ArcelorMittal - Fact Book 2011

Core strengths, sustainable returns Fact Book 2011

Cover imagePort-Cartier, Canada

With revenues of $94 billion and crude steel production of 91.9 million tonnes, ArcelorMittal is the world’s leading steel and mining company, with a presence in more than 60 countries.

Through our core values of sustainability, quality and leadership, we commit to operating in a responsible way with respect to the health, safety and well-being of our employees, contractors and the communities in which we operate.

The theme for this year’s fact book is ‘core strengths, sustainable returns’. We believe consistency is crucial in a fast-changing world. And at the heart of this belief is a consistent strategy that focuses on our five core strengths. By continually focusing on these strengths throughout our operations, ArcelorMittal can deliver sustainable returns.

Global presence

Flat CarbonBelgiumCharleroi GhentGeelGenkHuy LiègeSeraingBrazilTubarãoVegaCanadaDofasco (Hamilton)ChinaHunan Valin (JV)Czech RepublicFrýdek-MístekOstrava

FranceBasse IndreChâteauneufDesvres DunkerqueFlorangeFos-sur-MerLe CreusotMardyckMontataireMouzon Saint-Chamond Saint-ChélyGermanyBremenEisenhüttenstadtItalyAvellinoCanossaPiombinoKazakhstanTemirtauLuxembourgDudelangeMacedoniaSkopje

MexicoLázaro CárdenasPolandChorzówDąbrowa GórniczaKrakówSosnowiecŠwiętochłowiceWarsawZdzieszowiceRomaniaGalatiSouth AfricaSaldanhaVanderbijlparkSpainAsturias (Avilés and Gijón) EtxebarriLesakaSaguntoSestaoZaragoza

USBurns Harbor, INCleveland, OHCoatesville, PAColumbus, OHConshohocken, PADouble G, MSGallatin, KYGary Plate, INI/N Tek and I/N Kote, INIndiana Harbor (East and West), INMonessen, MIObetz, OHPiedmont, NCPioneer, OHRiverdale, ILWarren, PAWeirton, WV

Long CarbonAlgeriaAnnabaArgentinaVilla ConstituciónBosnia and HerzegovinaZenicaBrazilJoão MonlevadeJuiz de ForaPiracicabaVitóriaCanadaContrecœurChinaChina Oriental (JV)Costa RicaCalderaGuápilesCzech RepublicOstravaFranceGandrange

GermanyDuisburg (Ruhrort and Hochfeld)HamburgKazakhstanTemirtauLuxembourgDifferdangeEsch-BelvalRodangeSchifflangeMexicoCelayaLázaro Cárdenas TultitlánMoroccoJorf LasfarNadorPolandChorzówDąbrowa GórniczaSosnowiecWarsaw

ArcelorMittal is the world’s leading steel and mining company. With a presence in more than 60 countries, we operate a balanced portfolio of cost competitive steel plants across both the developed and developing world. We are the leader in all the main sectors – automotive, household appliances, packaging and construction. We are also the world’s fourth largest producer of iron ore, with a global portfolio of 16 operating units with mines in operation or development. In 2011, we employed around 261,000 people.

RomaniaHunedoaraSouth AfricaNewcastleVereenigingSpainAsturias (Gijón)Guipuzcoa (Bergara and Zumarraga) MadridOlaberriaZaragozaTrinidadPoint LisasUkraineKryviy RihUSGeorgetown, SCHarriman, TNIndiana Harbor, INLaPlace, LAPine Bluff, ARSteelton, PAVinton, TX

MiningAlgeriaTebessaBosnia and HerzegovinaPrijedorBrazilAndradeSerra AzulCanadaMary River ProjectMont-WrightKazakhstanAbaiskayaAtansoreAtasuKazakhstanskayaKentobeKostenkoKuzembayevaLeninaLisakovskySaranskayaShaktanskayaTentekskaya

LiberiaBuchananYekepaMexicoLas TruchasPeña ColoradaSonoraRussiaKemerovoUSHibbing, MNMinorca, MNPrinceton, WVUkraineKryviy Rih

TubularAlgeriaAnnabaCanadaBrampton, ONHamilton, ONWoodstock, ONCzech RepublicKarvináOstravaFranceChevillonHautmontVitryKazakhstanAktauMexicoMonterreyPolandKrakówRomaniaGalatiLasiRoman

Disclaimer – forward-looking statements

In this fact book 2011, ArcelorMittal has made forward‑looking statements with respect to, among other things, its financial position, business strategy, projected costs, projected savings, and the plans and objectives of our management. Such statements are identified by the use of forward‑looking words or phrases such as ‘anticipates’, ‘intends’, ‘expects’, ‘plans’, ‘believes’, or ‘estimates’, or words or phrases of similar import. Our actual results may differ materially from those implied by such forward‑looking statements on account of known and unknown risks and uncertainties that ArcelorMittal is or may be exposed to. ArcelorMittal does not make any representation, warranty or prediction that the results anticipated by such forward‑looking statements will be achieved. Such forward‑looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. ArcelorMittal undertakes no obligation to publicly update its forward‑looking statements, whether as a result of new information, future events or otherwise.

The financial information included in this ArcelorMittal fact book 2011 has been prepared in accordance with IFRS as issued by the International Accounting Standards Board (IASB) and adopted by the European Union for publicly traded companies. The financial information herein does not contain certain information required to be provided to shareholders under Luxembourg law, including in particular the statutory accounts of ArcelorMittal on a stand‑alone basis approved by the annual general meeting of shareholders of ArcelorMittal on May 8, 2012.

In addition to this fact book 2011, please refer to our statutory annual report 2011 and our annual report 2011 on form 20‑F filed with the United States Securities and Exchange Commission, both of which are available in PDF format on www.arcelormittal.com/corp/investors/financial‑reports. Copies of the ArcelorMittal annual report 2011 are available free of charge at the registered office of ArcelorMittal S.A.,19 Avenue de la Liberté, L‑2930 Luxembourg, Grand Duchy of Luxembourg, or by calling +352 4792 2347 or +352 4792 2366 or sending an email to [email protected]

Unless indicated otherwise, or the context otherwise requires, references herein to ‘ArcelorMittal’, the ‘group’ and the ‘company’ or similar terms are to ArcelorMittal, société anonyme, having its registered office at 19, Avenue de la Liberté, L‑2930 Luxembourg, Grand Duchy of Luxembourg, and, where the context requires, its consolidated subsidiaries.

Saudi ArabiaJubailSouth AfricaVereenigingUSMarion, OHShelby, OHVenezuelaUnicon (Caracas)

Overview Pages 01-21

03 Financialhighlights04 Ourbusiness08 Ourfivecorestrengths10 Groupstructure12 Reportablesegments13 Operatinginvestees14 Keyperformanceindicators18 Boardofdirectors20 Seniormanagement

Operations Pages 22-33

24 Keyoperationaloverview25 Crudesteelproductionquarterly

bysegment26 Crudesteelproductionbyprocess

andregion27 Steelshipmentsquarterly

bysegment28 Steelshipmentsbyproduct

andregion29 Steelshipmentsbyproduct

andsegment30 Steelshipmentsbysegment

andregion31 Salesbydestination32 SteelEbitdaandaveragesteel

Ebitda/tonne33 Capitalexpenditure

Mining operations Pages 34-43

36 Miningoperationsoverview38 Ironoreproductionbymine39 Ironoreproductionbyregion

andshipment40 Coalproductionbymineand

byregionandshipment41 Rawmaterialconsumption42 Ironorereservesandresources43 Coalreservesandresources

Financials Pages 44-67

46 Numberofemployees47 Keyfinancialandoperational

information48 Consolidatedstatements

ofoperations49 Quarterlycondensed

incomestatement50 Consolidatedstatements

offinancialposition51 Consolidatedstatements

ofcashflows52 Liquidity54 Operatingfootprint55 Mainindustrialassets56 FlatCarbonAmericas58 FlatCarbonEurope60 LongCarbonAmericas61 LongCarbonEurope62 LongCarbonAmericas

andEurope64 AACIS66 Mining

Production facilities Pages 68-91

70 Brazil–CST,SolandVegadoSul(FCA)

71 Canada–Dofasco/Hamilton(FCA)

72 Mexico–LázaroCárdenas(FCA&LC)

73 US–BurnsHarbor(FCA)74 US–Cleveland(FCA)75 US–IndianaHarborEastandWest

(FCA)76 Belgium–Gent(FCE)77 Belgium–Liège(FCE)78 France–Dunkerque,Mardyck,

MontataireandDesvres(FCE)79 France–Florange,Mouzon

andDudelange(FCE)80 France–Fos-sur-Mer(FCE)81 Germany–Bremen(FCE)82 Germany–Eisenhüttenstadt

(FCE)83 Poland–Krakówand

Świętochłowice(FCE)84 Romania–Galati(FCE)85 CzechRepublic–Ostrava

(LC&FCE)86 Poland–DąbrowaGórnicza,

SosnowiecandZKZ(LC&FCE)87 Spain–GijónandAvilés(LC&FCE)88 Kazakhstan–Temirtau(AACIS)89 SouthAfrica–Vanderbijlpark

(AACIS)90 Ukraine–KryviyRih(AACIS)

Fact book

Shareholder information Pages 92-104

94 Shareholderinformation96 Shareholdingstructure97 Investorrelations98 Equityanalystcoverage100Steelmakingprocess102Productsandservices103Glossary

1

ArcelorMittal Fact Book 2011

Operations

Mining operations

FinancialsProduction facilities

Shareholder information

OverviewContents

Left Brazil

Health and Safety Day, April 2011

As in prior years, the group-wide Health and Safety Day was held in all of ArcelorMittal’s sites to coincide with the International Labor Organization’s World Day for Safety and Health at Work in April 2011. The theme was ‘from priority to value’. This year was one of the best attended yet, with unprecedented engagement from employees and communities.

Above Luxembourg

Highlights for 2008, 2009, 2010 and 20112008 2009 2010 2011

Health and safetyLosttimeinjuryfrequencyrate(LTIFR)* 2.5 1.9 1.8 1.4ArcelorMittal steel operations (millions of metric tonnes)Productionofsteelproducts 101.1 71.6 90.6 91.9Change year/year -11.4% -29.2% 26.5% 1.4%Shipmentsofsteelproducts** 99.7 69.6 85.0 85.8Change year/year -7.5% -30.2% 22.0% 1.0%ArcelorMittal mining operations (millions of metric tonnes)Mining productionIron ore:Ownproduction 43.8 37.7 48.9 54.1Long-termcontract 20.9 15.1 19.6 11.1Totalironoreproduction 64.7 52.7 68.5 65.2Coal:Ownproduction 5.9 7.1 7.0 8.3Long-termcontract 0.5 0.5 0.4 0.6Totalcoalproduction 6.4 7.6 7.4 8.9Mining shipmentsIron ore:Externalsales–Thirdparty 6.4 5.4 7.0 9.0Internalsales–Market-priced 12.4 17.2 18.2 19.0Internalsales–Cost-plusbasis 21.6 17.1 21.5 23.6Strategiccontracts 20.9 15.1 19.6 11.1Totalironoreshipments 61.4 55.0 66.3 62.7Coal:Externalsales–Thirdparty 1.4 2.0 2.1 3.5Internalsales–Market-priced 1.5 1.8 1.3 1.4Internalsales–Cost-plusbasis 3.4 3.3 3.2 3.3Strategiccontracts 0.5 0.4 0.4 0.6Totalcoalshipments 6.9 7.5 7.0 8.9ArcelorMittal financials (US$ millions)Sales 116,942 61,021 78,025 93,973Change year/year 21.4% -47.8% 27.9% 20.4%Ebitda 23,652 5,600 8,525 10,117Change year/year 21.9% -76.3% 52.2% 18.7%Operatingincome(loss) 11,960 (1,470) 3,605 4,898Change year/year -14.4% -112.3% NA 35.9%Netincomeattributabletoequityholdersoftheparent 9,466 157 2,916 2,263Change year/year -8.7% -98.3% NA -22.4%Netcashprovidedbyoperatingactivities 14,652 7,278 4,015 1,777Netcashusedininvestingactivities (12,428) (2,784) (3,438) (3,678)Netcashusedinfinancingactivities (2,132) (6,347) (7) (540)Cashandcashequivalentsandrestrictedcash 7,587 6,009 6,289 3,905Property,plantandequipment 60,251 60,385 54,344 54,251Totalassets 133,155 127,697 130,904 121,880Short-termdebtandcurrentportionoflong-termdebt 8,409 4,135 6,716 2,784Long-termdebt,netofcurrentportion 25,667 20,677 19,292 23,634Equityattributabletotheequityholdersoftheparent 55,258 61,084 62,430 56,690Netdebt 26,489 18,803 19,719 22,513ArcelorMittal financials per share (US$)ArcelorMittalaverageshareprice 66.52 31.86 35.79 28.24Bookvaluepershare 39.96 42.27 41.29 36.60Basicearningspershare 6.84 0.11 1.93 1.46Change year/year -7.7% -98.4% NA -24.4%ArcelorMittal ratiosEbitdamargin 20.2% 9.2% 10.9% 10.8%Operatingmargin 10.2% -2.4% 4.6% 5.2%Ebitdapertonne 237.2 80.4 100.4 117.9

Sources: ArcelorMittal and NYSE.

* LTIFR refers to lost time injury frequency rate. Calculated as lost time injuries per 1,000,000 worked hours; based on own personnel and contractors.

** Some inter-company shipments are not eliminated. 3


Overview

Operations

Mining operations



Financial highlightsFinancial highlights

Withatotalproductioncapacityofaround125milliontonnesofcrudesteel,ArcelorMittalisahighlyefficientsteelproducerwithadiversifiedproductionprocess.Ithasindustrialoperationsin20countriesonfourcontinents,producingflatandlongsteelsandtubularproducts.InJanuary2011,thegroup’sstainlesssteeloperationswerespunoffintoaseparatecompany,Aperam.ArcelorMittalproducedapproximately91.9milliontonnesofsteelin2011,comparedwith90.6milliontonnesin2010.

Withourongoingaimtodevelopaworld-classminingbusiness,ourminingoperationshavereportedasaseparatesegmentsinceJanuary2011.Weproducedaround54.1milliontonnesofironoreand8.3milliontonnesofcoal(excludingsuppliesunderstrategiclong-termcontracts)in2011.

Formanyyears,thegrouphaspursuedaconsistentstrategyfocusingonproductdiversity,geographicbreadthandverticalintegration,bothupstreamanddownstream.Theaimofthisthree-dimensionalstrategyistoreduceexposuretoriskandcyclicality.

Ourupstreamintegration,throughourinvestmentinironoreandcoalminingassets,givesusamajorcompetitiveadvantage,providesameasureofsecurityofsupplyandisanimportantnaturalhedgeagainstrawmaterialpricevolatility.

Ourdownstreamintegration,throughourDistributionSolutionssegment,enablesustomeetawiderangeofcustomerneedsinvirtuallyallsteel-consumingindustriesandmarkets.Wesellintoatotalofapproximately174countries.Theexceptionalbreadthofthismarketreachimprovesourmarketintelligenceandhelpsusoptimizeworkingcapitalthroughthebettermanagementofoursupplychaininventories.

ArcelorMittal is the world’s leading steel and mining company. With a presence in more than 60 countries, we operate a balanced portfolio of cost-competitive steel plants across both the developed and developing world. We are the leader in all the main sectors – automotive, household appliances, packaging and construction. We are also the world’s fourth largest producer of iron ore, with a global portfolio of 16 operating units with mines in operation or development. In 2011, we employed around 261,000 people.

Our business

Above Port-Cartier, Canada

SteelAsaglobalsteelproducerwithadiversifiedproductrange,weserviceawiderangeofcustomersandmarkets.In2011,approximately38%ofoursteelwasproducedintheAmericas,46%inEuropeand16%inothercountriessuchasKazakhstan,SouthAfricaandUkraine.

Withourglobalmarketreachandproductdiversification,weareablebothtoreducerisk,andbenefitfromthefast-growingdemandforsteelindevelopingeconomies–whichcurrentlyaccountforaroundone-thirdofourshipments.Whiledemandinthedevelopedworldisweightedtowardsflatproductsandahighervalue-addedmix,demandinthedevelopingworldishigherforlongproductsandcommoditygrades.Astheseeconomiesdevelop,theirneedforhighervalueproductswillincrease.Withourexperienceindevelopedmarkets,wearewellplacedtomeetthatdemand.

Ourglobalfootprintalsogivesusauniqueabilitytoserveourmultinationalcustomersbyprovidingthemwithstandardsolutionsandconsistentqualityaroundtheglobe.Wehavebuiltstronganddeeprelationshipswithourbiggestcustomersandfrequentlyworkwiththemincommittedco-engineeringprograms.Wehaveastrongpresenceinthedesigncentersofmostglobalautomotivemanufacturersandactasastrategicpartnerformany.

WesupportthiswithoneofthelargestresearchanddevelopmentbudgetsintheEuropeansteelindustry,aworldwidenetworkoflaboratories,andaknowledgemanagementprogramthatactivelysharesbestpracticearoundthegroup’soperations.

Wehaveadiversifiedproductionprocess,producingapproximately65.9milliontonnesofourcrudesteelthroughthebasicoxygen

furnaceroute,approximately22.6milliontonnesthroughtheelectricarcfurnacerouteandaround3.4milliontonnesofcrudesteelthroughtheopenhearthfurnace.Thisgivesusflexibilityinrawmaterialandenergyusageandourscalehelpsustooptimizeplantloadfactors.Italsoincreasesourabilitytomeetchangingcustomerneeds.

Inflatproducts,wearetheclearleaderincoatedsteels,fromhotdiptoelectro-galvanizedandcolorcoated.Wecontinuetodevelopnewgradesoflightbutultra-highstrengthsteelsfortheworldautomotiveindustry.Ourtechnicalknow-howhasgivenusan18%worldmarketshareinautomotivesteels.Wealsoproducethebiggestplatesintheworld.

Inlongproducts,weproducerebars,sectionsandbeamsinallsizesandqualities,andhavehelpedbuildmanyoftheworld’stalleststructures.Wearethebiggestproduceroftheveryhigh-strengthsteelsneededforwindturbines,andtheleaderinsheetpiles.TheworldenergyindustryreliesonArcelorMittalpipesandtubes.

OurDistributionSolutionsbusinesssellsbothinlocalmarketsandthroughacentralizedmarketingorganization.Theservicecentersfinishsteelstosuitindividualapplications,oftenprovidingcustomizedsolutions,andhelpthegroupserviceitscustomersmoredirectly.

5


Overview

Operations

Mining operations



Left Belval, Luxembourg

MiningArcelorMittalhasbuiltupaworld-classresourcebaseinironandcokingcoalthroughacombinationofacquisitionsandinternalexpansion.Ourgeographicallydiverseportfolioofminingassetsgivesustheopportunitytosupplythedevelopingworldaswellasourownsteelfacilities.SinceJanuary2011,theminingbusinesshasreportedasaseparatesegment.Thishasenhancedourabilitytomaximizereturns,optimizetheallocationofcapitalandpursueourgrowthplans–whichinvolveamaterialincreaseinproductionandsalestothirdparties.

AllrawmaterialsthatcanpracticallybesoldoutsidethegrouparenoweithermarketedtothirdpartiesortransferredtoArcelorMittalfacilitiesatmarketprice.Productionfromcaptiveminescloselylinkedtooneofoursteelfacilitiesistransferredinternallyonacost-plusbasis.In2011,approximately17%1of

thegroup’sownironoreproductionwassoldtoexternalcustomers.

In2011,ArcelorMittal’sownminesproduced54.1milliontonnesofironore1;ourownminesandstrategiccontractsproduced65.2milliontonnesofironorewhichwasequivalentto57%2ofthegroup’srequirements.Atotalof28.0milliontonneswasshippedinternallyandexternallyatmarketprice3.Productionofmetallurgicalcoalhit8.3milliontonnes4;thiswasanincreaseof20%ascomparedwith2010.

Ourorereserveestimationandreportingprocessesarenowstandardizedandreserveestimateswillbeupdatedandreportedannually.Followingafullreviewofourlife-of-mineplans,orereservesandmineralresourceestimates,ourironorereservesarenowputat3.8billiontonnes.OurprincipalironoreminingoperationsarelocatedinCanada,theUS,Mexico,Brazil,Algeria,BosniaandHerzegovina,Ukraine,KazakhstanandLiberia.

Ourtotalmetallurgicalcoalreservesareestimatedat323milliontonnes.Thegroup’scoalminesarelocatedinKazakhstan,RussiaandtheUS.

Anumberofgrowthprojectsareunderway–mostnotablyinCanadaandLiberia.Thegroupisontargettoexpandannualironoreproduction(includingoff-takefromlong-termcontracts)to100milliontonnesby2015.

1 Own iron ore production excluding strategic long-term contracts.

2 Assuming full production at Peña Colorada for own use.

3 Market price tonnes represent amounts of iron ore and coal 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.

4 Own coal production excluding strategic long-term contract.

1 Health and safety Healthandsafetyisour

firstpriorityacrossallsites,countriesandlevelsofthecompany,andisembeddedinallourvalues.Wearedriventocreateasafeandhealthyworkplacewithnoaccidentsandfatalities.JourneytoZero,ourcompany-widehealthandsafetyprogramtoreduceworkplaceaccidentsandoccupationaldiseases,embodiesourhealthandsafetygoals:tobecomethesafeststeelandminingcompanyintheworld.

2 Maintain and improve cost-competitiveness

With$4.0billionofmanagementgainsbankedsince2008,ArcelorMittalistargetingafurther$0.8billionofsavingsbyendof2012.Thesewillcomefromoperationalimprovements,sales,generalandadministrativeexpenses(SG&A)andfixedcostsavings.

Inaddition,progresshasbeenmadeontheassetoptimizationplanlaunchedinSeptember2011.Byfocusingproductiononourlowest-costfacilitiesandbetteraligningourfootprinttomarketdemand,wetarget$1billionsustainableEbitdarunrateimprovementbytheendof2012.

3 Grow our mining resource base Ourminingbusinesscurrently

accountsforaround30%ofgroupprofitability.Wehaveambitiousgrowthplanstoincreaseoursupplyofironoreto100milliontonnes(includingstrategiccontracts,butexcludingthepotentialoutputfromBaffinland)by2015,includingdoublingofourmarket-pricedtonnagesoverfiveyears.

4 Preserve balance sheet strength Sincethe2008crisis,wehave

materiallystrengthenedourbalancesheet,reducingdebt

andextendingtheaveragematurityofourborrowings.WhilewewillcontinuetoinvestinordertomaintainourproductionfacilitiesandsustainR&Dandproductquality,acquisitionswillbemadeonlyselectivelyandwheretheyarestrategicallyimportant.Wearecommittedtomaintainingourinvestmentgraderating.Wearealsoconsideringsomenon-coreassetdivestments.

5 Execute organic growth opportunities in emerging markets

Althoughwehavetemporarilysuspendedsteelgrowthexpenditureduetocurrentuncertaintiesarisingfromtheeurozonesovereigndebtcrisis,dependingonlocalmarketconditionsandprojectedglobalandregionaldemandtrends,wewillcontinuetotargetgrowthinkeydevelopingmarkets.

Our strategic priorities

continued

Our business

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

JanuaryArcelorMittal’s stainless and specialty steels business is spun-off into Aperam.

MarchArcelorMittal and Nunavut Iron Ore Acquisition Inc. complete the acquisition of Baffinland Iron Mines Corporation shares under their joint offer (70% ArcelorMittal and 30% Nunavut).

MayArcelorMittal plans to expand its Mont-Wright mining complex and have additional construction at Port-Cartier in Canada (subject to environmental and other regulatory approvals).

ArcelorMittal’s Group Management Board and management committee grow. Lou Schorsch joins the GMB with responsibility for Flat Carbon Americas, group strategy, CTO, research and development, global automotive and as a member of the investment allocation committee. Christophe Cornier chooses to retire from the GMB and assumes the role of advisor to the CEO and GMB; he retires on December 14, 2011 as chairman of ArcelorMittal France. The management committee is extended from 12 to 24 members (more details on page 20).

JuneArcelorMittal received the Best Process Innovation award in American Metal Market’s (AMM) 2011 Awards for Steel Excellence for our S-in motion concept and the company’s continuous commitment to producing the most ground-breaking steel for the automotive sector.

SeptemberArcelorMittal commences commercial iron ore production from its mining operations in Liberia. This launch is an important milestone in the recovery of Liberia’s economy, which was devastated by 14 years of civil war.

After first gaining entry in 2010, ArcelorMittal is included into the prestigious Dow Jones Sustainability World Index (DJSI) for the second consecutive year.

OctoberArcelorMittal is given the ‘Life Cycle Assessment Leadership’ award by the World Steel Association for the quality of the work performed by the life cycle analysis team of global research and development, based in Maizières, France.

NovemberAs a first-time entrant to the survey, ArcelorMittal is listed in Aon Hewitt’s European list of ‘Top Companies for Leaders’ and ranks among the top seven companies in Europe.

DecemberArcelorMittal celebrates its 4th annual International Volunteer Work Day: thousands of employees volunteer in different activities to improve the lives of the people in the community.

2011 highlights

7


Overview

Operations

Mining operations



Left Liberia

We have quality core assets

Quality is one of our three core values and quality underpins our core assets, from steel plants to mines. Our group is well diversified and in 2011 our production facilities outside North America and Europe generated around 40% of our steel-based Ebitda.

We have a world-class mining business

We are the world’s fourth largest iron ore producer, and have world-class iron ore reserves. Led by a highly experienced management team, we are proud of our mining knowledge base. We invest in new mining projects globally, with a commitment to sustainability and the environment.

Supported by our consistent strategy, we possess five core strengths that allow us to generate sustainable returns through the economic cycle. Because of those strengths, we remain committed to our growth plans. Our core projects are not dependent on strong economic conditions in order for us to create value for our shareholders.

Our five core strengths

We are delivering cost improvement

The steel industry is a competitive industry – and we recognize that in order to maintain our leading position in the industry, we must remain competitive on costs. Across the group, we make the most of our scale and global footprint to share initiatives that will reduce our fixed costs as well as contribute to more efficient operations.

We are leaders in automotive steel

ArcelorMittal has a strong global automotive manufacturing presence, with production facilities in North America, South America, Europe and South Africa, as well as a global network of sales and service offices. We are the undisputed leader for high value-added products for the automotive industry and have a market share of around 18% worldwide.

We have a stronger balance sheet

Since the crisis we have strengthened our balance sheet, significantly reduced debt and extended the average maturity of our borrowings. We are committed to maintaining our investment grade rating and as part of our plan to do this, are considering some non-core asset divestments.

9


Overview

Operations

Mining operations



ArcelorMittal

ArcelorMittal Brasil

ArcelorMittal Lázaro Cárdenas

ArcelorMittal USA

ArcelorMittal Dofasco

ArcelorMittal Atlantique et Lorraine

ArcelorMittal España

ArcelorMittal Galati

ArcelorMittal Méditerranée

ArcelorMittal Eisenhüttenstadt

Industeel France

ArcelorMittal Belgium

ArcelorMittal Flat Carbon Europe

ArcelorMittal Poland

ArcelorMittal Bremen

Industeel Belgium

Acindar

ArcelorMittal Brasil

ArcelorMittal Duisburg

ArcelorMittal Gipuzkoa

ArcelorMittal Point Lisas

ArcelorMittal Warszawa

ArcelorMittal Belval & Differdange

ArcelorMittal Hamburg

ArcelorMittal Las Truchas

ArcelorMittal Montreal

ArcelorMittal Ostrava

Sonasid

ArcelorMittal Annaba

Flat Carbon EuropeFlat Carbon Americas Long Carbon Americas and Europe

10

Group structure

ArcelorMittal

ArcelorMittal Kryviy Rih

ArcelorMittal Temirtau

ArcelorMittal South Africa

ArcelorMittal Kuzbass

ArcelorMittal Lázaro Cárdenas Mining Assets

ArcelorMittal Princeton

ArcelorMittal Kryviy RihMining Assets

Liberia

ArcelorMittal International Luxembourg

MiningAACIS Distribution Solutions

ArcelorMittal Mines Canada

Minorca Mines

Hibbing Taconite Mines

ArcelorMittal Mineração Serra Azul

ArcelorMittal TemirtauMining Assets

11


Overview

Operations

Mining operations



ArcelorMittal operates its business in the following six reportable segments corresponding to continuing activities; Flat Carbon Americas; Flat Carbon Europe; Long Carbon Americas and Europe; Asia, Africa and CIS; Distribution Solutions and Mining.

Withinitscorporateheadquartersand,whereappropriate,atthesegmentorregionalmanagementleveltherearespecializedandexperiencedexecutivesinfieldssuchasfinance,mergersandacquisitions,marketing,procurement,operations,shipping,humanresources,communications,internalassurance,healthandsafety,informationtechnology,strategicplanning,performanceenhancement,technologyandlaw.

FlatCarbonAmericasproducesslabs,hot-rolledcoil,cold-rolledcoil,coatedsteelproductsandplate.Theseproductsaresoldprimarilytocustomersinthefollowingindustries:distributionandprocessing;automotive;pipesandtubes;construction;packaging;andappliances.InFlatCarbonAmericas,productionfacilitiesarelocatedateightintegratedandmini-millsiteslocatedinfourcountries.In2011,shipmentsfromFlatCarbonAmericastotaled22milliontonnes.

FlatCarbonEuropeproduceshot-rolledcoil,cold-rolledcoil,coatedproducts,tinplate,plateandslab.Theseproductsaresoldprimarilytocustomersintheautomotive,generalindustryandpackagingindustries.InFlatCarbonEurope,productionfacilitiesarelocatedat15integratedandmini-millsiteslocatedinsix

countries.In2011,shipmentsfromFlatCarbonEuropetotaled27milliontonnes.

LongCarbonAmericasandEuropeproducessections,wirerod,rebars,billets,blooms,wiredrawing,pipesandtubes,sheetpiles,rails,ingots,specialtybarsandslopes.InLongCarbonAmericas,productionfacilitiesarelocatedat14integratedandmini-millsiteslocatedinsixcountries,whileinLongCarbonEuropeproductionfacilitiesarelocatedat17integratedandmini-millsitesinninecountries.In2011,shipmentsfromLongCarbonAmericasandEuropetotaledapproximately24milliontonnes.

AACISproducesacombinationofflatandlongproducts.Ithassixflatandlongproductionfacilitiesinthreecountries.In2011,shipmentsfromAsia,AfricaandCIStotaledapproximately13milliontonnes,withshipmentshavingbeenmadeworldwide.

DistributionSolutionsisprimarilyanin-housetradinganddistributionarmofArcelorMittal.Italsoprovidesvalue-addedandcustomizedsteelsolutionsthroughfurthersteelprocessingtomeetspecificcustomerrequirements.

MiningprovidestheCompany’ssteeloperationswithhighqualityandlow-costironoreandcoalresourcesandalsosellslimitedamountsofmineralproductstothirdparties.TheCompany’sminesarelocatedinNorthandSouthAmerica,Europe,theCISandAfrica.In2011,ironoreandcoalproduction(includingstrategiccontracts)totaledapproximately65.2milliontonnesand8.9milliontonnes,respectively.

InJanuary2011,ArcelorMittalcompletedthespin-offofitsstainlesssteeloperationstoaseparately-focusedcompany,Aperam.Accordingly,theformerStainlessSteelsegmenthasbeenreclassifiedasdiscontinuedoperationsforallperiodspresented.

12

Reportable segments

Habitat for HumanityThe ArcelorMittal Foundation has worked in partnership with Habitat for Humanity since 2008 to help low-income families afford homes. The Foundation’s support includes provision of funding steel for construction, human capital and innovative building solutions. To date, the ArcelorMittal Foundation has provided homes for families in Argentina, Costa Rica, Macedonia, Mexico, Romania, South Africa and Ukraine.

Right Liberia

13


Overview

Operations

Mining operations



Operating investees

TheCompanyhadthefollowinginvestmentsinassociatesandjointventuresaccountedforundertheequitymethod,atDecember31,2011:

Investee(US$millions) Countryofincorporation8Ownership%at

December31,2011Carryingvalueat

December31,2010Carryingvalueat

December31,2011

ChinaOriental1 Bermuda 47.03% 1,337 1,475EregliDemirVeCelikFab.T.A.Ş.2,3 Turkey 25.78% 1,596 1,378DHSGROUP Germany 33.43% 1,191 1,149HunanValinSteelTubeandWireCo.,Ltd.4 China 29.97% 686 691EnovosInternationalSA5 Luxembourg 23.48% 614 597Gestamp Spain 35.00% 468 506GonvarriSteelIndustries Spain 35.00% 385 408KalagadiManganese(Propriety)Ltd SouthAfrica 50.00% 496 397MacsteelInternationalHoldingsB.V. Netherlands 50.00% 260 255ArcelorMittalGonvarriBrasilProdutosSiderurgicos Brazil 50.00% 215 192GallatinSteelCompany UnitedStates 50.00% 122 168CoilsLamiereNastri(CLN)S.p.A. Italy 35.00% 177 164BorcelikCelikSanayiiTicaretA.S. Turkey 43.90% 163 157STALPRODUKTSA Poland 33.77% 168 153KiswireArcelorMittalLtd Korea 50.00% 148 152I/NKoteL.P. UnitedStates 50.00% 155 151CoalofAfricaLimited6 Australia 15.93% 133 116Cía.Hispano-BrasileiradePelotizaçao Brazil 49.11% 124 112MacarthurCoalLtd7 Australia – 908 –Other 806 820Total 10,152 9,0411 On November 8, 2007, ArcelorMittal purchased approximately 820,000,000 China

Oriental shares for a total consideration of 644 (HK$5.02 billion), or a 28.02% equity interest. On December 13, 2007, the Company entered into a shareholder’s agreement which enabled it to become the majority shareholder of China Oriental and to finally raise its equity stake in China Oriental to 73.13%. At the time of the close of its tender offer on February 4, 2008 ArcelorMittal had reached a 47% shareholding in China Oriental. Given the 45.4% shareholding held by the founding shareholders, this left a free float of 7.6% against a minimum Hong Kong Stock Exchange (‘HKSE’) listing requirement of 25%. The measures to restore the minimum free float have been achieved by means of sale of 17.4% stake to ING Bank N.V. (‘ING’) and Deutsche Bank Aktiengesellschaft (‘Deutsche Bank’) together with put option agreements. On March 25, 2011, these agreements have been extended for additional 36 months. The Company has not derecognized the 17.4% stake as it retained the significant risk and rewards of the investment. As of December 31, 2011, the investment had a market value of 399 (562 in 2010).

2 On March 28, 2012 ArcelorMittal sold (through certain subsidiaries), 134,317,503 shares and a series of warrants in respect of 134,317,503 shares in Eregli Demir Ve Celik Fab.T.A.Ş. (“Erdemir”) by way of a single accelerated bookbuilt offering to institutional investors. ArcelorMittal currently owns 537,270,015 shares in Erdemir representing approximately 25% of Erdemir’s share capital. Following completion of the transaction it is expected that ArcelorMittal will hold approximately 18.7% of Erdemir’s share capital, decreasing to approximately 12.5% if all of the warrants are exercised.

3 As of December 31, 2010 and 2011, the investment had a market value of 1,317 and 933, respectively. For purposes of applying the equity method of accounting, the Company’s share of Erdemir’s profi t or loss for the years ended December 31, 2010 and 2011 have been obtained from Erdemir’s financial statements prepared as of September 30, 2010 and 2011, respectively.

4 As of December 31, 2010 and 2011, the investment had a market value of 502 and 396, respectively. In August 2011, Hunan Valin completed the last stage of the private placement to issue 278 million new shares to Valin Group at CNY 5.57 per share. Accordingly, ArcelorMittal’s shareholding decreased from 33.02% to 29.97%.

5 On January 6, 2011, the City of Luxembourg contributed its gas and electricity networks as well as its energy sales activities to two subsidiaries of Enovos International S.A., Creos Luxembourg S.A. and Enovos Luxembourg S.A., respectively. Consequently, the stake held by the Company in Enovos International S.A. decreased from 25.29% to 23.48%.

6 On November 3, 2011, Coal of Africa Limited announced that 130,000,000 new ordinary shares had been placed at a price of GBP 0.51 per share. ArcelorMittal South Africa contributed for 16 in order to maintain its shareholding and not be diluted.

7 On May 21, 2008, ArcelorMittal acquired a 14.9% stake in Macarthur. On July 10, 2008, the Company increased its stake from 14.9% to 19.9% following the acquisition of 10,607,830 shares from Talbot Group Holdings. The total acquisition price of Macarthur was 812. In the second quarter of 2009, ArcelorMittal did not subscribe to a capital increase in Macarthur and the stake decreased to 16.6%. At the end of August 2010, ArcelorMittal purchased an additional 6,332,878 shares. The Company’s stake therefore remained at 16.6%. Macarthur established a Share Purchase Plan limited to shareholders with registered address in Australia and New Zealand and a Dividend Reinvestment Plan, which provides the opportunity to shareholders to use their dividends to acquire additional shares in Macarthur without incurring brokerage or transaction fees. ArcelorMittal decided not to participate. These plans resulted in the issuance of new shares bringing the total number of shares to 302,092,343. ArcelorMittal’s shareholding decreased from 16.6% to 16.07%, corresponding to 48,552,062 shares. On August 18, 2011, ArcelorMittal and Peabody Energy (‘Peabody’) launched a tender offer to acquire all of the outstanding shares of Macarthur in which ArcelorMittal already held a 16.07% stake. On October 25, 2011, ArcelorMittal notified Peabody that, following its acceptance of the offer of PEAMCoal Ltd. (‘PEAMCoal’), a bid company 40% owned by ArcelorMittal and 60% owned by Peabody, to acquire up to 100% of the issued securities of Macarthur in August 2011, it would be terminating the Co-Operation and Contribution Agreement between ArcelorMittal and Peabody. The Company tendered its Macarthur shares on November 3, 2011. Under the initial proposed offer on August 1, 2011, Macarthur shareholders were to be offered a cash price of AUD$15.50 per share, implying a value for the equity in Macarthur of approximately AUD$4.7 billion. On August 30, 2011, the Macarthur board of directors agreed to a cash takeover of all outstanding shares for AUD$16.00 per share, which was raised on October 21, 2011 to AUD$16.25 per share if the 90% threshold of acceptance was reached. ArcelorMittal remained a shareholder in PEAMCoal until the termination arrangements were completed on December 21, 2011. The Company recorded an impairment loss of 107 with respect to its 16.07% stake to reduce the carrying amount to the proceeds from the tendered shares which were settled on December 21, 2011.

8 The country of incorporation corresponds to the country of operation except for China Oriental, Macsteel International Holdings B.V. and Coal of Africa Limited whose country of operation is China, South Africa and South Africa, respectively.

The key performance indicators that ArcelorMittal’s management uses to analyze operations are provided below.

Sales1

(US$millions)

ThemajorityofsteelsalesfromArcelorMittalaredestinedfordomesticmarkets;thesesalesareusuallyapproachedasadecentralizedactivity,managed

eitheratthebusinessunitorattheproductionunitlevel.Forsomespecificmarkets,suchasautomotive,thereisaglobalapproachofferingsimilarproducts

manufacturedindifferentproductionunitsaroundtheworld.In2011,salesapproximated$94.0billion,comparedwith2010salesof$78.0billion.

This20%increasewasduetohigheraveragesteelsellingprices(+18%)andmarginallyhighersteelshipments(+1%).

2010� 78,025

2011� 93,973

2009� 61,021

2008� 116,942

2007� 96,293

Health and safety(losttimeinjuryfrequencyrateforsteelandmining)

ArcelorMittalhasaclearandstronghealthandsafetypolicyaimedatreducingtheseverityandfrequencyofaccidentsonacontinuingbasisacrosstheentireorganization.Thecorporatehealthandsafetydepartmentdefinesandfollows-upperformance

targetsandmonitorsresultsfromeverybusinessunitandsite.Wehavealsoimplementedaninjurytrackingandreportingdatabasetotrackallinformationoninjuries,lostman-daysandothersignificantevents.

Healthandsafetyperformance,basedonownpersonnelfiguresandcontractors’losttimeinjuryfrequencyrate,improvedto1.4fortheyear2011from1.8fortheyear2010withsignificantimprovementinMiningoperations,FlatCarbonEurope,LongCarbon

AmericasandEurope,andAsia,AfricaandCISoperations,onlypartiallyoffsetbydeteriorationintheFlatCarbonAmericasandtheDistributionSolutionssegments.

2010� 1.8

2011� 1.4

2009� 1.9

2008� 2.3

2007� 3.3

Steel shipments2

(thousandsofmetrictonnes)

ArcelorMittalhadsteelshipmentsof85.8milliontonnesfor2011,representinganincreaseof1%fromsteelshipmentsof

85.0milliontonnesin2010.Groupshipmentsremainsome20%belowpre-crisislevels.

SteelshipmentsincreasedintheFlatCarbonAmericasandLongCarbonsegmentsanddeclinedintheFlatCarbonEuropeandAACISsegments.

2010� 84,952

2011� 85,757

2009� 69,624

2008� 99,733

2007� 107,789

14

Key performance indicators (KPIs)

Crude steel production(liquidsteelinthousandsofmetrictonnes)

In2011,around65.9milliontonnesofcrudesteelwereproducedthroughthebasicoxygenfurnaceroute,around22.6milliontonnesthroughthe

electricarcfurnacerouteandapproximately3.4milliontonnesofcrudesteelthroughtheopenhearthfurnaceroute.ThisprovidesArcelorMittalwith

greaterflexibilityinrawmaterialandenergyuse,andincreasedabilitytomeetvaryingcustomerrequirementsinthemarketsweserve.In2011,about38%of

crudesteelwasproducedintheAmericas,46%inEuropeand16%inothercountriessuchasKazakhstan,SouthAfricaandUkraine.

2010� 90,583

2011� 91,891

2009� 71,620

2008� 101,130

2007� 114,190

Ebitda(US$millions)

Ebitdaisdefinedasoperatingincomeplusdepreciation,impairmentexpensesandexceptionalitems.ArcelorMittalgeneratedEbitdaof$10.1billionin2011,19%higherthan2010.

Ebitdaatonneshippedincreasedto$118atonnein2011,comparedwith$100atonnein2010,$80atonnein2009and$242atonnein2008.

2010� 8,525

2011� 10,117

2009� 5,600

2008� 23,652

1 Including $4,767 million, $6,405 million, $3,169 million, $4,873 million and $5,875 million of sales to related parties for the years ended December 31, 2007, 2008, 2009, 2010 and 2011 respectively.

2 Shipment volumes of steel products for the operations of the company include certain inter-segment shipments.

15


Overview

Operations

Mining operations



Overthelastyears,theimpactofchangesinrawmaterialspotpricesonthesteelpricinghasbeensignificantlyincreased.Thisisduetoasharpincreaseintheabsolutevalueofrawmaterialprices,butalsoduetoachangingpricing

modelforironoreshiftingfromyearlybenchmarkpricingtoquarterlyandlatelyevenspotpricing.Ascustomersanticipatechangesinrawmaterialcostsfeedingintosteelprices,thisrawmaterialpricevolatility

hasimpactedbuyingbehaviorofourcustomersleadingtomorepronouncedstockinganddestockingcycles,whichagainaffectsteelprices.

Averagesteelsellingpriceforthegroupin2011increased18%comparedwith2010,followingtheincreaseinkeyrawmaterialprices.

FlatCarbonAmericas

2010� 781

2011� 892

2009� 698

2008� 920

2007� 701

LongCarbonAmericasandEurope

2010� 802

2011� 937

2009� 743

2008� 1,055

2007� 774

DistributionSolutions

2010� 832

2011� 993

2009� 767

2008� 1,155

2007� 961

Average steel selling prices1

(US$/tonne)

FlatCarbonEurope

2010� 821

2011� 982

2009� 799

2008� 1,018

2007� 831

AACIS

2010� 608

2011� 736

2009� 506

2008� 804

2007� 585

16

continued

Key performance indicators (KPIs)

1 Average steel selling prices are calculated as steel sales divided by steel shipments. Steel sales exclude sales of coke, coal, direct reduced iron, pig iron, hot metal, slag, by-products, energy, etc.

2 North America: includes ArcelorMittal’s share of production from Hibbing (US, 62.30%) and Peña Colorada (Mexico, 50%).

3 North America: consists of long-term supply contracts with Cliffs Natural Resources Inc. (‘Cliffs’). On April 8, 2011, ArcelorMittal announced that it had reached a negotiated settlement with Cliffs regarding all pending contract disputes related to the procurement of iron ore pellets for certain facilities in the US. As part of the settlement, Cliffs and ArcelorMittal agreed to specific pricing levels for 2009 and 2010 pellet sales and related volumes and, beginning in 2011, agreed to replace the previous pricing mechanism in one of the parties’ two iron ore supply agreements with a world market-based pricing mechanism. Accordingly, beginning first quarter of 2011, this excludes the long-term supply contract for which the market-based pricing mechanism was reached.

4 Includes purchases made under the July 2010 interim agreement with Kumba, South Africa.

5 Total of all finished production of fines, concentrate, pellets and lumps (includes ArcelorMittal’s shares of production of less than wholly-owned mines and strategic long-term contracts).

6 North America: strategic agreement – prices on a cost-plus basis.7 Africa: long-term lease – prices on a cost-plus basis.

Iron ore production(millions of metric tonnes)

� 11.1 65.2�5

� 19.6 68.55

� 15.1

� 20.9

52.7�5

64.75

2011� 54.1

2010� 48.9

2009� 37.7

2008� 43.8

ArcelorMittalsourcessignificantportionsofitsironoreneedsfromitsownminesinKazakhstan,Ukraine,BosniaandHerzegovina,Algeria,Canada,theUnitedStates,MexicoandBrazil.During2011,thecompany’sironoreminingcomplexinLiberiabecameoperationalandcontributed

tothesuppliesofArcelorMittal.WearealsoexpandingcapacityofexistingminesinCanada,LiberiaandBrazil.Severalofoursteelplantsalsohaveinplaceoff-takearrangementswithmineralsupplierslocatednearitsproductionfacilities,someofwhichareconsideredstrategiclong-termcontracts.

In2012,thecompanyistargetinganincreaseofapproximately10%initsironoreproduction,comparedwith2011.

ArcelorMittalhadownironoreproductionof54.1milliontonnesin2011,anincreaseof11%,comparedwith48.9milliontonnesin2010.

Total own mines2 Total strategic long-term contracts3,4

Coal production(millions of metric tonnes)

Aswithironore,ArcelorMittalsourcesapercentageofitscokingcoalfromitsowncoalminesinKazakhstan,RussiaandtheUnited

States.OurminesinKazakhstansupplysubstantiallyalltherequirementsforsteelmakingoperationsatArcelorMittal

Temirtau,whileourminesinRussiaandtheUSsupplyothersteelplantswithinthegroup.

ArcelorMittalhadowncokingcoalproductionof8.3milliontonnesin2011,anincreaseof20%,comparedwith7.0milliontonnesin2010.

Total own mines Total strategic long-term contracts6,7

8.9

7.4

7.6

6.4

� 0.6

� 0.4

� 0.5

� 0.5

2011� 8.3

2010� 7.0

2009� 7.1

2008� 5.9

17


Overview

Operations

Mining operations



ArcelorMittal’s annual general meeting of shareholders on May 10, 2011 acknowledged the expiration of the terms of office of the following directors: Mr Lakshmi N Mittal, Mr Antoine Spillmann, Mr Lewis B Kaden and HRH Prince Guillaume de Luxembourg.

Atthesamemeeting,theshareholdersre-electedMrLakshmiNMittal,MrAntoineSpillmann,MrLewisBKadenandHRHPrinceGuillaumedeLuxembourgforanewtermofthreeyears.TheboardofdirectorsproposedtoelectMrBrunoLafontasanewboardmember,andtheshareholderselectedhimforathree-yeartermonMay10,2011.MrBrunoLafontisconsideredanindependentdirector.

Asaresultofthesechanges,theboardofdirectorsiscomposedoftendirectors,ofwhomninearenon-executivedirectorsandsevenareindependentdirectors.Thedirectorsare:MrLakshmiNMittal,MsVanishaMittalBhatia,MrAntoineSpillmann,MrWilburLRoss,MrLewisBKaden,MrNarayananVaghul,MrJeannotKrecké,HRHPrinceGuillaumedeLuxembourg,MsSuzannePNimocksandMrBrunoLafont.Theboardofdirectorscomprisesoneexecutivedirector,MrLakshmiNMittal,thechairmanandchiefexecutiveofficerofArcelorMittal.MrLewisBKadenistheleadindependentdirector.

Noneofthemembersoftheboardofdirectors,includingtheexecutivedirector,haveenteredintoservicecontractswithArcelorMittaloranyofitssubsidiariesprovidingforbenefitsupontheterminationoftheirterms.

Lakshmi N MittalLakshmiNMittal,61andanIndiancitizen,isthechairmanandCEOofArcelorMittal.MrMittalfoundedMittalSteelin1989,andguideditsstrategicdevelopment,culminatinginthemergerin2006withArcelor.HeisamemberofvariousboardsandtrustsandalsooftheIndianPrimeMinister’sGlobalAdvisoryCouncil,Kazakhstan’sForeignInvestors’Council,WorldEconomicForum’sInternationalBusinessCouncilandWorldSteelAssociation’s(WSA)ExecutiveCommittee.HehasreceivednumerousawardsandhonorssuchasFortune’s2004‘EuropeanBusinessmanoftheYear’,FinancialTimes’2006‘PersonoftheYear’,2007DwightDEisenhowerGlobalLeadershipAwardandForbes2008‘LifetimeAchievementAward’.InOctober2010,hewasawardedWSA’smedalforservicestotheAssociationandforcontributingtothesustainabledevelopmentoftheglobalsteelindustry.

Lewis B KadenLewisBKaden,69andaUScitizen,istheleadindependentdirectorofArcelorMittal.Hehasapproximately39yearsofexperienceincorporategovernance,financialservices,disputeresolutionandeconomicpolicy.HeiscurrentlyvicechairmanofCitigroup.MrKadenservedasadirectorofBethlehemSteelCorporationfortenyearsandiscurrentlychairmanoftheboardofdirectorsoftheMarkleFoundationandvicechairmanoftheBoardofTrusteesofAsiaSociety.

Vanisha Mittal Bhatia

VanishaMittalBhatia,31andanIndiancitizen,wasappointedasamemberoftheLNMHoldingsboardofdirectorsinJune2004.MsVanishaMittalBhatiawasappointedtoMittalSteel’sboardofdirectorsinDecember2004.ShehasaBachelorofArtsdegreeinBusinessAdministrationfromtheEuropeanBusinessSchoolandhasworkedatMittalShippingLtd,MittalSteelHamburgGmbH,anInternet-basedventurecapitalfund,withintheprocurementdepartmentofMittalSteel,inchargeofacost-cuttingproject,andiscurrentlyheadofstrategyforAperam.

Narayanan VaghulNarayananVaghul,75andanIndiancitizen,hasover50years’experienceinthefinancialsectorandwasthechairmanofICICIGroup,aleadingfinancialservicesgroupinIndiafrom1985to2009.MrVaghulischairmanoftheIndianInstituteofFinanceManagement&ResearchandisalsoaboardmemberofWiproLimited,Mahindra&Mahindra,PiramalHealthcareandApolloHospitals.

Wilbur L Ross, Jr

WilburLRoss,Jr,74andaUScitizen,isthechairmanandCEOofWLRoss&Co.LLC,amerchantbankingfirm,apositionthathehasheldsinceApril2000.WLRoss&CoispartofInvescoPrivateCapital,alistedcompany,ofwhichMrRossisChairman.MrRossisalsotheChairmanandCEOofInvescosubsidiariesWLRRecoveryFundL.P.,WLRRecoveryFundIIL.P.,WLRRecoveryFundIII,WLRRecoveryFundIV,WLRRecoveryFundV,AsiaRecoveryFund,AsiaRecoveryFundCo-Investment,AbsoluteRecoveryHedgeFundandAmericanHomeMortgageServicingInc.,noneofwhicharelisted.MrRossistheChairmanofOhizumiManufacturingCompanyinJapan,InternationalTextileGroupandDiamondShipping,whichareunlistedcompanies.MrRossisadirectorofInternationalAutomotiveComponentsandCompagnieEuropéennedeWagonsSARL(Luxembourg),bothnon-listedcompanies.MrRossisalsoadirectoroftheYaleSchoolofManagement.

Jeannot KreckéJeannotKrecké,61andaLuxembourgcitizen,wasappointedasLuxembourg’sMinisteroftheEconomyandForeignTradeandMinisterofSportin2004.AsofJuly2004,herepresentstheLuxembourggovernmentattheCouncilofMinistersoftheEuropeanUnionintheinternalmarketandindustrysectionsofitscompetitivenessconfiguration.OnFebruary1,2012,JeannotKreckéretiredfromgovernmentanddecidedtoendhisactivepoliticalcareerinordertopursuearangeofdifferentprojects.

Antoine SpillmannAntoineSpillmann,48andaSwisscitizen,workedforleadinginvestmentbanksinLondonfrom1986to2000.HeisnowanassetmanagerandexecutivepartneratthefirmBruellanWealthManagement,anindependentassetmanagementcompanybasedinGeneva.MrSpillmannstudiedinSwitzerlandandLondon,receivingdiplomasfromtheLondonBusinessSchoolinInvestmentManagementandCorporateFinance.

HRH Prince Guillaume de LuxembourgHRHPrinceGuillaumedeLuxembourg,48andaLuxembourgcitizen,workedforfiveyearsattheInternationalMonetaryFundinWashington,D.C.,andspenttwoyearsworkingfortheCommissionofEuropeanCommunitiesinBrussels.PrinceGuillaumeheadedagovernmentaldevelopmentagency,Lux-Development,for12years.

Suzanne P NimocksSuzannePNimocks,52andaUScitizen,wasadirector(seniorpartner)withMcKinsey&Companyfrom1999to2010andwaswiththefirminvariousothercapacitiessince1989.MsNimocksiscurrentlyaboardmemberforEncanaCorporationandRowanCompanies,Inc.bothlistedcompanies,andValerus,aprivatecompany.Inthenon-profitsector,sheservesontheboardofdirectorsoftheHoustonZooandsheisexpectedtoassumethechairmanshipofitsboardofdirectorsonJuly1,2012.

Bruno LafontBrunoLafont,55andaFrenchcitizen,startedhiscareeratLafargein1983.OnJanuary1,2006,hebecamechiefexecutiveofficerandinMay2007,hewasappointedchairmanandchiefexecutiveofficerofthegroup.MrLafontisSpecialAdvisertotheMayorofChongqing(China),PresidentoftheEPEFrenchAssociation(‘EnterprisesforEnvironment’),aboardmemberofEDFandaboardmemberofArcelorMittal.

18

Board of directors

Left to right Antoine Spillmann HRH Prince Guillaume de Luxembourg Suzanne P Nimocks Bruno Lafont

Left to right Lakshmi N Mittal Lewis B Kaden Vanisha Mittal Bhatia Narayanan Vaghul Wilbur L Ross, Jr Jeannot Krecké

19


Overview

Operations

Mining operations



The strategic direction of ArcelorMittal is the responsibility of the Group Management Board (GMB). The GMB members are elected by the board of directors and the GMB is headed by Lakshmi N Mittal as chief executive officer (CEO). The GMB is supported by a strong team of 24 management committee members, working towards delivering the best possible performance to all stakeholders while continuously working to improve health and safety results.

Lakshmi N MittalLakshmiNMittalisthechairmanandCEOofArcelorMittal.MrMittalfoundedMittalSteelin1989,andguideditsstrategicdevelopment,culminatinginthemergerin2006withArcelor.HeisamemberofvariousboardsandtrustsandalsooftheIndianPrimeMinister’sGlobalAdvisoryCouncil,Kazakhstan’sForeignInvestors’Council,WorldEconomicForum’sInternationalBusinessCouncilandWorldSteelAssociation’s(WSA)ExecutiveCommittee.HehasreceivednumerousawardsandhonorssuchasFortune’s2004‘EuropeanBusinessmanoftheYear’,FinancialTimes’2006‘PersonoftheYear’,2007DwightDEisenhowerGlobalLeadershipAwardandForbes2008‘LifetimeAchievementAward’.InOctober2010,hewasawardedWSA’smedalforservicestotheAssociationandforcontributingtothesustainabledevelopmentoftheglobalsteelindustry.

Aditya MittalAdityaMittalisCFOofArcelorMittal,andamemberoftheGroupManagementBoardwithadditionalresponsibilityforFlatCarbonEurope,investorrelationsandcommunications.PriortothemergertocreateArcelorMittal,AdityaMittalheldthepositionofPresidentandCFOofMittalSteelfromOctober2004to2006.In2008,MrAdityaMittalwasawarded‘EuropeanBusinessLeaderoftheFuture’byCNBCEurope.In2011,hewasalsoranked4thinthe‘40under40’listofFortunemagazine.HeisamemberoftheWorldEconomicForum’sTheForumofYoungGlobalLeaders,theYoungPresidents’Organization,aboardmemberattheWhartonSchoolandPPR.

Davinder ChughDavinderChugh,memberoftheGroupManagementBoard,responsibleforsharedservices,hasover33yearsofexperienceinthesteelindustryingeneralmanagement,materialspurchasing,marketing,logistics,warehousingandshipping.MrChughisamemberoftheInvestmentAllocationCommittee(‘IAC’).BeforebecomingaseniorexecutivevicepresidentofArcelorMittal,heservedastheCEOofMittalSteelSouthAfricauntil2006.MrChughwasinvolvedintheturnaroundandconsolidationoftheSouthAfricanoperationsofArcelorMittal.

Peter KukielskiPeterKukielski,memberoftheGroupManagementBoard,chiefexecutiveofMining,wasappointedseniorexecutivevicepresidentandheadofMininginDecember2008.MrKukielskiwaspreviouslyexecutivevicepresidentandchiefoperatingofficeratTeckComincoLimited.PriortojoiningTeckCominco,hewaschiefoperatingofficerofFalconbridgeLimitedbeforewhichheheldseniorengineeringandprojectmanagementpositionswithBHPBillitonandFluorCorporation.

Sudhir MaheshwariSudhirMaheshwari,memberoftheGroupManagementBoard,responsibleforcorporatefinance,M&AandriskmanagementandIndiaandChinaoperations,isalsoalternatechairmanofthecorporatefinanceandtaxcommitteeandchairmanoftheriskmanagementcommittee.MrMaheshwariwaspreviouslyamemberofthemanagementcommitteeofArcelorMittal,responsibleforfinanceandM&A.Priortothis,hewasmanagingdirector,businessdevelopmentandtreasuryatMittalSteelfromJanuary2005untilitsmergerwithArcelorin2006.MrMaheshwarialsoservesontheboardofdirectorsofvarioussubsidiariesofArcelorMittal.

Lou SchorschLouSchorsch,memberoftheGroupManagementBoard,responsibleforFlatCarbonAmericas,groupstrategy,CTO,researchanddevelopment,commercialcoordination,globalautomotiveandmemberoftheIAC.DrSchorschwaselectedtotheGroupManagementBoardinMay2011.PriortothisappointmenthehadbeenpresidentandchiefexecutiveofficerofFlatCarbonAmericas,apositionestablishedwiththe2006mergerofArcelorandMittalSteel,aswellasamemberoftheArcelorMittalmanagementcommittee.

Gonzalo UrquijoGonzaloUrquijo,memberoftheGroupManagementBoard,responsibleforAACIS(excludingChinaandIndia),DistributionSolutions,TubularProducts,corporateresponsibility,IACchairman,waspreviouslyseniorexecutivevicepresidentandCFOofArcelor,withresponsibilityforfinance,purchasing,IT,legalaffairs,investorrelations,ArcelorDistributionSolutions,andotheractivities.Priortothat,MrUrquijoalsoheldseveralotherpositionswithinArcelor,includingdeputyseniorexecutivevicepresidentandheadofthefunctionaldirectoratesofdistribution.

Michel WurthMichelWurth,memberoftheGroupManagementBoard,responsibleforLongCarbonworldwide,waspreviouslyinchargeofFlatCarbonEuropeandGlobalR&Dbetween2006andJune2011aswellasDistributionSolutionsbetween2009andJune2011.PriortothishewasvicepresidentoftheGroupManagementBoardofArcelorandDeputyCEO,withresponsibilityforFlatCarbonSteelincludingauto,coordinationBrazil,R&DandNSCalliance.ThecreationofArcelorin2002ledtoMrWurth’sappointmentasseniorexecutivevicepresidentandCFOofArcelor.

From left to right Lakshmi N Mittal, Aditya Mittal, Davinder Chugh, Peter Kukielski, Sudhir Maheshwari, Lou Schorsch, Gonzalo Urquijo, Michel Wurth

20

Senior management

Management committeeName Age1 Position

BhikamAgarwal 59 Executivevicepresident,headoffinanceVijayBhatnagar 64 Executivevicepresident,CEOIndiaandChinaDavinderChugh 55 MemberoftheGroupManagementBoard,responsibleforsharedservicesandmemberoftheinvestment

allocationcommitteeJeffersondePaula 53 Executivevicepresident,CEOLongCarbonAmericasPhilduToit 59 Executivevicepresident,headofminingprojectsandexplorationRobrechtHimpe 53 Executivevicepresident,CEOFlatCarbonEuropePeterKukielski 55 MemberoftheGroupManagementBoard,headofMiningSudhirMaheshwari 48 MemberoftheGroupManagementBoard,responsibleforcorporatefinance,M&AandriskmanagementandIndia

andChinaoperationsAdityaMittal 35 CFO,memberoftheGroupManagementBoard,withadditionalresponsibilityforFlatCarbonEurope,investor

relationsandcommunicationsLakshmiNMittal 61 ChairmanandchiefexecutiveofficerMichaelPfitzner 62 Executivevicepresident,headofmarketingandcommercialcoordinationArnaudPoupart-Lafarge 46 Executivevicepresident,CEOLongCarbonEurope(includingAnnaba,BosniaandHerzegovina,OstravaandSonasid)MichaelRippey 54 Executivevicepresident,CEOUSALouSchorsch 62 MemberoftheGroupManagementBoard,responsibleforFlatCarbonAmericas,groupstrategy,CTO,research

anddevelopment,globalautomotiveandmemberoftheinvestmentallocationcommitteeBillScotting 53 Executivevicepresident,headofstrategyWillieSmit 54 Executivevicepresident,headofhumanresourcesGonzaloUrquijo 50 MemberoftheGroupManagementBoard,responsibleforAACIS(excludingChinaandIndia),Distribution

Solutions,TubularProducts,corporateresponsibility,investmentallocationcommitteechairmanMichelWurth 57 MemberoftheGroupManagementBoard,responsibleforLongCarbonworldwide

1 Age on December 31, 2011

AdditionalmembersofthemanagementcommitteeincludeAugustoEspeschitdeAlmeida(CEOLongCarbonCentralandSouthAmerica),BrianAranha(chiefmarketingofficer,globalautomotiveandFlatCarbonAmericas,commercialcoordination),BenjaminBaptista(CEOFlatSouthAmerica),BillChisholm(CEOArcelorMittalMexico),GregoryLudkovsky(globalresearchanddevelopment),Jean-LucMaurange(CEOFlatCarbonEurope,businessdivisionsouthwest),NkuNyembezi-Heita(CEOArcelorMittalSouthAfrica),GeertVanPoelvoorde(CEOFlatCarbonEurope,businessdivisionnorth),SanjaySamaddar(CEOFlatCarbonEurope,businessdivisioneastandCEOArcelorMittalPoland),JuergenSchachler(CEOArcelorMittalDofasco),KleberSilva(miningoperations),PSVenkat(CEOLongCarbonNorthAmerica),MarcVereecke(chieftechnologyofficer,withadditionalresponsibilityforin-housemanufacturingservices)andAlainLeGrix(CEODistributionSolutions).

21


Overview

Operations

Mining operations



2011 Ebitda split by segment US$ millions

Quality is one of our three core values and quality underpins our core assets, from steel plants to mines. Not only do our plants, which span the globe, produce high‑quality steel, they are also cost‑competitive. Our group is well diversified and we have a balanced portfolio of assets: in 2011 our production facilities outside North America and Europe generated around 40% of our steel‑based Ebitda. With production facilities in 20 countries, we offer a broad range of finished and semi‑finished carbon steel products. Our outstanding distribution network delivers our quality products to customers around the world.

We have quality core assets

2,109

1,500

1,866

1,238

271

3,063 Mining

Flat Carbon Europe

Long Carbon

AACIS

Distribution Solutions

Flat Carbon Americas

23


Overview

Operations

Mining operations



Picture Luxembourg

2008 2009 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011

Crude steel production (thousands of metric tonnes)FCA 26,476 16,556 23,101 6,063 6,277 5,866 6,009 24,215FCE 34,338 22,752 30,026 7,631 7,870 7,390 6,619 29,510Long 25,198 18,901 22,550 6,059 6,414 5,611 5,474 23,558AACIS 15,118 13,411 14,906 3,706 3,830 3,493 3,579 14,608Total continuing operations 101,130 71,620 90,583 23,459 24,391 22,360 21,681 91,891Discontinued operations 2,197 1,616 2,046 – – – – –Total 103,327 73,236 92,629 23,459 24,391 22,360 21,681 91,891Steel shipments* (thousands of metric tonnes)FCA 25,810 16,121 21,028 5,563 5,520 5,708 5,458 22,249FCE 33,512 21,797 27,510 7,384 7,166 6,385 6,188 27,123Long 27,115 19,937 23,148 5,872 6,167 5,984 5,846 23,869AACIS 13,296 11,769 13,266 3,142 3,304 3,005 3,065 12,516Total continuing operations 99,733 69,624 84,952 21,961 22,157 21,082 20,557 85,757Discontinued operations 1,958 1,447 1,729 – – – – –Total 101,691 71,071 86,681 21,961 22,157 21,082 20,557 85,757Average steel selling price (US$/tonne)FCA 920 698 781 830 961 910 868 892FCE 1,018 799 821 928 1,026 1,021 954 982Long 1,055 743 802 902 973 967 906 937AACIS 804 506 608 691 768 771 713 736AMDS 1,155 767 832 973 1,040 1,010 948 993Total continuing operations 974 710 773 862 956 940 882 910Revenue (US$ millions)FCA 25,761 12,310 17,684 4,939 5,567 5,499 5,030 21,035FCE 38,300 19,981 25,550 7,812 8,551 7,696 7,003 31,062Long 32,230 16,741 21,315 5,889 6,664 6,676 5,936 25,165AACIS 13,047 7,577 9,706 2,570 2,857 2,619 2,733 10,779AMDS 23,126 13,524 15,744 4,261 5,019 4,899 4,876 19,055Mining 3,557 2,573 4,380 1,128 1,657 1,678 1,805 6,268Holding and service companies and eliminations (19,080) (11,685) (16,354) (4,415) (5,189) (4,853) (4,934) (19,391)Total continuing operations 116,942 61,021 78,025 22,184 25,126 24,214 22,449 93,973Ebitda (US$ millions)FCA 4,800 685 1,555 528 924 420 237 2,109FCE 6,448 1,946 2,015 471 636 367 26 1,500Long 6,635 1,647 2,075 480 610 438 338 1,866AACIS 3,866 898 1,135 254 462 284 238 1,238AMDS 1,103 (97) 457 127 115 48 (19) 271Mining 1,468 656 2,263 607 835 842 779 3,063Holding and service companies and eliminations (668) (135) (975) 115 (169) 9 115 70Total continuing operations 23,652 5,600 8,525 2,582 3,413 2,408 1,714 10,117Operating income (US$ millions)FCA 1,646 (1,046) 691 307 697 193 1 1,198FCE 2,774 (501) 534 106 245 (106) (569) (324)Long 4,120 (25) 1,004 210 358 185 (107) 646AACIS 3,129 312 681 125 341 162 93 721AMDS 185 (286) 166 84 69 8 (109) 52Mining 1,132 234 1,625 493 718 725 632 2,568Holding and service companies and eliminations (1,027) (158) (1,096) 106 (176) 1 106 37Total continuing operations 11,960 (1,470) 3,605 1,431 2,252 1,168 47 4,898Average steel Ebitda/tonne (US$/tonne)FCA 186 43 74 95 167 74 43 95FCE 192 89 73 64 89 57 4 55Long 245 83 90 82 99 73 58 78AACIS 291 76 86 81 140 95 78 99Total** 229 73 85 85 124 74 40 81

* AsfromJanuary1,2010theSteelSolutionsandServicessegmenthasbeenrenamedArcelorMittalDistributionSolutions(AMDS).ArcelorMittalDistributionSolutionsshipmentsareeliminatedinconsolidationastheyprimarilyrepresentshipmentsoriginatingfromotherArcelorMittaloperatingsubsidiaries.

**AveragesteelEbitda/tonneexcludesminingandholdingandservicecompaniesandeliminations.

24

Key operational overview

Crude steel production quarterly by segment 2008 and 2009Thousands of metric tonnes Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009

Flat Carbon Americas 7,980 7,685 7,339 3,472 26,476 3,499 3,332 4,323 5,402 16,556Flat Carbon Europe 9,653 10,062 9,476 5,147 34,338 4,565 4,059 6,718 7,410 22,752Long Carbon Americas and Europe 7,099 7,488 6,871 3,740 25,198 3,947 4,857 4,741 5,356 18,901AACIS 4,346 4,390 4,258 2,124 15,118 2,903 3,227 3,382 3,899 13,411Total continuing operations 29,078 29,625 27,944 14,483 101,130 14,914 15,475 19,164 22,067 71,620Discontinued operations 656 656 509 376 2,197 317 387 460 452 1,616Total 29,734 30,281 28,453 14,859 103,327 15,231 15,862 19,624 22,519 73,236

Crude steel production quarterly by segment 2010 and 2011Thousands of metric tonnes Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011

Flat Carbon Americas 5,679 5,854 5,932 5,636 23,101 6,063 6,277 5,866 6,009 24,215Flat Carbon Europe 7,406 8,507 7,107 7,006 30,026 7,631 7,870 7,390 6,619 29,510Long Carbon Americas and Europe 5,738 6,015 5,472 5,325 22,550 6,059 6,414 5,611 5,474 23,558AACIS 3,684 3,885 3,726 3,611 14,906 3,706 3,830 3,493 3,579 14,608Total continuing operations 22,507 24,261 22,237 21,578 90,583 23,459 24,391 22,360 21,681 91,891Discontinued operations 546 588 454 458 2,046 – – – – –Total 23,053 24,849 22,691 22,036 92,629 23,459 24,391 22,360 21,681 91,891

Crude steel production 2008-2011 (thousands of metric tonnes)

Source:ArcelorMittalestimates. 25


Overview

Operations

Mining operations



Crude steel production quarterly by segment

Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4

2011201020092008

29,0

78

14,9

14

22,5

07

23,4

59

29,6

25

15,4

75

24,2

61

24,3

91

27,9

44

19,1

64

22,2

37

22,3

60

14,4

83

22,0

67

21,5

78

21,6

81

Crude steel production by process and segment 2011 (thousands of metric tonnes)Blast oxygen furnace Electric arc furnace Open hearth furnace Total crude steel

Flat Carbon Americas 20,023 4,192 – 24,215 Flat Carbon Europe 27,508 1,464 538 29,510 Long Carbon Americas and Europe 7,294 14,890 1,374 23,558 AACIS 11,089 2,085 1,434 14,608 Total 65,914 22,631 3,346 91,891

Crude steel production by process 2011

%Blast oxygen furnace 72Electric arc furnace 24Open hearth furnace 4

Total 100

Crude steel production by region 2011

%North America 26South America 12West Europe 36Central and East Europe 10CIS and Central Asia 10Africa 6

Total 100

Source:ArcelorMittalestimates.26

Crude steel production by process and region

SourceArcelorMittalestimates.

* ArcelorMittalDistributionSolutionsshipmentsareeliminatedinconsolidationastheyprimarilyrepresentshipmentsoriginatingfromotherArcelorMittaloperatingsubsidiaries.

Steel shipments* quarterly by segment 2008 and 2009Thousands of metric tonnes Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009

Flat Carbon Americas 7,603 7,398 6,878 3,931 25,810 3,644 3,481 4,162 4,834 16,121Flat Carbon Europe 9,399 9,882 8,211 6,020 33,512 4,814 4,974 5,601 6,408 21,797Long Carbon Americas and Europe 7,780 8,097 6,687 4,551 27,115 4,423 5,261 5,025 5,228 19,937AACIS 3,895 3,876 3,335 2,190 13,296 2,754 2,897 3,043 3,075 11,769Total continuing operations 28,677 29,253 25,111 16,692 99,733 15,635 16,613 17,831 19,545 69,624Discontinued operations 528 578 487 365 1,958 315 363 354 415 1,447Total 29,205 29,831 25,598 17,057 101,691 15,950 16,976 18,185 19,960 71,071

Steel shipments* quarterly by segment 2010 and 2011Thousands of metric tonnes Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011

Flat Carbon Americas 5,271 5,346 4,979 5,432 21,028 5,563 5,520 5,708 5,458 22,249Flat Carbon Europe 6,856 7,540 6,521 6,593 27,510 7,384 7,166 6,385 6,188 27,123Long Carbon Americas and Europe 5,694 5,984 5,772 5,698 23,148 5,872 6,167 5,984 5,846 23,869AACIS 3,204 3,409 3,261 3,392 13,266 3,142 3,304 3,005 3,065 12,516Total continuing operations* 21,025 22,279 20,533 21,115 84,952 21,961 22,157 21,082 20,557 85,757Discontinued operations 436 482 442 369 1,729 – – – – –Total 21,461 22,761 20,975 21,484 86,681 21,961 22,157 21,082 20,557 85,757

Steel shipments 2008-2011 (thousands of metric tonnes)

27


Overview

Operations

Mining operations



Steel shipments quarterly by segment

Q1 Q2 Q3 Q4

2011

Q1 Q2 Q3 Q4

2010

Q1 Q2 Q3 Q4

2009

Q1 Q2 Q3 Q4

2008

29,2

53

25,1

11

16,6

92

28,6

77

15,6

35

16,6

13 17,8

31 19,5

45 21,0

25 22,2

79

20,5

33

21,1

15

21,9

61

22,1

57

21,0

82

20,5

57

Steel shipments by product 2011

%Flat products 66Long products 32Pipes and tubes 2

Total 100

Steel shipments by product type 2011%

Hot rolled products 24Cold rolled products 10Coated products 19Slabs 6Bars and rebars 12Wire rod/wire products 10Sections 5Semis 3Other products 11

Total 100

Steel shipments by region 2011

%North America 25South America 13Europe 46Africa 6Asia, CIS and other 10

Total 100

Source:ArcelorMittalestimates.28

Steel shipments by product and region

Flat Carbon Americas steel shipments by product type 2011

%Hot rolled products 37Cold rolled products 16Coated products 20Slabs 18Other products 9

Total 100

Flat Carbon Europe steel shipments by product type 2011

%Hot rolled products 35Cold rolled products 13Coated products 37Slabs 4Other products 11

Total 100

Long Carbon steel shipments by product type 2011

%Bars and rebars 31Wire rod/wire products 28Sections 16Semis 7Other products 18

Total 100

AACIS steel shipments by product type 2011%

Hot rolled products 29Cold rolled products 9Coated products 9Bars and rebars 22Wire rod/wire products 14Sections 4Semis 7Other products 6

Total 100

29


Overview

Operations

Mining operations



Steel shipments by product and segment

Thousands of metric tonnes 2008 2009 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011

Flat Carbon North America 19,922 10,751 15,283 4,421 4,186 4,271 4,206 17,084 Flat Carbon South America 5,888 5,370 5,745 1,142 1,334 1,437 1,252 5,165 Flat Carbon Americas 25,810 16,121 21,028 5,563 5,520 5,708 5,458 22,249 Flat Carbon Europe 33,512 21,797 27,510 7,384 7,166 6,385 6,188 27,123 Long Carbon North America 5,095 3,862 4,245 1,073 1,187 1,190 1,134 4,584 Long Carbon South America 5,619 4,486 5,280 1,337 1,404 1,471 1,448 5,660 Long Carbon Europe 15,017 10,753 12,656 3,202 3,315 3,037 2,993 12,547 Others 1,384 836 967 260 261 286 271 1,078 Long Carbon Americas and Europe 27,115 19,937 23,148 5,872 6,167 5,984 5,846 23,869 Africa 4,991 4,417 4,960 1,272 1,263 1,109 980 4,624 Asia CIS 8,305 7,352 8,306 1,870 2,041 1,896 2,085 7,892 AACIS 13,296 11,769 13,266 3,142 3,304 3,005 3,065 12,516 Total continuing operations 99,733 69,624 84,952 21,961 22,157 21,082 20,557 85,757 South America 600 519 694 – – – – –Europe 1,358 928 1,035 – – – – –Stainless Steel (discontinuing operations) 1,958 1,447 1,729 – – – – –Total 101,691 71,071 86,681 21,961 22,157 21,082 20,557 85,757

Source:ArcelorMittalestimates.

* FiguresexcludeshipmentsfromDistributionSolutionswhicharefullyeliminatedonconsolidationandMiningdivision.30

Steel shipments by segment and region*

ArcelorMittal Zenica recognized for their continued support of local children’s summer campsEvery year, the Scouts of Zenica, in Bosnia and Herzegovina, organize a summer holiday for 800 children of Zenica in the Scout Camp on Boracko Lake, some 250km south of Zenica. For the last five years, ArcelorMittal Zenica and the ArcelorMittal Foundation have supported this initiative to promote sport, health and culture among the children of the local community.

US$ millionsYear ended

December 31, 2009Year ended

December 31, 2010Year ended

December 31, 2011

AmericasUnited States 9,305 12,920 16,526Canada 2,033 3,163 3,571Brazil 3,887 7,291 7,407Argentina 807 1,054 1,271Mexico 1,196 1,968 2,413Others 1,565 1,619 2,043Total Americas 18,793 28,015 33,231EuropeFrance 4,973 5,307 6,078Spain 3,905 4,567 5,021Germany 5,709 7,182 9,111Romania 632 837 931Poland 2,333 3,191 4,235Belgium 1,093 1,226 1,571Italy 1,874 2,926 3,317United Kingdom 1,685 1,763 1,959Turkey 1,647 2,441 2,737Czech Republic 982 1,271 1,921Netherlands 875 828 1,072Russia 588 970 1,511Others 4,779 4,937 6,253Total Europe 31,075 37,446 45,717Asia and AfricaSouth Africa 2,519 3,256 3,624China 1,268 850 1,303India 887 873 838Others 6,479 7,585 9,260Total Asia and Africa 11,153 12,564 15,025Total 61,021 78,025 93,973

31


Overview

Operations

Mining operations



Sales by destination

* AveragesteelEbitdaexcludesminingandholdingandservicescompaniesandeliminations.

Steel Ebitda by segment and region (US$ millions)2008 2009 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011

Flat Carbon North America 2,782 22 689 402 681 366 166 1,615Flat Carbon South America 2,018 663 866 126 243 54 71 494Flat Carbon Americas 4,800 685 1,555 528 924 420 237 2,109Flat Carbon Europe 6,448 1,946 2,015 471 636 367 26 1,500Long Carbon North America 608 (177) 65 36 33 51 11 131Long Carbon South America 2,390 1,485 1,394 238 278 227 196 939Long Carbon Europe 3,285 236 415 143 233 84 58 518Others 352 103 201 63 66 76 73 278Long Carbon Americas and Europe 6,635 1,647 2,075 480 610 438 338 1,866Africa 1,682 188 453 92 138 (7) 9 232Asia CIS 2,184 710 682 162 324 291 229 1,006AACIS 3,866 898 1,135 254 462 284 238 1,238Distribution Solutions 1,103 (97) 457 127 115 48 (19) 271

Average steel Ebitda/tonne by segment* and region (US$/tonne)2008 2009 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011

Flat Carbon North America 140 2 45 91 163 86 39 95Flat Carbon South America 343 123 151 110 182 38 57 96Flat Carbon Americas 186 42 74 95 167 74 43 95Flat Carbon Europe 192 89 73 64 89 57 4 55Long Carbon North America 119 (46) 15 34 28 43 10 29Long Carbon South America 425 331 264 178 198 154 135 166Long Carbon Europe 219 22 33 45 70 28 19 41Others 254 123 208 242 253 266 269 258Long Carbon Americas and Europe 245 83 90 82 99 73 58 78Africa 337 43 91 72 109 (6) 9 50Asia CIS 263 97 82 87 159 153 110 127AACIS 291 76 86 81 140 95 78 99Average steel Ebitda/tonne* 229 73 85 85 124 74 40 81

32

Steel Ebitda and average steel Ebitda/tonne

Capex by segment (US$ millions) Q1 11 Q2 11 Q3 11 Q4 11 2011

Flat Carbon Europe 261 239 266 238 1,004Flat Carbon Americas 112 151 173 228 664Long Carbon 251 229 280 359 1,119Asia, Africa and CIS 190 113 184 126 613Distribution Solutions 28 32 34 58 152Mining 200 297 319 453 1,269

Growth and maintenance capex 2011 (%)

19

9

Growth 14

Maintenance 57

Steel Mining

33

66

Capex projects The following tables summarize the company’s principal growth and optimization projects involving significant capital expenditures as at December 31, 2011.

Completed projects since 2011

Segment Site Project Capacity/particulars Actual completion

Mining Princeton Coal (US) Underground mine expansion Capacity increase by 0.7mt/year Q1 11Mining Liberia mines Greenfield Liberia Iron ore production of 4mt/year

(phase one)Q3 111

On-going2 projects

Segment Site Project Capacity/particulars Actual completion

Mining Andrade Mines (Brazil)

Andrade expansion Increase iron ore production to 3.5mt/year

2012

Mining ArcelorMittal Mines Canada

Replacement of spirals for enrichment

Increase iron ore production by 0.8mt/year

2013

Mining ArcelorMittal Mines Canada

Expansion project Increase concentrator capacity by 8mt/year (16 to 24mt/year)

2013


ArcelorMittal Dofasco (Canada)

Optimization of galvanizing and galvalume operations

Optimize cost and increase galvalume production by 0.1mt/year

On hold


ArcelorMittal Vega Do Sul (Brazil)

Expansion project Increase HDG capacity by 0.6mt/year and CR capacity by 0.7mt/year

On hold

Long Carbon Americas

João Monlevade (Brazil)

Wire rod production expansion Increase in capacity of finished products by 1.15mt/year

On hold

1 Ironoreminingproductioncommencedin2011with1.3milliontonnesproduced.Thetargetedironoreproductionin2012is4milliontonnes.Aspreviouslyannounced,thecompanyisconsideringaphasetwoexpansionthatwouldleadtoannualproductionof15milliontonnesby2015.Thiswouldrequiresubstantialinvestmentinaconcentrator,theapprovalprocessofwhichremainsinthefinalstages.

2 On-goingprojectsrefertoprojectsforwhichconstructionhasbegun(excludingvariousprojectsthatareunderdevelopment),orhavebeenplacedonholdpendingimprovedoperatingconditions.

33


Overview

Operations

Mining operations



Capital expenditure

Picture LiberiaWe are investing in new mining projects around the world, and in 2011, began iron ore mining operations in Liberia. Since we signed a Mineral Development Agreement with the Liberian government in 2005, we have rebuilt two elementary schools and one high school in Yekepa. These facilities provide quality education for more than 1,000 students. In the city of Buchanan, Grand Bassa Community College, built with the support of both ArcelorMittal Liberia and ArcelorMittal Foundation, is the first post-secondary academy in the country. Investing in education is important to ArcelorMittal – it is at the core of our commitment to Liberia and our aim to build a local management team to manage our Liberian operations in the future.

We have a world‑class mining business

Iron ore reserves in 2011

3.8bt*

* billions of tonnes.

35


Overview

Operations

Mining operations



ArcelorMittal has built up a world-class resource base in iron and coking coal through a combination of acquisitions and internal expansion. Our geographically diverse portfolio of mining assets gives us the opportunity to supply the developing world as well as our own steel facilities.

Since January 2011, the mining business has been reported as a separate segment. This has enhanced our ability to maximize returns, optimize the allocation of capital and pursue our growth plans – which involve a material increase in production and sales to third parties.

All raw materials that can practically be sold outside the group are now either marketed to third parties or transferred to ArcelorMittal facilities at market price. Production from captive mines closely linked to one of our steel facilities is transferred internally on a cost-plus basis. In 2011, approximately 17%1 of the group’s own iron ore production was sold to external customers.

In 2011, ArcelorMittal’s own mines produced 54.1 million tonnes of iron ore1; our own mines and strategic contracts produced 65.2 million tonnes of iron ore and met 57% of the group’s requirements. A total of 28.0 million tonnes was shipped internally and externally at market price2. Production of coking coal hit 8.3 million tonnes3, an increase of 20% as compared to 2010. Iron ore and coal production is targeted to increase by a further 10% in 2012.

Our ore reserve estimation4 and reporting processes are now standardized and reserve estimates will be updated and reported annually. Following a full review of our life-of-mine plans, ore reserves and mineral resource estimates, our iron ore reserves are now put at 3.8 billion tonnes. Our principal iron ore mining operations are located in Canada, the US, Brazil, Ukraine, Kazakhstan and Liberia.

Our total metallurgical coal reserves are estimated at 323 million tonnes. The group’s coal mines are located in Kazakhstan, Russia and the US.

Management strengthWe can see a world of opportunities in the Mining sector that is only limited by access to capital and to the people required to develop these opportunities. Talent is key, and with the strength and depth that we now have, we have a strong leadership team who has a track record of operational performance and successful project execution. Our management bench strength gives confidence that we can execute on the development options we have via our extensive reserve base and scalable infrastructure already in place. The proven management team is already demonstrating its ability to deliver projects on time and within budget, as is evidenced by our successful development in Liberia. We have the experience and the appetite to undertake opportunities in more challenging political and geographical environments. This experience is key to the development of our Arctic project on Baffin Island in Nunavut, Canada.

We are building a strong commercial presence in global markets; a new brand and a new choice. Our strategy is to improve and develop

new quality products to meet future demand. A key strength of our commercial approach is that we have at hand the technical and market knowledge of the world’s largest steelmaker available to us. The Group has an unmatched R&D facility that enables us to deliver real value to both our internal and external customers.

Growth plansCapital expenditure in Mining more than doubled to around $1.3 billion in 2011 and is set to remain at a high level as existing mines are expanded and new ones developed. The focus is firmly on growing marketable volumes. In 2012, production of both iron ore and coking coal is planned to increase by around 10%. However, this increase is just one stop on the growth journey. The near-term target is to expand iron ore production to 100 million tonnes by 2015. That includes ore sourced from strategic contracts, forecast to be around 16 million tonnes by that date. Within Mining’s own production, marketable tonnages are expected to double on 2010 levels. Coal production is planned to rise to at least 11 million tonnes over the same period. In early 2011, Mining completed the underground mine expansion program at Princeton Coal, increasing production capacity by 0.7 million tonnes a year.

1 Ownironoreproductionexcludingstrategiclong-termcontract.2 Market-pricedtonnesrepresentamountsofironoreandcoalfrom

ArcelorMittalminesthatcouldbesoldtothirdpartiesontheopenmarket.Market-pricedtonnesthatarenotsoldtothirdpartiesaretransferredfromtheMiningsegmenttotheCompany’ssteelproducingsegmentsattheprevailingmarketprice.Shipmentsofrawmaterialsthatdonotconstitutemarket-pricedtonnesaretransferredinternallyonacost-plusbasis.

3 Owncoalproductionexcludingstrategiclong-termcontract.4 ArcelorMittal’sreserveestimatesmaymateriallydifferfrommineral

quantitiesthatitmaybeabletoactuallyrecover;ArcelorMittal’sestimatesofminelifemayproveinaccurate;andmarketpricefluctuationsandchangesinoperatingandcapitalcostsmayrendercertainorereservesuneconomicaltomine.

36

Mining operations overview

With major expansion and development programs underway in Canada, Brazil and Liberia (under review), and increasing tonnages of both iron ore and coal being marketed externally, Mining is an important growth engine for the group.

The group is on target to expand annual iron ore production (including off-take from long-term contracts) to 100 million tonnes by 2015.

1 Mexico Iron Ore Las Truchas & Volcan 100%, Peña Colorada 50%*

2 US Iron Ore Minorca 100%, Hibbing 62.3%*

3 Princeton mines 100%4 Canada Iron Ore 100%5 Canada Iron Ore expansion

project (Mont-Wright)6 Canada Iron Ore Baffinland 70%

7 Brazil Iron Ore Serra Azul 100%8 Brazil Iron Ore Andrade and

expansion9 Mauritania Iron Ore

10 Liberia Iron Ore 70%11 Liberia Iron Ore phase two**12 Algeria Iron Ore 2 mines 70%13 Bosnia Iron Ore 51%14 South Africa Iron Ore*15 South Africa Manganese 50%

16 Coal of Africa 15.9% interest17 Ukraine Iron Ore 95%18 Kazakhstan Coal

8 mines 100%19 Kazakhstan Iron Ore

4 mines 100%20 Russian Coal 2 mines 98%21 India Iron Ore22 India Steam Coal

Mining business portfolioKey assets and projects

Non ferrous mineIron ore mineCoal mine

Existing minesNew projects

1

2 3

16

4

6

8

10

9

12

13

14

15

17

18

19

2122

20

7

5

11

Key projects underway include:

Liberia:The first shipments from our greenfield iron ore project in Liberia commenced in September 2011. This was the culmination of four years’ development work that included the rehabilitation of 260km of railway and upgrades to the port and material handling facilities at Buchanan. The mine was brought into production on schedule and within budget. In 2012, production will be lifted to around 4 million tonnes. Engineering for the second phase of the project is now under way. If approved, this would lift production of iron ore from 4 million tonnes a year of direct shipment ore to 15 million tonnes a year of concentrate from 2015. It includes the construction

of a concentrator and a further upgrade to the port facilities.

ArcelorMittal Mines Canada:Expansion of the Mont-Wright mine and concentrator capacity will increase annual production of iron ore concentrate from 16 million tonnes to 24 million tonnes by 2013. The project cost is approximately $1.2 billion. This expansion capitalizes on existing rail and port facilities, the quality of our product and our experienced workforce. Its location offers easy access to US and European markets – an important consideration given that the additional production will be sold on world markets. The Mont-Wright operations have more than 2.0 billion tonnes of iron ore reserves – sufficient to support a long mine life at the expanded

production level. This is before taking into account substantial additional resources, which could form the basis of a further doubling of production over time. Scoping studies are underway to confirm the potential for further mine expansion in the Mont-Wright, Fire Lake and Mont-Reed areas. We are also actively exploring in areas of inferred mineral resources.

Andrade Mines, Brazil:Investment in the Andrade Mines in Brazil will lift production of iron ore from 1.7 million tonnes a year to 3.5 million tonnes.

Baffinland, Canada:In March 2011, ArcelorMittal, in partnership with Nunavut Iron Ore Acquisition Inc. (now WW Mines), acquired a 70% controlling interest

* IncludesshareofproductionnotcontrolledbyArcelorMittal. **Underreview.

in Baffinland Iron Mines Corporation. Baffinland owns the Mary River project, a high-grade iron ore reserve in northern Canada. The acquisition consolidated ArcelorMittal’s position as a major iron ore producer. The existing feasibility study has been updated ahead of a board level construction decision. In addition, a draft environmental impact statement has been submitted to regulators, instituting the process of environmental review. Constructive talks are proceeding with local stakeholders to finalize the Inuit impact benefits agreement. The Baffinland product will be a high-quality, direct shipping mix of premium lump ore and premium fine ore sinter feed with only crushing and screening required. Our commercial strategy will focus on building a customer base in both the Atlantic and Pacific growth markets to develop stable, long-term demand.

Other projects While Baffinland is a key project in the drive to sustain future production growth beyond 2015, Mining has an internal pipeline of both brownfield and greenfield projects currently under consideration. With our significant resource base, these projects offer the potential over the medium-term for an expansion in our own iron ore production up to and beyond 100 million tonnes, before including strategic contracts.

37


Overview

Operations

Mining operations



Iron ore production by mine (millions of metric tonnes)Mine Type Product 2008 2009 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011

Kazakhstan 3.4 4.5 3.8 0.9 1.0 1.0 1.0 4.0Lisakovsky Open pit Concentrate 0.9 1.8 1.8 0.4 0.4 0.4 0.4 1.8Kentobe Open pit Concentrate 0.8 0.9 0.6 0.2 0.2 0.2 0.2 0.7Atasu Underground Lump and fines 0.7 1.1 1.1 0.3 0.3 0.3 0.3 1.2Atansore Open pit Lump and fines 0.9 0.8 0.3 0.0 0.1 0.1 0.1 0.3Ukraine 9.4 8.3 10.0 2.4 2.7 2.7 2.8 10.6Kryviy Rih Open pit Concentrate 7.8 7.1 8.9 2.2 2.4 2.4 2.6 9.6Kryviy Rih Underground Lump and sinter feed 1.6 1.2 1.1 0.3 0.3 0.3 0.3 1.1Algeria Open pit and

underground Fines 1.7 1.1 1.1 0.2 0.3 0.4 0.4 1.3

Bosnia Open pit Concentrate and lump 1.2 1.1 1.4 0.4 0.4 0.6 0.5 1.9Mexico 4.6 3.6 6.2 1.7 1.9 1.6 1.8 6.9Peña Colorada1 Open pit Concentrate and pellets 2.3 2.3 2.3 0.6 0.6 0.5 0.6 2.2Las Truchas Open pit Concentrate,

lump and fines2.3 1.3 2.1 0.6 0.8 0.5 0.7 2.6

Volcan Open pit Concentrate 0.1 0.1 1.8 0.5 0.5 0.5 0.5 2.0Canada 15.0 13.9 15.1 3.2 3.5 4.1 4.3 15.1QCM (Mont-Wright) Open pit Concentrate and pellets 13.8 13.2 15.1 3.2 3.5 4.1 4.3 15.1Wabush1 Open pit Pellets 1.2 0.8 0.0 0.0USA 8.0 2.6 6.5 1.8 1.8 2.1 2.0 7.7Hibbing1 Open pit Pellets 5.2 1.5 3.7 1.2 1.2 1.3 1.2 4.9Minorca Open pit Pellets 2.8 1.1 2.8 0.6 0.6 0.8 0.8 2.8Brazil 0.4 2.5 4.9 1.2 1.3 1.3 1.4 5.3Serra Azul Open pit Lump and fines 0.4 2.4 3.3 0.9 0.9 0.9 1.0 3.6Andrade Open pit Fines 0.0 0.1 1.6 0.3 0.5 0.5 0.4 1.7Liberia 0.0 0.0 0.0 0.0 0.1 0.3 0.9 1.3Own production 43.8 37.7 48.9 11.8 13.1 14.1 15.1 54.1 South Africa2 8.0 5.5 7.0 1.8 1.8 1.4 1.3 6.5Sishen Open pit Lump and fines 5.4 3.7 4.7 1.3 1.3 1.2 1.3 5.1Thabazambi Open pit Lump and fines 2.6 1.9 2.4 0.6 0.6 0.2 0.0 1.4Brazil 1.2 1.1 0.0 0.0 0.0 0.0 0.0 0.0Andrade3 Open pit Fines 1.2 1.1 0.0 0.0 0.0 0.0 0.0 0.0USA 11.7 8.5 12.5 0.0 0.9 1.8 1.9 4.6Cleveland Cliffs4 Open pit Pellets 11.7 8.5 12.5 0.0 0.9 1.8 1.9 4.6Strategic contracts – iron ore 20.9 15.1 19.6 1.8 2.8 3.3 3.2 11.1 Total 64.7 52.7 68.5 13.6 15.9 17.4 18.3 65.21 Includesownshareofproduction.OnOctober9,2009,ArcelorMittalenteredintoan

agreementtodivestitsminorityinterestinWabushMinesCanada.ThetransactionwascompletedinFebruary2010.

2 Strategicagreement;pricesonacost-plusbasis.3 OperatedbyVale;pricesonacost-plusbasisuntilNovember15,2009.FromNovember

16,2009,theminehasbeenoperatedbyArcelorMittalandincludedasownproduction.

4 Includestwolong-termsupplycontractswithClevelandCliffsforperiodspriorto2011.OnApril8,2011,ArcelorMittalannouncedthatitreachedanegotiatedsettlementwithCliffsNaturalResourcesInc.(‘Cliffs’)regardingallpendingcontractdisputesrelatedtotheprocurementofironorepelletsforcertainfacilitiesintheUS.Aspartofthesettlement,CliffsandArcelorMittalagreedtospecificpricinglevelsfor2009and2010pelletsalesandrelatedvolumes.Beginningfirstquarterof2011,excludeslong-termsupplycontractforwhichsettlementwasreached.

38

Iron ore production by mine

Iron ore production by region1 (millions of metric tonnes)Mine Type Product 2008 2009 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011

North America2 Open pit Concentrate and pellets 27.7 20.2 27.8 6.7 7.2 7.8 8.0 29.7 South America4 Open pit Lump and sinter feed 0.4 2.5 4.9 1.2 1.3 1.3 1.4 5.3 Europe Open pit Lump and fines 1.2 1.1 1.4 0.4 0.4 0.6 0.5 1.9 Africa Open pit/

undergroundLump and fines 1.7 1.1 1.1 0.2 0.4 0.7 1.3 2.6

Asia, CIS and other Open pit/ underground

Concentrate, lump and fines

12.8 12.8 13.8 3.3 3.7 3.7 3.9 14.6

Own production 43.8 37.7 48.9 11.8 13.1 14.1 15.1 54.1 North America3 Open pit Pellets 11.7 8.5 12.5 0.0 0.9 1.8 1.9 4.6 South America4 Open pit Lump and fines 1.2 1.1 0.0 0.0 0.0 0.0 0.0 0.0 Africa5 Open pit Lump and fines 8.0 5.5 7.0 1.8 1.8 1.4 1.3 6.5 Strategic contracts – iron ore 20.9 15.1 19.6 1.8 2.8 3.3 3.2 11.1 Total 64.7 52.7 68.5 13.6 15.9 17.4 18.3 65.2

Iron ore shipment (millions of metric tonnes)2008 2009 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011

External sales 6.4 5.4 7.0 1.1 1.5 2.1 4.4 9.0 Market priced 12.4 17.2 18.2 4.8 5.5 4.6 4.1 19.0 Captive (cost-plus basis) 21.6 17.1 21.6 3.7 6.2 6.9 6.8 23.6 Flat Carbon Americas 7.5 3.1 6.1 0.3 2.4 2.6 2.6 7.9 Long Carbon 2.7 2.3 3.8 0.9 1.1 1.4 1.1 4.4 AACIS 11.4 11.6 11.6 2.5 2.7 2.9 3.2 11.3 Sales 40.5 39.7 46.7 9.6 13.2 13.5 15.3 51.6 Strategic contracts 20.9 15.3 19.6 1.8 2.8 3.3 3.2 11.1 Flat Carbon Americas 11.7 8.5 12.5 0.0 0.9 1.8 1.9 4.6 Long Carbon 1.2 1.3 0.0 0.0 0.0 0.0 0.0 0.0 AACIS 8.0 5.5 7.0 1.8 1.8 1.4 1.3 6.5 Total 61.4 55.0 66.3 11.5 15.9 16.81 18.5 62.7 1 Totalofallfinishedproductionoffines,concentrate,pelletsandlumps.2 IncludesownminesandshareofproductionfromHibbing(US–62.30%),Peña

(Mexico–50%)andWabush(Canada–28.7%).OnOctober9,2009,ArcelorMittalenteredintoanagreementtodivestitsminorityinterestinWabushMinesCanada.ThetransactionwascompletedinFebruary2010.

3 Includestwolong-termsupplycontractswithClevelandCliffsforperiodspriorto2011.OnApril8,2011,ArcelorMittalannouncedthatithadreachedanegotiatedsettlementwithCliffsNaturalResourcesInc.(‘Cliffs’)regardingallpendingcontractdisputesrelatedtotheprocurementofironorepelletsforcertainfacilitiesintheUS.Aspartofthesettlement,CliffsandArcelorMittalagreedtospecificpricinglevelsfor2009and2010pelletsalesandrelatedvolumesand,beginningin2011,toreplacethepreviouspricingmechanisminoneoftheparties’ironoresupplyagreementswithaworldmarket-basedpricingmechanism.Accordinglyasfromthefirstquarterof2011,thisexcludesthelong-termsupplycontractforwhichsettlementwasreached.

4 IncludesAndrademineoperatedbyValeuntilNovember15,2009:pricesonacost-plusbasis.FromNovember16,2009theminehasbeenoperatedbyArcelorMittalandincludedascaptive.

5 IncludespurchasesmadeunderJuly2010interimagreementwithKumba(SouthAfrica).

Note:Therearethreecategoriesofsales:1)‘Externalsales’:minedproductsoldtothirdpartiesatmarketprice;2)‘Market-pricedtonnes’:internalsalesofminedproducttoArcelorMittalfacilitiesatprevailingmarketprices;3)‘Cost-plustonnes’–internalsalesofminedproducttoArcelorMittalfacilitiesonacost-plusbasis.Thedeterminantofwhetherinternalsalesaretransferredatmarketpriceorcost-plusiswhetherornottherawmaterialcouldpracticallybesoldtothirdparties(i.e.thereisapotentialmarketfortheproductandlogisticsexisttoaccessthatmarket).

39


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Mining operations



Iron ore production by region and shipment

Coal production by mine (millions of metric tonnes)Mine 2008 2009 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011

US – Midvol/Concept 0.84 2.09 2.25 0.55 0.61 0.57 0.69 2.43 Russia – Kuzbass 0.96 1.12 1.00 0.20 0.32 0.38 0.38 1.28 Kazakhstan – Karaganda* 4.11 3.93 3.70 1.18 1.13 1.15 1.15 4.62 Own production 5.90 7.14 6.96 1.93 2.07 2.10 2.22 8.32 South Africa – Tshikondeni1 0.25 0.26 0.21 0.07 0.09 0.07 0.07 0.30 US – Madison2 0.29 0.19 0.22 0.06 0.08 0.05 0.14 0.32 Strategic contracts1,2 0.54 0.44 0.43 0.12 0.17 0.12 0.21 0.62 Total 6.44 7.59 7.39 2.05 2.23 2.22 2.43 8.94 1 Includeslong-termlease–pricesonacost-plusbasis.2 Includesstrategicagreement–pricesonacost-plusbasis.

* Includeseightmines–Kostenko,Kuzembaev,Saranskaya,Abaiskaya,Kazakhstanskaya,Lenina,Shaktanskaya,Tenteskaya.

Coal production by region (millions of metric tonnes)2008 2009 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011

North America 0.84 2.09 2.25 0.55 0.61 0.57 0.69 2.43 Asia, CIS and other 5.07 5.06 4.71 1.38 1.45 1.53 1.53 5.90 Own production 5.90 7.14 6.96 1.93 2.07 2.10 2.22 8.32 North America1 0.29 0.19 0.22 0.06 0.08 0.05 0.14 0.32 Africa2 0.25 0.26 0.21 0.07 0.09 0.07 0.07 0.30 Strategic contracts1,2 0.54 0.44 0.43 0.12 0.17 0.12 0.21 0.62 Total 6.44 7.59 7.39 2.05 2.23 2.22 2.43 8.94 1 Includesstrategicagreement–pricesonacost-plusbasis. 2 Includeslong-termlease–pricesonacost-plusbasis.

Coal shipment (millions of metric tonnes)2008 2009 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011

External sales 1.44 1.96 2.12 0.81 0.95 0.80 0.94 3.49 Market-priced 1.49 1.82 1.26 0.32 0.35 0.42 0.35 1.43 Captive (cost-plus basis) 3.38 3.26 3.17 0.89 0.77 0.83 0.82 3.31 AACIS 3.38 3.26 3.17 0.89 0.77 0.83 0.82 3.31 Sales 6.31 7.03 6.55 2.02 2.06 2.05 2.11 8.23 Strategic contracts 0.54 0.44 0.43 0.12 0.17 0.12 0.21 0.62 Flat Carbon Americas 0.29 0.19 0.22 0.06 0.09 0.05 0.14 0.34 AACIS 0.25 0.26 0.21 0.07 0.08 0.07 0.07 0.28 Total 6.86 7.47 6.98 2.14 2.23 2.17 2.31 8.85

Therearethreecategoriesofsales:1)‘Externalsales’:minedproductsoldtothirdpartiesatmarketprice;2)‘Market-pricedtonnes’:internalsalesofminedproducttoArcelorMittalfacilitiesatprevailingmarketprices;

3)‘Cost-plustonnes’–internalsalesofminedproducttoArcelorMittalfacilitiesonacost-plusbasis.Thedeterminantofwhetherinternalsalesaretransferredatmarketpriceorcost-plusiswhetherornottherawmaterialcouldpracticallybesoldtothirdparties(i.e.thereisapotentialmarketfortheproductandlogisticsexisttoaccessthatmarket).

40

Coal production by mine and by region and shipment

Raw material consumption (millions of metric tonnes)Consumption

2008 2009 2010 2011

Iron ore 123 89 115 111 PCI and coal* 49 36 44 45 Coke 33 26 29 29 Scrap and DRI 40 30 39 39

* Includescoalonlyforthesteelmakingprocessandexcludessteamcoalforpowergeneration.

Improving working environmentsIn order to promote occupational health, safety and hygiene, the corporate health and safety team has been working in collaboration with educational institutions to develop specific training sessions aimed at raising awareness on the importance of creating a healthy working environment. The training is offered by the University of Illinois in Chicago, US, and is comprised of three consecutive modules which take into account both the steel and mining segments.

Left Luxembourg

41


Overview

Operations

Mining operations



Raw material consumption

Iron ore reserves and resources 2011The table below details ArcelorMittal’s estimated iron ore reserves and resources as at December 31, 2011.

Total proven and probable ore reserves Measured and indicated resources Inferred resourcesMillions of

metric tonnes % FeMillions of

metric tonnes % FeMillions of

metric tonnes % Fe

Canada (excluding Baffinland) 1,965 28.8 4,862 29.7 1,066 29.5Baffinland – Canada 375 64.7 41 66.0 444 65.0Minorca – US 159 23.1 41 22.9 90 22.9Hibbing – US 387 19.0 – – – –Mexico (excluding Peña Colorada) 108 31.0 51 30.2 88 28.0Peña Colorada – Mexico 182 27.0 66 28.0 – –Brazil 131 57.8 321 38.0 130 37.0Liberia 14 59.5 427 47.5 2,182 40.0Algeria1 – – – – 95 53.0Bosnia 35 45.8 – – – –Ukraine open pit 268 34.0 823 37.0 – –Ukraine underground 25 55.0 43 55.0 – –Kazakhstan open pit 154 40.1 1,022 35.0 –Kazakhstan underground 37 42.2 456 51.0 30 51.0Total 3,840 33.4 8,153 33.8 4,125 39.61 AlthoughboththeOuenzaandBoukhadramineshavebeenproducingironoreforseveraldecades,no

ironorereservesarereportedfortheseminesin2011duetomaterialdeficienciesinthedrillingdatarecordingandarchivingprocess.ArcelorMittalintendstoconductdrillingcampaignsin2012

atthetwominesinaccordancewithindustrybestpracticesinordertoprovidethepropersupportfororereserveestimatesbytheendof2012.

Iron ore reserves by country

Country %Canada 61US 14Mexico 8Brazil 3Liberia –Bosnia 1Ukraine 8Kazakhstan 5

Total 100

Reservesarethepartofamineraldepositthatcouldbeeconomicallyandlegallyextractedorproducedatthetimeofthereservedetermination.Thedemonstrationofeconomicviabilityisestablishedthroughtheapplicationofalife-of-mineplanforeachoperationorprojectprovidingapositivenetpresentvalueonacash-forwardlookingbasis.

1)TheestimatesofprovenandprobableorereservesandmineralresourcesatourminesandprojectsincludedinthisfactbookhavebeenpreparedbyArcelorMittalexperiencedengineersandgeologists.MarshallMiller&Associates,Inc.preparedtheestimatesofreservesforourPrincetonundergroundandopenpitoperations.ThereservecalculationswerepreparedincompliancewiththerequirementsofIndustryGuide7andthemineralresourceestimateswerepreparedinaccordancewiththerequirementsofNationalInstrumentNI43-101.

2)ArcelorMittalownslessthan100%ofcertainminingoperations;reserveandresourceestimateshavenotbeenadjustedtoreflectlowerownershipinterests.3)Cautionarynoteconcerningreserveandresourceestimates:WithregardtoArcelorMittal’sreportedresources,investorsarecautionednottoassumethatanypartorallofArcelorMittal’sestimatedmineraldepositsthatconstituteeither‘measuredmineralresources’,‘indicatedmineralresources’or‘inferredmineralresources’(calculatedinaccordancewiththeguidelinessetoutinCanadianNationalInstrument43-101)willeverbeconvertedintoreserves.Thereisaparticularlygreatdealofuncertaintyastotheexistenceof‘inferredmineralresources’aswellaswithregardtotheireconomicandlegalfeasibilityanditshouldnotbeassumedthatallorpartofan‘inferredmineralresource’willeverbeupgradedtoahighercategory.

42

Iron ore reserves and resources

Coal reserves and resources 2011The table below details ArcelorMittal’s estimated coal reserves and resources as at December 31, 2011.

Total proven and probable reserves Measured and indicated resources Inferred resources

Millions of metric tonnes

Wet recoverablemillions of

metric tonnes1

ROMmillions of

metric tonnes


metric tonnes1Millions of

metric tonnes


metric tonnes1

Princeton – US 110 70 92 50 4 2 Kazakhstan 182 80 588 279 8 5 Kuzbass – Russia 31 20 226 143 32 20 Total 323 170 906 472 44 27 1 Washedordirectlyshippedsaleabletonnage.Thistonnagedoesnotincludetheproductionin

Kazakhstanofapproximately2milliontonnesannuallyand30milliontonnesforthelifeoftheKazakhstanminesofrun-of-minehighashcoalwhichissoldinternally.

Coal reserves by country

Country %US 34Kazakhstan 56Russian 10

Total 100

Reservesarethepartofamineraldepositthatcouldbeeconomicallyandlegallyextractedorproducedatthetimeofthereservedetermination.Thedemonstrationofeconomicviabilityisestablishedthroughtheapplicationofalife-of-mineplanforeachoperationorprojectprovidingapositivenetpresentvalueonacash-forwardlookingbasis.

1)TheestimatesofprovenandprobableorereservesandmineralresourcesatourminesandprojectsincludedinthisfactbookhavebeenpreparedbyArcelorMittalexperiencedengineersandgeologists.MarshallMiller&Associates,Inc.preparedtheestimatesofreservesforourPrincetonundergroundandopenpitoperations.ThereservecalculationswerepreparedincompliancewiththerequirementsofIndustryGuide7andthemineralresourceestimateswerepreparedinaccordancewiththerequirementsofNationalInstrumentNI43-101.

2)ArcelorMittalownslessthan100%ofcertainminingoperations;reserveandresourceestimateshavenotbeenadjustedtoreflectlowerownershipinterests.3)Cautionarynoteconcerningreserveandresourceestimates:WithregardtoArcelorMittal’sreportedresources,investorsarecautionednottoassumethatanypartorallofArcelorMittal’sestimatedmineraldepositsthatconstituteeither‘measuredmineralresources’,‘indicatedmineralresources’or‘inferredmineralresources’(calculatedinaccordancewiththeguidelinessetoutinCanadianNationalInstrument43-101)willeverbeconvertedintoreserves.Thereisaparticularlygreatdealofuncertaintyastotheexistenceof‘inferredmineralresources’aswellaswithregardtotheireconomicandlegalfeasibilityanditshouldnotbeassumedthatallorpartofan‘inferredmineralresource’willeverbeupgradedtoahighercategory.

Coal reserves and resources

43


Overview

Operations

Mining operations



Picture South Africa

We are delivering cost improvement

45


Overview

Operations

Mining operations



The steel industry is highly competitive – and we recognize that in order to maintain our leading position in the industry, we must remain competitive on costs. Across the group, we make the most of our scale and global footprint to share initiatives that will reduce fixed costs as well as contribute to more efficient operations. Known as our management gains program, we believe in encouraging our employees at all levels to share their ideas on performance and opportunities for improvements. Since 2008, this program has generated $4 billion of cost savings, with a further $0.8 billion targeted in the year ahead. Together with the $1 billion asset optimization plan launched in September 2011, we therefore have a detailed strategy to support sustainable Ebitda and ensure that the group remains highly cost‑competitive.

Annualized management gains US$ billions

2011

2010

2009

2008

4.0

3.1

2.7

0.2

Number of employees1 according to segments Segments 2008 2009 2010 2011

Flat Carbon Americas 28,311 26,813 30,109 31,566 Flat Carbon Europe 71,192 58,965 59,759 62,130 Long Carbon Americas and Europe 70,864 61,629 57,937 53,558 AACIS (Asia, Africa and CIS) 67,582 63,440 60,318 57,774 Distribution Solutions 18,871 17,409 16,561 16,998 Mining 44,992 39,764 36,428 36,873 Other activities 1,640 2,548 1,720 1,624 Continuing operations 303,452 270,568 262,832 260,523Discontinued operations 12,415 11,135 10,979 – Total 315,867 281,703 273,811 260,523

Allocation of employees1 at December 31, 2011 according to geographic location

Continuing operations 2011 %EU272 97,619 37Other European countries3 41,611 16North America 36,662 14South America 22,679 9Asia 41,565 16Middle East and Africa 20,387 8

Total 260,523 100

Source: ArcelorMittal estimates.1 Full-time equivalent.2 EU27 includes Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia,

Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the United Kingdom.

3 Other European countries include Bosnia, Croatia, Macedonia, Norway, Russia, Serbia, Switzerland, Turkey and the Ukraine.

46

Number of employees

US$ millions unless otherwise specifiedFlat Carbon

AmericasFlat Carbon

Europe


and Europe AACIS MiningDistribution

Solutions Total

2011Financial informationSales 21,035 31,062 25,165 10,779 6,268 19,055 93,973Depreciation and impairment 911 1,681 1,183 517 495 179 5,000Restructuring charges1 – 143 37 – 40 – 219Operating (loss)/income 1,198 (324) 646 721 2,568 52 4,898Operating margin (as a percentage of sales) 5.7% -1.0% 2.6% 6.7% 41.0% 0.3% 5.2%Ebitda 2,109 1,500 1,866 1,238 3,063 271 10,117Ebitda margin (as a percentage of sales) 10.0% 4.8% 7.4% 11.5% 48.9% 1.4% 10.8%Capital expenditure 664 1,004 1,119 613 1,269 152 4,838Operational informationCrude steel production (millions of metric tonnes) 24,215 29,510 23,558 14,608 NA NA 91,891Steel shipments (millions of metric tonnes) 22,249 27,123 23,869 12,516 NA 18,360 85,757Average steel selling price (US$/tonne) 892 982 937 736 NA 993 910Employees 31,566 62,130 53,558 57,774 36,873 16,998 260,5232010Financial informationSales 17,684 25,550 21,315 9,706 4,380 15,744 78,025Depreciation and impairment 864 1,481 1,071 454 638 290 4,920Operating income 691 534 1,004 681 1,625 166 3,605Operating margin (as a percentage of sales) 3.9% 2.1% 4.7% 7.0% 37.1% 1.1% 4.6%Ebitda 1,555 2,015 2,075 1,135 2,263 457 8,525Ebitda margin (as a percentage of sales) 8.8% 7.9% 9.7% 11.7% 51.7% 2.9% 10.9%Capital expenditure 574 792 687 515 525 124 3,308Operational informationCrude steel production (millions of metric tonnes) 23,101 30,026 22,550 14,906 NA NA 90,583Steel shipments (millions of metric tonnes) 21,028 27,510 23,148 13,266 NA 18,173 84,952Average steel selling price (US$/tonne) 781 821 802 608 NA 832 773Employees 30,109 59,759 57,937 60,318 36,428 16,561 262,8322009Financial informationSales 12,310 19,981 16,741 7,577 2,573 13,524 61,021Depreciation and impairment 1,025 1,505 1,354 423 391 356 5,125Operating (loss)/income2 (1,046) (501) (25) 312 234 (286) (1,470)Operating margin (as a percentage of sales) -8.5% -2.5% -0.1% 4.1% 9.1% -2.1% -2.4%Ebitda 685 1,946 1,647 898 656 (97) 5,600Ebitda margin (as a percentage of sales) 5.6% 9.7% 9.8% 11.9% 25.5% -0.7% 9.2%Capital expenditure 463 937 532 278 333 131 2,709Operational InformationCrude steel production (millions of metric tonnes) 16,556 22,752 18,901 13,411 NA NA 71,620Steel shipments (millions of metric tonnes) 16,121 21,797 19,937 11,769 NA 16,794 69,624Average steel selling price (US$/tonne) 698 799 743 506 NA 767 710Employees 26,813 58,965 61,629 63,440 39,764 17,409 270,5682008Financial informationSales 25,761 38,300 32,230 13,047 3,557 23,126 116,942Depreciation and impairment 1,072 1,924 1,716 445 336 201 5,759Operating income 1,646 2,774 4,120 3,129 1,132 185 11,960Operating margin (as a percentage of sales) 6.4% 7.2% 12.8% 24.0% 31.8% 0.8% 10.2%Ebitda 4,800 6,448 6,635 3,866 1,468 1,103 23,652Ebitda margin (as a percentage of sales) 18.6% 16.8% 20.6% 29.6% 41.3% 4.8% 20.2%Capital expenditure 930 1,443 1,159 737 614 280 5,381Operational informationCrude steel production (millions of metric tonnes) 26,476 34,338 25,198 15,118 NA NA 101,130Steel shipments (millions of metric tonnes) 25,810 33,512 27,115 13,296 NA 19,143 99,733Average steel selling price (US$/tonne) 920 1,018 1,055 804 NA 1,155 974Employees 28,311 71,192 70,864 67,582 44,992 18,871 303,452

1 During2011,thecompanyrecordedrestructuringchargesof$219millionconsistingofcostsassociatedwiththeimplementationofthecompany’sassetoptimizationplanprimarilyimpactingFlatCarbonEuropeandLongCarbonEuropeoperations,aswellasvariousDistributionSolutionsentities.

2 During2009,thecompanyrecordedanexceptionalgainof$380millionrelatingtoreversaloflitigationcostspreviouslybookedinthefourthquarterof2008followingtheParisCourtofAppealsdecisiontoreducethefineimposedoncertainFrenchdistributionsubsidiariesofArcelorMittalbytheFrenchCompetitionAuthorityfrom€302million($441million)to€42million($61million).Thisgainwasoffsetbyexceptionalchargesamountingto$2.4billionpre-taxrelatedprimarilytowrite-downsofinventory($2.1billion)andprovisionsforworkforcereduction($0.3billion).

•Ebitdadefinedasoperatingincomeplusdepreciation,impairmentexpensesandexceptionalitems.

•Someinter-segmentsalesandintra-segmentsaleshavenotbeeneliminated.•Someinter-companyshipmentsarenoteliminated.•Marginanalysiscalculatedontheunroundedvalues.•Totalcolumnincludesholdingcompaniesandservicecompaniesandeliminations.

47


Overview

Operations

Mining operations



Key financial and operational information

48

Consolidated statements of operations

ArcelorMittal and subsidiaries(millions of US dollars, except share and per share data)

Year ended December 31, 2010


Sales (including 4,873 and 5,875 of sales to related parties for 2010 and 2011, respectively) 78,025 93,973Cost of sales (including depreciation and impairment of 4,920 and 5,000 and 2,448 and 2,897 of purchases from related parties for 2010 and 2011, respectively) 71,084 85,519Gross margin 6,941 8,454Selling, general and administrative expenses 3,336 3,556Operating income (loss) 3,605 4,898Income from investments in associates and joint ventures 451 620Financing costs – net (2,200) (2,838)Income (loss) before taxes 1,856 2,680Income tax expense (benefit) (1,479) 882Net income from continuing operations (including non-controlling interests) 3,335 1,798Discontinued operations, net of tax (330) 461Net income (including non-controlling interests) 3,005 2,259Net income attributable to equity holders of the parent:Net income from continuing operations 3,246 1,802Net income from discontinued operations (330) 461Net income attributable to equity holders of the parent 2,916 2,263Net income from continuing operations attributable to non-controlling interests 89 (4)Net income (including non-controlling interests) 3,005 2,259



Earnings per common share (in US dollars) Basic 1.93 1.46Diluted 1.72 1.19Earnings per common share – continuing operations (in US dollars) Basic 2.15 1.16Diluted 1.92 0.90Earnings per common share – discontinued operations (in US dollars) Basic (0.22) 0.30Diluted (0.20) 0.29Weighted average common shares outstanding (in millions) Basic 1,512 1,549Diluted 1,600 1,611

49


Overview

Operations

Mining operations



Quarterly condensed income statement

ArcelorMittal and subsidiaries (millions of US dollars, except share and per share data) Q1 10 Q2 10 Q3 10 Q4 10 2010

Sales 17,428 20,154 19,744 20,699 78,025Depreciation and impairment (1,124) (1,206) (1,134) (1,456) (4,920)Operating income/(loss) 577 1,603 1,028 397 3,605Operating margin (as percentage of sales) 3.3% 8.0% 5.2% 1.9% 4.6%Net financing costs, income from equity method investments and other income (310) (37) (276) (1,126) (1,749)Income before taxes 267 1,566 752 (729) 1,856Income tax (expense)/benefit 361 92 576 450 1,479Effective tax rate % -135.1% -5.9% -76.6% 61.8% -79.7%Net income (loss) from continuing operations including non-controlling interest 628 1,658 1,328 (279) 3,335Non-controlling interests (relating to continuing operations) (40) (79) (16) 46 (89)Income (loss) from continuing operations 588 1,579 1,312 (233) 3,246Discontinued operations 52 127 38 (547) (330)Net income (loss) attributable to owners of the parent 640 1,706 1,350 (780) 2,916Basic earnings per common share 0.42 1.13 0.89 (0.51) 1.93Diluted earnings per common share1 0.33 0.75 0.89 (0.51) 1.72Weighted average common shares outstanding (in millions) 1,510 1,510 1,510 1,515 1,512Diluted weighted average common shares outstanding (in millions)1 1,573 1,599 1,537 1,516 1,600Base dividend per share (in US dollars) 0.1875 0.1875 0.1875 0.1875 0.75Ebitda2 1,701 2,809 2,162 1,853 8,525Ebitda margin (as percentage of sales) 9.8% 13.9% 11.0% 9.0% 10.9%Earnings per shareDiscontinued operationsBasic earnings per common share (in US dollars) 0.03 0.09 0.02 (0.36) (0.22)Diluted earnings per common share (in US dollars) 0.03 0.08 0.02 (0.36) (0.20)Weighted average common shares outstanding (in millions) 1,510 1,510 1,510 1,515 1,512Diluted weighted average common shares outstanding (in millions) 1,573 1,599 1,537 1,516 1,600Continued operationsBasic earnings per common share (in US dollars) 0.39 1.04 0.87 (0.15) 2.15Diluted earnings per common share (in US dollars) 0.30 0.67 0.87 (0.15) 1.92Weighted average common shares outstanding (in millions) 1,510 1,510 1,510 1,515 1,512Diluted weighted average common shares outstanding (in millions) 1,573 1,599 1,537 1,516 1,600

ArcelorMittal and subsidiaries (millions of US dollars, except share and per share data) Q1 11 Q2 11 Q3 11 Q4 11 2011

Sales 22,184 25,126 24,214 22,449 93,973Depreciation and impairment (1,151) (1,161) (1,240) (1,448) (5,000)Operating income/(loss) 1,431 2,252 1,168 47 4,898Operating margin (as percentage of sales) 6.5% 9.0% 4.8% 0.2% 5.2%Net financing costs, income from equity method investments and other income (978) (615) (386) (239) (2,218)Income before taxes 453 1,637 782 (192) 2,680Income tax (expense)/benefit 166 (61) (154) (833) (882)Effective tax rate % -36.6% 3.7% 19.7% -433.9% 32.9%Net income (loss) from continuing operations including non-controlling interest 619 1,576 628 (1,025) 1,798Non-controlling interests (relating to continuing operations) (11) (41) 31 25 4Income (loss) from continuing operations 608 1,535 659 (1,000) 1,802Discontinued operations 461 – – – 461Net income (loss) attributable to owners of the parent 1,069 1,535 659 (1,000) 2,263Basic earnings per common share 0.69 0.99 0.43 (0.65) 1.46Diluted earnings per common share1 0.69 0.93 0.19 (0.65) 1.19Weighted average common shares outstanding (in millions) 1,549 1,549 1,549 1,549 1,549Diluted weighted average common shares outstanding (in millions)1 1,550 1,638 1,611 1,549 1,611Base dividend per share (in US dollars) 0.1875 0.1875 0.1875 0.1875 0.75Ebitda2 2,582 3,413 2,408 1,714 10,117Ebitda margin (as percentage of sales) 11.6% 13.6% 9.9% 7.6% 10.8%Earnings per shareDiscontinued operationsBasic earnings per common share (in US dollars) 0.30 – – – 0.30Diluted earnings per common share (in US dollars) 0.30 – – – 0.29Weighted average common shares outstanding (in millions) 1,549 1,549 1,549 1,549 1,549Diluted weighted average common shares outstanding (in millions) 1,550 1,638 1,611 1,549 1,611Continued operationsBasic earnings per common share (in US dollars) 0.39 0.99 0.43 (0.65) 1.16Diluted earnings per common share (in US dollars) 0.39 0.93 0.19 (0.65) 0.90Weighted average common shares outstanding (in millions) 1,549 1,549 1,549 1,549 1,549Diluted weighted average common shares outstanding (in millions) 1,550 1,638 1,611 1,549 1,6111 Diluted earnings per common share include assumed shares from stock options and

convertible debt (if dilutive) in the weighted average number of common shares outstanding during the periods presented.

2 Ebitda defined as operating income plus depreciation, impairment expenses and exceptional items.

ArcelorMittal and subsidiaries(millions of US dollars, except share and per share data) December 31, 2010 December 31, 2011

Assets Current assets: Cash and cash equivalents 6,207 3,821Restricted cash 82 84Trade accounts receivable and other, including 616 and 457 from related parties at December 31, 2010 and 2011, respectively 5,725 6,452Inventories 19,583 21,689Prepaid expenses and other current assets 4,160 3,559Assets held for sale and distribution 6,918 – Total current assets 42,675 35,605Non-current assets: Goodwill and intangible assets 14,373 14,053Property, plant and equipment 54,344 54,251Investments in associates and joint ventures 10,152 9,041Other investments 267 226Deferred tax assets 6,603 6,081Other assets 2,490 2,623Total non-current assets 88,229 86,275Total assets 130,904 121,880

Liabilities and equity December 31, 2010 December 31, 2011

Current liabilities:Short-term debt and current portion of long-term debt 6,716 2,784Trade accounts payable and other, including 465 and 257 to related parties at December 31, 2010 and 2011, respectively 13,256 12,836Short-term provisions 1,343 1,213Accrued expenses and other liabilities 6,900 6,624Income tax liabilities 471 367Liabilities held for sale and distribution 2,037 – Total current liabilities 30,723 23,824Non-current liabilities:Long-term debt, net of current portion 19,292 23,634Deferred tax liabilities 4,006 3,680Deferred employee benefits 7,180 7,160Long-term provisions 1,738 1,601Other long-term obligations 1,865 1,504Total non-current liabilities 34,081 37,579Total liabilities 64,804 61,403Equity:Common shares (no par value, 1,617,000,000 and 1,617,000,000 shares authorized, 1,560,914,610 and 1,560,914,610 shares issued, and 1,548,561,690 and 1,548,951,866 shares outstanding at December 31, 2010 and 2011, respectively) 9,950 9,403Treasury shares (12,352,920 and 11,962,744 common shares at December 31, 2010 and 2011, respectively, at cost) (427) (419)Additional paid-in capital 20,198 19,056Retained earnings 31,647 30,531Reserves 1,062 (1,881)Equity attributable to the equity holders of the parent 62,430 56,690Non-controlling interests 3,670 3,787Total equity 66,100 60,477Total liabilities and equity 130,904 121,880

50

Consolidated statements of financial position

ArcelorMittal and subsidiaries(millions of US dollars, except share and per share data)



Operating activities: Net income (including non-controlling interests) 3,005 2,259Discontinued operations 330 (461)Net income from continuing operations (including non-controlling interests) 3,335 1,798Adjustments to reconcile net income to net cash provided by operations and payments: Depreciation 4,395 4,669Impairment 525 331Net interest 1,445 1,822Income tax expense (benefit) (1,479) 882Write-downs of inventories to net realizable value and expense related to onerous supply contracts 1,189 226Labor agreements and separation plans 46 239Litigation provisions (reversal) 145 (78)Recycling of deferred gain on raw material hedges (354) (600)Change in fair value of conversion options on convertible bonds and call options on ArcelorMittal shares (427) (42)Unrealized foreign exchange effects, other provisions and non-cash operating expenses net 313 608Changes in operating assets, liabilities, provision and other operating cash activities excluding the effect from acquisitions: Trade accounts receivable (433) (694)Inventories (5,540) (3,057)Interest paid and received (1,320) (1,659)Taxes paid (197) (1,237)Trade accounts payable 3,442 (74)Dividends received 132 353Cash contributions to defined benefit plans (973) (1,035)Cash received from settlement of hedges not recognized in the consolidated statements of operations 43 175Cash paid for separation plans (240) (103)Other working capital and provisions movements (277) (557)Net cash flows (used in) provided by operating activities from discontinued operations 245 (190)Net cash provided by operating activities 4,015 1,777Investing activities:Purchase of property, plant and equipment and intangibles (3,308) (4,838) Acquisition of net assets of subsidiaries and non-controlling interests, net of cash acquired of nil and 67 in 2010 and 2011, respectively (75) (860)Investments in associates and joint ventures accounted for under equity method (327) (95)Disposals of financial assets 324 2,160Other investing activities net 50 (840)Cash receipt from loan to discontinued operations – 900Net cash flows used in investing activities from discontinued operations (102) (105)Net cash used in investing activities (3,438) (3,678)Financing activities:Proceeds from mandatory convertible bonds – 250Acquisition of non-controlling interests1 (593) (108)Proceeds from short-term debt 1,362 1,562Proceeds from long-term debt, net of debt issuance costs 8,484 7,169Payments of short-term debt (2,179) (6,728)Payments of long-term debt (5,675) (1,466)Premium paid for call options on ArcelorMittal shares (1,363) – Sale of treasury shares in connection with the call options on ArcelorMittal shares 1,363 – Sale of treasury shares for stock option exercises 8 5 Dividends paid (includes 125 and 32 of dividends paid to non-controlling shareholders in 2010 and 2011, respectively) (1,257) (1,194)Other financing activities net (109) (22)Net cash flows used in financing activities from discontinued operations (48) (8)Net cash used in financing activities (7) (540)Effect of exchange rate changes on cash (159) (68)Net increase (decrease) in cash and cash equivalents 411 (2,509)Cash and cash equivalents:At the beginning of the year 5,919 6,207Cash held for discontinued operations – 123 Reclassification of the period-end cash and cash equivalent of discontinued activities to assets held for sale and distribution (123) – At the end of the year 6,207 3,8211 Due to the adoption of IFRS 3 (revised) and IAS 27 (revised), acquisition of

non-controlling interests after January 1, 2010 have been classified as equity transactions and are presented within financing activities.

51


Overview

Operations

Mining operations



Consolidated statements of cash flows

Liquidity (US$ millions) Dec 08 Mar 09 Jun 09 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11

Total cash 7,588 3,979 7,263 5,884 6,009 3,756 2,578 3,477 6,289 3,872 3,205 2,800 3,905Available credit lines 5,827 7,581 15,421 12,537 11,203 10,740 10,236 11,424 11,281 10,600 9,079 8,505 8,553Total 13,415 11,560 22,684 18,421 17,212 11,496 12,814 14,901 17,570 14,472 12,284 11,305 12,458

Liquidity as at December 31, 2011 (US$ millions)

2011 %Total cash 3,905 31Available credit lines 8,553 69

Total 12,458 100

Debt structure as at December 31, 2011 (US$ millions)

2011 %Bank loans 4,001 15Bond 18,137 70Convertible 2,117 8Public institutions 598 2Commercial paper 634 2Others 931 3

Total 26,418 100

52

Liquidity

Debt maturity profile as at December 31, 2011 (US$ billions) 2012 2013 2014 2015 2016 >2016 Total

Term loan repayments – Convertibles bonds – 0.1 2.1 – – – 2.2 – Bonds – 3.4 1.3 1.7 1.8 9.2 17.4Subtotal – 3.5 3.4 1.7 1.8 9.2 19.6LT revolving credit lines – $6bn syndicated credit facility – – – – 1.7 – 1.7– $4bn syndicated credit facility – – – – – – –– $0.6bn bilateral credit facility – – – – – – –Commercial paper 0.6 – – – – – 0.6Other loans 2.2 0.5 0.3 0.3 0.7 0.5 4.5Total gross debt 2.8 4.0 3.7 2.0 4.2 9.7 26.4

Average debt maturity (years)

0

1

2

3

4

5

6

7

8

Dec 11Sep 11Jun 11Mar 11Dec 10Sep 10Jun 10Mar 10Dec 09Sept 09Jun 09Mar 09Dec 08Sept 08

Rating agency Long-term Short-term Outlook

Fitch BBB F3 NegativeMoody's Baa3 P3 StableS&P BBB- A3 Negative

53


Overview

Operations

Mining operations



Total achievable crude steel capacity (125 million tonnes)

%Flat Carbon Americas 26Flat Carbon Europe 35Long Carbon Americas 10Long Carbon Europe 14AACIS 15

Total 100

Blast furnace facilities

Group/segmentNumber of

blast furnaces

ArcelorMittal group 63Flat Americas 15USA 9Brazil 3Dofasco 3Flat Europe 25Europe 25Long 11Long Europe 7Long Americas 4AACIS 12South Africa 4Temirtau 3Kryviy Rih 5

Electric arc furnace facilities

Group/segmentNumber of

electric arc furnaces

ArcelorMittal group 49Flat Americas 6USA 1Dofasco 1Lázaro Cárdenas 4Flat Europe 5Europe 5Long 33Long Europe 15Long Americas 18AACIS 5South Africa 5

54

Operating footprint

Plants, property and equipmentArcelorMittal has steel production facilities, as well as iron ore and coal mining operations, in North and South America, Europe, Asia and Africa.

All of its operating subsidiaries are substantially owned by ArcelorMittal through intermediate holding companies, and are grouped into the six reportable segments. Unless otherwise stated, ArcelorMittal owns all of the assets described in this section.

Steel production facilities of ArcelorMittalThe following table provides an overview by type of steel facility of the principal production units of ArcelorMittal’s continuing operations. For a map of our main industrial assets, please see the inside front cover.

Facility Number of facilitiesCapacity

(million tonnes per year)1Production in 2011

(million tonnes)2

Coke plant 60 35.3 27.5Sinter plant 35 106.1 69.7Blast furnace 63 101.6 65.3Basic oxygen furnace (including tandem furnace) 80 111.2 70.4DRI plant 16 12.5 8.1Electric arc furnace 47 35.9 23.5Continuous caster – slabs 52 97.6 61.4Hot rolling mill 23 77.8 52.1Pickling line 42 39.8 19.4Tandem mill 36 39.7 26.1Annealing line (continuous/batch) 57 21.5 11.6Skin pass mill 41 24.2 12.7Plate mill 13 7.4 3.3Continuous caster – bloom/billet 48 37.7 24.3Breakdown mill (blooming/slabbing mill) 3 10.7 6.1Billet rolling mill 4 5.1 1.5Section mill 29 15.2 9.1Bar mill 29 10.8 6.4Wire rod mill 22 14.2 9.6Hot dip galvanizing line 61 20.8 15.1Electro galvanizing line 13 2.7 1.8Tinplate mill 17 3.6 2.2Tin free steel (TFS) 1 0.3 0.1Color coating line 17 2.6 1.4Seamless pipes 8 0.9 0.5Welded pipes 65 3.2 1.0

1 Reflects design capacity and does not take into account other constraints in the production process (such as upstream and downstream bottlenecks and product mix changes). As a result, in some cases, design capacity may be different from the current achievable capacity.

2 Production facility details include the production numbers for each step in the steelmaking process. Output from one step in the process is used as input in the next step in the process. Therefore, the sum of the production numbers does not equal the quantity of sellable finished steel products.

55


Overview

Operations

Mining operations



Main industrial assets

Weirton, West Virginia

Riverdale, IllinoisHamilton, Ontario

Cleveland, Ohio

São Francisco do Sul

Lázaro Cárdenas

Coatesville; Conshohocken, Pennsylvania

Burns Harbor; East Chicago; Gary, Indiana

Columbus, Ohio

Vitória

Non-steelmaking facilities and joint ventures not included.56


Flat Carbon Americas facilities

Plants, property and equipment ArcelorMittal’s Flat Carbon Americas segment has production facilities in both North and South America, including the US, Canada, Brazil and Mexico. The following two tables set forth key items of information regarding ArcelorMittal’s principal production locations and production units in the Flat Carbon Americas segment:

Production locationsUnit Country Locations Type of plant Products

Warren US Warren, OH Coke-making CokeMonessen US Monessen, PA Coke-making CokeIndiana Harbor (East and West) US East Chicago, IN Integrated FlatBurns Harbor US Burns Harbor, IN Integrated FlatCleveland US Cleveland, OH Integrated FlatRiverdale US Riverdale, IL Integrated FlatCoatesville US Coatesville, PA Mini-mill FlatGallatin US Gallatin, KY Mini-mill FlatColumbus Coatings US Columbus, OH Downstream FlatI/N Tek and I/N Kote US New Carlisle, IN Downstream FlatConshohocken US Conshohocken, PA Downstream FlatWeirton US Weirton, WV Downstream FlatGary Plate US Gary, IN Downstream FlatDouble G US Jackson, MS Downstream FlatSol Brazil Vitória Coke-making CokeArcelorMittal Tubarão Brazil Vitória Integrated FlatArcelorMittal Vega Brazil São Francisco do Sul Downstream FlatArcelorMittal Dofasco Canada Hamilton Integrated, mini-mill FlatArcelorMittal Lázaro Cárdenas Mexico Lázaro Cárdenas Mini-mill Flat

Production facilities



(million tonnes)2

Coke plant 8 7.2 5.7Sinter plant 4 10.9 8.5Blast furnace 15 26.8 19.9Basic oxygen furnace 19 31.5 20.5DRI plant 2 4.1 3.1Electric arc furnace 6 6.2 4.6Continuous caster – slabs 18 37.2 24.2Hot rolling mill 7 25.4 18.2Pickling line 9 9.4 6.1Tandem mill 9 11.9 9.1Annealing line 16 7.0 4.2Skin pass mill 13 8.0 4.5Hot dip galvanizing line 16 6.0 4.6Electro galvanizing line 1 0.4 0.3Tinplate mill 3 0.8 0.5Tin free steel (TFS) 1 0.3 0.1Plate mill 5 2.6 1.5



57


Overview

Operations

Mining operations



Montataire

Dunkerque; Mardyck

Skopje

Desvres

Mouzon

Bremen

Le Creusot

Galati

Basse-Indre

Avellino

Bilbao

Fos-sur-Mer

Eisenhüttenstadt

Zdzieszowice

Chorzów; Dąbrowa Górnicza; Sosnowiec; ŚwiętochłowiceGent

Saint-Chély d’Apcher

Kraków

Sagunto

Châteauneuf; Saint-Chamond

Florange

Dudelange

Liège

Geel; Genk

Tallinn

Frýdek Místek; Ostrava

Piombino

Charleroi

Asturias (Avilés & Gijón)

Flat Carbon Europe

Flat Carbon Europe facilities

Plants, property and equipmentArcelorMittal’s Flat Carbon Europe segment has production facilities in Western and Eastern Europe, including Germany, Belgium, France, Spain, Italy, Luxembourg, Romania, Poland, Macedonia, Estonia and the Czech Republic. The following two tables provide an overview by type of facility of ArcelorMittal’s principal production locations and production units in the Flat Carbon Europe segment:


ArcelorMittal Bremen Germany Bremen Integrated FlatArcelorMittal Eisenhüttenstadt Germany Eisenhüttenstadt Integrated FlatArcelorMittal Belgium Belgium Ghent, Geel, Genk,

Huy, LiègeIntegrated and

downstreamFlat

ArcelorMittal Liège Upstream Belgium Liège Integrated FlatArcelorMittal Atlantique et Lorraine France Dunkerque, Mardyck, Montataire, Desvres,

Florange, Mouzon, Basse-IndreIntegrated and

downstreamFlat

ArcelorMittal Méditerranée France Fos-sur-Mer, Saint-Chély Integrated FlatArcelorMittal Galati Romania Galati Integrated FlatArcelorMittal España Spain Avilés, Gijón, Etxebarri Integrated Flat, long,

pipes and tubesArcelorMittal Poland Poland Krakow, Świętochłowice, Dąbrowa Górnicza,

Chorzów, Sosnowiec, ZdzieszowiceIntegrated Flat, long

ArcelorMittal Sestao Spain Bilbao Mini-mill FlatArcelorMittal Sagunto Spain Sagunto Downstream FlatArcelorMittal Piombino Italy Avellino, Piombino Downstream FlatArcelorMittal Dudelange Luxembourg Dudelange, Giebel Downstream FlatArcelorMittal Frydek – Mistek Czech Republic Ostrava Downstream FlatArcelorMittal Skopje Macedonia Skopje Downstream FlatArcelorMittal Tallinn Estonia Tallinn Downstream FlatIndusteel France, Belgium Charleroi, Le Creosote, Chateauneuf,

Saint-Hammond, SeraingMini-mill and downstream

Flat




(million tonnes)2

Coke plant 24 14.9 12.6Sinter plant 16 59.2 36.2Blast furnace 25 44.8 27.5Basic oxygen furnace 30 46.7 29.9Electric arc furnace 5 2.7 1.5Continuous caster – slabs 24 46.1 28.4Hot rolling mill 11 39.9 26.1Pickling line 26 24.7 9.9Tandem mill 20 22.9 13.8Annealing line (continuous/batch) 23 10.4 5.4Skin pass mill 17 10.4 4.8Plate mill 7 4.2 1.6Continuous bloom/billet caster 4 4.0 2.0Hot dip galvanizing line 35 13.2 9.2Electro galvanizing line 9 2.1 1.3Tinplate mill 9 2.0 1.2Color coating line 15 2.4 1.2



59


Overview

Operations

Mining operations



Celaya, Guanajuato

Harriman,Tennesse

Vinton, Texas

Lázaro Cárdenas

Point Lisas

Cariacica João Monlevade

Tultitlán, Estado de México

Steelton, Pennsylvania

East Chicago; Indiana Harbor, Illinois

Georgetown, South Carolina

Villa Constitución

Costa Rica

LaPlace,Louisiana

Juiz de Fora

Contrecœur, Québec

Piracicaba

Madrid

Hunedoara

Duisburg (Ruhrort, Hochfeld)

Nador

Warsaw

Dąbrowa Górnicza; Sosnowiec;

Bergara; Olaberría; Zumárraga

Hamburg

Jorf el Lasfar

Zaragoza

Gandrange

Esch-Belval; Differdange; Rodange; Schifflange

Zenica

Ostrava

Asturias (Gijón)

Annaba

Non-steelmaking facilities and joint ventures not included.60


Long Carbon Americas facilities

Madrid

Hunedoara

Duisburg (Ruhrort, Hochfeld)

Nador

Warsaw

Dąbrowa Górnicza; Sosnowiec;

Bergara; Olaberría; Zumárraga

Hamburg

Jorf el Lasfar

Zaragoza

Gandrange

Esch-Belval; Differdange; Rodange; Schifflange

Zenica

Ostrava

Asturias (Gijón)

Annaba

61


Overview

Operations

Mining operations



Long Carbon Europe facilities

Long Carbon Europe

Plants, property and equipmentArcelorMittal’s Long Carbon Americas and Europe segment has production facilities in North and South America and Europe, including the US, Canada, Brazil, Argentina, Costa Rica, Mexico, Trinidad, Spain, Germany, France, Luxembourg, Poland, Romania, Morocco, Algeria, Bosnia and Herzegovina and the Czech Republic. The following two tables provide an overview by type of facility of ArcelorMittal’s principal production locations and production units in the Long Carbon segment:


ArcelorMittal Ostrava Czech Republic Ostrava Integrated Long/sections, wire rod

ArcelorMittal Poland Poland Dąbrowa Górnicza, Sosnowiec, Chorzów

Integrated Long/sections, wire rod, sheet piles, rails

ArcelorMittal Annaba Algeria Annaba Integrated Long/wire rod, rebars, flat/hot-rolled coils,

galvanized coils, cold rolled coils,

tubes/seamless pipesArcelorMittal Bevel & Differdange Luxembourg Esch-Belval, Differdange Mini-mill Long/sections,

sheet pilesArcelorMittal Rodange & Schifflange Luxembourg Esch Schifflange, Rodange Mini-mill Long/sections, rails,

rebars, sheet pilesArcelorMittal España Spain Gijón Downstream Long/rails, wire rodArcelorMittal Madrid Spain Madrid Mini-mill Long/sectionsArcelorMittal Gipuzkoa Spain Olaberría, Bergara

and ZumárragaMini-mill Long/sections/

wire rodArcelorMittal Zaragoza Spain Zaragoza Mini-mill Long/light bars

and anglesArcelorMittal Gandrange France Gandrange Downstream Long/wire rodArcelorMittal Warszawa Poland Warsaw Mini-mill Long/barsArcelorMittal Hamburg Germany Hamburg Mini-mill Long/wire rodsArcelorMittal Duisburg Germany Ruhrort, Hochfeld Mini-mill Long/billets, wire rodArcelorMittal Hunedoara Romania Hunedoara Mini-mill Long/sectionsSociété Nationale de Sidérurgie (Sonasid) Morocco Nador, Jorf Lasfar Mini-mill Long/wire rod, barsArcelorMittal Zenica Bosnia and

HerzegovinaZenica Mini-mill/

IntegratedLong/wire rod, bars

ArcelorMittal Montreal Canada Contrecoeur East, West Mini-mill Long/wire rod/ bars/slabs

ArcelorMittal USA US Steelton, PA Mini-mill Long/railArcelorMittal USA US Georgetown, SC Mini-mill Long/wire rodArcelorMittal USA US Indiana Harbor Bar, IN Mini-mill Long/barArcelorMittal USA US Vinton, TX Mini-mill Long/rebarArcelorMittal USA US LaPlace, LA Mini-mill Long/sectionsArcelorMittal USA US Harriman, TN Downstream Long/sectionsArcelorMittal Point Lisas Trinidad Point Lisas Mini-mill Long/wire rodArcelorMittal Brasil Brazil João Monlevade Integrated Long/wire rodAcindar Argentina Villa Constitución Mini-mill Long/wire rod/barArcelorMittal Brasil Brazil Juiz de Fora, Piracicaba, Cariacica Mini-mill Long/bar/wire rodArcelorMittal Brasil Costa Rica Costa Rica Downstream Long/wire rodArcelorMittal Las Truchas Mexico Lázaro Cárdenas, Celaya, Tultitlán Integrated and

downstreamLong/bar, wire rod

ArcelorMittal Tubular Products Romania, Czech Republic,

Poland, South Africa, Kazakhstan, Canada, US, Mexico, Algeria,

France, Venezuela

Galati, Roman, Iasi, Ostrava, Karvina, Krakow, Vereeniging,

Temirtau, Brampton, Woodstock, Hamilton,

Shelby, Marion, Monterrey, Annaba, Hautmont, Vitry

Downstream P&T

62

Long Carbon Americas and Europe




(million tonnes)2

Coke plant 6 3.3 2.0Sinter plant 6 10.5 6.4Blast furnace 11 9.4 5.9Basic oxygen furnace (including tandem furnace) 14 12.9 7.4DRI plant 7 6.8 3.8Electric arc furnace 31 23.8 15.2Continuous caster – slabs 4 3.1 1.2Hot rolling mill 2 3.2 0.8Pickling line 3 1.1 0.3Tandem mill 3 1.1 0.3Annealing line 9 0.9 0.3Skin pass mill 2 0.9 0.1Continuous caster – bloom/billet 42 31.0 20.9Breakdown mill (blooming/slabbing mill) 1 0.7 0.4Billet rolling mill 2 1.1 0.7Section mill 20 10.5 6.2Bar mill 26 9.5 6.0Wire rod mill 18 11.6 7.7Hot dip galvanizing line 6 0.2 0.1Electro galvanizing line 2 0.1 0.0Seamless pipes 8 0.9 0.5Welded pipes 65 3.2 1.0



63


Overview

Operations

Mining operations



Kryviy Rih

Saldanha

Newcastle

Vanderbijlpark;Vereeniging

Karaganda

64

AACIS

AACIS facilities

Plants, property and equipmentArcelorMittal’s AACIS segment has production facilities in Asia and Africa, including Kazakhstan, Ukraine, South Africa and Russia. The following two tables provide an overview by type of facility of ArcelorMittal’s principal production locations and production:

Production locations Unit Country Locations Type of plant Products

ArcelorMittal Temirtau Kazakhstan Karaganda Integrated Flat, pipes and tubes, long

ArcelorMittal Kryviy Rih Ukraine Kryviy Rih Integrated LongArcelorMittal South Africa South Africa Vanderbijlpark, Saldanha, Newcastle,

Vereeniging, PretoriaIntegrated,

mini-millFlat, long, pipes

and tubes




(million tonnes)2

Coke plant 22 9.9 7.2Sinter plant 9 25.5 18.6Blast furnace 12 20.6 11.9Basic oxygen furnace (including tandem furnace) 17 20.2 12.7DRI plant 7 1.6 1.1Electric arc furnace 5 3.3 2.2Continuous caster – slabs 6 11.2 7.6Hot rolling mill 3 9.4 7.0Pickling line 4 4.6 3.2Tandem mill 4 3.7 2.9Annealing line (continuous/batch) 9 3.2 1.8Skin pass mill 9 5.0 3.3Plate mill 1 0.6 0.2Continuous caster – bloom/billet 2 2.8 1.3Breakdown mill (blooming/slabbing mill) 2 10.0 5.7Billet rolling mill 1 1.5 0.8Section mill 9 4.7 2.9Bar mill 3 1.0 0.4Wire rod mill 4 2.6 1.9Hot dip galvanizing line 5 1.4 1.2Electro galvanizing line 1 0.1 0.1Tinplate mill 5 0.8 0.5Color coating line 2 0.2 0.2



65


Overview

Operations

Mining operations



Prijedor

Mont-Wright, Quebec(ArcelorMittal Mines Canada)

State of Minas Gerais (Andrade)

Kemorovo (Kuzbass)

Lisakovsky, Kentobe, Atasu, Atansore

Tebessa

Yekepa (Liberia)

Obregon, Sonora (Volcan)

Minatitlán (Peña Colorada)

Lázaro Cárdenas (Las Truchas)

Princeton, West Virginia

State of Minas Gerais (Serra Azul)

Karaganda

Hibbing; Virginia, Minnesota

Kryviy Rih

66

Mining

Mining facilities

Mining production locationsArcelorMittal’s mining segment has production facilities in North and South America, Africa, Europe and CIS. The following table provides an overview by type of facility of ArcelorMittal’s principal production locations and production:

Production locations

Unit Country LocationsArcelorMittal

interest (%) Type of mine Type of product

Iron oreArcelorMittal Mines Canada Canada Mont-Wright, Qc 100 Iron ore mine (open pit) Concentrate

and pelletsMinorca Mines US Virginia, MN 100 Iron ore mine (open pit) PelletsHibbing Taconite Mines US Hibbing, MN 62.3 Iron ore mine (open pit) PelletsArcelorMittal Lázaro Cárdenas Volcan Mines Mexico Sonora 100 Iron ore mine (open pit) ConcentrateArcelorMittal Lázaro Cárdenas Peña Colorada

Mexico Minatitlán 50 Iron ore mine (open pit) Concentrate and pellets

ArcelorMittal Las Truchas Mexico Lázaro Cárdenas 100 Iron ore mine (open pit) Concentrate, lump and fines

ArcelorMittal Brasil Andrade Mine Brazil State of Minas Gerais 100 Iron ore mine (open pit) FinesArcelorMittal Mineração Serra Azul Brazil State of Minas Gerais 100 Iron ore mine (open pit) Lump and finesArcelorMittal Tebessa Algeria Tebessa 70 Iron ore mine

(open pit and underground)Fines

ArcelorMittal Prijedor Bosnia and Herzegovina

Prijedor 51 Iron ore mine (open pit)

Concentrate and lump

ArcelorMittal Kryviy Rih Ukraine Kryviy Rih 95 Iron ore mine (open pit and underground)

Concentrate, lump and sinter feed

ArcelorMittal Temirtau Kazakhstan Lisakovsky, Kentobe, Atasu, Atansore

100 Iron ore mine (open pit and underground)

Concentrate, lump and fines

ArcelorMittal Liberia Liberia Yekepa 70 Iron ore mine (open pit) FinesCoalArcelorMittal Princeton US McDowell, WV,

Tazewell, VA100 Coal mine

(surface and underground)Coking and

PCI coalArcelorMittal Temirtau Kazakhstan Karaganda 100 Coal mine (underground) Coking coal and

thermal coalArcelorMittal Kuzbass Russia Kemerovo 98 Coal mine (underground) Coking coal

67


Overview

Operations

Mining operations



Picture USArcelorMittal has a strong global automotive manufacturing presence, with production facilities in North America, South America, Europe and South Africa, as well as a global network of sales and service offices. We are the undisputed leader for high value-added products for the automotive industry and have a market share of around 18% worldwide. Our automotive and R&D teams work closely with partners and suppliers to develop new steels for the automotive industry. The award-winning S-in motion, launched in 2010, is one of ArcelorMittal’s largest such projects. The S-in motion model introduces pioneering new ways to use high strength grades of steel, together with novel design and manufacturing techniques, to produce the body-in-white and chassis parts of a typical family car. S-in motion steels can cut vehicle weight by a fifth – and CO2 emissions by 15%.

We are leaders in automotive steel

Shipments in 2011

85.8mt* * millions of tonnes.

69


Overview

Operations

Mining operations



70


Brazil – CST, Sol and Vega do SulOperational capacity and production 2011 in metric tonnes

Numbers in orange = operational capacityNumbers in black = production capacity

Sintering plant6,500kt

(5,791kt)

Blast furnace7,285kt

(5,624kt)

Coated coil

Coke oven3,254kt

(2,870kt)

Continuous casting slabs7,550kt

Oxygen converter7,600kt

Slab

(3,590kt)

Hot rolling mill4,000kt

Cold rolled coil

(734kt)

Hot rolled coilCold rolling mill1,350kt

Coal

(5,606kt)

(5,405kt)

(1,216kt)

Iron ore

Galvanizing line790kt

71


Overview

Operations

Mining operations




Canada – Dofasco/HamiltonOperational capacity and production 2011 in metric tonnes


Iron ore

(3,508kt)


(2,462kt)

(2,429kt)

Scrap

Coke oven1,460kt

(999kt)

Electric arc furnace1,527kt

(1,178kt)



(4,040kt)


Hot rolled coil

Coated coil

(2,539kt)

(1,362kt)

Tinplate mill291kt

(221kt)

Galvanizing line1,556kt

Cold rolling mill2,943kt

Slab

Coal

Cold rolled coil

72

Flat Carbon Americas and Long Carbon

Mexico – Lázaro CárdenasOperational capacity and production 2011 in metric tonnes


Direct reduced iron4,100kt

(529kt)

Slab

Electric arc furnace4,000kt

(2,805kt)

Iron ore


Coke oven563kt

(444kt)

Continuous casting billets and blooms1,828kt


Scrap

Wire rod

Coal

(3,131kt) (4,169kt)

(2,435kt) (1,242kt)

(1,231kt)

(1,460kt)

(842kt)

Bar mill1,000kt

Sections

Pelletizer plant5,258kt


Blooms billets

Wire rod mill500kt

73


Overview

Operations

Mining operations



US – Burns Harbor Operational capacity and production 2011 in metric tonnes



(4,573kt)

CoalIron ore


Coke oven1,632kt

(4,351kt)




Coated coil Cold rolled coil



Hot rolled coil

Plate mill1,651kt

Plate

(1,633kt) (1,508kt)(4,093kt)

(447kt)

(1,531kt)

(3,128kt)(860kt)


Slab

74


US – ClevelandOperational capacity and production 2011 in metric tonnes


(2,239kt)

(2,251kt)

(1,191kt)

(2,183kt)

(594kt)

CokeIron ore Blast furnace2,809kt



(467kt)


Slab


Cold rolling mill908kt


Hot rolled coil

Scrap

75


Overview

Operations

Mining operations



US – Indiana Harbor East and WestOperational capacity and production 2011 in metric tonnes



(5,091kt)

Iron ore


(1,084kt)


(5,754kt)

(5,215kt)



(639kt)


Coke

Slab


(1,455kt)


(4,688kt)


Hot rolled coil

Scrap

76

Flat Carbon Europe

Belgium – Gent Operational capacity and production 2011 in metric tonnes


(276kt)

(2,780kt)

(4,406kt)

CoalIron ore

(4,363kt)


Scrap

Coated coil

Coke oven1,270kt



(4,465kt)


(1,491kt)

Cold rolled coil Galvanizing line1,770kt

Hot rolled coil


Coated coil

Color coating line354kt

(5,350kt) (3,892kt) (1,248kt)


Slab

77


Overview

Operations

Mining operations



Belgium – LiègeOperational capacity and production 2011 in metric tonnes

Flat Carbon Europe


(1,392kt)

(891kt)


(1,272kt) (833kt)

Scrap

(1,550kt)

(116kt)

Coated coil

Coke oven800kt

(619kt)

Slab


Cold rolled coil Galvanizing line2,318kt

Hot rolled coil


Coated coil

(898kt)

(1,393kt)



Iron ore Coal



78

Flat Carbon Europe

France – Dunkerque, Mardyck, Montataire and DesvresOperational capacity and production 2011 in metric tonnes


Coated coil

Scrap

CoalIron ore


(5,892kt)

Coated coil

Coke oven1,380kt

(6,609kt) (5,514kt) (1,362kt)

(3,587kt)


Cold rolled coil

(1,830kt)


Hot rolled coil

(1,520kt)


(145kt)

(5,826kt)




Slab


79


Overview

Operations

Mining operations



Flat Carbon Europe

France – Florange, Mouzon and DudelangeOperational capacity and production 2011 in metric tonnes


(1,106kt)

CoalIron ore



Scrap

Coke oven700kt

(1,694kt) (1,051kt) (604kt)

(1,082kt)


Coated coil

Coated coil

Slab

(2,194kt)


Cold rolled coil

(1,567kt)


(2,350kt)



(16kt)

Hot rolled coil


80

Flat Carbon Europe

France – Fos-sur-MerOperational capacity and production 2011 in metric tonnes


(2,764kt)

Iron ore


(3,811kt)


(2,614kt)

Scrap

Coke oven1,650kt

(958kt)

(2,711kt)



Slab

(2,832kt)


Cold rolled coil

Hot rolled coil

(108kt)


Coal

81


Overview

Operations

Mining operations



Flat Carbon Europe

Germany – BremenOperational capacity and production 2011 in metric tonnes


(2,743kt)

(3,099kt)

(3,062kt)

(3,293kt)

Coke

Iron ore


(2,350kt)




Coated coil

Slab


Cold rolled coil

(1,088kt)


Hot rolled coil

(1,135kt)


82

Flat Carbon Europe

Germany – EisenhüttenstadtOperational capacity and production 2011 in metric tonnes


Blooms billets

Coated coil


Hot rolled coil

(1,925kt)


Scrap

(1,487kt)



(1,175kt)


(2,107kt)


(1,642kt)


(1,772kt)

Slab

Coke

Coated coil Color coating line145kt

(49kt)

Continuous casting billets and blooms500kt

(111kt)

(798kt)

Cold rolled coil

Iron ore

83


Overview

Operations

Mining operations



Flat Carbon Europe

Poland – Kraków and ŚwiętochłowiceOperational capacity and production 2011 in metric tonnes


Welded pipes350kt

(1,035kt)

Coke oven657kt

(580kt)

(852kt)

(768kt)

(826kt)



Coated coil

Coated coil

Slab

Cold rolled coil

(453kt)


(705kt)

Cold rolling mill1,000Kt

(64.7kt)

(1,884kt)


(240kt)

Iron ore


Coal


Scrap

Hot rolled coil


84

Flat Carbon Europe

Romania – GalatiOperational capacity and production 2011 in metric tonnes


Slab

Coke

Iron ore



(2,120kt) (1,581kt)


(26kt)


(155kt)


Cold rolled coilWelded pipes45kt

Coated coil

Blooms billets

(1,854kt)(1,783kt) (Nil)

Continuous casting billets and blooms521kt

(Nil)

(538kt) (1,252kt)


(395kt)


Plate mill2,700kt

Plate

Billet millNil

Hot rolled coil

85


Overview

Operations

Mining operations



Long Carbon and Flat Carbon Europe

Czech Republic – OstravaOperational capacity and production 2011 in metric tonnes


CoalIron ore



(1,947kt)

Scrap

Coke oven1,525kt

(2,108kt)(2,602kt) (1,105kt)

(538kt)


(1,376kt)

Continuous casting billets2,200kt

Slab

(520kt)


Section/wire rod mill1,950kt

Cold rolled coil

(121kt)


(24kt)

Welded pipes45kt

(220kt)

Seamless pipe288kt

Blooms billets

Sections1,350kt

(778kt) (262kt)

Wire rod 600kt


Hot rolled coil

86


Poland – Dąbrowa Górnicza, Sosnowiec and ZKZOperational capacity and production 2011 in metric tonnes



(5,478kt)

Iron ore


(1,974kt)

(3,672kt)

(3,207kt)

(1,578kt)

(3,627kt)

Coke oven4,010kt

Scrap

Coal

Slab

Section mill1,800kt

(1,069kt) (514kt)

Wire rod mill750kt

Wire rodSections




Blooms billets

87


Overview

Operations

Mining operations




Spain – Gijón and AvilésOperational capacity and production 2011 in metric tonnes


Wire rod mill620kt

Wire rod


Iron ore

(3,994kt)



(535kt)


(2,844kt) (321kt)


(3,356kt)


(4,414kt) (3,701kt) (1,692kt)

Coke oven2,470kt

Scrap

Coal

Slab

(164kt)

Section and rail mill380kt

Blooms billets

Rails

Hot rolled coil

(545kt)


Coated coilCold rolled coil

(548kt)


(337kt)

Plate mill610kt

Plate

88

AACIS

Kazakhstan – TemirtauOperational capacity and production 2011 in metric tonnes


CoalIron ore

(5,856kt)

Blast furnace4,590Kt

Coke oven3,507Kt

(2,305kt)

Continuous casting slabs5,200Kt

Oxygen converter6,000Kt

Coated coil

Coated coil

(3,684kt)

(3,141kt)

(3,636kt)

(3,521kt)

Hot rolling mill4,600Kt

Cold rolled coil Galvanizing line800Kt

(1,763kt)


Color coating line80Kt

Slab

Scrap

Hot rolled coil

(19kt)

Bar mill400Kt

Blooms billets

Bars

(688kt)

(68kt)


89


Overview

Operations

Mining operations



AACIS

South Africa – VanderbijlparkOperational capacity and production 2011 in metric tonnes


Coated coilCoated coil

Continuous casting slabs4,740Kt

(2,970kt)

Slab

Plate

Hot rolling mill3,500Kt

Hot rolled coil

(2,226kt)

Oxygen converter3,360Kt

Plate mill600Kt

Scrap Direct reduced iron950Kt

(837kt)

(1,147kt)(218kt) (2,535kt)

Color coating line105Kt

Galvanizing line700Kt

(557kt)


Cold rolled coil

(2,539kt) (1,117kt)


(677kt)(2,277kt)

(83kt)

Iron ore Coal

Sintering plant2,666Kt

Coke oven1,700Kt

Electric arc furnace1,500Kt

90

AACIS

Ukraine – Kryviy RihOperational capacity and production 2011 in metric tonnes


Sections

Sintering plant13,331Kt

(9,013kt)


Coke oven3,106Kt

(2,476kt)

(5,703kt)

(4,894kt)

(5,762kt)

(2,613kt) (1,480kt)

Section mill4,150Kt

Wire rod mill1,920Kt

Blooms billets

Wire rod

Ingot casting

Oxygen converter(8,523Kt)

Blooming mill10,000Kt

Scrap

CoalIron ore

91


Overview

Operations

Mining operations



Knowing your core strengths is important when faced with economic volatility and rapid change. At ArcelorMittal, having five core strengths at the heart of the business has helped to ensure we have effectively responded to evolving market conditions while maintaining a consistent strategy.Aditya MittalCFO, member of the Group Management Board

Net debt US$ billions

We have a stronger balance sheet

Our balance sheet is far stronger today than it was at the onset of the global financial crisis in 2008. Since the crisis we have strengthened our balance sheet, significantly reduced debt and extended the average maturity of our borrowings. Our improved financial profile meant that as fears over the eurozone situation intensified in 2011, the company was able to focus on managing the business rather than the balance sheet. Looking ahead, we will continue to invest in order to maintain our production facilities, and to sustain R&D and product quality. But acquisitions will be made only selectively and where they are strategically important. We are committed to maintaining our investment grade rating and as part of our plan to do this, are considering some non-core asset divestments.

Picture Luxembourg

2011�

2010�

2009�

2008�

22.5

19.7

18.8

26.5

93


Overview

Operations

Mining operations



94


ArcelorMittal, with its diversified business model, strong cash flow and cost leadership position, is well placed to weather the current challenging economic environment and has the ambition to develop and balance its shareholder base on the major listed markets and to attract new investors.

ArcelorMittal remains optimistic about the industry’s medium-term growth prospects. In light of recent market uncertainty primarily due to the European debt crisis and its potential global impact, the company has calibrated its steel growth projects to evolving demand situations. At the same time, we are focusing on core growth investments in our mining business given their generally more attractive return profiles. This has resulted in postponement of some planned steel investments. Accordingly, full year 2012 capital expenditure is expected to be approximately $4-4.5 billion.

IndexesArcelorMittal is a member of more than 120 indices including the following leading indices: DJ STOXX 50, DJ EURO STOXX 50, CAC40, AEX, FTSE Eurotop 100, MSCI Pan-Euro, DJ Stoxx 600, S&P Europe 500, Bloomberg World Index, IBEX 35 index and NYSE Composite Index. Recognized for its commitment to sustainable development, ArcelorMittal is also a member of the FTSE4Good Index and Dow Jones Sustainability Index.

Share price performanceThe price of ArcelorMittal shares declined by 50% in 2011, underperforming both the Global Metals & Mining sector which declined by 34% and the Global Steel sector which declined by 39%. The underperformance largely occurred during the third quarter of 2011 when fears of a potential eurozone crisis intensified. This unease affected the share price performance of those companies with significant trading exposure to

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

ArcelorMittal share price performance since creation Base 100 at August 1, 2006 (US$)

350

300

250

200

150

100

50

0

Aug 06 Dec 06 Apr 07 Aug 07 Dec 07 Apr 08 Aug 08 Dec 08 Apr 09 Aug 09 Dec 09 Apr 10 Aug 10 Dec 10 Apr 11 Aug 11 Dec 11

ArcelorMittal

Global Metals & Mining (incl Steel) Index

95


Overview

Operations

Mining operations



the eurozone block. ArcelorMittal’s share price was further impacted by concerns over the company’s indebtedness and perceived risks that debt covenants could be breached; these concerns were addressed at our Investor Day on September 23, 2011.Subsequently, during the final three months of 2011, ArcelorMittal’s share price increased by 14%, outperforming the Global Steel and Global Metals & Mining peer groups.

DividendArcelorMittal’s board of directors has recommended to maintain the annual dividend per share at $0.75 for 2012, subject to the approval of the annual general meeting of shareholders on May 8, 2012. Once market conditions have normalized, the board of directors will review the dividend policy.

The dividend payments will occur on a quarterly basis for the full year 2012 (see financial calendar). Dividends are announced in $ and paid in $ for shares listed on the New York Stock Exchange and paid in euros for shares listed on the European stock exchanges (the Netherlands, France, Spain, and Luxembourg).

Investor relationsBy implementing high standards of financial information disclosure and aiming to provide clear, regular, transparent and balanced information to all its shareholders, ArcelorMittal aims to be the first choice for investors in the sector.

To meet this objective, ArcelorMittal implements an active and broad investor communications policy: conference calls, road shows with the financial community, regular participation at investor conferences, plant visits and meetings with individual investors.

Individual investorsArcelorMittal’s senior management plans to meet individual investors and shareholder associations in road shows throughout 2012. A dedicated toll free number for individual investors is available at +352 4792 3198. Requests for information or meetings on the virtual meeting and conference center may also be sent to: [email protected]

Analysts and institutional investorsAs the world’s leading steel and mining company, ArcelorMittal constantly seeks to develop relationships with financial analysts and international investors. Depending on their geographical location, investors may use the following emails: [email protected]�[email protected]

Socially responsible investorsThe investor relations team is also a source of information for the growing socially responsible investment community. The team organizes special events on ArcelorMittal’s corporate responsibility strategy and answers all requests for information sent to ArcelorMittal at: [email protected]

Credit and fixed income investorsCredit, fixed income investors and rating agency are followed by a dedicated team from investor relations reachable at: [email protected]

Financial calendarFinancial results*

February 7, 2012 Results for 4th quarter 2011 and 12 months 2011May 10, 2012 Results for 1st quarter 2012July 25, 2012 Results for 2nd quarter 2012 and 6 months 2012October 31, 2012 Results for 3rd quarter 2012 and 9 months 2012

*�� Earnings�results�are�issued�before�the�opening�of�the�stock�exchanges�on�which�ArcelorMittal�is�listed.

Dividend payment (subject to shareholder approval)

March 13, 2012 1st quarterly payment of base dividend (interim dividend)June 14, 2012 2nd quarterly payment of base dividendSeptember 10, 2012 3rd quarterly payment of base dividendDecember 10, 2012 4th quarterly payment of base dividend

Institutional investor days and retail shareholder events

May 8, 2012 Annual shareholder meeting in LuxembourgSeptember 18, 2012 Investor Day with Group Management Board membersSeptember 26, 2012 Retail shareholder event

Contact the investor relations team on the information detailed above or please visit www.arcelormittal.com/corp/investors/contact

Ticker symbolsStock exchange Symbol Bloomberg Reuters

Paris MT MT NA ISPA.ASAmsterdam MT MT NA ISPA.ASNew York MT MT US MT.NMadrid MTS MTS SM MTS.MCLuxembourg MT MT LX MT.LU

Shareholding structure (as at December 31, 2011)

%Free float (922.9 million shares) 59.1Mittal family (638.1 million shares) 40.9

Shareholding structure (as at December 31, 2011)ArcelorMittal shares % of total

Mittal family 638,063,696 40.88Treasury shares 9,663,709 0.62Other public shareholders 913,187,205 58.50Total 1,560,914,610 100.00Total�issued�less�treasury�shares 1,551,250,901

Source: ArcelorMittal estimates.96

Shareholding structure

97


Overview

Operations

Mining operations



Investor relations

Investor relations team contactsEmail Telephone

Daniel Fairclough – global head investor relations [email protected] +44 207 543 1105Hetal Patel – UK/European investor relations [email protected] +44 207 543 1128Valérie Mella – European/retail investor relations [email protected] +44 207 543 1156Maureen Baker – fixed income/debt investor relations [email protected] +33 1 71 92 10 26Thomas A McCue – US investor relations [email protected] +1 312 899 3927Lisa Fortuna – US investor relations [email protected] +1 312 899 3985Kate Ledger – corporate access and team assistant [email protected] +44 207 543 2417

‘Nature’, a sustainable organic coated steel product lineArcelorMittal Flat Carbon Europe and ArcelorMittal Construction are anticipating the European REACH regulation (Registration, Evaluation, Authorisation and Restriction of Chemicals) by launching ‘Nature’, a sustainable organic coated steel product line. These coatings are free from hexavalent chromium and heavy metals (lead or hexavalent chromium complex). ArcelorMittal always strives to find greener ways of working through its R&D programs.

Left Maizières, France

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Equity analyst coverage

Equity analyst coverage The following analysts regularly publish research reports on ArcelorMittal. Please note that this list is provided for information purposes and might change when a company initiates or cancels coverage of ArcelorMittal. The recommendations, forecasts and opinions expressed in these reports are those of the analysts and are not necessarily representing the recommendations, forecasts and opinions of ArcelorMittal and its management.

Company and analyst Email Telephone

Abn-AmroMaarten Bakker [email protected] +31 20 343 54 12AlphaValueVéronique Colas [email protected] +33 1 70 61 10 50Applebaum Research Michelle Applebaum [email protected] +1 847 433 8465Banco SabadellFrancisco Sànchez [email protected] +34 91 782 9157/8Bankia BolsaIñigo Recio [email protected] +34 91 436 78 14Banesto Bolsa Robert Jackson [email protected] +34 91 338 14 48Bank of America Merrill Lynch Cedar Barnes [email protected] +44 20 7995 8894Timna Tanners [email protected] +1 646 855 3745BarcapVincent Lepine [email protected] +33 1 44 58 32 45BBVA Luis de Toledo [email protected] +34 91 537 07 09BHF Bank Hermann Reith [email protected] +49 69 718 2632Bradford Research Chuck Bradford [email protected] +1 212 653 8870Citigroup Anindya Mohinta [email protected] +44 20 7986 4210Commerzbank Ingo Schachel [email protected] +49 69 136 43021Credit Suisse Michael Shillaker [email protected] +44 20 7888 1344Dahlman Rose & Co. Anthony Rizzuto, Jr [email protected] +1 212 702 4500Anthony Young [email protected] +1 212 702 4501DavyTim Cahill [email protected] +353 1 614 8875Killian Murphy [email protected] +352 1 614 9956Deutsche Bank David Martin [email protected] +1 212 250 5580Bastian Synagowitz [email protected] +49 69 910 36126Exane BNP Paribas Sylvain Brunet [email protected] +33 1 42 99 50 84Luc Pez [email protected] +33 1 42 99 24 71

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Overview

Operations

Mining operations



Company and analyst Email Telephone

Grupo SantanderJuan Ramon Correas [email protected] +34 91 289 37 48Nitesh Agarwal [email protected] +34 91 289 93 84HSBCThorsten Zimmermann [email protected] +44 20 7991 6835ING Filip De Pauw [email protected] +32 2 547 60 97JP Morgan Alessandro Abate [email protected] +44 20 7325 9744Michael Gambardella [email protected] +1 212 622 6446Kempen & Co Sander Van Oort [email protected] +31 20 348 8479Erwin Dut [email protected] +31 20 348 8477Kepler Capital Markets Rochus Brauneiser [email protected] +49 69 7 56 96 279MacquarieJeff Largey [email protected] +44 20 3037 43 59MainFirst BankAlexander Hauenstein [email protected] +49 69 788 08 224Natixis Raoudha Bouzekri [email protected] +33 1 58 55 65 53NomuraNeil Sampat [email protected] +44 20 7102 1808Oppenheim Research Peter Metzger [email protected] +49 69 71 34 5209Ulrich Scholz [email protected] +49 69 71 34 5498Petercam Alan Vandenberghe [email protected] +32 2 229 63 42Rabo Securities Frank Claassen [email protected] +31 20 460 4868Royal Bank of Canada Europe LtdTim Huff [email protected] +44 20 7653 4866Steubing AGMichael Broeker [email protected] +49 69 29 71 6142Société Générale Alain William [email protected] +33 1 58 98 12 61UBSCarsten Riek [email protected] +44 20 7568 1268

Steel is produced from iron ore or scrap. Iron ore is a mineral aggregate that can be converted economically into iron. The quality of the iron ore is mainly determined by its composition: a high iron content and low sulphur and phosphorus contents are favorable. Iron ore can be found all over the world, but its iron content varies.

Steel scrap has been selectively collected for several decades and is recycled as a valuable raw material for steel production.

In steel production, following production stages are identified: production of pig iron; production of liquid steel; hot rolling and cold rolling; applying a metallic and/or organic coating.

There are two main processes for producing steel: by means of a blast furnace (= indirect reduction) in combination with a converter, or by means of an electric furnace. In the former process, iron ore is the main raw material. In an electric furnace, scrap iron is used and occasionally also sponge iron. Sponge iron is an intermediate product, which is produced from iron ore by means of direct reduction (= DRI or directly reduced iron) and that is then further reduced and smelted in an electric furnace.

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Steelmaking process

Upstream (crude steel)

Blast furnace process

Steelmaking process

Electric arc furnace process

Coking coal

Coke oven

Direct reduced iron

Sintering

Scrap

Iron ore

Pig iron ore

Ingot casting

Continuous casting

Secondary metallurgy

Bloom

Billet

Slab/thin slab

Oxygen converter

Electric arc furnace

Blast furnace Ingot breakdown

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Mining operations



Downstream (finished steel)

Section mill Seamless pipe

Tube, round bar mill

Shape

Rails

Hot strip mill

Plate mill

Wire drawing

Pipe forming

Pipe forming

Cold rolled sheet/coil

Annealing (batch, continuous)

Galvanizing

Cold rolled sheet

Electro- coating

Coated coil Precoated sheet

Zn, Zn-alloy coated sheet

Bar

Wire rod

Welded pipe

UOE pipe

Plate

ArcelorMittal is the only producer offering the full range of steel products and services. From commodity steel to value-added products, from long products to flat, from standard to specialty products, from carbon steel to stainless steel and alloys, ArcelorMittal offers a complete spectrum of steel products – and supports it with continuous investment in process and product research. This section provides you with an overview of ArcelorMittal’s product portfolio.

Consult www.arcelormittal.com for an overview of all products.

Long carbon steel products

Agriculture Appliances Automotive Cold drawn ConstructionConverter/

re-rollerEnergy &

mining Fastener ForgingMachinery

– equipmentServices

other Transportation Others

Bar flat X X X X X X X X X X X X XBar hexagons X X X X X X X XBar rounds X X X X X X X X XBar SHQ X X X X X X XBar squares X X X X XBeams and sections XBlooms/billets X X X X X X X X XCasting XCrane rails XCrash barriers XIngots X X X X X X XLeaf spring flat X X X X X X X XMerchant bars XMining section X XRail X X X XRails accessories XRebar X X X X XRod processing X X X X X X X XRound cornered square X X X X X X X XSheet piling XSpecial bar sections X X X X X X XSpecial section X X XWire rod X X X X X X X X X X X X

Flat carbon steel products

Appliances Automotive Construction Energy Packaging Other

Slabs X X X X X X Hot rolled X X X X X Cold rolled X X X X X XElectrical steel X X X X X X Hot dip galvanized X X X X X X Hot dip galvanneal X X X X X Enameling steel X X X X X XElectrogalvanized X X X X X X Electro zinc-nickel X X Aluminized type 1 X X X X X Aluminized type 2 X X Usibor (aluminum with boron) X Galvalume/aluzinc X X X X X X Galfan X X X Tinplate X X X X X X Plate X X X X X X Pre-painted/organic coated X X X X X X Polymer composites X X X X X X

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Products and services

Alloy steels Alloy steels have enhanced properties due to the presence of one or more special elements, or to the presence of larger proportions of elements such as manganese and silicon that are present in carbon steels.

Apparent consumption Total shipments minus exports plus imports of steel.

Bar A finished steel product, commonly in flat, square, round or hexagonal shapes. Rolled from billets, bars are produced in two major types, merchant and special.

Basic oxygen steelmaking The process whereby hot metal and steel scrap are charged into a basic oxygen furnace (BOF). High purity oxygen is then blown into the metal bath, combining with carbon and other elements to reduce the impurities in the molten charge and convert it into steel.

Billet A piece of semi-finished iron or steel that is nearly square and is longer than a bloom. Bars and rods are made from billets.

Blast furnace (BF) A large cylindrical structure into which iron ore is combined with coke and limestone to produce molten iron.

Bloom A semi-finished product, large and mostly square in cross-section. Blooms are shaped into girders, beams, and other structural shapes.

Carbon steels The largest percentage of steel production. Common grades have a carbon content ranging from 0.06% to 1.0%.

Coal The primary fuel used by integrated iron and steel producers.

Coil A finished steel product such as sheet or strip which has been wound or coiled after rolling.

Coke A form of carbonized coal burned in blast furnaces to reduce iron ore pellets or other iron-bearing materials to molten iron.

Coke ovens Ovens where coke is produced. Coal is usually dropped into the ovens through openings in the roof, and heated by gas burning in flues in the walls between ovens within the coke oven battery. After heating for about 18 hours, the end doors are removed and a ram pushes the coke into a quenching car for cooling before delivery to the blast furnace.

Cold rolling The passing of sheet or strip that has previously been hot rolled and pickled through cold rolls, i.e. below the softening temperature of the metal. Cold rolling makes a product that is thinner, smoother, and stronger than can be made by hot rolling alone.

Continuous casting A process for solidifying steel in the form of a continuous strand rather than individual ingots. Molten steel is poured into open bottomed, water-cooled molds. As the molten steel passes through the mold, the outer shell solidifies.

CRC cold rolled coil (see cold rolling).

Crude steel Steel in the first solid state after melting, suitable for further processing or for sale. Synonymous to raw steel.

Direct reduction A family of processes for making iron from ore without exceeding the melting temperature. No blast furnace is needed.

Electrical steels Specially manufactured cold rolled sheet and strip containing silicon, processed to develop definite magnetic characteristics for use by the electrical industry.

Electric arc furnace (EAF) An electric furnace used to melt steel scrap or direct reduced iron.

€ or EUR Euro.

Flat products A term referring to a class of products including sheet, strip and plate that are made from slabs.

Galvanized steel Produced when hot or cold rolled sheet or strip is coated with zinc either by the hot dipping or electrolytic deposition process. Zinc coating applied by the hot dip method is normally heavy enough to resist corrosion without additional protective coating. Materials electrolytically galvanized are not used for corrosion resistant applications without subsequent chemical treatment and painting, except in mild corrosive conditions, due to the thin coating of zinc. Galvanize is a pure zinc coating. A special heat-treating process converts the pure zinc coating to a zinc/iron alloy coating, and the product is known as Galvanneal.

HDG hot dip galvanized (see galvanized steel).

Hot metal Molten iron produced in the blast furnace.

Hot rolling Rolling semi-finished steel after it has been reheated.

HRC hot rolled coil (see hot rolling).

Indicated mineral resourceAn ‘indicated mineral resource’ is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics, can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed.

Inferred mineral resourceAn ‘inferred mineral resource’ is that part of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling, and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.

Integrated steelmaker A producer that converts iron ore into semi-finished or finished steel products. Traditionally, this process required coke ovens, blast furnaces, steelmaking furnaces, and rolling mills. A growing number of integrated mills use the direct reduction process to produce sponge iron without coke ovens and blast furnaces.

Iron ore The primary raw material in the manufacture of steel.

Ladle metallurgy The process whereby conditions (temperature, pressure and chemistry) are controlled within the ladle of the steelmaking furnace to improve productivity in preceding and subsequent steps and the quality of the final product.

Limestone Used by the steel industry to remove impurities from the iron made in blast furnaces. Magnesium-containing limestone, called dolomite, is also sometimes used in the purifying process.

Line pipe Used for transportation of gas, oil or water generally in a pipeline or utility distribution system.

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Mining operations



Glossary

Measured mineral resourceA ‘measured mineral resource’ is that part of a mineral resource for which quantity, grade or quality, densities, shape, and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity.

Mechanical tubing Welded or seamless tubing produced in a large number of shapes to closer tolerances than other pipe.

Mineral resource estimatesThe mineral resource estimates constitute the part of a mineral deposit that have the potential to be economically and legally extracted or produced at the time of the resource determination. The potential for economic viability is established through high-level and conceptual engineering studies.

Mini-mill A small non-integrated or semi-integrated steel plant, generally based on electric arc furnace steelmaking. Mini-mills produce rods, bars, small structural shapes and flat rolled products.

Net debt Net debt refers to long-term debt, plus short-term debt, less cash and cash equivalents, restricted cash and short-term investments.

Net ton See ton.

Oil country tubular goods (OCTG) Pipe used in wells in oil and gas industries, consisting of casing, tubing, and drill pipe. Casing is the structural retainer for the walls; tubing is used within casing oil wells to convey oil to ground level; drill pipe is used to transmit power to a rotary drilling tool below ground level.

Open hearth process A process for making steel from molten iron and scrap. The open hearth process has been replaced by the basic oxygen process in most modern facilities.

Pellets An enriched form of iron ore shaped into small balls.

Pig iron High carbon iron made by the reduction of iron ore in the blast furnace.

Plate A flat rolled product rolled from slabs or ingots, of greater thickness than sheet or strip.

Probable reservesProbable reserves are reserves for which quantity and grade and/or quality are computed from information similar to that used for proven reserves, but the sites for inspection, sampling and measurement are farther apart or are otherwise less adequately spaced. The degree of assurance, although lower than that for proven reserves, is high enough to assume continuity between points of observation.

Proven reservesProven reserves are reserves for which (a) quantity is computed from dimensions revealed in outcrops, trenches, working or drill holes; grade and/or quality are computed from the results of detailed sampling; and (b) the sites for inspection, sampling and measurement are spaced so closely and the geologic character is so well defined that size, shape, depth and mineral content of reserves are well-established.

Rolling mill Equipment that reduces and transforms the shape of semi-finished or intermediate steel products by passing the material through a gap between rolls that is smaller than the entering materials.

Semi-finished products Products such as slabs, billets, and blooms which must be rolled or otherwise processed to create usable steel shapes.

Sheet A flat rolled product over 12 inches in width and of less thickness than plate.

Sheet piling Rolled sections with interlocking joints (continuous throughout the entire length of the piece) on each edge to permit being driven edge-to-edge to form continuous walls for retaining earth or water.

Sintering A process which combines ores too fine for efficient blast furnace use with flux stone. The mixture is heated to form clumps, which allow better draft in the blast furnace.

Slab A wide semi-finished product made from an ingot or by continuous casting. Flat rolled steel products are made from slabs.

Sponge iron The product of the direct reduction process. Also known as direct reduced iron (DRI).

Stainless steels Stainless steels offer a superior corrosion resistance due to the addition of chromium and/or nickel to the molten steel.

Standard pipe Used for low-pressure conveyance of air, steam, gas, water, oil or other fluids and for mechanical applications. Used primarily in machinery, buildings, sprinkler systems, irrigation systems, and water wells rather than in pipelines or distribution systems.

Strip A flat rolled product customarily narrower in width than sheet, and often produced to more closely controlled thicknesses.

Structural pipe and tubing Welded or seamless pipe and tubing generally used for structural or load-bearing purposes above-ground by the construction industry, as well as for structural members in ships, trucks, and farm equipment.

Structural shapes Rolled flange sections, sections welded from plates, and special sections with at least one dimension of their cross-section three inches or greater. Included are angles, beams, channels, tees and zeds.

Tin coated steel Cold rolled sheet, strip, or plate coated with tin or chromium.

Ton (t) a) A unit of weight in the US Customary System equal to 2,240 pounds. Also known as long ton.

b) A unit of weight in the US Customary System equal to 2,000 pounds. Also known as short ton. Also known as net ton.

Tonne (T) A metric tonne, equivalent to 1,000 kilograms or 2,204.6 pounds or 1.1023 short ton.

US$ or $ US Dollar.

Wire: drawn and/or rolled The broad range of products produced by cold reducing hot rolled steel through a die, series of dies, or through rolls to improve surface finish, dimensional accuracy, and physical properties.

Wire rods Coiled bars of up to 18.5 millimeters in diameter, used mainly in the production of wire.

104

Glossary

continued

Photography: ArcelorMittal Photo Library; Getty Images; Sasha Gusov; Stephen Hird; wide.lu.

Designed and produced by www.thoburns.com (United Kingdom).

Printed by Royle Corporate Print, London.

The paper and board used for the production of this report are made from a combination of post consumer waste and Forest Stewardship Council approved sources. The printer and paper mill are ISO 14001 accredited and the printer has CarbonNeutral® status.

Copyright 2012 ArcelorMittal.

Core strengths, sustainable returns ArcelorMittal Fact Book 2011

Published in May 2012. To receive a copy of the Fact Book, please contact:

ArcelorMittal 19, Avenue de la Liberté L-2930 Luxembourg Grand Duchy of Luxembourg T: +352 4792 2484

www.arcelormittal.com

ArcelorMittal - Fact Book 2011

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