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Core Strengths, Sustainable Returns Core strengths, sustainable returns Annual Report 2011 With revenues of $94 billion and crude steel production of 91.9 million tonnes, ArcelorMittal is the world’s leading steel and mining company, with a presence in more than 60 countries. Through our core values of sustainability, quality and leadership, we commit to operating in a responsible way with respect to the health, safety and well-being of our employees, contractors and the communities in which we operate. The theme for this year’s annual report 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 world’s leading steel and mining company. With a presence in more than 60 countries, we operate a balanced portfolio of cost competitive steel plants across both the developed and developing world. We are the leader in all the main sectors – automotive, household appliances, packaging and construction. We are also the world’s fourth largest producer of iron ore, with a global portfolio of 16 operating units with mines in operation or development. In 2011, we employed around 261,000 people. Flat Carbon Long Carbon Belgium France Mexico US Algeria Germany Charleroi Basse Indre Lázaro Cárdenas Burns Harbor, IN Annaba Duisburg Ghent Châteauneuf Cleveland, OH (Ruhrort and Poland Argentina Geel Desvres Coatesville, PA Hochfeld) Chorzów Villa Constitución Genk Dunkerque Columbus, OH Hamburg Dąbrowa Górnicza Huy Florange Conshohocken, PA Bosnia and Kraków Kazakhstan Liège Fos-sur-Mer Double G, MS Herzegovina Sosnowiec Seraing Le Creusot Gallatin, KY Temirtau Šwiętochłowice Zenica Mardyck Gary Plate, IN Luxembourg Brazil Warsaw Brazil Montataire I/N Tek and Differdange Tubarão Zdzieszowice João Monlevade Mouzon I/N Kote, IN Esch-Belval Vega Juiz de Fora Saint-Chamond Romania Indiana Harbor Rodange Piracicaba Canada Saint-Chély Galati (East and West), IN Schifflange Dofasco Monessen, MI Vitória Germany South Africa Mexico (Hamilton) Obetz, OH Canada Bremen Saldanha Celaya Piedmont, NC Contrecœur China Eisenhüttenstadt Vanderbijlpark Pioneer, OH Lázaro Cárdenas Hunan Valin (JV) China Italy Spain Riverdale, IL Tultitlán China Oriental (JV) Czech Republic Avellino Asturias Warren, PA Morocco Frýdek-Místek Canossa (Avilés and Gijón) Weirton, WV Costa Rica Jorf Ostrava Piombino Etxebarri Caldera Lasfar Lesaka Kazakhstan Guápiles Nador Sagunto Temirtau Sestao Czech Republic Poland Luxembourg Zaragoza Ostrava Chorzów ą Dudelange D browa Górnicza France Sosnowiec Macedonia Gandrange Warsaw Skopje Disclaimer – forward-looking statements In this annual report, ArcelorMittal has made certain forward-looking statements with respect to, among other topics, its financial position, business strategy, projected costs, projected savings, and the plans and objectives of our management. Such statements are identified by the use of forward-looking verbs such as ‘anticipate’, ‘intend’, ‘expect’, ‘plan’, ‘believe’, or ‘estimate’, or words or phrases with similar meanings. ArcelorMittal’s actual results may differ materially from those implied by such forward-looking statements due to the known and unknown risks and uncertainties to which it is exposed, including, without limitation, the risks described in this annual report. Please refer to the ‘Risks related to the global economy and the steel industry’ section of this report page 192. ArcelorMittal does not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved. Such forward-looking statements represent, in each case, only one of many possible scenarios and should not necessarily be viewed as the most likely to occur 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. Unless indicated otherwise or the context otherwise requires, references in this annual report to ‘ArcelorMittal’, the ‘group’ and the ‘company’ or similar terms refer to ArcelorMittal, ‘société anonyme’, having its registered office at 19, Avenue de la Liberté, L-2930 Luxembourg, Grand Duchy of Luxembourg, and to its consolidated subsidiaries. Mining Tubular Romania Algeria Liberia Algeria Saudi Arabia Hunedoara Tebessa Buchanan Annaba Jubail Gbanga South Africa Bosnia and Canada Monrovia South Africa Newcastle Herzegovina Brampton, ON Yekepa Vereeniging Vereeniging Prijedor Hamilton, ON Mexico Woodstock, ON US Spain Brazil Las Truchas Marion, OH Asturias (Gijón) Andrade Czech Republic Peña Colorada Shelby, OH Guipuzcoa (Bergara Serra Azul Karviná Sonora and Zumarraga) Ostrava Venezuela Canada Madrid Russia Unicon (Caracas) Mary River Project France Olaberria Kemerovo Mont-Wright Chevillon Zaragoza US Hautmont Kazakhstan Trinidad Hibbing, MN Vitry Abaiskaya Point Lisas Minorca, MN Atansore Kazakhstan Princeton, WV Ukraine Atasu Aktau Kryviy Rih Karazhal Ukraine Mexico Kazakhstanskaya Kryviy Rih US Kentobe Monterrey Georgetown, SC Kostenko Poland Harriman, TN Kuzembayeva Kraków Indiana Harbor, IN Lenina LaPlace, LA Lisakovsk Romania Pine Bluff, AR Saranskaya Galati Steelton, PA Stepnogorsk Lasi Vinton, TX Temirtau Roman Tentekskaya Overview Contents Our business Our Management report Financial information Sustainability Overview Performance Financial statements Pages 02-13 Pages 40-63 Pages 98-189 Highlights of the year and Key performance data and Detailed fi nancial a look at our business in a summary of our operations’ information for the year the context of the global performance in 2011. ended December 31, 2011. steel and mining sector. Performance 02 Message from the chairman 42 Key performance indicators 99 Consolidated fi nancial and CEO 46 Financial review statements 06 Financial highlights 54 Liquidity and capital resources 177 Annual accounts of 08 Steel and raw materials: 60 Disclosures about market risk ArcelorMittal S.A. market analysis 63 Summary of risks and uncertainties 12 Our fi ve core strengths Governance Our business Governance Additional information Pages 14-31 Pages 64-95 Pages 191-213 A look at our approach to An overview of our 192 Risks related to the global economy health and safety and an management and our and the steel industry overview of our segments. approach to corporate 202 Mining governance. Includes 16 Our business statements Financial 20 Health and safety: share price information. our number one priority 66 Board of directors 22 Our steel and mining operations 68 Senior management 70 Group structure 72 Corporate governance 88 Major shareholders and Sustainability related party transactions Pages 32-39 93 Additional information 94 Shareholder information Our corporate responsibility strategy and update on our research and development. 34 Corporate responsibility 38 Research and development Left Chicago, US 2011 Report Annual ArcelorMittal 1 Message from the chairman and CEO Dear shareholders, At the beginning of 2011 we excellent examples that held a special safety summit at demonstrate what can be achieved. ArcelorMittal Dofasco in Canada. Tubular products has reduced its Thank you for taking This summit concluded with a frequency rate by more than 50% the time to read commitment to embed health from 1.92 to 0.81 – an impressive ArcelorMittal’s 2011 and safety in our core values; achievement. Our mining division annual report, adapt our leadership style to better has improved its frequency rate address employee commitment from 1.63 to 1.18. Tubarão in Brazil ‘Core strengths, and engagement; ensure a stronger now has a frequency rate of 0.25 sustainable returns’. focus on fatality prevention; reduce and Temirtau in Kazakhstan a very contractor injuries and fatalities; impressive 0.17. This shows us that I will start with the result and fi nally, use leading indicators our overall group target of reaching to implement preventative 1.0 by 2013 can be achieved. So that is most important measures to avoid similar incidents valuable was the Canada meeting to us: health and safety. occurring again. that we held a repeat meeting at the We continue to put great end of the year to discuss how to emphasis on our Journey These commitments proved drive further improvement in 2012. valuable as we succeeded in to Zero program through reducing our LTIFR (lost time injury Although we still have some way to which we are aiming to frequency rate) for the year by the travel on our journey, I am very eradicate injuries and 20% target we set ourselves: from pleased with the progress made fatalities in the workplace. 1.77 to 1.42. Furthermore our throughout the year and must performance in the fourth quarter commend the employees of of 2011 – an LTIFR of 1.2 – was ArcelorMittal and our the best we have reported yet for a subcontractors for their efforts. single quarter. As is to be expected Safety is at the heart of everything in an organization of the size and we do and we truly believe that scale of ArcelorMittal, not all plants having a deeply embedded safety and sites are yet at the same culture can only have a positive standard. But we have some 2 Overview effect on ArcelorMittal’s Projects temporarily paused include possible we look to fi nd solutions for In this volatile economic businessOur Sustainability Performance Governance statements
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