Investor Day 2014:

Strategic progressMining – exploiting our potential

10 March 2014 Bill Scotting, EVP and CEO Mining

Mary River iron ore project, Baffinland

DisclaimerForward-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, 2013 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 MeasuresThis 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 http://www.arcelormittal.com/corp/investors/presentations/.

1

Overview

2

Recap

Delivering

Market

• Franchise business potential

• Continued safety improvement

• Solid performance

• Growth plan on track

• Cost reduction focus

• Marketing strategy

• Commercialization

Further growth• Stretch growth opportunities

• Low capex intensity

Mining: a franchise business with

growth potential

Growth

• Exploration & development

• Deliver on project pipeline

• Customer strategic alliances

• M&A

Optimization

• Market development

• Customer relations and solutions

• Supply chain excellence

• Quality improvement and operational efficiencies

• Knowledge networksCurrent Assets

• Developing people

• Expansion of resource base

• Market driven products

• Production to planned levels at planned cost

License to Operate

• Improving health and safety performance

• Meaningful stakeholder engagement contributing to business goals

• Corporate responsibility supporting sustainability

Strategic pathway

Exploiting our potential

3

RecapRecap

4

Solid progress on health and

safety and sustainability

* World steel association -standard: LTIF = Lost Time Injuries per 1.000.000 worked hours; based on own personnel and contractors

ArcelorMittal Mining injury frequency rate*

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

2012

0.7

2011

1.2

2010

1.5

2009

2.4

2008

3.4

Trending towards world class

performance

Safety remains the No1 priority for ArcelorMittal

On-going focus

• Continued aim of achieving zero

fatalities and serious injuries:

– Increasing safety awareness with

focus on hazard identification and

risk awareness for areas/equipment

and tasks

– Further y-o-y improvement in LTIF*

and greater focus on total injury

frequency rate reduction

• Manage occupational exposures

through control plans to address key

exposures from our health risk

assessments

• Demonstrate environmental

stewardship by managing and

minimizing our impact on the

environment

0.6

2013

Recap

5

Recap

Delivering

Marketing

• Franchise business potential

• Continued safety improvement

• Solid performance

• Growth plan on track

• Cost reduction focus

• Marketing strategy

• Commercialization

Further growth• Stretch growth opportunities

• Low capex intensity

Solid performancewith competitive margins

Definitions: “Market priced” tonnes represent amounts of iron ore or other raw materials from ArcelorMittal mines that could be sold to third parties on the open market. Market priced tonnes that are not sold to third parties

are transferred from the Mining segment to the Company’s steel producing segments at the prevailing market price. Shipments of raw materials that do not constitute market price tonnes are transferred internally on a cost-

plus basis. * 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. 6

Iron ore EBITDA margins 2013FY*

Growing earnings whilst maintaining competitiveness

Mining EBITDA ($billions)

2.01.8

3.1

2.3

20112010 2012 2013

Iron ore marketable shipments (Million Mt)

35.128.828.0

25.2

2012

~15%+40%

2014F201320112010

50

70

20

30

60

40

10

0

Pro

du

ce

r 3

Pro

du

ce

r 1

Pro

du

ce

r 2

Pro

du

ce

r 4

Arc

elo

rMitta

l

Pro

du

ce

r 5

AMMC remains comparable. Liberia margins to improve once move from Phase 1 DSO to Phase 2 sinter feed

Delivering

7

Strategic continuity: growth on trackTarget 84MT capacity in 2015

Iron ore production/ capacity*

(Million Mt)

84

70

585654

49

2015F2014F2013201220112010

Production

CA

PA

CIT

Y* Capacity for Baffinland, ArcelorMittal Mines Canada, Algeria and Liberia on 100% basis

** Includes consideration from JV partner (Nunavut Iron Ore) for additional equity stake increase from 30% to 50%.

Liberia Phase 2 – Approved and underway

• 15Mtpa concentrator capacity to replace existing 4Mtpa DSO

operation by end 2015

• Revised sinter feed product defined for early years to maximize

commercial and cost benefits

• Stretch potential expansion to 20Mtpa through low capex

additions to mine fleet, and rail and port upgrade

Baffinland – Early revenue phase approved and underway

• 3.5Mt production in 2015 @ ~$730 million capex**

• Low cash cost and 66%+ premium product

Focus on value and growth

Liberia Phase 1 - Complete

• 4Mtpa Direct Shipped Ore (DSO) capacity

- Achieved 5.2Mt shipments in 2013

AMMC – Expansion to 24Mt complete

• Spirals upgrade, new concentrator, mine and rail upgrade

• 24Mt production and shipment rate achieved in Dec 2013

• Unit costs benefiting from higher volumes

CA

PA

CIT

Y

CA

PA

CIT

Y

Delivering

Liberia Phase 1 complete

8

Phase 1: DSO

Construction

• Mine site – simple crushing, screening and

rail loading facility

• 240km rail rehabilitation completed

• Buchanan port and material handling

facilities initial upgrade completed

Shipment details

• First DSO product shipped Sept 2011

• 50% to Europe and 50% to Asia

• Shipments of 5.2Mt in 2013

Costs

• Competitive cash cost

• Improving with ramp up and offshore trans-

shipment capability

Offshore loader

• Commenced cape size off shore loading

Dec 2012 to further increase margins

• Focus on long haul customers

Liberia Phase 1 DSO production exceeding expectations

Liberia trans-shipment

Liberia iron ore production (Million Mt)

4.1

3.3

1.3

2014F201320122011

Delivering

• Commission of new spirals line at concentrator

• New trucks and maintenance shop operational

• Additional rail sidings completed

• New concentrator completed

• New stacker-reclaimer and shiploader in

commissioning

• Concentrate production exceeded 2Mt in

December 2013

• Shipments of 1.987 Mt in December 2013

• Costs benefiting from scale

99

ArcelorMittal Mines Canada (AMMC) Expansion from 16Mt to 24Mt completed

24Mt expansion delivering

2013 concentrator production by month (Million Mt)

0.0

0.5

1.0

1.5

2.0

2.5

DecNovOctSepAugJulJunMayAprMarFebJan

AMMC concentrator

Delivering

Baffinland Early Revenue Phase Targeting 3.5Mt production rate by 2H 2015

10

Proposed Early Revenue Phase rationale

• ERP commenced in 1Q’13 (budget ~$730m)

• Enables an early mining phase that requires less capital investment than full project, creating training, employment, business opportunities for local region

• ERP to demonstrate product quality/ ability to operate

• High grade: 66%+ Fe iron – ‘direct shipping pellet’ and

fine ore (no processing or pelletization required);

products expected to achieve full premium value

ERP components

• Trucking of ore to Milne Inlet, loading of ore in Milne Inlet, and shipping of ore from Milne Inlet to markets

• Upgrades of road connecting Milne Inlet and mine site

• Mining and trucking of 3.5Mtpa from Deposit 1 to Milne Inlet throughout the year

• “Open water season” shipping of ore from Milne Inlet

• First ore to be shipped in 2H’15 product tonnage targeted for Europe

ERP on track for first shipments in 2H’15 during “open water season”

* Financing at JV level

Delivering

Relentless focus on cost reduction

delivering real savings

AMMC Concentrate Liberia DSO

Cost per ton analysis 2012-2014F (Base 100=2012)

Relentless focus on costs and capex monitoring

11

20132012 2014F

-20%-17%

2013 2014F2012

Delivering

-16%

2013 2014F2012

Kazakhstan Coal

Savings from multiple cost reduction

levers

Relentless focus on costs and capex monitoring

• Gaining economies of scale from debottlenecking

• Share and apply best practice leveraging internal and external benchmarks

• Zero based analysis of organization and overhead

• Delayering the organization

• Optimize mine plans with focus on grade control and recoveries

• Improving maintenance planning and reliability

• Operational excellence, rigour and discipline underway across assets

• Procurement focus on key category management, shared services and centres of excellence

• Targeted y-o-y reductions in spares and materials inventories through improved warehouse practices

12

Delivering

Volume improvement

Organizational levers

Efficiency improvement

Procurement benefit

13

Recap

Delivering

Market

• Franchise business potential

• Continued safety improvement

• Solid performance

• Growth plan on track

• Cost reduction focus

• Marketing strategy

• Commercialization

Further growth• Stretch growth opportunities

• Low capex intensity

Liberia Phase 2 revised …with potential to stretch to 20Mt capacity

14

Maximizing value potential of Liberia investments

Old phase 2 project:

• Expansion to 15Mtpa concentrate capacity by 2015

• Fully utilizing our wholly owned infrastructure

Liberia iron ore capacity forecast (Million Mt)

* subject to final approvals

Revised phase 2 project:

• Product analysis and additional mine planning

have identified potential to supply 15Mtpa high

quality sinter feed at significantly lower cost than

concentrate for first 8-10yrs

• Investment capex estimate of circa $1.7 billion

Stretch opportunity:

• Better definition of ore body and mine plan

confirmed potential to continue DSO phase for

additional 6 years

• Expansion to 20Mtpa capacity*

• Incremental investments enable benefits of scale

on rail, port and SGA

15

5

15

20

15

Phase 2 revised

- Sinter feed

Phase 2 old -

15Mt concentrate

Stretch

DSO

Phase 2 revised - Revised Sinter feed

Phase 2 old - Concentrate

Phase 2 revised: 15mt high

quality sinter feed capacity

by end of 2015 full

production ramp up to

15MT in next few years

Phase 2 stretch: High quality

sinter feed plus 5MT DSO

continuation

Further growth

• Daily records show potential in system

• First sustain 24Mt and chase the

“shifting bottleneck” to maximize

system potential

• Incremental investments for

debottlenecking as required:

– Mt Wright mine optimization, Fire Lake

expansion (richer ore) and crusher

debottlenecking

– Rail winter reclaim capability, long train

capability, additional sidings

– Additional conveyor capacity at port

• Significant cost benefits from scale

• Potential to expand beyond 30Mt at

low capital intensity

ArcelorMittal Mines Canada... Expansion potential to 30Mt

15

Iron ore production and capacity (Million Mt)

Maximizing value from use of own rail and port facilities

15

8

24

301

2012 Stretch

potential

Expansion

2014F

Spirals

Concentrator

Incremental

debottlenecking

Potentialexpansion by 6MT, through

low capexintensity

Completed expansion

Production

Potential further debottleneck

Further growth

0

50

100

150

200

250

300

350

Tier 1

Australia

Tier 1

Australia

Tier 1

West

Afica

Tier 1

Brazil

ArcelorMittal

planned

growth

Tier 1

Brazil

With good project returns

Sources: ArcelorMittal estimates and estimates based on public information for competitors

* Includes key projects subject to final approvals

Estimated capital costs of key growth

projects* in the iron ore industry (US$/t)

16

• ArcelorMittal’s iron ore growth projects

are competitively placed in terms of

capex intensity

• Leverage existing infrastructure and

essentially brownfield growth

• Well placed on the cost curve

• Project returns are attractive even under

conservative long-term price

assumptions

• Attractive low capex intensity / stretch

potential targets identified

Competitive capex intensity compared to peers

Further growth

17

Recap

Delivering

Market

• Franchise business potential

• Continued safety improvement

• Solid performance

• Growth plan on track

• Cost reduction focus

• Marketing strategy

• Commercialization

Further growth• Stretch growth opportunities

• Low capex intensity

Global sales reach*

18

Marketing strategy targets future

volumes and customer needs

• Developing the right products and mix by planning changes to ore and coal grades to ensure long run demand

• Developing the right customers through strategic trials, logistics requirements, and potential blend optimisation

• Achieving the right price (value in use) for our products:

– Leveraging steel group R&D knowledge to

assist our customers’ usage

– New blends of product have opened new

markets

– Targeted product specifications

• Optimizing logistics to market for margin expansion:

– Liberia (trans-shipment),

– AMMC (potential for larger cape size

vessels)

* Focus on AMMC and ArcelorMittal Liberia as our largest marketable tonnes assets

Current/proposed material flow

ArcelorMittal Liberia

AMMC

Belo Horizonte, Brazil

Shanghai, China

Luxembourg

Sales office

Domestic

Targeted niche marketing strategy

Kazakhstan coal and iron ore

Leverage strong sales, marketing and logistic capabilities

Sth Korea

Japan

Taiwan

Marketing

Sinter fines:

• More marketable than concentrate -higher ratio in sinter mix

• Liberia sinter fines specification positioned for customer value optimization with low gangue

• Sinter pot tests indicate good results for Atlantic blends

Strategy:

• Average grade in international market is changing: Fe…down, and level of gangue…up

• Higher grade sinter fines in demand

• Opportunity in Liberia to launch sinter feed sized product early and before concentrate benefit ArcelorMittal steel in Europe

• Bundling Liberia DSO + sinter fines for higher value/offtake bundling options with other AM iron ores

• Competitive supply of low gangue concentrate to China/Asia expected to fit well with expected trend of higher gangue ore supply from Australia and reduced domestic China supply

• Grow product streams with lower risk brownfield expansions in growth markets:

− E.g AM Kazakhstan high quality coking coal now developing new growth markets in West China via rail

Commercialization focused on product

development & new markets

Right products for right markets to grow shareholder value

19

Concentrate:

• AAMC fully sold, premium quality concentrate

• Liberia fineness limits usage to <15% in most sinter plants unless pre-agglomeration installed

− E.g HPS, Drum mixers

• Can use at high rates but typically with sizing value in use demerits

Right products for right

markets:

• Capturing market share in West China by leveraging our steel group value-in-use know how to offer the right coking coal to targeted mills

Marketing

20

Recap

• Mining is a strategic franchise business within ArcelorMittal

• We are exploiting our potential:

– Trending toward World Class Safety outcomes

– Assessing and optimizing our global asset base

– Developing a niche marketing strategy that guides our product and

mine development

– Delivering year-on-year cost reductions in key assets

– Delivering competitive bottom line performance

• We are delivering on our growth plans and Growing For Value

ArcelorMittal is building a world class mining business

focussing on value and growth