arcelormittal presentation investors_roadshow

February 2012

Q411 and FY 2011 Post Results Roadshow

Investor Relations

1

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 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 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 ArcelorMittal’s 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.

2

Agenda

• Core strengths, performance and guidance• Market update• Q4 financials• Balance sheet• Segment performance• Appendix

3

Core strengths

ArcelorMittal in a strong position to respond to ev olving markets

ConsistentStrategy

Quality core assets

SustainableReturns

Leader in auto Steel

World-class Mining

Cost Improvement

Stronger Balance Sheet

Safety performance Annual Health & Safety frequency rate* for mining & steel Key corporate social responsibility highlights:

• ArcelorMittal was recently named in global human resource firm Aon Hewitt’s list of Top Companies for Leaders. ArcelorMittal was ranked in the top seven companies in Europe.

• 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.

* IISI-standard: Fr = Lost Time Injuries per 1.000.000 worked hours; based on own personnel and contractors

ArcelorMittal’s Health and Safety performance improv ed again in Q411 and FY11

Quarterly Health & Safety frequency rate* for minin g & steel

3.12.5

1.9 1.81.4

1.0

0.0

0.4

0.8

1.2

1.6

2.0

2.4

2.8

3.2

2007 2008 2009 2010 2011 2013

3.12.5

1.9 1.81.4

1.0

0.0

0.4

0.8

1.2

1.6

2.0

2.4

2.8

3.2

2007 2008 2009 2010 2011 2013

1.4 1.5 1.51.2

1.6

0.0

0.4

0.8

1.2

1.6

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

5

Snapshot

• FY’11 EBITDA of $10.1bn, 18.7% higher than FY’10

• FY’11 Net income of $2.3bn, with Q4 negatively impacted by non-cash charges

• Own iron ore production 15.1Mt in 4Q’11 taking FY’11 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 4Q’11

• Dividend proposed at $0.75 per share for FY 2012

• Guidance: 1H’12 EBITDA likely to be lower than the 1H’11 but above 2H’11 levels

1H’12 EBITDA is likely to be lower than the 1H’11 b ut above 2H’11 levels

Group EBITDA (US$mn) 1H

Net Debt

1.1

2.2

3.2

2.3

0.0

5.0

10.0

15.0

20.0

25.0

30.0

2008 2009 2010 2011

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

Net Debt (USDbn) - LHS Net Debt / Average EBITDA - RHS

`

1H

1H1H

2H

2H

2H

0

2000

4000

6000

8000

10000

12000

2009 2010 2011

0

200

400

600

800

1000

1200

1400

2008 2009 2010 2011 2012

China EU27 NAFTA ROW

6

Global apparent steel consumption

6.5-7%6.5-7%

6.5-7%

6.5-7%

China: +5% YoY

EU27: +6.1% YoY

RoW: +5.7% YoY

NAFTA: +5.5% YoY*

Apparent steel consumption growth of +6.3% in 2011; we estimate growth ~4.5-5%* in 2012

RoW: +3.8% YoY

NAFTA: +9.7% YoY

China: 7.7% YoY

EU27: +/- 1% YoY*

* 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

7

Operational optimisation is a key to our competitive advantage

• Strong track record of management gains– During crisis plans were accelerated– Achieved $4.0bn of gains by Q411; largely

SG&A and fixed costs related– Target of $4.8bn by end of 2012; next set of

savings are largely variable cost and based on operational improvements

Management gains plan (USD billion annualized)

• Focus on “Core” assets will ensure lowest cost footprint achieved and yield significant savings; target $1bn by end-2012– Announced intention to close 2 blast furnace, sinter

plant , steel shop and continuous casters in Liege, Belgium

Asset optimization (USD million annualized)

0

100

200

300

400

500

600

700

800

900

1000

2011 2012 2013

Management gains to contribute to group EBITDA in 2 011 and 2012

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

Q42008

Q12009

Q22009

Q32009

Q42009

Q12010

Q22010

Q32010

Q42010

Q12011

Q22011

Q32011

Q42011

2012Target

Target of $4.8bn by end of 2012

8

Outlook and guidance

1H’12 Group EBITDA expected to show improvement ove r 2H’11 but lower than 1H’11

Steel:- Steel shipments in 1H’12 are expected to be similar

to 1H’11 levels

Mining:- Mining volumes in 1H’12 are expected to be higher

than 1H’11- 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)

1 H

1 H

1 H

1H

2 H

2 H

2 H

0

20 0 0

40 0 0

60 0 0

80 0 0

1 00 0 0

1 20 0 0

2 00 9 2 0 1 0 2 0 11 1 H 20 1 2

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

9

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

Upgrade railway line linking mine to port in Liberia

AMMC: Mont-Wright Mining Complex

10

Market update

Apparent demand recovery driving price reboundSpot iron ore, coking coal and scrap price(index IH 2008=100)

Regional Steel price HRC ($/t)

Steel prices rebounding since late Q4

11

400

500

600

700

800

900

1000

1100

1200

1300

Jan-

08

Jul-0

8

Jan-

09

Jul-0

9

Jan-

10

Jul-1

0

Jan-

11

Jul-1

1

Jan-

12

China domestic Shanghai

N.America FOB Midw est

N.Europe domestic ex-w orks

30

40

50

60

70

80

90

100

110

120

130

Jan-

08

Jul-0

8

Jan-

09

Jul-0

9

Jan-

10

Jul-1

0

Jan-

11

Jul-1

1

Jan-

12

Iron Ore

Coking Coal

Scrap

12

Apparent demand receded in 4Q’11Global Apparent Steel Consumption (ASC)* (million tonnes per month)

US and European Apparent Steel Consumption (ASC)** (million tonnes per month)

• 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]

* ArcelorMittal estimates** AISI, Eurofer and ArcelorMittal estimates

• 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

15

20

25

30

35

40

45

50

55

Jan-0

7Ju

l-07

Jan-0

8Ju

l-08

Jan-0

9Ju

l-09

Jan-1

0Ju

l-10

Jan-1

1Ju

l-11

Developing ex China

China

Developed

3

5

7

9

11

13

15

17

Jan-0

7

Jul-0

7

Jan-0

8

Jul-0

8

Jan-0

9

Jul-0

9

Jan-1

0

Jul-1

0

Jan-1

1

Jul-1

1

EU27

USA

13

• 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 Jan’12 PMI>50) are more encouraging

• Southern Europe in recession as austerity measures are extended, consumers cut back and construction weakens

• Output in China in Q4’11 slowed on tight credit and weak external demand with HSBC PMI staying below 50 (official PMI 50.5)

Regional Manufacturing PMI

Global leading indicators have rebounded somewhat o ver the past couple of months

Economic squeeze but sentiment up

30

35

40

45

50

55

60

65

Jan-

06Ju

l-06

Jan-

07Ju

l-07

Jan-

08Ju

l-08

Jan-

09Ju

l-09

Jan-

10Ju

l-10

Jan-

11Ju

l-11

Jan-

12

China

Euro Area

USA

Source: Markit and ISM

Eurozone construction PMI

USA Architectural Billings Index

Mixed signs in construction end markets

• 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 H2’12

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

• 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

Eurozone and US construction indicators**

US construction indicators (SAAR) $bn*

Encouraging signs in US construction, but European construction remains depressed

14

Exp

ansi

onC

ontr

actio

n

30

35

40

45

50

55

60

65

Jan-

06

Jan-

07

Jan-

08

Jan-

09

Jan-

10

Jan-

11

200

300

400

500

600

700

800

Jan-

02Ja

n-03

Jan-

04Ja

n-05

Jan-

06Ja

n-07

Jan-

08Ja

n-09

Jan-

10Ja

n-11

Residential

Non-Residential

* Source: US Census Bureau

** Source: Markit and The American Institute of Architects

-0.5

0.5

1.5

2.5

3.5

4.5

5.5

6.5

Jan

-06

Jul-

06

Jan

-07

Jul-

07

Jan

-08

Jul-

08

Jan

-09

Jul-

09

Jan

-10

Jul-

10

Jan

-11

Jul-

11

China slowing but steel output to rebound

• Soft landing still expected in China but the government is only loosening policy slowly putting off the recovery until Q2’12

• Construction slowed rapidly toward year end with newly started construction very weak in Dec’11. However, the slowdown is exacerbated by the Nov’11 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

• Steel production was very weak in Q4’11 but we still expect a pick-up through Q1’12 to peak levels in Q2’12 and ASC growth of 5% in 2012

• As expected exports averaged less than 4mmt in Q4’11 compared to a 4.9mmt peak in Mar’11

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

15

China Construction Indicator (Million Metre sq.)

Net Exports of Finished Steel (Mt per month)

70

110

150

190

230

270

310

350

Jan-

05

Jan-

06

Jan-

07

Jan-

08

Jan-

09

Jan-

10

Jan-

11

Floor Space under construction (12mma)

New ly Started Construction (SA, 3mma)

Destocking has ended in major marketsEurope Service Centre Inventories (000 MT)

Brazil Service Centre Inventories (000 MT)

US Service Centre Total Steel Inventories (000 MT)

China Inventories in 25 Major Cities (Mn MT)

Inventory levels are now considered normal; there h ad been a sharp destock in Europe Q4’11

16

0

2000

4000

6000

8000

10000

12000

14000

Jan-

07Ju

l-07

Jan-

08Ju

l-08

Jan-

09Ju

l-09

Jan-

10Ju

l-10

Jan-

11Ju

l-11

2

2.2

2.4

2.6

2.8

3

3.2

3.4

3.6USA (MSCI)

Months Supply

1000

1200

1400

1600

1800

2000

2200

2400

2600

Jan-

07

Jul-0

7Ja

n-08

Jul-0

8Ja

n-09

Jul-0

9Ja

n-10

Jul-1

0Ja

n-11

Jul-1

1

1.6

1.8

2

2.2

2.4

2.6

2.8

3

3.2

3.4

EU (EASSC)

Months Supply

400500

600700

800900

1,0001,100

1,2001,300

1,400

Jan-

07Ju

l-07

Jan-

08Ju

l-08

Jan-

09Ju

l-09

Jan-

10Ju

l-10

Jan-

11Ju

l-11

1.5

2

2.5

3

3.5

4

4.5Flat stocks at service centres

Months of supply

2

4

6

8

1012

14

16

18

20

Jan-0

7

Jul-0

7

Jan-0

8

Jul-0

8

Jan-0

9

Jul-0

9

Jan-1

0

Jul-1

0

Jan-1

1

Jul-1

1

Jan-1

2

Flat Long

17

Q4 financials

18* 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)

EBITDA analysis 3Q11 v 4Q11

EBITDA decreased by 28.8% in 4Q’11 v 3Q’11 primaril y due to price/cost squeeze

EBITDA bridge 3Q’11 to 4Q’11 ($million)

18

1,714

2,408

(673)

(127)

88

Q3'11 EBITDA Volume & Mix Selling Price /

Cost

Non Steel

EBITDA*

Others** Q4'11 EBITDA

1714

47-192

-1000 -1000

177

-808

0

-1667

6

659659782

1,168

2,408

-123

-392

-1,240

19

Group P&L

EB

ITD

A

Dep

reci

atio

n im

pairm

ent

and

rest

ruct

urin

g ch

arge

s

Op

erat

ing

In

com

e

Inco

me

from

Equ

ity

Fin

ance

Cos

t

Pre

-tax

Pro

fit

Tax

es a

nd n

on-

cont

rolli

ng In

tere

st

Net

inco

me

/ (I

oss

) fr

om

Co

nti

nu

ing

Ops

Dis

cont

inue

d

Ope

ratio

ns

Net

inco

me/

(lo

ss)

4Q 2

011

Depreciation: (1220)

impairment: (228)

Restructuring (219)

Interest: (429)

Forex and other: 13

Current tax: (185)

Deferred tax: (648)

Non-controlling 25

Weighted Avg No of shares: 1549

Diluted Weighted Avg No of shares: 1549

EPS = $ -0.65/share

Diluted EPS = $ -0.65/share

Net loss from continuing operations was $1 billion during 4Q’11

($million)

3Q 2

011

($million)

(0)

Depreciation: (1155)

impairment: (85)

Interest: (477)

Forex and other 85

Current tax: (209)

Deferred tax: 55

Non-controlling 31

Weighted Avg No of shares: 1549

Diluted Weighted Avg No of shares: 1611

EPS = $ 0.43/share

Diluted EPS = $ 0.19/share

(0)

-416

20

Free Cash flow

($million)

Free cash flow primarily driven by working capital release

1,714

2,878

1,403

1,843

(1,475)

(679)

Net financials,

tax expenses and others

Change in w orking capital

Capex

EBITDACash flow from

operations Free cash flow

21

Group Cash flow and net debt

Net Debt at 30 September 2011

Free Cash Flow

Net Debt at 31 December 2011

Net M&A Dividends

Net debt decreased primarily due to improved operat ing cash flow and cash inflow from Macarthur deal

Forex Others

($million)

24,887

22,513

1403

830289 332 98

22

Balance sheet

23

Net Debt ($billion)

Strong balance sheet and liquidity – investment grad e strategic priority

Strong balance sheet focus �Investment grade remains a strategic priority

Average maturity (years)

Liquidity ($billion) Bank debt component of total debt (%)

12.0 12.5

0.0

4.0

8.0

12.0

16.0

Q308 Q411

2.6

5.2

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Q308 Q411

32,5

22,5

0

5

10

15

20

25

30

35

Q308 Q411

85

15

0

10

20

30

4050

60

70

80

90

Q308 Q411

24

Balance Sheet highlights

OWC and rotation days* (USD billion) Net Debt (USD billion) & Net Debt/Average EBITDA** Ratio (x)

* 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.

Rotation days decreased to 67 days during 4Q’11 fro m 73 days in 3Q’11

0

4

8

12

16

20

24

28

1Q 0

72Q

07

3Q 0

74Q

07

1Q 0

82Q

08

3Q 0

84Q

08

1Q 0

92Q

09

3Q 0

94Q

09

1Q 1

02Q

10

3Q 1

04Q

10

1Q 1

12Q

11

3Q 1

14Q

11

0

20

40

60

80

100

120

140

Working capital (USDbn) - LHS Rotation day - RHS

67 days

0

5

10

15

20

25

30

35

1Q 0

72Q

07

3Q 0

74Q

07

1Q 0

82Q

08

3Q 0

84Q

08

1Q 0

92Q

09

3Q 0

94Q

09

1Q 1

02Q

10

3Q 1

04Q

10

1Q 1

12Q

11

3Q 1

14Q

11

0.0x

0.5x

1.0x

1.5x

2.0x

Net Debt (USDbn) - LHS Net Debt / Average EBITDA - RHS

1.6x

`

8.6

2.2

0.63.9

Liquidity at 31/12/11 Debt due in 2012

Unused credit lines

Cash & equivalent

12.5

Commercial paper

2.8

Short term debt & Others

25

Liquidity and debt maturity profileDebt maturities(US$ billion)

Liquidity position at December 31, 2011(US$ billion)

Continued strong liquidity position and lengthening of debt maturities

– $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 lines:

0

2

4

6

8

10

12

2012 2013 2014 2015 2016 >2016

Bonds Convertibles Long term debt facility Other Commercial Paper

2.8

3.7

2.0

9.7

4.04.2

Investment in associates and joint ventures ~$9bn

Investments in Associates & Joint Ventures

26

Investee Location Stake 31.12.11 31.12.10Erdemir Turkey 26% 1378 1596China Oriental China 47% 1475 1337DHS Group Germany 33% 1149 1190Hunan Valin China 30% 691 686Enovos Luxembourg 23% 597 614Kalagadi Manganese South Africa 50% 397 496Gestamp Spain 35% 506 468Gonvarri Industrial Spain 35% 408 384Others 2440 2473Total 9041 9244McArthur 0 908As per 20F 9041 10152

USD Million

27

Mining growth

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

2015 iron ore target growth plan on track

Canada Brazil

LiberiaPhase 1 & 2

Liberia Phase 1

Own iron ore growth target (million metric tonnes) (Excluding strategic contracts)

Canada

• On track for 10% growth in iron ore in 2011.

• Strategic contracts forecast of 16Mt by 2015*

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

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

** Includes the US$0.9 billon investment in expanding the pellet plant at AMMC which has not yet been committed to

49

3 1 1

54

5

11

14

84

0

20

40

60

80

100

2010 Operationaleff iciency

Brow nfield Greenfield 2011F Operationaleff iciency

Brow nfield Greenfield 2015 plan

14

15

0

4

8

12

16

2011 2012F 2015F

`

• 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

• Phase 2: 15mtpa concentrate from 2015

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

Liberia progress

29

Liberia greenfield planned expansion (Million MT)

Industrial location of mine

All marketable tonnes

Guinea

Atlantic Ocean

Liberia

Ivory CoastYekepa

Buchanan

Sierra Leone

Railway link from Yekepa

to Buchanan (240km)

Liberia expansion on track

Liberia greenfield progress

• Total project capex (Phase 1 and 2) US$2 billion

• Capex of US$0.7 billion by end of 2011

30

Baffinland represents future growth

Acquisition of Baffinland demonstrates ArcelorMitta l’s commitment to building a world-class mining business

• In partnership with Nunavut, ArcelorMittal has acquired a controlling interest in Baffinland; ArcelorMittal holding is 70%

• Baffinland owns the Mary River project, a tier-1 iron ore resource in northern Canada

• In-situ Fe grades of 64.7%, high-quality product, significant and scalable resource

• ArcelorMittal already has a significant iron ore presence in Canada through ArcelorMittal Mines Canada, operating 2 iron ore mining operations, concentrator and pellet plant

Baffin Bay

Foxe Basin

Baffin Island

Mary River mine site

Proposed railway

alignment

Steensby

inlet camp

and proposed

port

Baffin Island overview

Steensby �� Rotterdam = 3100 nautical miles

Brazil �� Rotterdam = 5000 nautical miles

31

Segment performance

32

Segment Highlights

Q4’11 saw underlying EBITDA decline versus Q3’11 in all business segments reflectingweak operating conditions

• FCA: EBITDA + 50% y-o-y; $43 EBITDA/t– Weaker prices in all markets; ASP -$42/t compared to 3Q’11

– Shipments 0.5% marginally higher than 4Q’10

• FCE: EBITDA -95.2% y-o-y; $4 EBITDA/t– ASP -67/t compared to 3Q’11

– Shipments 6.1% lower than 4Q’10

• Long: EBITDA +7.3% y-o-y; $58 EBITDA/t– ASP -$61/t compared to 3Q’11

– Shipments 2.6% higher than 4Q’10

• AACIS: EBITDA +10.7% y-o-y; $78 EBITDA/t– ASP -$58/t compared to 3Q’11

– Shipments -9.6% lower than 4Q’10

• AMDS: EBITDA loss -$19 million– ASP -$62/t compared to 3Q’11

– Shipments 4.3% higher than 4Q’10

• Mining: EBITDA +36.7% y-o-y– Sales +47.8% higher than 4Q’10

– Own iron ore production +20.2% y-o-y;

– Own coal production +24.5% y-o-y

Segmental EBITDA (US$mn)

-1000

100200300400500600700800900

1000

FCA FCE Long AACIS AMDS Mining

Q4'10 Q1'11 Q2'11 Q3'11 Q4'11

Steel Segment EBITDA/tonne (US$)

-25

0

25

50

75

100

125

150

175

Q4'10 Q1'11 Q2'11 Q3'11 Q4'11

FCA FCE Long AACIS AMDS

33

Flat Carbon Americas (FCA)

• EBITDA decreased to $237m from $420m in Q3’11 and increased from $158m in Q4’10

• Crude steel production increased 2.4% to 6.0Mt from 5.9Mt in Q3’11 primarily due to return to normal production following downtime in North America operations in Q3’11 offset by lower production primarily in South America operations.

• Steel shipments decreased 4.4% to 5.5Mt from 5.7Mt in Q3’11 primarily due to weaker market condition in South America offset by improved auto market demand in North America

• ASP decreased 4.6% to $868/t from $910/t in Q3’11

FCA EBITDA decreased sharply from Q3’11 primarily d ue to price cost squeeze

FCA Steel shipments (000t)

4000

4200

4400

4600

4800

5000

5200

5400

5600

5800

Q4'10 Q1'11 Q2'11 Q3'11 Q4'11

FCA - EBITDA (US$mn, LHS) and ASP (US$/t, RHS)

0

200

400

600

800

1000

Q4'10 Q1'11 Q2'11 Q3'11 Q4'11

500

600

700

800

900

1000

34

Flat Carbon Europe (FCE)

• EBITDA decreased to $26m from $367m in Q3’11 and $543m in Q4’10

• Crude steel production decreased 10.4% to 6.6Mt from 7.4Mt in Q3’11 primarily due to weaker market sentiment primarily in Europe

• Steel shipments decreased 3.1% to 6.2Mt from 6.4Mt in Q3’11 due to weaker market conditions and strong destocking activity


• Operating performance in Q4’11 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.

FCE profitability declined with price cost squeeze amidst weak operating conditions

FCE - EBITDA (US$mn, LHS) and ASP (US$/t, RHS)

0

100

200

300

400

500

600

700

Q4'10 Q1'11 Q2'11 Q3'11 Q4'11

650

700

750

800

850

900

950

1000

1050

FCE Steel shipments (000t)

4000

4500

5000

5500

6000

6500

7000

7500

8000

Q4'10 Q1'11 Q2'11 Q3'11 Q4'11

35

Long Carbon Americas & Europe (LCAE)

• EBITDA decreased to $338m from $438m in Q3’11 and from $315m in Q4’10

• Crude steel production decreased 2.4% to 5.5Mt from 5.6Mt in Q3’11.

• Seasonally production was lower in the Americas due to drawdown of inventory mainly in Brazil and the weaker market demand.

• Steel shipments decreased 2.3% to 5.9Mt from 6.0Mt in Q3’11 due to the summer holiday period in Brazil and lower demand in North America and Europe


• Q4’11 operating performance was negatively impacted by impairment charges of $160m primarily relating $151m for extension of idling at ArcelorMittal Madrid electric arc furnace

Long Carbon profitability declined due to lower vol umes and lower prices

Long - EBITDA (US$mn, LHS) and ASP (US$/t, RHS)

0

100

200

300

400

500

600

700

Q4'10 Q1'11 Q2'11 Q3'11 Q4'11

550

650

750

850

950

Long Steel shipments (000t)

4000

4500

5000

5500

6000

6500

Q4'10 Q1'11 Q2'11 Q3'11 Q4'11

36

Asia, Africa and CIS (AACIS)

• EBITDA decreased to $238m from $284m in Q3’11 and increased from $215m in Q4’10

• Crude steel production increased 2.5% to 3.6Mt from 3.5Mt in Q3’11, primarily due to improved production in Ukrainian operations

• Steel shipments increased 2.0% to 3.1Mt from 3.0Mt in Q3’11

• ASP declined 7.5% to $713/t from $771/t in Q3’11

AACIS profitability declined primarily due to price cost squeeze

AACIS - EBITDA (US$mn, LHS) and ASP (US$/t, RHS)

0

100

200

300

400

500

Q4'10 Q1'11 Q2'11 Q3'11 Q4'11

500

550

600

650

700

750

800

AACIS Steel shipments (000t)

2800

2900

3000

3100

3200

3300

3400

3500

Q4'10 Q1'11 Q2'11 Q3'11 Q4'11

37

Distribution Solutions (AMDS)

• EBITDA decreased to ($19m) EBITDA loss from $48m in Q3’11 and $86m in Q4’10

• Steel shipments increased 7.6% to 5.0MT in Q4’11 as compared to 4.6MT in Q3’11

• ASP declined 6.1% to $948/t from $1010/t in Q3’11

AMDS profitability declined due to lower margins fr om European operations due to weak market

AMDS - EBITDA (US$mn, LHS) and ASP (US$/t, RHS)

-40

-20

0

20

40

60

80

100

120

140

Q4'10 Q1'11 Q2'11 Q3'11 Q4'11600

700

800

900

1000

1100

AMDS Steel shipments (000t)

3800

4000

4200

4400

4600

4800

5000

5200

Q4'10 Q1'11 Q2'11 Q3'11 Q4'11

38

Mining• 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 Q3’11 primarily due to Liberia and Mexico

• Total iron ore shipments increased 12.8% to 15.3Mt (vs. 13.5Mt in Q3’11) of which 8.5mt at “market” prices (vs. 6.7Mt in Q3’11) and 6.8Mt on “cost-plus” basis (vs. 6.9Mt in Q3’11)

• Own coal production increased 5.6% to 2.2Mt in Q4’11 (vs. 2.1Mt in Q3’11)

Mining benefited from higher overall production vol umes offset by lower average selling prices following the chang e 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 Company’s 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.

Mining EBITDA (US$mn)

0

100

200

300

400

500

600

700

800

900

Q4'10 Q1'11 Q2'11 Q3'11 Q4'11

Iron Ore (million tonnes)

0.0

5.0

10.0

15.0

20.0

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

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

Coal (million tonnes)

0.0

0.5

1.0

1.5

2.0

2.5

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

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

Strong Automotive market share maintainedand increasing on high added value products

→ Strong market share maintained on Auto→ Strengthening position in Advanced High Strength St eels

- stronger increase than average in ALL regions- above average market share

Sources : AM deliveries ; JD Power/CSM

NAFTA Europe

2008 2009 2010 2011

AHSS Market share overall Market share

2008 2009 2010 2011

AHSS Market share overall Market share

Recognised leadership from key customers

39

40

Our Leadership in automotive steel

Global auto steel market ~65mt in 2010; ArcelorMit tal holds market share of ~20% globally(approx. 40% in our “domestic” markets) and is a le ader for high value-added products

• Solution-driven segment with high value proposal for Original Equipment Manufacturers (OEM)

• Relative stability of margin: 20-30% of average selling price is attributable to the value added nature of the product

• High volumes, around 15% of the group’s total, and stable product mix

• Lower price pressure when overall demand declines due to value-added products and contract-selling

• Barriers of entry due to technical know-how requirements for value-added products and customer relationships

• Opportunities and drivers for innovation, improvement, development & growth

• Global customers

Automotive segment attributes ArcelorMittal indexed average auto steel prices and spot HRC USA domestic fob midwestUS$/s.ton (Base 100=Q406)

Sources: JD Power forecasts (08-2011)

0

20

40

60

80

100

120

140

160

180

200

Q4 06

Q1 07

Q2 07

Q3 07

Q4 07

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Average auto steel price

Spot HRC USA domestic fob midwest US$/s.ton

NAFTA33%

Mercosur*6%

South Africa1%

Europe60%

Coated (Electrogalva

nised) 8%

Coated (hot dip)

53%

Cold Rolled 15%

Hot Rolled Coil 24%

ArcelorMittal automotive steelproduction by region in 2010

ArcelorMittal automotive steelshipments by product in 2010

→ Using currently and globally available Advanced High Strength Steel (AHSS) grades → Involving unique industrial partner network→ High tech solutions (Tailored blanks, …)

- For the lightest BiW concept, 29 parts (~69 kg) use hot stamping offering high mechanical resistance for complex geometries without spring back effect

LWBDuctibor ® 500P / Usibor ® 1500P

LWBUsibor ® 1500P / Usibor ®

1500P

Target Perimeter = Body in White (BiW), Closures and Chassis

Catalogue of worldwide solutions adapted to meet rec ent and most stringent crash requirements

• Cost neutral • Roll out to all automotive customers in the world with

significant interest (more than 80% of OEMs involved with S-in motion roll out)

• Trigger partnerships with customers on future platforms (already successful results)

Worldwide ArcelorMittal R&D involving automotive su ppliers and industrial partners (Gestamp and Magnetto Automotive)

S-in motion program offers 20% weight reduction

41

China’s steel demand following precedents

• Economic development is characterised by strong, early phase steel demand growth – China is no different

42

China’s steel demand growth is sustainable near termNote: Between 1900 and 1949 crude steel production per capita as approximation for demand as no data available

Sources: WSA for crude steel ASC; Global Insight and UN Data statistics for population; ArcelorMittal Corporate Strategy team analysis

0

5000

10000

15000

20000

25000

30000

35000

40000

1905

1910

1915

1920

1925

1930

1935

1940

1945

1950

1955

1960

1965

1970

1975

1980

1985

1990

1995

2000

2005

China

S. KoreaFrance

Germany

USA

Cumulative crude steel apparent consumption (kg/capita)

43

Chinese steel industry running at full capacity

Sources: WSA, SBB and ArcelorMittal estimates

Steel consumption per capita in 2009e (kg)

Western China

(210 kg)Coastal

China

(615kg)

Central China

(285 kg)

Development and growth potential

Population migration

Chinese steel apparent demand (mt)

China demand growth remains solid

0

100

200

300

400

500

600

700

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

P20

12P

Source: ArcelorMittal Corporate Strategy

• China steel demand growth is expected to continue to absorb new supply of iron ore, keeping global supply/demand tight

Iron ore supply forecast to keep pace with demand, with no significant excess

China will keep global raw materialsupplies tight

Global iron ore supply/demand outlook (Mn tonnes)

800

1300

1800

2300

2800

3300

2010 2011 2012 2013 2014 2015 2016

Iro

n O

re D

em

an

d/

Pro

du

ctio

n

World Iron Ore Demand

World Iron Ore Production

44

Supply/Demand projections

102

450400

60

India Other developing

world

China DevelopedWorld*

Developing world ex-China:

• Over 4 billion people

• Large populations in India, MENA, CIS, Brazil, parts of SE Asia

• Many of these countries are well engaged on the path of industrialisation and urbanization growth

• Over 400m tonnes steel consumption

• 5.6% CAGR 2000-2010

Developed world:

• Ca. 1bn people

• Low population growth

• Post-industrial service based economies

• Declining steel consumption


Other developing

world



world


60


world


* US, Canada, EU-15, Japan, Korea, Taiwan, Oceania;

Sources: WSA, ArcelorMittal Corporate Strategy analysis

But it’s not just a China story

• Outside China there is significant, broad-based growth in steel consumption

Crude steel consumption per capita 2010 (kg)

45

We expect continued growth in steel consumption in the developing world

14 15

1

9

5

10

15

20

25

2011 2013

Brownfield expansion

Canada base

ArcelorMittal Mines Canada (AMMC): expansion underway

• 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

Canadian industrial location ArcelorMittal Mines Canada overview

* Total scheme investment of US$2.1 billion includes investment in expanding the pellet plant which has not yet been committed to

Bloom LakeBloom Lake

Strategic advantage from exclusive use of own rail and port facilities

46

* AMMC 2013 brownfield expansion includes 1mt increase for spirals

Long South America

10%

AACIS13%

Mining31%

Long North America

1%

Flat South America

5%

Long Europe5%

Distribution3%

Flat Europe15%

Flat North America

17%

98

37 35 3531

23 23 22 22 19 18 18 17 16 16 15 14 14 13 13

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Wu

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298

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47

Leading Steel & Mining Company4th Largest iron ore producerLargest steel producer

2010 Crude steel, mt 2010 Iron ore production, mt

Steel companies

Diverse steel business (by product and geography) w ith rapidly expanding mining operations

• World’s No1 steel producer (~ 6% of world crude steel output)• 2011 EBITDA of US$10.1bn; only ~40% generated from steel

business in Europe and North American

• Balanced portfolio of cost-competitive assets in both developed and developing markets (No1: EU; N Am; Africa, LatAm, CIS)

• Broad range of high-quality finished and semi-finished carbon steel products ; Outstanding distribution networks

• 4th largest iron ore producer; low 2nd-quartile cash cost for iron ore; World-class iron ore reserve & resource

• Global presence � unrivalled knowledge base and benchmarking

FY 2011 EBITDA split by product (geographical area)

~60% of EBITDA generated

OUTSIDE of EU and North

America

69*

Note: *ArcelorMittal iron ore production includes strategic contracts; 2010 production from own mines was 48.9Mt;

48

Contacts

Daniel Fairclough – Global Head Investor [email protected]+44 207 543 1105

Hetal Patel – UK/European Investor [email protected]+44 207 543 1128

Valérie Mella – European and Retail Investor [email protected]+44 207 543 1156

Maureen Baker – Fixed Income/Debt Investor [email protected]+33 1 71 92 10 26

Thomas A McCue – US Investor [email protected]+312-899-3927

Lisa Fortuna – US Investor [email protected]+312-899-3985

arcelormittal presentation investors_roadshow

Business

safety frequency

1549diluted

q311 primarily

core growth

q311 due

market price

net debt

negatively