128 35 1 Arcelormittal Model Q410

Introduction to the ArcelorMittal simplified model
(i) The purpose of the ArcelorMittal's "simplified model" is to help investors (including buy-side analysts and fund
managers) who cover or have invested in the group.
(ii) The "model" has been designed to allow users to make simple estimates and valuations using information previously
disclosed by ArcelorMittal.
(iii) The Model has been simplified to allow efficient time allocation for investors (including buy-side analysts and fund
managers).
(iv) The Model can be developed and expanded for further analysis and improved evaluation. Some suggestion and
options for improvement have been provided.
(v) The data / information included in the Model have been already disclosed in different ArcelorMittal publications (i.e.
fact book, earning release, investor presentation) and are available on the ArcelorMittal web-site.
How to build the ArcelorMittal simplified model

(i) Before using the ArcelorMittal model, users are recommended to study and analyse the group's facts and strategies
by using investor presentations, annual reports, 20-F, Fact book.
(ii) Further study and analysis of the global steel and mining sector is also recommended
(iii) Once ready, investors / buy-side analysts and fund managers should fill the orange boxes in the Divisional, P&L,
Cash flow and Balance Sheet worksheets
(iv) The comment and additional information section should help in filling the orange boxes
Investor Relations
By implementing high standards of financial information disclosure and providing clear, regular, transparent and evenhanded information to all its shareholders, ArcelorMittal aims to be the first choice for investors in the sector.
To meet this objective and provide information to fit the needs of all parties, ArcelorMittal has decided to implement an
active and broad communications policy: road shows with the financial community, conference calls, plant visits,
meetings with retail and private investors, a virtual meeting and conference centre on Second Life and a website
featuring management comments on quarterly, half-year and full-year results.
Private Investors
ArcelorMittals senior management intends to meet private investors and shareholder associations in road shows throughout 2009. In order to improve the communication and debate with its private investors, Arc
Analysts and Investors
As the world's leading steel company and major investment vehicle in the steel sector, ArcelorMittal constantly seeks to
develop relationships with financial analysts and international investors. Depending on their geographical location,
investors may use the following e-mails:
InstitutionalsAmericas@arcelormittal.com
InstitutionalsEurope@arcelormittal.com
Socially Responsible Investors
The Investor Relations team is also a privileged source of information the growing Socially Responsible Investment community. The team organizes special events on ArcelorMittal's Corporate Responsibility strate
Credit and Fixed Income Investors
Credit, Fixed Income Investors and rating agency are followed by a dedicated team from Investor Relations (CreditFixedIncome@arcelormittal.com).
Contact information ArcelorMittal Investor Relations
ArcelorMittal
Investor Relations
19, avenue de la Libert
L-2930 Luxembourg
Dedicated Investor Relations teams are at the disposal of analysts and investors:
E-mail
InstitutionalsAmericas@arcelormittal.com
InstitutionalsEurope@arcelormittal.com
Telephone
+ 1 312 899 3569
+ 352 4792 2652
00800 4792 4792 (toll-free, from the EU and Switzerland)
+ 352 4792 2652
+ 44 203 214 2854
+ 33 1 7192 1026
PrivateInvestors@arcelormittal.com
SRI@arcelormittal.com
CreditFixedIncome@arcelormittal.com
To subscribe to ArcelorMittal releases and results, visit the subscription page.
the filings with the Netherlands Authority for the Financial Markets and the Securities and Exchange Commission
(SEC) made or to be made by ArcelorMittal including Mittal Steels Annual Report on Form 20-F filed with the SEC.
ArcelorMittal undertakes no obligation to publicly update its forward-looking statements, whether as a result of new
information, future events, or otherwise.
Page 1 of 14
64099794.xls
Model Guide
Terms of reference
These formulas used in the model have been provided as a start-up kit for analysts and they have flexibility
to modify or change these definitions to suit their methodology and comparability,etc.
The segmental information provided contain rounding differences from previous published information.
Definitions
Sales
Sales include steel and non-steel sales and related transportation costs
Average steel selling prices
Average steel selling prices are based on steel sales alone
Apparent steel selling prices
Apparent steel selling prices are sales divided by steel shipments
Steel products
steel products are to finished and semi-finished steel products and exclude direct reduced iron, or DRI;
Tonnes or MT
tonnes or MT are to metric tonnes and are used in measurements involving iron ore, iron ore pellets,
DRI, hot metal, coke, coal, pig iron and scrap (a metric tonne is equal to 1,000 kilograms or 2,204.62 pounds);
Crude steel
crude steel are to the first solid steel product upon solidification of liquid steel, including ingots from
conventional mills and semis (e.g., slab, billet and blooms) from continuous casters;
EBITDA
EBITDA is defined as operating income plus depreciation
Ebitda margin
Ebitda margin is defined as EBITDA divided by Sales
Operating margin
Operating margin is defined as Operating Income divided by Sales
Long-term contracts
Long-term contracts are defined as contracts entered into which are in excess of 12 months
Strategic contract
Strategic contract is defined as a contract that has business conditions better then open market in long-term
Operating income per tonne
Defined as operating income divided by steel shipments
Enterprise Value (EV)
Calculated as market capitalization plus net financial debt plus minority interest less investments/others
Invested Capital (IC)
Calculated as intangibles assets plus PPE plus inventory, trade accounts receivable and trade account payables
ROIC (%)
Calculated as operating income after tax divided by invested capital
RoE (%)
Calculated as net income divided by group share of shareholders equity
Market capitalization
Calculated as weighted average common shares outstanding multiplied by share price
Metric tonne
All shipments figures are provided in metric tonnes
Few suggestions for improving model

Production & Shipment
(i) Crude steel production data can be modeled for monitoring and estimation of internal inventory and productivity
(ii) Shipment by market (N. America, exports, S. America) can be modeled for monitoring and estimation of volume
and revenue
(iii) Growth/value added investment published in value plan and quarterly results can be added to model for monitoring
and estimation of volume and revenue growth
(iv) Macro-economic data and sector data (Automotive, construction) can be added to model for monitoring/ estimation
of demand and market share
Steel price and currency
(i) Future direction on prices can be modeled using steel prices published by external provider (SBB, MB, CRU, MEPS)
(ii) Currency (BRL, CAD) data can be added to model for monitoring and estimation of selling price and cost in USD
Sales & revenue
(i) Steel sales can be calculated by multiplying steel shipments by average steel price
(ii) Non steel sales can be calculated by making the difference between total sales and steel sales
Raw materials
(i) External sources of information on prices of iron ore, scrap, coal, gas, base metals and other raw materials data
can be added to model for monitoring and estimation of variable cost
Employee
(i) Employee data can be added to model for monitoring and estimation of productivity improvement and fixed costs
Synergy and management gain
(i) Synergies and management gains data can be estimated to measure the impact on cost reduction
CAPEX
(i) CAPEX data can be added to model for monitoring and estimation of growth and depreciation
Restatement of the segment figures of prior periods based on the 2008 GMB segment changes
Methodology used:
In each segment the contribution of the entities who changed segment where taken.
When leaving the scope the their contribution would be -/- and when entering the scope it would be +/+.
Based on this the delta of the changes by each segment where taken.
The delta of the changes would be added to the originally reported segment information to get the restated figures.
Assumption in the restatement is we will not take into account effect on intercompany eliminations
FCA
IN
FCE
LONG
OUT
Dofasco Pipes & Tubes

Canada Flat
IN
Annaba Flat
Skopje
Galati Long
OUT
Paul Wurth
IN
Annaba Long
Sonasid
Zenica
Canada Flat
Pipes & Tubes
OUT
Wire Solutions*
Galati Long
AACIS*** IN
OUT
Paul Wurth
Annaba
Skopje
Sonasid
Zenica
Pipes & Tubes
Stainless No change
AM3S
IN
Wire Solutions*
Other***
* Wire Solutions consists for ex-Mittal of Gandrange Wire drawing + TrefilEurope.

As data for Gandrange Wire drawing is missing for 2005 & 2006 we have taken based on the 2007 split 10% of full Gandrange contribution as Wire drawing
** Changes in the mining activity have not been reclassed (Tebessa, Prijedor)
*** Changes in the trading activity of Duba have not been reclassed
Name change
As from 1.1.10 AM3S changed name to Distribution Solutions
Restatement of the segment figures of prior periods based on the 2008 GMB segment changes
Methodology used:
In each segment the contribution of the entities who changed segment where taken.
When leaving the scope the their contribution would be -/- and when entering the scope it would be +/+.
Based on this the delta of the changes by each segment where taken.
The delta of the changes would be added to the originally reported segment information to get the restated figures.
Assumption in the restatement is we will not take into account effect on intercompany eliminations
Disclosure of Aperam in AM earnings release.

Following the shareholder approval undertaken on January 25, 2011 to spin off the Stainless steel business (Aperam) from ArcelorMittal, the results of the stainless steel operations will be shown as discontinued operations for all periods presented in press release.
The purpose of this note is to inform analyst of the financial disclosure with respect to the Aperam demerger in the fourth quarter 2010 results due on February 8th 2011.
Balance sheet
No change on BS for prior periods presented. Only adjustments to be made for the three months ended December 31, 2010.
Assets and liabilities related to Aperam entities are disclosed on separate line items i.e. assets respectively liabilities held for distribution and are carried at fair value less cost to sell
Profit and loss
The results of the stainless steel operations are shown as discontinued operations for all periods presented in this press release.
Prior period P&L analysis will be recasted excluding contributions of Aperam entities
Ebitda - contribution from Aperam entities to be excluded
Depreciation and amortization contribution from Aperam entities to be excluded
One separate line item in the P/L aggregating all results of discontinued operations related to Aperam and including an impairment loss of X corresponding to the measurement of the assets held for distribution at fair value less cost to sell
New appendix on EPS from continuing and discontinued operations shown in the Earnings release
Cashflow
Prior period Cashflow analysis will be recasted excluding contributions of Aperam entities line by line
Cash flows from discontinued operations related to Aperam entities are disclosed separately and aggregated into 3 lines (cashflow from operating, investing and financing activities)
Key Performance Indicators (KPI)
Current and prior period KPI analysis will be recasted excluding contributions of Aperam entities
Analyst model has been recast with quarterly prior period analysis from fourth quarter 2009. Further recast full year data will be available in the 2010 20F.
FLAT CARBON AMERICAS (FCA)

Steel Shipment (000t)
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
2005
2006
2007
2008
2009
Steel Shipment
7,603
7,398
6878
3931
3,644
3,481
4,162
4,834
5,271
5,346
4,979
5,432
28,259
29,960
26,862
25,810
16,121
Change
7.4%
-2.7%
-7.0%
-42.8%
-7.3%
-4.5%
19.6%
16.1%
9.0%
1.4%
-6.9%
9.1%
n/a
6.0%
-10.3%
-3.9%
-37.5%
Crude Steel Production (000t) 1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
2005
2006
2007
2008
2009
Crude Steel Production
7,980
7,685
7339
3472
3,499
3,332
4,323
5,402
5,679
5,854
5,932
5636
n/a
n/a
30,309
26,476
16,556
Change
3.0%
-3.7%
-4.5%
-52.7%
0.8%
-4.8%
29.7%
25.0%
5.1%
3.1%
1.3%
-5.0%
n/a
n/a
n/a
-12.6%
-37.5%
Selling price (USD/t)
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
2005
2006
2007
2008
2009
854
1,011
1,238
1,155
883
795
790
842
841
961
954
918
739
730
813
1,047
827
0.8%
18.4%
22.5%
-6.7%
-23.6%
-10.0%
-0.6%
6.6%
-0.1%
14.3%
-0.7%
-3.8%
n/a
-1.2%
11.3%
28.8%
-21.0%
Steel products & Other

Change
Steel products
Change
746
881
1103
1007
751
665
653
719
722
810
826
769
n/c
n/c
n/c
920
698
2.1%
18.1%
25.2%
-8.7%
-25.4%
-11.5%
-1.8%
10.1%
0.4%
12.2%
2.0%
-6.9%
n/a
n/a
n/a
n/a
-24.1%
P&L (USDm)
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
2005
2006
2007
2008
2009
Sales
6,491
7,480
8518
4542
3,218
2,766
3,287
4,069
4,431
5,135
4,750
4,985
20,895
21,878
21,839
27,031
13,340
Change
8.3%
15.2%
13.9%
-46.7%
-29.2%
-14.0%
18.8%
23.8%
8.9%
15.9%
-7.5%
4.9%
n/a
4.7%
-0.2%
23.8%
-50.6%
EBITDA
1,284
1,682
2435
433
87
176
332
524
574
1,075
771
541
3,632
3,593
4,104
5,834
1,119
Change
12.8%
31.0%
44.8%
-82.2%
-79.9%
102.3%
88.6%
57.8%
9.5%
87.3%
-28.3%
-29.8%
n/a
-1.1%
14.2%
42.2%
-80.8%
Depreciation and amortisation

Change
Operating income / loss
Change
404
245
249
330
259
318
249
344
248
256
250
163
982
984
940
1,228
1,170
68.3%
-39.4%
1.6%
32.5%
-21.5%
22.8%
-21.7%
38.2%
-27.9%
3.2%
-2.3%
-34.8%
n/a
0.2%
-4.5%
30.6%
-4.7%
880
1,437
640
-433
-664
-356
83
180
326
819
521
378
2,650
2,610
3,164
2,524
-757
-2.0%
63.3%
-55.5%
-167.7%
53.3%
-46.4%
-123.3%
116.9%
81.1%
151.2%
-36.4%
-27.4%
n/a
-1.5%
21.2%
-20.2%
-130.0%
1546
536
492
214
2082
706
Other operating expenses/exceptional

Margin and Ratio
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
2005
2006
2007
2008
2009
EBITDA Margin (%)
19.8%
22.5%
28.6%
9.5%
2.7%
6.4%
10.1%
12.9%
13.0%
20.9%
16.2%
10.9%
17.4%
16.4%
18.8%
21.6%
8.4%
Operating margin (%)
13.6%
19.2%
7.5%
-9.5%
-20.6%
-12.9%
2.5%
4.4%
7.4%
15.9%
11.0%
7.6%
12.7%
11.9%
14.5%
9.3%
-5.7%
685
784
884
1,045
859
744
710
733
732
759
799
818
611
610
660
821
758
Operating income per ton (USD/t) 116
194
93
-110
-182
-102
20
37
62
153
105
70
94
87
118
98
-47
Cash cost (USD/t)
Page 5 of 14
64099794.xls
FCA
FLAT CARBON EUROPE (FCE)

1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
2005
2006
2007
2008
2009
Steel Shipment
9,399
9,882
8211
6020
4,814
4,974
5,601
6,408
6,856
7,540
6,521
6,593
4Q10
30,709
33,111
35,641
33,512
21,797
Change
3.9%
5.1%
-16.9%
-26.7%
-20.0%
3.3%
12.6%
14.4%
7.0%
10.0%
-13.5%
1.1%
n/a
7.8%
7.6%
-6.0%
-35.0%
4Q10
2005
2006
Crude Steel Production (000t)
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
9,653
10,062
9476
5147
4,565
4,059
6,718
7,410
7,406
8,507
7,107
7,006
18.0%
4.2%
-5.8%
-45.7%
-11.3%
-11.1%
65.5%
10.3%
-0.1%
14.9%
-16.5%
-1.4%
n/a
3Q09
4Q09
1Q10
2Q10
Change

Change
Steel products
Change
1Q08
4Q08
1Q09
2Q09
#DIV/0!
2006
2007
2008
2009
38,397
34,338
22,752
#DIV/0!
-10.6%
-33.7%
2Q08
3Q08
3Q10
4Q10
2005
990
1,198
1,234
1,168
964
913
869
926
857
874
961
1,034
812
833
980
1,143
917
-3.1%
21.0%
3.0%
-5.4%
-17.4%
-5.4%
-4.8%
6.6%
-7.5%
2.0%
10.0%
7.6%
n/a
2.5%
17.7%
2007
16.6%
2008
-19.8%
2009
897
1,081
1125
956
838
797
759
807
757
776
855
907
n/c
n/c
n/c
1018
799
3.1%
20.5%
4.1%
-15.0%
-12.3%
-4.9%
-4.8%
6.3%
-6.2%
2.5%
10.2%
6.1%
n/a
n/a
n/a
n/a
-21.5%
P&L (USDm)
1Q08
2Q08
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
2005
2006
2007
2008
Sales
9,302
11,837
10132
7029
4,642
4,539
4,866
5,934
5,875
6,590
6,267
6,818
24,935
27,567
34,924
38,300
19,981
Change
0.7%
27.3%
-14.4%
3Q08
-30.6%
4Q08
-34.0%
1Q09
-2.2%
7.2%
21.9%
-1.0%
12.2%
-4.9%
4Q10
8.8%
n/a
10.6%
26.7%
9.7%
-47.8%
2009
EBITDA
1,525
2,146
1821
956
462
517
271
696
469
555
476
563
4,153
3,863
5,562
6,448
1,946
Change
21.2%
40.7%
-15.1%
-47.5%
-51.7%
11.9%
-47.6%
156.8%
-32.6%
18.3%
-14.2%
18.3%
n/a
-7.0%
44.0%
15.9%
-69.8%
974
380
468
562
323
316
439
427
370
338
372
400
1,046
1,415
1,924
1,505
Change
-8.2%
23.2%
9.8%
9.3%
-42.5%
-2.2%
38.9%
-2.7%
-13.3%
-8.6%
10.1%
7.5%
n/a
7.4%
35.3%
36.0%
-21.8%
1,145
1,678
1,307
-1,357
-184
-418
-168
269
99
217
104
163
3,179
2,817
4,147
2,773
-501
35.7%
46.6%
-22.1%
-203.8%
-86.4%
127.2%
-59.8%
-260.1%
-63.2%
119.2%
-52.1%
56.7%
n/a
-11.4%
47.2%
-33.1%
-118.1%
1751
323
619
1751
942
Change
514

Margin and Ratio
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
2005
2006
2007
2008
EBITDA Margin (%)
16.4%
18.1%
18.0%
13.6%
10.0%
11.4%
5.6%
11.7%
8.0%
8.4%
7.6%
8.3%
16.7%
14.0%
15.9%
16.8%
9.7%
12.3%
14.2%
12.9%
-19.3%
-4.0%
-9.2%
-3.5%
4.5%
1.7%
3.3%
1.7%
2.4%
12.7%
10.2%
11.9%
7.2%
-2.5%
Cash cost (USD/t)
827
981
1,012
1,009
868
809
820
817
789
800
888
949
677
716
824
950
827
Operating income per ton (USD/t)
122
170
159
-225
-38
-84
-30
42
14
29
16
25
104
85
116
83
-23
Page 6 of 14
2009
64099794.xls
FCE
LONG CARBON (LC)

1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
Steel Shipment
7,780
8,097
6687
4551
4,423
5,261
5,025
5,228
5,694
5,984
5,772
5,698
4Q10
2005
2006
2007
2008
2009
23,141
24,896
28,389
27,115
19,937
Change
9.6%
4.1%
-17.4%
-31.9%
-2.8%
18.9%
-4.5%
4.0%
8.9%
5.1%
-3.5%
-1.3%
n/a
7.6%
14.0%
-4.5%
-26.5%
4Q10
2005
2006
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
7,099
7,488
6871
3740
3,947
4,857
4,741
5,356
5,738
6,015
5,472
5,325
Change
6.5%
5.5%
-8.2%
-45.6%
5.5%
23.1%
-2.4%
13.0%
7.1%
4.8%
-9.0%
-2.7%
n/a
3Q09
4Q09
1Q10
2Q10
3Q10

Change
Steel products
Change
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
#DIV/0!
2006
2007
2008
2009
27,015
25,198
18,901
#DIV/0!
-6.7%
-25.0%
4Q10
2005
986
1,220
1,426
1,138
863
769
861
876
837
915
958
978
719
745
952
1,190
841
-5.9%
23.7%
16.9%
-20.2%
-24.2%
-10.9%
12.0%
1.7%
-4.4%
9.3%
4.6%
2.2%
n/a
3.6%
27.9%
2007
25.0%
2008
-29.3%
2009
886
1,083
1258
997
780
703
740
755
728
808
832
837
n/c
n/c
n/c
1055
743
10.9%
22.2%
16.2%
-20.7%
-21.8%
-9.9%
5.3%
2.0%
-3.6%
11.0%
3.0%
0.6%
n/a
n/a
n/a
n/a
-29.6%
P&L (USDm)
1Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
2005
2006
2007
2008
Sales
7,672
9,878
9538
5180
3,816
4,045
4,328
4,578
4,768
5,476
5,527
5,574
16,639
18,544
27,035
32,268
16,767
Change
3.1%
28.8%
2Q08
-3.4%
3Q08
-45.7%
4Q08
-26.3%
6.0%
7.0%
5.8%
4.2%
14.8%
0.9%
4Q10
0.9%
n/a
11.4%
45.8%
19.4%
-48.0%
2009
EBITDA
1,414
2,137
2258
869
268
327
589
482
485
704
633
343
2,604
3,558
5,074
6,678
1,666
Change
25.4%
51.1%
5.7%
-61.5%
-69.2%
22.0%
80.1%
-18.2%
0.6%
45.2%
-10.1%
-45.8%
n/a
36.6%
42.6%
31.6%
-75.1%

Change
Change
272
491
345
617
249
272
297
561
263
269
270
295
570
993
1,725
1,379
-33.0%
80.5%
-29.7%
78.8%
-59.6%
9.2%
9.2%
88.9%
-53.1%
2.3%
0.4%
9.3%
n/a
1.1%
74.2%
73.7%
-20.1%
1,142
1,646
1,760
-394
-191
-51
292
-79
222
435
363
48
2,040
2,988
4,081
4,154
-29
58.2%
44.1%
6.9%
-122.4%
-51.5%
-73.3%
-672.5%
-127.1%
-381.0%
95.9%
-16.6%
-86.8%
n/a
46.5%
36.6%
1.8%
-100.7%
153
646
210
106
799
316

Margin and Ratio
1Q09
564
1Q08
2Q08
3Q08
4Q08
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
2005
2006
2007
2008
EBITDA Margin (%)
18.4%
21.6%
23.7%
16.8%
7.0%
8.1%
13.6%
10.5%
10.2%
12.9%
11.5%
6.2%
15.6%
19.2%
18.8%
20.7%
9.9%
14.9%
16.7%
18.5%
-7.6%
-5.0%
-1.3%
6.7%
-1.7%
4.7%
7.9%
6.6%
0.9%
12.3%
16.1%
15.1%
12.9%
-0.2%
Cash cost (USD/t)
804
956
1,089
947
802
707
744
783
752
797
848
918
606
602
774
944
757
147
203
263
-87
-43
-10
58
-15
39
73
63
88
120
144
153
-1
Page 7 of 14
2009
64099794.xls
LC
ASIA, AFRICA & CIS (AACIS)

1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
2005
2006
2007
2008
2009
Steel Shipment
3,895
3,876
3335
2190
2,754
2,897
3,043
3,075
3,204
3,409
3,261
3,392
4Q10
18,680
20,309
16,351
13,296
11,769
Change
-6.4%
-0.5%
-14.0%
-34.3%
25.8%
5.2%
5.0%
1.1%
4.2%
6.4%
-4.3%
4.0%
n/a
8.7%
-19.5%
-18.7%
-11.5%
4Q10
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
2005
2006
2007
2008
2009
4,346
4,390
4258
2124
2,903
3,227
3,382
3,899
3,684
3,885
3,726
3,611
n/a
n/a
18,469
15,118
13,411
Change
-5.1%
1.0%
-3.0%
-50.1%
36.7%
11.2%
4.8%
15.3%
-5.5%
5.5%
-4.1%
-3.1%
n/a
n/a
n/a
-18.1%
-11.3%
2Q10
3Q10

Change
Steel products
Change
P&L (USDm)
Sales
Change
4Q10
2005
754
1,016
1,258
942
599
592
653
740
670
751
784
761
663
726
916
988
648
-22.2%
1Q08
34.8%
2Q08
23.8%
3Q08
-25.1%
4Q08
-36.4%
1Q09
-1.3%
2Q09
10.3%
3Q09
13.3%
4Q09
-9.3%
1Q10
12.0%
4.5%
-3.0%
n/a
9.5%
2006
26.1%
2007
7.9%
2008
-34.4%
2009
617
855
1070
638
482
474
514
550
557
624
630
621
n/c
n/c
n/c
804
506
-0.8%
38.6%
25.1%
-40.4%
-24.5%
-1.7%
8.4%
7.0%
1.3%
12.0%
1.0%
-1.4%
n/a
n/a
n/a
n/a
-37.1%
2Q08
3Q08
1Q09
2Q09
4Q09
1Q10
2Q10
3Q10
2005
2006
2007
2,936
3,938
4196
2063
1,651
1,715
1,987
2,274
2,148
2,560
2,558
2,582
12,387
14,745
14,971
13,133
7,627
-27.2%
1Q08
34.1%
6.6%
-50.8%
4Q08
-20.0%
3.9%
15.9%
3Q09
14.4%
-5.5%
19.2%
-0.1%
4Q10
0.9%
n/a
19.0%
1.5%
-12.3%
2008
-41.9%
2009
EBITDA
685
1,385
1635
280
184
273
235
310
275
483
360
281
3,210
3,103
3,333
3,985
1,002
Change
-14.2%
102.2%
18.1%
-82.9%
-34.3%
48.4%
-13.9%
31.9%
-11.3%
75.6%
-25.5%
-21.9%
n/a
-3.3%
7.4%
19.6%
-74.9%

Change
Change
130
146
148
130
135
139
143
142
145
152
158
376
463
489
549
547
-12.6%
125
4.0%
12.3%
1.4%
-12.2%
3.8%
3.0%
2.9%
-0.7%
2.1%
4.8%
3.9%
n/a
23.1%
5.6%
12.3%
-0.4%
560
1,255
1,489
-159
-18
20
96
167
133
338
208
124
2,834
2,640
2,844
3,145
265
-14.5%
124.1%
18.6%
-110.7%
-88.7%
-211.1%
380.0%
74.0%
-20.4%
154.1%
-38.5%
-40.4%
n/a
-6.8%
7.7%
10.6%
-91.6%
291
72
118
291
190

Margin and Ratio
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
2005
2006
2007
2008
2009
EBITDA Margin (%)
23.3%
35.2%
39.0%
13.6%
11.1%
15.9%
11.8%
13.6%
12.8%
18.9%
14.1%
10.9%
25.9%
21.0%
22.3%
30.3%
13.1%
19.1%
31.9%
35.5%
-7.7%
-1.1%
1.2%
4.8%
7.3%
6.2%
13.2%
8.1%
4.8%
22.9%
17.9%
19.0%
23.9%
3.5%
Cash cost (USD/t)
578
659
768
814
533
498
576
639
585
609
674
678
491
573
712
688
563
144
324
446
-73
-7
32
54
42
99
64
37
152
130
174
237
23
Page 8 of 14
64099794.xls
AACIS
Distribution Solutions (formerly known as Steel Soultions and Services)

1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
2005
2006
2007
2008
2009
Steel Shipment
5,497
5,690
4272
3684
3,874
4,546
4,207
4,167
4,353
4,602
4,467
4,751
13,687
14,306
16,478
19,143
16,794
Change
1.1%
3.5%
-24.9%
-13.8%
5.2%
17.3%
-7.5%
-1.0%
4.5%
5.7%
-2.9%
6.4%
n/a
4.5%
15.2%
16.2%
-12.3%
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
2005
2006
2007
2008
2009
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Change
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
1Q08
4Q10
2005
1,035
1,243
1,418
1,169
866
756
772
837
802
869
890
900
787
831
1,031
1,208
805
Change
3.4%
20.0%
2Q08
14.1%
-17.6%
-25.9%
-12.7%
2.1%
8.5%
-4.2%
8.3%
2.5%
1.1%
n/a
5.5%
24.1%
17.2%
-33.3%
2Q08
3Q08
3Q08
4Q08
4Q08
1Q09
2006
2007
2008
2009
P&L (USDm)
1Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
2005
2006
2007
2008
Sales
5,691
7,070
6059
4306
3,354
3,435
3,246
3,489
3,492
3,999
3,977
4,276
10,771
11,882
16,988
23,126
13,524
Change
4.6%
24.2%
-14.3%
-28.9%
-22.1%
2.4%
-5.5%
7.5%
0.1%
14.5%
-0.6%
7.5%
n/a
10.3%
43.0%
36.1%
-41.5%
2009
EBITDA
204
342
390
187
-19
-116
-1
39
57
187
126
87
408
563
712
1,124
-97
Change
4.1%
67.6%
14.0%
-52.1%
-110.2%
510.5%
-99.1%
-4000.0%
46.2%
228.1%
-32.6%
-31.0%
n/a
38.0%
26.5%
57.9%
-108.6%

Change
Change
47
57
47
50
46
62
59
189
53
45
44
151
92
97
154
201
356
4.4%
21.3%
-17.5%
6.4%
-8.0%
34.8%
-4.8%
220.3%
-72.0%
-15.1%
-2.2%
243.2%
n/a
5.4%
58.8%
30.5%
77.1%
157
285
343
-580
-170
-286
-60
230
142
82
-64
316
466
558
206
-286
4.0%
81.5%
20.4%
-269.1%
-70.7%
68.2%
-79.0%
-483.3%
-98.3% 3450.0%
-42.3%
-178.0%
n/a
47.5%
19.7%
-63.1%
-238.8%
717
105
108
-380
717
-167

Margin and Ratio
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
2005
2006
2007
2008
2009
EBITDA Margin (%)
3.6%
4.8%
6.4%
4.3%
-0.6%
-3.4%
0.0%
1.1%
1.6%
4.7%
3.2%
2.0%
3.8%
4.7%
4.2%
4.9%
-0.7%
2.8%
4.0%
5.7%
-13.5%
-5.1%
-8.3%
-1.8%
6.6%
0.1%
3.6%
2.1%
-1.5%
2.9%
3.9%
3.3%
0.9%
-2.1%
998
1,182
1,327
1,118
871
781
772
828
789
828
862
882
757
791
988
1,149
811
29
50
80
-157
-44
-63
-14
55
31
18
-13
23
33
34
11
-17
Cash cost (USD/t)

Page 9 of 14
64099794.xls
Distribution Solutions (AMDS)
Adjustment
Stainless Steel not recast for these periods
Recasted
Recasted
Shipment (000t)
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
2005
2006
2007
2008
2009
Steel Shipment FCA
7,603
7,398
6,878
3,931
3,644
3,481
4,162
4,834
5,271
5,346
4,979
5,432
28,259
29,960
26,862
25,810
16,121
Steel Shipment FCE
9,399
9,882
8,211
6,020
4,814
4,974
5,601
6,408
6,856
7,540
6,521
6,593
30,709
33,111
35,641
33,512
21,797
Steel Shipment LC
7,780
8,097
6,687
4,551
4,423
5,261
5,025
5,228
5,694
5,984
5,772
5,698
23,141
24,896
28,389
27,115
19,937
Steel Shipment AACIS
3,895
3,876
3,335
2,190
2,754
2,897
3,043
3,075
3,204
3,409
3,261
3,392
18,680
20,309
16,351
13,296
11,769
528
578
487
365
315
363
354
2,074
2,227
1,935
1,958
29,205
29,831
25,598
17,057
15,950
16,976
18,185
19,545
21,025
22,279
20,533
21,115
102,863
110,503
4.9%
2.1%
-14.2%
-33.4%
-6.5%
6.4%
7.1%
7.5%
7.6%
6.0%
-7.8%
2.8%
n/a
7.4%
Steel Shipment Stainless

Steel Shipment total
Change
109,178 101,691
-1.2%
-6.9%
69,624
-31.5%
Crude Steel (000t)
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
2005
2006
2007
2008
2009
Crude Steel Production FCA
7,980
7,685
7,339
3,472
3,499
3,332
4,323
5,402
5,679
5,854
5,932
5,636
n/a
n/a
30,309
26,476
16,556
Crude Steel Production FCE
9,653
10,062
9,476
5,147
4,565
4,059
6,718
7,410
7,406
8,507
7,107
7,006
38,397
34,338
22,752
Crude Steel Production LC
7,099
7,488
6,871
3,740
3,947
4,857
4,741
5,356
5,738
6,015
5,472
5,325
27,015
25,198
18,901
Crude Steel Production AACIS
4,346
4,390
4,258
2,124
2,903
3,227
3,382
3,899
3,684
3,885
3,726
3,611
n/a
n/a
18,469
15,118
13,411
656
656
509
376
317
387
460
n/a
n/a
2,225
2,197
29,734
30,281
28,453
14,859
15,231
15,862
19,624
22,067
22,507
24,261
22,237
21,578
7.2%
1.8%
-6.0%
-47.8%
2.5%
4.1%
23.7%
12.4%
2.0%
7.8%
-8.3%
-3.0%
n/a
#DIV/0!
Crude Steel Production Stainless

Crude Steel Productiont total
Change
2Q08
116,415 103,327
#DIV/0!
-11.2%
71,620
-30.7%
P&L (USDm)
1Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
2005
2006
2007
2008
2009
Sales FCA
6,491
7,480
8,518
4,542
3,218
2,766
3,287
4,069
4,431
5,135
4,750
4,985
20,895
21,878
21,839
27,031
13,340
Sales FCE
9,302
11,837
10,132
7,029
4,642
4,539
4,866
5,934
5,875
6,590
6,267
6,818
24,935
27,567
34,924
38,300
19,981
Sales LC
7,672
9,878
9,538
5,180
3,816
4,045
4,328
4,578
4,768
5,476
5,527
5,574
16,639
18,544
27,035
32,268
16,767
Sales AACIS
2,936
3,938
4,196
2,063
1,651
1,715
1,987
2,274
2,148
2,560
2,558
2,582
12,387
14,745
14,971
13,133
7,627
Sales Stainless
2,324
2,639
2,059
1,319
946
974
1,061
6,012
7,251
9,349
8,341
Sales AMDS
5,691
7,070
6,059
4,306
3,354
3,435
3,246
3,489
3,492
3,999
3,977
4,276
10,771
11,882
16,988
23,126
13,524
Sales Other & Elimination
-4607
-5002
-5,304
-2,350
-2,504
-2,298
-2,605
-2,910
-3,286
-3,606
-3,335
-3536
-11,468
-13,291
-19,889
-17,263
-10,218
Sales total
29,809
37,840
35,198
22,089
15,123
15,176
16,170
17,434
17,428
20,154
19,744
20,699
80,171
88,576
Change
6.5%
26.9%
-7.0%
-37.2%
-31.5%
0.4%
6.5%
7.8%
0.0%
15.6%
-2.0%
4.8%
n/a
10.5%
18.8%
18.7%
-51.2%
EBITDA FCA
1,284
1,682
2,435
433
87
176
332
524
574
1,075
771
541
3,632
3,593
4,104
5,834
1,119
EBITDA FCE
1,525
2,146
1,821
956
462
517
271
696
469
555
476
563
4,153
3,863
5,562
6,448
1,946
EBITDA LC
1,414
2,137
2,258
869
268
327
589
482
485
704
633
343
2,604
3,558
5,074
6,678
1,666
EBITDA AACIS
685
1,385
1,635
280
184
273
235
310
275
483
360
281
3,210
3,103
3,333
3,985
1,002
EBITDA Stainless
259
390
249
36
-5
17
133
595
938
1,151
934
EBITDA AMDS
105,217 124,936
61,021
204
342
390
187
-19
-116
-1
39
57
187
126
87
408
563
712
1,124
-327
-36
-208
47
-94
27
30
-160
-195
-204
38
357
-346
-534
-524
-36
EBITDA total
5,044
8,046
8,580
2,808
883
1,221
1,589
2,056
1,700
2,809
2,162
1,853
14,959
15,272
19,402
24,479
5,600
Change
4.1%
59.5%
6.6%
-67.3%
-68.6%
38.3%
30.1%
29.4%
-17.3%
65.2%
-23.1%
-14.3%
n/a
2.1%
27.0%
26.2%
-77.1%
Depreciation & impairment FCA
404
245
249
330
259
318
249
344
248
256
250
163
982
984
940
1,228
1,170
Depreciation & impairment FCE
380
468
514
562
323
316
439
427
370
338
372
400
974
1,046
1,415
1,924
1,505
Depreciation & impairment LC
272
491
345
617
249
272
297
561
263
269
270
295
564
570
993
1,725
1,379
Depreciation & impairment AACIS
125
130
146
148
130
135
139
143
142
145
152
158
376
463
489
549
547
Depreciation & impairment Stainless
93
82
93
75
66
78
82
166
207
275
343
Depreciation & impairment AMDS
47
57
47
50
46
62
59
189
53
45
44
151
92
97
154
201
Depreciation & impairment Other & Elimination 109
-48
20
49
45
47
19
59
48
153
46
289
157
81
305
130
169
EBITDA Other & Elimination
-97
356
Depreciation & impairmen total
1,430
1,425
1,414
1,831
1,118
1,228
1,284
1,723
1,124
1,206
1,134
1,456
3,311
3,448
4,571
6,100
5,126
Change
-8.2%
-0.3%
-0.8%
29.5%
-38.9%
9.8%
4.6%
34.2%
-34.8%
7.3%
-6.0%
28.4%
n/a
4.1%
32.6%
33.5%
-16.0%
Operating income FCA
880
1,437
640
-433
-664
-356
83
180
326
819
521
378
2,650
2,609
3,164
2,524
-757
Operating income FCE
1,145
1,678
1,307
-1,357
-184
-418
-168
269
99
217
104
163
3,179
2,817
4,147
2,773
-501
Operating income LC
1,142
1,646
1,760
-394
-191
-51
292
-79
222
435
363
48
2,040
2,988
4,081
4,154
-29
Operating income AACIS
560
1,255
1,489
-159
-18
20
96
167
133
338
208
123
2,834
2,640
2,844
3,145
265
Operating income Stainless
166
308
156
-247
-169
-64
51
429
731
876
383
Operating income AMDS
157
285
343
-580
-170
-286
-60
230
142
82
-64
316
466
558
206
-436
12
-228
-296
-87
-29
11
-54
-208
-348
-250
-251
200
-427
-839
-948
-162
Operating income
3,614
6,621
5,467
-3,466
-1,483
-1,184
305
713
576
1,603
1,028
397
11,648
11,824
14,831
12,237
-1,470
Change
9.8%
83.2%
-17.4%
-163.4%
-57.2%
-20.2% -125.8%
133.8%
-19.2%
178.3%
-35.9%
-61.4%
n/a
1.5%
25.4%
-17.5% -112.0%
other operating expenses FCA
1546
536
492
214
2082
706
other operating expenses FCE
1751
323
619
1751
942
other operating expenses LC
153
646
210
106
799
316
other operating expenses AACIS
291
72
118
291
190
other operating expenses Stainless
208
98
208
other operating expenses AMDS
717
105
108
-380
717
other operating expenses Other & Elimination
294
-52
294
-43
Other operating expenses
1699
4443
1248
1177
-380
6142
1944
Operating income Other & Elimination
Margin and Ratio
4Q08
1Q09
-286
-167
1Q08
2Q08
3Q08
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
2005
2006
2007
2008
EBITDA Margin (%)
16.9%
21.3%
24.4%
12.7%
5.8%
8.0%
9.8%
11.8%
9.8%
13.9%
10.9%
9.0%
18.7%
17.2%
18.4%
19.6%
9.2%
12.1%
17.5%
15.5%
-15.7%
-9.8%
-7.8%
1.9%
4.1%
3.3%
8.0%
5.2%
1.9%
14.5%
13.3%
14.1%
9.8%
-2.4%
2009
Cash cost (USD/t)
848
999
1,040
1,130
893
822
802
787
748
779
856
893
634
663
786
988
796
Operating margin (USD/t)
124
222
214
-203
-93
-70
17
36
27
72
50
19
113
107
136
120
-21
Notes
Recast data
Following the shareholder approval undertaken on January 25, 2011 to spin off the Stainless steel business (Aperam) from ArcelorMittal, the results of the stainless steel operations will be shown as discontinued operations for all periods presented in pres
Page 10 of 14
64099794.xls
Adjustment
CONSOLIDATED STATEMENTS OF INCOME

(USDm)
Sales
EBITDA
- EBITDA margin %
Depreciation and impairment
- Operating margin %
HFS
Recasted
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
2005
2006
2007
2008
2009
2010
29,809
37,840
35,198
22,089
15,123
15,176
16,170
17,434
17,428
20,154
19,744
20,699
80,171
88,576
105,217
124,936
61,021
78,025
5,044
8,046
8,580
2,808
883
1,221
1,589
2,056
1,700
2,809
2,162
1,853
14,959
15,272
19,402
24,479
5,600
8,525
16.9%
21.3%
24.4%
12.7%
5.8%
8.0%
9.8%
11.8%
9.8%
13.9%
10.9%
9.0%
18.7%
17.2%
18.4%
19.6%
9.2%
10.9%
1,430
1,425
1,414
1,831
1,118
1,228
1,284
1,723
1,124
1,206
1,134
1,456
3,311
3,448
4,571
6,100
5,126
4,920
1,699
4,443
1,248
1,177
-380
6,142
1,944
Other operating expenses

Operating Income (loss)
HFS
Recasted
3,614
6,621
5,467
-3,466
-1,483
-1,184
305
713
576
1,603
1,028
397
11,648
11,824
14,831
12,237
-1,470
3,605
12.1%
17.5%
15.5%
-15.7%
-9.8%
-7.8%
1.9%
4.1%
3.3%
8.0%
5.2%
1.9%
14.5%
9.8%
-2.4%
4.6%
329
552
386
386
-153
11
99
100
94
176
107
74
Other income (expense) - net

Income from equity method investments
Income from equity method investments and other
Financing income (costs) - net
Income before taxes and non-controlling interest
Income tax expense
13.3%
14.1%
329
50
127
429
569
858
1653
56
451
329
552
386
386
-153
11
99
100
94
176
107
74
758
619
985
1653
56
451
-736
-49
-923
-644
-585
-920
-385
-913
-404
-215
-383
-1200
-1,257
-1,328
-927
-2352
-2847
-2200
3,207
7,124
4,930
-3,724
-2,221
-2,093
19
-100
266
1,564
752
-729
11,149
11,115
14,889
11,538
-4,261
1,856
596
933
695
-1126
-1,088
-1,239
-899
-1243
-361
-92
-576
-450
1,403
1,654
1098
-4432
-1479
18.6%
13.1%
14.1%
30.2%
49.0%
59.2%
-4731.6%
1243.0%
-135.7%
-5.9%
-76.6%
61.7%
12.6%
14.9%
20.4%
9.5%
104.0%
-79.7%
Income from continuing operations including minority interest

2,611
6,191
4,235
-2,598
-1,133
-854
918
1,143
628
1,656
1,328
-279
9,746
9,461
11,851
10,440
171
3,336
40
52
128
38
-547
-57
-330
2,611
6,191
4,235
-2,598
-1,133
-854
918
1,069
588
1,576
1,312
-233
-9,746
-9,461
-11,851
-10,440
214
3,247
240
352
414
34
-70
-62
15
74
40
80
16
-46
1,483
1,488
1,482
1040
-43
89
2,371
5,839
3,821
-2,632
-1,063
-792
903
1,109
640
1,704
1,350
-780
8,263
7,973
10,369
9,400
157
2,916
1,403
1,390
Diluted weighted average common shares outstanding (in millions)

1,403
- Apparent tax rate %

Discontinued operations
Income (loss) from continuing operation
Non controlling interest
Net income (loss) attributable to owners of the parent
3,038
Discontinued operations
Weighted average common shares outstanding (in millions)
1,371
1,365
1,366
1,395
1,508
1,509
1,510
1,510
1,510
1,515
1,383
1,383
1,399
1383
1,394
1,375
1,365
1,367
1,396
1,597
1,537
1,573
1,599
1,537
1,516
1,385
1,385
1,401
1386
1446
1574
Basic earnings per common share (USD)
2.58
4.76
3.99
-2.54
-1.09
-0.85
0.20
0.03
0.03
0.08
0.03
-0.36
8.42
8.55
10.60
8.85
-0.04
1445
-0.22
1512
Diluted earnings per common share (USD)
2.58
4.75
3.98
-2.54
-1.08
-0.85
0.22
0.01
-0.05
-0.24
0.03
-0.36
8.41
8.54
10.59
8.83
-0.04
-0.21
1,403
1,390

1,403
Continued operations
1,371
1,365
1,366
1,395
1,508
1,509
1,510
1,510
1,510
1,515
1,383
1,383
1,399
1383
1445
1512
1,394
1,375
1,365
1,367
1,396
1,597
1,537
1,573
1,599
1,537
1,516
1,385
1,385
1,401
1386
1446
1574
0.42
0.67
0.51
-0.82
-0.80
-0.89
-0.60
0.71
0.39
1.04
0.87
-0.15
1.01
1.20
2.17
0.79
0.15
2.15
0.42
0.67
0.51
-0.82
-0.80
-0.89
-0.53
0.68
0.30
0.67
0.86
-0.15
1.01
1.19
2.17
0.79
0.15
1.92
1,403
1,390
1,371
1,365
1,366
1,395
1,508
1,509
1,510
1,510
1,510
1,515
1,383
1,383
1,399
1383
1445
1512

1,403
1,394
1,375
1,365
1,367
1,396
1,597
1,537
1,573
1,599
1,537
1,516
1,385
1,385
1,401
1386
1446
1574
4.20
2.79
-1.93
-0.78
-0.57
0.60
0.73
0.42
1.13
0.89
-0.51
5.97
5.77
7.41
6.80
0.11
Total EPS
Base Dividend per share (USD)
1.69
1.93
1.69
4.19
2.78
-1.93
-0.78
-0.57
0.60
0.70
0.33
0.75
0.89
-0.51
5.97
5.76
7.40
6.78
0.11
1.71
0.325
0.325
0.325
0.325
0.1875
0.1875
0.1875
0.1875
0.1875
0.1875
0.1875
0.1875
N/A
N/A
1.30
1.30
0.75
0.1875
Page 11 of 14
64099794.xls
P&L
CASH FLOW STATEMENT

Recasted
(USDm)
2006
2007
2008
2009
2010
Net Income
7,973
10,369
9,400
214
3,246
Minority interest
1,488
1,482
1,040
-43
89
Depreciation
3,448
4,571
6,100
5,126
4,920
-2,624
112
-1,888
1,721
-4,485
260
245
Net cash provided by operating activities
10,285
16,534
14,652
7,278
4,015
Purchase of property, plant and equipment (CAPEX)
-4,638
-5,448
-5,531
-2,669
-3,308
-137
-6,256
-6,897
-10
-29
-105
-101
Net Cash used in investing activities
-4,775
-11,704
-12,428
-2,784
-3,438
Dividends paid
-2,480
-2,269
-2,576
-1,334
-1,257
-718
1,435
4,873
-8,571
1,992
-2,604
-4,440
-234
Other and change in working capital net of effects from acquisition

Net cash (used in) provided by operating activities - Discontinued operations
Other investing activity

Net cash used in investing activities - Discontinued operations
Proceed (payments) from payable to banks and long term debt

Share buyback
Other financing activities
Net cash (used in) provided by financing activities - Discontinued operations
-32
-48
-3,198
-3,438
-2,143
-10,171
687
207
655
-365
4,020
-853
Change in cash and cash equivalent
2,519
2,047
-284
-1,657
288
Free cash-flow (based on maintenance and growth CAPEX)
5,647
11,086
9,121
4,609
707
Net cash (used in) provided by financing activities

Effect of exchange rate changes on cash & Other financing activities
Transferred to held for sale
-123
Comments and additional information on cash-flow

Other and change in working capital net of effects from acquisition
(i) Working capital change to evolve with change in turnover and cost of good sold (excludin
(ii) Working capital requirement in % of sales and cost of good sold to be progressively redu
working capital optimization
Purchase of property, plant and equipment (CAPEX)
(i) In 2010 CAPEX to be approx USD 4.0 bn with USD 0.5 bn for growth and USD 3.5 bn fo
(i) In 2011 CAPEX to be approx USD 5.0 bn with USD 1.0 bn for growth and USD 4.0 bn fo
Other investing activity
(i) Resulting from acquisition and share buy-back
Dividends paid
(i) Base dividend per share of USD 1.30 in 2007; USD 1.50 in 2008; USD 0.75 in 2009; USD
Potential improvement for advanced model (using fact book, investor day presentations and quarterly earning release)
Cash flow statement
(i) Quarterly cash-flow statement can be added to model for improving monitoring and estim
Proceed (payments) from payable to banks and long term debt
(i) Information about group financing initiative can be added to model for monitoring and est
in long term financial debt and cash
Page 12 of 14
64099794.xls
CashFlow
BALANCE SHEET
Recasted
W1
(USDm)
HFS
2006
2007
2008
2009
2010
2010
Non current assets
72,804
88,297
88,674
94,890
92,969
88,229
Intangible asset
10,782
15,031
16,119
17,034
15,733
14,373
Property, plant and equipment
54,696
61,994
60,755
60,385
57,392
54,344
7,326
11,272
11,800
17,471
19,844
19,512
Current assets & working capital
28,645
31,337
33,913
22,131
23,910
29,419
Inventories, trade receivables & trade payable
17,290
17,292
20,977
11,909
13,190
12,052
Other assets
5,209
5,940
5,349
4,213
4,308
4,160
Cash & cash equivalents
6,146
8,105
7,587
6,009
6,412
6,289
Investment & Other
Assets held for distribution
6,918
Shareholders' equity
50,191
61,535
59,230
65,398
66,100
66,100
Group share
42,127
56,685
55,198
61,045
62,430
62,430
Non-controlling interest
8,064
4,850
4,032
4,353
3,670
3,670
Non current liabilities
37,415
39,881
43,098
38,769
34,866
34,081
Interest bearing liabilities
21,645
22,085
25,667
20,677
19,413
19,292
Provision and other
15,770
17,796
17,431
18,092
15,453
14,789
Current liabilities (excluding trade payable)
13,843
18,218
20,259
12,854
15,913
17,467
Interest bearing liabilities
4,922
8,542
8,409
4,135
6,783
6,716
Other
8,921
9,676
11,850
8,719
9,130
8,714
Liabilities held for distribution
2,037
Invested Capital (Intang assets+PPE+OWC)
82,768
94,317
97,851
89,328
86,315
80,769
Net financial debt
20,421
22,522
26,489
18,803
19,784
19,719
Comments and additional information on balance sheet

Non Current Asset
(i) Intangible asset to remain stable expect acquisition and impairment test
(ii) Property, plant and equipment to increase with CAPEX and acquisition (consolidated) but decrease with
depreciation
(iii) Investments to increase with acquisition
(iv) includes assets held for sale following Aperam demerger on 25th January 2011. Adjustment in 2010 only
Current assets & working capital
(i) Inventories, trade receivables & trade payable (WCR) to evolve with change of turnover and cost of good sold
(as reported in cash-flow statement)
(ii) Cash & cash equivalent to evolve according to cash-flow statement and to remain balanced with gross debt
(cost optimization versus liquidity)
Shareholders' equity
(i) Group share to increase with net earning & capital increase and to be reduced by dividend & capital reduction
(ii) Minority interests to increase with net earning and increasing value of consolidated asset not fully owned
Non current liabilities
(i) Interest bearing liabilities to evolve according to cash-flow statement and to remain balanced with gross debt
(cost optimization versus liquidity)
(ii) Provision and other mainly related to pension and employee benefit to evolve with number of employee
and average age and performance of assets at defined benefit plans
(iv) includes liabilities held for sale following Aperam demerger on 25th January 2011. Adjustment in 2010 only
Potential improvement for advanced model (using fact book, investor day presentations and quarterly earning release)
Balance sheet
(i) Quarterly balance sheet can be added to model for improving monitoring and estimation
(ii) Balance sheet model can be significantly more detailed for improving monitoring and estimation
Inventories, trade receivables & trade payable
(i) Inventories, trade receivables & trade payable can be details for improving monitoring and estimation
Provision & Other
(i) Pension and employee benefits provisions can be significantly more detailed for improving monitoring and
estimation
Page 13 of 14
64099794.xls
Balance Sheet
FINANCIAL AND MARKET RATIO

2006
2007
2008
2009
2010
EBITDA Margin (%)
17.2%
18.4%
19.6%
9.2%
10.9%
13.3%
14.1%
9.8%
-2.4%
4.6%
9.0%
9.9%
7.5%
0.3%
3.7%
Financial ratios
Net margin (%)

Cash-flow from operation margin (%)
11.6%
15.7%
11.7%
11.9%
5.1%
Cash cost (USD/t)
663
786
988
796
818
Operating margin (USD/t)
107
136
120
-21
42
Turnover / Invested capital (x)
1.07
1.12
1.28
0.68
0.90
ROIC (Operating income / Invested capital) (%)
14.3%
15.7%
12.5%
-1.6%
4.2%
ROIC post tax (%)
12.2%
12.5%
11.3%
0.1%
7.5%
RoE (%)
18.9%
18.3%
17.0%
0.3%
4.7%
41%
37%
45%
29%
30%
1.3
1.2
1.1
3.4
2.3
29%
18%
50%
27%
35%
2010E
Gearing (%)
Net Debt / EBITDA (x)
Net Debt / EV (%)
Market ratios
2006
2007
2008
2009E
Average and recent price (USD/share)
35.45
77.35
24.59
45.00
35.00
Market capitalization (USDm)
49,027
108,213
34,008
65,025
52,920
Enterprise Value (USDm)
70,186
124,313
52,729
70,710
56,530
30.42
40.46
39.83
42.22
39.66
EPS reported (USD)
5.77
7.41
6.80
0.11
1.93
EPS diluted (USD)
5.76
7.40
6.78
0.11
1.71
Cash-flow from operation per share (USD)
7.43
11.80
10.57
5.03
2.55
Base dividend (USD)
n/a
1.30
1.30
0.75
0.19
Base dividend payout on n-1 (%)
n/a
23%
18%
11%
170%
1.17
1.91
0.62
1.07
0.88
6.2
10.5
3.6
409.1
20.5
Book value par share (USD)
P/BV (x)
P/E (x)
P/CFPS (x)
4.8
6.6
2.3
8.9
13.7
EV/Sales (x)
0.79
1.18
0.42
1.16
0.72
EV/IC (x)
0.85
1.32
0.54
0.79
0.65
EV/EBITDA (x)
4.60
6.41
2.15
12.63
6.63
n/a
1.7%
5.3%
1.7%
0.5%
Net yield (%)
Potential improvement for advanced model

Valuation model
(i) Other multiples can be added to model (EV/EBIT, REP, EVA, MVA)
(ii) Other valuation methodology can be added to model (DCF)
Page 14 of 14
64099794.xls
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128 35 1 Arcelormittal Model Q410

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Introduction to the ArcelorMittal simplified model

How to build the ArcelorMittal simplified model

Average steel selling prices

Average steel selling prices are based on steel sales alone

Apparent steel selling prices

Apparent steel selling prices are sales divided by steel shipments

EBITDA is defined as operating income plus depreciation

Ebitda margin is defined as EBITDA divided by Sales

Operating margin is defined as Operating Income divided by Sales

Operating income per tonne

Defined as operating income divided by steel shipments

Enterprise Value (EV)

Invested Capital (IC)

Calculated as operating income after tax divided by invested capital

Calculated as net income divided by group share of shareholders equity

Calculated as weighted average common shares outstanding multiplied by share price

All shipments figures are provided in metric tonnes

Few suggestions for improving model

Steel price and currency

Sales & revenue

Synergy and management gain

Dofasco Pipes & Tubes

* Wire Solutions consists for ex-Mittal of Gandrange Wire drawing + TrefilEurope.

Disclosure of Aperam in AM earnings release.

FLAT CARBON AMERICAS (FCA)

Crude Steel Production (000t) 1Q08

Crude Steel Production

Selling price (USD/t)

Steel products & Other

Depreciation and amortisation

Other operating expenses/exceptional

EBITDA Margin (%)

Operating margin (%)

Operating income per ton (USD/t) 116

Cash cost (USD/t)

FLAT CARBON EUROPE (FCE)

Crude Steel Production (000t)

Crude Steel Production

Selling price (USD/t)

Depreciation and amortisation

Operating income / loss

Other operating expenses/exceptional

EBITDA Margin (%)

Operating margin (%)

Cash cost (USD/t)

Operating income per ton (USD/t)

LONG CARBON (LC)

Crude Steel Production (000t)

Crude Steel Production

Selling price (USD/t)

Depreciation and amortisation

Other operating expenses/exceptional

EBITDA Margin (%)

Operating margin (%)

Cash cost (USD/t)

Operating income per ton (USD/t)

ASIA, AFRICA & CIS (AACIS)

Crude Steel Production (000t)

Crude Steel Production

Selling price (USD/t)

Depreciation and amortisation

Other operating expenses/exceptional

EBITDA Margin (%)

Operating margin (%)