Dear Arcelor Mittal colleaguesI hope you have all had an enjoyable summer break and are now ready to face the exciting challenges which lie ahead of us as we move forward with the integration process of our two exciting companies which together have created a unique force in the steel industry.

Firstly, I would like to take this opportunity to greet you all officially in my new role as Chief Executive of Arcelor Mittal. I personally am very excited about the opportunities which lie ahead. I was involved in all of the negotiations between the two companies which led us to reach a recommended merger agreement. Once these discussions were underway it became clear to all parties involved that the two companies are indeed highly complementary and that in combining, we could immediately create the type of company that each was striving to build separately. This gives us considerable competitive advantages over our competition and also ensures that we are in an even stronger position to take advantage of further growth opportunities in the future.

As you are already aware, we announced on 4th August the members of the Group Management Board. These are:

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Aditya Mittal CFO, M&A and Flat Americas

Roland JunckCEO

Michel Wurth Responsibility for Flat Europe, Auto, Plates, R&D

Malay MukherjeeResponsibility for Mining, Asia & Africa, Stainless

Gonzalo UrquijoResponsibility for Long, AM3S, Distribution and WireDrawing

Davinder ChughResponsibilty for Shared Services

We have been meeting regularly over the past month to discuss all the many challenges, opportunities and priorities that lie ahead and I know we all share the same excitement and optimism about the future of this group.

The Management Board and I look forward to working closely with the company President Lakshmi Mittal, who will play a central role in defining growth and strategy for Arcelor Mittal, and Chairman Joseph Kinsch, who will oversee and guarantee corporate governance and compliance.

The following chart outlines the responsibilities that each of the General Management Board Members will have in the new Group.

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CFOAditya MittalCFO*, M&A,Flat Americas

CEORoland Junck

• Human Resources• Health, Safety and Environment• Commercial Co-ordination• Marketing• International Affairs• China

Flat Europe, Auto,Plates, R&DMichel Wurth

Long, AM3S, Distribution,Wire DrawingGonzalo Urquijo

Asia, Africa, Mining, CISMalay Mukherjee

Shared ServicesDavinder Chugh

• Flat EU 25• Auto• Heavy Plates• R&D• NSC Alliance• Packaging

* Finance, Insurance, Risk Management, Planning & Controlling, Budgeting, Consolidation, Group Accounting, Tax & Fiscal, Investor Relations, Mergers & Acquisitions, Communications

• AM3S (Arcelor Mittal Steel Solutions and Services)• Long EU 25• Long Americas• Wire Drawing

• Mines• Africa• Asia• South Europe (Bosnia, Macedonia)• CIS (Ukraine, Kazakhstan)• Stainless Steel• Pipes & Tubes

Purchasing, Legal, IT and other activities

I am delighted to report today we have taken another important step in ensuring a successful merger between Arcelor and Mittal Steel by confirming the members of the Management Committee for the new Arcelor Mittal. The Management Committee plays a critical role in the company, taking responsibility for four main areas:

1. Discussing and preparing Group decisions on transversal matters 2. Integrating the geographical dimension of the company 3. Ensuring in-depth discussions with Arcelor operational and resources leaders 4. Sharing information about the situation of the Group and its environments

The Management Committee will comprise 24 senior executives, including the six members of the Group Management Board. The additional members and their responsibilities will be as follows:

Roeland Baan CEO Tubes & Pipes, South AfricaGilles Biau Human Resources Group Co-HeadAlain Bouchard Head of Purchasing worldwideJose Armando Campos CEO Flat South AmericaNarendra Chaudhary CEO Asia CISChristophe Cornier CEO Flat EuropePhilippe Darmayan CEO Arcelor Mittal Steel Solutions & Services (AM3S)Bernard Fontana CEO Automotive WorldwideJean-Yves Gilet CEO StainlessSudhir Maheshwari Head of Finance, M&ACarlo Panunzi CEO Long AmericasMichael Pfitzner Head of Commercial Co-ordinationGerhard Renz CEO Long EuropeMike Rippey CEO USALou Schorsch CEO Flat AmericasBill Scotting Head of Continuous ImprovementAndre Van Den Bossche Head of Marketing Inder Walia Human Resources Group Co-Head

All members of the Management Committee will hold the position of Executive Vice-President.

It is in everyone’s interests that the full organisation is finalised as soon as possible and we are aiming to confirm all senior appointments in the new company very shortly. Once this is announced, I hope you will all work closely with your new team members to help ensure we achieve a successful integration. We have a big challenge ahead of us, but it is one I am thoroughly confident we can meet successfully with the right attitude, commitment and leadership.

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Leading the integration office will be Bill Scotting and Jerome Granboulan. Both Bill and Jerome have considerable experience both of the steel industry and in integration and I am certain their leadership will help promote a smooth and successful process.

Now we are reaching the end of the summer, the members of the GMB will shortly be embarking upon a country roadshow where we will have the opportunity to meet and discuss with you all personally in more detail, both about the immediate priorities and integration process and also the broader, longer-term strategy for the combined company. It is important that we all work together to ensure a quick implementation of integration and capture the first wins rapidly.

I personally feel very proud that I have been selected to lead the worldwide leader in steel and I hope that you will all feel equally proud to work for it.

Regards

Roland JunckCEO, Arcelor Mittal

Mr. Roland Junck, CEO, shaking hands with Mr. Lakshmi Mittal, President of the Board of Directors on the occasion of his appointment.New

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Roland Junck, CEO, Arcelor MittalRoland Junck, previously was a member of the Group Management Board of Arcelor with responsibility for the global Long Carbon Steel and Wire Drawing business and for China.

He started his career with Arbed in 1980 in the rolling mills at Dudelange, before moving to Esch-Schifflange in 1985. In 1993, Roland Junck was named General Manager of TrefilArbed Bissen, being appointed Managing Director in 1996. He was named Senior Vice President of Aceralia in 1998 and has been a member of the Arbed Group management board from 1999 to 2002 when he was appointed Senior Executive Vice President of the newly created Arcelor, in charge of the Long Carbon Steel Sector.

Roland Junck graduated from the Federal Polytechnic in Zurich, and earned an MBA from Sacred Heart University.

Aditya Mittal, CFO and Flat Americas Aditya Mittal held the position of President and CFO of Mittal Steel Company from October 2004. He joined the Group in January 1997 and has held various finance and management roles within the company. In addition to these responsibilities Aditya Mittal was appointed Head of Mergers and Acquisitions for the Group in 1999. In this role, he led the company’s acquisition strategy, resulting in Mittal Steel’s expansion into Central Europe, Africa and most recently the United States. This led to Mittal Steel emerging as the world’s largest and most global steel producer, growing its steel making capacities fourfold. These acquisitions included Kryvorizhstal in Ukraine, Polskie Huty Stali in Poland, Nova Hut in Czech Republic, Sidex in Romania, Annaba in Algeria, Iscor in South Africa, and International Steel Group in the US.

Aditya Mittal holds a Bachelor’s Degree of Science in Economics with concentrations in Strategic Management and Corporate Finance from the Wharton School in Pennsylvania from where he graduated magna cum laude.

Arcelor Mittal Group Management Board

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Davinder Chugh, responsibilty for Shared ServicesDavinder Chugh, previously CEO of Mittal Steel South Africa, has had over 25 years experience in the steel industry, in particular materials purchasing, logistics, warehousing and shipping. Mr. Chugh also held the position of Commercial Director since May 2002. Before joining Mittal Steel South Africa he was vice president of purchasing at Mittal Steel Europe. Davinder Chugh has been with the company since 1995 and successfully integrated the materials management functions at newly acquired plants in Hamburg, Duisburg, France, Romania and Algeria. Prior to this, he held several senior positions at the Steel Authority India Limited in New Delhi, India. He holds degrees in science and law and has a master's degree in business administration.

Malay Mukherjee, responsibility for Mining, Asia & Africa, Stainless Mr. Mukherjee has over 30 years of experience in a variety of technical and commercial functions in the steel industry, including iron-ore mining, project implementation, materials management and steel plant operations. He joined the LNM Group in 1993 from the Steel Authority of India Limited (‘SAIL’), where his last position was as Executive Director (Works) at the Bhilai Steel Plant, the largest integrated steel plant in India, with a production capacity of approximately four million tons.

Mr. Mukherjee has a Master’s Degree in Mining from the USSR State Commission in Moscow and a Bachelor of Science Degree from the Indian Institute of Technology in Kharagpur, India. Mr. Mukherjee has completed an advanced management program conducted by the Commonwealth Secretariat in joint association with University of Ottawa, Canada and the Indian Institute of Management, Ahmedabad.

Mr. Mukherjee joined Ispat Karmet in 1996 from Ispat Mexicana where he was Managing Director. He joined Ispat Europe as President and CEO in June of 1999 to take higher responsibilities. Formerly the President and Chief Operating Officer of Ispat International N.V. Mr. Malay Mukherjee became Chief Operating Officer of Mittal Steel Company in October 2004.

Mr. Mukherjee is a recipient of the MECON Award from the Indian Institute of Metals.

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Gonzalo Urquijo, responsibility for Long, AM3S, Distribution and Wire DrawingGonzalo Urquijo, previously Senior Executive Vice President and Chief Financial Officer of Arcelor, held the following responsibilities: Finance, Purchasing, IT, Legal Affairs, Investor Relations, Arcelor Steel Solutions & Services, and other activities.

Gonzalo Urquijo formerly held several other functions within the group and this sector; Deputy Senior Executive Vice President, and headed the functional directorates of distribution.

Until the creation of Arcelor in 2002, when he became Executive Vice President of the Operational Unit South of the Flat Carbon Steel sector, Mr Urquijo was CFO of Aceralia. Between 1984 and 1992, he held a variety of positions at Citibank and Crédit Agricole before joining Aristrain in 1992 as CFO and later Co-CEO.

Gonzalo Urquijo is a graduate in economics and political science of Yale University and holds an MBA of the Instituto de Empresa in Madrid.

Michel Wurth, responsibility for Flat Europe, Auto, Plates, R&DMichel Wurth, was previously Vice-President of the Group Management Board of Arcelor and Deputy CEO, with responsibility for Flat Carbon Steel Europe & Auto, Flat Carbon Steel Brazil, Coordination Brazil, Coordination Heavy Plate, R & D, NSC Alliance.

The merger of Aceralia, Arbed and Usinor leading to the creation of Arcelor in 2002 saw Michel Wurth appointed as Senior Executive Vice President and CFO of Arcelor, with responsibility over Finance and Management by Objectives.

Michel Wurth joined Arbed in 1979 and held a variety of functions including Secretary of the Board of Directors, head of the Arbed subsidiary Novar and Corporate Secretary before joining the Arbed Group management board and Chief Financial Officer in 1996. He was named Executive Vice President in 1998.

Michel Wurth holds a law degree from the University of Grenoble, a political science degree from the Institut d'Etudes Politiques de Grenoble and a Master of Economics from the London School of Economics.

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Roeland Baan, CEO Tubes & Pipes, South AfricaRoeland Baan has been Chief Executive Officer of Mittal Steel Europe since August 2004. He joined the Group from the global conglomerate SHV Holdings, which lists metals recycling amongst its non-core activities. There he spent eight years as a member of the Energy Divisions Executive Committee and was responsible for developing and executing the Group’s strategy across a number of key regions including Europe, South America and the Mediterranean rim. Prior to this, Roeland spent 16 years with Shell, where he held a number of positions worlwide. He holds a Masters Degree in Economics from Vrije Universiteit in Amsterdam.

Gilles Biau, Human Resources Group Co-HeadGilles Biau, has been Arcelor’s Executive Vice President Human Resources since July 2005. A graduate engineer of the “Ecole supérieure d’Electricité” of Paris, he held various positions within Arcelor’s and Usinor’s flat carbon business, as head of its Centre and Wallonia Operational Units (2003-2005), as Industrial Operations Manager of Arcelor’s Flat Carbon Sector (2002-2003). Before, he was in charge of industrial operations at Sollac, the flat carbon unit of Usinor, especially at its Florange (France) unit. He joined Sollac in 1971.

Alain Bouchard, Head of Purchasing WorldwideAlain Bouchard has been Arcelor’s Executive Vice President Purchasing since 2004. He was before in charge, at Arcelor and Usinor, of the Cockerill-Sambre works in Liège (Belgium) and at Sollac Lorraine. From 1993 to 1999, he held various positions in the realm of production planning, customer services, IS-IT, and reengineering of support functions within Usinor’s Flat Carbon Steel business in Paris. Earlier (1989-1993), he worked at Usinor’s plant of Fos-sur-Mer, after joining the IRSID Steel Research and Development Institute in 1973. Alain Bouchard is an IT engineer, graduate of the Ecole Nationale Supérieure d’Informatique et Mathématiques Appliquées de Grenoble, and a physics engineer, graduate of the ENSPG, Ecole Nationale Supérieure de Physique de Grenoble.

Arcelor Mittal Management Committee

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Jose Armando Campos, CEO Flat South AmericaJose Armando Campos has been the President and officer in charge of the Flat Steel Business Area at Arcelor Brasil and president and CEO of CST - Companhia Siderúrgica de Tubarão since 1997. Prior to this he worked in the mining development and metallurgical areas at the Companhia Vale do Rio Doce from 1974 to 1992. Mr. Campos is Member of the ABM - Brazilian Metallurgy and Materials Society, since 1972 and of the Board of Directors of the Brazilian Business Council for Sustainable Development (CEBDS). Mr. Campos is also a member of the Board of Directors of Acesita. Jose Armando Campos is a Mining Engineer, with a degree from the Federal University of Ouro Preto.

Narendra Chaudhary, CEO, Asia, CISNarendra Chaudhary was officially appointed CEO of Mittal Steel’s recently acquired Ukrainian operation in January 2006. Prior to this position Mr. Chaudhary was Director, Operations and Maintenance, for the Group, based in the London corporate office. Mr. Chaudhary joined the Group in 1993 at our Mexican operations and his roles held in since then include CEO of Mittal Steel Galati in Romania, and CEO of Mittal Steel’s operations in Kazakhstan. Mr. Chaudhary possesses over 39 years of experience in a variety of technical and managerial functions in the steel industry. He worked at various Steel Authority of India Limited, or SAIL, plants in various capacities for 28 years. Mr. Chaudhary has a Bachelor's Degree in Engineering from Bihar Institute of Technology, India.

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Christophe Cornier, CEO Flat Carbon EuropeChristophe Cornier, has been responsible for Arcelor’s flat products activities in Europe and for its automotive sector worldwide since December 2005, when he was appointed member of the Group’s Management Committee. In June 2005, he was appointed head of Arcelor’s Client Value Team. At the creation of Arcelore in 2002, he was named Executive Vice-President of FCS Commercial Auto. Before that, he held the position of CEO of Sollac Méditerranée. In 1998, he was appointed CEO of La Magona, after joining Sollac Packaging as Managing Director In 1993. In 1985 he joined Usinor, where he was Business Development Director and Chief Controller of Sollac. He began his career within the French Ministry of Industry, which he left as a Deputy Director. Christophe Cornier is a graduate of the Ecole Polytechnique and the Ecole des Mines de Paris.

Philippe Darmayan, CEO Arcelor Mittal Steel Solutions & Services (AM3S)Philippe Darmayan has been Executive Vice President in charge of Arcelor Steel Solutions and Services (A3S) since January 2005. Before that, he was CEO of Ugine & ALZ, which groups European flat stainless businesses. A graduate of French business school HEC, Philippe Darmayan joined Arcelor to lead the transformation of Ugine & ALZ in 2002, Before, that, he held various managing positions in the aluminium businesses of Pechiney Group, which he joined in 1996, and before that he was plant director and managing director of Franco-Belge de Fabrication de Combustibles, a subsidiary of Framatome.

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Bernard Fontana, CEO Automotive WorldwideBernard Fontana joined Arcelor in September 2004 as FCS Program Office Executive manager and has been appointed as Arcelor Flat Carbon Europe Executive Vice President/People and Development in July 2005. He worked before at the Chemical Group SNPE for 18 years. After an appointment as SNPE North American Director based in Princeton, NJ (USA), his last responsibility since January 2001 in SNPE was Executive Vice President of the Group, based in Paris. Bernard Fontana is graduated of the “Ecole Polytechnique” and of the “Ecole Nationale Supérieure des Techniques Avancées” (Paris)

Jean-Yves Gilet, CEO StainlessJean-Yves Gilet has been advisor to the CEO with responsibility for Arcelor’s stainless steel business worldwide since December 2005, in charge of preparing and implementing the strategic reorganisation of this business. Prior to this, he was Senior Executive Vice President of Arcelor, in charge of the Stainless Steel Sector, a position he held starting 2002 when Arcelor was created. In 1999, he had become a member of the Usinor executive committee. In 1998 he had been named chairman and CEO of Acesita in Brazil. Between 1991 and 1998, he held managing positions at Imphy S.A., Ugine-Savoie and Sprint Métal stainless businesses, after joining Usinor in 1990. Before, he had been cabinet head for the Regional Development and Minister in France. Jean-Yves Gilet, an engineering graduate of the Ecole Polytechnique (Corps des Mines), started his career in 1981 at the Industry Ministry, before joining DATAR, the regional development agency.

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Sudhir Maheshwari, Head of Finance, M&ASudhir Maheshwari previously was the Managing Director, Business Development and Treasury of Mittal Steel and has 20 years of experience in steel and related industries. Prior to this he was the Chief Financial Officer of LNM Holdings N.V. since January 2002 until its merger with Ispat International in December 2004. He has played an integral and key role in all the recent acquisitions by Mittal Steel including turnaround and integration activities. He has also played a key role in various corporate finance and capital market projects including the initial public offering in 1997. Mr. Maheshwari has worked for Mittal Steel for 18 years. He had also held the positions of Chief Financial Officer at Mittal Steel Europe S.A., Mittal Steel Germany and Mittal Steel Point Lisas, and Director of Finance and Mergers & Acquisitions at Mittal Steel. Mr. Maheswari also serves on the Board of various subsidiaries of Mittal Steel. Mr. Maheshwari is an Honours Graduate in Accounting and Commerce from St.Xavier's College, Calcutta and a Fellow Member of The Institute of Chartered Accountants and The Institute of Company Secretaries in India.

Carlo Panunzi, CEO Long AmericasCarlo Panunzi previously was Senior Executive Vice President of Arcelor Brasil, in charge of Long Products and Distribution. Arcelor Brasil results from the merger of three subsidiaries of Arcelor in Brazil, Companhia Siderúrgica Belgo-Mineira, Companhia Siderúrgica de Tubarão (CST) and Vega do Sul.In 2002, Carlo Panunzi became the president of Belgo Mineira a company he had joined in in 1999 and where he was, among other positions, managing director of the Piracicaba plant in the State of São Paulo. Before that, he held several positions at ARBED, which he joined in 1973 as an engineer at the Differdange plant’s rolling line.

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Michael Pfitzner, Head of Commercial Co-ordinationMichael Pfitzner joined Mittal Steel as Director of Marketing in February 2006. He has over 25 years of extensive industry experience in commercial functions with several steel companies namely Mannesmann, Saarstahl, Krupp Thyssen Stainless and Salzgitter. In his last assignment at Salzgitter, where he worked for nearly 5 years, Michael was a Member of the Executive Board responsible for Sales and Distribution. Michael has a Degree in Economics from the University of Bonn, Germany.

Gerhard Renz, CEO Long Europe Gerhard Renz has been the Chief Operating Officer of Mittal Steel Europe and has over 32 years of experience in the steel industry. Mr. Renz formerly worked as the Managing Director of Mittal Steel Hamburg. Mr. Renz is a board member of Verein Deutscher Eisenhuettenleute, Wirtschaftsvereinigung Stahl and the European Iron and Steel Institute. He holds a bachelor's degree in engineering.

Michael Rippey, CEO USAMichael G.Rippey was elected in August 2006 as president and chief executive officer of Mittal Steel USA. Previously, he had been the company’s executive vice president, sales & marketing, since April 2005, with direct responsibility for all sales and marketing of light flat-rolled and plate products. Mike Rippey, had been executive vice president, commercial, and chief financial officer, at Ispat Inland Inc., a predecessor company, since January 2004 and has been an officer of the company since June 1998. He has a bachelor’s degree in marketing from Indiana University, Bloomington; a master’s degree in banking and finance from Loyola University, Chicago; and a master of business administration degree from the University of Chicago.

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Lou Schorsch, CEO Flat AmericasLou Schorsch has been Chief Executive Officer of Mittal Steel USA since the merger between Mittal Steel and ISG in October 2004. Prior to this Dr. Schorsch was the President and Chief Executive Officer of Ispat Inland where he was responsible for significant improvements in the company’s operational performance. Dr. Schorsch has over 25 years of experience in consulting and managerial roles predominantly relating to the steel industry. Prior to joining Ispat Inland in October 2003, Dr. Schorsch held various senior positions in the consulting and e-commerce sectors. His immediate previous assignments have been as President and Chief Executive Officer of GSX.Com Inc. and Principal at McKinsey & Company, where he worked from 1985 until 2000. While at McKinsey, he was a co-leader of the firm's metals practice. Dr. Schorsch has published numerous articles in such publications as Business Week and Challenge and has also co-authored a book on steel titled "Upheaval in a Basic Industry".

Bill Scotting, Head of Continuous ImprovementBill Scotting joined the Mittal Steel Group in September 2002 to lead the Group's Continuous Improvement activities. Formerly an Associate Principal at McKinsey & Company, Mr. Scotting has 20 years experience in the steel industry in technical, operations management and consulting roles. He has also held positions at BHP Steel, Pioneer Concrete (UK), Mascott Partnership and CRU International. Bill Scotting holds a Bachelor of Science (Metallurgy) degree from the University of Newcastle in Australia, where he was awarded the Australasian Institute of Metallurgy Prize for Metallurgy, and an MBA (with distinction) from Warwick Business School in the UK.

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André van den Bossche, Head of Marketing André van den Bossche has been Arcelor's Executive Vice President Commercial Worldwide Optimisation since 2005. Prior to this, he was managing director of Arcelor's Flat Carbon Steel commercial organization from 2002 to 2005. Between 1995 and 2001, he was managing director at the Aceralia Sidstahl Ibérica and Sidstahl sales organisations. Before that, he was sales director at TradeArbed Luxembourg (1986-1995). At Sidmar (Ghent), which he joined in 1970, he was Vice President of the Commercial and Customer Relations Department, General manager of the cold rolling mill and production and management engineer at the cold rolling mill. André van den Bossche is a civil engineer graduated from the Universities of Louvain and Ghent.

Inder Walia, Human Resources Group Co-HeadInder Walia joined Mittal Steel in 2000 and has been responsible for the development and implementation of human resources strategies for the Company. He has 24 years of experience in human resources positions. He has a post-graduate degree in Human Resources from Tata Institute of Social Sciences, Mumbai, India. He is also an active member of various human resource committees. Mr. Walia has held various positions in human resources at Modi Corp and HCL Hewlett Packard.

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