Caster 4,500kt Oxygen Converter 6,400kt Bloom Caster 1,200kt Scrap Oxygen Converter 2,600kt (3,926kt) (4,369kt) (223kt) (1,968kt) Slab Billet Mill 1,000kt Continuous Casting Slabs 2,100kt (214kt) (1,823kt) Plate Mill 2,700kt Hot Rolling Mill 3,500kt Blooms Billets Slab Hot Rolling Mill 2,100kt (1,535kt) (2,096kt) (1,924kt) Plate Hot Rolled Coil Cold Rolling Mill 1,560kt Galvanizing Line 200kt Welded Pipes 165kt Hot Rolled Coil (406kt) (184kt) (109kt) Welded Pipes 44kt Cold Rolled Coil Coated Coil Cold Rolling Mill 1,350kt (32kt) (857kt) Coated Coil 330kt Cold Rolled Coil Operational capacity Production 2006 Operational capacity Production 2006 (182kt)

100 ArcelorMittal Fact Book 2006 Production Facilities Production Facilities ArcelorMittal Fact Book 2006 101 Poland, Dabrowa Spain, Gijón and Avilés Operational capacity and production 2006 in metric tonnes Operational capacity and production 2006 in metric tonnes Iron Ore Iron Ore Coal Sintering Plant 7,700kt Blast Furnace 4,400kt Coke Sintering Plant 5,500kt Blast Furnace 4,600kt Coke Oven 2,470kt (5,436kt) (3,534kt) (5,272kt) (3,578kt) (2,452kt) Oxygen Converter 5,000kt Scrap Scrap Oxygen Converter 6,250kt 3,953 kt (5,200kt) Breakdown Mill 4,500kt Continuous casting Billets and Blooms 3000kt Continuous Casting Slabs Continuous casting Billets and Blooms (1,071kt) (2,553kt) (3,061kt) (553kt) Slab Blooms Billets Slab Hot Rolling Mill 3,650kt Blooms Billets (3,015kt) Section Mill 1800kt Wire Rod Mill 550kt Hot Rolled Coil Section and Rail Mill 1,000kt Wire Rod Mill 600kt (1,598kt) (347kt) (654kt) (400kt) Sections Wire Rod Cold Rolling Mill 1,130kt Sections Wire Rod (654kt) Coated Coil Cold Rolled Coil Operational capacity Production 2006 (743kt) Operational capacity Production 2006

102 ArcelorMittal Fact Book 2006 Production Facilities Production Facilities ArcelorMittal Fact Book 2006 103 France, FOS France, Dunkerque, Mardyck and Montataire Operational capacity and production 2006 in metric tonnes Operational capacity and production 2006 in metric tonnes Iron Ore Coal Iron Ore Coal Sintering Plant 6,800kt Blast Furnace 5,110kt Coke Oven 1,650kt Sintering Plant 9,600kt Blast Furnace 6,972kt Coke Oven 1,360kt (6,252kt) (4,277kt) (1,490kt) (7,676kt) (5,850kt) (1,371kt) Scrap Oxygen Converter 5,000kt Scrap Oxygen Converter 6,750kt (4,173kt) (6,250kt) Continuous Casting Slabs 4,200kt Continuous Casting Slabs 6,500kt (4,154kt) (6,064kt) Slab Slab Hot Rolling Mill 4,800kt Hot Rolling Mill 4,800kt (3,859kt) (4,252kt) Hot Rolled Coil Hot Rolled Coil (114kt) (1,641kt) (1,873kt) Cold Rolling Mill 158kt Cold Rolled Coil Cold Rolling Mill 1,692kt Cold Rolled Coil Coated Coil 2,050kt Operational capacity Production 2006 Operational capacity Production 2006

104 ArcelorMittal Fact Book 2006 Production Facilities Production Facilities ArcelorMittal Fact Book 2006 105 France, Florange, Mouzon and Dudelange Germany, Bremen Operational capacity and production 2006 in metric tonnes Operational capacity and production 2006 in metric tonnes Iron Ore Coal Iron Ore Sintering Plant 4,400kt Blast Furnace 2,847kt Coke Oven 680kt Sintering Plant 2,233kt Blast Furnace 3,943kt Coke (3,946kt) (2,191kt) (691kt) (2,100kt) (3,154kt) Scrap Oxygen Converter 2,500kt Oxygen Converter 3,600kt (2,150kt) (3,450kt) Continuous Casting Slabs 2,500kt Slab Caster 3,400kt (2,070kt) (3,402kt) Slab Slab Hot Rolling Mill 3,100kt Hot Rolling Mill 5,000kt (2,623kt) (3,356kt) Hot Rolled Coil Hot Rolled Coil (2,072kt) (1,713kt) (1,319kt) (877kt) Cold Rolling Mill 2,152kt Cold Rolled Coil Coated Coil Cold Rolling Mill Cold Rolled Coil Coated Coil 2,038kt 1,367kt Operational capacity Production 2006 Operational capacity Production 2006

106 ArcelorMittal Fact Book 2006 Production Facilities Production Facilities ArcelorMittal Fact Book 2006 107 Germany, Ekostahl, Eisenhüttenstadt South Africa, Vanderbijlpark Operational capacity and production 2006 in metric tonnes Operational capacity and production 2006 in metric tonnes Iron Ore Iron Ore Coal Sintering Plant 2,900kt Blast Furnace 2,200kt Coke Sintering Plant 2,500kt Coke Oven 1,700kt (2,898kt) (2,182kt) (199kt) (2,443kt) (1,296kt) Oxygen Converter 2,300kt Continuous casting Billets and Blooms 220kt Blooms Billets Blast Furnace 3,796kt Scrap Direct Reduced Iron 600kt (2,250kt) (2,694kt) (676kt) Slab Caster 2,180kt Slab Caster 4,740kt Oxygen Converter 3,360kt Oxygen Converter 1,500kt (1,900kt) (3,424kt) (2,651kt) (984kt) Slab Slab (1,020kt) Hot Rolling Mill 2,150kt (1,535kt) Plate Mill 600kt Hot Rolling Mill 3,500kt (2,894kt) Hot Rolled Coil (1,660kt) Hot Rolled Coil (416kt) Plate Cold Rolling Mill 1,483kt Galvanizing Line 800kt Cold Rolling Mill 1,430kt (1,195kt) Cold Rolled Coil (970kt) Coated Coil (1,401kt) Cold Rolled Coil (681kt) Coated Coil Operational capacity Production 2006 Operational capacity Production 2006

108 ArcelorMittal Fact Book 2006 Production Facilities Production Facilities ArcelorMittal Fact Book 2006 109 Kazakhstan, Temirtau Ukraine, Kryviy Rih Operational capacity and production 2006 in metric tonnes Operational capacity and production 2006 in metric tonnes Iron Ore Coal Iron Ore Coal Sintering Plant 7,200kt Blast Furnace 4,590kt Coke Oven 3,507kt Sintering Plant 11,944kt Blast Furnace 8,340kt Coke Oven 3,864kt (5,965kt) (3,369kt) (2,496kt) (11,398kt) (6,803kt) (2,696kt) Oxygen Converter 6,000kt Oxygen Converter 6,500kt (3,674kt) (5,671kt) Slab Caster 5,200kt Ingot Casting (3,400kt) (3,400kt) Slab Billet Mill 7,700kt Blooms Billets (800kt) Hot Rolling Mill 4,600kt Section/ Wire Rod Mill 5,720kt (3,290kt) Hot Rolled Coil Sections Wire Rod (1,663kt) (1,251 kt) (2,002kt) (3,897kt) Cold Rolling Mill 2,600kt Cold Rolled Coil Coated Coil Operational capacity Production 2006 Operational capacity Production 2006

110 ArcelorMittal Fact Book 2006 Financials Financials ArcelorMittal Fact Book 2006 111 Financials ArcelorMittal s stronger, more diversified business model will enable us to maintain a consistent earnings base. Indeed, over the past three years, ArcelorMittal has reported pro forma EBITDA of approximately US$15 billion, demonstrating a stability that neither company would have achieved on its own. 15

112 ArcelorMittal Fact Book 2006 Financials Financials ArcelorMittal Fact Book 2006 113 Consolidated Statements of Income and Cash Flows Consolidated Balance Sheet ArcelorMittal Consolidated Statements of Income pro forma (unaudited) Year ended Year ended In millions of US dollars, except shares, per share, employee and shipment data December 31, 2005 December 31, 2006 Sales 80,171 88,576 Depreciation 3,311 3,448 Operating Income 11,648 11,824 Operating Margin % 14.5 % 13.3 % Other income (expense) - net 329 50 Income from equity method investments 429 569 Financing costs - net (1,257) (1,328) Income before taxes and minority interest 11,149 11,115 Income tax expense 1,403 1,654 Income before minority interest 9,746 9,461 Minority interest (1,483) (1,488) Net income 8,263 7,973 Basic earnings per common share 5.97 5.76 Diluted earnings per common share 5.97 5.76 Weighted average common shares outstanding (in millions) 1 1,383 1,383 Diluted weighted average common shares outstanding (in millions) 1,385 1,385 EBITDA 2 14,959 15,272 EBITDA Margin % 18.7 % 17.2 % Other information Total shipments of steel products 3 (millions of metric tonnes) 102.9 110.5 Employees (000 s) 334 320 1 The information provided assumes that shares issued in connection with the acquisition of Arcelor were issued at the beginning of the period presented. 2 EBITDA defined as operating income plus depreciation. 3 Some intercompany shipments are not eliminated. ArcelorMittal Consolidated Statement of Cash Flows pro forma (unaudited) ArcelorMittal Consolidated Balance Sheet actual (audited) As of In millions of US dollars December 31, 2006 ASSETS Current Assets Cash and cash equivalents 6,020 Restricted cash 120 Short-term investments 6 Trade accounts receivable net 8,769 Inventories 19,238 Prepaid expenses and other current assets (including assets held for sale) 5,209 Total Current Assets 39,362 Goodwill and intangible assets 10,782 Property, plant and equipment 54,696 Investments accounted for using the equity method 3,492 Other investments 1,151 Deferred tax assets 1,670 Other assets 1,013 Total Assets 112,166 LIABILITIES AND EQUITY Current Liabilities Payable to banks and current portion of long-term debt 4,922 Trade accounts payable 10,717 Accrued expenses and other current liabilities 8,921 Total Current Liabilities 24,560 Long-term debt, net of current portion 21,645 Deferred tax liabilities 7,274 Other long-term obligations and deferred employee benefits 8,496 Total Liabilities 61,975 Shareholders Equity 42,127 Minority Interest 8,064 Total Equity 50,191 Total Liabilities and Equity 112,166 Year ended In millions of US dollars December 31, 2006 Net cash provided by operating activities 10,285 Investing activities: Purchase of property, plant and equipment (4,638) Other investing activities (net) (137) Net cash used in investing activities (4,775) Financing activities: Proceeds (payments) from payable to banks and long-term debt (718) Dividends paid (2,480) Other financing activities (net) (88) Net cash used in financing activities (3,286) Effect of exchange rate changes on cash 295 Change in cash and cash equivalents 2,519

114 ArcelorMittal Fact Book 2006 Share Price and Shareholding Share Price and Shareholding ArcelorMittal Fact Book 2006 115 Share Price and Shareholding Our share price has performed very well since the merger was announced, rising some 90% in the months following. It is pleasing to see that the market can see the benefits and further potential the merger has created. 90 %

116 ArcelorMittal Fact Book 2006 Share Price and Shareholding Share Price and Shareholding ArcelorMittal Fact Book 2006 117 Steel Sector and Stock Market Performance Since August 1st 2006 USD/share Since August 1st 2006 USD/share 70 200 65 60 55 180 160 50 140 45 40 35 120 100 ArcelorMittal 30 ArcelorMittal 80 S&P 500 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Since August 1st 2006 USD/share 200 180 160 140 120 Since August 1st 2006 (EUR) 200 180 160 140 120 100 ArcelorMittal 100 ArcelorMittal 80 HSBC Global Metals and Mining index 80 DJ EuroStoxx 50 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 May-07

118 ArcelorMittal Fact Book 2006 Share Price and Shareholding Share Price and Shareholding ArcelorMittal Fact Book 2006 119 Share Information Share Information 2005 2006**** Number of shares issued (in millions) 1392.3 1392.3 Number of shares outstanding (in millions) 1384.9 1384.9 High share price* $42.60 $43.27 since 1 Aug Low share price* $22.30 $31.13 since 1 Aug Average share price* $29.32 $37.72 since 1 Aug High share price** 32.40 34.03 since 1 Aug Low share price** 18.00 24.33 since 1 Aug Average share price** 23.65 29.38 since 1 Aug Average market capitalisation (billions) $40.82 $52.52 since 1 Aug Earning per share $5.97 $5.76 pro forma Cash flow per share *** N/A $7.43 pro forma Book value per share N/A $30.42 pro forma Dividend N/A $1.30 Free float 55.0% Sources: * NYSE. ** Paris Stock Exchange. *** Cash flow from operations. **** Share data corrected from 1 August 2006. The New York Euronext Euronext Stock Exchange Amsterdam Paris ArcelorMittal ArcelorMittal ArcelorMittal Class A Common Class A Common Class A Common Shares Shares Shares High Low High Low High Low Year ended December 31, 2002 $3.10 $1.26 3.25 1.51 - - Year ended December 31, 2003 9.06 2.05 7.50 2.05 - - Year ended December 31, 2004 42.80 6.80 32.45 5.20 - - Year ended December 31, 2005 First Quarter 43.86 29.70 33.25 22.55 - - Second Quarter 34.00 22.11 26.10 17.31 - - Third Quarter 30.78 23.55 25.34 19.00 - - Fourth Quarter 29.54 22.95 25.60 19.25 - - Year ended December 31, 2006 First Quarter 39.75 26.72 32.58 22.05 - - Second Quarter 42.81 28.80 32.99 22.50 - - Third Quarter 35.09 27.79 28.14 21.82 28.16 23.00 Fourth Quarter 43.67 33.90 34.95 26.91 35.00 26.67 Month ended September 2006 35.09 31.70 28.14 24.95 28.16 24.97 October 2006 43.34 33.90 34.95 26.91 35.00 26.67 November 2006 43.39 40.12 34.20 30.83 34.21 30.83 December 2006 43.67 40.03 33.00 30.12 33.00 30.10 January 2007 47.57 39.59 36.32 30.02 36.32 30.02 February 2007 54.05 46.45 41.03 35.80 41.03 35.80 March 2007 54.35 48.89 41.00 36.87 41.00 36.86 April 1 April 12, 2007 55.49 53.10 41.49 39.41 41.49 39.41 Note: Includes intraday highs and lows. Shareholding structure* 1 1. Free float (761.3 million shares) 55% 2. Mittal family (623.6 million shares) 45% 2 Sources : ArcelorMittal estimates. * As at 31 December 2006.

120 ArcelorMittal Fact Book 2006 Share Price and Shareholding Share Price and Shareholding ArcelorMittal Fact Book 2006 121 Share Information Share Information Luxembourg Euronext Spanish Stock Stock Exchange Brussels Exchanges 1 ArcelorMittal ArcelorMittal ArcelorMittal Class A Common Class A Common Class A Common Shares Shares Shares High ( ) Low ( ) High ( ) Low ( ) High ( ) Low ( ) Year ended December 31, 2002 - - - - - - Year ended December 31, 2003 - - - - - - Year ended December 31, 2004 - - - - - - Year ended December 31, 2005 First Quarter - - - - - - Second Quarter - - - - - - Third Quarter - - - - - - Fourth Quarter - - - - - - Year ended December 31, 2006 First Quarter - - - - - - Second Quarter - - - - - - Third Quarter 27.35 24.50 28.10 24.60 28.03 24.00 Fourth Quarter 35.00 27.00 34.84 26.90 34.85 26.65 Month ended September 2006 27.71 25.40 28.10 25.06 28.03 24.95 October 2006 35.00 27.00 34.84 26.90 34.85 26.65 November 2006 33.50 30.90 33.56 30.95 34.09 30.82 December 2006 32.95 30.44 33.18 30.20 33.00 30.07 January 2007 36.00 30.60 36.00 30.10 36.31 30.12 February 2007 40.10 35.95 40.74 35.67 41.03 35.80 March 2007 40.90 37.20 41.17 36.75 40.40 36.86 April 1 April 12, 2007 41.25 39.55 41.59 39.58 41.47 38.80 1 Spanish Stock Exchanges in Madrid, Barcelona, Bilbao and Valencia ( MTS ). Note: Includes intraday highs and lows. Class A common shares were listed on Euronext Paris and the Spanish Stock Exchanges on July 27, 2006 and on Euronext Brussels and the Luxembourg Stock Exchange on August 1, 2006. Ticker symbols Stock Exchange Symbol Bloomberg Reuters Paris MTP MTP FP MTP.PA Amsterdam MT MT NA ISPA.AS New York MT MT US MT.N Madrid MTM MTM SM MTS.MC Brussel MTB MTB BL MTBL.BR Luxembourg MTL MTL LX MTP.LU Financial calendar Date Event 21-Feb-2007 Interim report for 4th quarter and 12 months 2006 15-Mar-2007 Quarterly base dividend payment 16-May-2007 Interim report for 1st quarter 2007 15-Jun-2007 Quarterly base dividend payment 1-Aug-2007 Interim report for 2nd quarter and 6 months 2007 17-Sep-2007 Quarterly base dividend payment 14-Nov-2007 Interim report for 3rd quarter and 9 months 2007 17-Dec-2007 Quarterly base dividend payment Contact information ArcelorMittal Investor Relations Continental Europe +352 4792 2414 UK/Asia/Africa +44 207 543 1172 Americas +1 312 899 3569 Retail +352 4792 2434 Bonds/Credit +33 1 71 92 10 26 Contact information ArcelorMittal Communications E-mail: press@arcelormittal.com Phone: +352 4792 2360 Website www.arcelormittal.com

122 ArcelorMittal Fact Book 2006 Share Price and Shareholding Share Price and Shareholding ArcelorMittal Fact Book 2006 123 Equity Analyst Coverage The following analysts regularly publish research reports on ArcelorMittal. Please note that this list is provided for information 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 E-mail ABN AMRO Tim Huff +44 20 7678 4813 tim.huff@uk.abnamro.com Applebaum Research Michelle Applebaum +1 847 433 8465 michelle@michelleapplebaum.com Nate Carruthers +1 847 681 0168 natecurruthers@michelleapplebaum.com BBVA Luis de Toledo +34 91 537 07 09 luis.detoledo@groupobbva.com Bear Stearns Marina Rohe +1 212 272 8578 mrohe@bear.com BHF Bank Hermann Reith +49 69 718 2632 hermann.reith@bhf-bank.com Bradford Research Charles Bradford +1 212 787 4109 chuck@mtlman.com Cheuvreux Alfred Glaser +33 1 4189 7442 aglaser@cheuvreux.com Cazenove Kartik Swaminathan +44 20 7155 6408 kartik.swamina than@cazenove.com Citigroup Thomas Wrigglesworth +44 20 7986 7208 thomas.wrigglesworth@citigroup.com John Hill +1 415 951 1714 john.h.hill@citigroup.com Commerzbank Jutta Rosenbaum +49 69 136 28645 jutta.rosenba um@commerzbank.com Credit Suisse Michael Shillaker +44 20 7888 1344 michael.shillaker@csfb.com Ephrem Ravi +44 20 7883 8517 ephrem.ravi@csfb.com Deutsche Bank Johan Rode +44 207 547 1443 johan.rode@db.com David Martin +1 212 250 5580 david.s.martin@db.com Company and Analyst Telephone E-mail Exane BNP Paribas Vincent Lepine +33 1 42 99 50 52 vincent.lepine@exane.com Sylvain Brunet +33 1 42 99 50 84 sylvain.brunet@exane.com Goldman Sachs Peter Mallin-Jones +44 207 774 1695 peter.mallin-jones@gs.com Aldo Mazzaferro +1 212 902 9916 aldo.mazzaferro@gs.com HSBC Securities Alan Coats +44 20 7991 6764 alan.coats@hsbcib.com JP Morgan Michael Gambardella +1 212 622 6446 michael.gambardella@jpmorgan.com Albert Minassian +44 20 7325 6452 albert.x.minassian@jpmorgan.com Merrill Lynch Daniel Fairclough +44 20 7996 2636 daniel_fairclough@ml.com Jason Fairclough +44 20 7995 0225 jason_fairclough@ml.com Morgan Stanley Johan Swahn +44 20 7425 6602 johan.swahn@morganstanley.com Oddo Securities Harold de Decker +33 1 44 51 81 80 hdedecker@oddo.fr Rabo Securities Frank Claassen +31 20 460 4868 frank.claassen@rabobank.com Sanford Bernstein Andrew Keen +44 207 170 5096 andrew.keen@bernstein.com Nik Stanojevic +44 207 170 5178 nik.stanojevic@bernstein.com Société Générale Luc Pez +33 1 42 13 47 39 luc.pez@sgcib.com Alain William +33 1 58 98 12 61 alain.william@sgib.com UBS Andrew Snowdowne +44 20 7568 1823 andrew.snowdowne@ubs.com Timna Tanners +1 212 713 2927 timna.tanners@ubs.com

124 ArcelorMittal Fact Book 2006 Glossary and Safe Harbour Statement Glossary and Safe Harbour Statement ArcelorMittal Fact Book 2006 125 Glossary and Safe Harbour Statement ArcelorMittal is leading the consolidation process in the world steel industry. With a reputation for producing high-quality steel products for the most demanding applications, the Group benefits from a strong market position with high-end customers.