Growth plan 2012
Aditya Mittal – Chief Financial Officer and member of GMB
11-13 September 2007 – Investor day – Paris

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1

Agenda
• Growth plan highlight and methodology
• Growth plan targets by division
• CAPEX and financing
• Greenfield and M&A update
• Conclusion
2

Growth plan highlight and
methodology
3

Growth plan 2012 within ArcelorMittal
three dimensional growth strategy
3D and key pillars growth
Targeted
strategy Brownfield Greenfield
acquisition
Geography
Growth
plan 2012 Greenfield
and M&A
growth
Products
Product Value added mix
improvement growth
and value chain
Value Chain
growth
Value Chain
Internal growth plan 2012 is only one part of group growth strategy
4

Growth plan 2012 highlight
Shipments target in million tonnes* Comments about Growth plan
140
• Investment projects approved (15mt)
130 5
– Projects approved by investment allocation
committee, by group management board and
120
15 by board of directors
110
• Investment project options (5mt)
131
– Projects still under internal study
100
111
103 • Shipments to be proactively adjusted to
90
economic condition when required
80
2005 2006 Projects Projects Grow th plan
approved under study 2012
Approximately 75% of volume of the growth plan 2012 already done or approved for a
potential investment of USD 7bn over 6 years
*Growth plan 2012 adjusted with European long products remedies, Sparrows Points disposal and Sicartsa acquisition -
5
Growth plan 2012 confirmed the Value Plan 2008

Methodology and criteria used to assess
initiatives
Project is strongly supported by market demand, including likely
1. Market demand
behaviour of competitors
Market 2. Value addition in
Project is focused on increased production of value-added products
product mix
Project minimises logistical costs in the delivery chain to customer;
3. Flow to market
logistical infrastructure is adequate in the delivery chain
4. Asset utilisation and Project requires minimal capex; or project is focused on assets that
performance are at or close to benchmark levels of utilisation, productivity, yield etc
Industrial 5. Cost leadership Project is being implemented in a plant that is a cost leader
Project eliminates bottlenecks and optimises production flows;
6. Balanced local flows
logistical infrastructure is adequate in the production chain
Internal capability
Adequate human resources with right skill set (e.g. project
7. Deliverability
management) have/will be provided for this project
Costs required to ensure project fully complies with environmental
Environmental 8. Environmental
requirements now and in the future are minimal; no significant hurdles
issues
for environmental approvals
Investment decision focus on high return projects
6

Growth plan targets by division
7

Growth plan 2012 by division
Shipments breakdown by segment in 2006 and in 2012 as projected in growth plan (mt)
Flat Carbon Europe
Long Carbon****
37 37
33
2006 2012P* 2012P**
30
27
25
Flat Carbon Am ericas***
Asia, Africa & CIS
2006 2012P* 2012P**
32
31
27
30
29
Stainless 20
2006 2012P* 2012P**
2006 2012P* 2012P**
2.4
2.2 2.2
2006 2012P* 2012P**
Growth projects focus on high growth market and low cost area
*Include only projects done or approved
**Include projects done, approved and under study
8
***Include Sparrow Points disposal (30mt of shipments in 2006 including Sparrow Points)
****Include European long products remedies and Sicartsa acquisition

Flat Carbon Americas growth plan 2012
Shipments target in million tonnes* Main projects already done or approved
Sparrows Point • Tubarao (Brazil)
– Heat Recovery Coke Batteries with a capacity of 1.5mt
of coke and power generation of 170 mw
32
31 – Slab capacity increase from 5mt to 7.5mt
27
– Hot strip mill expansion from 2.5mt to 4mt
• Lazaro (Mexico)
– CO2 absorption system to increase DRI production by
2006 2012 Projects done 2012 Projects
270,000t (module 1)
or approved under study
CAPEX for projects done,
• US
approved or understudy
– Includes 1mt volume recovery relative to production
adjustment to market in 2006
USD 0.5bn
Approximately 80% of projects of the growth plan 2012 already done or approved
*2012 includes Sparrows Point disposal
9

Flat Carbon Europe growth plan 2012
Main projects already done or approved
Shipments target in million tonnes
• Krakow (Poland)
– New Hot Strip mill leading to quality and yield
improvements and additional capacity of
300,000t
– 2nd phase Hot Strip mill linked to Dabrowa
37 37
33
Gornica new continuous caster no.3 adding
1.7mt
• Liege (Belgium)
– Restart of blast furnace no.6 of 1.2mt leading to
2006 2012 Projects done 2012 Projects a 2.7mt capacity
or approved under study
• Bremen (Germany)
– Slab expansion of 500,000t for line pipe
CAPEX for projects done,
• Aviles (Spain)
approved or understudy
– Plate expansion of 200,000t
USD 0.3bn
Approximately 100% of projects of the growth plan 2012 already done or approved
10

Long Carbon growth plan 2012
Shipments target in million tonnes* Main projects already done or approved
• Long carbon Americas
– Acindar (Argentina) steel capacity increase by 300,000t
– Turnaround program at Point Lisas (Trinidad), Sicartsa
(Mexico), Indiana Harbor (US) and Georgetown (US)
30
resulting in 0.4mt additional volume
27
25
– Continuous improvement in Steelton (USA), Juiz de Fora
(Brazil) and other South American to contribute for
approximately 0.4mt additional volume
2006 2012 Projects done 2012 Projects
• Long carbon Europe
or approved under study
– Zagora (Spain) plant relocation adding 400,000t capacity
CAPEX for projects – Duisburg (Germany) contract for 200,000t additional hot
done or approved metal
– Differdange (Luxembourg) Revamping EAF adding 160,000t
– Hunedoara (Romania) Improved EAF adding 130,000t
USD 1.4bn
– Rodange (Luxembourg) mill revamping adding 300,000t of
sheet piles
Approximately 40% of projects of the growth plan 2012 already done or approved
*2012 include European long products remedies and acquisition of Sicartsa
11

Africa, Asia & CIS growth plan 2012
Main projects already done or approved
Shipments target in million tonnes*
• Africa
– Vanderbijlpark (South Africa) DRI increase of 350,000t
– Turnaround program at Annaba (Algeria) resulting in
400,000t additional volume
30
29 – Continuous improvement in various South African plants to
contribute approximately 0.5mt additional volume
20
• Asia & CIS
– Kryviy Rih (Ukraine) liquid steel capacity to increase to
12mt including flats products
2006 2012 Projects done 2012 Projects
– Temirtau (Kazakhstan) productivity and bar mills projects
or approved under study
resulting in 1.2mt increase
CAPEX for projects – Zenica (Bosnia) restarting 1mt integrated route
done or approved • Pipes & Tubes
– Saudi Arabia (Asia) Greenfield project of 500,000t
– Various organic growth projects resulting in 300,000t
USD 4.2bn volume increase
Approximately 85% of projects of the growth plan 2012 already approved
*Includes Pipes & Tubes projects
12

CAPEX and financing
13

A net debt well under control supported
by a high free cash-flow generation
Net debt on EBITDA annualized Free cash-flow* / EBITDA 2006 (%)
2.5
60%
50%
2
40%
1.8
1.5
30%
1.6 1.2 1.2
1.3 1.1
1 20%
10%
0.5
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USD 23.2 billion of net debt at end of Q2 2007
Source: Exane BNP Paribas – Arcelor Mittal
*To facilitate comparisons on this slide, free cash-flow is defined as proforma cash-flow from operations minus total CAPEX 14

Growth plan fully financed by cash-flow
allowing debt reduction and M&A
EBITDA, cash-flow from operating activity and free cash-flow CAPEX program estimates related to
in H1 2007 (USD billion) growth plan 2012
Financial charge,
tax, change in
3.3
w orking capital
4.7-5.0
Maintenance
1.2 4.6
CAPEX
4.1
9.7 Grow th CAPEX
1.1
Dividend
6.4 1.9 G ro w t h
Debt reduction
2.2 and acquistions
M ai nt enance
EBITDA Cash flow from Free cash-flow
operating allocation
activities 2005 2006 2007 2008 2009 2010
EBITDA 14.9 15.3 Increase
Maintenance CAPEX to represent USD 2.5bn in 2007
CAPEX to grow with underlying EBITDA growth of the group
15

Greenfield and M&A update
16

M&A and 3 dimensional growth
strategy
Requirement for low risk and value creative M&A growth strategy:
Geography
- Leadership and global reach for maximising opportunities
Product
- Price sensitive approach
- Experience and integration know-how to deliver synergies
Value Chain
Market position by region
No 1 in Eastern
No 1 in
A unique global and No 1 in Europe and CIS
Western Europe
North America
industrial intelligence
network multiplying number
of opportunities
Extremely large number of
No 1 in Strategic presence
opportunities allow high level No 1 in Africa
South America in Asia
of selectivity and reduce risks
M&A to remain a key pillar of growth strategy
17

Earning accretive acquisition of
Arcelor Brasil minority interests
ArcelorMittal industrial position in South America
• Leading producer in South America with 10.1mt of production
in 2006; Arcelor Brasil is one of the most competitive producers
in the world with an EBITDA margin of 32.2% in 2006
• Acquisition for USD 4.2bn and 27 million shares elevating
ArcelorMittal stake to 97.85%
• Transaction allowing to simplify structure, to optimize
debt/cash-flow, to potential gain on tax and to increase
exposure to growing South American market
Brazil finished steel
consumption (mt)*
Geography
Long Carbon Product
22
Flat carbon 18.5
15.8
Stainless steel 12.1
Value Chain
1994 2000 2006 2012P
Transaction expected to be EPS accretive
18
*IISI and ArcelorMittal estimates

Recent growth initiatives in
Pipes & Tubes
Pipes & Tubes industrial positioning
• Construction of a 500,000t seamless tubes mill
in Saudi Arabia to serve fast growing middle
east high quality grade tubes market
Acquisitions
in France
• Preliminary agreement to acquire a 100,000t
welded tubes mill and tubular components plant
for the automotive industry
Saudi Arabia
• Project providing significant marketing and
project
industrial synergies
Geography
Product
Value Chain
sebut sselmaeS
sebut dedlew aid llamS
sepip dedlew aid egraL
Leveraging steel leadership to create a world class Pipes & Tubes leader
19

Acquisition of Wabush mines
operations
Canada iron ore organisation
• Acquisition for USD 67m of 100% of Wabush mine
cebeuQ rodarbaL
operations by exercising option on 71.4% of the shares
not already owns
• Wabush mine operations to generate synergy with QCM
CCOI
mining operation related in particular to optimisation of the
Wabush pellet plant (6mt capacity located in Pointe-Noire)
thgirW-tnoM
hsubaW
MCQ
• Operations to increase Group pellet production by about
3.5 million tonnes per year
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Product
C enil cirtcele-ordyH
Q selI tpeS
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Value Chain
erioN etnioP lanimret gnippihS
reitraC troP
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Getting closer to objective of 75% iron ore self-sufficiency
20

Planned acquisition of the steel
distributor Rozak in Turkey
Rozak distribution network • Agreement to acquire 51% of Rozak, a Turkish Steel
Distributor
• Leading distributor in Turkey with a 450,000t of
products shipped in 2006, Rozak is expecting to
expand rapidly in line with dynamic market growth
• Platform to expand AM3S in Central & East Europe but
also toward Middle East and Caspian area
Turkey finished steel
consumption (mt)*
Geography
Tata
Product
31
21.9
12.7
Value Chain
6.9
esuoheraW retnec ecivres erutuf rof dnaL
1994 2000 2006 2012P
Leveraging industrial leadership in Central & East Europe to
grow in distribution
*IISI and ArcelorMittal estimates
21

Major Greenfied projects in India
progressing
Indian steel industry and main Greenfield projects Jharkhand
• MoU signed on 12th October 2005
• Site to be announced immediately after the notification
of Rehabilitation & Resettlement policy by Jharkhand
government
Orissa
• MoU signed on 21st December 2006
SAIL
• Site announced and application for lands and mines
Essar AM Jharkhand Tata
underway
SAIL
Each Project
POSCO
SAIL
Ispat Geography
AM Orissa • Project to built a 12mt steel plant in 2
phases of 6mt with access to 600 million
JSW
tonnes of iron ore deposit
Product
• Investment of USD 10 billion including
mining development, coke plant and
Value Chain
power plant
Main local producers
Greenfield projects
Orissa and Jharkhand Greenfield projects
representing a 24mt steel potential
*IISI and ArcelorMittal estimates
22

Conclusion
23

Demonstrating growth
Internal growth plan expected to increase volume by 20% by 2012
Greenfield projects in India to add another 20% volume growth
Underlying profitability to progress significantly faster than volume growth
as internal growth projects initiated in low cost area
Question 2
How do you consider Group growth plan?
1 – Disruptive to market
2 – Above expectation
3 – In line with expectation
4 – Below expectation
Transforming tomorrow
24

Q&A
25