Q411 and 2011 Full Year Results

Lakshmi N Mittal, Chairman and Chief Executive Officer Aditya Mittal, Chief Financial Officer
7 February 2012

Disclaimer
Forward-Looking Statements This document may contain forward-looking information and statements about ArcelorMittal and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements may be identified by the words believe, expect, anticipate, target or similar expressions. Although ArcelorMittals management believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ArcelorMittals securities are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond the control of ArcelorMittal, that could cause actual results and developments to differ materially and adversely from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the filings with the Luxembourg Stock Market Authority for the Financial Markets (Commission de Surveillance du Secteur Financier) and the United States Securities and Exchange Commission (the SEC) made or to be made by ArcelorMittal, including ArcelorMittals Annual Report on Form 20-F for the year ended December 31, 2010 filed with the SEC. ArcelorMittal undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise.

Agenda

Results overview and recent developments

1 2

Market outlook 3 Results analysis Outlook and Guidance

Safety remains the No1 priority for ArcelorMittal

2

Safety performance
Annual Health & Safety frequency rate* for mining & steel
3.2 2.8 2.4 2.0 1.6 1.2 0.8 0.4 0.0 2007 2008 2009 2010 2011 2013

Key corporate social responsibility highlights: ArcelorMittal was recently named in global human resource firm Aon Hewitts list of Top Companies for Leaders. ArcelorMittal was ranked in the top seven companies in Europe.

3.1 2.5 1.9 1.8 1.4 1.0

Quarterly Health & Safety frequency rate* for mining & steel
1.6

On December 2, 2011 ArcelorMittal celebrated its 4th annual International Volunteer Work Day. Within this event, thousands of ArcelorMittal employees volunteer in one of the different activities that are carried out in its units to improve the lives of the people in the community. On October 13, 2011 ArcelorMittal was given the "Life Cycle Assessment Leadership" award by The Worldsteel Association, which recognises the quality of the work performed by the Life Cycle Analysis team of Global Research and Development, based in Maizieres.

1.2

0.8

1.6

1.4

1.5

1.5 1.2

0.4

0.0 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11

ArcelorMittals Health and Safety performance improved again in Q411 and FY11
* IISI-standard: Fr = Lost Time Injuries per 1.000.000 worked hours; based on own personnel and contractors

Snapshot
FY11 EBITDA of $10.1bn, 18.7% higher than FY10 FY11 Net income of $2.3bn, with Q4 negatively impacted by non-cash charges Own iron ore production 15.1Mt in 4Q11 taking FY11 to 54.1Mt (+10.5% y-o-y) Net debt at December 31, 2011 of $22.5 billion as compared to $24.9bn at September 30, 2011; reduction of $2.4bn during 4Q11 Dividend proposed at $0.75 per share for FY 2012 Guidance: 1H12 EBITDA likely to be lower than the 1H11 but above 2H11 levels
Group EBITDA (US$mn)
12000 10000 8000 6000 4000 2000 1H 0 2009 2010 2011 2H 1H 1H 2H 2H

1H

Net Debt
30.0 25.0

3.2 2.3

3.5x 3.0x 2.5x

20.0 15.0

2.2

2.0x 1.5x

10.0 5.0 0.0

1.1

1.0x 0.5x 0.0x

2008

2009

2010

2011

Net Debt (USDbn) - LHS

Net Debt / Average EBITDA - RHS

1H12 EBITDA is likely to be lower than the 1H11 but above 2H11 levels
4

Capex and Growth Plans

Steel growth capex has been temporarily suspended Focus remains on core growth capex in Mining:
Liberia: phase 1 complete and running at 4MT pa; phase 2 to 15Mt pa remains under study Andrade Mines (Brazil) - iron ore expansion to 3.5MT pa (expected completion in 2012) AMMC: Replacement of spirals for enrichment to increase iron ore production by 0.8MT pa (expected 2013) AMMC: Expansion from 16MT iron ore to 24MT pa by 2013 underway

Upgrade railway line linking mine to port in Liberia

AMMC: Mont-Wright Mining Complex

2011 capex of $4.8bn vs. planned $5-5.5bn; FY 2012 capex expected to be approximately $4-4.5bn
5

Market outlook

Apparent demand receded in 4Q11

Global Apparent Steel Consumption (ASC)* (million tonnes per month)
55 50 45
Developing ex China China Developed

US and European Apparent Steel Consumption (ASC)** (million tonnes per month)
17 15 13
EU27 USA

40

11
35

9
30

7
25 20 15
7 -0 an J 7 l-0 Ju 8 -0 an J 8 l-0 Ju 9 -0 an J 9 l-0 Ju 0 -1 an J 0 l-1 Ju 1 -1 an J 1 l-1 Ju

5 3
Ja n07 Ja n08 Ja n09 Ja n10 Ja n11 Ju l-0 7 Ju l-0 8 Ju l-0 9 Ju l-1 0 Ju l-1 1

Global ASC -5.2% in 4Q11 vs. 3Q11 [+2% y-o-y] China ASC -10.2% in 4Q11 vs. 3Q11 {+0.2% y-o-y]

EU ASC -3.4% in 4Q11 vs.3Q11 [-4.9% y-o-y]

US ASC -4.2% in 4Q11 vs. 3Q11 [+13.6% y-o-y]

Global ASC fell in 4Q 2011 v 3Q 2011

* ArcelorMittal estimates ** AISI, Eurofer and ArcelorMittal estimates

Economic squeeze but sentiment up

Regional Manufacturing PMI
65

Global leading indicators have rebounded US energy, equipment investment and automotive remain strong as manufacturing rebounds from the summer slowdown In Northern Europe, uncertainty over the euro debt crisis and falling demand in the South are acting as a drag on growth. Latest indicators (German Jan12 PMI>50) are more encouraging Southern Europe in recession as austerity measures are extended, consumers cut back and construction weakens Output in China in Q411 slowed on tight credit and weak external demand with HSBC PMI staying below 50 (official PMI 50.5)

60

55

50

45

China Euro Area

40

USA

35

30

Source: Markit and ISM

Ja n06 Ju l-0 6 Ja n07 Ju l-0 7 Ja n08 Ju l-0 8 Ja n09 Ju l-0 9 Ja n10 Ju l-1 0 Ja n11 Ju l-1 1 Ja n12

Global leading indicators have rebounded somewhat over the past couple of months
8

Mixed signs in construction end markets

US construction indicators (SAAR) $bn*
800 700 600 500 400 300 200
Residential Non-Residential

Developed world construction at low levels Encouraging signs in the US,

Private non-res construction slowly picking up; Architectural Billings Index above 50 (52 in Dec) for last two months suggesting recovery H212

Ja n03 Ja n04 Ja n05 Ja n06 Ja n07 Ja n08 Ja n09 Ja n10 Ja n11

US residential construction likely to recover (from a very low level) as home sales and construction permits rise

Ja n02

Eurozone and US construction indicators**

Eurozone construction PMI

Expansion

65 60 55 50
USA Architectural Billings Index

In Europe, uncertainty caused by the debt crisis is delaying investment

Construction PMI falling further below 50 German construction market the only one with solid fundamentals as it missed the pre-crisis boom. Mild weather providing temporary boost to most markets

45
Contraction 40 35 30

Encouraging signs in US construction, but European construction remains depressed

* Source: US Census Bureau ** Source: Markit and The American Institute of Architects

China slowing but steel output to rebound

China Construction Indicator (Million Metre sq.)
350 310 270 230 190 150 110 70
Floor Space under construction (12mma) New ly Started Construction (SA, 3mma)

Soft landing still expected in China but the government is only loosening policy slowly putting off the recovery until Q212 Construction slowed rapidly toward year end with newly started construction very weak in Dec11. However, the slowdown is exacerbated by the Nov11 deadline to start 10m public housing units Risk of a hard landing as controls on private real estate market cause distress among developers but we expect central government to ensure this is offset by increasing public housing

Ja n05

Ja n06

Ja n07

Ja n08

Ja n09

Ja n10

Net Exports of Finished Steel (Mt per month)

6.5 5.5 4.5 3.5 2.5 1.5 0.5 -0.5

Ja n11

Steel production was very weak in Q411 but we still expect a pick-up through Q112 to peak levels in Q212 and ASC growth of 5% in 2012
As expected exports averaged less than 4mmt in Q411 compared to a 4.9mmt peak in Mar11

07 08 09 10 11 Ja n6 7 8 9 0 -0 -0 -0 -0 -1 -1 Ju l 1

Ja n-

06

Ja n-

Ja n-

Ja n-

Ja n-

Ju l

Ju l

Ju l

Ju l

China ASC grew 7.7% in 2011; Expected to grow 5% in 2012

10

Ju l

Destocking has ended in major markets

Europe Service Centre Inventories (000 MT)
2600 2400 2200 2000 1800 1600 1400 1200 1000
EU (EASSC) Months Supply

US Service Centre Total Steel Inventories (000 MT)

3.4 3.2 3 2.8 2.6 2.4 2.2 2 1.8 1.6

14000 12000 10000 8000 6000 4000 2000 0

USA (MSCI) Months Supply

3.6 3.4 3.2 3 2.8 2.6 2.4 2.2 2

Ja n07

Ju l-0 7 Ja n08

Ju l-0 8 Ja n09

Ju l-0 9 Ja n10

Ju l-1 0 Ja n11

Ju l-1 1

Brazil Service Centre Inventories (000 MT)

1,400 1,300 1,200 1,100 1,000 900 800 700 600 500 400
Flat stocks at service centres Months of supply

China Inventories in 25 Major Cities (Mn MT)

4.5 4 3.5 3 2.5 2 1.5
20 18 16 14 12 10 8 6 4 2
Ju l-0 7 Ja n07

Ju l-0 8

Ju l-0 9

Ju l-1 0

Ja n07 Ju l-0 7 Ja n08 Ju l-0 8 Ja n09 Ju l-0 9 Ja n10 Ju l-1 0 Ja n11 Ju l-1 1
Flat Long
Ja n08 Ja n09 Ja n10 Ja n11 Ju l-1 1

Ja n07

Ju l-0 7 Ja n08

Ju l-0 8 Ja n09

Ju l-0 9 Ja n10

Ju l-1 0 Ja n11

Inventory levels are now considered normal; there had been a sharp destock in Europe Q411
11

Ju l-1 1

Ja n12

Global apparent steel consumption

1400 1200 1000 800 600 400

RoW: +3.8% YoY

RoW: +5.7% YoY 6.5-7%

NAFTA: +9.7% YoY EU27: +6.1% YoY

NAFTA: +5.5% YoY*

6.5-7% EU27: +/- 1% YoY*

China: 7.7% YoY

200 0 2008 2009 China 2010 EU27 2011 NAFTA ROW 2012

China: +5% YoY

6.5-7%

Apparent steel consumption growth of +6.3% in 2011; we estimate growth ~4.5-5%* in 2012
* Base case assumption is low single-digit growth in developed world apparent steel consumption (ASC); a consumer-sentiment driven technical recession in EU and US could lead to a low single-digit decline in developed world ASC; a deeper Euro-debt crisis with negative YoY GDP growth could see low double-digit decline in developed world ASC

12

Apparent demand recovery driving price rebound

Spot iron ore, coking coal and scrap price (index IH 2008=100)
130 120 110
Iron Ore Coking Coal Scrap

Regional Steel price HRC ($/t)

1300
China domestic Shanghai

1200 1100

N.America FOB Midw est N.Europe domestic ex-w orks

100

1000
90

900
80 70 60 50 40 30
Ja n08 Ja n09 Ja n10 Ja n11 Ja n12 Ju l-0 8 Ju l-0 9 Ju l-1 0 Ju l-1 1

800 700 600 500 400

Ja n08 Ja n09 Ja n10 Ja n11 Ja n12 Ju l-0 8 Ju l-0 9 Ju l-1 0 Ju l-1 1

Steel prices rebounding since late Q4

13

Financial Results

14
ArcelorMittal Dofasco, Hamilton Port and Steel works

EBITDA analysis 3Q11 v 4Q11

($million)
248

(127) (673) 18 2,408 1,714 88

2,582

Q1'11 EBITDA

Volume & Mix

Sellin

Q3'11 EBITDA

Volume & Mix

Selling Price / Cost

Non Steel EBITDA*

Others**

Q4'11 EBITDA

EBITDA decreased by 28.8% in 4Q11 v 3Q11 primarily due to price/cost squeeze

* Non Steel EBITDA variance primarily represents the gain/loss through sale of by- products ** Others primarily represents delta impact from provisions, DDH income and forex (net impact on revenue and costs)

15

Group P&L
($million)
Depreciation: (1220) impairment: (228) Interest: Forex and other: (429) 13 Weighted Avg No of shares: Current tax: Deferred tax: (185) (648) 25 EPS = $ -0.65/share 1549 Diluted Weighted Avg No of shares: 1549

Restructuring

(219)

4Q 2011

Non-controlling

1714

-1667

Diluted EPS = $ -0.65/share

47

177

-416

-192 -808 -1000

0 -1000
(0)

Depreciation impairment and restructuring charges

($million)

Depreciation: (1155) impairment: (85)

Interest: Forex and other

(477) 85

Weighted Avg No of shares: Current tax: Deferred tax: (209) 55 31 EPS =

Net income/ (loss)

Taxes and noncontrolling Interest

Net income / (Ioss) from Continuing Ops

Pre-tax Profit

Finance Cost

Discontinued Operations

Income from Equity

Operating Income

EBITDA

1549

Diluted Weighted Avg No of shares: 1611

3Q 2011

-1,240

Non-controlling

$ 0.43/share

2,408

Diluted EPS = $ 0.19/share

6 -392 1,168 782 -123 659

(0)

659

Net loss from continuing operations was $1 billion during 4Q11

16

Free Cash flow

($million)
Change in w orking capital

(679)

Capex

1,843

Net financials, tax expenses and others

(1,475)

2,878

1,714 1,403

EBITDA

Cash flow from operations

Free cash flow

Free cash flow primarily driven by working capital release

17

Group Cash flow and net debt

($million)

1403

24,887

830

289

332

98

22,513

Net Debt at 30 September 2011

Free Cash Flow

Net M&A

Dividends

Forex

Others

Net Debt at 31 December 2011

Net debt decreased primarily due to improved operating cash flow and cash inflow from Macarthur deal
18

Outlook and Guidance

Upgraded railway line linking minePort and Baffinland ArcelorMittal Dofasco, Hamilton with port at Liberia Steel works

19

Outlook and guidance

Steel: - Steel shipments in 1H12 are expected to be similar to 1H11 levels Mining: - Mining volumes in 1H12 are expected to be higher than 1H11 - FY 2012 own iron ore and coal production is expected to increase by approximately 10% over 2011 levels Capex: - Continued focus on core growth capex (mining) - FY 2012 capex expected to be ~$4-4.5 billion Debt and working capital: - Further reduction in net debt anticipated with focus on working capital management and non-core asset divestments - Consistent with stated objective to retain investment grade credit rating
EBITDA progression 2009 to 1H 2012E ($million)

12000

10000

8000 2H 6000

2H

4000

2H 1H 1H 1H

2000

1H

0 2009 2010 2011 1H 2012

1H12 Group EBITDA expected to show improvement over 2H11 but lower than 1H11
20

Questions

21

Appendix

22
ArcelorMittal Dofasco, Hamilton Port and Steel works

Iron ore growth 2010-2015, target 100MT including strategic contracts

Own iron ore growth target (million metric tonnes) (Excluding strategic contracts)
100
Canada Brazil Liberia Phase 1 Liberia Phase 1&2

80
Canada

14

Target of 10% growth in iron ore in 2012 Strategic contracts forecast of 16Mt by 2015*
84

11 5

60 3 40 49 20 54 1 1

Target iron ore at ~100MT by 2015 (including strategic contracts)

0
2010 Operational Brow nfield Greenfield effeciency 2011 Operational Brow nfield Greenfield effeciency 2015 plan

2015 iron ore target growth plan on track

* Strategic contracts include the Kumba (currently under dispute) and Cleveland Cliffs contracts

23

ArcelorMittal Mines Canada (AMMC): expansion underway

Canadian industrial location ArcelorMittal Mines Canada overview
Bloom Lake

Expansion of our Mont Wright mine at AMMC and concentrate capacity to 24Mt pa due 2013 (from 16Mtpa post operational improvements) approved Expansion capitalising on existing infrastructure, product quality and experienced workforce Capex C$1.2bn for mine and concentrator plant expansion* Cash cost is circa US$35/tonne Advantageously located with easy access to European and US markets

Mining expansion plan (concentrate) Million mt

25
Brownfield expansion

20 15 10 5 2011 1 14

9
Canada base

15

2013

* AMMC 2013 brownfield expansion includes 1mt increase for spirals

Strategic advantage from exclusive use of own rail and port facilities
* Total scheme investment of US$2.1 billion includes investment in expanding the pellet plant which has not yet been committed to

24

Liberia progress
Liberia greenfield progress Industrial location of mine

Phase 1: DSO complete

240km rail rehabilitation completed Upgrade of Buchanan port and material handling facilities completed First direct shipping ore (DSO) product shipped in September 2011 Now producing at 4mtpa rate
Guinea

Sierra Leone

Phase 2: 15mtpa concentrate from 2015

Expansion to 15mtpa requires investment in a concentrator and remains under study

Atlantic Ocean
Buchanan

Yekepa

Ivory Coast

Railway link from Yekepa Liberia to Buchanan (240km)

Liberia greenfield planned expansion (Million MT)

16 12
All marketable tonnes

Total project capex (Phase 1 and 2) US$2 billion Capex of US$0.7 billion by end of 2011

8
`

15

4
4

2011

2012F

2015F

Liberia expansion on track

25

Segment Highlights
Segmental EBITDA (US$mn)
1000 900 800 700 600 500 400 300 200 100 0 -100

FCA: EBITDA + 50% y-o-y; $43 EBITDA/t

Weaker prices in all markets; ASP -$42/t compared to 3Q11 Shipments 0.5% marginally higher than 4Q10

FCE: EBITDA -95.2% y-o-y; $4 EBITDA/t

ASP -67/t compared to 3Q11 Shipments 6.1% lower than 4Q10

FCA
Q4'10

Long: EBITDA +7.3% y-o-y; $58 EBITDA/t

ASP -$61/t compared to 3Q11

FCE
Q1'11

Long

AACIS
Q2'11

AMDS
Q3'11

Mining
Q4'11

Shipments 2.6% higher than 4Q10

Steel Segment EBITDA/tonne (US$)

175 150 125 100 75 50 25 0 -25

AACIS: EBITDA +10.7% y-o-y; $78 EBITDA/t

ASP -$58/t compared to 3Q11 Shipments -9.6% lower than 4Q10

AMDS: EBITDA loss -$19 million

ASP -$62/t compared to 3Q11

Shipments 4.3% higher than 4Q10

Q4'10
FCA

Mining: EBITDA +36.7% y-o-y

Sales +47.8% higher than 4Q10 Own iron ore production +20.2% y-o-y; Own coal production +24.5% y-o-y

Q1'11
FCE

Q2'11
Long

Q3'11
AACIS

Q4'11
AMDS

Q411 saw underlying EBITDA decline versus Q311 in all business segments reflecting weak operating conditions
26

Flat Carbon Americas (FCA)

FCA - EBITDA (US$mn, LHS) and ASP (US$/t, RHS)
1000 800 600 400 200 0 1000 900 800 700 600 500

EBITDA decreased to $237m from $420m in Q311 and increased from $158m in Q410

Q4'10

Q1'11

Q2'11

Q3'11

Q4'11

Crude steel production increased 2.4% to 6.0Mt from 5.9Mt in Q311 primarily due to return to normal production following downtime in North America operations in Q311 offset by lower production primarily in South America operations.
Steel shipments decreased 4.4% to 5.5Mt from 5.7Mt in Q311. Shipments declined in all operations with the exception of the US operations. ASP decreased 4.6% to $868/t from $910/t in Q311

FCA Steel shipments (000t)

5800 5600 5400 5200 5000 4800 4600 4400 4200 4000

Q4'10

Q1'11

Q2'11

Q3'11

Q4'11

FCA EBITDA decreased sharply from Q311 primarily due to price cost squeeze
27

Flat Carbon Europe (FCE)

FCE - EBITDA (US$mn, LHS) and ASP (US$/t, RHS)
700 600 500 400 300 200 100 0

1050 1000 950 900 850 800 750 700 650

EBITDA decreased to $26m from $367m in Q311 and $543m in Q410 Crude steel production decreased 10.4% to 6.6Mt from 7.4Mt in Q311 primarily due to weaker market sentiment primarily in Europe Steel shipments decreased 3.1% to 6.2Mt from 6.4Mt in Q311 due to weaker market conditions and strong destocking activity ASP decreased 6.6% to $954/t from $1021/t in Q311 Operating performance in Q411 was negatively impacted by impairment charges of $56 million relating to various idled facilities, offset by non-cash gains of $163 million relating to dynamic delta hedge (DDH) income and $93 million recorded on the sale of carbon dioxide credits.

Q4'10

Q1'11

Q2'11

Q3'11

Q4'11

FCE Steel shipments (000t)

8000 7500 7000 6500 6000 5500 5000 4500 4000

Q4'10

Q1'11

Q2'11

Q3'11

Q4'11

FCE profitability declined with price cost squeeze amidst weak operating conditions
28

Long Carbon Americas & Europe (LCAE)

Long - EBITDA (US$mn, LHS) and ASP (US$/t, RHS)
700 600 500 400 300 200 100 0

950 850 750 650 550

EBITDA decreased to $338m from $438m in Q311 and from $315m in Q410 Crude steel production decreased 2.4% to 5.5Mt from 5.6Mt in Q311. Seasonally production was lower in the Americas due to drawdown of inventory and the weaker market demand. Steel shipments decreased 2.3% to 5.8Mt from 6.0Mt in Q311 due to the summer holiday period in Brazil and lower demand in North America and Europe

Q4'10

Q1'11

Q2'11

Q3'11

Q4'11

Long Steel shipments (000t)

6500 6000 5500 5000 4500 4000

ASP decreased 6.3% to $906/t from $967/t in Q311

Q411 operating performance was negatively impacted by impairment charges of $160m including $151m for extension of idling at ArcelorMittal Madrid electric arc furnace

Q4'10

Q1'11

Q2'11

Q3'11

Q4'11

Long Carbon profitability declined due to lower volumes and lower prices
29

Asia, Africa and CIS (AACIS)

AACIS - EBITDA (US$mn, LHS) and ASP (US$/t, RHS)
500 400 300 200 100 0

800 750 700 650 600 550 500

EBITDA decreased to $238m from $284m in Q311 and increased from $215m in Q410

Q4'10

Q1'11

Q2'11

Q3'11

Q4'11

Crude steel production increased 2.5% to 3.6Mt from 3.5Mt in Q311, primarily due to improved production in Ukrainian operations Steel shipments increased 2.0% to 3.1Mt from 3.0Mt in Q311
ASP declined 7.5% to $713/t from $771/t in Q311

AACIS Steel shipments (000t)

3500 3400 3300 3200 3100 3000 2900 2800

Q4'10

Q1'11

Q2'11

Q3'11

Q4'11

AACIS profitability declined primarily due to price cost squeeze

30

Distribution Solutions (AMDS)

AMDS - EBITDA (US$mn, LHS) and ASP (US$/t, RHS)
140 120 100 80 60 40 20 0 -20 -40

1100 1000 900 800 700

Q4'10

Q1'11

Q2'11

Q3'11

Q4'11

600

EBITDA decreased to ($19m) from $48m in Q311 and $87m in Q410 Steel shipments increased 7.6% to 5.0MT in Q411 as compared to 4.6MT in Q311 ASP declined 6.1% to $948/t from $1010/t in Q311

AMDS Steel shipments (000t)

5200 5000 4800 4600 4400 4200 4000 3800

Q4'10

Q1'11

Q2'11

Q3'11

Q4'11

AMDS profitability declined due to lower margins from European operations due to weak market
31

Mining
Mining EBITDA (US$mn)
900 800 700 600 500 400 300 200 100 0

Q4'10

Q1'11

Q2'11

Q3'11

Q4'11

EBITDA was lower at $779m as compared to $842m in Q311 and higher than $570m in Q410 Own iron ore production 15.1Mt increased 7.2% as compared to 14.1Mt in Q311 primarily due to Liberia and Mexico Total iron ore shipments increased 12.8% to 15.3Mt (vs. 13.5Mt in Q311) of which 8.5Mt at market prices (vs. 6.7Mt in Q311) and 6.8Mt on cost-plus basis (vs. 6.9Mt in Q311) Own coal production increased 5.6% to 2.2Mt in Q411 (vs. 2.1Mt in Q311)
Coal (million tonnes)
Own Production Shipped at "Market price" Shipped at "Cost-plus"

Iron Ore (million tonnes)

Own Production Shipped at "Market price" Shipped at "Cost-plus"

20.0 15.0 10.0 5.0 0.0

2.5 2.0 1.5 1.0 0.5 0.0

4Q 10

1Q 11

2Q 11

3Q 11

4Q 11

4Q 10

1Q 11

2Q 11

3Q 11

4Q 11

Mining benefited from higher overall production volumes offset by lower average selling prices following the change to the seaborne benchmark pricing system
Definitions: Market priced tonnes represent amounts of iron ore or other raw materials from ArcelorMittal mines that could be sold to third parties on the open market. Market priced tonnes that are not sold to third parties are transferred from the Mining segment to the Companys steel producing segments at the prevailing market price. Shipments of raw materials that do not constitute market price tonnes are transferred internally on a cost-plus basis.

32

Balance Sheet highlights

OWC and rotation days* (USD billion)

28 24 20 16 12 8 4 0 140 120

Net Debt (USD billion) & Net Debt/Average EBITDA** Ratio (x)
35 2.0x

1.6x
30 25 20 1.0x 15 10 5 0 0.0x 1.5x

67 days

100 80 60 40 20 0

0.5x

2Q 07 3Q 07 4Q 07 1Q 07 0 2Q 8 3Q 08 4Q 08 1Q 08 2Q 09 0 3Q 9 4Q 09 1Q 09 2Q 10 3Q 10 1 4Q 0 1Q 10 2Q 11 3Q 11 4Q 11 11

1Q

Working capital (USDbn) - LHS

Rotation day - RHS

Rotation days decreased to 67 days during 4Q11 from 73 days in 3Q11

* Rotation days are defined as days of accounts receivable plus days of inventory minus days of accounts payable. Days of accounts payable and inventory are a function of cost of goods sold. Days of accounts receivable are a function of sales. ** Based on yearly average EBITDA since January 1, 2004.

0 2Q 7 0 3Q 7 4Q 07 0 1Q 7 0 2Q 8 0 3Q 8 0 4Q 8 0 1Q 8 0 2Q 9 3Q 09 0 4Q 9 0 1Q 9 1 2Q 0 1 3Q 0 1 4Q 0 1 1Q 0 2Q 11 1 3Q 1 1 4Q 1 11
Net Debt (USDbn) - LHS Net Debt / Average EBITDA - RHS

1Q

33

Liquidity and debt maturity profile

Liquidity position at December 31, 2011 (US$ billion) Debt maturities (US$ billion)
12
12.5

10 8 6 4.2 4.0 2.8 3.7 2.0

9.7

Unused credit lines

4
8.6

2 0 2012 Bonds
2.8

2013 Convertibles

2014

2015 Other

2016

>2016 Commercial Paper

Long term debt facility

Cash & equivalent

0.6 3.9 2.2

Commercial paper Short term debt & Others

Liquidity lines:
$4bn syndicated credit facility matures 06/05/15 $6bn syndicated credit facility matures 18/03/16 $0.3bn bilateral facility matures 30/06/13

Liquidity at 31/12/11

Debt due in 2012

Continued strong liquidity position and lengthening of debt maturities

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Contacts

Daniel Fairclough Global Head Investor Relations daniel.fairclough@arcelormittal.com +44 207 543 1105 Hetal Patel UK/European Investor Relations hetal.patel@arcelormittal.com +44 207 543 1128 Valrie Mella European and Retail Investor Relations valerie.mella@arcelormittal.com +44 207 543 1156 Maureen Baker Fixed Income/Debt Investor Relations maureen.baker@arcelormittal.com +33 1 71 92 10 26

Thomas A McCue US Investor Relations thomas.mccue@arcelormittal.com +312-899-3927 Lisa Fortuna US Investor Relations lisa.fortuna@arcelormittal.com +312-899-3985

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