This document provides an overview and analysis of ArcelorMittal's Q4 2011 results and full year 2011 performance. It discusses ArcelorMittal's core strengths, safety performance, financial results including EBITDA and net debt, production levels, proposed dividend, and outlook for 2012. The presentation also analyzes trends in the global steel market and apparent steel consumption.

1. Q411 and FY 2011
Post Results Roadshow
Investor Relations February 2012

2. Disclaimer
•Forward-Looking Statements
This document may contain forward-looking information and statements about
ArcelorMittal and its subsidiaries. These statements include financial projections and estimates
and their underlying assumptions, statements regarding plans, objectives and expectations with
respect to future operations, products and services, and statements regarding future performance.
Forward-looking statements may be identified by the words “believe,” “expect,” “anticipate,”
“target” or similar expressions. Although ArcelorMittal’s management believes that the
expectations reflected in such forward-looking statements are reasonable, investors and holders
of ArcelorMittal’s securities are cautioned that forward-looking information and statements are
subject to numerous risks and uncertainties, many of which are difficult to predict and generally
beyond the control of ArcelorMittal, that could cause actual results and developments to differ
materially and adversely from those expressed in, or implied or projected by, the forward-looking
information and statements. These risks and uncertainties include those discussed or identified in
the filings with the Luxembourg Stock Market Authority for the Financial Markets (Commission de
Surveillance du Secteur Financier) and the United States Securities and Exchange Commission
(the “SEC”) made or to be made by ArcelorMittal, including ArcelorMittal’s Annual Report on Form
20-F for the year ended December 31, 2010 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.
1

3. Agenda
• Core strengths, performance and guidance
• Market update
• Q4 financials
• Balance sheet
• Segment performance
• Appendix
2

4. Core strengths
Quality core assets
Leader in auto Steel
Consistent World-class Mining
Sustainable
Strategy Returns
Cost Improvement
Stronger Balance Sheet
ArcelorMittal in a strong position to respond to evolving markets
3

5. Safety performance
Annual Health & Safety frequency rate* for mining & steel Key corporate social responsibility highlights:
3.2
2.8
• ArcelorMittal was recently named in global
2.4 human resource firm Aon Hewitt’s list of Top
2.0 Companies for Leaders. ArcelorMittal was
ranked in the top seven companies in Europe.
1.6 3.1
1.2 2.5
1.9 1.8
0.8
1.4
• On December 2, 2011 ArcelorMittal
0.4 1.0 celebrated its 4th annual International Volunteer
Work Day. Within this event, thousands of
0.0
ArcelorMittal employees volunteer in one of the
2007 2008 2009 2010 2011 2013
different activities that are carried out in its units
Quarterly Health & Safety frequency rate* for mining & steel to improve the lives of the people in the
community.
1.6
1.2
• On October 13, 2011 ArcelorMittal was given
the "Life Cycle Assessment Leadership" award
0.8 1.6 1.5 by The Worldsteel Association, which
1.4 1.5
1.2 recognises the quality of the work performed by
0.4 the Life Cycle Analysis team of Global Research
and Development, based in Maizieres.
0.0
4Q 10 1Q 11 2Q 11 3Q 11 4Q 11
ArcelorMittal’s Health and Safety performance improved again in Q411 and FY11
* IISI-standard: Fr = Lost Time Injuries per 1.000.000 worked hours; based on own personnel and contractors

6. Snapshot
1H
• FY’11 EBITDA of $10.1bn, 18.7% higher Group EBITDA (US$mn)
than FY’10
12000
• FY’11 Net income of $2.3bn, with Q4 10000
negatively impacted by non-cash charges 8000 2H
2H
6000
• Own iron ore production 15.1Mt in 4Q’11
taking FY’11 to 54.1Mt (+10.5% y-o-y) 4000 2H
1H
2000 1H
• Net debt at December 31, 2011 of $22.5 1H
billion as compared to $24.9bn at 0
September 30, 2011; reduction of $2.4bn 2009 2010 2011
during 4Q’11 Net Debt
30.0 3.2 3.5x
• Dividend proposed at $0.75 per share for 25.0 3.0x
FY 2012 20.0
2.3
2.5x
2.2
2.0x
15.0
1.5x
• Guidance: 1H’12 EBITDA likely to be lower 10.0 1.1 `
1.0x
than the 1H’11 but above 2H’11 levels 5.0 0.5x
0.0 0.0x
2008 2009 2010 2011
Net Debt (USDbn) - LHS Net Debt / Average EBITDA - RHS
1H’12 EBITDA is likely to be lower than the 1H’11 but above 2H’11 levels
5

7. Global apparent steel consumption
1400
1200 RoW: +5.7% YoY
RoW: +3.8% YoY 6.5-7%
1000
NAFTA: +9.7% YoY NAFTA: +5.5% YoY*
800
6.5-7%
EU27: +/- 1% YoY*
EU27: +6.1% YoY
600
400
China: 7.7% YoY China: +5% YoY
200 6.5-7%
0
2008 2009 2010 2011 2012
China EU27 NAFTA ROW
Apparent steel consumption growth of +6.3% in 2011; we estimate growth ~4.5-5%* in 2012
* Base case assumption is low single-digit growth in developed world apparent steel consumption (ASC); a consumer-sentiment driven technical recession in EU and US could lead to a low
single-digit decline in developed world ASC; a deeper Euro-debt crisis with negative YoY GDP growth could see low double-digit decline in developed world ASC 6

8. Operational optimisation is a key to our
competitive advantage
Management gains plan (USD billion annualized) Asset optimization (USD million annualized)
5.0
1000
4.5 Target of $4.8bn by end of 2012
900
4.0
800
3.5
700
3.0
600
2.5
500
2.0
400
1.5
300
1.0
200
0.5
100
0.0 0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2012 2011 2012 2013
2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 Target
• Strong track record of management gains • Focus on “Core” assets will ensure lowest cost
– During crisis plans were accelerated footprint achieved and yield significant savings;
– Achieved $4.0bn of gains by Q411; largely target $1bn by end-2012
SG&A and fixed costs related – Announced intention to close 2 blast furnace, sinter
– Target of $4.8bn by end of 2012; next set of plant , steel shop and continuous casters in Liege,
savings are largely variable cost and based on Belgium
operational improvements
Management gains to contribute to group EBITDA in 2011 and 2012
7

9. Outlook and guidance
Steel: EBITDA progression 2009 to 1H 2012E ($million)
- Steel shipments in 1H’12 are expected to be similar
to 1H’11 levels
Mining: 1 20 0 0
- Mining volumes in 1H’12 are expected to be higher
than 1H’11 1 00 0 0
- FY 2012 own iron ore and coal production is
expected to increase by approximately 10% over 80 0 0 2H
2011 levels
2H
60 0 0
Capex:
- Continued focus on core growth capex (mining)
40 0 0 2H
- FY 2012 capex expected to be ~$4-4.5 billion 1H
1H
20 0 0 1H
Debt and working capital:
1H
- Further reduction in net debt anticipated with focus
0
on working capital management and non-core asset
2 00 9 2010 2 0 11 1 H 20 1 2
divestments
- Consistent with stated objective to retain investment
grade credit rating
1H’12 Group EBITDA expected to show improvement over 2H’11 but lower than 1H’11
8

10. Capex and Growth Plans
• Steel growth capex has been
temporarily suspended
• Focus remains on core growth
capex in Mining:
– Liberia: phase 1 complete and running
at 4MT pa; phase 2 to 15Mt pa
Upgrade railway line linking mine to port in Liberia
remains under study
– Andrade Mines (Brazil) - iron ore
expansion to 3.5MT pa (expected
completion in 2012)
– AMMC: Replacement of spirals for
enrichment to increase iron ore
production by 0.8MT pa (expected
2013)
– AMMC: Expansion from 16MT iron ore
to 24MT pa by 2013 underway AMMC: Mont-Wright Mining Complex
2011 capex of $4.8bn vs. planned $5-5.5bn; FY 2012 capex expected to be approximately $4-4.5bn
9

11. Market update
10

12. Apparent demand recovery driving price
rebound
Spot iron ore, coking coal and scrap price
Regional Steel price HRC ($/t)
(index IH 2008=100)
130 Iron Ore
1300
Coking Coal
China domestic Shanghai
120 Scrap N.America FOB Midw est
1200
N.Europe domestic ex-w orks
110
1100
100
1000
90
900
80
800
70
60 700
50 600
40 500
30
400
08
09
10
11
12
8
9
0
1
l-0
l-0
l-1
l-1
08
09
10
11
12
8
9
0
1
n-
n-
n-
n-
n-
l-0
l-0
l-1
l-1
Ju
Ju
Ju
Ju
Ja
Ja
Ja
Ja
Ja
n-
n-
n-
n-
n-
Ju
Ju
Ju
Ju
Ja
Ja
Ja
Ja
Ja
Steel prices rebounding since late Q4
11

13. Apparent demand receded in 4Q’11
Global Apparent Steel Consumption (ASC)* US and European Apparent Steel Consumption (ASC)**
(million tonnes per month) (million tonnes per month)
55 17
Developing ex China EU27
China USA
50
Developed 15
45
13
40
11
35
9
30
7
25
5
20
15 3
07 7 08 8 09 9 10 0 11 1
07
08
09
10
11
7
8
9
0
1
l-0 l-0 l-0 l-1 l-1
l-0
l-0
l-0
l-1
l-1
n- n- n- n- n- n-
n-
n-
n-
n-
Ja Ju Ja Ju Ja Ju Ja Ju Ja Ju
Ju
Ju
Ju
Ju
Ju
Ja
Ja
Ja
Ja
Ja
• Global ASC -5.2% in 4Q11 vs. 3Q11 [+2% y-o-y] • EU ASC -3.4% in 4Q11 vs.3Q11 [-4.9% y-o-y]
• China ASC -10.2% in 4Q11 vs. 3Q11 {+0.2% y-o-y] • US ASC -4.2% in 4Q11 vs. 3Q11 [+13.6% y-o-y]
Global ASC fell in 4Q 2011 v 3Q 2011
* ArcelorMittal estimates
** AISI, Eurofer and ArcelorMittal estimates 12

14. Economic squeeze but sentiment up
Regional Manufacturing PMI
• Global leading indicators have rebounded
65
• US energy, equipment investment and
60 automotive remain strong as manufacturing
rebounds from the summer slowdown
55
• In Northern Europe, uncertainty over the
euro debt crisis and falling demand in the
50
South are acting as a drag on growth. Latest
indicators (German Jan’12 PMI>50) are
45 China more encouraging
Euro Area
40 USA • Southern Europe in recession as austerity
measures are extended, consumers cut
35
back and construction weakens
• Output in China in Q4’11 slowed on tight
30
credit and weak external demand with HSBC
06
07
08
09
10
11
12
6
7
8
9
0
1
PMI staying below 50 (official PMI 50.5)
l-0
l-0
l-0
l-0
l-1
l-1
n-
n-
n-
n-
n-
n-
n-
Ju
Ju
Ju
Ju
Ju
Ju
Ja
Ja
Ja
Ja
Ja
Ja
Ja
Global leading indicators have rebounded somewhat over the past couple of months
Source: Markit and ISM
13

15. Mixed signs in construction end markets
US construction indicators (SAAR) $bn*
800 Residential • Developed world construction at low levels
700 Non-Residential
600 • Encouraging signs in the US,
500
– Private non-res construction slowly picking up;
400
Architectural Billings Index above 50 (52 in Dec)
300 for last two months suggesting recovery H2’12
200
– US residential construction likely to recover (from a
very low level) as home sales and construction
02
03
04
05
06
07
08
09
10
11
n-
n-
n-
n-
n-
n-
n-
n-
n-
n-
permits rise
Ja
Ja
Ja
Ja
Ja
Ja
Ja
Ja
Ja
Ja
Eurozone and US construction indicators**
Eurozone construction PMI
• In Europe, uncertainty caused by the debt
65 crisis is delaying investment
Expansion
USA Architectural Billings Index
60
55 – Construction PMI falling further below 50
50 – German construction market the only one with
45 solid fundamentals as it missed the pre-crisis
boom.
Contraction
40
35
– Mild weather providing temporary boost to most
30 markets
06
07
08
09
10
11
n-
n-
n-
n-
n-
n-
Ja
Ja
Ja
Ja
Ja
Ja
Encouraging signs in US construction, but European construction remains depressed
* Source: US Census Bureau
** Source: Markit and The American Institute of Architects
14

16. China slowing but steel output to rebound
China Construction Indicator (Million Metre sq.)
• Soft landing still expected in China but the
350
Floor Space under construction (12mma)
government is only loosening policy slowly
310
New ly Started Construction (SA, 3mma)
putting off the recovery until Q2’12
270
230 • Construction slowed rapidly toward year end
190
with newly started construction very weak in
Dec’11. However, the slowdown is exacerbated
150
by the Nov’11 deadline to start 10m public
110
housing units
70
• Risk of a hard landing as controls on private
05
06
07
08
09
10
11
n-
n-
n-
n-
n-
n-
n-
Ja
Ja
Ja
Ja
Ja
Ja
Ja
real estate market cause distress among
Net Exports of Finished Steel (Mt per month)
developers but we expect central government
to ensure this is offset by increasing public
6.5 housing
5.5
4.5 • Steel production was very weak in Q4’11 but
3.5 we still expect a pick-up through Q1’12 to peak
2.5 levels in Q2’12 and ASC growth of 5% in 2012
1.5
0.5 • As expected exports averaged less than 4mmt
-0.5 in Q4’11 compared to a 4.9mmt peak in Mar’11
06
07
08
09
10
11
6
7
8
9
0
1
l-0
l-0
l-0
l-0
l-1
l-1
n-
n-
n-
n-
n-
n-
Ju
Ju
Ju
Ju
Ju
Ju
Ja
Ja
Ja
Ja
Ja
Ja
China ASC grew 7.7% in 2011; Expected to grow 5% in 2012
15

17. Destocking has ended in major markets
Europe Service Centre Inventories (000 MT) US Service Centre Total Steel Inventories (000 MT)
2600 3.4
14000 USA (MSCI) 3.6
3.2
2400 EU (EASSC) 12000 3.4
3 Months Supply
2200 Months Supply 3.2
2.8
10000
2000 3
2.6 8000
1800 2.8
2.4 6000
1600
2.6
2.2 4000 2.4
1400 2 2000 2.2
1200 1.8
0 2
1000 1.6
07
08
09
10
11
7
8
9
0
1
l-0
l-0
l-0
l-1
l-1
n-
n-
n-
n-
n-
07
08
09
10
11
7
8
9
0
1
Ju
Ju
Ju
Ju
Ju
l-0
l-0
l-0
l-1
l-1
Ja
Ja
Ja
Ja
Ja
n-
n-
n-
n-
n-
Ju
Ju
Ju
Ju
Ju
Ja
Ja
Ja
Ja
Ja
Brazil Service Centre Inventories (000 MT) China Inventories in 25 Major Cities (Mn MT)
Flat stocks at service centres
1,400 4.5 20
Months of supply
1,300 18 Flat Long
1,200 4 16
1,100 14
3.5
1,000 12
900 3 10
800 8
2.5 6
700
600 2 4
500 2
400 1.5
7
8
9
0
1
07
08
09
10
11
12
l-0
l-0
l-0
l-1
l-1
n-
n-
n-
n-
n-
n-
Ju
Ju
Ju
Ju
Ju
Ja
Ja
Ja
Ja
Ja
Ja
07
08
09
10
11
7
8
9
0
1
l-0
l-0
l-0
l-1
l-1
n-
n-
n-
n-
n-
Ju
Ju
Ju
Ju
Ju
Ja
Ja
Ja
Ja
Ja
Inventory levels are now considered normal; there had been a sharp destock in Europe Q4’11
16

18. Q4 financials
17

19. EBITDA analysis 3Q11 v 4Q11
EBITDA bridge 3Q’11 to 4Q’11 ($million)
(127)
(673)
18 88
2,408
1,714
Q3'11 EBITDA Volume & Mix Selling Price / Non Steel Others** Q4'11 EBITDA
Cost EBITDA*
EBITDA decreased by 28.8% in 4Q’11 v 3Q’11 primarily due to price/cost squeeze
* Non Steel EBITDA variance primarily represents the gain/loss through sale of by- products
** Others primarily represents delta impact from provisions, DDH income and forex (net impact on revenue and costs)
18

20. Group P&L
($million) Depreciation: (1220) Interest: (429)
impairment: (228) Forex and other: 13
Weighted Avg No of shares: 1549
Restructuring (219) Current tax: (185)
Diluted Weighted Avg No of shares: 1549
Deferred tax: (648)
4Q 2011
Non-controlling 25
EPS = $ -0.65/share
Diluted EPS = $ -0.65/share
1714 -1667
177 -416
47 0
-192
-1000 -1000
-808
(0)
and restructuring charges
Depreciation impairment
Net income/ (loss)
Income from Equity
Continuing Ops
controlling Interest
Pre-tax Profit
Taxes and non-
Net income /
Finance Cost
Discontinued
Operating
(Ioss) from
Operations
EBITDA
Income
($million)
Depreciation: (1155) Interest: (477)
impairment: (85) Forex and other 85
Weighted Avg No of shares: 1549
Current tax: (209)
Diluted Weighted Avg No of shares: 1611
Deferred tax: 55
-1,240
3Q 2011
Non-controlling 31
EPS = $ 0.43/share
2,408 Diluted EPS = $ 0.19/share
6
-392
-123
1,168
782 659 659
(0)
Net loss from continuing operations was $1 billion during 4Q’11
19

21. Free Cash flow
($million)
Change in w orking
capital
(679) Capex
Net
1,843
financials,
tax
expenses
(1,475)
and others
2,878
1,714
1,403
Cash flow from
EBITDA operations Free cash flow
Free cash flow primarily driven by working capital release
20

22. Group Cash flow and net debt
($million)
1403
24,887 830
289 332 98
22,513
Net Debt at 30 Free Cash Net M&A Dividends Forex Others Net Debt at 31
September 2011 Flow December 2011
Net debt decreased primarily due to improved operating cash flow and cash inflow from Macarthur deal
21

23. Balance sheet
22

24. Strong balance sheet focus
Investment grade remains a strategic priority
Net Debt ($billion) Average maturity (years)
6.0
35 32,5 5.2
30 5.0
25 22,5 4.0
20
3.0 2.6
15
2.0
10
5 1.0
0 0.0
Q308 Q411 Q308 Q411
Liquidity ($billion) Bank debt component of total debt (%)
16.0
90 85
12.0 12.5
80
12.0
70
60
8.0 50
40
4.0 30
20 15
0.0 10
Q308 Q411 0
Q308 Q411
Strong balance sheet and liquidity – investment grade strategic priority
23

25. Balance Sheet highlights
OWC and rotation days* (USD billion) Net Debt (USD billion) & Net Debt/Average EBITDA** Ratio (x)
28 140 35 2.0x
1.6x
24 120 30
67 days 1.5x
20 100 25
16 80 20
1.0x
12 60 15
10 `
8 40 0.5x
4 20 5
0 0.0x
0 0
2Q 7
3Q 7
4Q 07
1Q 7
2Q 8
08
4Q 8
1Q 8
2Q 9
09
4Q 9
1Q 9
2Q 0
3Q 0
4Q 0
1Q 0
2Q 11
3Q 1
4Q 1
11
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
2Q 07
3Q 07
4Q 07
1Q 07
2Q 8
3Q 08
4Q 08
1Q 08
2Q 09
3Q 9
4Q 09
1Q 09
2Q 10
3Q 10
4Q 0
1Q 10
2Q 11
3Q 11
4Q 11
11
1Q
3Q
3Q
0
0
1
1Q
Net Debt (USDbn) - LHS Net Debt / Average EBITDA - RHS
Working capital (USDbn) - LHS Rotation day - RHS
Rotation days decreased to 67 days during 4Q’11 from 73 days in 3Q’11
* Rotation days are defined as days of accounts receivable plus days of inventory minus days of accounts payable. Days of accounts payable and inventory are a function of cost
of goods sold. Days of accounts receivable are a function of sales. 24
** Based on yearly average EBITDA since January 1, 2004.

26. Liquidity and debt maturity profile
Liquidity position at December 31, 2011 Debt maturities
(US$ billion) (US$ billion)
12
9.7
12.5 10
8
6
4.2
4.0 3.7
Unused 4
2.8 2.0
credit lines
8.6 2
0
2012 2013 2014 2015 2016 >2016
Bonds Convertibles Long term debt facility Other Commercial Paper
2.8
Cash &
0.6
equivalent 3.9
Commercial paper Liquidity lines:
2.2 Short term debt & – $4bn syndicated credit facility matures 06/05/15
Others
– $6bn syndicated credit facility matures 18/03/16
Liquidity at 31/12/11 Debt due in 2012
– $0.3bn bilateral facility matures 30/06/13
Continued strong liquidity position and lengthening of debt maturities
25

27. Investments in Associates &
Joint Ventures
USD Million
Investee Location Stake 31.12.11 31.12.10
Erdemir Turkey 26% 1378 1596
China Oriental China 47% 1475 1337
DHS Group Germany 33% 1149 1190
Hunan Valin China 30% 691 686
Enovos Luxembourg 23% 597 614
Kalagadi Manganese South Africa 50% 397 496
Gestamp Spain 35% 506 468
Gonvarri Industrial Spain 35% 408 384
Others 2440 2473
Total 9041 9244
McArthur 0 908
As per 20F 9041 10152
Investment in associates and joint ventures ~$9bn
26

28. Mining growth
27

29. Iron ore growth 2010-2015, target 100MT
including strategic contracts
Own iron ore growth target (million metric tonnes) (Excluding strategic contracts)
100 Liberia
Phase
1&2
Canada
80 • On track for 10%
Brazil 14
growth in iron ore in
Liberia 2011.
Canada
Phase 1 11
60 • Strategic contracts
5
1 1 forecast of 16Mt by
3
2015*
40 84 • Target iron ore at
~100MT by 2015
54 (including strategic
49 contracts)
20
0
2010 Operational Brow nfield Greenfield 2011F Operational Brow nfield Greenfield 2015 plan
efficiency efficiency
2015 iron ore target growth plan on track
* Strategic contracts include the Kumba (currently under dispute) and Cleveland Cliffs contracts
** Includes the US$0.9 billon investment in expanding the pellet plant at AMMC which has not yet been committed to

30. Liberia progress
Liberia greenfield progress Industrial location of mine
• Phase 1: DSO complete
– 240km rail rehabilitation completed Guinea
– Upgrade of Buchanan port and material
handling facilities completed
– First direct shipping ore (“DSO”) product
shipped in September 2011 Sierra Leone
– Now producing at 4mtpa rate
Atlantic Yekepa
Ivory Coast
Ocean
• Phase 2: 15mtpa concentrate from Buchanan
2015 Railway link from Yekepa Liberia
to Buchanan (240km)
– Expansion to 15mtpa requires
investment in a concentrator and Liberia greenfield planned expansion (Million MT)
remains under study 16 All marketable tonnes
12
8 15
• Total project capex (Phase 1 and 2) US$2 billion `
• Capex of US$0.7 billion by end of 2011 4
4
0 1
2011 2012F 2015F
Liberia expansion on track
29

31. Baffinland represents future growth
Baffin Island overview
• In partnership with Nunavut,
ArcelorMittal has acquired a controlling Baffin
Bay
interest in Baffinland; ArcelorMittal Mary River
mine site
holding is 70% Proposed railway
Baffin
alignment
Island
• Baffinland owns the Mary River project, Steensby
inlet camp
a tier-1 iron ore resource in northern and proposed
Canada port Foxe Basin
• In-situ Fe grades of 64.7%, high-quality
product, significant and scalable
resource
• ArcelorMittal already has a significant
iron ore presence in Canada through
ArcelorMittal Mines Canada, operating 2 Steensby Rotterdam = 3100 nautical miles
iron ore mining operations, concentrator
and pellet plant
miles
tical
0 nau
= 500
rdam
Rotte
il
Braz
Acquisition of Baffinland demonstrates ArcelorMittal’s commitment to building a
world-class mining business
30

32. Segment performance
31

33. Segment Highlights
Segmental EBITDA (US$mn)
• FCA: EBITDA + 50% y-o-y; $43 EBITDA/t
1000 – Weaker prices in all markets; ASP -$42/t compared to 3Q’11
900 – Shipments 0.5% marginally higher than 4Q’10
800
700
600 • FCE: EBITDA -95.2% y-o-y; $4 EBITDA/t
500
400 – ASP -67/t compared to 3Q’11
300 – Shipments 6.1% lower than 4Q’10
200
100
0 • Long: EBITDA +7.3% y-o-y; $58 EBITDA/t
-100
FCA FCE Long AACIS AMDS Mining – ASP -$61/t compared to 3Q’11
Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 – Shipments 2.6% higher than 4Q’10
• AACIS: EBITDA +10.7% y-o-y; $78 EBITDA/t
Steel Segment EBITDA/tonne (US$) – ASP -$58/t compared to 3Q’11
– Shipments -9.6% lower than 4Q’10
175
150 • AMDS: EBITDA loss -$19 million
125
– ASP -$62/t compared to 3Q’11
100
75 – Shipments 4.3% higher than 4Q’10
50
25
• Mining: EBITDA +36.7% y-o-y
0 – Sales +47.8% higher than 4Q’10
-25 – Own iron ore production +20.2% y-o-y;
Q4'10 Q1'11 Q2'11 Q3'11 Q4'11
– Own coal production +24.5% y-o-y
FCA FCE Long AACIS AMDS
Q4’11 saw underlying EBITDA decline versus Q3’11 in all business segments reflecting
weak operating conditions
32

34. Flat Carbon Americas (FCA)
FCA - EBITDA (US$mn, LHS) and ASP (US$/t, RHS)
1000 1000
800 900 • EBITDA decreased to $237m from $420m
600 800 in Q3’11 and increased from $158m in
Q4’10
400 700
200 600 • Crude steel production increased 2.4% to
0 500 6.0Mt from 5.9Mt in Q3’11 primarily due to
return to normal production following
Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 downtime in North America operations in
Q3’11 offset by lower production primarily
FCA Steel shipments (000t) in South America operations.
5800
5600
• Steel shipments decreased 4.4% to 5.5Mt
5400 from 5.7Mt in Q3’11 primarily due to
5200 weaker market condition in South America
5000 offset by improved auto market demand in
4800 North America
4600
4400
4200
• ASP decreased 4.6% to $868/t from $910/t
4000 in Q3’11
Q4'10 Q1'11 Q2'11 Q3'11 Q4'11
FCA EBITDA decreased sharply from Q3’11 primarily due to price cost squeeze
33

35. Flat Carbon Europe (FCE)
FCE - EBITDA (US$mn, LHS) and ASP (US$/t, RHS) • EBITDA decreased to $26m from $367m in
Q3’11 and $543m in Q4’10
700 1050
600 1000
500 950 • Crude steel production decreased 10.4% to
400
900 6.6Mt from 7.4Mt in Q3’11 primarily due to
300
850 weaker market sentiment primarily in Europe
800
200 750
100 700 • Steel shipments decreased 3.1% to 6.2Mt
0 650 from 6.4Mt in Q3’11 due to weaker market
Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 conditions and strong destocking activity
FCE Steel shipments (000t) • ASP decreased 6.6% to $954/t from $1021/t
8000 in Q3’11
7500
7000
• Operating performance in Q4’11 was
6500
negatively impacted by impairment charges
6000
of $56 million relating to various idled
5500
facilities, offset by non-cash gains of $163
5000
million relating to dynamic delta hedge
4500
(DDH) income and $93 million recorded on
4000
the sale of carbon dioxide credits.
Q4'10 Q1'11 Q2'11 Q3'11 Q4'11
FCE profitability declined with price cost squeeze amidst weak operating conditions
34

36. Long Carbon Americas & Europe (LCAE)
Long - EBITDA (US$mn, LHS) and ASP (US$/t, RHS) • EBITDA decreased to $338m from $438m in
Q3’11 and from $315m in Q4’10
700
600 950
• Crude steel production decreased 2.4% to
500 850 5.5Mt from 5.6Mt in Q3’11.
400
300 750
200 • Seasonally production was lower in the
650 Americas due to drawdown of inventory
100
0 550 mainly in Brazil and the weaker market
demand.
Q4'10 Q1'11 Q2'11 Q3'11 Q4'11
• Steel shipments decreased 2.3% to 5.9Mt
Long Steel shipments (000t) from 6.0Mt in Q3’11 due to the summer
holiday period in Brazil and lower demand in
6500
North America and Europe
6000
5500
• ASP decreased 6.3% to $906/t from $967/t
in Q3’11
5000
4500 • Q4’11 operating performance was negatively
impacted by impairment charges of $160m
4000 primarily relating $151m for extension of
Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 idling at ArcelorMittal Madrid electric arc
furnace
Long Carbon profitability declined due to lower volumes and lower prices
35

37. Asia, Africa and CIS (AACIS)
AACIS - EBITDA (US$mn, LHS) and ASP (US$/t, RHS)
• EBITDA decreased to $238m from
500 800
$284m in Q3’11 and increased
400 750
from $215m in Q4’10
700
300
650
200
600 • Crude steel production increased
100 550 2.5% to 3.6Mt from 3.5Mt in Q3’11,
0 500 primarily due to improved
Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 production in Ukrainian operations
AACIS Steel shipments (000t) • Steel shipments increased 2.0% to
3.1Mt from 3.0Mt in Q3’11
3500
3400
3300 • ASP declined 7.5% to $713/t from
3200 $771/t in Q3’11
3100
3000
2900
2800
Q4'10 Q1'11 Q2'11 Q3'11 Q4'11
AACIS profitability declined primarily due to price cost squeeze
36

38. Distribution Solutions (AMDS)
AMDS - EBITDA (US$mn, LHS) and ASP (US$/t, RHS)
140 1100 • EBITDA decreased to ($19m)
120
100 1000 EBITDA loss from $48m in Q3’11
80 and $86m in Q4’10
900
60
40
• Steel shipments increased 7.6% to
800
20 5.0MT in Q4’11 as compared to
0 700 4.6MT in Q3’11
-20 Q4'10 Q1'11 Q2'11 Q3'11 Q4'11
-40 600 • ASP declined 6.1% to $948/t from
$1010/t in Q3’11
AMDS Steel shipments (000t)
5200
5000
4800
4600
4400
4200
4000
3800
Q4'10 Q1'11 Q2'11 Q3'11 Q4'11
AMDS profitability declined due to lower margins from European operations due to weak market
37

39. Mining
Mining EBITDA (US$mn) • EBITDA was lower at $779m as compared to
900 $842m in Q311 and higher than $570m in Q410
800 • Own iron ore production 15.1Mt increased 7.2%
700
600
as compared to 14.1Mt in Q3’11 primarily due to
500 Liberia and Mexico
400 • Total iron ore shipments increased 12.8% to
300
200
15.3Mt (vs. 13.5Mt in Q3’11) of which 8.5mt at
100 “market” prices (vs. 6.7Mt in Q3’11) and 6.8Mt on
0 “cost-plus” basis (vs. 6.9Mt in Q3’11)
Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 • Own coal production increased 5.6% to 2.2Mt in
Q4’11 (vs. 2.1Mt in Q3’11)
Iron Ore (million tonnes) Coal (million tonnes)
Own Production Shipped at "Market price" Shipped at "Cost-plus" Own Production Shipped at "Market price" Shipped at "Cost-plus"
2.5
20.0
2.0
15.0
1.5
10.0
1.0
5.0 0.5
0.0 0.0
4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11
Mining benefited from higher overall production volumes offset
by lower average selling prices following the change to the seaborne benchmark pricing system
Definitions: “Market priced” tonnes represent amounts of iron ore or other raw materials 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 Company’s steel producing segments at the prevailing market price. Shipments of raw materials that do not constitute market price tonnes are transferred internally on a 38
cost-plus basis.

40. Strong Automotive market share maintained
and increasing on high added value products
NAFTA Europe
2008 2009 2010 2011
2008 2009 2010 2011
AHSS Market share overall Market share AHSS Market share overall Market share
→ Strong market share maintained on Auto
→ Strengthening position in Advanced High Strength Steels
- stronger increase than average in ALL regions
- above average market share
Recognised leadership from key customers
Sources : AM deliveries ; JD Power/CSM
39

41. Our Leadership in automotive steel
Automotive segment attributes ArcelorMittal indexed average auto steel prices
and spot HRC USA domestic fob midwest
• Solution-driven segment with high US$/s.ton (Base 100=Q406)
value proposal for Original Equipment 200
Manufacturers (OEM) 180
160
• Relative stability of margin: 20-30% of
140
average selling price is attributable to
120
the value added nature of the product
100
• High volumes, around 15% of the 80
group’s total, and stable product mix 60
• Lower price pressure when overall 40
Average auto steel price
20
demand declines due to value-added Spot HRC USA domestic fob midwest US$/s.ton
0
products and contract-selling
Q 6
Q 7
07
Q 7
07
Q 8
08
Q 8
Q 8
09
09
Q 9
09
Q 0
Q 0
Q 0
10
Q 1
Q 1
11
0
0
0
0
0
0
0
1
1
1
1
1
4
1
2
3
4
1
2
3
4
1
2
3
4
1
2
3
4
1
2
3
• Barriers of entry due to technical know-
Q
Q
Q
Q
Q
Q
Q
Q
how requirements for value-added
ArcelorMittal automotive steel ArcelorMittal automotive steel
products and customer relationships
production by region in 2010 shipments by product in 2010
• Opportunities and drivers for
NAFTA Hot Rolled
innovation, improvement, development 33% Coated
Coil 24%
(Electrogalva
& growth nised) 8%
• Global customers
Europe
60%
Mercosur*
6% Coated Cold Rolled
South Africa (hot dip) 15%
1% 53%
Global auto steel market ~65mt in 2010; ArcelorMittal holds market share of ~20% globally
(approx. 40% in our “domestic” markets) and is a leader for high value-added products
Sources: JD Power forecasts (08-2011)
40

42. S-in motion program offers 20% weight
reduction
→ Using currently and globally available Advanced
High Strength Steel (AHSS) grades
→ Involving unique industrial partner network
→ High tech solutions (Tailored blanks, …)
Catalogue of worldwide solutions adapted to meet recent LWB
and most stringent crash requirements Ductibor® 500P /
Usibor® 1500P
• Cost neutral LWB
Usibor® 1500P / Usibor®
• Roll out to all automotive customers in the world with 1500P
significant interest (more than 80% of OEMs involved with S-
- For the lightest BiW concept, 29 parts
in motion roll out)
(~69 kg) use hot stamping offering high
• Trigger partnerships with customers on future platforms mechanical resistance for complex
(already successful results) geometries without spring back effect
Worldwide ArcelorMittal R&D involving automotive suppliers and
industrial partners (Gestamp and Magnetto Automotive)
Target Perimeter = Body in White (BiW), Closures and Chassis
41

43. China’s steel demand following precedents
• Economic development is characterised by strong, early phase
steel demand growth – China is no different
Cumulative crude steel apparent consumption (kg/capita)
40000
35000
Germany
30000
USA
25000
20000 France
S. Korea
15000
10000
5000 China
0
1905
1910
1915
1920
1925
1930
1935
1940
1945
1950
1955
1960
1965
1970
1975
1980
1985
1990
1995
2000
2005
China’s steel demand growth is sustainable near term
Note: Between 1900 and 1949 crude steel production per capita as approximation for demand as no data available
Sources: WSA for crude steel ASC; Global Insight and UN Data statistics for population; ArcelorMittal Corporate Strategy team analysis
42

44. China demand growth remains solid
Steel consumption per capita in 2009e (kg) Chinese steel apparent demand (mt)
700
600
500
Western Central 400
China China 300
Coastal
(210 kg) (285 kg) China 200
100
(615kg)
0
P
P
84
86
88
90
92
94
96
98
00
02
04
06
08
10
12
19
19
19
19
19
19
19
19
20
20
20
20
20
20
20
Development and Population
growth potential migration
Chinese steel industry running at full capacity
Sources: WSA, SBB and ArcelorMittal estimates
43

45. China will keep global raw material
supplies tight
• China steel demand growth is expected to continue to absorb
new supply of iron ore, keeping global supply/demand tight
Global iron ore supply/demand outlook (Mn tonnes)
3300
World Iron Ore Demand
World Iron Ore Production
2800
Iron Ore Demand/Production
2300
1800
1300
800
2010 2011 2012 2013 2014 2015 2016
Supply/Demand projections
Iron ore supply forecast to keep pace with demand, with no significant excess
Source: ArcelorMittal Corporate Strategy 44

46. But it’s not just a China story
• Outside China there is significant, broad-based growth in steel
consumption
Developing world ex-China: Crude steel consumption per capita 2010 (kg)
• Over 4 billion people Developed world:
• Large populations in India, • Ca. 1bn people
MENA, CIS, Brazil, parts • Low population
of SE Asia growth
• Many of these countries • Post-industrial
are well engaged on the service based
path of industrialisation economies
and urbanization growth 450 • Declining steel
• Over 400m tonnes steel 400 consumption
consumption
• 5.6% CAGR 2000-2010 102
60
India Other China Developed
developing World*
world
We expect continued growth in steel consumption in the developing world
* US, Canada, EU-15, Japan, Korea, Taiwan, Oceania;
45
Sources: WSA, ArcelorMittal Corporate Strategy analysis

47. ArcelorMittal Mines Canada (AMMC):
expansion underway
Canadian industrial location ArcelorMittal Mines Canada overview
• Expansion of our Mont Wright mine at AMMC and
concentrate capacity to 24Mt pa due 2013 (from 16Mtpa post
operational improvements) approved
• Expansion capitalising on existing infrastructure, product
quality and experienced workforce
• Capex C$1.2bn for mine and concentrator plant expansion*
Bloom Lake
• Cash cost is circa US$35/tonne
• Advantageously located with easy access to European and
US markets
Mining expansion plan (concentrate) Million mt
25
Brownfield expansion
20 9
Canada base
15 1
10 14 15
* AMMC 2013 brownfield
5 expansion includes 1mt
2011 2013 increase for spirals
Strategic advantage from exclusive use of own rail and port facilities
* Total scheme investment of US$2.1 billion includes investment in expanding the pellet plant which has not yet been committed to
46

48. Leading Steel & Mining Company
Largest steel producer 4th Largest iron ore producer
2010 Crude steel, mt 2010 Iron ore production, mt
98 298
Steel companies
203
37 35 35 144
31
23 23 22 22
19 18 18 17 16 16 15 14 14 13 13
60
69*
46
36
28
AM
Evraz
Riva
SAIL
Hyundai
POSCO
JFE
Nucor
Tata Steel
Gerdau
Wuhan
Shougang
Nippon Steel
US Steel
Ansteel
Severstal
Jiangsu Shagang
ThyssenKrupp
Baosteel
23
Sumitomo
AM
Evraz
Vale
Rio
BHP
Mitsui
US Steel
Metinvest
FY 2011 EBITDA split by product (geographical area)
Flat North • World’s No1 steel producer (~ 6% of world crude steel output)
America
Mining 17%
• 2011 EBITDA of US$10.1bn; only ~40% generated from steel
31% business in Europe and North American
Flat Europe
• Balanced portfolio of cost-competitive assets in both developed
15%
and developing markets (No1: EU; N Am; Africa, LatAm, CIS)
~60% of EBITDA
generated • Broad range of high-quality finished and semi-finished carbon
OUTSIDE of EU
and North steel products ; Outstanding distribution networks
America Long North
America • 4th largest iron ore producer; low 2nd-quartile cash cost for iron
Long Europe
1% ore; World-class iron ore reserve & resource
AACIS 5%
13% Distribution • Global presence unrivalled knowledge base and benchmarking
Flat South
Long South 3%
America
America
5%
10%
Diverse steel business (by product and geography) with rapidly expanding mining operations
Note: *ArcelorMittal iron ore production includes strategic contracts; 2010 production from own mines was 48.9Mt;
47

49. Contacts
Daniel Fairclough – Global Head Investor Relations Thomas A McCue – US Investor Relations
daniel.fairclough@arcelormittal.com thomas.mccue@arcelormittal.com
+44 207 543 1105 +312-899-3927
Hetal Patel – UK/European Investor Relations Lisa Fortuna – US Investor Relations
hetal.patel@arcelormittal.com lisa.fortuna@arcelormittal.com
+44 207 543 1128 +312-899-3985
Valérie Mella – European and Retail Investor Relations
valerie.mella@arcelormittal.com
+44 207 543 1156
Maureen Baker – Fixed Income/Debt Investor Relations
maureen.baker@arcelormittal.com
+33 1 71 92 10 26
48