Growing AM3S

11-13 September 2007 – Investor day – Paris

Gonzalo Urquijo – Member of GMB

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DisclaimerForward-Looking Statements

This document may contain forward-looking information and statements about ArcelorMittal S.A. including Arcelor S.A.

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 ArcelorMittal’s management believes that the expectations reflected in such forward-

looking statements are reasonable, investors and holders of ArcelorMittal’s 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 Netherlands Authority for the Financial

Markets, the Commission de Surveillance du Secteur Financier (“CSSF”), the Luxembourg securities regulator and the

U.S. Securities and Exchange Commission (“SEC”) made or to be made by ArcelorMittal or previously made by its

predecessor, Mittal Steel Company N.V. (“Mittal Steel”). ArcelorMittal undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise.

Additional Information

In connection with the proposed merger of ArcelorMittal with Arcelor, Mittal Steel, ArcelorMittal and Arcelor have filed

and will file important documents with the relevant securities regulatory authorities, including the filing with the U.S.

Securities and Exchange Commission of a registration statement that will include a proxy statement/prospectus. The proxy statement/prospectus will contain important information about the merger and related matters. ArcelorMittal and

Arcelor will make public such proxy statement/prospectus and mail the proxy statement/prospectus to the ArcelorMittal

U.S. shareholders. Additionally, a proxy statement/prospectus will be filed with the CSSF for European

shareholders. Investors and security holders are urged to read the applicable proxy statement/prospectus, and any

other relevant documents filed with the relevant securities regulatory authorities, when they become available and before making any investment decision. U.S. shareholders will be able to obtain a free copy of the U.S. proxy

statement/prospectus (when available) and other related documents filed with the SEC by ArcelorMittal (and Mittal

Steel as its predecessor) and Arcelor at the SEC’s web site at www.sec.gov and from ArcelorMittal and Arcelor at

www.arcelormittal.com. European shareholders will be able to obtain the European proxy statement/prospectus (when available) and the related documents at the registered office of Arcelor and ArcelorMittal and at www.arcelormittal.com.

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Agenda

• The growth opportunity

• Steel Solutions and Services

• Strategy and growth plan

• Conclusion

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The growth opportunity

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The worlds largest steel distributor and processor in a fragmented industry

Leading Metals distributors and processors by sales in 2006 (USD billion)*

AM3S is the worlds largest steel distributor and processor

*Sources: company reports

11.911.0

7.05.9 5.7

A rcelo rM itta l T hyssenKrupp Klo eckner R yerso n R eliance

Market position by region

Steel production AM3S

Strategic presence

No 1

No 1

No 1No 1

No 1

Strategic presence

Strategic partnership

Significant presence

Strategic presenceNo 1

Leading position

EuropeNorth America

South America

Africa

Asia

Eastern Europe and CIS

5

AM3S is distributing and processing 38%* of Group shipments to distribution

This relatively low level of internal distribution and the small size of AM3S

relative to the group represents a unique growth opportunity

ArcelorMittal steel production network111mt of shipments

Distribution

Service Centers

5.1mt

Construction

0.7mt

International

(trading)

12mt

Distribution

5.4mt

Final customer

ArcelorMittal distribution network

Other steel producer

Direct distribution

Other

Distributors

AM3SOther

distributors

Approx 20mt

85% of AM3S needs 15%

Direct distribution

to large customers

*Excluding shipments directly distributed by mills to large customers

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Benefits and synergies resulting from downstream integration

AM3S to benefit from superior growth opportunities

Benefits to ArcelorMittal

mills

Benefits to

AM3S

Benefits to Customer

• Optimising supply chain management & working capital requirement

• Optimising upstream utilization: Supports mill sales in low market periods and complements Group sourcing in tight markets

• Providing market intelligence: Gives us insight into market trends, customer needs

(including new products) and activities of competitors

• Improving and stabilising our mills’ market shares in domestic markets

• Offering direct access to ArcelorMittal’s unique range of products, services and solutions for all

size of customer

• Reducing delivery times and improving product availability due to close relationship with

upstream mills

• Benefiting from improved price stability and reduced risk due to ArcelorMittal sustainable price

policy

• Improving global value chain efficiency with shared inventories and logistics flows

• Benefiting from ArcelorMittal brand and leadership

• Offering new products and custormer assistance with support of ArcelorMittal’s unmatched

R&D capability

• Expanding and gaining market share due to improved sourcing and support from

ArcelorMittal industrial network

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Steel Solutions and Services

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Sales breakdown of AM3S excluding AM International (trading)

AM3S is the only steel distributor and processor offering a large range of value added

products and services going from simple distribution to innovative steel solutions

*Source: CRU

Turnover by tonne processed or distributed in 2006

(base 100 for HRC in North Europe)

Unique services and value to customer supported by a unique organisation

Distribution

51%Services

Centers

38%

Construction

11%

0

50

100

150

200

250

300

HRC* Service Centers Distribution Construction

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5.4 million tonnes distributed annually from 19 countries and 230 locations

ArcelorMittal Distribution geographical layout

ArcelorMittal Distribution

Retail networkTotal Offer ProviderProjects

Steel Distribution Network

- Network of agencies/warehouses; local retail distribution of full range of products (flat, long,

tubes, technical & special steels)

Total Offer Provider

- Heavy processing / semi-finished products for large industrial customers

Projects

- Innovative and dedicated solutions for building, construction and oil&gas industry.

A strong growth potential in emerging markets

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5.2 million tonnes processed annually in 10 countries at 44 plants and 200 production lines

ArcelorMittal Steel Service Centers geographical layout

ArcelorMittal Steel Service Centers

Flat Carbon Steel Processing

- Slits, sheets & blanks, including shaped

and punched blanks

Just-in-time delivery of ready-to-use steel products

- Automotive and general industry

customers

Optimised logistics offer: a unique network in Europe

A strong growth potential

Steel Service Center networks

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Approx. 700,000 tonnes shipped annually from 52 manufacturing sites in 25 countries

ArcelorMittal Construction geographical layout

ArcelorMittal Construction

Steel solutions for contemporary

architecture

- Façades, roofs, floors and interior design

- Tailor-made offerings and large range of

products

- Sales in square meters more than tonnes

Promote steel in Construction

- Solutions for contractors (ready-to-use

products for faster construction)

- Solutions for architects (aesthetic and modular steel solutions for creativity)

Opportunities to grow in developing

economies

Production and commercial company

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12 million tonnes shipped annually with >50 offices on 5 continents

ArcelorMittal International geographical layout

ArcelorMittal International

A global organisation allowing us to capture

best commercial opportunities

Business areasPlatforms for sales / trading

- Sales & Marketing for Group mills exports

- Trading

- End-user contacts

in all markets

- Market intelligence resource

- Credit risk management

& know-how in export markets

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Strategy and growth plan

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• Reinforcing market share in West Europe and in particular in

Germany, Italy and UK

• Leveraging upstream leadership

in Central & Eastern Europe to

implement AM3S business model in those high growth

markets

A strategic focus on growth and value

High level strategic priorities

Strengthening

of European

core leadership

Adding value

with new

products and

services

Expanding

operation in fast

growing and

strategic markets

• Improving service provided to large industrial customers

(Faurecia, Carrier, Otis,…)

• Developing new sophisticated

processing (blanks) for

automotive industry

• Thorough segmentation

• Accompany or precede upstream strategies in fast

growing areas

Growth and value- added plan to be realised

through internal investment, greenfield and M&A

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• Target to grow shipments by 60% over next 6 years and distribute & process 50% of Group deliveries*

– Reach around 25% market share in all

major European countries

– Take positions in fast growing

economies

– Develop presence in BRICET

– Review other development opportunities

• Growth will be fueled through M&A and/or greenfield capex depending on market conditions and/or acquisition opportunities

“Make or Buy” alternative cautiously monitored to focus on accretive acquisitions

Growth plan and targets for AM3S

AM3S growth target for 2009 and 2012*

*Excluding shipments directly distributed by mills to large customers and excluding ArcelorMittal International (trading)

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14

17

0

2

4

6

8

10

12

14

16

18

20

2006 2009 2012P

>60%

Dow nstream

integration*38% > 45% > 50%

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Progress in growth plan since 2006

250,000tSteel Service CenterCzech Republic

(Ostrava)

Greenfield

VolumeType of facility or name of acquisitionLocationInitiative

460,000tAcquisition of RozakTurkeyM&A

17,000tPanel & Profiling lines for ConstructionRomania

(Bucarest)

Greenfield

35,000tProfiling line for Construction Slovakia (Senica)Greenfield

200,000tSteel Service CenterSlovakia (Senica)Greenfield

50,000tPanel & Profiling lines for ConstructionPoland (Rawa)Greenfield

450,000tSteel Service CenterPoland (Krakow)Greenfield

AM3S growth initiatives realized or announced since 1st August 2006

An expansion of 1.5 million tonnes with 69% greenfields and 31% acquisitions

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• ArcelorMittal mills strong presence in CEE boosts

AM3S commercial presence

• Since January 2007, expansion of 900kt greenfield

• The largest investments have been concentrated in

Poland, as the main country in the area:

– new SSC in Kracow (450kt)

– new panel plant in Rawa (50kt)

• AM3S has also entered into JV with Gonvarri in

Slovakia.

• Several M&A projects under negotiation

AM3S current locations in CEE

50% of volume target can be achieved by organic growth due to synergies with ArcelorMittal mills (logistics & product range)

Central & Eastern Europe growth plan

Distribution

Construction

Service Centers

Leveraging ArcelorMittal leadership in region

1.0

3.5

0.0

1.0

2.0

3.0

4.0

2006 2012P

x3.5

Shipments target in region (mt)

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Turkey, Middle East & Caspian area growth plan

Distribution facilityService CentersProjectsConstructionArcelorMittal major steel plant in region

ArcelorMittal network in Turkey, Middle East and Caspian area

Local player with regional growth potential

well positioned to build ArcelorMittal presence in Caspian area

• Estimated local market share: 15%

• Balanced product mix:

– Plates: 46%

– Beams:43%

– Pipes: 3%

– Other:8%

• Good channel for ArcelorMittal mills, especially for sections from Spain and

Luxembourg, + Poland and Galati

material.

• Rozak volume expected to grow from 460,000t to 1mt by 2010

Reinforcing position in region with Rozak

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• AM3S roadmap: complete network to sustain growth

• CST, which will expand its production (galv & HR

material)

• Sicartsa, after recent integration into ArcelorMittal

• Trinidad & Tobago

Central & South America growth plan

Development scenario under assessment

ArcelorMittal steel plant

ArcelorMittal industrial network in Latin America

Belgo & Acindar network

JV with VillarealShipments target in region (mt)

Leveraging steel making expansion

0.8

2.0

0

0.5

1

1.5

2

2.5

2006 2012P

x2.5

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Conclusion

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Growing AM3S

Transforming tomorrow

�ArcelorMittal global industrial leadership offers a unique opportunity to expand AM3S

�Growth expected to be both internal and external (M&A)

�A minimum 60% growth target by 2012

�Question 5

� Do you think AM3S growth relative to the metal

distribution & processing metals industry will be:

� 1 – Faster

� 2 - Similar

� 3 – Slower

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Q&A