7th Annual Bene Symposium 2013

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1 7th Annual Bene Symposium 2013 Daniel Fairclough, VP Investor Relations 3 December 2013

2 Disclaimer Forward-Looking Statements This presentation 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, 2012 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. Non-GAAP Financial Measures This presentation may contain supplemental financial measures that are or may be non- GAAP financial measures. Definitions of such supplemental financial measures and a discussion of the most directly comparable IFRS financial measures can be found on ArcelorMittal's website at 1

3 Takeaways ArcelorMittal retains the core attributes to deliver value through the cycle The balance sheet is repositioned Our West European business is optimised and delivering improved results We are focussed on protecting our global cost position with a new $3bn Management Gains program by end 2015 Mining growth capex now delivering growth volumes Concentrating our investments to protect and expand our franchise businesses such as Global autos, Mining and Brazil We have a roadmap to normalised EBITDA of $150/t ArcelorMittal: the industry leader with a global presence backed by raw materials 2

4 Progress Safety improvement Balance sheet repositioned Focus Footprint optimisation Cost improvement Franchise development Outlook Roadmap to $150/t EBITDA 3

5 Progress Continued improvement in safety Quarterly Health & Safety frequency rate* for mining & steel Further safety improvement: LTIF rate improved to 0.8x in 3Q Target Leading the industry: Across the World Steel Association (WSA) members, 176 sites have a LTIF rate of <1;. 114 out of these sites belong to ArcelorMittal Q Q Q 2013 Sustainability remains a priority: ArcelorMittal maintained its membership in the Dow Jones Sustainability Index Europe Our goal is to be the safest Metals & Mining company * WSA: LTIF = Lost time injury frequency defined as Lost Time Injuries per worked hours; based on own personnel and contractors 4

6 Progress Balance sheet repositioned Net debt progression $billion ~ Q 11 3Q 13 4Q 13F Medium term target Net debt/ltm EBITDA* 2.3x 2.7x Year end FY13 net debt expected to be ~$17bn medium term target of $15bn Ratio of Net debt/ltm EBITDA is based on last twelve months reported EBITDA. Figures based on recast EBITDA as per new accounting standards adopted. Note: Net debt refers to long-term debt, plus short term debt, less cash and cash equivalents, restricted cash and short-term investments (including those held as part of asset/liabilities held for sale). At September 30, 2013 cash included $42 million and debt included $202 million held at Annaba, which has since been classified as asset/liabilities held for sale. 5

7 Progress Profitability is recovering Comparable EBITDA (US$mn) Q3 13 EBITDA 24% higher than comparable Q3 12 3Q'12A 3Q'13A H'12A 1H'13A 2H'13Con* Consensus* is forecasting an improvement in comparable EBITDA FY'12A FY'13Con* We continue to believe that the 2H 12 will mark the low-point in AM EBITDA cycle Note: Note: *Bloomberg Consensus on 11/11/13 is for 2013 EBITDA of $6697mn (based on mean of 33 estimates) 6

8 Progress Safety improvement Balance sheet repositioned Focus Footprint optimisation Cost improvement Franchise development Outlook Roadmap to $150/t EBITDA 7

9 Focus Relentless cost focus new $3bn cost improvement underway New $3bn management gains program ($ billion) Annualized savings Bottom up plan across the group Savings targets 9Q 13 achieved Leveraging extensive benchmarking opportunities within the group Improvements in reliability, fuel rate, yield, productivity, etc F 2014F 2015F Business units plans rolled out and key personnel accountable for delivery Gap analysis completed in 2012 defined the priorities for plan 8

10 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 Focus Footprint optimisation creates value Western Europe Footprint optimized Concentrated slab production in 5 coastal sites: Dunkirk; Ghent; Bremen, Fos & Asturias Idled least competitive lines Asset optimization ensures FCE achieves: Savings through fixed cost removal Well loaded assets with stable working points Lower variable cost Lower and more stable working capital requirements Better service and quality Reduce capex requirements New Footprint in Western Europe*: # Blast furnaces # Hot strip mills 8 7 # Cold rolling mills Asset Optimization savings achieved ($ million) Residual Costs Run Rate-Savings Including residual costs, the targeted run-rate savings of $1bn has been exceeded Residual costs should disappear from the system by 2014 Savings are tangible and apparent in improved reported results Post optimization: FCF positive in current market environment * Note: this is the prospective footprint once all proposals implemented 9

11 Focus Franchise steel development Dofasco (NAFTA auto) Restarted project to expand and upgrade galvanizing capacity by 2015 New line #6 (660ktpy capacity) to serve growing NAFTA automotive market Older and smaller galvanizing line #2 (400ktpy capacity) will be closed Increased shipment of galvanized sheet (260ktpy), improved mix and cost Acindar (Argentina long products) Project to optimize and expand downstream capacity by 2016 Installation of a new rolling mill with capacity of 400ktpy bars Improved productivity and lower costs Monlevade*/Juiz de Fora (Brazil long products) restart approved in 2Q 2013; completion expected in 2015 Expansion of downstream facilities with a new wire rod mill in Monlevade (additional capacity of 1,050ktpy of coils) Juiz de Fora rebar capacity increase from 50 to 400ktpy (replacing some wire rod production capacity) and meltshop capacity increase by 200ktpy Dofasco: #6 Galvanize Line foundations Dofasco: tension reel for new #6 line VAMA: S2 mill housing construction VAMA (China automotive steel JV) proceeding well Phase 1: capacity to supply 1.5mt for automotive applications in China State-of-the-art pickling tandem CRM, continuous annealing line and HDG Project is proceeding well; first coil now targeted in 2H 14 Restart of some steel investment in franchise businesses * Investment decision on Phase 2 of Monelvade project to focus on the upstream facilities (sinter plant, blast furnace and melt shop with additional crude steel capacity of 1.2mtpa) will be taken in the future 10

12 Focus Automotive steel is a franchise business: we will invest ArcelorMittal is the leading supplier to the automotive industry We will continue to invest in R&D to stay ahead of the product development curve We will increase participation in emerging markets to maintain global market share Market share* Automotive Steel (indexed 2008 = 100) Market share* Advanced High Strength Steels (indexed 2008 = 100) Overall market share growing in US and stable in EU US EU Share of fast-growing HSS market has increased since 2008 US EU We will continue to invest to protect and grow our Automotive steel franchise * Based on ArcelorMittal estimates; Regional ArcelorMittal Auto market intelligence; LMC auto/csm ** Source: LMC auto 11

13 Focus TK Alabama: Growing our NAFTA Franchise ArcelorMittal and Nippon Steel & Sumitomo Metal Corporation (NSSMC) agreed to acquire 100% of TK USA for $1,550m on debt free cash free basis and inclusive of working capital Calvert Hot strip mill: State of the art walking beam reheating furnace Financed by combination of JV-level debt and equity with minimal impact on ArcelorMittal s net debt ArcelorMittal to directly fund $258mn cash upfront Medium term $15bn target remain unchanged JV will off-take 2mt of slabs until 30 September 2019* from TK CSA in Brazil at a market-based price Synergies amounting to ~$60mn annually identified, mostly on an account of incremental slab sales from ArcelorMittal facilities (vs. selling in the international slab market) Calvert: Pickling line Significant expansion in growing NAFTA automotive steel market, a key franchise business and expands presence in other important markets including energy Asset is expected to be fully operational asset from the start and expected to be EBITDA positive in year 1 and free cash flow positive from year 2 Deal captures value opportunity without compromising balance sheet discipline *At TK s option, potential to extend slab off-take for additional 3 years at more favourable price to the JV as compared to initial period 12

14 CAPACITY Focus Mining expansions on track Own iron ore growth plan production and capacity (Mt) On track to achieve 84mt own iron ore capacity in 2015; ~20% increase in marketable shipments in

15 Focus Mining growth plan: key projects AMMC: expansion to 24mt on track Ramp-up proceeding well 18.5mt production forecast in 2013 vs. 15mt in mt production rate to be achieved by year-end 2013 Unit costs benefiting from higher volumes Liberia: phase 1 shipments ahead of expectations in 2013; phase 2 underway Phase 1: New production record in 3Q 13; 3.7mt shipped 9M 13 (+89% vs. 9M 12) Phase 2: Project underway for 15mtpa premium sinter feed to replace 4mtpa DSO by 2015 All environmental permits for phase 2 received Major equipment procurement ongoing Civil works commenced at the mine and concentrator sites Baffinland: early revenue phase underway 3.5mtpa of DSO trucked to Milne Inlet for export during openwater season by 2015 $700m project capex in 50:50 JV Summer season open-water sea lift of construction materials and fuel completed in Q3 ahead of plan AMMC: Port Cartier Liberia: Offshore transshipment Baffinland: construction camp Three key projects to achieve 84mt own iron ore capacity in

16 Progress Safety improvement Balance sheet repositioned Focus Footprint optimisation Cost improvement Franchise development Outlook Roadmap to $150/t EBITDA 15

17 Outlook Demand prospects improving Global PMI indicates developed manufacturing growing above trend for the first time in two years ArcelorMittal weighted global manufacturing PMI* US manufacturing grew q-o-q in 3Q 13 and up over 2.5% y-o-y. October PMI remained >50 near recent highs despite the impact of US government shutdown In Europe, manufacturing output still down y-o-y but in 3m to August is up over 3% annualised from previous 3m Eurozone PMI above 50 for four consecutive months. Strong readings for Czech Republic, Poland and UK PMI confirm EU27 PMI at highest since 1H 11 Chinese industrial output growth has rebounded to 10.1% y-o-y in 3Q 13 the best quarter since 1Q 12 supported by strong auto and a pick-up in the PMI>50 Global indicators signal continued growth in developed markets in 4Q 13, and confirm a rebound of Chinese growth since the summer Source: *Markit. ArcelorMittal estimates 16

18 Outlook Roadmap back to normalised profitability Management Gains (cost cutting) Steel Volume Recovery Mining Volume Growth Asset Optimization Average EBITDA/tonne * $150/t $90/t If steel shipments increase by ~15% then we believe $150/t EBITDA is achievable Driven by: Leverage to incremental volumes ($ /t margin on incremental tonne given limited additional fixed cost) Cost benefits from Asset Optimisation (completed $1bn sustainable savings) Cost benefit from new $3bn Management gains Execution of mining growth plan (+28MT new production capacity by 2015) Offsetting impact of lower iron ore price Improved industry utilization rates driving higher margins and profitability We believe EBITDA/tonne of $150 is an achievable normalized target * Note: EBITDA is underlying number excluding one-time items, CO2 gains and DDH 17

19 Outlook ArcelorMittal is in a position of strength to capitalise on opportunities & deliver value Cost competitive assets Exposed to fastest growing markets Industry leading returns World-class mining business Leading supplier to automotive industry Components are in place to deliver industry leading returns and value 18

20 Q&A 19

21 Appendix 20

22 3Q 2013 highlights EBITDA 24% higher than underlying EBITDA in 3Q 12* Steel shipments increased 6% vs. 3Q 12 Own iron ore production 4.5% higher than 3Q 12 Iron ore shipped at market price 32% higher than 3Q 12 Net debt temporarily increased to $17.8bn at Sept 30, 2013, inline with expectations $4bn reduction in gross debt since early June 2013 leads to $62mn (13%) lower net interest expense in 3Q 13 vs. 2Q 13 $0.8bn annualized management gains achieved during 9M 13 (USDm) unless otherwise shown 3Q Q Q M M 2012 Iron ore shipments at market price (Mt) Steel Shipments (Mt) Sales 19,643 20,197 19,723 59,592 64,904 EBITDA 1,713 1,700 1,445 4,978 6,122 Net income / (loss) (193) (780) (652) (1,318) % improvement in underlying EBITDA 3Q 13 vs. 3Q 12 *Reported EBITDA in 3Q 2012 of $1,445 million included the positive impact from $131 million for DDH income offset by a $72 million charge related to a one-time signing bonus and post retirement benefit costs following entry into a new labor contract in the U.S. As a result underlying EBITDA for 3Q 2012 is $1,386 million. 21

23 Key operational data overview Q112 Q212 Q312 Q Q113 Q213 Q313 Crude Steel FCA 26,476 16,556 23,101 24,215 6,249 6,014 5,726 5,933 23,922 6,197 5,589 6,343 Production FCE 34,338 22,752 30,026 29,510 7,182 7,143 6,718 6,375 27,418 7,279 7,481 7,438 (thousands of Long 25,198 18,901 22,550 23,558 5,785 5,885 5,713 5,240 22,623 5,722 5,742 5,771 metric tonnes) AACIS 15,118 13,411 14,906 14,608 3,615 3,691 3,721 3,241 14,268 3,245 3,681 3,710 Total Continuing operations 101,130 71,620 90,583 91,891 22,831 22,733 21,878 20,789 88,231 22,443 22,493 23,262 Steel FCA 25,810 16,121 21,028 22,249 5,672 5,735 5,351 5,533 22,291 5,559 5,407 5,759 Shipments* FCE 33,512 21,797 27,510 27,123 7,461 6,771 5,837 5,957 26,026 6,890 7,065 6,579 (thousands of Long 27,115 19,937 23,148 23,869 5,738 5,839 5,508 5,543 22,628 5,394 5,772 5,599 metric tonnes) AACIS 13,296 11,769 13,266 12,516 3,353 3,321 3,178 2,978 12,830 3,104 3,062 3,187 Total Continuing operations 99,733 69,624 84,952 85,757 22,224 21,666 19,874 20,011 83,775 20,947 21,306 21,124 Revenue FCA 25,761 12,310 17,684 21,035 5,270 5,359 4,840 4,683 20,152 4,859 4,788 4,921 (US$ millions) FCE 38,300 19,981 25,550 31,062 7,719 7,223 6,108 6,142 27,192 6,834 6,903 6,334 Long 32,230 16,741 21,315 25,165 5,763 5,698 5,189 5,232 21,882 5,103 5,420 5,133 AACIS 13,047 7,577 9,706 10,779 2,787 2,677 2,457 2,130 10,051 2,129 2,115 2,112 AMDS 23,126 13,524 15,744 19,055 4,431 4,292 3,716 3,855 16,294 3,553 3,597 3,425 Mining 3,557 2,573 4,380 6,268 1,271 1,576 1,288 1,255 5,390 1,199 1,351 1,595 Holding & service co's and eliminations (19,080) (11,685) (16,354) (19,391) (4,538) (4,347) (3,875) (3,988) (16,748) (3,925) (3,977) (3,877) Total 116,942 61,021 78,025 93,973 22,703 22,478 19,723 19,309 84,213 19,752 20,197 19,643 EBITDA (US$ millions) Average Steel EBITDA/tonne (US$/tonne) FCA 4, ,555 2, , FCE 6,448 1,946 2,015 1, , Long 6,635 1,647 2,075 1, , AACIS 3, ,135 1, AMDS 1,103 (97) (24) Mining 1, ,263 3, , Holding & service co's and eliminations (668) (135) (975) (18) (65) (71) (144) Total 23,652 5,600 8,525 10,117 1,972 2,447 1,336 1,323 7,078 1,564 1,700 1,713 FCA FCE Upgrade railway line linking mine to port in Liberia Long AACIS Total** The 2012 information has been adjusted retrospectively for the mandatory adoption of new accounting standards 22

24 * Figures exclude shipments from Distribution Solutions which are fully eliminated on consolidation and Mining division EBITDA and shipment breakdown EBITDA breakdown 9M 2013 Mining, 27% Flat North America, 15% Long North America, 3% Other Steel, 4% Flat Europe, 16% Asia, 2% Africa, 3% Long South America, 16% Flat South America, 9% Long Europe, 6% Steel shipments by region* 9M 2013 Africa, 5% Asia, 10% Others, 1% Flat Nth America, 21% Long Sth America, 7% Flat Sth America, 5% Long Nth America, 5% Long Europe, 13% Flat Europe, 32% 23

25 Strategy 24 24

26 ArcelorMittal s strategy Our strategy is to leverage our distinctive attributes that enable us to achieve a leading position in the most attractive components of the steel value chain In steel, capture a leading position in attractive businesses by leveraging our technical capabilities and global scale and scope Be the supplier of choice for customers who value distinctive products and services Grow in markets with attractive structures Minimize costs in commodity businesses to lower risks and capture boom-market potential In operations, achieve bestin-class competitiveness by leveraging our technical capabilities and diverse portfolio of assets and businesses Be the safest Concentrate production at the best assets and run them well Be cost competitive by benchmarking, sharing best practices, and investing to optimize our multi-site footprint Innovate (product/process) In mining, grow a world-class business utilizing our financial strength and diverse portfolio of assets and businesses Invest to expand output at Tier I and Tier II assets Optimize the value proposition associated with our products value in use Be the supplier of choice for a balanced mix of internal and external customers Provide a natural hedge against market volatility and potential oligopolies Enablers A clear licence to operate A strong balance sheet An effective organisational structure Active portfolio management The best talent 25

27 Positioned for industry-leading returns and value A global champion well positioned for new market opportunities and servicing globalising customer industries Leading market position in developed world Access to high growth markets Ability to service global customers Diversified Leading supplier to premium markets Leading supplier to high-growth markets Significant selfsufficiency in raw materials Higher and more stable returns through the cycle Access to own raw materials ArcelorMittal: the industry leader with a global presence backed by raw materials 26

28 Focussing on value drivers New $3bn management gains plan Cost Leadership Product Leadership Best-in-class service Portfolio Optimisation Focussed investment Improved EBITDA/tonne ($150/t normalised target) Capital Efficiency Returns > WACC Focussing on Franchise businesses All levels of ArcelorMittal aligned with one goal improved returns on Capital 27

29 Non-Franchise Franchise Focussed capital allocation We are backing our franchise businesses with capital Steel shipment split: Other steel Franchise steel Approximate EBITDA split: 55% of steel shipments from businesses identified as Franchise e.g. Global Autos, Brazil long, Sheet Piles Capital priority Invest to protect and expand Other steel Mining Franchise businesses contribute 80% of steel EBITDA Focus on cost cutting and optimisation Franchise steel Franchise businesses are receiving the required capital to protect and expand 28

30 Cost improvement underway New $3bn management gains program ($ billion) Annualized savings Gap Analysis for Cost Savings per Main Drivers Savings targets 9M 13 achieved 3.0 Others 28% 29% Yield F F Bottom up plan across the group F 2/3 variable cost and 1/3 fixed cost focussed Improvements in reliability, fuel rate, yield, productivity etc Business units plans rolled out and key personnel accountable for delivery Leveraging extensive benchmarking opportunities within the group Gap Analysis for Cost Savings by Process Cold rolling mill & HDG Hot strip mill Energy 21% 10% 20% Others 22% 11% Sinter & BF 25% 34% Productivity Steel shop Gap analysis completed in 2012 defined the priorities for plan 29

31 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 Asset Optimization delivering Asset Optimization savings achieved ($ million) Residual Costs Run Rate-Savings Essential components have been announced: 4Q 2011: Extended idling of EAF in Madrid; Restructuring costs at other Spanish, Czech Republic & AMDS operations 1Q 2012: Extended idling of EAF & continuous caster at Schifflange; further optimization in Poland and Spain 4Q 2012: Closure of 2 BF, sinter plant, steel shop and continuous casters in Liege, Belgium decided; long term idling of liquid phase at the Florange site Including residual costs, the targeted run-rate savings of $1bn has been exceeded Residual costs should disappear from the system by 2014 Savings are tangible and apparent in improved reported results 1Q 2013: Announced intention to permanently close the coke plant & six finishing lines, in Liege; mothballing Florange 3Q 2013: Industrial phase now complete and mothballing of facilities underway. Now proceeding to the social plan negotiations EBITDA showing clear benefits from Asset Optimization 30

32 Market outlook 31

33 Demand indicators have improved ArcelorMittal weighted global manufacturing PMI* Global apparent steel consumption (ASC) growth forecast in 2013** (v 2012) US -1.0% to 0% EU27-1.5% to -2.5% China +6.5% to +7.5% Brazil +3% to +4% CIS +2.5% to +3.5% Global ~ +3.5% Global ASC expected to grow by ~ +3.5% in 2013 Source: * Markit. Purchasing managers indices for over 40 countries weighted by share of ArcelorMittal finished steel deliveries. ** ArcelorMittal estimates 32

34 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 End to destocking in US and China in 3Q 13 German inventories (000 MT) US service centre total steel inventories* (000 MT) 2,500 2,000 Germany Flat Stocks Months Supply (RHS) ,000 12,000 USA (MSCI) Months Supply , , , , , , , Brazil service centre inventories (000 MT) China service centre inventories (Mt/mth) with ASC% 1,400 1,300 Flat stocks at service centres Months of supply (RHS) Flat and Long 50% 45% 1,200 1,100 1, % of ASC (RHS) 40% 35% % 25% % 15% % % % End to Inventory drawdown in US and China during 3Q 13 * US inventories are for total flat and long products. Months of supply on a seasonally adjusted basis 33

35 Global apparent steel consumption China % +2% +6.5% to +7.5% EU % -9% -1.5% to -2.5% F F NAFTA % % -1% F Rest of World % % +2% F Estimated 2013 ASC growth of ~ +3.5% ArcelorMittal estimates 34

36 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 3Q 13 return to growth in world ex-china demand Global apparent steel consumption (ASC)* (million tonnes per month) US and European apparent steel consumption (ASC)** (million tonnes per month) Developing ex China China Developed EU27 USA Global ASC -1.1% in 3Q 13 vs. 2Q 13 Global ASC +4.4% in 3Q 13 vs. 3Q 12 China ASC +0.1% in 3Q 13 vs. 2Q 13 China ASC 7.7% in 3Q 13 vs. 3Q 12 US ASC +3.8% in 3Q 13 vs. 2Q 13 US ASC +4.6% in 3Q 13 vs. 3Q 12 EU ASC -9.5% in 3Q 13 vs. 2Q 13 EU ASC +1.4% in 3Q 13 vs. 3Q 12 Back to Y-o-Y growth in 3Q 13; growth expected to continue in 2014 * ArcelorMittal estimates ** AISI, Eurofer and ArcelorMittal estimates 35

37 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Contraction Expansion Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 US construction improving; Europe stabilising US residential and non-residential construction indicators (SAAR) $bn* USA non-residential beginning to pick-up US residential construction grows strongly, although growth rates beginning to slow (+20% y-o-y Jan-Aug 13). Home sales continue to improve, while permits stabilise Residential Non-residential Public non-residential output declining, but private slowly improving; Architectural Billings index (ABI) remains above 50 supporting expected pickup in Eurozone and US construction indicators** 65 Eurozone construction PMI USA Architectural Billings Index 60 In Europe, construction still weak but no longer declining Eurozone construction PMI rebounded to almost 50 output still down y-o-y but up q-oq German construction output is up y-o-y in 3Q 13, supported by strong labour market and increased purchasing activity Construction in Poland & UK seeing a rebound but markets in the South continue to be remain weak. However, 1H 13 seems to be the bottom with output up slightly in July and August 30 US residential construction improving, end to decline in Europe * Source: US Census Bureau ** Source: Markit and The American Institute of Architects 36

38 Chinese industrial growth improving Jan-07 Jan-07 Apr-07 Apr-07 Jul-07 Jul-07 Oct-07 Oct-07 Jan-08 Jan-08 Apr-08 Apr-08 Jul-08 Jul-08 Oct-08 Oct-08 Jan-09 Jan-09 Apr-09 Apr-09 Jul-09 Jul-09 Oct-09 Oct-09 Jan-10 Jan-10 Apr-10 Apr-10 Jul-10 Jul-10 Oct-10 Oct-10 Jan-11 Jan-11 Apr-11 Apr-11 Jul-11 Jul-11 Oct-11 Oct-11 Jan-12 Jan-12 Apr-12 Apr-12 Jul-12 Jul-12 Oct-12 Oct-12 Jan-13 Jan-13 Apr-13 Apr-13 Jul-13 Jul-13 Oct-13 Oct-13 China infrastructure investment 3mma* (Y-o-Y) 75% 60% 45% 30% 15% Industrial output has improved in the 3Q 13 up 10.1% y-o-y the best qtr since 1Q 12 The turnaround is underpinned by strong growth in public investment, with Infrastructure growing by over 26% y-o-y in 3Q 13. We expect growth to slow but not significantly until mid % -15% Crude steel finished production and inventory (mmt) 100 Steel inventory at warehouses (RHS) Finished steel production (LHS) 80 Steel inventory at mills (RHS) Continued strong housing price rises and transactions have supported demand for constructional steel, as housing starts rebound, up over 17% y-o-y in 3Q 13. Flat products demand continues to be supported by robust growth in automotive production, up 13% y-o-y in 3Q 13 While steel production remained high in 3Q 13 (782mt annualized), steel inventory continued to fall as is seasonal. Inventories have stabilized through Sept/Oct and are now up y-o-y, supporting our expectation of a small q-o-q decline in steel production during Q3 13 Underlying demand robust in China, led by rebound in property market * Mma refer to months moving average 37

39 Balance Sheet 38

40 Cash flow priorities Maintain competitive position Fund Mining growth plan Reduce NFD to target level Strong operations with sustainable balance sheet Increase Dividends Increase CAPEX Further reduce NFD Dividends and growth capex will only be increased further once NFD $15bn 39

41 Balance sheet structurally improved Net debt ($ billion) Average maturity (years) % Q Q 2013* 3Q Q 2013 Liquidity ($ billion) Bank debt as component of total debt** (%) % 10% 3Q Q 2013* 3Q Q 2013 Balance sheet fundamentals improved * At September 30, 2013 cash included $42 million and debt included $202 million held at Annaba, which has since been classified as asset/liabilities held for sale. ** ArcelorMittal estimates 40

42 Liquidity and debt maturity profile Liquidity at September 30, 2013 ($ billion) Debt maturities ($ billion) Unused credit lines Cash 4.5 Liquidity at 30/9/ Debt due in 2013 Short term & others Commercial paper Commercial Paper Other Convertibles Bonds >2017 Liquidity lines: $4bn syndicated credit facility matures 06/05/15 $6bn syndicated credit facility matures 18/03/16 Debt maturity: Continued strong liquidity Average debt maturity 6.4 years Ratings S&P BB+, negative outlook Moody s Ba1, negative outlook Fitch BB+, stable outlook Continued strong liquidity position and average debt maturity of 6.4 years 41

43 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 Working capital OWCR and rotation days* ($ billion and days) Working capital ($ billion) - LHS Rotation days - RHS Business will invest in working capital as conditions necessitate * 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 of the quarter on an annualized basis. Days of accounts receivable are a function of sales of the quarter on an annualized basis. 42

44 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 Net debt Net Debt ($ billion) & Net Debt/LTM reported EBITDA* Ratio (x) Net Debt ($ billion) - LHS Net Debt / LTM EBITDA Net debt increased $1.6bn to $17.8bn due to negative cashflow from operations (including working capital investment), offset in part by disposal proceeds * Based on last twelve months (LTM) reported EBITDA. Figures prior to 1Q 12 have not been recast on quarterly basis for adoption of new accounting standards implemented from

45 Asset disposal program Asset sales of $4.5 billion* since Sept 2011; $3.4 billion cash received at end of 3Q 2013 (non-comprehensive list): MacArthur Coal and BNA stake disposals, $0.9 billion in 4Q 11 Erdemir: 1/4 of 25% stake sold raising $264 million cash in 1Q 12 Skyline: sale to Nucor of 100% of ArcelorMittal s stake in Skyline Steel s operations in NAFTA/Caribbean for $676 million in 2Q 12 Enovos: sale to AXA of 23.5% interest for 330 million (Initial 50% payment received in 3Q 12 with balance (+ interest) over subsequent periods) ; Total of $410 million Paul Wurth**: sale to SMS Holding of 48.1% interest for 300 million ($388m) Kalagadi: agreed sale of 50% stake for R3.9 billion (approximately $460 million) AMMC: agreed sale of 15% stake with off take agreement to Posco and China Steel for $1.1 billion Reduced ownership of Baffinland to 50% with Nunavut Iron ore increasing its share of funding for the project Annaba: Reduced stake to 49% from 70%, Government increased stake to 51%; No cash but instead to facilitate expansion of capacity Sale of additional stake in Erdemir: Sale of 233,169,183 shares to $267 million to be recognized in 4Q Following completion of sale, ArcelorMittal will hold approximately 12.08% of Erdemir s share capital Asset sales of $4.5 billion since September 2011 * Includes Macarthur, Boasteel-NSC/Arcelor (BNA) Automotive, Erdemir, Skyline, Enovos, Kalagadi, AMMC and Paul Wurth. ** Paul Wurth divestment had $70 million impact on ArcelorMittal net debt as sale cash proceeds were more than offset by the deconsolidation of Paul Wurth s cash balance minus its debt on balance sheet. Paul Wurth s cash balance primarily represented customer advances held by customers of Paul Wurth. 44

46 China 45

47 China s steel demand following precedents Economic development is characterized by strong, early phase steel demand growth China is no different Cumulative crude steel apparent consumption (kg/capita) Germany USA S. Korea France China 0 China 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; IHS Global Insight and UN Data statistics for population; ArcelorMittal Corporate Strategy team analysis 46

48 Steel demand growth rates in China have trended down China annual growth rates of GDP and ASC (apparent crude steel consumption), (%) The announced slowing of China s GDP growth rate is consistent with 12th 5-Year Plan Ratio ASC/GDP Growth (LHS) ASC growth (RHS) Real GDP growth (RHS) 14.2% % % 9.6% 9.2% 10.5% 9.3% % 7.0% 7.8% 7.7% '08/ F 0 11th plan th plan F China s steel demand growth have trended down Source: GDP: IHS Global Insight, ASC: ArcelorMittal Corporate Strategy estimates (Q2 2012) 47

49 China net export data China trade data, NSA, mt Exports Imports Net-trade China exports of 5.07MT in October YTD annualised exports of 62MT as compared to 55MT in 2012 Chinese exports increased y-o-y in October and are up 13% YTD 48

50 Mining Mont Wright, Canada 49

51 Mining business portfolio Key assets and projects Canada Baffinland 50% (1) Bosnia Iron Ore 51% Ukraine Iron Ore 95.13% Russian Coal 98.64% USA Iron Ore Minorca 100% Hibbing 62.31%* Non ferrous mine Iron ore mine Mexico Iron Ore Las Truchas & Volcan 100%; Pena 50%* USA Coal 100% Canada AMMC 100% (2) Mauritania Iron Ore exploration license Liberia Iron Ore 70% Algeria Iron Ore 70% Kazakhstan Coal 8 mines 100% Indian Iron Ore & Coal exploration license Kazakhstan Iron Ore 4 mines 100% Coal mine Existing mines New projects / exploration Brazil Iron Ore 100% South Africa Manganese 50% (3) South Africa Iron Ore** Coal of Africa 15.75% Geographically diversified mining assets * Includes share of production ** Includes purchases made under July 2010 interim agreement with Kumba (South Africa) (1) Following an agreement signed off in December 2012, on February 20th, 2013, Nunavut Iron Ore subscribed for new shares in Baffinland Iron Mines Corporation which diluted AM s stake to 50% (2) January 2nd, 2013 AM entered into an agreement to sell 15% of its stake in AM Mines Canada to a consortium lead POSCO and China Steel Corporation (CSC). (3) In November 2012, ArcelorMittal signed a share purchase agreement with Mrs. Mashile-Nkosi providing, subject to various conditions, for the acquisition by her or her nominee of ArcelorMittal s 50% interest in Kalagadi Manganese. 50

52 Iron ore reserve and resource estimates Strong reserve and resource basis to support sustainable growth 2012 Iron ore reserves and resources (million metric tonnes) Region Proven & probable reserves Measured & indicated resources Inferred resources Mtonnes %Fe Mtonnes %Fe Mtonnes %Fe Canada (AMMC) 1, , , Canada (Baffinland) USA Central America South America West Africa , Eastern Europe Central Asia , TOTAL 4, , , Geographical breakdown of iron ore reserves & resources Central Asia Eastern Europe 7% West Africa 4% 12% 45% Canada (AMMC) South America 3% 9% Central America 11% 9% USA Canada (Baffinland) 2012 Iron ore reserves of 4.3bn metric tonnes Highlights of 2012: Resource to Reserve conversion exceeded mining depletion to provide a net increase of ~500Mt in iron ore reserves Resource to reserve conversion was largely offset by resource additions due to exploration and re-evaluation of known mineralization Resource and reserve estimates supported by internal technical reports Updated life of mine plans with discounted cash flows to support demonstration of economic viability for all ore reserve estimates All resource estimates have potential for economic extraction to support future potential growth 51

53 Producer 1 Producer 2 Producer 3 Producer 4 Producer 5 ArcelorMittal* Comparable margin to peers ArcelorMittal Mining EBITDA ($ Millions) Iron ore EBITDA margin 2012 FY* 3, % 90% 3,000 80% 2,500 2,000 70% 60% 50% 1,500 40% 1, % 20% 10% 0 0% ArcelorMittal Mining is competitive on cost and quality * Notes: ArcelorMittal EBITDA margin based on market-priced tonnes (i.e. excludes cost-plus tonnes from Revenue and EBITDA); Producers include BHP, Fortescue, Kumba, Rio Tinto and Vale. Competitor data sourced from public information and has been prepared on a comparable periodic basis. 52

54 ArcelorMittal Mines Canada (AMMC) AMMC expansion from 16Mt to 24Mt complete Iron ore production and capacity (million Mt) Expansion of Mont Wright mine at AMMC and concentrate capacity to 24Mt p.a. (from 16Mtpa post operational improvements) concentrate and pellets Expansion capitalising on existing infrastructure, product quality, experienced workforce and advantageously located with easy access to Spirals 15 1 Concentrator European/US markets Capex $1.6bn* for mine, concentrator plant expansion and infrastructure upgrade with cash cost of circa $38/tonne post expansion Potential for future expansion given size of resource base and existing infrastructure Port infrastructure 30-32Mtpa without significant additional capex Ability to expand production capacity beyond 30Mtpa 2012 Low cost, efficient operations with further improvement potential 2013F Ongoing initiatives to continue improving operating equipment efficiency Access to low-cost, long-term hydro electric generating station Potential Expansion Strategic advantage from exclusive use of own rail and port facilities * Capex of $1.6bn excludes expansion of Pellet line which has not yet been committed to. 53

55 ArcelorMittal Mines Canada (AMMC) Expansion from 16Mt to 24Mt complete Expansion Commission of new spirals line at concentrator New trucks operational Additional rail sidings completed Railway Wholly-owned 420-km railway infrastructure Longer train with two locomotives commenced Linking mining operations to Port-Cartier Port-Cartier One of Canada s largest private ports Handling 160,000+ tonne ships Currently running at ~350 vessels per year Ability to handle cape-size vessels all year round Expansion supported by captive infrastructure with operating leverage 54 54

56 Liberia Phase 1 completed Industrial location of mine Phase 1 DSO ( Direct Shipping Ore ) Guinea All marketable tonnes Construction: 240km rail rehabilitation completed Buchanan port and material handling facilities initial upgrade completed Atlantic Ocean Sierra Leone Yekepa Ivory Coast Shipment details First DSO product shipped Sept 2011 Buchanan 40% to Europe (natural market), 60% to Asia Railway link from Yekepa to Buchanan (240km) Liberia trans-shipment Liberia Costs Competitive cash cost Cape size trans-shipment facilities started Offshore loader Commenced cape size off shore loading Dec 2012 to further increase margins Scheduled to load largest cape size in Western Africa Focus on long haul customers Liberia expansion progress on track 55

57 Liberia Phase 2 rationale Phase 2 Higher grade material Expansion to 15mtpa capacity by 2015 Production capacity (Million tonnes) Phase 1 Phase 2 Investment in a concentrator approved Project and mine planning currently underway Fully utilizing our wholly owned infrastructure 60% grade (high silica) DSO capex $0.7bn 66% grade (low silica) concentrate capex ~$1.5bn 66% grade (low silica) Sinter feed Managing project implementation to reduce near term capex without compromising Phase 2 15 Staged approach Align product to market Focus on Phase 2 to develop 15Mt of higher quality sinter feed 56

58 Baffinland Iron Ore Mines expansion update Background In Dec. 2012, ArcelorMittal agreed with minority shareholder Nunavut Iron Ore (NIO) to increase NIO s interest in Baffinland from 30% to 50% ArcelorMittal will retain a 50% interest in the project as well as operator and marketing rights Proposed phase 2: Rail ERP phase underway : Road route Project progress In Dec. 2012, completed the environment assessment process and received approval of The Project Certificate * by the Canadian government Negotiations are progressing with the Qikiqtani Inuit Assoc. on the completion of the Inuit Impact and Benefits Agreement (IIBA), prioritizing Inuit participation in the project Early Revenue Phase (ERP) underway: Road route 3.5MT production capacity p.a. in 2015 Product Foxe Basin High grade: 66%+ Fe iron direct shipping pellet and fine ore (no processing or pelletization required) Products expected to achieve full premium value Early Revenue Phase (ERP) has been approved * The Project Certificate relates to the full original scope of the Mary River project expansion 57

59 Baffinland Early Revenue Phase: 3.5MT production rate in 2015 Proposed Early Revenue Phase rationale ERP budget approx. US$700m commenced in 1Q 2013 Enables an early mining phase that requires less capital investment than full project, creating training, employment, business opportunities for local region ERP will demonstrate quality of product and ability to operate ERP components and difference between full rail project ERP requires trucking of ore to Milne Inlet, loading of ore in Milne Inlet, and shipping of ore from Milne Inlet to markets Requires upgrades of the road connecting Milne Inlet and mine site Mining and trucking of 3.5mtpa from Deposit 1 to Milne Inlet throughout the year Shipping of ore from Milne Inlet during open water season Anticipate first ore to be shipped in 2H 2015, all product tonnage targeted for Europe Environment permitting Existing permits allow work to commence in 3Q 13 Planned modification to existing permit to allow further optimization: doubling of fuel capacity at Milne Inlet in 2013 Completion of ERP amendments to The Project Certificate and licenses scheduled in 1H 2014 Mary River Project is now a phased project ERP underway, Rail Phase to be considered according to market conditions 58

60 Tonnes Potential growth beyond current plan Growth project pipeline (million tonnes) 160, , , ,000 Cost plus tonnage Marketable tonnage Total Potential 2015 iron ore target of 84MT production capacity (excluding potential projects and strategic contracts) Potential brownfield and greenfield projects under study, primarily marketable 80,000 60,000 40,000 20, Growth supported by pipeline of brownfield and greenfield projects 2010 to 2012 represents actual production onwards, capacity is being reflected in the above graph. 59

61 US$ FOB Cost per ton Focus on cost as well as growth Illustrative cash cost curve (marketable tonnes) post expansion Positioning key assets low on the cost curve Relentless focus on cost control Operational excellence, rigour and discipline underway across assets Share and apply best practice leveraging internal and external benchmarks Key focal points: Labour productivity Maintenance and reliability Mining plan optimization 1st Focus on quality ArcelorMittal Liberia AMMC Focus on value and OEE initiatives 2nd 3rd 4th Quartile Rigorous capex investment management Focus on on-time and budget delivery Central project management office Regular expert project reviews Standardised projects controls Tracking time/cost divergence and risks Post capex FOB cash cost Relentless focus on costs and capex monitoring * Focus on AMMC and ArcelorMittal Liberia as our largest marketable tonnes assets. Illustrative for post expansion of AMMC 60

62 Coal business Key assets and projects for coal business Coal mine USA Coal 100% Russian Coal 98.64% Existing mines New projects Kazakhstan Coal 8 mines 100% 2012 Coal reserves and resources (Million metric tonnes) Region Proven & probable reserves Measured & indicated resources Inferred resources Mtonnes %Yield Mtonnes Mtonnes Kazakhstan Kuzbass Princeton TOTAL Coal of Africa 15.75% interest Indian Iron Ore & Steam Coal Coal asset geographically diversified 318 million tonnes of reserves 61

63 Auto 62

64 Steel grades and process optimization support OEMs effort towards safety, fuel economy and reduced CO² emission Grams CO²/km normalised to NEDC* Global CO2 (or equivalent) regulation trends No 1 in automotive steel Global automotive manufacturing presence through own facilities and JVs Global distribution network Unique product offerings to meet OEMs demand for safety, fuel economy and reduced CO2 emission (S-in Motion 20% weight reduction) Relative stability of margin: 20-30% of average selling price is attributable to the value added nature of the product Strong market share in our core markets Strong and consistent investment in R&D 2012 auto shipment by geography Europe 54% Nafta 38% Source: ICCT South America 6% South Africa 2% Worldwide ArcelorMittal R&D involving automotive suppliers / industrial partners *New European Driving Cycle is designed to assess the emission levels of car engines and fuel economy in passenger cars 63

65 New ultra lightweight car door solutions C-segment vehicle Baseline Baseline Front Door S-in motion S1 S1 Lightweight steel door 18.3kg 14.5kg 13.3kg Short term kg Medium term Medium-term steel solutions for C & D-segment cars to get closer to Aluminum Thin gauge approach: 29% to 34% weight savings for D & C segment doors Performance validation of thin gauge outer till 0.5mm thanks to multilayered patch for stiffness purpose New steel grades development identified for outer panel, door beam New design approach: 28% weight savings for D segment door Structural holistic load path optimization Use of available steel grades Accent on manufacturing technologies development 1. Door inner AM05 0.8mm /0.6mm 2. Waist beam MS mm & DP Door beam Usibor 1500P 4. Hinge reinforcements Usibor 1500P 5. Outer panel FF280DP (490DP) 0.6mm Short & medium term ULSS show that steel remains the most cost-effective material for automotive applications Source: AM estimates as per annual report 64

66 Franchise steel capex 65

67 Steel capex must be disciplined in order to create value The economics of building new steel capacity have not changed Typical Greenfield capacity would require $250 EBITDA/t to deliver 15% post tax ROI Margins need to improve before new capacity is built outside China As a result we expect ex-china capacity growth to lag growth in demand We must be disciplined in allocating capital to growth in steel Our focus is to back our franchise businesses to protect our developed market position and expand in new markets e.g. Autos and Brazil ArcelorMittal growth capex split 2010A 2011A Steel 2012A Mining 2013F We continue to have options to invest in steel growth and create value 66

68 Selective steel projects: Monlevade (LCA) Monlevade expansion project in Brazil restarted : Phase 1 (approved) focuses on downstream facilities and consists of: a new wire rod mill in Monlevade with additional capacity of 1,050ktpy of coils with capital expenditure of $280m with $140m remaining; Juiz de Fora rebar capacity increase from 50 to 400ktpy (replacing some wire rod production capacity) and meltshop capacity increase by 200ktpy Expected completion in 2015 A decision whether to invest in Phase 2 of the project, focusing on the upstream facilities in Monlevade (sinter plant, blast furnace and meltshop), will be taken at a later date Expansion supported by strong market for long products in Brazil 67 67

69 Selective steel projects: Acindar (LCA) New rolling mill at Acindar (Argentina) New rolling mill (Huatian) in Santa Fe province to increase capacity by 0.4mt/year of rebars from 6 to 32mm for civil construction: New rolling mill will also enable Acindar to optimize production at its special bar quality (SBQ) rolling mill in Villa Constitución, which in future will only manufacture products for the automotive and mining industries Estimated capital expenditure of ~$100 million Expected completion in 2016 Expansion supported by strong construction market in Argentina and exports 68 68

70 Selective steel projects: Dofasco (FCA) Optimize cost and increase shipment of galvanized products by 0.3mt / year Restart construction of heavy gauge galvanizing line #6 (capacity 660ktpy) and closure of line #2 (capacity 400ktpy) increased shipments of galvanized sheet by 260ktpy, along with improved mix and optimized cost Line #6 will incorporate AHSS capability and is the key element in a broader program to improve Dofasco s ability to serve customers in the automotive, construction, and industrial markets Expected completion in 2015 Expansion supported by strong market for galvanized products 69 69

71 Selective steel projects: VAMA-JV with Hunan Valin VAMA: JV between ArcelorMittal and Hunan Valin which will produce steel for high-end applications in the automobile industry, supplying international automakers and first-tier Chinese car manufacturers as well as their supplier networks for rapidly growing Chinese market Construction of automotive facility, the main components which are: State of the art pickling tandem CRM (1.5mt) Continuous annealing line (0.9mt), and Hot dip galvanizing line (0.5mt) Estimated capital expenditure of ~$850 million (100% basis) First coil to be produced in 2H Expansion supported by robust Chinese automotive market: > 50% growth to 25 million vehicles by

72 TK Alabama: Growing our NAFTA Franchise 71

73 TK Alabama: Growing our NAFTA Franchise ArcelorMittal and Nippon Steel & Sumitomo Metal Corporation (NSSMC) agreed to acquire 100% of TK USA for $1,550m on debt free cash free basis and inclusive of working capital Financed by combination of JV-level debt and equity with minimal impact on ArcelorMittal s net debt ArcelorMittal to directly fund $258mn cash upfront Medium term $15bn target remain unchanged Calvert Hot strip mill: State of the art walking beam reheating furnace JV will off-take 2mt of slab until 30 September 2019* from TK CSA in Brazil at a market-based price Synergies amounting to ~$60mn annually identified, mostly on an account of incremental slab sales from ArcelorMittal facilities (vs. selling in the international slab market) Calvert: Pickling line Significant expansion in growing NAFTA automotive steel market, a key franchise business and expands presence in other important markets including energy Asset is expected to be fully operational asset from the start and expected to be EBITDA positive in year 1 and free cash flow positive from year 2 Deal captures value opportunity without compromising balance sheet discipline *At TK s option, potential to extend slab off-take for additional 3 years at more favourable price to the JV as compared to initial period 72

74 Transaction overview ArcelorMittal and Nippon Steel & Sumitomo Metal Corporation (NSSMC) have agreed to acquire 100% of TK USA (the JV Co. ) The transaction values 100% of JV Co. at $1,550m on debt free cash free basis and inclusive of working capital Acquisition provides significant expansion in the growing NAFTA automotive steel market, a key franchise business of ArcelorMittal and expands presence in other important markets including energy AM and NSSMC have long-standing history of partnership Expands ArcelorMittal franchise in high-value (and growing) market JV Co. will off-take 2mt of slab until 30 September 2019* from TK CSA in Brazil at a market-based price ArcelorMittal have identified synergies amounting to ~$60mn annually, mostly on an account of incremental slab sales from ArcelorMittal facilities (vs. selling in the international slab market) The acquisition will be financed by combination of JV-level debt and equity with minimal impact on ArcelorMittal s consolidated net debt Significant industrial synergies identified Minimal impact on NFD Deal captures value opportunity without compromising balance sheet discipline *At TK s option, potential to extend slab off-take for additional 3 years at more favourable price to the JV as compared to initial period 73

75 Expanding and developing franchise businesses Greatly improves ability to supply NAFTA automotive ArcelorMittal is a leading steel supplier to NAFTA automotive NAFTA automotive market expected to grow by 15% over next decade* JV Co. located in Alabama is better located than other ArcelorMittal mills to supply growing NAFTA markets (southern USA, Mexico) Powerful, state-of-the-art hot-strip mill, well suited to supply fast-growing demand for advanced high-strength steels (AHSS) Significantly improves position to supply NAFTA energy Indiana Harbor East Indiana Harbor West ArcelorMittal USA Locations serving automotive Calvert facility is capable of producing high-strength coils with outstanding surface properties increasingly demanded for pipeline applications Well located to serve major US pipemakers and energy markets which are located in the Gulf Coast region R&D Center Burns Harbor Due to expected increase in natural gas and crude oil production in the US, we anticipate increase in demand for energy pipe & tube products Riverdale I/N Tek & Kote JV Columbus Coatings TKS Alabama Cleveland Flat Joint Venture Deal strengthens existing auto steel franchise + ability to supply energy market *Source: LMC Automotive (formerly part of J.D. Power, a leading global automotive market information firm) 74

76 Transaction details JV structure: ArcelorMittal and NSSMC have formed a JV ( JV Co. ) to acquire 100% of TK USA ArcelorMittal will supply slab to the JV Co. and sell product on its behalf NSSMC serves primarily as the technology partner ArcelorMittal NSSMC 50% 50% JV Co. 100% 2mt + TK Steel USA 2mt TK CSA Slab Supply [ILLUSTRATIVE STRUCTURE ONLY] Slab supply agreement: Until 30 September 2019: firm commitment by JV Co. to off-take 2mtpa of slab from TK CSA at market based formula At TK s option, potential to extend slab off-take for additional 3 years at more favourable price to the JV Co. as compared to initial period Remaining slab requirements to be supplied by ArcelorMittal s facilities in Mexico, Brazil and USA Post interim slab supply agreement synergies to ArcelorMittal increase 75

77 Financing details and accounting treatment JV structure & governance ArcelorMittal and NSSMC will form 50:50 JV ArcelorMittal will act as sales & marketing agent and supply all required slabs* Price paid for ArcelorMittal slabs will be directly impacted by volume, price and cost performance of the JV Co. JV Co. will be governed by a management committee with equal partner representation Balance sheet impact minimal Partners anticipate securing JV-level debt financing with a debt to equity ratio of 2:1 As a result, ArcelorMittal expects to directly fund $258mn as cash upfront The JV Co. will be accounted for by ArcelorMittal under the equity method JV-level debt will not be consolidated P&L impact positive Year 1 Fully operational asset from the start JV Co. expected to be EBITDA positive in year 1 JV Co. expected to be free cash flow positive from year 2 Minimal impact on consolidated net financial debt * In excess of those supplied by TK CSA under the slab supply agreement and its possible extension 76

78 Clear synergies for ArcelorMittal Quantified synergies estimated at $60m per annum $40m of synergy is attributed to 2mt of slab sourced at a $20 higher realisation vs. selling slabs in the South East Asian market $20m of further synergy includes SG&A and customer freight Slab supply synergy will increase post expiration of slab off-take agreement Calvert: Pickling line Calvert Hot strip mill: State of the art walking beam reheating furnace Calvert: Continuous annealing line Significant synergies have been identified 77

79 Takeaways This is a strategic acquisition for ArcelorMittal, demonstrating our industry leadership and continued ability to capture value-enhancing opportunities Expands ArcelorMittal s capability to serve and develop growing NAFTA demand for high added value products from a region we are currently under-represented Significant synergies identified JV structure and JV-level debt financing ensures minimal cash requirements, minimal impact on net financial debt and no impact on medium term target* Next steps will be to secure regulatory approvals where required Anticipated closing 2Q 2014 Calvert: 7-stand hot rolling finishing *Medium term consolidated net debt target remains US$15bn 78

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