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Recovery Underway Annual Report 2010 Arcelormittal Is Well Positioned for Growth

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Recovery underway Annual Report 2010 ArcelorMittal is well positioned for growth. To achieve this, the Group has identifi ed fi ve components for success: People and safety, Capital, Knowledge, Growth and Mining. Global presence ArcelorMittal is the largest steel producer in the Americas, Africa and Europe, and is the second largest producer in the CIS region, with a growing presence in Asia, particularly China. ArcelorMittal has steelmaking operations in 20 countries on four continents, including 65 integrated mini-mill and integrated mini-mill steelmaking facilities. Contents Americas Europe 1 Financial highlights 2 Message from the Chairman and CEO 6 Marketplace analysis 10 Our business 12 5 key components for success: 1 – People and safety 2 – Capital 3 – Knowledge 4 – Growth 5 – Mining 24 Questions for the Group Management Board 28 Board of Directors 30 Senior Management 32 Corporate responsibility 36 Operational review 44 Key Performance Indicators (KPIs) 46 Liquidity 51 Summary of risks and uncertainties 52 Corporate governance Flat Carbon Long Carbon Mining Flat Carbon Poland Poland 62 Share capital • Chorzów • Chorzów Brazil Argentina Brazil Belgium • Dabrowa • Dabrowa 65 Additional information • São Francisco • Villa • Andrade Mines • Charleroi 66 Shareholder information Gornicza Gornicza do Sul Constitución • Serra Azul • Geel • Kraków • Kraków Group structure 68 • Vitória Brazil Canada • Genk • Sosnowiec • Sosnowiec Canada • Cariacica • Mont-Wright • Ghent • Świętochłowice • Warsaw • Huy • Hamilton • João • Port-Cartier • Zdzieszowice Romania Financial Information 2010 Monlevade • Quebec • Liège Mexico • Seraing Romania • Galati • Lázaro • Juiz de Fora Mexico • Galati • Hunedoara 70 Chief Executive Offi cer and Chief • Piracicaba Czech Republic Cárdenas • Lázaro Spain • Iasi Financial Offi cer’s Responsibility Canada Cárdenas • Ostrava • Roman Statement USA • Avilés • Burns Harbor, IN • Brampton • Sonora Estonia • Bilbao Spain Consolidated Financial Statements 71 • Cleveland, OH • Contrecoeur • Peña Colorada • Tallinn • Etxebarri • Bergara 151 Annual Accounts • Coatesville, PA • Hamilton USA Germany • Gijón • Gijón 165 Risks related to the global economy • Columbus, OH • Woodstock • Hibbing, MN • Bremen • Sagunto • Madrid and the steel industry • Conshohocken, Costa Rica • Mc Dowell, WV • Eisenhüttenstadt • Olaberría PA Mexico • Tazewell, VA Italy Long Carbon • Zaragoza • East Chicago, IN • Celaya • Virginia, MN • Avellino • Zumárraga • Gallatin, KY • Lázaro • Piombino Bosnia and Ukraine • Gary, IN Cárdenas Herzegovina • Kryviy Rih • Jackson, MS. France • Zenica USA • Basse-Indre • Monessen, PA Czech Republic Mining • New Carlisle, IN • Cleveland, OH • Chateauneuf • Georgetown, • Desvres • Karvina • Piedmont, NC • Ostrava Bosnia and • Riverdale, IL SC • Dunkerque Herzegovina • Warren, OH • Indiana Harbor • Fos-sur-Mer France • Prijedor • Weirton, WV Bar, IN • Florange • Gandrange • La Place, LA • Le Creusot • Haumont Ukraine • Marion, OH • Mardyck • Vitry • Kryviy Rih • Shelby, OH • Montataire Germany • Steelton, PA • Mouzon • Duisburg • Vinton, TX • Saint-Chamond • Hamburg • Saint-Chély Trinidad Luxembourg • Point Lisas Luxembourg • Differdange Venezuela • Dudelange • Esch-Belval • Caracas • Giebel • Rodange Macedonia • Schiffl ange • Skopje Africa Asia Global production Americas (crude steel Mt*) North America 21.5 South America 11.2 Europe (crude steel Mt*) West Europe 32.8 Central & East Europe 10.1 Long Carbon Flat Carbon Mining Long Carbon Mining Algeria South Africa Algeria China Kazakhstan Africa (crude steel Mt*) • Annaba • Newcastle • Tebessa • Hunan Province • Abaiskaya Morocco • Pretoria Liberia Iraq • Karazhal 5.5 • Jorf el Lasfar • Saldanha • Yekepa • Sulaymaniyah • Karkaralinsk • Nador • Vanderbijlpark (Northern Iraq) • Kazakhstanskaya • Vereeniging • Kostenko Saudi Arabia Kazakhstan • Kuzembaev • Al-Jubail • Karaganda • Lenina CIS & Central Asia (crude steel Mt*) South Africa • Temirtau • Lisakovsk • Newcastle • Saranskaya 9.4 • Pretoria Flat Carbon • Shaktanskaya • Saldanha Kazakhstan • Stepnyak • Vanderbijlpark • Karaganda • Tenteskaya • Vereeniging Annual coal production1 (Mt*) 2010 7.0 2009 7.1 2008 5.9 Annual iron ore production1 (Mt*) 2010 48.9 2009 37.7 Disclaimer – forward-looking statements ‘Summary of risks and uncertainties’ section of this report page 51 as well as ‘Risks related to the global economy 2008 43.8 In this Annual Report ArcelorMittal has made certain and the steel industry’ page 165. forward-looking statements with respect to, among other topics, its fi nancial position, business strategy, projected Such forward-looking statements represent, in each costs, projected savings, and the plans and objectives of case, only one of many possible scenarios and should our management. Such statements are identifi ed by the not necessarily be viewed as the most likely to occur or use of forward-looking verbs such as ‘anticipate’, ‘intend’, standard scenario. ArcelorMittal undertakes no obligation ‘expect’, ‘plan’, ‘believe’, or ‘estimate’, or words or phrases to publicly update its forward-looking statements, whether with similar meanings. ArcelorMittal’s actual results may as a result of new information, future events or otherwise. differ materially from those implied by such forward- looking statements due to the known and unknown risks Unless indicated otherwise or the context otherwise and uncertainties to which it is exposed, including, without requires, references in this Annual Report to ‘ArcelorMittal’, limitation, the risks described in this Annual Report. the ‘Group’ and the ‘Company’ or similar terms refer to ArcelorMittal does not make any representation, warranty ArcelorMittal, ‘société anonyme’, having its registered offi ce * Millions of tonnes. or prediction that the results anticipated by such forward- at 19, avenue de la Liberté, L-2930 Luxembourg, Grand 1 Excluding strategic agreement and long-term looking statements will be achieved. Please refer to the Duchy of Luxembourg, and to its consolidated subsidiaries. supply contracts. Financial highlights Financial highlights* Sales ($1 million) 2010 78,025 20092 61,021 Shipments (million tonnes) 2010 85.0 2009 69.6 Operating Income ($ million) 2010 3,605 20092 (1,470) Net Income3 ($ million) 2010 2,916 20092 157 Basic Earnings per Share ($) 2010 1.93 20092 0.11 Number of employees4 at December 31, 2010 according to segments Segment Total % Flat Carbon Americas 32,674 12 Flat Carbon Europe 59,759 22 Long Carbon Americas and Europe 60,008 22 AACIS (Asia, Africa and CIS5) 87,425 32 Distributions Solutions 16,561 6 Other activities 6,405 2 Total continuing operations 262,832 Discontinued operations 10,979 4 Total 273,811 100 Allocation of employees4 at December 31, 2010 according to geographic location Continuing Discontinued Total Total operations operations % EU276 100,282 5,884 106,166 39 Other European countries 43,055 77 43,132 16 North America 35,951 61 36,012 13 South America 21,927 4,769 26,696 10 Asia 42,730 188 42,918 15 Middle East 141 - 141 - Africa 18,746 - 18,746 7 Total 262,832 10,979 273,811 100 * In accordance with International Financial Reporting 1 ‘US$’, ‘$’, ‘dollars’, ‘USD’ or ‘U.S. dollars’ are to United States 5 Commonwealth of Independent States. Standards (IFRS), these fi gures have been adjusted dollars, the offi cial currency of the United States. 6 EU27 includes Austria, Belgium, Bulgaria, Cyprus, retrospectively for all periods presented due to the 2 As required by IFRS 3, the 2009 information has been Czech Republic, Denmark, Estonia, Finland, France, completion of the spin-off of stainless steel operations adjusted retrospectively for the fi nalization in 2010 of the Germany, Greece, Hungary, Ireland, Italy, Latvia, in a separately focused company, Aperam, allocation of purchase price of acquisitions made in 2009. Lithuania, Luxembourg, Malta, the Netherlands, on January 25, 2011. Stainless steel operations are 3 Excluding non-controlling interests. Poland, Portugal, Romania, Slovakia, Spain, Sweden, therefore presented as discontinued operations. 4 Full Time Equivalent. Slovenia and the United Kingdom. ArcelorMittal Annual Report 2010 Financial highlights 1 Message from the Chairman and CEO Dear Shareholders, Writing to you this time last year, I said that I was more optimistic about 2010 than I had been about 2009. At the same time I said that, while we were through the worst, we should not mislead ourselves that there would be a swift return to buoyant levels of growth. Rather, I was expecting a slow and progressive recovery and that for the developed world in particular, it would be some time before we saw a return to pre-crisis levels of demand. Twelve months on, this is the scenario that has essentially played out. 2 Message from the Chairman and CEO ArcelorMittal Annual Report 2010 Before I talk about that in more detail, Turning back to operating performance, Total global crude steel production reached I want to update you on Health and Safety. for ArcelorMittal 2010 was certainly a new record of 1,414 million tonnes Ever since the creation of ArcelorMittal we a welcome improvement over 2009. (according to WSA statistics) in 2010, have made it clear that Health and Safety As anticipated, apparent demand – which had but this statistic by itself sends a somewhat is the number one priority for ArcelorMittal. collapsed by an unsustainable 50% at the misleading message. All the demand growth We have made further progress in 2010 bottom of the cycle – recovered, enabling is coming
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