History

ArcelorMittal is a successor to Mittal Steel, a business founded in 1989 by Mr. Lakshmi N. Mittal, the Chairman of the Board ofDirectors and Chief Executive Officer of ArcelorMittal. It has experienced rapid and steady growth sinc e then largely through theconsis tent and disciplined execution of a successful consolidation-based strategy. Mittal Steel made its first acquisition in 1989,leas ing the Iron & Steel Company of Trinidad and Tobago. Some of its principal acquisitions since then include Thyssen Duisburg(Germany) in 1997, Inland Steel (USA) in 1998, Unimetal (France) in 1999, Sidex (Romania) and Annaba (Algeria) in 2001, NovaHut (Czec h Republic) in 2003, BH Steel (Bosnia), Balkan Steel (Macedonia), PHS (Poland) and Iscor (South Africa) in 2004, ISG(USA), Hunan Valin (China) and Kryvorizhstal (Ukraine) in 2005, three Stelco Inc. subsidiaries (Canada) and Arcelor in 2006.

Arcelor was created in February 2002 by the c ombination of three steel-making companies: Ac eralia Corporación Siderúrgica("Aceralia"), Arbed and Usinor, to create a global presence in the steel indus try. At the time of its acquis ition by Mittal Steel in 2006,Arcelor was the second largest steel producer in the world in terms of production, with 2005 production of 46.7 million tonnes ofsteel and 2005 revenues of ¼32.6 billion. It operated in all key end markets : the automotive industry, construction, householdapplianc es, pack aging and general industry. Arcelor enjoyed leading positions in Western Europe and South America, in particulardue to its Brazilian operations.

In 2007, ArcelorMittal continued to pursue a disciplined growth s trategy, with a total of 35 transactions announced in Argentina,Austria, Canada, China, Estonia, Franc e, Germany, Italy, Mexico, Poland, Russ ia, Slovakia, South Africa, Turkey, the UnitedKingdom, Uruguay, the United States and Venezuela, a number of which were completed in 2007. During 2007, ArcelorMittal alsoannounc ed or completed buy-out offers for minority interests in certain of its subsidiaries in Argentina, Brazil and Poland.ArcelorMittal also initiated development plans for its greenfield projec ts in India, Liberia and Senegal and announced newprospective development projects in Mauritania, Mozambique, Nigeria, Russia, Saudi Arabia and Turkey.

During the first eight months of 2008, ArcelorMittal continued making inves tments , with significant transactions announced inAustralia, Brazil, Canada, Cos ta Rica, France, Rus sia, South Afric a, Sweden, Turkey, United Arab Emirates, the United States, andVenez uela, the majority of which have been completed. During the last four months of 2008, Arc elorMittal largely suspendedmergers and acquisitions and other investment activities in light of the deteriorating economic and market environment.

ArcelorMittal has proven expertis e in acquiring companies and turning around under-performing ass ets and believes that it hassucc essfully integrated its previous key acquisitions by implementing a "best practices" approach in operations and management toenhance profitability.

Sinc e the acquis ition by Mittal Steel of Arcelor, a company of approximately equivalent s ize, the c ombined c ompany has reachedsignificant milestones in its operational integration process ahead of schedule, having consolidated support functions, optimised itssupply chain and proc urement structure and leveraged res earch and development s ervices across a larger base, thereby achievingcost savings and revenue synergies, as well as other synergistic benefits. As of 31 December 2008, Arc elorMittal had fully realis edits targeted $1.6 billion in s ynergies from the merger.

ArcelorMittal has grown through the acquisition of numerous steel-making and other assets, which currently constitute its majoroperating subsidiaries . More rec ently, ArcelorMittal's acquisitions have been concentrated on v ertic al integration (i.e., acquisitions ofraw material producers or production sites). ArcelorMittal's principal inves tments and acquis itions (including Greenfield projects),during the year ended 31 December 2008, are summarised below.

The bulk of these acquisitions and investments were made prior to the sharp downturn in the steel market starting in September2008. Since then the Company has sharply curtailed its M&A and investment activities and placed under review as a general matterits inves tment projects involving s ignificant capital expenditure, including those summarised below and those announc ed in prioryears. Many of these projects, particularly "Greenfield" projects, (i.e., new-build construction projects) and large "Brownfield"projects (i.e., expansion or improvement of exis ting sites) are in any c ase subjec t to the rec eipt of various regulatory approvalswithout which implementation cannot begin. As dis cussed more fully in "Item 5-Operating and Financial Review and Prospects-Overview-Initiatives in Respons e to Changing Market Conditions", the Company has sharply reduced its anticipated capitalexpenditures for 2009 to $3 billion, of which $2.5 billion is for maintenanc e.

History of Mittal Steel

Mittal Steel's growth was founded on a consis tent philosophy: that to be able to deliver the range and quality of products customersdemand the modern steel maker must have the scale and worldwide pres enc e to do so competitively.

The group was formed when two sister c ompanies in the Mittal family , LNM Holdings and ISPAT International, were merged to formMittal Steel in 2004.

Mittal Steel Growth Timeline

2005:Acquis ition of a stake in Hunan Valin > ISG Acquisition c ompleted > Mittal Steel Europe created > Mittal Steel makes Fortune500 list of top companies> MDA with Liberian government > Acquisition of Kryvorizhstal > MoU with State of Jharkhand, India >Acquisition of Stelc o subsidiaries > Stake lifted in Mittal Steel Zenica

2004:Acquis ition of Polski Huty Stali > Ac quisition of BH Steel > Acquisition of Mac edonian facilities from Balkan Steel > Creation ofMittal Steel and proposed acquisition of International Steel >

2003:Acquis ition of Nova Hut

2002:Business as sistanc e agreement signed with Iscor

2001:Acquis ition of ALFASID > Acquisition of Sidex

1999:Acquis ition of Unimétal

1998:Acquis ition of Inland Steel Company

1997:Ispat International NV goes public

1995:Acquis ition of Hamburger Stahlwerke > Ispat International Ltd. and Ispat Shipping formed > Acquisition of Karmet

1994 : Acquisition of Sidbec-Dosco

1992:Acquis ition of Sibalsa

1989:Acquis ition of Iron & Steel Company of Trinidad & Tobago

History of Arcelor

Arcelor was created through the merger of Arbed (Luxembourg), Aceralia (Spain) and Usinor (France). The three European groupswere determined to mobilis e their tec hnical, industrial, and commercial resources in order to create a global leader in the s teelindustry.

The merger was officially launched on 19 February 2001 and the choice of the Arcelor name was announced on 12 December 2001.The merger became effective on 18 February 2002 when Arcelor shares were listed on several stock exc hanges.

Arcelor Highlights 2002- 2006

y 2006

y 2005y 2004

y 2003

y 2002

Founding c ompanies of Arcelor

y Chronology Arbed

y Chronology Ac eralia

y Chronology Usinor

The Merger Process

2006 was a very exciting and challenging year for Arc elorMittal. The new company was at the forefront of the consolidation process,leading the industry through mergers and acquisitions.

January 2006 Historic moment for the Global Steel Industry

The year started with the historic launch of the Mittal Steel offer to the shareholders of Arc elor to create the world's first 100 milliontonne plus steel produc er. The aim of increasing globalisation and consolidation, necess ary in the steel industry, defines the dealand s ets the pac e for the industry.

February 2006 - Expansion and strong results

Mittal Canada c ompletes the acquisition of three Stelc o subsidiaries , the Norambar and Stelfil plants, loc ated in Quebec, and theStelwire plant in Ontario. Stelfil and Stelwire will add 250,000 tonnes of steel wire to the company's annual produc tion c apacity,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 produc er ofsections and beams, and will further boost its operational excellence thanks to this partnership. It is still awaiting approval with theBeijing authorities.

April 2006 - Renewal after Hurricane Katrina and new galvanised line

Out of the devas tation of Hurricane Katrina, aros e a revitalised Miss is sippi youth bas eball field, rebuilt with the help of Mittal SteelUSA and Arcelor. The company provides money towards the purchas e of lighting fixtures and steel cross bar support. It als oarranges for and donates the labour costs for their installation.

Mittal Steel USA places a new line into operation in Cleveland to prov ide top-quality galvanised sheet steel to automakers and otherdemanding customers. The new line is designed to produce in excess of 630,000 tonnes of corrosion-resis tant sheet annually, us ingthe hot-dip galvanising process.

May 2006 - US clears the way for bid

Mittal Steel announces US antitrust clearance for Arc elor bid and the approval of the offer documents by European regulators. Theacceptance period s tarts in Luxembourg, Belgium and France on 18 May 2006 (some days later for Spain and the United States )and las ts until 29 June 2006.

Arcelor c ontributes to the first anti-seismic s chool building in Iz mit (Turkey), where a school building had been des troyed by anearthquak e 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 c ombine the two companies in a mergerof equals. The terms of the transaction were reviewed by the Boards of Arcelor and Mittal Steel which each recommended thetrans action to their shareholders. The c ombined group, domiciled and headquartered in Luxembourg, is named Arc elor Mittal.

Demons trating the c ommitment to extend markets in developing nations, a strategic partnership between Arc elor Mittal and SNI(Société Nationale d'Investis sement) is concluded c oncerning the development of Sonasid. This consolidates and develops theposition of Sonasid on the Moroccan market, allowing the company to benefit from the transfer of Arc elor Mittal's tec hnologies andskills in the long carbon steel product s ector.

September 2006 - New dividend policy

Arcelor Mittal announc es new dividend polic y, under whic h it will pay out 30% of net income annually.

93.7% of Arcelor shareholders tender their shares to Mittal Steel.

Arcelor Mittal confirms Value Plan up to 2008.

December 2006 - Deals, deals, deals!

Arcelor Mittal sells Thüringen long c arbon steel plant to Grupo Alfonso Gallardo for ¼591 million euros, as part of Mittal Steel'scommitments to the European Commission.

Arcelor Mittal and the Government of Liberia conclude the review of the Mining Development Agreement. W ith this agreement givingaccess to iron ore mining, with capacity of 15 million tonnes a year, the Liberian Government and Arcelor Mittal will be partners injumpstarting economic recovery and dev elopment for Liberia. The USUS$1 billion investment will bring around 3,500 direc t jobs and15,000 to 20,000 indirect jobs.

Arcelor Mittal sells the Italian long c arbon steel produc tion Travi e Profilati di Pallanzeno and San Zeno Acciai to Duferco for ¼117million, as part of Mittal Steel's commitment to the European Commission.

Arcelor Mittal acquires Sic artsa, the leading Mexican long steel producer. Sic artsa is a fully integrated producer of long s teel with anannual production capacity of about 2.7 million tonnes , and with produc tion facilities in Mexic o and Texas . This combination ofSicartsa with Mittal Steel Lázaro Cárdenas leads to the creation of Mexic o's largest steel producer with an annual capacity of 6.7million tonnes.

Arcelor Mittal signs a Memorandum of Understanding for the Greenfield project in Oris sa, India. The aim is to set up steelmakingoperations in the Keonijhar Distric t. The integrated steel plant s hould have a total annual capac ity of 12 million tonnes. This wouldinclude c aptive mining facilities, captive power supply, water supply infrastructure and other fac ilities including s etting up townshipsfor employees.

The first slab in the new c ontinuous c aster in Dabrova has been produced and represents a k ey step of the s uccessful restruc turingof Arcelor Mittal Poland. Other projects had been ac hieved earlier, such as the relining of a blast furnace in September 2006, thecommissioning of the new colour coating line in Huta Florina. The start-up of a new hot strip mill in Krakow is foreseen in the firsthalf of 2007.

Arcelor Mittal says EBITDA will be higher in 2007 than in 2006.

Global strategy and monthly highlights( 2007)

In 2007, the Group announc ed 35 trans actions, of which 14 were c ompleted for a capital outlay of $12.3 billion including theassumption of debt. Key miles tones during the year 2007 were as follow.

January 2007

ArcelorMittal s ells Huta Bankowa, loc ated in the South of Poland, to Alchemia SA Capital Group, as part of Mittal Steel'scommitment to the European Commission during the merger process .

February 2007

ArcelorMittal c ontracts a joint venture agreement with the Bin Jarallah Group for a seamless tube mill in Saudi Arabia. The mill willhave a capac ity of 500,000 tonnes per year; the major part of tubes produc ed will be us ed in the oil industry and the remainder forpipelines.

March 2007

ArcelorMittal builds a new Steel Service Centre in Krakow (Poland). This facility will have a processing capacity of about 450,000tonnes per year and will strengthen the existing de-coiling and slitting facilities in Huta Sendzimira and in Bytom.

ArcelorMittal holds its Investor Day in New York and Lázaro Cárdenas on March 27-28, 2007. President and CEO, Lakshmi Mittal,introduc es the three dimensional growth strategy for reduced risk (s ustainability) and continued growth consisting of product, valuechain and distribution.

April 2007

ArcelorMittal finalises the acquisition of Sicarts a, from Grupo Villacero, leading to the creation of Mexic o's larges t steel produc er.Sicarsta is a fully integrated produc er of long steel, with an annual production capacity of about 2.7 million tonnes and with facilitiesin Mexico and T exas (United States). ArcelorMittal has also entered into a 50/50 commercial joint venture with Grupo Villacero.

June 2007

ArcelorMittal launc hes its new global brand. Reflecting the c ompany's aspirations, the brand's vision 'transforming tomorrow' issupported by three main values: Sustainability, Quality and Leadership. The brand launch is an ess ential part of the integrationproc ess, creating a common bond for all employees. Arc elorMittal als o launches its &#xu2;018boldness changes everything' globaladvertising campaign.

ArcelorMittal starts a share buy-bac k programme to repurchas e class A common shares up to a maximum aggregate amount of$590 million, or up to a maximum of 27 million class A common shares, to be used either for s upporting potential corporateopportunities or for cancellation.

July 2007

ArcelorMittal is granted concessions to develop mining, transportation and logis tics activities by the Republic of Senegal in theFaleme region (South East Senegal). This integrated mining project will encompass the development of the mine in four locations,comprising both hematite and magnetite deposits, the building of a new port in Bargny near Dakar and the development ofapproximately 750 k m rail infrastructure to link the mine to the port.

The European Works Council (EWC) of ArcelorMittal is installed. The ArcelorMittal EWC represents all employees from within theEU27,130,000 employees in total, and has 54 members.

ArcelorMittal acquires two steel tube bus inesses from Vallourec (France). Both companies enjoy strong pos itions in the Europeansteel tubes market. This ac quisition underlines ArcelorMittal's strategy to expand its business in the automotive s ector, and furtherstrengthens the Company's pipes and tubes business.

August 2007

A landmark delivery of 580 tonnes of steel, milled in ArcelorMittal Differdange (Luxembourg), is used in the c ons truction of the WorldTrade Centre Memorial in New York City. The jumbo beams represent approximately 20% of the s teel us ed for the project.

ArcelorMittal and RAG Beteiligungs-AG sign an agreement concerning the acquisition of the 76.88% stake directly held by RAG inSaar Ferngas AG Saarbrücken. Saar Ferngas is the largest gas distribution c ompany in Saarland and Rhineland-Palatinate inGermany. This agreement is an opportunity to increas e synergies with ArcelorMittal's regional energy network.

ArcelorMittal and Noble International Ltd., North America's largest producer of las er-welded s teel products, complete the transactionto combine their laser-welded tailored blanks businesses, for the benefit of their global automotive c ustomers.

September 2007

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ArcelorMittal invests $18 million in a new cut length line for hot rolled coils in Ostrava (Czech Republic). The new Steel Servic eCentre will benefit from significant logistics and cost competitiveness, while being in line with Arc elorMittal's development strategy inCentral and Eastern Europe. This fac ility has a proc essing capacity of 250,000 tonnes per year and will start operating in mid-2008.

ArcelorMittal owns 100% of Arcelor Brasil after having completed the acquis ition of all its outstanding shares.

ArcelorMittal holds its Investor Day in Paris and South Africa on September 11-13 2007.

October 2007

ArcelorMittal and Borusan, one of Turkey's leading steel producers, announce a 50/50 joint venture partnership, cons isting in a $500million investment in the c onstruction of a new hot mill in Gemlik. This facility will offer high grade products for the Turkish marketand is planned to start operating by 2010 with a capac ity of 4.8 million tonnes.

ArcelorMittal acquires a 70% in Carminati Distribuzione S.r.l, one of the leading steel distributors in Nothern Italy, which sold over75,000 tonnes in 2006 with a turnover of euro50 million.

November 2007

The Extraordinary General Meetings of shareholders of Arc elorMittal and Arc elor approve the merger of ArcelorMittal into Arcelor, tobe renamed ArcelorMittal. This merger is the sec ond step in the two-step merger process between Mittal Steel and Arc elor, and iseffective on November 13, 2007.

ArcelorMittal purchases a 100% stake in Galvex OÜ, the Estonian privately owned steel galvanizing line. In 2006, Galvex produced190,000 tonnes of hot dip galvanised steel, mainly for the c onstruction sector, with s ales totalling euro125 million.

ArcelorMittal is awarded two gold medals for new products it unveiled at the Batimat construction fair. The Golden Innovation Medalis granted to the s olar panel Arsolar®, and the Golden Design Medal to the Angelina® beam.

ArcelorMittal s igns a Memorandum of Cooperation with the Republic of Mozambique, whic h aims to develop synergies and planfurther investment in the steel industry, and in the mining of raw materials. Arc elorMittal plans to build a new bar rolling mill with ayearly c apacity of 400,000 tonnes. Arc elorMittal also announces a joint venture partnership with the Mozambique-regis teredcompany Black Gold Mining (Moc) Lda. The Group ac quires a 35% s take in the joint venture c ompany, Rio Minjova Mining andExploration Company, at an initial c ost of $2.5 million.

ArcelorMittal and Kalagadi Manganese, a South Afric an manganese development company, start a 50/50 joint venture which willsee the development of a manganese mine, beneficiation plant, sinter c omplex and a s melter complex in Coega. The project, due tostart in 2010, overlies the Kalagadi Manganese Bas in, a world-renowned source of manganes e ore containing 80% of the world'sknown manganes e resources.

ArcelorMittal invests in Greenfield Longitudinal Submerged Arc Welded pipe mill in Nigeria with a capac ity of 300,000 tonnes peryear. This investment, welcomed by Nigerian National Petroleum Corporation (NNPC), gives ArcelorMittal access to a major oil andgas market. The construction of the mill is due to begin in early 2008, with production due to start in 2010.

ArcelorMittal acquires a 12.6% equity stake in General Moly, Inc . for a total c onsideration of $70 million. General Moly, Inc . is a USbased molybdenum mineral development, exploration and mining c ompany.

December 2007

With the aim to inc rease its commercial presence in the UK, ArcelorMittal acquires NSD Ltd., a leading UK steel distributioncompany s pecializing in the sale of heavy sec tions and tubes.

ArcelorMittal purchases Slovak ferro-alloys manufacturer OFZ, whic h manufactures a wide range of ferro-alloys and cored wires.This facility has an operating c apacity of 150,000 tonnes per year.

ArcelorMittal acquires 28% equity interest in China Oriental Group Company Ltd. for $644 million. Arc elorMittal becomes the sec ondlargest shareholder of this company, which manufactures and sells steel products such as billets, strips, H-beams, c old rolled andgalvanis ed strip. ArcelorMittal also signs a landmark agreement with China Oriental, with the aim to transform the company into aleading produc er of heavy sec tions in China thanks to tec hnology sharing, technical expertise and know-how.

ArcelorMittal acquires M.T Majdalani y Cia. S.A, the leading stainless Steel Service Centre and distributor in Argentina, andconsolidates its position in the South American stainless distribution market. T his company is s pec ialis ed in flat stainless steelproducts with cut to length and slitting facility.

ArcelorMittal s igns a Greenfield project with the administration of the Tver region in Russia. The Group will build a steel complex,with a capacity of one million tonnes of steel and two bar mills.

ArcelorMittal acquires 100% of the shares of the Austrian steel distribution company Eisen Wagner GmbH. W ith its 60,000 tonnes ofsteel products sold in 2007, Eisen W agner is one of the leading steel distribution companies in Austria.

In order to strengthen its stainless steel business in South Americ a, Arc elorMittal purchas es Cinter S.A., an important stainless steeltube producer in Uruguay. With 200 employees and 3 s ites, Cinter develops specialties that c omplement its stainless business.

ArcelorMittal plans to build a $380 million beam mill in Contrec oeur (Canada) with a capac ity of 800,000 tonnes. Flat carbon s teelproduction will be consolidated in Hamilton and long carbon production in Contrecoeur.

Mont hly highlights 2008

January 2008

ArcelorMittal s igns a Memorandum of Understanding with Société Nationale Industrielle et Minière in Mauritania. The agreementprovides for the development of a large iron ore mining project in Mauritania.

ArcelorMittal acquires Unicon, the leading manufacturer of welded s teel pipes in Venezuela. Unicon supplies the oil and gas andindustrial and construction sec tors both domestically and overseas. The trans action was c ompleted in April 2008.

ArcelorMittal inaugurates Arc eo, its industrial prototype line for vac uum plasma steel c oating in Liège, Belgium. With this process,steel can be a sensor, a reflec tor, a source of light, more aes thetically pleasing or endowed with better anti-corrosive properties.

ArcelorMittal Steel Servic e Centre Sverige and BE Group create a 50/50 processed flat carbon s teel joint venture in Sweden. Thiscombination creates a new number three in the Swedish market, with a 20% market share.

February 2008

ArcelorMittal acquires the remaining 50% interest in Laminadora Cos tarricense and Trefileria Colima, the only major long carbonsteel company in Costa Rica.

ArcelorMittal and the federal and regional governments of Belgium agree on c arbon dioxide ('CO ') emission allowances. As a2consequence, the re-launch of ArcelorMittal Liège, Belgium, Blast Furnac e Number 6 is initiated.

April 2008

ArcelorMittal enters the Brazilian Steel Service Centre market with the ac quisition of 50% of Gonvarri Bras il. The aim is to establisha s trong pres enc e in the Brazilian flat steel downstream s egment, building on the product leadership of ArcelorMittal's Tubarão,Vitória, and Vega do Sul plants.

ArcelorMittal acquires three c oal mines and associated ass ets in Russia for a total consideration of $720 million.

ArcelorMittal agrees to build a third line in its joint venture partnership with Nippon Steel by building a new continuous galvanizingline at the I/N Kote facility in New Carlisle, Indiana, at a c ost of $240 million. On Dec ember 4, 2008, Nippon Steel announc ed thatthe project would be delayed until demand in the US automobile industry market strengthens.

ArcelorMittal c oncludes a c oal off-take agreement with Coal of Africa Limited, the South African coal development company, relatingto the Baobab and Thuli coal mines.

May 2008

The Court appointed trustee completes the sale of Arc elorMittal's Sparrows Point steel mill to OAO Severstal for $810 million, net ofdebt.

June 2008

ArcelorMittal and its unions sign a groundbreak ing global agreement on occupational Health and Safety. It s ets out minimumstandards in every s ite in order to achiev e world clas s performanc e.

ArcelorMittal holds an inaugural global interac tive individual shareholder event with Sec ond Life. Through this virtual reality website,individual shareholders can meet and interac t with Mr Mittal.

ArcelorMittal s igns an agreement to acquire Bayou Steel, a producer of structural steel with fac ilities in LaPlac e, Louisiana, andHarriman, Tennessee, for $509 million. The transaction clos ed in July 2008.

ArcelorMittal s igns an agreement to acquire the Mid Vol Coal Group. This partnership will increas e the Company's upstream self-sufficiency in raw materials .

ArcelorMittal, Hunan Valin Group and Hunan Valin Steel Co. launch Valin Arc elorMittal Automotive Steel, an industrial andcommercial automotive joint venture that will have an annual production c apacity of 1.2 million tonnes of flat carbon steel, mainly forautomotive applications .

ArcelorMittal enhances its distribution activities in the United Arab Emirates. The Company intends to ac quire 60% of Dubai SteelTrading Company LLC ('DSTC LLC'), a newly inc orporated company located in the Dubai free zone. The acquis ition is finalised inJanuary 2009.

ArcelorMittal increases its stake in Macarthur Coal of Aus tralia, from 14.9% to 19.9%.

July 2008

ArcelorMittal and AREVA s ign an industrial partnership agreement for a euro70 million ($110 million) investment aimed at increasingproduction of steel products for the nuclear industry at the Group's Industeel plant.

ArcelorMittal launc hes a new clean technology venture c apital fund, with an initial clean technology investment of $20 million inMiaSolé, and a new c arbon fund, as part of its commitment to finding solutions for environmental challenges, including climatechange.

ArcelorMittal's Stainless International segment acquires the 35% stake in Uginox Sanayi ve Ticaret Limited Sirketi ('Uginox') ownedby Primex. Uginox operates a coil processing and servic e c entre in Turkey dedicated to servicing the automotive and white goodsmarkets.

ArcelorMittal s igns an agreement to acquire Concept Group ('Concept'), located in southern Wes t Virginia, USA. Conc ept's proximityto Mid Vol's operations will allow the Group to draw on the complementary strengths of both companies to increas e their combinedproduction c apacity. The transaction is c ompleted in August 2008.

ArcelorMittal announc es a ¼76 million ($118 million) investment to expand electrical steel production capacity at its Saint Chélyd'Apcher plant, France.

ArcelorMittal reinforces its Steel Service Centre network in Brazil by acquiring a 70% share of Manchester Tubos e Perfilados , theBrazilian steel proc essor and distributor located in Contagem, Minas Gerais.

August 2008

ArcelorMittal projects new investments of $1.6 billion in its c arbon steel operations in Brazil. The timing and scope of this investmentare c urrently under review.

ArcelorMittal acquires the Koppers' Monessen coke plant for $170 million. The ac quisition is an important step towards increasingupstream s elf-sufficiency in metallurgic al coke production. The transaction was c ompleted in October 2008.

Hunan Valin Iron & Steel Group Co. Ltd and ArcelorMittal sign a 50/50 joint venture agreement for the production and s ale ofelectrical (silicon) steel, one more milestone following the automotive sheet JV agreement signed in June. The new JV, named ValinArcelorMittal Electrical Steel, will build c old rolling and processing facilities for the production of electrical steels.

ArcelorMittal acquires Braz ilian iron ore miner London Mining South America Limited and reaches an agreement with AdrianaResourc es Inc. for the development of an iron ore port facility in the State of Rio de J aneiro, Brazil. Together with an investment inMineraç ão Pirâmide Participações Ltda, the acquisition further divers ifies ArcelorMittal's iron ore bas e in the face of tighter rawmaterial s upply.

September 2008

ArcelorMittal and Kalagadi Manganese agree a 50/50 joint venture to develop Kalagadi's South African manganese deposits.Projec t implementation has not yet begun and its scope and timing are under review.

ArcelorMittal Wars aw inaugurates a new bar rolling mill, one of the most advanced rolling lines in Europe, following an investment ofeuro80 million.

ArcelorMittal announc es a new 'Management Gains' plan that will target $4 billion of cos t savings over the next five years. The planfoc uses on increasing employee productivity, reducing energy consumption and reducing input c osts to achiev e a higher yield andimproved produc t quality.

ArcelorMittal organises its Leaders hip Conferenc e in New Delhi, India. The 650 most s enior managers have the opportunity topres ent their strategies, discuss c ritical issues and plan the future. Mr Mittal launc hes the new operating philos ophy of SafeSustainable Steel.

November 2008

ArcelorMittal meets with its European Works Council to present voluntary s eparation programmes to be launched across the Group.This is to help achieve the Company's stated aim of reducing SG&A expenditure by an additional $1 billion in res ponse to thecurrent ec onomic situation.

ArcelorMittal announc es meas ures in response to the downturn in the global s teel industry. These include: postponing targetcompletion dates for the realis ation of previously announced shipment growth objectives entailing substantial capital expenditure,increas ing targeted cos t savings under the 'Management Gains' programme over the next five years to $5 billion through additionalsavings in SG&A costs, inc reasing temporary cuts in s teel production to up to 35% (later increas ed to approximately 40-45%)globally in order to accelerate steel inventory reduction, and targeting a $10 billion reduction in net debt by the end of 2009.

In addition, Arc elorMittal suspends the share buy-back programme until the debt reduction targets are achieved.

December 2008

ArcelorMittal enters into binding agreements to reduc e its voting interest in Dillinger Hütte Saarstahl AG ('DHS') from 51.25% to33.4% (c orres ponding to an economic interest of 30.08% since DHS holds 10% of its shares in treas ury), in line with existinggovernance rights. ArcelorMittal plans to remain a key industrial partner to DHS.

Mont hly highlights 2009

In January 2009, ArcelorMittal began trading on a single order book in Paris, Amsterdam and Brussels, under the symbol MT.1ArcelorMittal remains a member of key NYSE-Euronext indices, including the CAC40 and the AEX .

January

ArcelorMittal c ontributed its 76.9% stake in Saar Ferngas AG to Luxembourg-bas ed utility Soteg, in which it held a minorityownership stake. Upon c ompletion, Arc elorMittal's stake in Soteg increas ed from 20% to 26.2%. ArcelorMittal then sold 2.48% ofSoteg to the Government of Luxembourg and SNCI ('Société Nationale de Crédit et d'Investissement'), a Luxembourg government-controlled investment. ArcelorMittal retains a 25.3% stake in Soteg, renamed Enovos.

April

ArcelorMittal met with its European Works Council to provide an update on the temporary suspension of production at sites inEurope. In light of the ongoing exceptional economic environment, it was necess ary to continue to suspend and optimis e productionto ensure the Company was well adapted to the market reality. All production sus pensions were temporary and reviewed on aregular basis.

May

ArcelorMittal and the Czech Government agreed to resolve all pending arbitration and litigation regarding the privatisation of NovaHut and Vitkovice Steel. ArcelorMittal agreed to an amicable settlement of all pending litigation and arbitration cas es against theCzech Government and its related entities. In addition, ArcelorMittal inc reased its stake in ArcelorMittal Ostrava to approximately83%. As a part of the overall s ettlement agreement, Arc elorMittal Ostrava concluded a long-term s upply agreement for hot metalwith Evraz Vitk ovic e Steel.

October

ArcelorMittal s igned a definitive agreement to divest its minority interest in Wabus h Mines , Canada, pursuant to which it will receive$34.28 million for its 28.6% stake. After the disposal, ArcelorMittal c ontinued to have signific ant mining operations and resources inCanada including ArcelorMittal Mines Canada.

November

ArcelorMittal acquired an additional 13.9% stake in ArcelorMittal Os trava, increas ing its stake to approximately 96.4%. Thetrans action was completed in January 2010.

December

ArcelorMittal held its sec ond annual International Volunteer Work Day organised by the ArcelorMittal Foundation. It cons isted of aset of actions implemented by the Group's loc al units to encourage employees to invest time and expertis e for the benefit of loc alcommunities.

Recent Developments

Following the closing of a tender offer on January 7, 2010, ArcelorMittal acquired a 28.8% stake in Uttam Galva Steels Limited("Uttam Galva"), a leading producer of cold rolled steel, galvaniz ed products and color coated coils and sheets based in WesternIndia that is listed on the major stock exchanges of India. The Company expects to purchas e an additional 4.9% from the PromoterR.K. Miglani family in due course.

ArcelorMittal entered into initial discussions with BHP Billiton to potentially combine their respective iron-ore mining andinfrastructure interests in Liberia and Guinea within a joint venture. ArcelorMittal, through the Arc elorMittal Foundation, donated $1million to help the relief efforts in Port-au-Prince, Haiti, following the earthquake that struck the is land on January 12, 2010.

1For information about additional exchanges where ArcelorMittal is lis ted, please refer to the 'Market Information' section in thisAnnual Report.

Profile

ArcelorMittal is the world's leading steel company, with operations in more than 60countries .

ArcelorMittal is the leader in all major global steel markets , including automotive,construction, household applianc es and pack aging, with leading R&D and

tec hnology, as well as sizeable captive s upplies of raw materials and outstanding distribution networks.

With an industrial presence in over 20 countries s panning four c ontinents, the Company covers all of the key steel markets, fromemerging to mature. Through its core values of Sustainability, Quality and Leadership, ArcelorMittal commits to operating in aresponsible way with respect to the health, safety and wellbeing of its employees, contractors and the c ommunities in which itoperates. It is also committed to the sustainable management of the environment and of finite resources.

In 2009, ArcelorMittal had revenu es of $65.1 b illion and crude steel production of 73.2 million tonnes , representingapproximately 8 per c ent of world steel output.

ArcelorMittal is listed on the stoc k exchanges of New York (MT), Amsterdam (MT), Paris (MT), Brussels (MT), Luxembourg (MT)and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valenc ia (MTS).

Our Philosophy

ArcelorMittal's core philosophy is to produce Safe, Sustainable, Steel

Safety is the Company's top priority. Our s afety performanc e has improvedconsis tently over the last three years, most recently by 25% in 2009, and we willcontinue to target our ultimate goal of zero accidents.

The Company's leadership position in the steel industry is the result of a c onsistentmanagement strategy that focuses on product diversity, geographic reach andvertical integration - both into raw material production, designed to minimize riskcaused by economic cycles, and downstream distribution, providing value-addedand customised steel solutions through further processing to meet s pecificcustomer requirements. Our customers are the heart of our busines s. We c ollaborate closely with them to ensure that we evolveand develop our products inline with their c ontinually c hanging needs.

ArcelorMittal is c ommitted to its promise of 'transforming tomorrow' and the three values that underpin it - Sustainability, Quality andLeadership. These values shape our behavior. We recognise that the Company has a duty to its stakeholders to operate in aresponsible and transparent manner and to safeguard the wellbeing of all its stakeholders , including employees, contractors and thecommunities in whic h it operates.

That's why we hav e a strong focus on Corporate Responsibility. This is evidenced in numerous areas , for example the Company'sefforts to develop break through steelmaking technologies , our leadership of the steel industry's Ultra Low Carbon Steel (ULCOS)programme and the global activities of the Arc elorMittal Foundation.

No dis cussion of the Group's philosophy would be complete without reference to our employees. The Company is only as good asits people, and our journey through the crisis was helped by their efforts, flexibility and understanding.

1In 2009, ArcelorMittal had sales of approximately $65.1 billion , steel shipments of approximately 71 million tonnes and c rude steelproduction of approximately 73 million tonnes.

1'US$', '$', 'dollars', 'USD' or 'U.S. dollars' refers to United States dollars, the official currency of the United States of America.

MANAGEMENT

Board of Directors

ArcelorMittal c ontinues to plac e a strong emphasis on corporate governanc e. Arc elorMittal has eight independent directors on its 11-member Board of Direc tors. Arc elorMittal's Audit Committee and Appointments, Remuneration and Corporate GovernanceCommittee are each comprised of three independent directors and half of the members of ArcelorMittal's Risk ManagementCommittee are required to be independent.

On 12 May 2009, the expirations of the mandates of Sergio Silva de Freitas, Michel Angel Marti and Jean-Pierre Hansen wereaccepted by the annual general meeting. Narayanan Vaghul, Wilbur L. Ross and François Pinault were re-elected as members ofthe Board of Directors. After the annual general meeting held on 12 May 2009, Ignacio Fernandez Toxo resigned from the Board ofDirectors. On 1 September 2009, Malay Mukherjee resigned from the Board of Directors .

Georges Schmit res igned from the Board of Directors effective 31 December 2009. In replacement of Mr. Schmit, the Boardappointed J eannot Kreck é as an interim board member starting 1 J anuary 2010. Mr. Krecké's full appointment to the Board ofDirectors will be proposed to the shareholders at the Company's annual general meeting on 11 May 2010. Like Mr. Schmit, Mr.Krecké will s erve on ArcelorMittal's Board of Directors as a shareholder repres entative.

y Lakshmi N. MittalChairman of the Board of Directors and CEO

y Vanisha Mittal BhatiaMember of the Board of Directors

y Narayanan VaghulMember of the Board of DirectorsIndependent

y Wilbur L. Ross, Jr.Member of the Board of DirectorsIndependent

y Lewis B. KadenMember of the Board of DirectorsLead Independent DirectorIndependent

y François PinaultMember of the Board of DirectorsIndependent

y José Ramón Álvarez Ren duelesMember of the Board of DirectorsIndependent

y Jeannot KreckéMember of the Board of DirectorsNon Independent

y John O. CastegnaroMember of the Board of DirectorsIndependent Director

y Antoine SpillmannMember of the Board of DirectorsIndependent

y H.R.H. Prince Guillaume de LuxembourgMember of the Board of DirectorsIndependent

y Secretary to the Company and the Board of Directors: Henk Scheffer , Company Secretary

Group Management Board

The strategic direc tion of the busines s is the responsibility of the GMB. The GMB members are elected by the Board of Directorsand the GMB is headed by Laks hmi N. Mittal as Chief Exec utive. On 1 January 2010, Peter Kukielski joined the GMB as Head ofMining, bringing a wealth of strategy, operations, project development and international experienc e to the Company. The seniormanagement team continues to enjoy the relevant talent and expertise it needs to continue to deliver the best possible performanc eto all stakeholders.

The composition of ArcelorMittal's Group Management Board is as follows:

y Lakshmi N. MittalChairman and CEO

y Aditya MittalCFOMember of the Group Management Board

y Michel WurthMember of the Group Management Board

y Gonzalo UrquijoMember of the Group Management Board

y Sudhir MaheshwariMember of the Group Management Board

y Christophe CornierMember of the Group Management Board

y Davinder ChughMember of the Group Management Board

y Peter KukielskiMember of the Group Management Board

y Secretary to the Group Management Board: Sujogya Dash

Management Committee

AllGroup Management Board members also sit on the Management Committee.

The structure is both lean and flat. It aims to create an organis ation that is at onc e inventive and adaptable, with c lear acc ountabilityat every level. Above all, it aims to foster an entrepreneurial spirit that will promote and deploy Arc elorMittal leadership.

The additional members of the Management Committee and their res ponsibilities are as follows:

y Bhikam AgarwalExec utive Vice President,Head of Finance

y Vijay BhatnagarExec utive Vice President,CEO India

y Philippe DarmayanExec utive Vice President,CEO Distribution Solutions

y Philippus F. Du ToitExec utive Vice PresidentHead of Mining Projects and Exploration

y Bernard Fontan aExec utive Vice President,Head of Human Resources

y Jean-Yves GiletExec utive Vice President,CEO Stainless

y Pierre GuglierminaExec utive Vice PresidentChief Technology Officer

y Robrecht HimpeExec utive Vice President,CEO Flat Europe

y Gerson Alves MenezesExec utive Vice President,CEO Long Central and South America (LCSA)

y Michael PfitznerExec utive Vice President,Head of Marketing and Commercial Coordination

y Arnaud Poupart-LafargeExec utive Vice PresidentCEO Afric a and Commonwealth of Independent States (CIS)

y Gerhard RenzExec utive Vice President,CEO Long Europe (including Annaba, Bos nia, Ostrava and Sonasid)

y Michael RippeyExec utive Vice President,CEO USA

y Lou SchorschExec utive Vice President,CEO Flat Americas

y Bill ScottingExec utive Vice President,Head of Strategy

y Secretary to the Management Committee: Sujogya Dash

Innovation R&D

Innovation is a mindset at ArcelorMittal. Not only are we the largest steelmaker byvolume but we offer the broadest range of steel grades, new steel products, steelsolutions and cutting-edge technologies.

Close c ooperation with cus tomers - involving mutual trust, an open-mindedapproac h and permanent exchanges of personnel - helps fos ter the spirit ofinnovation , enabling us to develop the products and solutions that will meet theirever-growing demands.

Over the longer term, we continue to work at Cutting-edge steel products, solutionsand process technologies.

BIBLIOGRAPHY:-www.arcelormittal.com