ArcelorMittal - Fact Book 2011

Core strengths, sustainable returns
Fact Book 2011
With revenues of $94 billion and crude steel production of 91.9 million tonnes, ArcelorMittal is the worlds 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 years 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.
Cover image Port-Cartier, Canada
Global presence
ArcelorMittal is the worlds 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 worlds 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. Flat Carbon
Belgium Charleroi Ghent Geel Genk Huy Lige Seraing Brazil Tubaro Vega Canada Dofasco (Hamilton) China Hunan Valin (JV) Czech Republic Frdek-Mstek Ostrava France Basse Indre Chteauneuf Desvres Dunkerque Florange Fos-sur-Mer Le Creusot Mardyck Montataire Mouzon Saint-Chamond Saint-Chly Germany Bremen Eisenhttenstadt Italy Avellino Canossa Piombino Kazakhstan Temirtau Luxembourg Dudelange Macedonia Skopje US Burns Harbor, IN Cleveland, OH Poland Coatesville, PA Chorzw Columbus, OH Dbrowa Grnicza Conshohocken, PA Krakw Double G, MS Sosnowiec Gallatin, KY witochowice Gary Plate, IN Warsaw I/N Tek and Zdzieszowice I/N Kote, IN Indiana Harbor Romania (East and West), IN Galati Monessen, MI South Africa Obetz, OH Saldanha Piedmont, NC Vanderbijlpark Pioneer, OH Riverdale, IL Spain Warren, PA Asturias (Avils and Gijn) Weirton, WV Etxebarri Lesaka Sagunto Sestao Zaragoza Mexico Lzaro Crdenas
Long Carbon
Algeria Annaba Argentina Villa Constitucin Bosnia and Herzegovina Zenica Brazil Joo Monlevade Juiz de Fora Piracicaba Vitria Canada Contrecur China China Oriental (JV) Costa Rica Caldera Gupiles Czech Republic Ostrava France Gandrange Germany Duisburg (Ruhrort and Hochfeld) Hamburg Kazakhstan Temirtau Luxembourg Differdange Esch-Belval Rodange Schifflange Mexico Celaya Lzaro Crdenas Tultitln Morocco Jorf Lasfar Nador Poland Chorzw Dbrowa Grnicza Sosnowiec Warsaw
Disclaimer forward-looking statements In this fact book 2011, ArcelorMittal has made forwardlooking 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 forwardlooking 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 forwardlooking 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 forwardlooking statements will be achieved. Such forwardlooking 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 standalone 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 20F filed with the United States Securities and Exchange Commission, both of which are available in PDF format on www.arcelormittal.com/corp/investors/ financialreports. Copies of the ArcelorMittal annual report 2011 are available free of charge at the registered office of ArcelorMittal S.A.,19 Avenue de la Libert, L2930 Luxembourg, Grand Duchy of Luxembourg, or by calling +352 4792 2347 or +352 4792 2366 or sending an email to contact@arcelormittal.com Unless indicated otherwise, or the context otherwise requires, references herein to ArcelorMittal, the group and the company or similar terms are to ArcelorMittal, socit anonyme, having its registered office at 19, Avenue de la Libert, L2930 Luxembourg, Grand Duchy of Luxembourg, and, where the context requires, its consolidated subsidiaries.
Mining
Romania Hunedoara South Africa Newcastle Vereeniging Spain Asturias (Gijn) Guipuzcoa (Bergara and Zumarraga) Madrid Olaberria Zaragoza Trinidad Point Lisas Ukraine Kryviy Rih US Georgetown, SC Harriman, TN Indiana Harbor, IN LaPlace, LA Pine Bluff, AR Steelton, PA Vinton, TX Algeria Tebessa Bosnia and Herzegovina Prijedor Brazil Andrade Serra Azul Canada Mary River Project Mont-Wright Kazakhstan Abaiskaya Atansore Atasu Kazakhstanskaya Kentobe Kostenko Kuzembayeva Lenina Lisakovsky Saranskaya Shaktanskaya Tentekskaya Liberia Buchanan Yekepa Mexico Las Truchas Pea Colorada Sonora Russia Kemerovo US Hibbing, MN Minorca, MN Princeton, WV Ukraine Kryviy Rih
Tubular
Algeria Annaba Canada Brampton, ON Hamilton, ON Woodstock, ON Czech Republic Karvin Ostrava France Chevillon Hautmont Vitry Kazakhstan Aktau Mexico Monterrey Poland Krakw Romania Galati Lasi Roman Saudi Arabia Jubail South Africa Vereeniging US Marion, OH Shelby, OH Venezuela Unicon (Caracas)
Overview
Contents
Operations
Fact book
Mining operations
Pages 01-21 03 inancial highlights F 04 ur business O 08 ur five core strengths O 10 roup structure G 12 Reportable segments 13 perating investees O 14 Key performance indicators 18 oard of directors B 20 Senior management
Overview
Pages 34-43 36 ining operations overview M 38 ron ore production by mine I 39 ron ore production by region I and shipment 40 oal production by mine and C by region and shipment 41 Raw material consumption 42 ron ore reserves and resources I 43 Coal reserves and resources
Mining operations
Production facilities
Operations
Pages 22-33 24 Key operational overview 25 Crude steel production quarterly by segment 26 Crude steel production by process and region 27 Steel shipments quarterly by segment 28 Steel shipments by product and region 29 Steel shipments by product and segment 30 Steel shipments by segment and region 31 Sales by destination 32 Steel Ebitda and average steel Ebitda/tonne 33 Capital expenditure
Financials
Pages 44-67 46 Number of employees 47 Key financial and operational information 48 Consolidated statements of operations 49 Quarterly condensed income statement 50 Consolidated statements of financial position 51 Consolidated statements of cash flows 52 Liquidity 54 Operating footprint 55 Main industrial assets 56 Flat Carbon Americas 58 Flat Carbon Europe 60 Long Carbon Americas 61 Long Carbon Europe 62 Long Carbon Americas and Europe 64 AACIS 66 Mining
Pages 68-91 70 Brazil CST, Sol and Vega do Sul (FCA) 71 Canada Dofasco/Hamilton (FCA) 72 Mexico Lzaro Crdenas (FCA & LC) 73 US Burns Harbor (FCA) 74 US Cleveland (FCA) 75 US Indiana Harbor East and West (FCA) 76 Belgium Gent (FCE) 77 Belgium Lige (FCE) 78 France Dunkerque, Mardyck, Montataire and Desvres (FCE) 79 France Florange, Mouzon and Dudelange (FCE) 80 France Fos-sur-Mer (FCE) 81 Germany Bremen (FCE) 82 Germany Eisenhttenstadt (FCE) 83 Poland Krakw and witochowice (FCE) 84 Romania Galati (FCE) 85 Czech Republic Ostrava (LC & FCE) 86 Poland Dbrowa Grnicza, Sosnowiec and ZKZ (LC & FCE) 87 Spain Gijn and Avils (LC & FCE) 88 Kazakhstan Temirtau (AACIS) 89 South Africa Vanderbijlpark (AACIS) 90 Ukraine Kryviy Rih (AACIS)
Shareholder information
Pages 92-104 94 Shareholder information 96 Shareholding structure 97 Investor relations 98 Equity analyst coverage 100 Steelmaking process 102 Products and services 103 Glossary
Financials Production facilities Shareholder information
Left Brazil
ArcelorMittal Fact Book 2011
Health and Safety Day, April 2011 As in prior years, the group-wide Health and Safety Day was held in all of ArcelorMittals sites to coincide with the International Labor Organizations 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
Overview
Financial highlights
Operations
Highlights for 2008, 2009, 2010 and 2011

2008 2009 2010 2011
Health and safety Lost time injury frequency rate (LTIFR)* ArcelorMittal steel operations (millions of metric tonnes) Production of steel products Change year/year Shipments of steel products** Change year/year ArcelorMittal mining operations (millions of metric tonnes) Mining production Iron ore: Own production Long-term contract Total iron ore production Coal: Own production Long-term contract Total coal production Mining shipments Iron ore: External sales Third party Internal sales Market-priced Internal sales Cost-plus basis Strategic contracts Total iron ore shipments Coal: External sales Third party Internal sales Market-priced Internal sales Cost-plus basis Strategic contracts Total coal shipments ArcelorMittal financials (US$ millions) Sales Change year/year Ebitda Change year/year Operating income (loss) Change year/year Net income attributable to equity holders of the parent Change year/year Net cash provided by operating activities Net cash used in investing activities Net cash used in financing activities Cash and cash equivalents and restricted cash Property, plant and equipment Total assets Short-term debt and current portion of long-term debt Long-term debt, net of current portion Equity attributable to the equity holders of the parent Net debt ArcelorMittal financials per share (US$) ArcelorMittal average share price Book value per share Basic earnings per share Change year/year ArcelorMittal ratios Ebitda margin Operating margin Ebitda per tonne
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.
2.5 101.1 -11.4% 99.7 -7.5%
1.9 71.6 -29.2% 69.6 -30.2%
1.8 90.6 26.5% 85.0 22.0%
1.4 91.9 1.4% 85.8 1.0%
Mining operations Financials
43.8 20.9 64.7 5.9 0.5 6.4
37.7 15.1 52.7 7.1 0.5 7.6
48.9 19.6 68.5 7.0 0.4 7.4
54.1 11.1 65.2 8.3 0.6 8.9
6.4 12.4 21.6 20.9 61.4 1.4 1.5 3.4 0.5 6.9 116,942 21.4% 23,652 21.9% 11,960 -14.4% 9,466 -8.7% 14,652 (12,428) (2,132) 7,587 60,251 133,155 8,409 25,667 55,258 26,489 66.52 39.96 6.84 -7.7% 20.2% 10.2% 237.2
5.4 17.2 17.1 15.1 55.0 2.0 1.8 3.3 0.4 7.5 61,021 -47.8% 5,600 -76.3% (1,470) -112.3% 157 -98.3% 7,278 (2,784) (6,347) 6,009 60,385 127,697 4,135 20,677 61,084 18,803 31.86 42.27 0.11 -98.4% 9.2% -2.4% 80.4
7.0 18.2 21.5 19.6 66.3 2.1 1.3 3.2 0.4 7.0 78,025 27.9% 8,525 52.2% 3,605 NA 2,916 NA 4,015 (3,438) (7) 6,289 54,344 130,904 6,716 19,292 62,430 19,719 35.79 41.29 1.93 NA 10.9% 4.6% 100.4
9.0 19.0 23.6 11.1 62.7 3.5 1.4 3.3 0.6 8.9 93,973 20.4% 10,117 18.7% 4,898 35.9% 2,263 -22.4% 1,777 (3,678) (540) 3,905 54,251 121,880 2,784 23,634 56,690 22,513 28.24 36.60 1.46 -24.4% 10.8% 5.2% 117.9
Our business
ArcelorMittal is the worlds leading steel and mining company. With a presence in more than 60 countries, we operate a balanced portfolio of costcompetitive 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 worlds 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.
With a total production capacity of around 125 million tonnes of crude steel, ArcelorMittal is a highly efficient steel producer with a diversified production process. It has industrial operations in 20 countries on four continents, producing flat and long steels and tubular products. In January 2011, the groups stainless steel operations were spun off into a separate company, Aperam. ArcelorMittal produced approximately 91.9 million tonnes of steel in 2011, compared with 90.6 million tonnes in 2010. With our ongoing aim to develop a world-class mining business, our mining operations have reported as a separate segment since January 2011. We produced around 54.1 million tonnes of iron ore and 8.3 million tonnes of coal (excluding supplies under strategic long-term contracts) in 2011.
For many years, the group has pursued a consistent strategy focusing on product diversity, geographic breadth and vertical integration, both upstream and downstream. The aim of this three-dimensional strategy is to reduce exposure to risk and cyclicality. Our upstream integration, through our investment in iron ore and coal mining assets, gives us a major competitive advantage, provides a measure of security of supply and is an important natural hedge against raw material price volatility. Our downstream integration, through our Distribution Solutions segment, enables us to meet a wide range of customer needs in virtually all steel-consuming industries and markets. We sell into a total of approximately 174 countries. The exceptional breadth of this market reach improves our market intelligence and helps us optimize working capital through the better management of our supply chain inventories.
Above Port-Cartier, Canada
Overview
Our global footprint also gives us a unique ability to serve our multinational customers by providing them with standard solutions and consistent quality around the globe. We have built strong and deep relationships with our biggest customers and frequently work with them in committed co-engineering programs. We have a strong With our global market reach and presence in the design centers product diversification, we are able of most global automotive manufacturers and act as a both to reduce risk, and benefit strategic partner for many. from the fast-growing demand for steel in developing economies We support this with one of the which currently account for around one-third of our shipments. largest research and development budgets in the European steel While demand in the developed industry, a worldwide network of world is weighted towards flat products and a higher value-added laboratories, and a knowledge management program that actively mix, demand in the developing shares best practice around the world is higher for long products groups operations. and commodity grades. As these economies develop, their need for higher value products will increase. We have a diversified production With our experience in developed process, producing approximately 65.9 million tonnes of our crude markets, we are well placed to steel through the basic oxygen meet that demand. Steel As a global steel producer with a diversified product range, we service a wide range of customers and markets. In 2011, approximately 38% of our steel was produced in the Americas, 46% in Europe and 16% in other countries such as Kazakhstan, South Africa and Ukraine.
furnace route, approximately 22.6 million tonnes through the electric arc furnace route and around 3.4 million tonnes of crude steel through the open hearth furnace. This gives us flexibility in raw material and energy usage and our scale helps us to optimize plant load factors. It also increases our ability to meet changing customer needs. In flat products, we are the clear leader in coated steels, from hot dip to electro-galvanized and color coated. We continue to develop new grades of light but ultra-high strength steels for the world automotive industry. Our technical know-how has given us an 18% world market share in automotive steels. We also produce the biggest plates in the world.
In long products, we produce rebars, sections and beams in all sizes and qualities, and have helped build many of the worlds tallest structures. We are the biggest producer of the very high-strength steels needed for wind turbines, and the leader in sheet piles. The world energy industry relies on ArcelorMittal pipes and tubes. Our Distribution Solutions business sells both in local markets and through a centralized marketing organization. The service centers finish steels to suit individual applications, often providing customized solutions, and help the group service its customers more directly.
Operations Mining operations Financials Production facilities Shareholder information
Left Belval, Luxembourg
Our business
continued
Mining 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 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.
the groups own iron ore production Our total metallurgical coal reserves are estimated at 323 million tonnes. was sold to external customers. The groups coal mines are located in Kazakhstan, Russia and the US. In 2011, ArcelorMittals own mines produced 54.1 million tonnes A number of growth projects are of iron ore1; our own mines and under way most notably in strategic contracts produced Canada and Liberia. The group is 65.2 million tonnes of iron ore on target to expand annual iron ore which was equivalent to 57%2 of production (including off-take from the groups requirements. A total of 28.0 million tonnes was shipped long-term contracts) to 100 million internally and externally at market tonnes by 2015. price3. Production of metallurgical 1 Own iron ore production excluding coal hit 8.3 million tonnes4; this strategic long-term contracts. was an increase of 20% as 2 Assuming full production at Pea Colorada compared with 2010. for own use.
3
Our ore reserve estimation and reporting processes are now standardized and reserve estimates All raw materials that can practically will be updated and reported be sold outside the group are now annually. Following a full review of either marketed to third parties or our life-of-mine plans, ore reserves transferred to ArcelorMittal facilities and mineral resource estimates, our iron ore reserves are now put at at market price. Production from captive mines closely linked to one 3.8 billion tonnes. Our principal iron of our steel facilities is transferred ore mining operations are located in Canada, the US, Mexico, Brazil, internally on a cost-plus basis. In Algeria, Bosnia and Herzegovina, 2011, approximately 17%1 of Ukraine, Kazakhstan and Liberia.
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 companys steel producing segments at the prevailing market price. Shipments of raw materials that do not constitute market price tonnes are transferred internally on a cost-plus basis. Own coal production excluding strategic long-term contract.
Our strategic priorities

1 Health and safety ealth and safety is our H first priority across all sites, countries and levels of the company, and is embedded in all our values. We are driven to create a safe and healthy workplace with no accidents and fatalities. Journey to Zero, our company-wide health and safety program to reduce 3 workplace accidents and occupational diseases, embodies our health and safety goals: to become the safest steel and mining company in the world. 2 Maintain and improve cost-competitiveness W ith $4.0 billion of management gains banked since 2008, ArcelorMittal is targeting a further $0.8 billion of savings by end of 2012. These will come from operational improvements, sales, general and administrative expenses (SG&A) and fixed cost savings. I n addition, progress has been made on the asset optimization plan launched in September 2011. By focusing production on our lowest-cost facilities and better aligning our footprint to market demand, we target $1 billion sustainable Ebitda run rate improvement by the end of 2012. and extending the average maturity of our borrowings. While we will continue to invest in order to maintain our production facilities and sustain R&D and product quality, acquisitions will be made only selectively and where they are strategically important. We are committed to maintaining our investment grade rating. We are also considering some non-core asset divestments.
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).
Grow our mining resource base O ur mining business currently accounts for around 30% of 5 Execute organic group profitability. We have growth opportunities ambitious growth plans in emerging markets to increase our supply of iron lthough we have temporarily A ore to 100 million tonnes suspended steel growth (including strategic contracts, expenditure due to current but excluding the potential uncertainties arising from the output from Baffinland) by eurozone sovereign debt crisis, 2015, including doubling of depending on local market our market-priced tonnages conditions and projected global over five years. and regional demand trends, we will continue to target growth 4 Preserve balance sheet strength in key developing markets. S ince the 2008 crisis, we have materially strengthened our balance sheet, reducing debt
Overview Operations
2011 highlights
January ArcelorMittals stainless and specialty steels business is spun-off into Aperam. March ArcelorMittal and Nunavut Iron Ore Acquisition Inc. complete the acquisition of Baffinland Iron Mines Corporation shares under their joint offer (70% ArcelorMittal and 30% Nunavut). May ArcelorMittal plans to expand its Mont-Wright mining complex and have additional construction at Port-Cartier in Canada (subject to environmental and other regulatory approvals). ArcelorMittals 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). June ArcelorMittal received the Best Process Innovation award in American Metal Markets (AMM) 2011 Awards for Steel Excellence for our S-in motion concept and the companys continuous commitment to producing the most ground-breaking steel for the automotive sector. September ArcelorMittal commences commercial iron ore production from its mining operations in Liberia. This launch is an important milestone in the recovery of Liberias 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. October ArcelorMittal 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 Maizires, France. November As a first-time entrant to the survey, ArcelorMittal is listed in Aon Hewitts European list of Top Companies for Leaders and ranks among the top seven companies in Europe. December ArcelorMittal 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.
Mining operations Financials Production facilities Shareholder information
Left Liberia
Our five core strengths

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. 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 worlds 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.
Overview
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.

Group structure
ArcelorMittal
Flat Carbon Americas
Flat Carbon Europe
Long Carbon Americas and Europe

Acindar ArcelorMittal Belval & Differdange
ArcelorMittal Brasil
ArcelorMittal USA
ArcelorMittal Atlantique et Lorraine
ArcelorMittal Belgium
ArcelorMittal Lzaro Crdenas
ArcelorMittal Dofasco
ArcelorMittal Espaa
ArcelorMittal Flat Carbon Europe
ArcelorMittal Brasil
ArcelorMittal Hamburg
ArcelorMittal Galati
ArcelorMittal Poland
ArcelorMittal Duisburg
ArcelorMittal Las Truchas
ArcelorMittal Mditerrane
ArcelorMittal Bremen
ArcelorMittal Gipuzkoa
ArcelorMittal Montreal
ArcelorMittal Eisenhttenstadt
Industeel Belgium
ArcelorMittal Point Lisas
ArcelorMittal Ostrava
Industeel France
ArcelorMittal Warszawa
Sonasid
ArcelorMittal Annaba
10
Overview Operations Mining operations
AACIS
Mining
Distribution Solutions
Financials
ArcelorMittal Kryviy Rih
ArcelorMittal South Africa
ArcelorMittal Mines Canada
ArcelorMittal Kuzbass
ArcelorMittal International Luxembourg
ArcelorMittal Temirtau
Minorca Mines
ArcelorMittal Lzaro Crdenas Mining Assets
Hibbing Taconite Mines
ArcelorMittal Princeton
ArcelorMittal Minerao Serra Azul
ArcelorMittal Kryviy Rih Mining Assets
ArcelorMittal Temirtau Mining Assets
Liberia
11
Reportable segments
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.
Within its corporate headquarters and, where appropriate, at the segment or regional management level there are specialized and experienced executives in fields such as finance, mergers and acquisitions, marketing, procurement, operations, shipping, human resources, communications, internal assurance, health and safety, information technology, strategic planning, performance enhancement, technology and law.
countries. In 2011, shipments from Flat Carbon Europe totaled 27 million tonnes.
Habitat for Humanity The ArcelorMittal Foundation has worked in partnership with Habitat for Humanity since 2008 to help low-income families afford homes. The Foundations 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
Long Carbon Americas and Europe produces sections, wire rod, rebars, billets, blooms, wire drawing, pipes and tubes, sheet piles, rails, ingots, specialty bars and slopes. In Long Carbon Americas, production facilities are located at 14 integrated and mini-mill sites located in six countries, while in Long Carbon Europe production facilities are located at 17 Flat Carbon Americas produces integrated and mini-mill sites slabs, hot-rolled coil, cold-rolled in nine countries. In 2011, coil, coated steel products and shipments from Long Carbon plate. These products are sold Americas and Europe totaled primarily to customers in the following industries: distribution and approximately 24 million tonnes. processing; automotive; pipes and tubes; construction; packaging; and AACIS produces a combination appliances. In Flat Carbon Americas, of flat and long products. It has six production facilities are located at flat and long production facilities in eight integrated and mini-mill sites three countries. In 2011, shipments located in four countries. In 2011, from Asia, Africa and CIS totaled approximately 13 million tonnes, shipments from Flat Carbon Americas totaled 22 million tonnes. with shipments having been made worldwide. Flat Carbon Europe produces Distribution Solutions is primarily hot-rolled coil, cold-rolled coil, an in-house trading and distribution coated products, tinplate, plate arm of ArcelorMittal. It also provides and slab. These products are sold primarily to customers in the value-added and customized steel solutions through further steel automotive, general industry and packaging industries. In Flat Carbon processing to meet specific customer requirements. Europe, production facilities are located at 15 integrated and Mining provides the Companys mini-mill sites located in six steel operations with high quality and low-cost iron ore and coal resources and also sells limited amounts of mineral products to third parties. The Companys mines are located in North and South America, Europe, the CIS and Africa. In 2011, iron ore and coal production (including strategic contracts) totaled approximately 65.2 million tonnes and 8.9 million tonnes, respectively. In January 2011, ArcelorMittal completed the spin-off of its stainless steel operations to a separately-focused company, Aperam. Accordingly, the former Stainless Steel segment has been reclassified as discontinued operations for all periods presented.
12
Overview
Operating investees
Operations
The Company had the following investments in associates and joint ventures accounted for under the equity method, at December 31, 2011:
Ownership % at December 31, 2011 Carrying value at December 31, 2010 Carrying value at December 31, 2011
Mining operations
Investee (US$ millions)
Country of incorporation8
China Oriental1 Eregli Demir Ve Celik Fab.T.A..2,3 DHS GROUP Hunan Valin Steel Tube and Wire Co., Ltd.4 Enovos International SA5 Gestamp Gonvarri Steel Industries Kalagadi Manganese (Propriety) Ltd Macsteel International Holdings B.V. ArcelorMittal Gonvarri Brasil Produtos Siderurgicos Gallatin Steel Company Coils Lamiere Nastri (CLN) S.p.A. Borcelik Celik Sanayii Ticaret A.S. STALPRODUKT SA Kiswire ArcelorMittal Ltd I/N Kote L.P. Coal of Africa Limited6 Ca. Hispano-Brasileira de Pelotizaao Macarthur Coal Ltd7 Other Total
1
Bermuda Turkey Germany China Luxembourg Spain Spain South Africa Netherlands Brazil United States Italy Turkey Poland Korea United States Australia Brazil Australia
7
47.03% 25.78% 33.43% 29.97% 23.48% 35.00% 35.00% 50.00% 50.00% 50.00% 50.00% 35.00% 43.90% 33.77% 50.00% 50.00% 15.93% 49.11%
1,337 1,596 1,191 686 614 468 385 496 260 215 122 177 163 168 148 155 133 124 908 806 10,152
1,475 1,378 1,149 691 597 506 408 397 255 192 168 164 157 153 152 151 116 112 820 9,041
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 shareholders 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). 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.. (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 Erdemirs share capital. Following completion of the transaction it is expected that ArcelorMittal will hold approximately 18.7% of Erdemirs share capital, decreasing to approximately 12.5% if all of the warrants are exercised. 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 Companys share of Erdemirs profi t or loss for the years ended December 31, 2010 and 2011 have been obtained from Erdemirs financial statements prepared as of September 30, 2010 and 2011, respectively. 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, ArcelorMittals shareholding decreased from 33.02% to 29.97%. 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%. 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.
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 Companys 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. ArcelorMittals 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. 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.
13
Key performance indicators (KPIs)

The key performance indicators that ArcelorMittals management uses to analyze operations are provided below.
Health and safety

2011 2010 2009 2008 2007
(lost time injury frequency rate for steel and mining)
1.4 1.8 1.9 2.3 3.3
ArcelorMittal has a clear and strong health and safety policy aimed at reducing the severity and frequency of accidents on a continuing basis across the entire organization. The corporate health and safety department defines and follows-up performance
targets and monitors results from every business unit and site. We have also implemented an injury tracking and reporting database to track all information on injuries, lost man-days and other significant events.
Health and safety performance, based on own personnel figures and contractors lost time injury frequency rate, improved to 1.4 for the year 2011 from 1.8 for the year 2010 with significant improvement in Mining operations, Flat Carbon Europe, Long Carbon
Americas and Europe, and Asia, Africa and CIS operations, only partially offset by deterioration in the Flat Carbon Americas and the Distribution Solutions segments.
Sales1
2011 2010 2009 2008 2007
(US$ millions)
93,973 78,025 61,021 116,942 96,293
The majority of steel sales from ArcelorMittal are destined for domestic markets; these sales are usually approached as a decentralized activity, managed
either at the business unit or at the production unit level. For some specific markets, such as automotive, there is a global approach offering similar products
manufactured in different production units around the world. In 2011, sales approximated $94.0 billion, compared with 2010 sales of $78.0 billion.
This 20% increase was due to higher average steel selling prices (+18%) and marginally higher steel shipments (+1%).
Steel shipments2
2011 2010 2009 2008 2007
(thousands of metric tonnes)
85,757 84,952 69,624 99,733 107,789
ArcelorMittal had steel shipments of 85.8 million tonnes for 2011, representing an increase of 1% from steel shipments of
85.0 million tonnes in 2010. Group shipments remain some 20% below pre-crisis levels.
Steel shipments increased in the Flat Carbon Americas and Long Carbon segments and declined in the Flat Carbon Europe and AACIS segments.
14
Crude steel production

2011 2010 2009 2008 2007
(liquid steel in thousands of metric tonnes)
91,891 90,583 71,620 101,130 114,190
Financials
In 2011, around 65.9 million tonnes of crude steel were produced through the basic oxygen furnace route, around 22.6 million tonnes through the
electric arc furnace route and approximately 3.4 million tonnes of crude steel through the open hearth furnace route. This provides ArcelorMittal with
greater flexibility in raw material and energy use, and increased ability to meet varying customer requirements in the markets we serve. In 2011, about 38% of
crude steel was produced in the Americas, 46% in Europe and 16% in other countries such as Kazakhstan, South Africa and Ukraine.
Ebitda
2011 2010 2009 2008
(US$ millions)
10,117 8,525 5,600 23,652
Ebitda is defined as operating income plus depreciation, impairment expenses and exceptional items. ArcelorMittal generated Ebitda of $10.1 billion in 2011, 19% higher than 2010.
Ebitda a tonne shipped increased to $118 a tonne in 2011, compared with $100 a tonne in 2010, $80 a tonne in 2009 and $242 a tonne in 2008.
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.
Shipment volumes of steel products for the operations of the company include certain inter-segment shipments.
15
Key performance indicators (KPIs)

continued
Average steel selling prices1

(US$/tonne)

2011 2010 2009 2008 2007 701 698 920 781 892
Flat Carbon Europe

2011 2010 2009 2008 2007 831 821 799 1,018 982

2011 2010 2009 2008 2007 774 743 1,055 802 937
AACIS
2011 2010 2009 2008 2007 585 506 804 608 736
Distribution Solutions
2011 2010 2009 2008 2007 961 767 1,155 832 993
Over the last years, the impact of changes in raw material spot prices on the steel pricing has been significantly increased. This is due to a sharp increase in the absolute value of raw material prices, but also due to a changing pricing
model for iron ore shifting from yearly benchmark pricing to quarterly and lately even spot pricing. As customers anticipate changes in raw material costs feeding into steel prices, this raw material price volatility
has impacted buying behavior of our customers leading to more pronounced stocking and destocking cycles, which again affect steel prices.
Average steel selling price for the group in 2011 increased 18% compared with 2010, following the increase in key raw material prices.
16
Iron ore production

(millions of metric tonnes)
2011 2010 2009 2008

Total own mines2 Total strategic long-term contracts3,4
54.1 48.9 37.7 43.8 15.1 52.75
11.1 65.25 19.6 68.55 20.9 64.75

Financials
ArcelorMittal sources significant portions of its iron ore needs from its own mines in Kazakhstan, Ukraine, Bosnia and Herzegovina, Algeria, Canada, the United States, Mexico and Brazil. During 2011, the companys iron ore mining complex in Liberia became operational and contributed
to the supplies of ArcelorMittal. We are also expanding capacity of existing mines in Canada, Liberia and Brazil. Several of our steel plants also have in place off-take arrangements with mineral suppliers located near its production facilities, some of which are considered strategic long-term contracts.
In 2012, the company is targeting an increase of approximately 10% in its iron ore production, compared with 2011.
ArcelorMittal had own iron ore production of 54.1 million tonnes in 2011, an increase of 11%, compared with 48.9 million tonnes in 2010.
Production facilities Shareholder information
Coal production
(millions of metric tonnes)
2011 2010 2009 2008

Total own mines Total strategic long-term contracts6,7
8.3 7.0 0.4 7.4 7.1 0.5 7.6 5.9 0.5 6.4
0.6 8.9
As with iron ore, ArcelorMittal sources a percentage of its coking coal from its own coal mines in Kazakhstan, Russia and the United
States. Our mines in Kazakhstan supply substantially all the requirements for steelmaking operations at ArcelorMittal
Temirtau, while our mines in Russia and the US supply other steel plants within the group.
ArcelorMittal had own coking coal production of 8.3 million tonnes in 2011, an increase of 20%, compared with 7.0 million tonnes in 2010.
2 3
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. North America: includes ArcelorMittals share of production from Hibbing (US, 62.30%) and Pea Colorada (Mexico, 50%). 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 5
6 7
Includes purchases made under the July 2010 interim agreement with Kumba, South Africa. Total of all finished production of fines, concentrate, pellets and lumps (includes ArcelorMittals shares of production of less than wholly-owned mines and strategic long-term contracts). North America: strategic agreement prices on a cost-plus basis. Africa: long-term lease prices on a cost-plus basis.
17
Board of directors
ArcelorMittals annual Lakshmi N Mittal Narayanan Vaghul Antoine Spillmann general meeting of Lakshmi N Mittal, 61 and an Indian Narayanan Vaghul, 75 and an Antoine Spillmann, 48 and a shareholders on May 10, citizen, is the chairman and CEO of Indian citizen, has over 50 years Swiss citizen, worked for leading 2011 acknowledged the ArcelorMittal. Mr Mittal founded experience in the financial sector investment banks in London from Mittal Steel in 1989, and guided its and was the chairman of ICICI 1986 to 2000. He is now an asset expiration of the terms of office of the following strategic development, culminating Group, a leading financial services manager and executive partner in the merger in 2006 with Arcelor. group in India from 1985 to 2009. at the firm Bruellan Wealth directors: Mr Lakshmi He is a member of various boards Mr Vaghul is chairman of the Indian Management, an independent asset and trusts and also of the Indian Institute of Finance Management management company based in N Mittal, Mr Antoine Prime Ministers Global Advisory & Research and is also a board Geneva. Mr Spillmann studied in Spillmann, Mr Lewis Council, Kazakhstans Foreign member of Wipro Limited, Switzerland and London, receiving B Kaden and Investors Council, World Economic Mahindra & Mahindra, Piramal diplomas from the London Business HRH Prince Guillaume Forums International Business Healthcare and Apollo Hospitals. School in Investment Management Council and World Steel and Corporate Finance. de Luxembourg. Associations (WSA) Executive Wilbur L Ross, Jr Committee. He has received HRH Prince Guillaume At the same meeting, the numerous awards and honors such Wilbur L Ross, Jr, 74 and a US shareholders re-elected de Luxembourg as Fortunes 2004 European
Mr Lakshmi N Mittal, Mr Antoine Spillmann, Mr Lewis B Kaden and HRH Prince Guillaume de Luxembourg for a new term of three years. The board of directors proposed to elect Mr Bruno Lafont as a new board member, and the shareholders elected him for a three-year term on May 10, 2011. Mr Bruno Lafont is considered an independent director. Businessman of the Year, Financial Times 2006 Person of the Year, 2007 Dwight D Eisenhower Global Leadership Award and Forbes 2008 Lifetime Achievement Award. In October 2010, he was awarded WSAs medal for services to the Association and for contributing to the sustainable development of the global steel industry. citizen, is the chairman and CEO of WL Ross & Co. LLC, a merchant banking firm, a position that he has held since April 2000. WL Ross & Co is part of Invesco Private Capital, a listed company, of which Mr Ross is Chairman. Mr Ross is also the Chairman and CEO of Invesco subsidiaries WLR Recovery Fund L.P., WLR Recovery Fund II L.P., WLR Recovery Fund III, WLR Recovery Fund IV, WLR Recovery Fund V, Asia Recovery Fund, Asia Recovery Fund Co-Investment, Absolute Recovery Hedge Fund and American Home Mortgage Servicing Inc., none of which are listed. Mr Ross is the Chairman of Ohizumi Manufacturing Company in Japan, International Textile Group and Diamond Shipping, which are unlisted companies. Mr Ross is a director of International Automotive Components and Compagnie Europenne de Wagons SARL (Luxembourg), both non-listed companies. Mr Ross is also a director of the Yale School of Management. HRH Prince Guillaume de Luxembourg, 48 and a Luxembourg citizen, worked for five years at the International Monetary Fund in Washington, D.C., and spent two years working for the Commission of European Communities in Brussels. Prince Guillaume headed a governmental development agency, Lux-Development, for 12 years.
As a result of these changes, the board of directors is composed of ten directors, of whom nine are non-executive directors and seven are independent directors. The directors are: Mr Lakshmi N Mittal, Ms Vanisha Mittal Bhatia, Mr Antoine Spillmann, Mr Wilbur L Ross, Mr Lewis B Kaden, Mr Narayanan Vaghul, Mr Jeannot Kreck, HRH Prince Guillaume de Luxembourg, Ms Suzanne P Nimocks and Mr Bruno Lafont. The board of directors comprises one executive director, Mr Lakshmi N Mittal, the chairman and chief executive officer of ArcelorMittal. Mr Lewis B Kaden is the lead independent director. None of the members of the board of directors, including the executive director, have entered into service contracts with ArcelorMittal or any of its subsidiaries providing for benefits upon the termination of their terms.
Lewis B Kaden
Lewis B Kaden, 69 and a US citizen, is the lead independent director of ArcelorMittal. He has approximately 39 years of experience in corporate governance, financial services, dispute resolution and economic policy. He is currently vice chairman of Citigroup. Mr Kaden served as a director of Bethlehem Steel Corporation for ten years and is currently chairman of the board of directors of the Markle Foundation and vice chairman of the Board of Trustees of Asia Society.
Suzanne P Nimocks
Suzanne P Nimocks, 52 and a US citizen, was a director (senior partner) with McKinsey & Company from 1999 to 2010 and was with the firm in various other capacities since 1989. Ms Nimocks is currently a board member for Encana Corporation and Rowan Companies, Inc. both listed companies, and Valerus, a private company. In the non-profit sector, she serves on the board of directors of the Houston Zoo and she is expected to assume the chairmanship of its board of directors on July 1, 2012.
Vanisha Mittal Bhatia

Vanisha Mittal Bhatia, 31 and an Indian citizen, was appointed as a member of the LNM Holdings board of directors in June 2004. Ms Vanisha Mittal Bhatia was appointed to Mittal Steels board of directors in December 2004. She has a Bachelor of Arts degree in Business Administration from the European Business School and has worked at Mittal Shipping Ltd, Mittal Steel Hamburg GmbH, an Internet-based venture capital fund, within the procurement department of Mittal Steel, in charge of a cost-cutting project, and is currently head of strategy for Aperam.
Jeannot Kreck
Jeannot Kreck, 61 and a Luxembourg citizen, was appointed as Luxembourgs Minister of the Economy and Foreign Trade and Minister of Sport in 2004. As of July 2004, he represents the Luxembourg government at the Council of Ministers of the European Union in the internal market and industry sections of its competitiveness configuration. On February 1, 2012, Jeannot Kreck retired from government and decided to end his active political career in order to pursue a range of different projects.
Bruno Lafont
Bruno Lafont, 55 and a French citizen, started his career at Lafarge in 1983. On January 1, 2006, he became chief executive officer and in May 2007, he was appointed chairman and chief executive officer of the group. Mr Lafont is Special Adviser to the Mayor of Chongqing (China), President of the EPE French Association (Enterprises for Environment), a board member of EDF and a board member of ArcelorMittal.
18
Overview Operations Mining operations Financials Production facilities Shareholder information
Left to right Lakshmi N Mittal Lewis B Kaden Vanisha Mittal Bhatia Narayanan Vaghul Wilbur L Ross, Jr Jeannot Kreck Left to right Antoine Spillmann HRH Prince Guillaume de Luxembourg Suzanne P Nimocks Bruno Lafont
19
Senior management
The strategic direction Davinder Chugh Lou Schorsch Lakshmi N Mittal of ArcelorMittal is the Lakshmi N Mittal is the chairman Davinder Chugh, member of Lou Schorsch, member of responsibility of the and CEO of ArcelorMittal. Mr Mittal the Group Management Board, the Group Management Board, founded Mittal Steel in 1989, and responsible for shared services, responsible for Flat Carbon Group Management guided its strategic development, has over 33 years of experience Americas, group strategy, CTO, Board (GMB). The GMB culminating in the merger in 2006 in the steel industry in general research and development, members are elected with Arcelor. He is a member of management, materials purchasing, commercial coordination, global by the board of directors various boards and trusts and also marketing, logistics, warehousing automotive and member of the IAC. Dr Schorsch was elected to the and the GMB is headed of the Indian Prime Ministers Global and shipping. Mr Chugh is a Advisory Council, Kazakhstans member of the Investment Group Management Board in May by Lakshmi N Mittal as Foreign Investors Council, World Allocation Committee (IAC). 2011. Prior to this appointment he chief executive officer Economic Forums International Before becoming a senior executive had been president and chief (CEO). The GMB is Business Council and World Steel vice president of ArcelorMittal, he executive officer of Flat Carbon Associations (WSA) Executive served as the CEO of Mittal Steel Americas, a position established supported by a strong South Africa until 2006. Mr Chugh with the 2006 merger of Arcelor team of 24 management Committee. He has received numerous awards and honors was involved in the turnaround and and Mittal Steel, as well as a committee members, such as Fortunes 2004 European consolidation of the South African member of the ArcelorMittal working towards Businessman of the Year, Financial operations of ArcelorMittal. management committee. Times 2006 Person of the Year, delivering the best 2007 Dwight D Eisenhower Global Peter Kukielski Gonzalo Urquijo possible performance to all stakeholders while Leadership Award and Forbes 2008 Peter Kukielski, member of the Gonzalo Urquijo, member of Lifetime Achievement Award. In continuously working Group Management Board, chief the Group Management Board, October 2010, he was awarded executive of Mining, was appointed responsible for AACIS (excluding WSAs medal for services to the to improve health and senior executive vice president and China and India), Distribution Association and for contributing safety results. head of Mining in December 2008. Solutions, Tubular Products,
to the sustainable development of the global steel industry.
Aditya Mittal
Aditya Mittal is CFO of ArcelorMittal, and a member of the Group Management Board with additional responsibility for Flat Carbon Europe, investor relations and communications. Prior to the merger to create ArcelorMittal, Aditya Mittal held the position of President and CFO of Mittal Steel from October 2004 to 2006. In 2008, Mr Aditya Mittal was awarded European Business Leader of the Future by CNBC Europe. In 2011, he was also ranked 4th in the 40 under 40 list of Fortune magazine. He is a member of the World Economic Forums The Forum of Young Global Leaders, the Young Presidents Organization, a board member at the Wharton School and PPR.
Mr Kukielski was previously executive vice president and chief operating officer at Teck Cominco Limited. Prior to joining Teck Cominco, he was chief operating officer of Falconbridge Limited before which he held senior engineering and project management positions with BHP Billiton and Fluor Corporation.
Sudhir Maheshwari
Sudhir Maheshwari, member of the Group Management Board, responsible for corporate finance, M&A and risk management and India and China operations, is also alternate chairman of the corporate finance and tax committee and chairman of the risk management committee. Mr Maheshwari was previously a member of the management committee of ArcelorMittal, responsible for finance and M&A. Prior to this, he was managing director, business development and treasury at Mittal Steel from January 2005 until its merger with Arcelor in 2006. Mr Maheshwari also serves on the board of directors of various subsidiaries of ArcelorMittal.
corporate responsibility, IAC chairman, was previously senior executive vice president and CFO of Arcelor, with responsibility for finance, purchasing, IT, legal affairs, investor relations, Arcelor Distribution Solutions, and other activities. Prior to that, Mr Urquijo also held several other positions within Arcelor, including deputy senior executive vice president and head of the functional directorates of distribution.
Michel Wurth
Michel Wurth, member of the Group Management Board, responsible for Long Carbon worldwide, was previously in charge of Flat Carbon Europe and Global R&D between 2006 and June 2011 as well as Distribution Solutions between 2009 and June 2011. Prior to this he was vice president of the Group Management Board of Arcelor and Deputy CEO, with responsibility for Flat Carbon Steel including auto, coordination Brazil, R&D and NSC alliance. The creation of Arcelor in 2002 led to Mr Wurths appointment as senior executive vice president and CFO of Arcelor.
From left to right Lakshmi N Mittal, Aditya Mittal, Davinder Chugh, Peter Kukielski, Sudhir Maheshwari, Lou Schorsch, Gonzalo Urquijo, Michel Wurth
20
Overview Operations Mining operations Financials Production facilities Shareholder information
Management committee
Name Age1 Position
Bhikam Agarwal Vijay Bhatnagar Davinder Chugh Jefferson de Paula Phil du Toit Robrecht Himpe Peter Kukielski Sudhir Maheshwari Aditya Mittal Lakshmi N Mittal Michael Pfitzner Arnaud Poupart-Lafarge Michael Rippey Lou Schorsch Bill Scotting Willie Smit Gonzalo Urquijo Michel Wurth
1
59 Executive vice president, head of finance 64 Executive vice president, CEO India and China 55 Member of the Group Management Board, responsible for shared services and member of the investment allocation committee 53 Executive vice president, CEO Long Carbon Americas 59 Executive vice president, head of mining projects and exploration 53 Executive vice president, CEO Flat Carbon Europe 55 Member of the Group Management Board, head of Mining 48 Member of the Group Management Board, responsible for corporate finance, M&A and risk management and India and China operations 35 CFO, member of the Group Management Board, with additional responsibility for Flat Carbon Europe, investor relations and communications 61 Chairman and chief executive officer 62 Executive vice president, head of marketing and commercial coordination 46 Executive vice president, CEO Long Carbon Europe (including Annaba, Bosnia and Herzegovina, Ostrava and Sonasid) 54 Executive vice president, CEO USA 62 Member of the Group Management Board, responsible for Flat Carbon Americas, group strategy, CTO, research and development, global automotive and member of the investment allocation committee 53 Executive vice president, head of strategy 54 Executive vice president, head of human resources 50 Member of the Group Management Board, responsible for AACIS (excluding China and India), Distribution Solutions, Tubular Products, corporate responsibility, investment allocation committee chairman 57 Member of the Group Management Board, responsible for Long Carbon worldwide
Age on December 31, 2011
Additional members of the management committee include Augusto Espeschit de Almeida (CEO Long Carbon Central and South America), Brian Aranha (chief marketing officer, global automotive and Flat Carbon Americas, commercial coordination), Benjamin Baptista (CEO Flat South America), Bill Chisholm (CEO ArcelorMittal Mexico), Gregory Ludkovsky (global research and development), Jean-Luc Maurange (CEO Flat Carbon Europe, business division south west), Nku Nyembezi-Heita (CEO ArcelorMittal South Africa), Geert Van Poelvoorde (CEO Flat Carbon Europe, business division north), Sanjay Samaddar (CEO Flat Carbon Europe, business division east and CEO ArcelorMittal Poland), Juergen Schachler (CEO ArcelorMittal Dofasco), Kleber Silva (mining operations), PS Venkat (CEO Long Carbon North America), Marc Vereecke (chief technology officer, with additional responsibility for in-house manufacturing services) and Alain Le Grix (CEO Distribution Solutions).
21
We have quality core assets
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 highquality steel, they are also costcompetitive. 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 steelbased Ebitda. With production facilities in 20 countries, we offer a broad range of finished and semifinished carbon steel products. Our outstanding distribution network delivers our quality products to customers around the world.
2011 Ebitda split by segment US$ millions

2,109 1,500 1,866 1,238 271 3,063 Flat Carbon Americas Flat Carbon Europe Long Carbon AACIS Distribution Solutions Mining
Overview
Operations
Mining operations
Financials
Picture Luxembourg
23
Key operational overview
2008
2009
2010
Q1 11
Q2 11
Q3 11
Q4 11
2011
Crude steel production (thousands of metric tonnes) FCA FCE Long AACIS Total continuing operations Discontinued operations Total Steel shipments* (thousands of metric tonnes) FCA FCE Long AACIS Total continuing operations Discontinued operations Total Average steel selling price (US$/tonne) FCA FCE Long AACIS AMDS Total continuing operations Revenue (US$ millions) FCA FCE Long AACIS AMDS Mining Holding and service companies and eliminations Total continuing operations Ebitda (US$ millions) FCA FCE Long AACIS AMDS Mining Holding and service companies and eliminations Total continuing operations Operating income (US$ millions) FCA FCE Long AACIS AMDS Mining Holding and service companies and eliminations Total continuing operations Average steel Ebitda/tonne (US$/tonne) FCA FCE Long AACIS Total**
* s from January 1, 2010 the Steel Solutions and Services segment has been renamed A ArcelorMittal Distribution Solutions (AMDS). ArcelorMittal Distribution Solutions shipments are eliminated in consolidation as they primarily represent shipments originating from other ArcelorMittal operating subsidiaries.
26,476 34,338 25,198 15,118 101,130 2,197 103,327 25,810 33,512 27,115 13,296 99,733 1,958 101,691 920 1,018 1,055 804 1,155 974
16,556 22,752 18,901 13,411 71,620 1,616 73,236 16,121 21,797 19,937 11,769 69,624 1,447 71,071 698 799 743 506 767 710
23,101 6,063 6,277 5,866 6,009 30,026 7,631 7,870 7,390 6,619 22,550 6,059 6,414 5,611 5,474 14,906 3,706 3,830 3,493 3,579 90,583 23,459 24,391 22,360 21,681 2,046 92,629 23,459 24,391 22,360 21,681 21,028 5,563 5,520 5,708 5,458 27,510 7,384 7,166 6,385 6,188 23,148 5,872 6,167 5,984 5,846 13,266 3,142 3,304 3,005 3,065 84,952 21,961 22,157 21,082 20,557 1,729 86,681 21,961 22,157 21,082 20,557 781 821 802 608 832 773 830 928 902 691 973 862 961 1,026 973 768 1,040 956 910 1,021 967 771 1,010 940 868 954 906 713 948 882
24,215 29,510 23,558 14,608 91,891 91,891 22,249 27,123 23,869 12,516 85,757 85,757 892 982 937 736 993 910 21,035 31,062 25,165 10,779 19,055 6,268 (19,391) 93,973
25,761 12,310 17,684 4,939 5,567 5,499 5,030 38,300 19,981 25,550 7,812 8,551 7,696 7,003 32,230 16,741 21,315 5,889 6,664 6,676 5,936 13,047 7,577 9,706 2,570 2,857 2,619 2,733 23,126 13,524 15,744 4,261 5,019 4,899 4,876 3,557 2,573 4,380 1,128 1,657 1,678 1,805 (19,080) (11,685) (16,354) (4,415) (5,189) (4,853) (4,934) 116,942 61,021 78,025 22,184 25,126 24,214 22,449 4,800 685 1,555 528 6,448 1,946 2,015 471 6,635 1,647 2,075 480 3,866 898 1,135 254 1,103 (97) 457 127 1,468 656 2,263 607 (668) (135) (975) 115 23,652 5,600 8,525 2,582 1,646 (1,046) 691 307 2,774 (501) 534 106 4,120 (25) 1,004 210 3,129 312 681 125 185 (286) 166 84 1,132 234 1,625 493 (1,027) (158) (1,096) 106 11,960 (1,470) 3,605 1,431 186 192 245 291 229 43 89 83 76 73 74 73 90 86 85 95 64 82 81 85
924 420 237 2,109 636 367 26 1,500 610 438 338 1,866 462 284 238 1,238 115 48 (19) 271 835 842 779 3,063 (169) 9 115 70 3,413 2,408 1,714 10,117 697 193 245 (106) 358 185 341 162 69 8 718 725 (176) 1 2,252 1,168 167 89 99 140 124 74 57 73 95 74 1 (569) (107) 93 (109) 632 106 47 43 4 58 78 40 1,198 (324) 646 721 52 2,568 37 4,898 95 55 78 99 81
** Average steel Ebitda/tonne excludes mining and holding and service companies and eliminations.
24
Overview
Crude steel production quarterly by segment
Operations Mining operations
Crude steel production quarterly by segment 2008 and 2009

Thousands of metric tonnes Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009
Flat Carbon Americas Flat Carbon Europe Long Carbon Americas and Europe AACIS Total continuing operations Discontinued operations Total
7,980 9,653 7,099 4,346 29,078 656 29,734
7,685 10,062 7,488 4,390 29,625 656 30,281
7,339 9,476 6,871 4,258 27,944 509 28,453
3,472 26,476 5,147 34,338 3,740 25,198 2,124 15,118 14,483 101,130 376 2,197 14,859 103,327
3,499 4,565 3,947 2,903 14,914 317 15,231
3,332 4,059 4,857 3,227 15,475 387 15,862
4,323 6,718 4,741 3,382 19,164 460 19,624
5,402 7,410 5,356 3,899 22,067 452 22,519
16,556 22,752 18,901 13,411 71,620 1,616 73,236
Financials
Crude steel production quarterly by segment 2010 and 2011

5,679 7,406 5,738 3,684 22,507 546 23,053
5,854 8,507 6,015 3,885 24,261 588 24,849
5,932 7,107 5,472 3,726 22,237 454 22,691
5,636 7,006 5,325 3,611 21,578 458 22,036
23,101 30,026 22,550 14,906 90,583 2,046 92,629
6,063 7,631 6,059 3,706 23,459 23,459
6,277 7,870 6,414 3,830 24,391 24,391
5,866 7,390 5,611 3,493 22,360 22,360
6,009 6,619 5,474 3,579 21,681 21,681
24,215 29,510 23,558 14,608 91,891 91,891
Crude steel production 2008-2011 (thousands of metric tonnes)
29,078
29,625
27,944
24,261
22,507
23,459
24,391
22,067
22,360
22,237
14,483
14,914
15,475
19,164
21,578
21,681
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2008
2009
2010
2011
Source: ArcelorMittal estimates.
25
Crude steel production by process and region
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 Flat Carbon Europe Long Carbon Americas and Europe AACIS Total
20,023 27,508 7,294 11,089 65,914
4,192 1,464 14,890 2,085 22,631
538 1,374 1,434 3,346
24,215 29,510 23,558 14,608 91,891
Crude steel production by process 2011
Blast oxygen furnace Electric arc furnace Open hearth furnace Total
% 72 24 4 100
Crude steel production by region 2011

North America South America West Europe Central and East Europe CIS and Central Asia Africa Total % 26 12 36 10 10 6 100
26
Overview
Steel shipments quarterly by segment
Steel shipments* quarterly by segment 2008 and 2009

7,603 9,399 7,780 3,895 28,677 528 29,205
7,398 9,882 8,097 3,876 29,253 578 29,831
6,878 8,211 6,687 3,335 25,111 487 25,598
3,931 25,810 6,020 33,512 4,551 27,115 2,190 13,296 16,692 99,733 365 1,958 17,057 101,691
3,644 4,814 4,423 2,754 15,635 315 15,950
3,481 4,974 5,261 2,897 16,613 363 16,976
4,162 5,601 5,025 3,043 17,831 354 18,185
4,834 6,408 5,228 3,075 19,545 415 19,960
16,121 21,797 19,937 11,769 69,624 1,447 71,071
Financials
Steel shipments* quarterly by segment 2010 and 2011

Flat Carbon Americas Flat Carbon Europe Long Carbon Americas and Europe AACIS Total continuing operations* Discontinued operations Total
5,271 6,856 5,694 3,204 21,025 436 21,461
5,346 7,540 5,984 3,409 22,279 482 22,761
4,979 6,521 5,772 3,261 20,533 442 20,975
5,432 6,593 5,698 3,392 21,115 369 21,484
21,028 27,510 23,148 13,266 84,952 1,729 86,681
5,563 7,384 5,872 3,142 21,961 21,961
5,520 7,166 6,167 3,304 22,157 22,157
5,708 6,385 5,984 3,005 21,082 21,082
5,458 6,188 5,846 3,065 20,557 20,557
22,249 27,123 23,869 12,516 85,757 85,757
Steel shipments 2008-2011 (thousands of metric tonnes)

29,253 25,111
28,677
22,279
21,961
22,157
21,025
21,082
21,115
16,692
15,635
16,613
17,831
19,545
20,533
20,557
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2008
2009
2010
2011
Source ArcelorMittal estimates. * rcelorMittal Distribution Solutions shipments are eliminated in consolidation as they A primarily represent shipments originating from other ArcelorMittal operating subsidiaries.
27
Steel shipments by product and region
Steel shipments by product 2011
Flat products Long products Pipes and tubes Total
% 66 32 2 100
Steel shipments by product type 2011

Hot rolled products Cold rolled products Coated products Slabs Bars and rebars Wire rod/wire products Sections Semis Other products Total % 24 10 19 6 12 10 5 3 11 100
Steel shipments by region 2011

% 25 13 46 6 10 100
North America South America Europe Africa Asia, CIS and other Total
28
Overview
Steel shipments by product and segment
Flat Carbon Americas steel shipments by product type 2011

% 37 16 20 18 9 100
Hot rolled products Cold rolled products Coated products Slabs Other products Total
Financials Production facilities
Flat Carbon Europe steel shipments by product type 2011

% 35 13 37 4 11 100
Hot rolled products Cold rolled products Coated products Slabs Other products Total
Long Carbon steel shipments by product type 2011

% 31 28 16 7 18 100
Bars and rebars Wire rod/wire products Sections Semis Other products Total
AACIS steel shipments by product type 2011

Hot rolled products Cold rolled products Coated products Bars and rebars Wire rod/wire products Sections Semis Other products Total % 29 9 9 22 14 4 7 6 100
29
Steel shipments by segment and region*
Thousands of metric tonnes
2008
2009
2010
Q1 11
Q2 11
Q3 11
Q4 11
2011
Flat Carbon North America Flat Carbon South America Flat Carbon Americas Flat Carbon Europe Long Carbon North America Long Carbon South America Long Carbon Europe Others Long Carbon Americas and Europe Africa Asia CIS AACIS Total continuing operations South America Europe Stainless Steel (discontinuing operations) Total
19,922 5,888 25,810 33,512 5,095 5,619 15,017 1,384 27,115 4,991 8,305 13,296 99,733 600 1,358 1,958 101,691
10,751 5,370 16,121 21,797 3,862 4,486 10,753 836 19,937 4,417 7,352 11,769 69,624 519 928 1,447 71,071
15,283 5,745 21,028 27,510 4,245 5,280 12,656 967 23,148 4,960 8,306 13,266 84,952 694 1,035 1,729 86,681
4,421 1,142 5,563 7,384 1,073 1,337 3,202 260 5,872 1,272 1,870 3,142 21,961 21,961
4,186 1,334 5,520 7,166 1,187 1,404 3,315 261 6,167 1,263 2,041 3,304 22,157 22,157
4,271 1,437 5,708 6,385 1,190 1,471 3,037 286 5,984 1,109 1,896 3,005 21,082 21,082
4,206 1,252 5,458 6,188 1,134 1,448 2,993 271 5,846 980 2,085 3,065 20,557 20,557
17,084 5,165 22,249 27,123 4,584 5,660 12,547 1,078 23,869 4,624 7,892 12,516 85,757 85,757
ArcelorMittal Zenica recognized for their continued support of local childrens summer camps Every 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.
30
* igures exclude shipments from Distribution Solutions which are fully eliminated F on consolidation and Mining division.
Overview
Sales by destination
US$ millions
Year ended December 31, 2009
Americas United States Canada Brazil Argentina Mexico Others Total Americas Europe France Spain Germany Romania Poland Belgium Italy United Kingdom Turkey Czech Republic Netherlands Russia Others Total Europe Asia and Africa South Africa China India Others Total Asia and Africa Total
9,305 2,033 3,887 807 1,196 1,565 18,793 4,973 3,905 5,709 632 2,333 1,093 1,874 1,685 1,647 982 875 588 4,779 31,075 2,519 1,268 887 6,479 11,153 61,021
12,920 3,163 7,291 1,054 1,968 1,619 28,015 5,307 4,567 7,182 837 3,191 1,226 2,926 1,763 2,441 1,271 828 970 4,937 37,446 3,256 850 873 7,585 12,564 78,025
16,526 3,571 7,407 1,271 2,413 2,043 33,231 6,078 5,021 9,111 931 4,235 1,571 3,317 1,959 2,737 1,921 1,072 1,511 6,253 45,717 3,624 1,303 838 9,260 15,025 93,973
31
Steel Ebitda and average steel Ebitda/tonne
Steel Ebitda by segment and region (US$ millions)

2008 2009 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011
Flat Carbon North America Flat Carbon South America Flat Carbon Americas Flat Carbon Europe Long Carbon North America Long Carbon South America Long Carbon Europe Others Long Carbon Americas and Europe Africa Asia CIS AACIS Distribution Solutions
2,782 2,018 4,800 6,448 608 2,390 3,285 352 6,635 1,682 2,184 3,866 1,103
22 663 685 1,946 (177) 1,485 236 103 1,647 188 710 898 (97)
689 866 1,555 2,015 65 1,394 415 201 2,075 453 682 1,135 457
402 126 528 471 36 238 143 63 480 92 162 254 127
681 243 924 636 33 278 233 66 610 138 324 462 115
366 54 420 367 51 227 84 76 438 (7) 291 284 48
166 71 237 26 11 196 58 73 338 9 229 238 (19)
1,615 494 2,109 1,500 131 939 518 278 1,866 232 1,006 1,238 271
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 Flat Carbon South America Flat Carbon Americas Flat Carbon Europe Long Carbon North America Long Carbon South America Long Carbon Europe Others Long Carbon Americas and Europe Africa Asia CIS AACIS Average steel Ebitda/tonne*
140 343 186 192 119 425 219 254 245 337 263 291 229
2 123 42 89 (46) 331 22 123 83 43 97 76 73
45 151 74 73 15 264 33 208 90 91 82 86 85
91 110 95 64 34 178 45 242 82 72 87 81 85
163 182 167 89 28 198 70 253 99 109 159 140 124
86 38 74 57 43 154 28 266 73 (6) 153 95 74
39 57 43 4 10 135 19 269 58 9 110 78 40
95 96 95 55 29 166 41 258 78 50 127 99 81
32
* Average steel Ebitda excludes mining and holding and services companies and eliminations.
Overview
Capital expenditure
Capex by segment (US$ millions)

Q1 11 Q2 11 Q3 11 Q4 11 2011
Flat Carbon Europe Flat Carbon Americas Long Carbon Asia, Africa and CIS Distribution Solutions Mining
261 112 251 190 28 200
239 151 229 113 32 297
266 173 280 184 34 319
238 228 359 126 58 453
1,004 664 1,119 613 152 1,269
Financials
Growth and maintenance capex 2011 (%)

Growth Maintenance
Steel Mining
14
19 33 57 9 66
Capex projects
The following tables summarize the companys 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 Mining
Princeton Coal (US) Liberia mines
Underground mine expansion Greenfield Liberia
Capacity increase by 0.7mt/year Iron ore production of 4mt/year (phase one)
Q1 11 Q3 111
On-going2 projects
Segment Site Project Capacity/particulars Actual completion
Mining Mining Mining Flat Carbon Americas Flat Carbon Americas Long Carbon Americas
1
Andrade Mines (Brazil) ArcelorMittal Mines Canada ArcelorMittal Mines Canada ArcelorMittal Dofasco (Canada) ArcelorMittal Vega Do Sul (Brazil) Joo Monlevade (Brazil)
Andrade expansion Replacement of spirals for enrichment Expansion project Optimization of galvanizing and galvalume operations Expansion project Wire rod production expansion
2
Increase iron ore production to 3.5mt/year Increase iron ore production by 0.8mt/year Increase concentrator capacity by 8mt/year (16 to 24mt/year) Optimize cost and increase galvalume production by 0.1mt/year Increase HDG capacity by 0.6mt/year and CR capacity by 0.7mt/year Increase in capacity of finished products by 1.15mt/year
2012 2013 2013 On hold On hold On hold

I ron ore mining production commenced in 2011 with 1.3 million tonnes produced. The targeted iron ore production in 2012 is 4 million tonnes. As previously announced, the company is considering a phase two expansion that would lead to annual production of 15 million tonnes by 2015. This would require substantial investment in a concentrator, the approval process of which remains in the final stages.
O n-going projects refer to projects for which construction has begun (excluding various projects that are under development), or have been placed on hold pending improved operating conditions.
33
We have a worldclass mining business
We 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.
Picture Liberia
3.8
* billions of tonnes.
Iron ore reserves in 2011
bt*
Overview
Operations
Mining operations
Financials
35
Mining operations overview
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 groups own iron ore production was sold to external customers. In 2011, ArcelorMittals 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 groups 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 groups coal mines are located in Kazakhstan, Russia and the US. Management strength We 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 worlds 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 plans Capital 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 Minings 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.
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 2
36
O wn iron ore production excluding strategic long-term contract. M arket-priced 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 Companys steel producing segments at the prevailing market price. Shipments of raw materials that do not constitute market-priced tonnes are transferred internally on a cost-plus basis.
3 4
O wn coal production excluding strategic long-term contract. A rcelorMittals reserve estimates may materially differ from mineral quantities that it may be able to actually recover; ArcelorMittals estimates of mine life may prove inaccurate; and market price fluctuations and changes in operating and capital costs may render certain ore reserves uneconomical to mine.
Overview Operations
production level. This is before taking into account substantial additional resources, which could Liberia: form the basis of a further doubling ArcelorMittal Mines Canada: The first shipments from our of production over time. Scoping greenfield iron ore project in Liberia Expansion of the Mont-Wright mine and concentrator capacity will studies are underway to confirm commenced in September 2011. the potential for further mine increase annual production of iron This was the culmination of four expansion in the Mont-Wright, ore concentrate from 16 million years development work that Fire Lake and Mont-Reed areas. tonnes to 24 million tonnes by included the rehabilitation of We are also actively exploring in 2013. The project cost is 260km of railway and upgrades areas of inferred mineral resources. approximately $1.2 billion. This to the port and material handling expansion capitalizes on existing facilities at Buchanan. The mine rail and port facilities, the quality of Andrade Mines, Brazil: was brought into production on Investment in the Andrade Mines our product and our experienced schedule and within budget. In workforce. Its location offers easy in Brazil will lift production of iron 2012, production will be lifted to around 4 million tonnes. Engineering access to US and European markets ore from 1.7 million tonnes a year for the second phase of the project an important consideration given to 3.5 million tonnes. is now under way. If approved, this that the additional production will Baffinland, Canada: be sold on world markets. The would lift production of iron ore Mont-Wright operations have more In March 2011, ArcelorMittal, in from 4 million tonnes a year of partnership with Nunavut Iron Ore than 2.0 billion tonnes of iron ore direct shipment ore to 15 million Acquisition Inc. (now WW Mines), tonnes a year of concentrate from reserves sufficient to support acquired a 70% controlling interest 2015. It includes the construction a long mine life at the expanded Key projects underway include: of a concentrator and a further upgrade to the port facilities.
Mining business portfolio

Key assets and projects
6
in Baffinland Iron Mines Corporation. Baffinland owns the Mary River project, a high-grade iron ore reserve in northern Canada. The acquisition consolidated ArcelorMittals 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.
4 5 2 3 13 12 1 9
17 18 19 20
21 22 10 11
Non ferrous mine Iron ore mine Coal mine Existing mines New projects
8 7
15 14 16
2 3 4 5 6
Mexico Iron Ore Las Truchas & Volcan 100%, Pea Colorada 50%* US Iron Ore Minorca 100%, Hibbing 62.3%* Princeton mines 100% Canada Iron Ore 100% Canada Iron Ore expansion project (Mont-Wright) Canada Iron Ore Baffinland 70%
7 8 9
10 11 12 13 14 15
Brazil Iron Ore Serra Azul 100% Brazil Iron Ore Andrade and expansion Mauritania Iron Ore Liberia Iron Ore 70% Liberia Iron Ore phase two** Algeria Iron Ore 2 mines 70% Bosnia Iron Ore 51% South Africa Iron Ore* South Africa Manganese 50%
** Under review.
16 17 18 19 20 21 22
Coal of Africa 15.9% interest Ukraine Iron Ore 95% Kazakhstan Coal 8 mines 100% Kazakhstan Iron Ore 4 mines 100% Russian Coal 2 mines 98% India Iron Ore India Steam Coal
* Includes share of production not controlled by ArcelorMittal.
37
Iron ore production by mine
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 Lisakovsky Kentobe Atasu Atansore Ukraine Kryviy Rih Kryviy Rih Algeria Bosnia Mexico Pea Colorada1 Las Truchas Volcan Canada QCM (Mont-Wright) Wabush1 USA Hibbing1 Minorca Brazil Serra Azul Andrade Liberia Own production South Africa2 Sishen Thabazambi Brazil Andrade3 USA Cleveland Cliffs4 Strategic contracts iron ore Total
1
Open pit Open pit Underground Open pit Open pit Underground Open pit and underground Open pit Open pit Open pit Open pit Open pit Open pit Open pit Open pit Open pit Open pit
Concentrate Concentrate Lump and fines Lump and fines Concentrate Lump and sinter feed Fines Concentrate and lump Concentrate and pellets Concentrate, lump and fines Concentrate Concentrate and pellets Pellets Pellets Pellets Lump and fines Fines
3.4 0.9 0.8 0.7 0.9 9.4 7.8 1.6 1.7 1.2 4.6 2.3 2.3 0.1 15.0 13.8 1.2 8.0 5.2 2.8 0.4 0.4 0.0 0.0 43.8 8.0 5.4 2.6 1.2 1.2 11.7 11.7 20.9 64.7
4
4.5 1.8 0.9 1.1 0.8 8.3 7.1 1.2 1.1 1.1 3.6 2.3 1.3 0.1 13.9 13.2 0.8 2.6 1.5 1.1 2.5 2.4 0.1 0.0 37.7 5.5 3.7 1.9 1.1 1.1 8.5 8.5 15.1 52.7
3.8 1.8 0.6 1.1 0.3 10.0 8.9 1.1 1.1 1.4 6.2 2.3 2.1 1.8 15.1 15.1 0.0 6.5 3.7 2.8 4.9 3.3 1.6 0.0 48.9 7.0 4.7 2.4 0.0 0.0 12.5 12.5 19.6 68.5
0.9 0.4 0.2 0.3 0.0 2.4 2.2 0.3 0.2 0.4 1.7 0.6 0.6 0.5 3.2 3.2 1.8 1.2 0.6 1.2 0.9 0.3 0.0 11.8 1.8 1.3 0.6 0.0 0.0 0.0 0.0 1.8 13.6
1.0 0.4 0.2 0.3 0.1 2.7 2.4 0.3 0.3 0.4 1.9 0.6 0.8 0.5 3.5 3.5 1.8 1.2 0.6 1.3 0.9 0.5 0.1 13.1 1.8 1.3 0.6 0.0 0.0 0.9 0.9 2.8 15.9
1.0 0.4 0.2 0.3 0.1 2.7 2.4 0.3 0.4 0.6 1.6 0.5 0.5 0.5 4.1 4.1 2.1 1.3 0.8 1.3 0.9 0.5 0.3 14.1 1.4 1.2 0.2 0.0 0.0 1.8 1.8 3.3 17.4
1.0 0.4 0.2 0.3 0.1 2.8 2.6 0.3 0.4 0.5 1.8 0.6 0.7 0.5 4.3 4.3 2.0 1.2 0.8 1.4 1.0 0.4 0.9 15.1 1.3 1.3 0.0 0.0 0.0 1.9 1.9 3.2 18.3
4.0 1.8 0.7 1.2 0.3 10.6 9.6 1.1 1.3 1.9 6.9 2.2 2.6 2.0 15.1 15.1 0.0 7.7 4.9 2.8 5.3 3.6 1.7 1.3 54.1 6.5 5.1 1.4 0.0 0.0 4.6 4.6 11.1 65.2
Open pit Open pit Open pit Open pit
Lump and fines Lump and fines Fines Pellets
I ncludes own share of production. On October 9, 2009, ArcelorMittal entered into an agreement to divest its minority interest in Wabush Mines Canada. The transaction was completed in February 2010. 2 trategic agreement; prices on a cost-plus basis. S 3 perated by Vale; prices on a cost-plus basis until November 15, 2009. From November O 16, 2009, the mine has been operated by ArcelorMittal and included as own production.
I ncludes two long-term supply contracts with Cleveland Cliffs for periods prior to 2011. On April 8, 2011, ArcelorMittal announced that it reached a negotiated settlement with Cliffs Natural Resources Inc. (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. Beginning first quarter of 2011, excludes long-term supply contract for which settlement was reached.
38
Overview
Iron ore production by region and shipment
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 South America4 Europe Africa Asia, CIS and other Own production North America3 South America4 Africa5 Strategic contracts iron ore Total
Open pit Open pit Open pit Open pit/ underground Open pit/ underground Open pit Open pit Open pit
Concentrate and pellets Lump and sinter feed Lump and fines Lump and fines Concentrate, lump and fines Pellets Lump and fines Lump and fines
27.7 0.4 1.2 1.7 12.8 43.8 11.7 1.2 8.0 20.9 64.7
20.2 2.5 1.1 1.1 12.8 37.7 8.5 1.1 5.5 15.1 52.7
27.8 4.9 1.4 1.1 13.8 48.9 12.5 0.0 7.0 19.6 68.5
6.7 1.2 0.4 0.2 3.3 11.8 0.0 0.0 1.8 1.8 13.6
7.2 1.3 0.4 0.4 3.7 13.1 0.9 0.0 1.8 2.8 15.9
7.8 1.3 0.6 0.7 3.7 14.1 1.8 0.0 1.4 3.3 17.4
8.0 1.4 0.5 1.3 3.9 15.1 1.9 0.0 1.3 3.2 18.3
29.7 5.3 1.9 2.6 14.6 54.1 4.6 0.0 6.5 11.1 65.2
Iron ore shipment (millions of metric tonnes)

2008 2009 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011
External sales Market priced Captive (cost-plus basis) Flat Carbon Americas Long Carbon AACIS Sales Strategic contracts Flat Carbon Americas Long Carbon AACIS Total
1 2
6.4 12.4 21.6 7.5 2.7 11.4 40.5 20.9 11.7 1.2 8.0 61.4
4
5.4 17.2 17.1 3.1 2.3 11.6 39.7 15.3 8.5 1.3 5.5 55.0
7.0 18.2 21.6 6.1 3.8 11.6 46.7 19.6 12.5 0.0 7.0 66.3
1.1 4.8 3.7 0.3 0.9 2.5 9.6 1.8 0.0 0.0 1.8 11.5
1.5 5.5 6.2 2.4 1.1 2.7 13.2 2.8 0.9 0.0 1.8 15.9
2.1 4.6 6.9 2.6 1.4 2.9 13.5 3.3 1.8 0.0 1.4 16.81
4.4 4.1 6.8 2.6 1.1 3.2 15.3 3.2 1.9 0.0 1.3 18.5
9.0 19.0 23.6 7.9 4.4 11.3 51.6 11.1 4.6 0.0 6.5 62.7
T otal of all finished production of fines, concentrate, pellets and lumps. I ncludes own mines and share of production from Hibbing (US 62.30%), Pea (Mexico 50%) and Wabush (Canada 28.7%). On October 9, 2009, ArcelorMittal entered into an agreement to divest its minority interest in Wabush Mines Canada. The transaction was completed in February 2010. 3 ncludes two long-term supply contracts with Cleveland Cliffs for periods prior to 2011. I On April 8, 2011, ArcelorMittal announced that it had reached a negotiated settlement with Cliffs Natural Resources Inc. (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, to replace the previous pricing mechanism in one of the parties iron ore supply agreements with a world market-based pricing mechanism. Accordingly as from the first quarter of 2011, this excludes the long-term supply contract for which settlement was reached.
I ncludes Andrade mine operated by Vale until November 15, 2009: prices on a cost-plus basis. From November 16, 2009 the mine has been operated by ArcelorMittal and included as captive. 5 Includes purchases made under July 2010 interim agreement with Kumba (South Africa). Note: There are three categories of sales: 1) External sales: mined product sold to third parties at market price; 2) Market-priced tonnes: internal sales of mined product to ArcelorMittal facilities at prevailing market prices; 3) Cost-plus tonnes internal sales of mined product to ArcelorMittal facilities on a cost-plus basis. The determinant of whether internal sales are transferred at market price or cost-plus is whether or not the raw material could practically be sold to third parties (i.e. there is a potential market for the product and logistics exist to access that market).
39
Coal production by mine and 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 Russia Kuzbass Kazakhstan Karaganda* Own production South Africa Tshikondeni1 US Madison2 Strategic contracts1,2 Total
1 2
0.84 0.96 4.11 5.90 0.25 0.29 0.54 6.44
2.09 1.12 3.93 7.14 0.26 0.19 0.44 7.59
2.25 1.00 3.70 6.96 0.21 0.22 0.43 7.39
0.55 0.20 1.18 1.93 0.07 0.06 0.12 2.05
0.61 0.32 1.13 2.07 0.09 0.08 0.17 2.23
0.57 0.38 1.15 2.10 0.07 0.05 0.12 2.22
0.69 0.38 1.15 2.22 0.07 0.14 0.21 2.43
2.43 1.28 4.62 8.32 0.30 0.32 0.62 8.94
Includes long-term lease prices on a cost-plus basis. Includes strategic agreement prices on a cost-plus basis.
* ncludes eight mines Kostenko, Kuzembaev, Saranskaya, Abaiskaya, Kazakhstanskaya, Lenina, I Shaktanskaya, Tenteskaya.
Coal production by region (millions of metric tonnes)

2008 2009 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011
North America Asia, CIS and other Own production North America1 Africa2 Strategic contracts1,2 Total
1
0.84 5.07 5.90 0.29 0.25 0.54 6.44

2
2.09 5.06 7.14 0.19 0.26 0.44 7.59
2.25 4.71 6.96 0.22 0.21 0.43 7.39
0.55 1.38 1.93 0.06 0.07 0.12 2.05
0.61 1.45 2.07 0.08 0.09 0.17 2.23
0.57 1.53 2.10 0.05 0.07 0.12 2.22
0.69 1.53 2.22 0.14 0.07 0.21 2.43
2.43 5.90 8.32 0.32 0.30 0.62 8.94
Includes strategic agreement prices on a cost-plus basis.
Includes long-term lease prices on a cost-plus basis.
Coal shipment (millions of metric tonnes)

2008 2009 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011
External sales Market-priced Captive (cost-plus basis) AACIS Sales Strategic contracts Flat Carbon Americas AACIS Total
There are three categories of sales: 1) External sales: mined product sold to third parties at market price; 2) Market-priced tonnes: internal sales of mined product to ArcelorMittal facilities at prevailing market prices;
1.44 1.49 3.38 3.38 6.31 0.54 0.29 0.25 6.86
1.96 1.82 3.26 3.26 7.03 0.44 0.19 0.26 7.47
2.12 1.26 3.17 3.17 6.55 0.43 0.22 0.21 6.98
0.81 0.32 0.89 0.89 2.02 0.12 0.06 0.07 2.14
0.95 0.35 0.77 0.77 2.06 0.17 0.09 0.08 2.23
0.80 0.42 0.83 0.83 2.05 0.12 0.05 0.07 2.17
0.94 0.35 0.82 0.82 2.11 0.21 0.14 0.07 2.31
3.49 1.43 3.31 3.31 8.23 0.62 0.34 0.28 8.85
3) Cost-plus tonnes internal sales of mined product to ArcelorMittal facilities on a cost-plus basis. The determinant of whether internal sales are transferred at market price or cost-plus is whether or not the raw material could practically be sold to third parties (i.e. there is a potential market for the product and logistics exist to access that market).
40
Overview
Raw material consumption
Raw material consumption (millions of metric tonnes)

Consumption 2008 2009 2010 2011
Iron ore PCI and coal* Coke Scrap and DRI
123 49 33 40
89 36 26 30
115 44 29 39
111 45 29 39
Financials
* ncludes coal only for the steelmaking process and excludes steam coal for power generation. I
Improving working environments In 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
Iron ore reserves and resources
Iron ore reserves and resources 2011
The table below details ArcelorMittals estimated iron ore reserves and resources as at December 31, 2011.
Total proven and probable ore reserves Millions of metric tonnes % Fe Measured and indicated resources Millions of metric tonnes % Fe Inferred resources Millions of metric tonnes
% Fe
Canada (excluding Baffinland) Baffinland Canada Minorca US Hibbing US Mexico (excluding Pea Colorada) Pea Colorada Mexico Brazil Liberia Algeria1 Bosnia Ukraine open pit Ukraine underground Kazakhstan open pit Kazakhstan underground Total
1
1,965 375 159 387 108 182 131 14 35 268 25 154 37 3,840
28.8 64.7 23.1 19.0 31.0 27.0 57.8 59.5 45.8 34.0 55.0 40.1 42.2 33.4
4,862 41 41 51 66 321 427 823 43 1,022 456 8,153
29.7 66.0 22.9 30.2 28.0 38.0 47.5 37.0 55.0 35.0 51.0 33.8
1,066 444 90 88 130 2,182 95 30 4,125
29.5 65.0 22.9 28.0 37.0 40.0 53.0 51.0 39.6
A lthough both the Ouenza and Boukhadra mines have been producing iron ore for several decades, no iron ore reserves are reported for these mines in 2011 due to material deficiencies in the drilling data recording and archiving process. ArcelorMittal intends to conduct drilling campaigns in 2012
at the two mines in accordance with industry best practices in order to provide the proper support for ore reserve estimates by the end of 2012.
Iron ore reserves by country

Country Canada US Mexico Brazil Liberia Bosnia Ukraine Kazakhstan Total
Reserves are the part of a mineral deposit that could be economically and legally extracted or produced at the time of the reserve determination. The demonstration of economic viability is established through the application of a life-of-mine plan for each operation or project providing a positive net present value on a cash-forward looking basis.
% 61 14 8 3 1 8 5 100
2) ArcelorMittal owns less than 100% of certain mining operations; reserve and resource estimates have not been adjusted to reflect lower ownership interests. 3) Cautionary note concerning reserve and resource estimates: With regard to ArcelorMittals reported resources, investors are cautioned not to assume that any part or all of ArcelorMittals estimated mineral deposits that constitute either measured 1) The estimates of proven and probable ore reserves and mineral resources at our mines mineral resources, indicated mineral resources or inferred mineral resources (calculated in and projects included in this fact book have been prepared by ArcelorMittal experienced accordance with the guidelines set out in Canadian National Instrument 43-101) will ever be engineers and geologists. Marshall Miller & Associates, Inc. prepared the estimates of reserves converted into reserves. There is a particularly great deal of uncertainty as to the existence of for our Princeton underground and open pit operations. The reserve calculations were prepared inferred mineral resources as well as with regard to their economic and legal feasibility and it in compliance with the requirements of Industry Guide 7 and the mineral resource estimates should not be assumed that all or part of an inferred mineral resource will ever be upgraded were prepared in accordance with the requirements of National Instrument NI43-101. to a higher category.
42
Overview
Coal reserves and resources
Coal reserves and resources 2011
The table below details ArcelorMittals estimated coal reserves and resources as at December 31, 2011.
Total proven and probable reserves Wet recoverable Millions of millions of metric tonnes metric tonnes1 Measured and indicated resources ROM Wet recoverable millions of millions of metric tonnes metric tonnes1 Inferred resources Wet recoverable Millions of millions of metric tonnes metric tonnes1
Princeton US Kazakhstan Kuzbass Russia Total

1
110 182 31 323
70 80 20 170
92 588 226 906
50 279 143 472
4 8 32 44
2 5 20 27
Financials
W ashed or directly shipped saleable tonnage. This tonnage does not include the production in Kazakhstan of approximately 2 million tonnes annually and 30 million tonnes for the life of the Kazakhstan mines of run-of-mine high ash coal which is sold internally. Production facilities
Coal reserves by country
Country US Kazakhstan Russian Total
% 34 56 10 100
Reserves are the part of a mineral deposit that could be economically and legally extracted or produced at the time of the reserve determination. The demonstration of economic viability is established through the application of a life-of-mine plan for each operation or project providing a positive net present value on a cash-forward looking basis. 1) The estimates of proven and probable ore reserves and mineral resources at our mines and projects included in this fact book have been prepared by ArcelorMittal experienced engineers and geologists. Marshall Miller & Associates, Inc. prepared the estimates of reserves for our Princeton underground and open pit operations. The reserve calculations were prepared in compliance with the requirements of Industry Guide 7 and the mineral resource estimates were prepared in accordance with the requirements of National Instrument NI43-101.
2) ArcelorMittal owns less than 100% of certain mining operations; reserve and resource estimates have not been adjusted to reflect lower ownership interests. 3) Cautionary note concerning reserve and resource estimates: With regard to ArcelorMittals reported resources, investors are cautioned not to assume that any part or all of ArcelorMittals estimated mineral deposits that constitute either measured mineral resources, indicated mineral resources or inferred mineral resources (calculated in accordance with the guidelines set out in Canadian National Instrument 43-101) will ever be converted into reserves. There is a particularly great deal of uncertainty as to the existence of inferred mineral resources as well as with regard to their economic and legal feasibility and it should not be assumed that all or part of an inferred mineral resource will ever be upgraded to a higher category.
43
We are delivering cost improvement
Picture South Africa
Overview
Annualized management gains US$ billions

2011 2010 2009 2008 4.0 3.1 2.7 0.2
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 costcompetitive.
45

Number of employees
Number of employees1 according to segments

Segments 2008 2009 2010 2011
Flat Carbon Americas Flat Carbon Europe Long Carbon Americas and Europe AACIS (Asia, Africa and CIS) Distribution Solutions Mining Other activities Continuing operations Discontinued operations Total
28,311 71,192 70,864 67,582 18,871 44,992 1,640 303,452 12,415 315,867
26,813 58,965 61,629 63,440 17,409 39,764 2,548 270,568 11,135 281,703
30,109 59,759 57,937 60,318 16,561 36,428 1,720 262,832 10,979 273,811
31,566 62,130 53,558 57,774 16,998 36,873 1,624 260,523 260,523
Allocation of employees1 at December 31, 2011 according to geographic location

Continuing operations EU272 Other European countries3 North America South America Asia Middle East and Africa Total
1 2
2011 97,619 41,611 36,662 22,679 41,565 20,387 260,523
% 37 16 14 9 16 8 100
Full-time equivalent. 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. Other European countries include Bosnia, Croatia, Macedonia, Norway, Russia, Serbia, Switzerland, Turkey and the Ukraine.
46
Overview
Key financial and operational information

US$ millions unless otherwise specified Flat Carbon Americas Flat Carbon Europe Long Carbon Americas and Europe AACIS Mining Distribution Solutions Total
Operations
2011 Financial information Sales Depreciation and impairment Restructuring charges1 Operating (loss)/income Operating margin (as a percentage of sales) Ebitda Ebitda margin (as a percentage of sales) Capital expenditure Operational information Crude steel production (millions of metric tonnes) Steel shipments (millions of metric tonnes) Average steel selling price (US$/tonne) Employees 2010 Financial information Sales Depreciation and impairment Operating income Operating margin (as a percentage of sales) Ebitda Ebitda margin (as a percentage of sales) Capital expenditure Operational information Crude steel production (millions of metric tonnes) Steel shipments (millions of metric tonnes) Average steel selling price (US$/tonne) Employees 2009 Financial information Sales Depreciation and impairment Operating (loss)/income2 Operating margin (as a percentage of sales) Ebitda Ebitda margin (as a percentage of sales) Capital expenditure Operational Information Crude steel production (millions of metric tonnes) Steel shipments (millions of metric tonnes) Average steel selling price (US$/tonne) Employees 2008 Financial information Sales Depreciation and impairment Operating income Operating margin (as a percentage of sales) Ebitda Ebitda margin (as a percentage of sales) Capital expenditure Operational information Crude steel production (millions of metric tonnes) Steel shipments (millions of metric tonnes) Average steel selling price (US$/tonne) Employees
1
21,035 911 1,198 5.7% 2,109 10.0% 664 24,215 22,249 892 31,566 17,684 864 691 3.9% 1,555 8.8% 574 23,101 21,028 781 30,109 12,310 1,025 (1,046) -8.5% 685 5.6% 463 16,556 16,121 698 26,813 25,761 1,072 1,646 6.4% 4,800 18.6% 930 26,476 25,810 920 28,311
31,062 1,681 143 (324) -1.0% 1,500 4.8% 1,004 29,510 27,123 982 62,130 25,550 1,481 534 2.1% 2,015 7.9% 792 30,026 27,510 821 59,759 19,981 1,505 (501) -2.5% 1,946 9.7% 937 22,752 21,797 799 58,965 38,300 1,924 2,774 7.2% 6,448 16.8% 1,443 34,338 33,512 1,018 71,192
25,165 1,183 37 646 2.6% 1,866 7.4% 1,119 23,558 23,869 937 53,558 21,315 1,071 1,004 4.7% 2,075 9.7% 687 22,550 23,148 802 57,937 16,741 1,354 (25) -0.1% 1,647 9.8% 532 18,901 19,937 743 61,629 32,230 1,716 4,120 12.8% 6,635 20.6% 1,159 25,198 27,115 1,055 70,864
10,779 517 721 6.7% 1,238 11.5% 613 14,608 12,516 736 57,774 9,706 454 681 7.0% 1,135 11.7% 515 14,906 13,266 608 60,318 7,577 423 312 4.1% 898 11.9% 278 13,411 11,769 506 63,440 13,047 445 3,129 24.0% 3,866 29.6% 737 15,118 13,296 804 67,582
6,268 495 40 2,568 41.0% 3,063 48.9% 1,269 NA NA NA 36,873 4,380 638 1,625 37.1% 2,263 51.7% 525 NA NA NA 36,428 2,573 391 234 9.1% 656 25.5% 333 NA NA NA 39,764 3,557 336 1,132 31.8% 1,468 41.3% 614 NA NA NA 44,992
19,055 179 52 0.3% 271 1.4% 152 NA 18,360 993 16,998 15,744 290 166 1.1% 457 2.9% 124 NA 18,173 832 16,561 13,524 356 (286) -2.1% (97) -0.7% 131 NA 16,794 767 17,409 23,126 201 185 0.8% 1,103 4.8% 280 NA 19,143 1,155 18,871
93,973 5,000 219 4,898 5.2% 10,117 10.8% 4,838 91,891 85,757 910 260,523 78,025 4,920 3,605 4.6% 8,525 10.9% 3,308 90,583 84,952 773 262,832 61,021 5,125 (1,470) -2.4% 5,600 9.2% 2,709 71,620 69,624 710 270,568 116,942 5,759 11,960 10.2% 23,652 20.2% 5,381

101,130 99,733 974 303,452
D uring 2011, the company recorded restructuring charges of $219 million consisting of costs associated with the implementation of the companys asset optimization plan primarily impacting Flat Carbon Europe and Long Carbon Europe operations, as well as various Distribution Solutions entities. 2 uring 2009, the company recorded an exceptional gain of $380 million relating to reversal D of litigation costs previously booked in the fourth quarter of 2008 following the Paris Court of Appeals decision to reduce the fine imposed on certain French distribution subsidiaries of ArcelorMittal by the French Competition Authority from 302 million ($441 million) to 42 million ($61 million). This gain was offset by exceptional charges amounting to $2.4 billion pre-tax related primarily to write-downs of inventory ($2.1 billion) and provisions for workforce reduction ($0.3 billion).
bitda defined as operating income plus depreciation, impairment expenses E and exceptional items. Some inter-segment sales and intra-segment sales have not been eliminated. Some inter-company shipments are not eliminated. Margin analysis calculated on the unrounded values. Total column includes holding companies and service companies and eliminations.
47
Consolidated statements of operations
ArcelorMittal and subsidiaries (millions of US dollars, except share and per share data)
Sales (including 4,873 and 5,875 of sales to related parties for 2010 and 2011, respectively) Cost 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) Gross margin Selling, general and administrative expenses Operating income (loss) Income from investments in associates and joint ventures Financing costs net Income (loss) before taxes Income tax expense (benefit) Net income from continuing operations (including non-controlling interests) Discontinued operations, net of tax Net income (including non-controlling interests) Net income attributable to equity holders of the parent: Net income from continuing operations Net income from discontinued operations Net income attributable to equity holders of the parent Net income from continuing operations attributable to non-controlling interests Net income (including non-controlling interests)
78,025 71,084 6,941 3,336 3,605 451 (2,200) 1,856 (1,479) 3,335 (330) 3,005 3,246 (330) 2,916 89 3,005
93,973 85,519 8,454 3,556 4,898 620 (2,838) 2,680 882 1,798 461 2,259 1,802 461 2,263 (4) 2,259
Earnings per common share (in US dollars) Basic Diluted Earnings per common share continuing operations (in US dollars) Basic Diluted Earnings per common share discontinued operations (in US dollars) Basic Diluted Weighted average common shares outstanding (in millions) Basic Diluted
1.93 1.72 2.15 1.92 (0.22) (0.20) 1,512 1,600
1.46 1.19 1.16 0.90 0.30 0.29 1,549 1,611
48
Overview
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
Operations
Sales Depreciation and impairment Operating income/(loss) Operating margin (as percentage of sales) Net financing costs, income from equity method investments and other income Income before taxes Income tax (expense)/benefit Effective tax rate % Net income (loss) from continuing operations including non-controlling interest Non-controlling interests (relating to continuing operations) Income (loss) from continuing operations Discontinued operations Net income (loss) attributable to owners of the parent Basic earnings per common share Diluted earnings per common share1 Weighted average common shares outstanding (in millions) Diluted weighted average common shares outstanding (in millions)1 Base dividend per share (in US dollars) Ebitda2 Ebitda margin (as percentage of sales) Earnings per share Discontinued operations Basic earnings per common share (in US dollars) Diluted earnings per common share (in US dollars) Weighted average common shares outstanding (in millions) Diluted weighted average common shares outstanding (in millions) Continued operations Basic earnings per common share (in US dollars) Diluted earnings per common share (in US dollars) Weighted average common shares outstanding (in millions) Diluted weighted average common shares outstanding (in millions)
17,428 (1,124) 577 3.3% (310) 267 361 -135.1% 628 (40) 588 52 640 0.42 0.33 1,510 1,573 0.1875 1,701 9.8% 0.03 0.03 1,510 1,573 0.39 0.30 1,510 1,573
Q1 11
20,154 (1,206) 1,603 8.0% (37) 1,566 92 -5.9% 1,658 (79) 1,579 127 1,706 1.13 0.75 1,510 1,599 0.1875 2,809 13.9% 0.09 0.08 1,510 1,599 1.04 0.67 1,510 1,599
Q2 11
19,744 (1,134) 1,028 5.2% (276) 752 576 -76.6% 1,328 (16) 1,312 38 1,350 0.89 0.89 1,510 1,537 0.1875 2,162 11.0% 0.02 0.02 1,510 1,537 0.87 0.87 1,510 1,537
Q3 11
20,699 (1,456) 397 1.9% (1,126) (729) 450 61.8% (279) 46 (233) (547) (780) (0.51) (0.51) 1,515 1,516 0.1875 1,853 9.0% (0.36) (0.36) 1,515 1,516 (0.15) (0.15) 1,515 1,516
Q4 11
78,025 (4,920) 3,605 4.6% (1,749) 1,856 1,479 -79.7% 3,335 (89) 3,246 (330) 2,916 1.93 1.72 1,512 1,600 0.75 8,525 10.9% (0.22) (0.20) 1,512 1,600 2.15 1.92 1,512 1,600
2011
Sales Depreciation and impairment Operating income/(loss) Operating margin (as percentage of sales) Net financing costs, income from equity method investments and other income Income before taxes Income tax (expense)/benefit Effective tax rate % Net income (loss) from continuing operations including non-controlling interest Non-controlling interests (relating to continuing operations) Income (loss) from continuing operations Discontinued operations Net income (loss) attributable to owners of the parent Basic earnings per common share Diluted earnings per common share1 Weighted average common shares outstanding (in millions) Diluted weighted average common shares outstanding (in millions)1 Base dividend per share (in US dollars) Ebitda2 Ebitda margin (as percentage of sales) Earnings per share Discontinued operations Basic earnings per common share (in US dollars) Diluted earnings per common share (in US dollars) Weighted average common shares outstanding (in millions) Diluted weighted average common shares outstanding (in millions) Continued operations Basic earnings per common share (in US dollars) Diluted earnings per common share (in US dollars) Weighted average common shares outstanding (in millions) Diluted weighted average common shares outstanding (in millions)
1
22,184 (1,151) 1,431 6.5% (978) 453 166 -36.6% 619 (11) 608 461 1,069 0.69 0.69 1,549 1,550 0.1875 2,582 11.6% 0.30 0.30 1,549 1,550 0.39 0.39 1,549 1,550
25,126 (1,161) 2,252 9.0% (615) 1,637 (61) 3.7% 1,576 (41) 1,535 1,535 0.99 0.93 1,549 1,638 0.1875 3,413 13.6% 1,549 1,638 0.99 0.93 1,549 1,638
24,214 (1,240) 1,168 4.8% (386) 782 (154) 19.7% 628 31 659 659 0.43 0.19 1,549 1,611 0.1875 2,408 9.9% 1,549 1,611 0.43 0.19 1,549 1,611
22,449 (1,448) 47 0.2% (239) (192) (833) -433.9% (1,025) 25 (1,000) (1,000) (0.65) (0.65) 1,549 1,549 0.1875 1,714 7.6% 1,549 1,549 (0.65) (0.65) 1,549 1,549
93,973 (5,000) 4,898 5.2% (2,218) 2,680 (882) 32.9% 1,798 4 1,802 461 2,263 1.46 1.19 1,549 1,611 0.75 10,117 10.8% 0.30 0.29 1,549 1,611 1.16 0.90 1,549 1,611
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.
Ebitda defined as operating income plus depreciation, impairment expenses and exceptional items.
49
Consolidated statements of financial position
December 31, 2010
December 31, 2011
Assets Current assets: Cash and cash equivalents Restricted cash Trade accounts receivable and other, including 616 and 457 from related parties at December 31, 2010 and 2011, respectively Inventories Prepaid expenses and other current assets Assets held for sale and distribution Total current assets Non-current assets: Goodwill and intangible assets Property, plant and equipment Investments in associates and joint ventures Other investments Deferred tax assets Other assets Total non-current assets Total assets Liabilities and equity Current liabilities: Short-term debt and current portion of long-term debt Trade accounts payable and other, including 465 and 257 to related parties at December 31, 2010 and 2011, respectively Short-term provisions Accrued expenses and other liabilities Income tax liabilities Liabilities held for sale and distribution Total current liabilities Non-current liabilities: Long-term debt, net of current portion Deferred tax liabilities Deferred employee benefits Long-term provisions Other long-term obligations Total non-current liabilities Total liabilities Equity: 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) Treasury shares (12,352,920 and 11,962,744 common shares at December 31, 2010 and 2011, respectively, at cost) Additional paid-in capital Retained earnings Reserves Equity attributable to the equity holders of the parent Non-controlling interests Total equity Total liabilities and equity
6,207 82 5,725 19,583 4,160 6,918 42,675 14,373 54,344 10,152 267 6,603 2,490 88,229 130,904
3,821 84 6,452 21,689 3,559 35,605 14,053 54,251 9,041 226 6,081 2,623 86,275 121,880
December 31, 2010
December 31, 2011
6,716 13,256 1,343 6,900 471 2,037 30,723 19,292 4,006 7,180 1,738 1,865 34,081 64,804
2,784 12,836 1,213 6,624 367 23,824 23,634 3,680 7,160 1,601 1,504 37,579 61,403
9,950 (427) 20,198 31,647 1,062 62,430 3,670 66,100 130,904
9,403 (419) 19,056 30,531 (1,881) 56,690 3,787 60,477 121,880
50
Overview
Consolidated statements of cash flows
Operating activities: Net income (including non-controlling interests) Discontinued operations Net income from continuing operations (including non-controlling interests) Adjustments to reconcile net income to net cash provided by operations and payments: Depreciation Impairment Net interest Income tax expense (benefit) Write-downs of inventories to net realizable value and expense related to onerous supply contracts Labor agreements and separation plans Litigation provisions (reversal) Recycling of deferred gain on raw material hedges Change in fair value of conversion options on convertible bonds and call options on ArcelorMittal shares Unrealized foreign exchange effects, other provisions and non-cash operating expenses net Changes in operating assets, liabilities, provision and other operating cash activities excluding the effect from acquisitions: Trade accounts receivable Inventories Interest paid and received Taxes paid Trade accounts payable Dividends received Cash contributions to defined benefit plans Cash received from settlement of hedges not recognized in the consolidated statements of operations Cash paid for separation plans Other working capital and provisions movements Net cash flows (used in) provided by operating activities from discontinued operations Net cash provided by operating activities Investing activities: Purchase of property, plant and equipment and intangibles Acquisition of net assets of subsidiaries and non-controlling interests, net of cash acquired of nil and 67 in 2010 and 2011, respectively Investments in associates and joint ventures accounted for under equity method Disposals of financial assets Other investing activities net Cash receipt from loan to discontinued operations Net cash flows used in investing activities from discontinued operations Net cash used in investing activities Financing activities: Proceeds from mandatory convertible bonds Acquisition of non-controlling interests1 Proceeds from short-term debt Proceeds from long-term debt, net of debt issuance costs Payments of short-term debt Payments of long-term debt Premium paid for call options on ArcelorMittal shares Sale of treasury shares in connection with the call options on ArcelorMittal shares Sale of treasury shares for stock option exercises Dividends paid (includes 125 and 32 of dividends paid to non-controlling shareholders in 2010 and 2011, respectively) Other financing activities net Net cash flows used in financing activities from discontinued operations Net cash used in financing activities Effect of exchange rate changes on cash Net increase (decrease) in cash and cash equivalents Cash and cash equivalents: At the beginning of the year Cash held for discontinued operations Reclassification of the period-end cash and cash equivalent of discontinued activities to assets held for sale and distribution At the end of the year
1
3,005 330 3,335 4,395 525 1,445 (1,479) 1,189 46 145 (354) (427) 313 (433) (5,540) (1,320) (197) 3,442 132 (973) 43 (240) (277) 245 4,015 (3,308) (75) (327) 324 50 (102) (3,438) (593) 1,362 8,484 (2,179) (5,675) (1,363) 1,363 8 (1,257) (109) (48) (7) (159) 411 5,919 (123) 6,207
2,259 (461) 1,798 4,669 331 1,822 882 226 239 (78) (600) (42) 608 (694) (3,057) (1,659) (1,237) (74) 353 (1,035) 175 (103) (557) (190) 1,777 (4,838) (860) (95) 2,160 (840) 900 (105) (3,678) 250 (108) 1,562 7,169 (6,728) (1,466) 5 (1,194) (22) (8) (540) (68) (2,509) 6,207 123 3,821

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
Liquidity
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 Available credit lines Total
7,588 3,979 7,263 5,884 6,009 3,756 2,578 3,477 6,289 3,872 3,205 2,800 3,905 5,827 7,581 15,421 12,537 11,203 10,740 10,236 11,424 11,281 10,600 9,079 8,505 8,553 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)
Total cash Available credit lines Total
2011 3,905 8,553 12,458
% 31 69 100
Debt structure as at December 31, 2011 (US$ millions)

Bank loans Bond Convertible Public institutions Commercial paper Others Total 2011 4,001 18,137 2,117 598 634 931 26,418 % 15 70 8 2 2 3 100
52
Debt maturity profile as at December 31, 2011 (US$ billions)

2012 2013 2014 2015 2016 >2016 Total
Term loan repayments Convertibles bonds Bonds Subtotal LT revolving credit lines $6bn syndicated credit facility $4bn syndicated credit facility $0.6bn bilateral credit facility Commercial paper Other loans Total gross debt
0.6 2.2 2.8
0.1 3.4 3.5 0.5 4.0
2.1 1.3 3.4 0.3 3.7
1.7 1.7 0.3 2.0
1.8 1.8 1.7 0.7 4.2
9.2 9.2 0.5 9.7
2.2 17.4 19.6 1.7 0.6 4.5 26.4
Average debt maturity (years)

8 7
6 5 4 3 2 1 0 Sept 08 Dec 08 Mar 09 Jun 09 Sept 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11
Rating agency
Long-term Short-term Outlook
Fitch Moody's S&P
BBB Baa3 BBB-
F3 P3 A3
Negative Stable Negative

53
Operating footprint
Total achievable crude steel capacity (125 million tonnes)

Flat Carbon Americas Flat Carbon Europe Long Carbon Americas Long Carbon Europe AACIS Total % 26 35 10 14 15 100
Blast furnace facilities

Group/segment Number of blast furnaces
ArcelorMittal group Flat Americas USA Brazil Dofasco Flat Europe Europe Long Long Europe Long Americas AACIS South Africa Temirtau Kryviy Rih
63 15 9 3 3 25 25 11 7 4 12 4 3 5
Electric arc furnace facilities

Group/segment Number of electric arc furnaces
ArcelorMittal group Flat Americas USA Dofasco Lzaro Crdenas Flat Europe Europe Long Long Europe Long Americas AACIS South Africa
49 6 1 1 4 5 5 33 15 18 5 5
54
Overview
Main industrial assets
Operations
Plants, property and equipment ArcelorMittal 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 ArcelorMittal
The following table provides an overview by type of steel facility of the principal production units of ArcelorMittals continuing operations. For a map of our main industrial assets, please see the inside front cover.
Facility Number of facilities Capacity (million tonnes per year)1 Production in 2011 (million tonnes)2
Coke plant Sinter plant Blast furnace Basic oxygen furnace (including tandem furnace) DRI plant Electric arc furnace Continuous caster slabs Hot rolling mill Pickling line Tandem mill Annealing line (continuous/batch) Skin pass mill Plate mill Continuous caster bloom/billet Breakdown mill (blooming/slabbing mill) Billet rolling mill Section mill Bar mill Wire rod mill Hot dip galvanizing line Electro galvanizing line Tinplate mill Tin free steel (TFS) Color coating line Seamless pipes Welded pipes
1
60 35 63 80 16 47 52 23 42 36 57 41 13 48 3 4 29 29 22 61 13 17 1 17 8 65
2
35.3 106.1 101.6 111.2 12.5 35.9 97.6 77.8 39.8 39.7 21.5 24.2 7.4 37.7 10.7 5.1 15.2 10.8 14.2 20.8 2.7 3.6 0.3 2.6 0.9 3.2
27.5 69.7 65.3 70.4 8.1 23.5 61.4 52.1 19.4 26.1 11.6 12.7 3.3 24.3 6.1 1.5 9.1 6.4 9.6 15.1 1.8 2.2 0.1 1.4 0.5 1.0
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.
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

Flat Carbon Americas facilities
Burns Harbor; East Chicago; Gary, Indiana Riverdale, Illinois
Cleveland, Ohio Hamilton, Ontario
Coatesville; Conshohocken, Pennsylvania Columbus, Ohio Weirton, West Virginia
Lzaro Crdenas
Vitria
So Francisco do Sul
56
Non-steelmaking facilities and joint ventures not included.
Overview Operations
Plants, property and equipment ArcelorMittals 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 ArcelorMittals principal production locations and production units in the Flat Carbon Americas segment:
Mining operations
Production locations
Unit Country Locations Type of plant Products
Financials
Warren Monessen Indiana Harbor (East and West) Burns Harbor Cleveland Riverdale Coatesville Gallatin Columbus Coatings I/N Tek and I/N Kote Conshohocken Weirton Gary Plate Double G Sol ArcelorMittal Tubaro ArcelorMittal Vega ArcelorMittal Dofasco ArcelorMittal Lzaro Crdenas
US US US US US US US US US US US US US US Brazil Brazil Brazil Canada Mexico
Warren, OH Monessen, PA East Chicago, IN Burns Harbor, IN Cleveland, OH Riverdale, IL Coatesville, PA Gallatin, KY Columbus, OH New Carlisle, IN Conshohocken, PA Weirton, WV Gary, IN Jackson, MS Vitria Vitria So Francisco do Sul Hamilton Lzaro Crdenas
Coke-making Coke-making Integrated Integrated Integrated Integrated Mini-mill Mini-mill Downstream Downstream Downstream Downstream Downstream Downstream Coke-making Integrated Downstream Integrated, mini-mill Mini-mill
Coke Coke Flat Flat Flat Flat Flat Flat Flat Flat Flat Flat Flat Flat Coke Flat Flat Flat Flat
Coke plant Sinter plant Blast furnace Basic oxygen furnace DRI plant Electric arc furnace Continuous caster slabs Hot rolling mill Pickling line Tandem mill Annealing line Skin pass mill Hot dip galvanizing line Electro galvanizing line Tinplate mill Tin free steel (TFS) Plate mill
1
8 4 15 19 2 6 18 7 9 9 16 13 16 1 3 1 5
2
7.2 10.9 26.8 31.5 4.1 6.2 37.2 25.4 9.4 11.9 7.0 8.0 6.0 0.4 0.8 0.3 2.6
5.7 8.5 19.9 20.5 3.1 4.6 24.2 18.2 6.1 9.1 4.2 4.5 4.6 0.3 0.5 0.1 1.5
57
Flat Carbon Europe
Flat Carbon Europe facilities
Tallinn
Charleroi Gent Dunkerque; Mardyck Desvres Mouzon

Montataire
Bremen
Eisenhttenstadt
Chorzw; Dbrowa Grnicza; Sosnowiec; witochowice Krakw Frdek Mstek; Ostrava
Geel; Genk Lige Dudelange Florange Zdzieszowice
Basse-Indre
Le Creusot Chteauneuf; Saint-Chamond Saint-Chly dApcher Fos-sur-Mer Piombino Skopje Galati
Asturias (Avils & Gijn)
Bilbao
Avellino Sagunto
Overview Operations
Plants, property and equipment ArcelorMittals 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 ArcelorMittals principal production locations and production units in the Flat Carbon Europe segment:
Mining operations
Financials
ArcelorMittal Bremen ArcelorMittal Eisenhttenstadt ArcelorMittal Belgium ArcelorMittal Lige Upstream ArcelorMittal Atlantique et Lorraine ArcelorMittal Mditerrane ArcelorMittal Galati ArcelorMittal Espaa ArcelorMittal Poland ArcelorMittal Sestao ArcelorMittal Sagunto ArcelorMittal Piombino ArcelorMittal Dudelange ArcelorMittal Frydek Mistek ArcelorMittal Skopje ArcelorMittal Tallinn Industeel
Germany Germany Belgium Belgium France France Romania Spain Poland Spain Spain Italy Luxembourg Czech Republic Macedonia Estonia France, Belgium
Bremen Eisenhttenstadt Ghent, Geel, Genk, Huy, Lige Lige Dunkerque, Mardyck, Montataire, Desvres, Florange, Mouzon, Basse-Indre Fos-sur-Mer, Saint-Chly Galati Avils, Gijn, Etxebarri Krakow, witochowice, Dbrowa Grnicza, Chorzw, Sosnowiec, Zdzieszowice Bilbao Sagunto Avellino, Piombino Dudelange, Giebel Ostrava Skopje Tallinn Charleroi, Le Creosote, Chateauneuf, Saint-Hammond, Seraing
Integrated Integrated Integrated and downstream Integrated Integrated and downstream Integrated Integrated Integrated Integrated Mini-mill Downstream Downstream Downstream Downstream Downstream Downstream Mini-mill and downstream
Flat Flat Flat Flat Flat
Flat Flat Flat, long, pipes and tubes Flat, long Flat Flat Flat Flat Flat Flat Flat Flat
Coke plant Sinter plant Blast furnace Basic oxygen furnace Electric arc furnace Continuous caster slabs Hot rolling mill Pickling line Tandem mill Annealing line (continuous/batch) Skin pass mill Plate mill Continuous bloom/billet caster Hot dip galvanizing line Electro galvanizing line Tinplate mill Color coating line
1
24 16 25 30 5 24 11 26 20 23 17 7 4 35 9 9 15
2
14.9 59.2 44.8 46.7 2.7 46.1 39.9 24.7 22.9 10.4 10.4 4.2 4.0 13.2 2.1 2.0 2.4
12.6 36.2 27.5 29.9 1.5 28.4 26.1 9.9 13.8 5.4 4.8 1.6 2.0 9.2 1.3 1.2 1.2
59
Long Carbon Americas

Long Carbon Americas facilities
Contrecur, Qubec
East Chicago; Indiana Harbor, Illinois Steelton, Pennsylvania
Vinton, Texas LaPlace, Louisiana Harriman, Tennesse
Georgetown, South Carolina
Celaya, Guanajuato Lzaro Crdenas
Tultitln, Estado de Mxico
Point Lisas Costa Rica
Joo Monlevade
Cariacica
Piracicaba
Juiz de Fora
Villa Constitucin
60
Non-steelmaking facilities and joint ventures not included.
Overview
Long Carbon Europe

Long Carbon Europe facilities
Hamburg Warsaw Duisburg (Ruhrort, Hochfeld) Dbrowa Grnicza; Sosnowiec;
Financials
Esch-Belval; Differdange; Rodange; Schifflange Gandrange
Ostrava
Asturias (Gijn) Bergara; Olaberra; Zumrraga
Hunedoara Zenica
Zaragoza Madrid
Annaba
Nador
Jorf el Lasfar
61
Plants, property and equipment ArcelorMittals 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 ArcelorMittals principal production locations and production units in the Long Carbon segment:
ArcelorMittal Ostrava ArcelorMittal Poland ArcelorMittal Annaba
Czech Republic Poland Algeria
Ostrava Dbrowa Grnicza, Sosnowiec, Chorzw Annaba
Integrated Integrated Integrated
ArcelorMittal Bevel & Differdange ArcelorMittal Rodange & Schifflange ArcelorMittal Espaa ArcelorMittal Madrid ArcelorMittal Gipuzkoa ArcelorMittal Zaragoza ArcelorMittal Gandrange ArcelorMittal Warszawa ArcelorMittal Hamburg ArcelorMittal Duisburg ArcelorMittal Hunedoara Socit Nationale de Sidrurgie (Sonasid) ArcelorMittal Zenica ArcelorMittal Montreal ArcelorMittal USA ArcelorMittal USA ArcelorMittal USA ArcelorMittal USA ArcelorMittal USA ArcelorMittal USA ArcelorMittal Point Lisas ArcelorMittal Brasil Acindar ArcelorMittal Brasil ArcelorMittal Brasil ArcelorMittal Las Truchas ArcelorMittal Tubular Products
Luxembourg Luxembourg Spain Spain Spain Spain France Poland Germany Germany Romania Morocco Bosnia and Herzegovina Canada US US US US US US Trinidad Brazil Argentina Brazil Costa Rica Mexico Romania, Czech Republic, Poland, South Africa, Kazakhstan, Canada, US, Mexico, Algeria, France, Venezuela
Esch-Belval, Differdange Esch Schifflange, Rodange Gijn Madrid Olaberra, Bergara and Zumrraga Zaragoza Gandrange Warsaw Hamburg Ruhrort, Hochfeld Hunedoara Nador, Jorf Lasfar Zenica Contrecoeur East, West Steelton, PA Georgetown, SC Indiana Harbor Bar, IN Vinton, TX LaPlace, LA Harriman, TN Point Lisas Joo Monlevade Villa Constitucin Juiz de Fora, Piracicaba, Cariacica Costa Rica Lzaro Crdenas, Celaya, Tultitln Galati, Roman, Iasi, Ostrava, Karvina, Krakow, Vereeniging, Temirtau, Brampton, Woodstock, Hamilton, Shelby, Marion, Monterrey, Annaba, Hautmont, Vitry
Mini-mill Mini-mill Downstream Mini-mill Mini-mill Mini-mill Downstream Mini-mill Mini-mill Mini-mill Mini-mill Mini-mill Mini-mill/ Integrated Mini-mill Mini-mill Mini-mill Mini-mill Mini-mill Mini-mill Downstream Mini-mill Integrated Mini-mill Mini-mill Downstream Integrated and downstream Downstream
Long/sections, wire rod Long/sections, wire rod, sheet piles, rails Long/wire rod, rebars, flat/hot-rolled coils, galvanized coils, cold rolled coils, tubes/seamless pipes Long/sections, sheet piles Long/sections, rails, rebars, sheet piles Long/rails, wire rod Long/sections Long/sections/ wire rod Long/light bars and angles Long/wire rod Long/bars Long/wire rods Long/billets, wire rod Long/sections Long/wire rod, bars Long/wire rod, bars Long/wire rod/ bars/slabs Long/rail Long/wire rod Long/bar Long/rebar Long/sections Long/sections Long/wire rod Long/wire rod Long/wire rod/bar Long/bar/wire rod Long/wire rod Long/bar, wire rod P&T
62
Coke plant Sinter plant Blast furnace Basic oxygen furnace (including tandem furnace) DRI plant Electric arc furnace Continuous caster slabs Hot rolling mill Pickling line Tandem mill Annealing line Skin pass mill Continuous caster bloom/billet Breakdown mill (blooming/slabbing mill) Billet rolling mill Section mill Bar mill Wire rod mill Hot dip galvanizing line Electro galvanizing line Seamless pipes Welded pipes
1
6 6 11 14 7 31 4 2 3 3 9 2 42 1 2 20 26 18 6 2 8 65
2
3.3 10.5 9.4 12.9 6.8 23.8 3.1 3.2 1.1 1.1 0.9 0.9 31.0 0.7 1.1 10.5 9.5 11.6 0.2 0.1 0.9 3.2
2.0 6.4 5.9 7.4 3.8 15.2 1.2 0.8 0.3 0.3 0.3 0.1 20.9 0.4 0.7 6.2 6.0 7.7 0.1 0.0 0.5 1.0
63
AACIS
AACIS facilities
Karaganda
Kryviy Rih
Vanderbijlpark; Vereeniging Saldanha
Newcastle
64
Overview Operations
Plants, property and equipment ArcelorMittals 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 ArcelorMittals principal production locations and production:
Mining operations
Financials
ArcelorMittal Temirtau ArcelorMittal Kryviy Rih ArcelorMittal South Africa
Kazakhstan Ukraine South Africa
Karaganda Kryviy Rih Vanderbijlpark, Saldanha, Newcastle, Vereeniging, Pretoria
Integrated Integrated Integrated, mini-mill
Flat, pipes and tubes, long Long Flat, long, pipes and tubes
Coke plant Sinter plant Blast furnace Basic oxygen furnace (including tandem furnace) DRI plant Electric arc furnace Continuous caster slabs Hot rolling mill Pickling line Tandem mill Annealing line (continuous/batch) Skin pass mill Plate mill Continuous caster bloom/billet Breakdown mill (blooming/slabbing mill) Billet rolling mill Section mill Bar mill Wire rod mill Hot dip galvanizing line Electro galvanizing line Tinplate mill Color coating line
1
22 9 12 17 7 5 6 3 4 4 9 9 1 2 2 1 9 3 4 5 1 5 2
2
9.9 25.5 20.6 20.2 1.6 3.3 11.2 9.4 4.6 3.7 3.2 5.0 0.6 2.8 10.0 1.5 4.7 1.0 2.6 1.4 0.1 0.8 0.2
7.2 18.6 11.9 12.7 1.1 2.2 7.6 7.0 3.2 2.9 1.8 3.3 0.2 1.3 5.7 0.8 2.9 0.4 1.9 1.2 0.1 0.5 0.2
65
Mining
Mining facilities
Kryviy Rih Tebessa Prijedor
Yekepa (Liberia)
Mont-Wright, Quebec (ArcelorMittal Mines Canada) Hibbing; Virginia, Minnesota Princeton, West Virginia
Obregon, Sonora (Volcan)
Minatitln (Pea Colorada) State of Minas Gerais (Andrade) Lzaro Crdenas (Las Truchas) State of Minas Gerais (Serra Azul)
Kemorovo (Kuzbass)
Karaganda Lisakovsky, Kentobe, Atasu, Atansore
66
Overview Operations
Mining production locations ArcelorMittals 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 ArcelorMittals principal production locations and production:
Mining operations
Unit Country Locations ArcelorMittal interest (%)
Financials
Type of mine
Type of product
Iron ore ArcelorMittal Mines Canada Minorca Mines Hibbing Taconite Mines ArcelorMittal Lzaro Crdenas Volcan Mines ArcelorMittal Lzaro Crdenas Pea Colorada ArcelorMittal Las Truchas ArcelorMittal Brasil Andrade Mine ArcelorMittal Minerao Serra Azul ArcelorMittal Tebessa ArcelorMittal Prijedor ArcelorMittal Kryviy Rih ArcelorMittal Temirtau ArcelorMittal Liberia Coal ArcelorMittal Princeton ArcelorMittal Temirtau ArcelorMittal Kuzbass
Canada US US Mexico Mexico Mexico Brazil Brazil Algeria Bosnia and Herzegovina Ukraine Kazakhstan Liberia US Kazakhstan Russia
Mont-Wright, Qc Virginia, MN Hibbing, MN Sonora Minatitln Lzaro Crdenas State of Minas Gerais State of Minas Gerais Tebessa Prijedor Kryviy Rih Lisakovsky, Kentobe, Atasu, Atansore Yekepa McDowell, WV, Tazewell, VA Karaganda Kemerovo
100 100 62.3 100 50 100 100 100 70
Iron ore mine (open pit) Iron ore mine (open pit) Iron ore mine (open pit) Iron ore mine (open pit) Iron ore mine (open pit) Iron ore mine (open pit)
Iron ore mine (open pit) Iron ore mine (open pit) Iron ore mine (open pit and underground) 51 Iron ore mine (open pit) 95 Iron ore mine (open pit and underground) 100 Iron ore mine (open pit and underground) 70 Iron ore mine (open pit) 100 100 98 Coal mine (surface and underground) Coal mine (underground) Coal mine (underground)
Concentrate and pellets Pellets Pellets Concentrate Concentrate and pellets Concentrate, lump and fines Fines Lump and fines Fines Concentrate and lump Concentrate, lump and sinter feed Concentrate, lump and fines Fines Coking and PCI coal Coking coal and thermal coal Coking coal
67
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. 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 ArcelorMittals 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%.
Picture US
85.8
* millions of tonnes.
Shipments in 2011
mt*
Overview
Operations
Mining operations
Financials
69

Brazil CST, Sol and Vega do Sul
Operational capacity and production 2011 in metric tonnes
Iron ore
Coal
Sintering plant 6,500kt
Blast furnace 7,285kt
Coke oven 3,254kt
(5,791kt)
(5,624kt) Oxygen converter 7,600kt
(2,870kt)
(5,606kt) Continuous casting slabs 7,550kt
(5,405kt) Slab Hot rolling mill 4,000kt
(3,590kt) Cold rolled coil Cold rolling mill 1,350kt Hot rolled coil
(1,216kt) Galvanizing line 790kt Coated coil
(734kt)
70
Numbers in orange = operational capacity Numbers in black = production capacity
Overview

Canada Dofasco/ Hamilton
Coal
Iron ore
Coke oven 1,460kt
Financials
(999kt) Scrap Production facilities
(2,429kt) Continuous casting slabs 4,355kt Electric arc furnace 1,527kt
(3,508kt) Slab
(1,178kt) Hot rolling mill 4,530kt
(4,040kt) Tinplate mill 291kt Cold rolled coil Cold rolling mill 2,943kt Hot rolled coil
(221kt) Galvanizing line 1,556kt
(2,539kt) Coated coil
(1,362kt)
71
Flat Carbon Americas and Long Carbon

Mexico Lzaro Crdenas
Iron ore
Direct reduced iron 4,100kt
Pelletizer plant 5,258kt
Coal
(3,131kt) Electric arc furnace 4,000kt
(4,169kt) Blast furnace 1,550kt Coke oven 563kt
(444kt) Scrap
(2,435kt) Slab
(1,242kt) Continuous casting billets and blooms 1,828kt
(1,460kt) Blooms billets
Bar mill 1,000kt
Wire rod mill 500kt
(842kt) Sections
(529kt) Wire rod
72
Overview

US Burns Harbor
Iron ore
Coal
Coke oven 1,632kt
Financials
(1,633kt)
(1,508kt)
(4,351kt) Plate mill 1,651kt Slab Hot rolling mill 3,964kt
(860kt) Plate
(3,128kt) Hot rolled coil
Cold rolling mill 2,087kt
(1,531kt) Coated coil Galvanizing line 544kt Cold rolled coil

(447kt)
73

US Cleveland
Iron ore
Coke
(1,191kt) Oxygen converter 5,771kt Scrap
Cold rolling mill 908kt
(594kt) Coated coil Galvanizing line 635kt Cold rolled coil
(467kt)
74
Overview

US Indiana Harbor East and West
Iron ore
Coke
Financials
(1,084kt)
(5,754kt) Oxygen converter 8,929kt Scrap Production facilities
Cold rolling mill 2,613kt
(1,455kt) Coated coil Galvanizing line 1,088kt Cold rolled coil

(639kt)
75
Flat Carbon Europe
Belgium Gent
Iron ore
Coal
Coke oven 1,270kt
(5,350kt) Scrap
(1,248kt)
(4,363kt) Hot rolling mill 5,500kt Slab
(4,465kt) Hot rolled coil Coated coil
(276kt) Cold rolling mill 3,678kt Color coating line 354kt
(2,780kt) Cold rolled coil Galvanizing line 1,770kt Coated coil
(1,491kt)
76
Overview
Flat Carbon Europe
Belgium Lige
Iron ore
Coal
Coke oven 800kt
Financials
(1,272kt) Scrap
(833kt) Oxygen converter 3,200kt
(619kt)
(898kt) Continuous casting slabs 3,500kt
(891kt) Hot rolling mill 2,900kt Slab
(1,392kt) Hot rolled coil Coated coil
(116kt) Cold rolling mill 2,600kt Color coating line 291kt

(1,393kt)
77
Flat Carbon Europe
France Dunkerque, Mardyck, Montataire and Desvres

Iron ore
Coal
Coke oven 1,380kt
(6,609kt) Scrap
(1,362kt)
(5,826kt) Slab
Hot rolling mill 5,100kt
Coated coil
(3,587kt) Cold rolling mill 2,196kt Hot rolled coil
(145kt) Color coating line 240kt
(1,830kt)
78
Overview
Flat Carbon Europe
France Florange, Mouzon and Dudelange

Iron ore
Coal
Coke oven 700kt
Financials
(1,694kt) Scrap
(604kt)
(1,082kt) Slab
Coated coil

(1,567kt)
79
Flat Carbon Europe
France Fos-sur-Mer
Iron ore
Coal
Coke oven 1,650kt
(3,811kt) Scrap
(958kt)
(2,711kt) Slab
Cold rolling mill 158kt
Cold rolled coil
(108kt)
80
Overview
Flat Carbon Europe
Germany Bremen
Iron ore
Coke
Financials
(2,350kt)
(2,743kt) Oxygen converter 3,700kt Production facilities
(3,062kt) Slab

(1,088kt)
81
Flat Carbon Europe
Germany Eisenhttenstadt
Iron ore
Coke
(2,107kt) Scrap
(1,642kt) Oxygen converter 2,400kt Continuous casting billets and blooms 500kt Blooms billets
(49kt)
(1,772kt) Slab
(1,487kt) Cold rolling mill 1,901kt Hot rolled coil Coated coil
(1,175kt) Cold rolled coil Galvanizing line 950kt Coated coil
(798kt)
82
Overview
Flat Carbon Europe
Poland Krakw and witochowice

Iron ore
Coal
Coke oven 657kt
Financials
(1,035kt) Scrap
(768kt) Oxygen converter 2,600kt
(580kt)
(852kt) Continuous casting slabs 2,000kt
(826kt) Hot rolling mill 2,400kt Slab
(1,884kt) Hot rolled coil Welded pipes 350kt Coated coil
(64.7kt) Cold rolling mill 1,000Kt
(705kt) Cold rolled coil Galvanizing line 520kt Coated coil

(453kt)
83
Flat Carbon Europe
Romania Galati
Iron ore
Coke
(1,581kt) Oxygen converter 6,400kt Continuous casting billets and blooms 521kt
(1,783kt) Slab
(Nil) Billet mill Nil
(Nil) Plate mill 2,700kt Hot rolling mill 3,500kt
(538kt) Plate
(1,252kt) Hot rolled coil Cold rolling mill 1,000kt
(395kt) Welded pipes 45kt Cold rolled coil
(26kt) Galvanizing line 200kt Coated coil
(155kt)
84
Overview
Long Carbon and Flat Carbon Europe

Czech Republic Ostrava
Iron ore
Coal
Coke oven 1,525kt
Financials
(2,602kt) Scrap
(1,105kt)
(1,947kt) Continuous casting slabs 1,350kt Continuous casting billets 2,200kt
(538kt) Slab Seamless pipe 288kt
(220kt) Hot rolling mill 1,350kt Section/wire rod mill 1,950kt
(520kt) Hot rolled coil Sections 1,350kt Wire rod 600kt
(778kt) Welded pipes 45kt Cold rolling mill 220kt Cold rolled coil
(262kt)
(24kt)
(121kt)
85

Poland Dbrowa Grnicza, Sosnowiec and ZKZ
Iron ore
Coal
Coke oven 4,010kt
(5,478kt)
(3,627kt) Scrap
(3,672kt) Continuous casting slabs 3,000kt Continuous casting billets and blooms 3,000kt
(1,578kt) Slab
Section mill 1,800kt
Wire rod mill 750kt
(1,069kt) Sections
(514kt) Wire rod
86
Overview

Spain Gijn and Avils
Iron ore
Coal
Coke oven 2,470kt
Financials
(4,414kt) Scrap
(1,692kt)
(3,994kt) Continuous casting slabs 3,900kt Continuous casting billets and blooms 2,050kt
(535kt) Blooms billets Wire rod mill 620kt
(2,844kt) Plate mill 610kt Hot rolled coil Section and rail mill 380kt
(321kt) Wire rod
(337kt) Plate Cold rolling mill 1,043kt
(164kt) Rails
(545kt) Cold rolled coil Galvanizing line 971kt Coated coil

(548kt)
87
AACIS
Kazakhstan Temirtau
Iron ore
Coal
Blast furnace 4,590Kt
Coke oven 3,507Kt
(3,141kt) Oxygen converter 6,000Kt
(2,305kt) Scrap
(3,684kt) Bar mill 400Kt Continuous casting slabs 5,200Kt
(19kt) Bars
(3,636kt) Slab
Hot rolling mill 4,600Kt
Coated coil
(3,521kt) Cold rolling mill 2,150Kt Hot rolled coil
(68kt) Color coating line 80Kt
(1,763kt) Cold rolled coil Galvanizing line 800Kt Coated coil
(688kt)
88
Overview
AACIS
South Africa Vanderbijlpark

Iron ore
Coal
Sintering plant 2,666Kt
Coke oven 1,700Kt
Financials
(2,539kt) Blast furnace 3,170Kt
(1,117kt) Scrap Direct reduced iron 950Kt Production facilities
(2,277kt) Continuous casting slabs 4,740Kt Oxygen converter 3,360Kt Electric arc furnace 1,500Kt
(677kt)
(2,226kt) Slab
(837kt)
(2,970kt) Plate mill 600Kt Hot rolling mill 3,500Kt Hot rolled coil Cold rolling mill 1,570Kt
(218kt) Plate
(2,535kt)
(1,147kt) Cold rolled coil
Coated coil
Color coating line 105Kt
Coated coil
Galvanizing line 700Kt
(83kt)
(557kt)
89
AACIS
Ukraine Kryviy Rih

Iron ore
Coal
Sintering plant 13,331Kt
Blast furnace 10,270Kt
Coke oven 3,106Kt
(9,013kt)
(4,894kt) Oxygen converter (8,523Kt)
(2,476kt) Scrap
(5,703kt) Ingot casting
Blooming mill 10,000Kt
(5,762kt) Section mill 4,150Kt Blooms billets Wire rod mill 1,920Kt
Sections
Wire rod
(2,613kt)
(1,480kt)
90
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 Mittal
CFO, member of the Group Management Board
91
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
Net debt US$ billions

2011 2010 2009 2008 22.5 19.7 18.8 26.5
Overview
Operations
Mining operations
Financials
93
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, 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. Indexes ArcelorMittal 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 ArcelorMittal remains optimistic its commitment to sustainable about the industrys medium-term development, ArcelorMittal is also growth prospects. In light of recent a member of the FTSE4Good Index market uncertainty primarily due and Dow Jones Sustainability Index. to the European debt crisis and its potential global impact, the Share price performance company has calibrated its steel The price of ArcelorMittal growth projects to evolving shares declined by 50% in 2011, demand situations. At the same underperforming both the Global time, we are focusing on core Metals & Mining sector which growth investments in our mining declined by 34% and the Global business given their generally more Steel sector which declined by 39%. attractive return profiles. This has The underperformance largely resulted in postponement of occurred during the third quarter some planned steel investments. of 2011 when fears of a potential Accordingly, full year 2012 capital eurozone crisis intensified. This expenditure is expected to be unease affected the share price approximately $4-4.5 billion. performance of those companies with significant trading exposure to
ArcelorMittal share price performance since creation Base 100 at August 1, 2006 (US$)
350 300 250 ArcelorMittal 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
Global Metals & Mining (incl Steel) Index
94
Overview
the eurozone block. ArcelorMittals share price was further impacted by concerns over the companys 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, ArcelorMittals share price increased by 14%, outperforming the Global Steel and Global Metals & Mining peer groups. Dividend ArcelorMittals 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 relations By 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.
Individual investors ArcelorMittals 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: privateinvestors@arcelormittal.com
Socially responsible investors The investor relations team is also a source of information for the growing socially responsible investment community. The team organizes special events on ArcelorMittals corporate responsibility strategy and answers all requests for information sent to ArcelorMittal at: SRI@arcelormittal.com Credit and fixed income investors Credit, fixed income investors and rating agency are followed by a dedicated team from investor relations reachable at: creditfixedincome@arcelormittal.com
Analysts and institutional investors As the worlds leading steel and mining company, ArcelorMittal constantly seeks to develop relationships with financial analysts and international investors. To meet this objective, ArcelorMittal Depending on their geographical implements an active and broad location, investors may use the investor communications policy: following emails: conference calls, road shows with institutionalsamericas@arcelormittal.com the financial community, regular investor.relations@arcelormittal.com participation at investor conferences, plant visits and meetings with individual investors.
Financial calendar
Financial results*
February 7, 2012 May 10, 2012 July 25, 2012 October 31, 2012
Results for 4th quarter 2011 and 12 months 2011 Results for 1st quarter 2012 Results for 2nd quarter 2012 and 6 months 2012 Results for 3rd quarter 2012 and 9 months 2012
* EarningsresultsareissuedbeforetheopeningofthestockexchangesonwhichArcelorMittalislisted.
Dividend payment (subject to shareholder approval)
March 13, 2012 June 14, 2012 September 10, 2012 December 10, 2012
Institutional investor days and retail shareholder events
1st quarterly payment of base dividend (interim dividend) 2nd quarterly payment of base dividend 3rd quarterly payment of base dividend 4th quarterly payment of base dividend Annual shareholder meeting in Luxembourg Investor Day with Group Management Board members Retail shareholder event
May 8, 2012 September 18, 2012 September 26, 2012
Contact the investor relations team on the information detailed above or please visit www.arcelormittal.com/corp/investors/contact
Ticker symbols
Stock exchange Symbol Bloomberg Reuters
Paris Amsterdam New York Madrid Luxembourg
MT MT MT MTS MT
MT NA MT NA MT US MTS SM MT LX
ISPA.AS ISPA.AS MT.N MTS.MC MT.LU
95
Shareholding structure
Shareholding structure (as at December 31, 2011)
Free float (922.9 million shares) Mittal family (638.1 million shares)
% 59.1 40.9
Shareholding structure (as at December 31, 2011)

ArcelorMittal shares % of total
Mittal family Treasury shares Other public shareholders Total Totalissuedlesstreasuryshares
638,063,696 9,663,709 913,187,205 1,560,914,610 1,551,250,901
40.88 0.62 58.50 100.00
96
Overview
Investor relations
Investor relations team contacts

Email Telephone
Daniel Fairclough global head investor relations Hetal Patel UK/European investor relations Valrie Mella European/retail investor relations Maureen Baker fixed income/debt investor relations Thomas A McCue US investor relations Lisa Fortuna US investor relations Kate Ledger corporate access and team assistant
daniel.fairclough@arcelormittal.com hetal.patel@arcelormittal.com valerie.mella@arcelormittal.com maureen.baker@arcelormittal.com thomas.mccue@arcelormittal.com lisa.fortuna@arcelormittal.com kate.ledger@arcelormittal.com
+44 +44 +44 +33 +1 +1 +44
207 543 1105 207 543 1128 207 543 1156 1 71 92 10 26 312 899 3927 312 899 3985 207 543 2417
Nature, a sustainable organic coated steel product line ArcelorMittal 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 Maizires, France
97
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-Amro Maarten Bakker AlphaValue Vronique Colas Applebaum Research Michelle Applebaum Banco Sabadell Francisco Snchez Bankia Bolsa Iigo Recio Banesto Bolsa Robert Jackson Bank of America Merrill Lynch Cedar Barnes Timna Tanners Barcap Vincent Lepine BBVA Luis de Toledo BHF Bank Hermann Reith Bradford Research Chuck Bradford Citigroup Anindya Mohinta Commerzbank Ingo Schachel Credit Suisse Michael Shillaker Dahlman Rose & Co. Anthony Rizzuto, Jr Anthony Young Davy Tim Cahill Killian Murphy Deutsche Bank David Martin Bastian Synagowitz Exane BNP Paribas Sylvain Brunet Luc Pez
maarten.bakker@nl.abnamro.com v.colas@alphavalue.eu michelle@michelleapplebaum.com rodriguezfra@bancsabadell.com irecio@bankia.com rjackson@notes.banesto.es cedar.barnes@baml.com timna.tanners@baml.com vincent.lepine@barcap.com luis.detoledo@grupobbva.com hermann.reith@bhf-bank.com chuck@ar-group-llc.com anindya.mohinta@citi.com ingo-martin.schachel@commerzbank.com michael.shillaker@credit-suisse.com arizzuto@dahlmanrose.com ayoung@dahlmanrose.com tim.cahill@davy.ie killian.murphy@davy.ie david.s.martin@db.com bastian.synagowitz@db.com sylvain.brunet@exane.com luc.pez@exane.com
+31
20 343 54 12
+33 1 70 61 10 50 +1 847 433 8465 +34 91 782 9157/8 +34 +34 91 436 78 14 91 338 14 48
+44 20 7995 8894 +1 646 855 3745 +33 1 44 58 32 45 +34 +49 91 537 07 09 69 718 2632
+1 212 653 8870 +44 20 7986 4210 +49 69 136 43021 +44 20 7888 1344 +1 212 702 4500 +1 212 702 4501 +353 +352 1 614 8875 1 614 9956
+1 212 250 5580 +49 69 910 36126 +33 1 42 99 50 84 +33 1 42 99 24 71
98
Company and analyst
Email
Telephone
Grupo Santander Juan Ramon Correas Nitesh Agarwal HSBC Thorsten Zimmermann ING Filip De Pauw JP Morgan Alessandro Abate Michael Gambardella Kempen & Co Sander Van Oort Erwin Dut Kepler Capital Markets Rochus Brauneiser Macquarie Jeff Largey MainFirst Bank Alexander Hauenstein Natixis Raoudha Bouzekri Nomura Neil Sampat Oppenheim Research Peter Metzger Ulrich Scholz Petercam Alan Vandenberghe Rabo Securities Frank Claassen Royal Bank of Canada Europe Ltd Tim Huff Steubing AG Michael Broeker Socit Gnrale Alain William UBS Carsten Riek
Financials
jurcorreas@gruposantander.com niagarwal@gruposantander.com thorsten.zimmermann@hsbcib.com filip.de.pauw@ing.be alessandro.abate@jpmorgan.com michael.gambardella@jpmorgan.com soor@kempen.nl edut@kempen.nl rochus.brauneiser@keplercm.com jeff.largey@macquarie.com alexander.hauenstein@mainfirst.com raoudha.bouzekri@natixis.com neil.sampat@nomura.com peter.metzger@oppenheim.de ulrich.scholz@oppenheim.de alan.vandenberghe@petercam.be frank.claassen@rabobank.com timothy.huff@rbccm.com michael.broeker@steubing.com alain.william@sgcib.com carsten.riek@ubs.com
+34 +34
91 289 37 48 91 289 93 84
+44 20 7991 6835 +32 2 547 60 97

+44 20 7325 9744 +1 212 622 6446 +31 +31 20 348 8479 20 348 8477
+49 69 7 56 96 279
+44 20 3037 43 59 +49 69 788 08 224 +33 1 58 55 65 53 +44 20 7102 1808 +49 69 71 34 5209 +49 69 71 34 5498 +32 +31 2 229 63 42 20 460 4868
+44 20 7653 4866 +49 69 29 71 6142 +33 1 58 98 12 61
+44 20 7568 1268

99
Steelmaking process
Upstream (crude steel)
Coking coal
Pig iron ore
Coke oven
Blast furnace process
Sintering
Blast furnace
Oxygen converter
Ingot casting
Ingot breakdown
Bloom
Iron ore
Steelmaking process
Billet
Scrap
Electric arc furnace
Secondary metallurgy
Continuous casting
Slab/thin slab
Direct reduced iron
Electric arc furnace process
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. 100
Overview Operations
Downstream (finished steel)
Tube, round bar mill
Shape
Section mill
Seamless pipe Production facilities
Rails
Wire drawing
Wire rod
Bar
Hot strip mill
Pipe forming
Welded pipe
Cold rolled sheet
Cold rolled sheet/coil
Annealing (batch, continuous)
Electrocoating
Galvanizing
Coated coil
Precoated sheet
Plate mill
Pipe forming
UOE pipe
Zn, Zn-alloy coated sheet
Plate
101
Products and services

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 ArcelorMittals product portfolio. Consult www.arcelormittal.com for an overview of all products.
Long carbon steel products

Agriculture Appliances Automotive Cold drawn Construction Converter/ re-roller Energy & mining Fastener Machinery Forging equipment Services other Transportation Others
Bar flat Bar hexagons Bar rounds Bar SHQ Bar squares Beams and sections Blooms/billets Casting Crane rails Crash barriers Ingots Leaf spring flat Merchant bars Mining section Rail Rails accessories Rebar Rod processing Round cornered square Sheet piling Special bar sections Special section Wire rod
X X X X X
X X X
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X X X X
X X
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X X
X X
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X X
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X X
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X X
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X X X X X
X X
X X X
X X
X X X X X X X X X X X X
X X X X X
X X
Flat carbon steel products

Appliances Automotive Construction Energy Packaging Other
Slabs Hot rolled Cold rolled Electrical steel Hot dip galvanized Hot dip galvanneal Enameling steel Electrogalvanized Electro zinc-nickel Aluminized type 1 Aluminized type 2 Usibor (aluminum with boron) Galvalume/aluzinc Galfan Tinplate Plate Pre-painted/organic coated Polymer composites
X X X X X X X X X X X X X X X X X
X X X X X X X X X X X X X X X X X
X X X X X X X X X X X X X X X X
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102
Overview
Glossary
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.
Coke A form of carbonized coal burned in blast furnaces to reduce iron ore pellets or other iron-bearing materials to molten iron.
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 resource An 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.
Coke ovens Ovens where coke is produced. Coal is usually dropped into the ovens through openings in the roof, Apparent consumption Total shipments minus exports plus and heated by gas burning in flues in the walls between ovens within imports of steel. the coke oven battery. After heating for about 18 hours, the Bar A finished steel product, commonly end doors are removed and a ram pushes the coke into a quenching in flat, square, round or hexagonal car for cooling before delivery to shapes. Rolled from billets, bars the blast furnace. are produced in two major types, merchant and special. Cold rolling The passing of sheet or strip that Basic oxygen steelmaking The process whereby hot metal and has previously been hot rolled and steel scrap are charged into a basic pickled through cold rolls, i.e. below oxygen furnace (BOF). High purity the softening temperature of the oxygen is then blown into the metal metal. Cold rolling makes a product that is thinner, smoother, and bath, combining with carbon and stronger than can be made by other elements to reduce the hot rolling alone. impurities in the molten charge and convert it into steel. Continuous casting A process for solidifying steel in Billet the form of a continuous strand A piece of semi-finished iron or rather than individual ingots. Molten steel that is nearly square and steel is poured into open bottomed, is longer than a bloom. Bars water-cooled molds. As the molten and rods are made from billets. steel passes through the mold, the outer shell solidifies. Blast furnace (BF) A large cylindrical structure into CRC cold rolled coil which iron ore is combined with (see cold rolling). coke and limestone to produce molten iron. Crude steel Steel in the first solid state Bloom A semi-finished product, large and after melting, suitable for further processing or for sale. Synonymous mostly square in cross-section. to raw steel. Blooms are shaped into girders, beams, and other structural shapes. Direct reduction A family of processes for making Carbon steels iron from ore without exceeding The largest percentage of steel production. Common grades have the melting temperature. No blast furnace is needed. a carbon content ranging from 0.06% to 1.0%. Electrical steels Specially manufactured cold rolled Coal The primary fuel used by integrated sheet and strip containing silicon, processed to develop definite iron and steel producers. magnetic characteristics for use by the electrical industry. Coil A finished steel product such Electric arc furnace (EAF) as sheet or strip which has been An electric furnace used to melt wound or coiled after rolling. steel scrap or direct reduced iron. or EUR Euro.
Inferred mineral resource An 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.
103

Glossary
continued
Measured mineral resource A 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 estimates The 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.
Rolling mill Equipment that reduces and transforms the shape of semifinished 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.
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 aboveground 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.
Pellets An enriched form of iron ore shaped Sheet piling Rolled sections with interlocking into small balls. joints (continuous throughout the entire length of the piece) on Pig iron each edge to permit being driven High carbon iron made by the edge-to-edge to form continuous reduction of iron ore in the blast walls for retaining earth or water. furnace. Plate A flat rolled product rolled from slabs or ingots, of greater thickness than sheet or strip. Probable reserves Probable 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 reserves Proven 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. 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 US$ or $ reduced iron (DRI). US Dollar. 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.
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
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.
Published in May 2012. To receive a copy of the Fact Book, please contact: ArcelorMittal 19, Avenue de la Libert L-2930 Luxembourg Grand Duchy of Luxembourg T: +352 4792 2484 www.arcelormittal.com

ArcelorMittal - Fact Book 2011

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Core strengths, sustainable returns

Fact Book 2011

Cover image Port-Cartier, Canada

Financials Production facilities Shareholder information

ArcelorMittal Fact Book 2011

Highlights for 2008, 2009, 2010 and 2011

2.5 101.1 -11.4% 99.7 -7.5%

1.9 71.6 -29.2% 69.6 -30.2%

1.8 90.6 26.5% 85.0 22.0%

1.4 91.9 1.4% 85.8 1.0%

Mining operations Financials

43.8 20.9 64.7 5.9 0.5 6.4

37.7 15.1 52.7 7.1 0.5 7.6

48.9 19.6 68.5 7.0 0.4 7.4

54.1 11.1 65.2 8.3 0.6 8.9

Above Port-Cartier, Canada

Operations Mining operations Financials Production facilities Shareholder information

Left Belval, Luxembourg

ArcelorMittal Fact Book 2011

Our strategic priorities

Mining operations Financials Production facilities Shareholder information

ArcelorMittal Fact Book 2011

Our five core strengths

Operations Mining operations Financials Production facilities Shareholder information

Flat Carbon Americas

Flat Carbon Europe

Long Carbon Americas and Europe

ArcelorMittal Atlantique et Lorraine

ArcelorMittal Lzaro Crdenas

ArcelorMittal Flat Carbon Europe

ArcelorMittal Las Truchas

ArcelorMittal Point Lisas

Overview Operations Mining operations

ArcelorMittal Kryviy Rih

ArcelorMittal South Africa

ArcelorMittal Mines Canada

ArcelorMittal International Luxembourg

ArcelorMittal Lzaro Crdenas Mining Assets

Hibbing Taconite Mines

ArcelorMittal Minerao Serra Azul

ArcelorMittal Kryviy Rih Mining Assets

ArcelorMittal Temirtau Mining Assets

ArcelorMittal Fact Book 2011

Investee (US$ millions)

Financials Production facilities Shareholder information

ArcelorMittal Fact Book 2011

Key performance indicators (KPIs)

Health and safety

(lost time injury frequency rate for steel and mining)

1.4 1.8 1.9 2.3 3.3

93,973 78,025 61,021 116,942 96,293

(thousands of metric tonnes)

85,757 84,952 69,624 99,733 107,789

Overview Operations Mining operations

Crude steel production

(liquid steel in thousands of metric tonnes)

91,891 90,583 71,620 101,130 114,190

10,117 8,525 5,600 23,652

ArcelorMittal Fact Book 2011

Key performance indicators (KPIs)

Average steel selling prices1

Flat Carbon Americas

Flat Carbon Europe

2011 2010 2009 2008

54.1 48.9 37.7 43.8 15.1 52.75

11.1 65.25 19.6 68.55 20.9 64.75

2011 2010 2009 2008