Bold Future 2007 Building our Company with the needs of future generations in mind Activity Report 2007

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1 Bold Future 2007 Building our Company with the needs of future generations in mind Activity Report 2007

2 Key Figures ArcelorMittal is the largest and the most integrated steel company in the world, with an industrial presence in 20 countries and over 310,000 employees. In 2007, we recorded excellent results and this confirmed the strength of the ArcelorMittal business model. We benefited from a healthy global demand for steel in both the high-quality developed countries and fast-growth developing economies. In 2007, ArcelorMittal produced over 116 million tonnes of steel and generated revenues of billion US$. 35 acquisitions were announced in 2007 and 20 million tonnes of organic growth potential were identified, all of which is aimed at further strengthening ArcelorMittal s global steel offering.

3 Key Figures ArcelorMittal Financial Highlights , , % Sales (million US$) % Shipments (million tonnes) ,305 19, % EBITDA (million US$) ,857 14, % Operating income (million US$) , % 7,994 Net Income (million US$) % Basic Earnings per Share (US$) figures are pro forma (unaudited). Number of employees in 2007 according to segments 1 Flat Carbon Americas 35,491 11% Flat Carbon Europe 68,000 22% 3 Long Carbon Americas and Europe 56,462 18% 4 Asia, Africa and CIS (AACIS) 123,526 40% 2 5 Stainless Steel 11,570 4% 6 Steel Solutions and Services 13,086 4% 4 7 Others 3,331 1% Total 311, % 3 Number of employees in 2007 according to geographic location 1 EU15 74,548 24% 2 Rest EU (EU27) 54,383 17% 3 Other European Countries 49,831 16% North America 41,073 13% 5 South America 22,217 7% 5 6 Asia 49,619 16% 7 Middle East 78 1% 8 Africa 19,717 6% 4 2 Total 311, % 3

4 Contents 01 Profile 02 Chairman s Statement 04 Message from the President and CEO 08 Questions for the Group Management Board 12 Monthly Highlights 15 Global Presence 20 Board of Directors 24 Group Management Board 26 Management Committee 32 transforming tomorrow 38 A New Brand 40 Health and Safety 42 Driving Performance Leadership 44 Achieving Quality, Developing New Products 46 Sustainability and Climate Change Operational Review 50 Flat Carbon Americas 54 Asia, Africa, Mining and Stainless (AAMS) 58 Long Carbon, Steel Solutions and Services, Wire Solutions 62 Flat Carbon Europe, Automotive, Plates, R&D 68 Corporate Responsibility 76 Corporate Governance 78 Market Information 80 Key Operating Subsidiaries Financial Statements ArcelorMittal Pro Forma Consolidated Financial and Other Information 86 Condensed Consolidated Statements of Income 87 Condensed Consolidated Statements of Cash Flows 88 Condensed Key Financial and Operational Information ArcelorMittal Audited Consolidated Financial Information 89 Condensed Consolidated Balance Sheet 90 Report of the Independent Registered Public Accounting Firm The financial information in this ArcelorMittal Activity Report 2007 has been prepared in accordance with International Financial Reporting Standards as adopted by the European Commission for publicly traded companies. The financial information herein does not contain certain information required to be provided to shareholders under Luxembourg law, including in particular the statutory accounts of ArcelorMittal, which must be approved by the Annual General Meeting of shareholders of ArcelorMittal on May A copy of the ArcelorMittal statutory accounts report will be available free of charge from April at the registered office of ArcelorMittal S.A., 19 avenue de la Liberté, L-2930 Luxembourg, Grand-Duchy of Luxembourg, or by calling or or sending an to All figures relating to ArcelorMittal are pro forma (unaudited). The information for 2007 and pro forma information for 2006 presented in this ArcelorMittal Activity Report 2007 reflects the combined business as if the two-step merger combining Arcelor and Mittal Steel Company, which took effect on November , had taken place at the beginning of the periods presented. This ArcelorMittal 2007 Activity Report contains forward-looking statements that represent the expectations, beliefs, plans and objectives of ArcelorMittal s management regarding ArcelorMittal s financial and operational performance in 2008 and beyond, and assumptions or judgments based on such performance. Future performance expectations are forward-looking and accordingly involve estimates, assumptions, judgments and uncertainties. A number of factors may cause actual results or outcomes to differ materially from the expectations of our management. These risk factors are outlined in ArcelorMittal s Annual Report on Form 20-F filed each fiscal year with the US Securities and Exchange Commission and available on in Investors & Shareholders - Activity Reports & Documents - SEC Filings.

5 Profile ArcelorMittal is the world s largest and most global integrated steel company, with over 310,000 employees and an industrial presence in 20 countries. The number one supplier to all major market sectors, including automotive, construction, household appliances and packaging, ArcelorMittal has an industrial presence in 20 countries across Europe, Asia, Africa and the Americas. This exposes it to all the key steel markets, from emerging to mature an exposure it continues to enhance through its three dimensional growth strategy of product diversity, geographical reach and vertical integration. A key element of the Group s strategy is to operate as a vertically integrated business. Upstream, it owns sizeable captive supplies of raw materials; downstream, it operates outstanding distribution networks. Innovation plays a key role at ArcelorMittal. Not only is the Group the largest steelmaker by volume, but it also offers the broadest range of steel grades, advanced products, steel solutions and cutting-edge technologies. Its investment in R&D is substantial and continuous. Close cooperation with customers involving mutual trust, an open-minded approach and permanent exchanges of personnel further drives innovation and assists in the development of products and solutions that sustain their competitive edge was the first full year following the merger of Arcelor and Mittal Steel. The combined Company has been integrated successfully, building a global giant focused on leading the transformation of the steel industry and building a sustainable future. With crude steel production of 116 million tonnes, representing around 10% of world steel output, ArcelorMittal generated revenues of billion US$ in It continued to explore growth opportunities, conducting 35 transactions and identifying organic growth projects that will expand shipment volumes by 20 million tonnes by ArcelorMittal understands that with its Leadership position comes responsibility. By playing its part in consolidating the steel industry it is helping create a more sustainable operating environment. Consistent with its objective of transforming tomorrow, ArcelorMittal is committed to being a good corporate citizen. This means building a stable, global institution one with the resources to deliver the products its customers want, that creates sustainable value for all its stakeholders, including the communities in which it operates, and that respects the highest standards in areas such as health, safety and the environment. Responsible business practice is at the heart of the Company s strategy. In 2008, the first priority for the Group remains Health and Safety. ArcelorMittal operates in a wide variety of countries, from the developing to the most developed. It recognises that the decisions it makes impact not only its employees and the wider communities in which it operates, but also suppliers, governments and investors. ArcelorMittal s ambition is not only to be the undisputed leader of its sector, but also to become recognised as one of the world s truly great companies, demonstrating excellence in every area of its operations and consistently delivering high quality and results to all of its stakeholders. ArcelorMittal will continue to transform tomorrow and guide the evolution of steel to secure the best future for the Company, the stakeholders and the industry more broadly, now and for generations to come. ArcelorMittal Activity Report

6 Company Chairman s Profile Statement and Global Business Strategy Sed Dear ut Shareholders, perspiciatis unde Ladies omnis and iste Gentlemen, natus error sit voluptatem accusantium doloremque laudantium, I am addressing totam this rem message aperiam, to you eaque for ipsa the quae last time, ab illo as inventore I am stepping veritatis et quasi architecto down as Chairman beatae vitae of the dicta Board sunt of explicabo. Directors Nemo of ArcelorMittal enim ipsam in voluptatem May quia voluptas I can honestly sit aspernatur say that, aut while odit writing aut fugit, these sed lines, quia I was consequuntur filled with a magni sense dolores eos qui ratione of pride voluptatem for what this sequi Group nesciunt. has achieved, and I have full confidence in what lies ahead. FoundrySterling 2007 represents the Subhead summit 1of my career of 47 years devoted to the steel industry. adipisicing elit, sed do eiusmod tempor This year illustrates the full achievement incididunt ut labore et dolore magna aliqua. Ut of my work. Over the past twelve months, enim ad minim veniam, quis nostrud the Company has firmly established itself exercitation ullamco laboris nisi ut aliquip ex as a truly global business, demonstrated ea commodo consequat. Duis aute irure dolor the industrial logic of our business model and in reprehenderit in voluptate velit esse cillum transformed the long-term potential of the dolore eu fugiat nulla pariatur. Excepteur sint steel and mining industry through consolidation. occaecat cupidatat non proident, sunt in If culpa 2006 qui was officia the deserunt year of the mollit creation anim id est of laborum. ArcelorMittal a landmark in the history of the steel industry 2007 has brought us the achievement of our successful integration. Overcoming all initial reticence and obstacles, almost one year after uniting as a single company we can see the evidence all around us that the integration has been fast, smooth and that the amount of synergies achieved has surpassed expectations. This is something all of our stakeholders from employees to shareholders can be proud of. Today, ArcelorMittal has an industrial presence in 20 countries. This expansive geographical positioning and distribution network, coupled with our continuously improving operational performance, is the fruit not only of the merger of two complementary companies, but also of the excellent profile of our management and the engagement of our workforce. FoundrySterling There is no doubt Subhead that has truly been an excellent year for ArcelorMittal. Lorem ipsum dolor sit amet, consectetur Our shareholders have benefited from adipisicing elit, sed do eiusmod tempor the Group s performance: our share price incididunt ut labore et dolore magna aliqua. Ut rose by 73% in Europe and by 96% in the enim ad minim veniam, quis nostrud USA. Once again we achieved record financial exercitation ullamco laboris nisi ut aliquip ex results, with EBITDA of 19.4 billion US$, ea commodo consequat. Duis aute irure dolor some 27% higher than the previous year. in reprehenderit in voluptate velit esse cillum dolore Beyond eu these fugiat figures, nulla pariatur has Excepteur also been sint occaecat the year of cupidatat the successful non proident, launch of sunt our in new culpa brand, qui and officia growing deserunt recognition mollit of anim what id est laborum. our Company stands for: our core values of Sustainability, Quality and Leadership, Sed ut perspiciatis unde omnis iste natus and our promise of transforming tomorrow, error sit voluptatem accusantium doloremque not only for the integrated steel industry laudantium, totam rem aperiam, eaque ipsa but also for our communities. quae ab illo inventore veritatis et quasi architecto The launch beatae of our brand vitae dicta has been sunt a explicabo. key Nemo catalyst enim to galvanising ipsam voluptatem the high quia motivation voluptas sit of our aspernatur 310,000 aut ArcelorMittal odit aut fugit, people sed quia around consequuntur the world towards magni progress. dolores In eos a Group qui ratione voluptatem with such a geographical sequi nesciunt. and Neque historical porro quisquam diversity, the est, brand qui dolorem is our global ipsum personality, quia dolor sit which amet, binds consectetur, together all adipisci of our complementary velit, sed quia non cultures. numquam It also eius underpins modi tempora our entire incidunt ut labore business, et dolore its philosophy magnam and aliquam strategy. quaerat voluptatem. Ut enim ad minima veniam, quis nostrum exercitationem ullam corporis suscipit laboriosam, nisi ut aliquid ex ea commodi consequatur? Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem eum fugiat quo voluptas nulla pariatur. Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa FoundrySterling In its aim of being BookItalic one of the Quae most ab illo inventore admired veritatis companies et quasi in architecto the world, beatae vitae dicta ArcelorMittal sunt explicabo. is working Nemo to bring enim ipsam voluptatem its brand values quia voluptas to life in sit every aspernatur country aut odit aut and fugit, in every sed area quia of consequuntur activity where magni dolores we eos are operating. qui ratione voluptatem sequi nesciunt. Neque porro quisquam est, qui dolorem ipsum quia In line dolor with sit our amet, stated consectetur, values of adipisci velit, sed Sustainability, quia non numquam Quality and eius Leadership, modi tempora incidunt one of our ut main labore challenges et dolore is magnam Health aliquam quaerat and Safety. voluptatem. ArcelorMittal Ut enim employees ad minima veniam, are our primary quis nostrum asset. exercitationem Across the entire ullam corporis Group, from suscipit top management laboriosam, nisi to ut the aliquid ex ea shop commodi floor, everyone consequatur? is committed Quis autem vel eum to making iure reprehenderit excellent Health qui in and ea Safety voluptate velit the basis esse for quam our nihil performance. molestiae consequatur, vel The illum Group qui is dolorem also focusing eum fugiat on reducing quo voluptas nulla the impact pariatur. of its operations on the Lorem environment. ipsum dolor Steel sit is an amet, environmentally consectetur adipisicing friendly material, elit, sed due do to eiusmod its excellent tempor incididunt recycling performance. ut labore et dolore It is a magna unique aliqua. Ut enim material, ad minim which veniam, loses none quis of nostrud its strength exercitation and inherent ullamco properties, laboris no matter nisi ut aliquip how ex ea many commodo times it consequat. is recycled. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Lakshmi N. Mittal, President and Chief Executive Officer ArcelorMittal Annual Activity Report 2007

7 Company Profile and Global Business Strategy Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione voluptatem sequi nesciunt. adipisicing Our commitment elit, sed to do the eiusmod safety tempor incididunt and well-being ut labore of all et of dolore our employees, magna aliqua. Ut enim as well ad as minim to the veniam, protection quis of nostrud the exercitation environment, ullamco is part laboris of a very nisi important ut aliquip ex ea field commodo that our Group consequat. is in the Duis process aute irure dolor in of reprehenderit further developing: voluptate Corporate velit esse cillum dolore Responsibility eu fugiat (CR). nulla As pariatur. part of Excepteur this sint occaecat emphasis cupidatat on CR, I am non extremely proident, honoured sunt in culpa to remain qui officia linked deserunt to the Group mollit as anim Chairman id est laborum. of the ArcelorMittal Foundation, which embodies our three core values Lorem ipsum dolor sit amet, consectetur as described above. adipisicing elit, sed do eiusmod tempor incididunt Looking forwards ut labore to et the dolore future, magna and then aliqua. Ut enim looking ad backwards minim veniam, on my quis many nostrud years exercitation in the steel industry, ullamco laboris I see that nisi ArcelorMittal ut aliquip ex ea today commodo is demonstrating consequat. what Duis I aute have irure dolor in worked reprehenderit for during my voluptate entire career. velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat When I was cupidatat just a boy, non I proident, realised that sunt steel in culpa would qui have officia a strong deserunt presence mollit in anim my life: id est laborum. I was born in Esch-sur-Alzette, the cradle of Luxembourgish steel, the son and Sed grandson ut perspiciatis of steel workers. unde omnis What iste I could natus error not imagine sit voluptatem that early accusantium stage was doloremque that laudantium, I would not only totam be rem able aperiam, to live first eaque hand, ipsa quae but also ab illo participate inventore directly, veritatis in et the quasi architecto evolution of beatae this industry. vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit During aspernatur almost aut half odit a century aut fugit, I have sed had quia consequuntur the opportunity magni to work dolores in the eos steel qui ratione voluptatem industry. I had sequi the nesciunt. honour to Neque chair the porro quisquam world-famous est, qui companies dolorem Arbed, ipsum Arcelor quia dolor sit and amet, ArcelorMittal. consectetur, Now adipisci the time velit, has sed quia non arrived numquam for me to eius retire modi and tempora to express incidunt ut labore my deepest et dolore gratitude magnam to my aliquam many quaerat voluptatem. collaborators Ut and enim colleagues ad minima for veniam, their quis nostrum trust in me exercitationem during these ullam years. corporis suscipit laboriosam, nisi ut aliquid ex ea commodi consequatur? Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem eum fugiat quo voluptas nulla pariatur. Lorem Together, ipsum we dolor have lived sit amet, through consectetur difficult adipisicing and dramatic elit, periods, sed do but eiusmod we have tempor risen incididunt to every challenge. ut labore We et dolore have always magna been aliqua. Ut enim able to ad find minim the veniam, proper solutions quis nostrud in the exercitation interests of our ullamco human laboris and economical nisi ut aliquip ex ea environments. commodo consequat. Thanks to Duis their aute assiduity, irure dolor in their reprehenderit talent and their in voluptate loyalty, velit we have esse cillum dolore forged eu a company fugiat nulla which pariatur. is positioned Excepteur sint occaecat today at the cupidatat forefront non of proident, our industry, sunt in culpa a multicultural qui officia Group deserunt with mollit the ambition anim id est laborum.. to be, and more importantly to remain, among the worldwide leaders in adipisicing elit, sed do eiusmod tempor the fields of innovation, management incididunt ut labore et dolore magna aliqua. Ut and governance. enim ad minim veniam, quis nostrud exercitation It is with a feeling ullamco of laboris great pride nisi ut and aliquip ex ea satisfaction commodo that consequat. I regard ArcelorMittal Duis aute irure dolor in today. reprehenderit The Company in voluptate is both a velit bold esse cillum dolore new entity, eu fugiat and an nulla accumulation pariatur. Excepteur sint occaecat of years of cupidatat experience non and proident, knowledge. sunt in culpa The Quality qui officia our deserunt team is mollit the best anim id est laborum. guarantor of the future of ArcelorMittal, a Group which, I am convinced, offers Lorem ipsum dolor sit amet, consectetur favourable and sustainable prospects adipisicing elit, sed do eiusmod tempor for all of our stakeholders. incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex Sincerely, ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Joseph Kinsch, Sed Chairman ut perspiciatis of ArcelorMittal unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione voluptatem sequi nesciunt. Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt ut labore et dolore magnam aliquam quaerat voluptatem. Ut enim ad minima veniam, quis nostrum exercitationem ullam corporis suscipit laboriosam, nisi ut aliquid ex ea commodi consequatur? Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem eum fugiat quo voluptas nulla pariatur. Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat, sunt in laborum. Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. ArcelorMittal Activity Annual Report

8 Company Message from Profile the and President Global and Business CEO Strategy Sed Dear ut Shareholders, perspiciatis unde Ladies omnis and iste Gentlemen, natus error sit voluptatem accusantium doloremque laudantium, 2007 was always totam going rem aperiam, to be a seminal eaque ipsa year quae in the ab history illo inventore of ArcelorMittal. veritatis et quasi architecto Not only was beatae it the vitae first dicta full year sunt in explicabo. the life of Nemo our Company, enim ipsam but voluptatem we also quia voluptas finally celebrated sit aspernatur the legal aut merger, odit aut formally fugit, sed cementing quia consequuntur ArcelorMittal s magni position dolores eos qui ratione as the undisputed voluptatem leader sequi of nesciunt. the steel industry. But even I could not have predicted that our inaugural year would have proved quite this successful. FoundrySterling Subhead 1 adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. When FoundrySterling I wrote to Subhead you last year, 2 I highlighted that one of the clear priorities for 2007 Lorem ipsum dolor sit amet, consectetur would be ensuring a successful integration. adipisicing elit, sed do eiusmod tempor I am delighted to be able to report that incididunt ut labore et dolore magna aliqua. Ut we have been very successful in this task. enim ad minim veniam, quis nostrud Approaching an integration of this size exercitation ullamco laboris nisi ut aliquip ex and scale is no easy task, and I am very proud ea commodo consequat. Duis aute irure dolor of the way our two companies integrated in reprehenderit in voluptate velit esse cillum so quickly and seamlessly. We have created dolore eu fugiat nulla pariatur. Excepteur sint a steel company with one culture, one occaecat cupidatat non proident, sunt in direction and one strategy a company culpa qui officia deserunt mollit anim id est fully aligned on leading the transformation laborum. of our industry towards a sustainable future. Sed ut perspiciatis unde omnis iste natus I can see this in whichever plant I visit error sit voluptatem accusantium doloremque in the ever-expanding world of ArcelorMittal. laudantium, totam rem aperiam, eaque ipsa During 2007, together with my Group quae ab illo inventore veritatis et quasi Management Board (GMB) and Management architecto beatae vitae dicta sunt explicabo. Committee colleagues, I made it a key Nemo enim ipsam voluptatem quia voluptas priority to visit as many of our operations sit aspernatur aut odit aut fugit, sed quia as possible and I am delighted to be able consequuntur magni dolores eos qui ratione to report that the benefits of the merger voluptatem sequi nesciunt. Neque porro can be seen almost everywhere. Our employees quisquam est, qui dolorem ipsum quia dolor are working together as one team, sit amet, consectetur, adipisci velit, sed quia we are sharing knowledge and skills across non numquam eius modi tempora incidunt ut the Group, and we are delivering the highest labore et dolore magnam aliquam quaerat quality products for our customers. voluptatem. Ut enim ad minima veniam, quis I nostrum would like exercitationem to take this opportunity ullam corporis to suscipit thank laboriosam, all of our employees nisi ut aliquid for the ex ea role they commodi have consequatur? played in making Quis this autem a reality. vel eum I iure am reprehenderit aware that change qui in is ea not voluptate always easy. velit It esse requires quam open nihil molestiae and frequent consequatur, communication, vel trust, illum qui flexibility dolorem and eum commitment. fugiat quo voluptas The fact that nulla they pariatur. have so readily embraced this approach has been a key factor in enabling Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque us to integrate so successfully. laudantium, totam rem aperiam, eaque ipsa It FoundrySterling is very clear to BookItalic me that this Quae merger ab illo inventore created veritatis a et company quasi architecto far more beatae sustainable vitae has than dicta the sunt sum explicabo. of its two Nemo parts. enim This ipsam increased voluptatem quia has voluptas been created sit aspernatur through aut odit Sustainability a aut combination fugit, sed quia of size, consequuntur scale and diversification. magni dolores eos qui ratione is the voluptatem only steel company sequi nesciunt. with ArcelorMittal a Neque production porro quisquam capacity of est, over qui 130 dolorem million ipsum tonnes, quia dolor with sit a amet, balanced consectetur, portfolio adipisci of assets velit, across sed quia a wide non numquam range of products eius modi in tempora both high-quality incidunt ut labore developed et dolore markets magnam and fastgrowth quaerat developing voluptatem. markets. Ut enim We ad minima are also aliquam one veniam, of the quis most nostrum integrated exercitationem steel companies ullam in corporis the world suscipit with laboriosam, our operations nisi ut extending aliquid ex from ea commodi mining through consequatur? steelmaking Quis autem to vel distribution. eum iure reprehenderit We have a qui truly in unique ea voluptate profile in velit the esse steel quam industry nihil today. molestiae consequatur, vel illum qui dolorem eum fugiat quo voluptas This business model carries with it a new nulla pariatur. level of stability and Sustainability that has Lorem underpinned ipsum dolor our sit record amet, results consectetur for adipisicing elit, sed do eiusmod tempor Financial performance for the year was incididunt ut labore et dolore magna aliqua. Ut excellent, with EBITDA of 19.4 billion US$, enim ad minim veniam, quis nostrud up 27% year-on-year and net income exercitation ullamco laboris nisi ut aliquip ex of 10.4 billion US$, up 30% year-on-year. ea commodo consequat. Duis aute irure dolor This strong performance allowed us to return in reprehenderit in voluptate velit esse cillum 4.4 billion US$ to shareholders in 2007, dolore eu fugiat nulla pariatur. Excepteur sint out of which 2.4 billion US$ related occaecat cupidatat non proident, sunt in to our dividend policy. For the year 2008, culpa qui officia deserunt mollit anim id est the Board of Directors has recommended laborum. to increase the base dividend by 20 cents from 1.30 US$ to 1.50 US$ per share. Based on the 2007 annual net earnings of 10.4 billion US$, we will return a total of 3.1 billion US$ to shareholders by paying a cash dividend of approximately 2.1 billion US$ and a 1.0 billion US$ share buy-back which was already completed in February Synergies captured at the end of 2007 are ahead of schedule and reached 1.4 billion US$. Cash flow from operations continues to be strong with the Company generating 16.5 billion US$ during the year. Lakshmi N. Mittal, President and Chief Executive Officer ArcelorMittal Annual Activity Report 2007

9 Company Profile and Global Business Strategy Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione voluptatem sequi nesciunt. adipisicing Our financial elit, strength sed do is eiusmod also enabling tempor On Lorem the ipsum geographic dolor front, sit amet, this consectetur comprises incididunt us to invest ut more labore in et important dolore magna areas aliqua. such Ut of adipisicing acquisitions elit, (including sed do eiusmod minority tempor interest enim as capital ad minim expenditure veniam, and quis Research nostrud buy-back) incididunt ut in labore Argentina, et dolore Brazil, magna China, aliqua. Ut exercitation and Development. ullamco In laboris 2007 nisi we invested ut aliquip ex Costa enim ad Rica, minim Egypt, veniam, Mexico quis and nostrud Poland, ea some commodo 5.4 billion consequat. US$ in capital Duis aute expenditure. irure dolor strengthening exercitation ullamco our operational laboris nisi presence ut aliquip ex in We reprehenderit intend to increase voluptate this to velit approximately esse cillum in ea a commodo number of consequat. key growth Duis markets. aute irure dolor dolore 7.0 billion eu fugiat US$ in nulla pariatur. With 1,400 Excepteur sint With in reprehenderit China Oriental, in voluptate we are the velit first esse steel cillum occaecat researchers cupidatat in 14 centres non proident, in Europe, sunt in company dolore eu to fugiat have nulla a substantial pariatur. 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Duis aute irure dolor We have continued making strategic and sit aspernatur aut odit aut fugit, sed quia in reprehenderit in voluptate velit esse cillum substantial acquisitions and investments, consequuntur magni dolores eos qui ratione dolore eu fugiat nulla pariatur. Excepteur sint with numerous transactions announced voluptatem sequi nesciunt. Neque porro occaecat cupidatat non proident, sunt in in 2007, and acquisitions and investments quisquam est, qui dolorem ipsum quia dolor culpa qui officia deserunt mollit anim id est for a total value of 12.3 billion US$ sit amet, consectetur, adipisci velit, 1 sed quia laborum. completed in non numquam eius modi tempora incidunt ut Sed ut perspiciatis unde omnis iste natus labore et dolore magnam aliquam quaerat error sit voluptatem accusantium doloremque voluptatem. 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Excepteur sint growth opportunities there. occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. ArcelorMittal Activity Annual Report

10 Message from the President and CEO continued Another highlight of 2007 was the launch of our new brand, transforming tomorrow. This brand has been developed to promote consistently high standards across the business. As one of the 50 largest companies in the world we recognise that this position brings unique responsibilities. Our goal is to provide the Leadership necessary to help transform tomorrow for our stakeholders through applying consistently high standards to every aspect of our business. This goal is underpinned by our brand values of Sustainability, Quality and Leadership. It is our adherence to these three values which, I believe, has supported our emergence as the World s Most Admired Metals Company, according to Fortune s most recent ranking of the World s Most Admired Companies. This is a considerable achievement and again is possible thanks to the dedication of all our employees across the globe. We will continue to work to ensure that ArcelorMittal shows Quality and Leadership in every aspect of our business. It is this approach that will ensure, as a Company, that we continue to demonstrate long-term Sustainability for our stakeholders. In this respect, organisation, led by our Chief Technology Office (CTO), covers the entire ArcelorMittal perimeter and allows each entity to access best practices and achieve excellence. However, if I am asked if there is one particular area of the business today on which we focus our Leadership, it has to be Health and Safety. In March 2007 and 2008, we staged the ArcelorMittal Health and Safety Day, an opportunity for each of our plants around the world to spend a day focusing on how to improve performance in this area. March 2009 has already been set to hold next year s Health and Safety Day. I am pleased to report that we have made some commendable progress since this event; our accident frequency rate has fallen from 4.2 per million hours worked in 2006 to 3.2 by the end of 2007 in line with our internal targets for the year. This is a good achievement, demonstrating the success of our new Group-wide policies, but it is not enough. The tragic accident at our Abaiskaya mine in Kazakhstan in January 2008 demonstrates the challenges we still have ahead of us. I assure you this will be the top priority for myself and my colleagues on the Group Management Board. Corporate Responsibility is another important area for the new Company. Over the course of 2007 we have been working on designing the new Corporate Responsibility strategy for the Group which will be published in June of this year. This identifies the key performance indicators for the Company across the four functions of human resources, communities, shareholders and the environment. Having these indicators in place will ensure that we develop the appropriate strategies to ensure we make consistent progress in these areas. Human Resources, through The Corporate University, is an essential part of the Corporate Responsibility strategy. The budget for The Corporate University in 2008 is more than double the amount granted in 2007, at 19.6 million US$. We have also expanded the Knowledge Management Programme (KMP) in No business operating today can ignore the impact it has on the environment. Steel is one of the most recycled materials in the world, making it very sustainable over the life-cycle. However, the steelmaking process is very energy intensive and ArcelorMittal recognises the lead it must take in reducing its impact on the environment. We already have a strong record in reducing CO 2 emissions. In Europe alone, we have reduced emissions by more than 20% since We now have systems in place to measure the footprint of each individual plant, allowing us to detect and target future improvements. We will extend good practices coming from Europe and Brazil to the rest of our worldwide sites. We are also a leading partner in the exciting ULCOS (Ultra Low CO 2 Steelmaking) project, aimed at creating a more carbon efficient integrated steelmaking process. 06 ArcelorMittal Activity Report 2007

11 Looking forward, despite an uncertain outlook for the global economy, I believe 2008 will be a good year for the steel industry and for ArcelorMittal in particular. Our integrated and diversified business model leaves us well positioned to deliver another strong performance in With a strong operational presence in high-growth developing economies we are in a better position to weather any sustained economic downturn in markets such as the United States. The extent to which other economies are decoupled from the United States is yet to be seen, but I do believe that we are going to see ongoing strong economic growth from countries such as Brazil, Russia, India and China and we are well positioned to benefit from the resultant industrialisation these countries are experiencing. Nevertheless, with ever spiralling input costs, we must not become complacent. Strong cost Leadership is as important as ever. We have been successful to date at passing such costs onto our customers but also we should not take this for granted. We must continue to ensure that our customers fully appreciate the added-value we bring by working closely with them to provide them with tailor-made solutions of the highest quality. To conclude, I would like to thank my colleagues on the Board of Directors, the Group Management Board and the Management Committee for their advice, guidance and support, without which, these great operational and financial results would not have been possible. In particular I would personally like to thank Joseph Kinsch for the experience and professionalism which he brought to the Board of Directors as its Chairman. I know I can speak on behalf of all my fellow Directors on the Board when I say that we are very sorry that he has decided to retire at this year s Annual General Meeting. We will miss his wisdom, professionalism and knowledge. However I am delighted that he has agreed to continue his association with the Company following his retirement, by becoming Chairman of the ArcelorMittal Foundation. Under his Leadership, I am convinced the Foundation will play an important role in the Company. Finally, I would like to pay tribute to all of our employees, in particular those who work to produce the material that makes this business what it is: steel. If the purpose of our Company is to build the infrastructure of the modern world, it is our employees at the steel mills who make this possible. ArcelorMittal steel can be found all around the world, whether supporting iconic buildings such as the Freedom Tower in New York, helping create lighter and more energy efficient cars, or building the infrastructure that supports economic growth in developing economies. Our impact in the world is considerable and this is something that I hope all our stakeholders can take pride in. Sincerely, Lakshmi N Mittal, President and Chief Executive Officer ArcelorMittal Activity Report

12 Questions for the Group Management Board There are five members on ArcelorMittal s Group Management Board (GMB): Lakshmi N Mittal, Aditya Mittal, Malay Mukherjee, Gonzalo Urquijo and Michel Wurth. Here, four of them reflect on the past year and the year ahead. How would you sum up the achievements of the past year? Aditya Mittal: 2007 has been a great year for the Company on many fronts. From the financial perspective we have delivered record earnings clearly showing the financial health of the Company and the strength of our diversified business model. Integration was always going to be an important area of focus in 2007 and we have been very successful in this regard. We have also continued to grow. The profile of the Company today creates many opportunities for further growth and we have capitalised on this in 2007, announcing 35 transactions. Finally, in my area of responsibility for Flat Carbon Americas, we have performed well in a difficult market environment. This is a testament to the new Sustainability of the steel industry and to the Leadership role we have adopted in taking responsible decisions to help balance supply and demand. Malay Mukherjee: The financial results in Mining, Asia and Africa, Stainless, and Pipes and Tubes were substantially better than in 2006 and even better than we had budgeted. In Mining, we made good progress on our two biggest projects in Liberia and Senegal putting us on target to achieve annual iron ore production of between 85 and 90 million tonnes within four years. Among the carbon steel operations, in the Ukraine, Kryviy Rih put in an outstanding performance in terms of both productivity and profitability. In Stainless, we increased substantially our production of ferretics to offset the impact of higher nickel prices. Gonzalo Urquijo: The integration of all our Long Carbon teams, together with the commercial integration of the businesses to deliver one face to the customer, went extremely well. Industrial optimisation in purchasing, logistics, benchmarking and so on enabled us to achieve the targeted synergies. In addition, we have now consolidated the product mix around specialist sites in order to make ourselves more efficient. This applies to all long product plants in Europe and the Americas. Michel Wurth: The contribution of Flat Carbon Europe, Automotive and Plates rose strongly in 2007 due to a number of factors. One was the success of the integration process in capturing commercial synergies between the East and West European plants. Another was the recognition on the part of our customers that we could deliver the right products, solutions and services at the right price and on time. We seized the opportunities presented by strong growth in Eastern Europe generally and in the high-end automotive and appliance markets. Towards the end of the year we reorganised all European flat products plants into three regional clusters which will allow us to sharpen our customer focus and drive further improvements in quality, service and costs. How have customers benefited from the new-look ArcelorMittal? Aditya Mittal: The critical factors of the new-look ArcelorMittal are its scale, diversity and Sustainability. Our customers benefit directly from these three components. Scale enables us to offer our global customers a global solution around the globe. Diversity gives our customers a comprehensive product range wherever they might require it. The new period of Sustainability allows us to continually invest in areas such as R&D and provide the best solutions for our customers. Malay Mukherjee: Two factors have had a big impact on Quality and service delivery. From the start of 2007 we ended our arrangements with third-party trading houses and began to channel all sales to international markets through our own distribution network. Together with the expansion of our network of service centres, this has allowed us to expand our coverage, get a lot closer to our end-customers and improve our service to them. Secondly, the ability to transfer European technology to our plants in Kazakhstan and Ukraine has allowed us to move up the Quality scale. Gonzalo Urquijo: We have moved to optimise our service to customers by sourcing our European deliveries from nearby plants wherever possible. We achieved better lead times and improved service levels. Equally important is the fact that an expanded number of long products plants means we have more expertise and more knowledge on which to draw leading to better Quality. It also provides a bigger platform for our R&D. We lead in areas such as sheet piles and big beams and we want to maintain our edge. 08 ArcelorMittal Activity Report 2007

13 Michel Wurth: Customers now have the advantage of global supply and service based around a unified production planning programme ensuring them the same product quality right across the world. Additionally, the R&D function is now much closer to the customer, with the same know-how now available to every unit. We held two very important customer events in 2007 to demonstrate the opportunities offered by our product development capability. What opportunities and challenges do you see ahead? Aditya Mittal: Ensuring that we have the right talent pool is a big challenge. ArcelorMittal is today one of the fifty largest companies in the world and like all big companies, we are continually under pressure to attract and retain the right talents. This is a challenge in both developed markets, where the steel industry may not be a natural career choice, and developing markets, where the skill set may be lacking. We are implementing new HR plans to address this critical issue. In terms of opportunities, there are many as you would expect in a company of this size. Our biggest prospect is to build on the position of responsibility that we have as a global company and really make a difference to our stakeholders. As our brand promise says, we know that our position in the steel industry brings unique responsibilities and we are committed to setting globally recognised standards with the needs of future generations in mind. Malay Mukherjee: The increasing cost of external purchases of raw materials puts pressure on us to move ahead as quickly as possible with the planned expansion of our own mining operations. At the same time, we have the opportunity of capitalising on the rapid growth in demand from emerging markets provided we can lift our own production in Africa and Asia. That also means improving productivity and the skills base in these operations. The biggest challenge of all is to ensure we fulfil our growth strategy by progressing our many different Greenfield and Brownfield projects around the world. Gonzalo Urquijo: Clearly, safety is priority number one. We are trying to learn from our safest plants and take those lessons to the rest. On the industrial front, the emphasis in Europe and the USA will be on debottlenecking and improving efficiency; in South America it will be on acquisitions and Brownfield or Greenfield expansion. But perhaps our biggest opportunity is also our biggest challenge to expand the Steel Solutions and Services distribution model from Western Europe to Central and Eastern Europe, the Americas and emerging markets such as Turkey. With a number of acquisitions in 2007, we are off to a good start. Michel Wurth: The road ahead is clear. We will continue to deliver the value plan. As part of ArcelorMittal s growth targets, European flat product output is planned to increase by around 4 million tonnes by We have initiatives in place to ensure we deliver that objective. We will also be expanding our presence in the automotive market in Eastern Europe and lifting capacity in plates. What does transforming tomorrow mean to you? Aditya Mittal: The launch of our new global brand was a critical step in the integration process. Building a successfully and universally recognised brand takes time but brings considerable value. It makes decision making easier, but above all it encourages great team cohesiveness and high employee morale. It creates a common bond between employees all over the world, and allows people to grow, develop and achieve professional and personal goals. transforming tomorrow is an integral part of our Company s approach to doing business; it is the way forward to better position our Company and outperform our competitors. Malay Mukherjee: While reopening mines and developing partnerships in emerging countries, we are changing the future of the mining sector. Liberia, for example, has been devastated by a long and hard civil war, with poor infrastructure and high levels of poverty and unemployment. ArcelorMittal is the first major company to have entered the country since the end of the conflict. We have plans to invest up to 1 billion US$ to operate an iron ore mine, construct a railway to the coast and develop the port near Monrovia. This should create around 3,000 direct jobs and several thousand indirect jobs, and is definitely one clear example of how we are transforming tomorrow, in this instance for the Liberian people. Gonzalo Urquijo: We are a large company with a significant global footprint and our position in the industry brings unique responsibilities. Through our Corporate Responsibility strategy, we want to provide Quality and Leadership that will transform the future of the steel industry. I believe Corporate Responsibility is the key to the success of our Company. We have many examples of good practice across the Group where we are transforming tomorrow for communities. In addition, we have the ambition and the commitment to achieve record results in Health and Safety. Michel Wurth: Quality is one of our core values. It is also a key element in transforming tomorrow, and this goes through innovation and environment. ArcelorMittal has leading R&D facilities in 14 research centres situated around the world. These play a crucial part in our integrated business model and our strategic decision to be at the forefront of innovation in the steel industry. With innovative steels and processes we can have a significant impact on reducing CO2 consumption and minimising effects on the environment. This is the objective of the ULCOS (Ultra Low CO 2 Steelmaking) project that we are leading to develop breakthrough technology designed to reduce CO 2 emissions in the steel industry. ArcelorMittal Activity Report

14 Q Where do mining projects in development, such as in Liberia and Senegal, fit into ArcelorMittal s target for iron ore self-sufficiency?

15 A In 2007, iron ore availability for ArcelorMittal was 63 million tonnes, representing approximately 46% of the Company s iron ore requirements. In addition to existing mining activities, ArcelorMittal has started the development of iron mines in Senegal and Liberia and has also initiated projects for expanding the capacity of iron ore production in Ukraine, Mexico and Kazakhstan. These projects are an important part of the Group s stated ambition to increase iron ore self-sufficiency to approximately 65%. The revitalisation of mining activities in underdeveloped regions offers gainful employment to the local people, but also much more. In Liberia for example, the project includes developing the appropriate infrastructure that will enable the sustainable development of the project and community. This includes investment in areas such as port and road infrastructure, and education and healthcare.

16 Monthly Highlights 2007 was the first full year following the merger, and ArcelorMittal has demonstrated the success of its integration, while continuing to identify further opportunities for progress. More than 35 transactions were conducted during the year, showing considerable advance in the Group s growth strategy. January 2007 ArcelorMittal sells Huta Bankowa, located in the South of Poland, to Alchemia SA Capital Group, as part of Mittal Steel s commitment to the European Commission during the merger process. February 2007 ArcelorMittal contracts a joint venture agreement with the Bin Jarallah Group for a seamless tube mill in Saudi Arabia. The mill will have a capacity of 500,000 tonnes per year; the major part of tubes produced will be used in the oil industry and the remainder for pipelines. March 2007 ArcelorMittal builds a new Steel Service Centre in Kraków, Poland. This facility will have a processing capacity of about 450,000 tonnes per year and will strengthen the existing de-coiling and slitting facilities in Huta Sendzimira and Bytom. ArcelorMittal holds its Investor Day in New York and Lázaro Cárdenas on March President and CEO Lakshmi Mittal introduces the three dimensional growth strategy for reduced risk (Sustainability) and continued growth consisting of product, value chain and distribution. April 2007 ArcelorMittal finalises the acquisition of Sicartsa from Grupo Villacero leading to the creation of Mexico s largest steel producer. Sicartsa is a fully integrated producer of long steel, with an annual production capacity of about 2.7 million tonnes and with facilities in Mexico and Texas. ArcelorMittal has also entered into a 50/50 commercial joint venture with Grupo Villacero. June 2007 ArcelorMittal launches its new global brand. Reflecting the Company s aspirations, the brand s vision of transforming tomorrow is supported by three main values: Sustainability, Quality and Leadership. The brand launch is an essential part of the integration process, creating a common bond for all employees. ArcelorMittal also launches its boldness changes everything global advertising campaign. ArcelorMittal starts a share buy-back programme to repurchase class A common shares up to a maximum aggregate amount of 590 million US$, or up to a maximum of 27 million class A common shares, to be used either for supporting potential corporate opportunities or for cancellation. July 2007 ArcelorMittal is granted concessions to develop mining, transportation and logistics activities by the Republic of Senegal in the Faleme region (South East Senegal). This integrated mining project will encompass the development of the mine in four locations, comprising both hematite and magnetite deposits, the building of a new port in Bargny near Dakar and the development of approximately 750km rail infrastructure to link the mine to the port. The European Works Council (EWC) of ArcelorMittal is installed. The ArcelorMittal EWC represents all employees from within the EU27, 130,000 employees in total, and has 54 members. ArcelorMittal acquires two steel tube businesses from Vallourec, France. Both companies enjoy strong positions in the European steel tubes market. This acquisition underlines ArcelorMittal s strategy to expand its business in the automotive sector, and further strengthens the Company s pipes and tubes business. 12 ArcelorMittal Activity Report 2007

17 August 2007 A landmark delivery of 580 tonnes of steel, milled in ArcelorMittal Differdange, Luxembourg, is used in the construction of the World Trade Center Memorial in New York City. The jumbo beams represent approximately 20% of the steel used for the project. ArcelorMittal and RAG Beteiligungs-AG sign an agreement concerning the acquisition of the 76.88% stake directly held by RAG in Saar Ferngas AG Saarbrücken. Saar Ferngas is the largest gas distribution company in Saarland and Rhineland-Palatinate, Germany. This agreement is an opportunity to increase synergies with ArcelorMittal s regional energy network. ArcelorMittal and Noble International Ltd., North America s largest producer of laser-welded steel products, complete the transaction to combine their laser-welded tailored blanks businesses, for the benefit of their global automotive customers. September 2007 ArcelorMittal expands its position in Turkey by acquiring 51% of Rozak, the main Turkish steel stockholding company. Rozak has five sites in Turkey and is specialised in H-profiles, sheet and plates. ArcelorMittal invests 18 million US$ in a new cut length line for hot rolled coils in Ostrava, Czech Republic. The new Steel Service Centre will benefit from significant logistics and cost competitiveness, while being in line with ArcelorMittal s development strategy in Central and Eastern Europe. This facility has a processing capacity of 250,000 tonnes per year and will start operating in mid ArcelorMittal owns 100% of Arcelor Brasil after having completed the acquisition of all its outstanding shares. ArcelorMittal holds its Investor Day in Paris and South Africa on September October 2007 ArcelorMittal and Borusan, one of Turkey s leading steel producers, announce a 50/50 joint venture partnership, consisting of a 500 million US$ investment in the construction of a new hot mill in Gemlik. This facility will offer high grade products for the Turkish market and is planned to start operating by 2010 with a capacity of 4.8 million tonnes. ArcelorMittal acquires a 70% stake in Carminati Distribuzione S.r.l, one of the leading steel distributors in Northern Italy, which sold over 75,000 tonnes in 2006 with a turnover of 50 million. November 2007 The Extraordinary General Meeting of ArcelorMittal and Arcelor shareholders approve the merger of ArcelorMittal into Arcelor, to be renamed ArcelorMittal. This merger is the second step in the two-step merger process between Mittal Steel and Arcelor, and is effective on November ArcelorMittal purchases a 100% stake in Galvex OÜ, the Estonian privately owned steel galvanising line. In 2006, Galvex produced 190,000 tonnes of hot dip galvanised steel, mainly for the construction sector, with sales totalling 125 million. ArcelorMittal is awarded two gold medals for new products it unveiled at the Batimat construction fair. The Golden Innovation Medal is granted to the solar panel Arsolar, and the Golden Design Medal to the Angelina beam. ArcelorMittal signs a Memorandum of Cooperation with the Republic of Mozambique, which aims to develop synergies and plan further investment in the steel industry and in the mining of raw materials. ArcelorMittal plans to build a new bar rolling mill with a yearly capacity of 400,000 tonnes. ArcelorMittal also announces a joint venture partnership with the Mozambiqueregistered company Black Gold Mining (Moc) Lda. The Group acquires a 35% stake in the joint venture company Rio Minjova Mining and Exploration Company at an initial cost of 2.5 million US$. ArcelorMittal and Kalagadi Manganese, a South African manganese development company, start a 50/50 joint venture which will see the development of a manganese mine, beneficiation plant, and sinter and smelter complexes in Coega. The project, due to start in 2010, overlies the Kalagadi Manganese Basin, a world-renowned source of manganese ore containing 80% of the world s known manganese resources. ArcelorMittal invests in Greenfield Longitudinal Submerged Arc Welded Pipe Mill in Nigeria with a capacity of 300,000 tonnes per year. This investment, welcomed by the Nigerian National Petroleum Corporation (NNPC), gives ArcelorMittal access to a major oil and gas market. The construction of the mill is due to begin in early 2008, with production due to start in ArcelorMittal acquires a 12.6% equity stake in General Moly, Inc. for a total consideration of 70 million US$. General Moly, Inc. is a USA based molybdenum mineral development, exploration and mining company. December 2007 Aiming to increase its commercial presence in the UK, ArcelorMittal acquires NSD Ltd., a leading UK steel distribution company specialising in the sale of heavy sections and tubes. ArcelorMittal purchases Slovak ferro-alloys manufacturer OFZ, which manufactures a wide range of ferro-alloys and cored wires. This facility has an operating capacity of 150,000 tonnes per year. ArcelorMittal Activity Report

18 Monthly Highlights continued ArcelorMittal acquires 28% equity interest in China Oriental Group Company Ltd. for 647 million US$. ArcelorMittal becomes the second largest shareholder of this company, which manufactures and sells steel products such as billets, strips, H-beams, cold rolled and galvanised strip. ArcelorMittal also signs a landmark agreement with China Oriental, with the aim of transforming the company into a leading producer of heavy sections in China thanks to technology sharing, technical expertise and know-how. In addition, ArcelorMittal becomes the majority shareholder of China Oriental through an agreement with the controlling shareholders of the Chinese Group. ArcelorMittal completes its mandatory offer to shareholders in February ArcelorMittal acquires M.T. Majdalani y Cia. S.A., the leading stainless Steel Service Centre and distributor in Argentina, and consolidates its position in the South American stainless distribution market. This company is specialised in flat stainless steel products with cut-to-length and slitting facilities. ArcelorMittal signs a Greenfield agreement with the administration of the Tver region, Russia. The Group will build a steel complex, with a capacity of one million tonnes of steel and two bar mills. In addition, ArcelorMittal acquires three coal mines and associated assets in Russia for a total of 720 million US$. Annual production from the three operating mines was 3 million tonnes in ArcelorMittal acquires 100% of the shares of the Austrian steel distribution company Eisen Wagner Gmbh. With its 60,000 tonnes of steel products sold in 2007, Eisen Wagner is one of the leading steel distribution companies in Austria. In order to strengthen its stainless steel business in South America, ArcelorMittal purchases Cinter S.A., an important stainless steel tube producer in Uruguay. With 200 employees and three sites, Cinter develops specialties that complement its stainless business. ArcelorMittal plans to build a 380 million US$ beam mill in Contrecoeur, Canada with a capacity of 800,000 tonnes. Flat carbon steel production will be consolidated in Hamilton and long carbon production in Contrecoeur. Recent Developments ArcelorMittal signs a Memorandum of Understanding with Société Nationale Industrielle et Minière (SNIM) in Mozambique. This agreement provides for the development of a large iron ore mining project in Mauritania, further strengthening the existing presence in the region and creating employment opportunities. ArcelorMittal acquires Unicon, the leading manufacturer of welded steel pipes in Venezuela. Unicon, which employs about 2,445 people across six pipe-making facilities, supplies Oil & Gas and Industrial & Construction sectors both domestically and overseas. ArcelorMittal inaugurates Arceo, its industrial prototype, for a vacuum plasma steel coating line. With this process, steel can be a sensor, a reflector, a source of light or just simply more aesthetic or endowed with better anti-corrosive properties. ArcelorMittal acquires the remaining 50% interest in Laminadora Costarricense and Trefileria Colima, the only major long carbon steel company in Costa Rica. These two facilities together have a product capacity of about 460,000 tonnes a year. ArcelorMittal and the federal and regional governments of Belgium agree on carbon dioxide emission allowances and consequently the relaunch of ArcelorMittal Liège, Belgium, Blast Furnace Number 6, is being organised. ArcelorMittal enters the Egyptian market by being awarded a licence from the Industrial Development Authority (IDA) of Egypt s Ministry of Trade and Industry to construct a steel plant in Egypt. The plant will produce 3 million tonnes of steel and is expected to start in ArcelorMittal is allocated steam blocks by the Government of India for the first phase of the Company s Indian Greenfield projects in Jharkhand and Orissa. In Jharkhand, ArcelorMittal is allocated million tonnes of steam coal out of the 150,000 million tonnes allocated. In Orissa, the share is million tonnes out of a total of million tonnes. On March ArcelorMittal provides Noble International with a 50 million US$ convertible subordinated loan. The Group also acquires an additional 10.31% of Noble shares, increasing ArcelorMittal s shareholding to approximately 49.95%. The Court appointed divestiture trustee enters into an agreement to sell ArcelorMittal s Sparrows Point steel mill to OAO Severstal for 810 million US$, net of debt. 14 ArcelorMittal Activity Report 2007

19 Global Presence - Americas - 36% liquid/crude steel production 116 million tonnes of steel produced by ArcelorMittal in 2007 Hamilton Warren, Ohio Montreal; Contrecoeur East & West Detroit, Michigan Hibbing; Virginia, Minnesota Cleveland, Ohio New Carlisle, Indiana Riverdale, Illinois Hennepin, Illinois Eureka County, Nevada Port-Cartier Lackawanna, New York Coatesville; Steelton; Conshohocken, Pennsylvania Weirton, West Virginia Columbus, Ohio Burns Harbor; East Chicago; Gary; Indiana Harbor, Indiana Pine Bluff, Arkansas Georgetown, South Carolina Jackson, Mississippi Peña Guanajuato Sicartsa Lázaro Cárdenas San José Point Lisas Caracas Timóteo; João Monlevade Vespasiano Contagem Itaúna Piracicaba Buenos Aires La Tablada Villa Constitución Feira de Santana Vitória Andrade Juiz de Fora São Paulo São Francisco do Sul Tubarão Montevideo

20 Global Presence - Europe - 47% liquid/crude steel production Tallinn Lincolnshire Hamburg Bremen Charleroi; Châtelet Sheffield Ghent Genk Liège Desvres Dunkerque Montataire; Paris Basse-Indre Avilés; Gijón Bergara; Olaberría; Zumárraga Madrid Sagunto Unterwellenborn Ried im Innkreis Isbergues Saint-Chamond & Châteauneuf Zaragoza Kraków Ostrava Rhineland-Palatinate Saarland Luxembourg Florange Mouzon Le Creusot Bilbao; Etxebarri Warsaw Eisenhüttenstadt Sycow Hochfeld; Ruhrort Szengotthárd Gueugnon Dąbrowa Górnicza; Świętochłowice; Sosnowiec Kryviy Rih Roman Iasi Galati Omarska Zenica Saint-Chély Fos-sur-Mer Hunedoara Skopje Piombino Avellino

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