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1Q 2013 Results

10 May 2013 Lakshmi N Mittal, Chairman and Chief Executive Officer Aditya Mittal, Chief Financial Officer

1

Disclaimer

Forward-Looking Statements This document may contain forward-looking information and statements about ArcelorMittal and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements may be identified by the words “believe,” “expect,” “anticipate,” “target” or similar expressions. Although ArcelorMittal’s management believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ArcelorMittal’s securities are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond the control of ArcelorMittal, that could cause actual results and developments to differ materially and adversely from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the filings with the Luxembourg Stock Market Authority for the Financial Markets (Commission de Surveillance du Secteur Financier) and the United States Securities and Exchange Commission (the “SEC”) made or to be made by ArcelorMittal, including ArcelorMittal’s Annual Report on Form 20-F for the year ended December 31, 2012 filed with the SEC. ArcelorMittal undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise.

2

Agenda

• Results overview and recent developments

• Market outlook

• Results analysis

• Outlook and guidance

3

Continued improvement in safety

Health and safety performance improved with Lost Time Injury Frequency Rate of 1.0x in 1Q’13.

Improvements in performance in Flat Carbon Americas partially offset by deterioration in the Mining division. All other segment performance remained relatively constant quarter on quarter.

Governance, people, community and sustainability initiatives

• For the 6th consecutive year, ArcelorMittal USA has been awarded the 2013 ENERGY STAR® by the U.S. Environmental Protection Agency (EPA), for its sustained efforts in energy efficiency improvement. Best practice applications and targeted investments helped achieve an annual 1.87% reduction in energy intensity during 2012.

• ArcelorMittal Florange, France, launched the world’s first production line for Usibor® extra-wide sheets up to 1,850mm. Usibor® steel meets in a cost effective way the automotive customer requirements to reduce the weight of vehicles, thus cutting tailpipe emissions and CO2 in particular, whilst also improving their safety performance in use.

• ArcelorMittal was presented gold class within the steel sector in the 2013 RobecoSAM Sustainability Yearbook. This annual assessment benchmarks the performance of the world’s largest 2,500 companies in ethics, the environment and social areas. It is also the basis for the Dow Jones Sustainability Index (DJSI).

• In April 2013, ArcelorMittal hosted its 7th annual Health and Safety Day at its sites globally. The theme, ‘Stop, think and act safely’, is continued this year to reflect the importance of this message.

Quarterly Health & Safety frequency rate* for mining & steel

• Health and safety performance with LTIF rate of 0.9x in 1Q’13 and 1.1x in 4Q’12

• The Company’s effort to improve the group’s Health and Safety record will continue.

Whilst the LTIF target of 1.0x is maintained for 2013, the Company is focused on further reducing the rate of severe injuries and fatality prevention

Our goal is to be the safest Metals & Mining company * WSA: LTIF = Lost time injury frequency defined as Lost Time Injuries per 1.000.000 worked hours; based on own personnel and contractors

2013 Target

0.91.01.4

1.81.9

2.5

3.1

1.0

2011 2010 2009 2008 2007 2012 1Q 2013

4

1Q 2013 highlights • EBITDA of $1.6bn in 1Q’13 compared to $1.6bn in 4Q’12* • Steel shipments of 20.9Mt, an increase of 4.7% vs. 4Q’12 • Own iron ore production 13.1Mt; 7.3Mt of iron ore shipped at market price compared to

6.8Mt in 1Q’12 (on track for ~20% growth in 2013) • Net debt at end of 1Q’13 of $18bn as compared to $21.8bn at end of 4Q’12 • Liquidity of $18bn at end of 1Q’13 and average debt maturity of 6.0 years • Cost improvement: $1bn asset optimization savings run-rate target achieved; $0.2bn

management gains achieved during 1Q’13, inline with the new plan to achieve $3bn of improvement by the end of 2015

Sequential improvement in underlying EBITDA and significant net debt reduction * On January 1, 2013, in accordance with IFRS as issued by the international Accounting Standards Board, ArcelorMittal adopted IFRS 10 (“Consolidated Financial Statements”), IFRS 11 (“Joint Arrangements”), IFRS 12 (“Disclosure of Interests in Other Entities”), IFRS 13 (“Fair Value Measurement”), the revision of IAS 19 (“Employee Benefits”) and IFRIC 20 (“Stripping Costs in the Production Phase of a Surface Mine”). 2012 information has been adjusted retrospectively for the mandatory adoption of these new standards and interpretations except for IFRS 13 which is applied prospectively. The impact on 4Q 2012 was $234 million, including the reversal of the $110 million charge relating to the recognition of additional actuarial losses which is now recognised through equity under IAS 19. EBITDA 4Q 2012 included $0.5 billion of gains from asset disposal and CO2 credit sales. EBITDA in 1Q 2013 was positively impacted by a $47 million fair valuation gain relating to the acquisition of an additional ownership interest DJ Galvanizing in Canada.

18.021.8

24.9

0

5

10

15

20

25

Deleveraging process on course

On track to meet interim target of ~$17 billion net debt by mid-year 2013

Net debt progression $billion

Medium term target

15

2Q’13F

~17

1Q’13 4Q’12 3Q’11

* Ratio of Net debt/LTM EBITDA is based on last twelve months reported EBITDA. Figures based on recast EBITDA as per new accounting standards adopted.

Net debt/LTM EBITDA* 2.8x 2.5x

5

2.3x

Asset Optimization delivering

• Including “residual costs”, the targeted run-rate savings of $1bn has been achieved

• Residual costs should disappear from the system by 2014

• Savings apparent in improved reported results

6

Asset Optimization savings achieved ($ million)

Targeted $1bn savings run rate achieved; traction apparent in improved results

2Q’1

2

3Q’1

2

4Q’1

2

1Q’1

3

4Q’1

1

1Q’1

2

Run Rate-Savings Residual Costs

4Q 2011 • Extended idling of electric arc furnace in Madrid • Restructuring costs at certain other Spanish, Czech

Republic and AMDS operations

1Q 2012 • Extended idling of electric arc furnace and

continuous caster at the Schifflange site (Luxembourg)

• Further optimization in Poland and Spain

4Q 2012 • Closure of 2 blast furnaces, sinter plant, steel shop

and continuous casters in Liege, Belgium decided • Long term idling of liquid phase at the Florange site

announced

1Q 2013 • Announced intention to permanently close the

coke plant and six finishing lines in Liege, Belgium

• Mothballing Florange

Essential components have been announced:

Gap analysis completed in 2012 defined the priorities for 2013-2015 plan

Gap Analysis for Cost Savings by Process

34%

25%

20%

10%

11% Sinter & BF

Steel shop

Hot strip mill

Cold rolling mill & HDG

Others

7

Gap Analysis for Cost Savings per Main Drivers

Yield

Productivity

Others

Energy

29%

22% 21%

28%

0.8

2.0

3.0

2.0

2013F 2014F

3.0

1.0

0.2

2015F

New $3bn management gains program ($ billion) Annualized savings

1Q 13 achieved Savings targets

• Bottom up plan across the group • 2/3 variable cost and 1/3 fixed cost focussed • Improvements in reliability, fuel rate, yield, productivity etc • Business units plans rolled out and key personnel

accountable for delivery • Leveraging extensive benchmarking opportunities within

the group

Cost improvement underway

8

CA

PAC

ITY

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

Growth plan remains on track for 84MT capacity by 2015 Iron ore growth target on track – 84MT capacity by 2015

Liberia • Phase 2 project underway (to expand capacity from 4Mt

DSO to 15Mt premium concentrate) • All major equipment procurement complete • Civil works at the port are advancing and will be

completed this year; camp preparation, access roads and environmental control dams near completion

• Phase 1 achieved record shipments in March 2013. AMMC • Capacity expansion from 16Mt to 24Mt • All electrical rooms are energised, final installation and

pre-operational verification checks in progress • First concentrate due in June 2013 from new Line 7;

optimization and ramp-up on track Baffinland • Early Revenue Phase approved to haul 3.5Mtpa of DSO

by truck from the mine site to Pond Inlet for export during open-water season

• $700m* project capex in 50:50 JV • Local agreements and licenses expected in 2Q’13 to start

construction work this summer

Iron ore growing; plans on track

9

Global apparent steel consumption (ASC) growth forecast in 2013** (v 2012)

Global ASC expected to grow by ~3% in 2013

+3-4%

+3.5-4.5%

Global

CIS

Brazil

China

EU27

US

+3.0%

+2.5-3.5%

-0.5-1.5%

Global

CIS

Brazil

China

EU27

US +2-3%

Source: * Markit. Purchasing managers indices for over 40 countries weighted by share of ArcelorMittal finished steel deliveries. ** ArcelorMittal estimates

ArcelorMittal weighted global manufacturing PMI*

Demand forecasts trimmed… but still positive

35

40

45

50

55

60

2006 2007 2008 2009 2010 2011 2012 2013

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ontra

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10

Financial results

11 * The proceeds from the sale of carbon dioxide credits will be re-invested in energy saving projects ** Others primarily represents delta of DDH income ($49 million), forex and DJ Galvanizing gain $47 million.

EBITDA bridge from 4Q’12 to 1Q’13

($million)

126

161

184

1,565

Others**

19

Price / Cost - Mining

Volume & Mix - Mining

(20)

Price / Cost - Steel

Volume & Mix - Steel

1Q’13 EBITDA

Comparable 4Q’12

EBITDA

1,095

CO2 gain*

(220)

Paul Wurth

(242)

4Q’12 EBITDA

1,557

Steel impact

Mining impact

Underlying EBITDA improvement driven by steel volumes and positive Price/Cost

4Q 2

012

Depreciation: (1,240)

Impairment: (4,836)

Restructuring: (192)

Interest: (478)

Forex and other: (409)

Current tax: (94)

Deferred tax: 1,650

Non-controlling: 96

Weighted Avg No of shares: 1,549

Diluted Weighted Avg No of shares:1,549

EPS = $ (2.47)/share

Diluted EPS = $ (2.47)/share

($ million)

12

EBITDA to net loss 1Q

201

3

Depreciation: (1,161)

Current tax: (61)

Deferred tax: (36)

Non-controlling: (1)

Weighted Avg No of shares: 1,750

Diluted Weighted Avg No of shares: 1,751

EPS = $ (0.21)/share

Diluted EPS = $ (0.21)/share

($ million) Interest: (478)

Forex and other: (155)

404

1,565

Net Ioss

(345)

Taxes and non-

controlling Interest

(98)

Pre-tax Profit /loss)

(247)

Finance Cost

(633)

Income from Equity

(18)

Operating Income/ (loss)

Depreciation impairment

and restructuring

charges

(1,161)

EBITDA

1,557

(3,808)

1,652

(5,460)

(887) 138

(4,711) (6,268)

Q1’13 net loss of $0.3bn

13

EBITDA to free cash flow

Q1 2013 free cashflow waterfall ($ million)

1,565

(302)

(1,318)

(549)

EBITDA Free cashflow

(1,229) (927)

Cashflow from operations

Change in working capital

Net financial cost, tax

expense, and others*

Capex

Working capital investment and capex resulted in $1.2bn negative free cashflow * * Include pension expense, non cash items etc.

14

Net debt bridge

1Q 2013 net debt analysis ($ million)

1,229 886

3,978

-3,771

Net debt at 1Q’13

18,002

Forex & others

136

MCN/Equity M&A* Free cashflow Net debt at 4Q’12

21,773

Net debt refers to long-term debt, plus short term debt, less cash and cash equivalents, restricted cash and short-term investments (including those held as part of asset/liabilities held for sale). *M&A primarily includes $810 million from first tranche of 15% stake disposal in AMMC

Equity issue and AMMC stake sale reduced NFD inline with targets

• New accounting standards have been adopted as of Jan 2013. Financial information for prior periods have been recast

• There is no cash impact from these changes • The accounting changes increased 2012

EBITDA by $445m (no amortization as the liabilities have now been brought onto the balance sheet)

• 2012 EBITDA was also recast for the different accounting treatment of one-off items (Dofasco pension credit in 1Q’12 and AM USA actuarial assumption change in 4Q’12)

• Net financial expense increased by $0.2bn in 2012 (related to the application of a single rate on net employee benefit liabilities)

• $5.1bn increase in liabilities offset by $0.4bn deferred tax asset (a further $1.3 billon DTA will be recognized in the future)

Mandated accounting changes

Impact of accounting changes 2010-2012 ($millions)

Impact of net income 2010-2012 ($millions)

15

EBITDA (USDm) 2010 FY 2011 FY 2012 FY

EBITDA previously reported 8,525 10,117 7,080

Accounting changes 206 333 445

Non-recurring accounting change - - 154

Recast EBITDA 8,731 10,450 7,679

16

Outlook and guidance framework

• 2013 EBITDA expected to be above $7.1 billion • Framework assumptions:

– Iron ore prices similar to 2012 ($130/t*) – Margin of steel prices over raw material costs similar to the levels of 2012 (i.e.

no further compression) – Normal seasonal demand patterns

• Improved underlying profitability is expected to be driven by 3 factors:

• 2% increase in steel shipments; • an approximate 20% increase in marketable iron ore shipments • realised benefits from Asset Optimization and Management Gains initiatives

• EBITDA in 2Q 2013 is expected to be above 1Q 2013 levels. Together with

an anticipated release of working capital and receipt of previously announced disposal proceeds, this should support a further reduction in net debt to approximately $17 billion by end June 2013

• 2013 capital expenditures are expected to be approximately $3.5 billion

Company expects 2013 EBITDA to be above $7.1 billion * 62% Fe CFR China.

Appendix

18

1Q’13 apparent demand growth driven by robust China demand

Global apparent steel consumption (ASC)* (million tonnes per month)

US and European apparent steel consumption (ASC)** (million tonnes per month)

* ArcelorMittal estimates ** AISI, Eurofer and ArcelorMittal estimates

• China ASC +10.2% in 1Q’13 vs. 4Q’12 • China ASC +8.2% in 1Q’13 vs. 1Q’12

• EU ASC +13.9% in 1Q’13 vs. 4Q’12 • EU ASC -4.5% in 1Q’13 vs. 1Q’12

• Global ASC +6.2% in 1Q’13 vs. 4Q’12 • Global ASC +2.6% in 1Q’13 vs. 1Q’12

• US ASC +7.4% in 1Q’13 vs. 4Q’12 • US ASC -4.6% in 1Q’13 vs. 1Q’12

Compared to strong 1Q’12, Europe and US declined YoY; growth expected 2H’13

15

20

25

30

35

40

45

50

55

60

65

Jan-

07M

ay-0

7

Sep

-07

Jan-

08

May

-08

Sep

-08

Jan-

09M

ay-0

9

Sep

-09

Jan-

10

May

-10

Sep

-10

Jan-

11M

ay-1

1

Sep

-11

Jan-

12

May

-12

Sep

-12

Jan-

13

Developing ex ChinaChinaDeveloped

3

5

7

9

11

13

15

17

Jan-

07

May

-07

Sep

-07

Jan-

08

May

-08

Sep

-08

Jan-

09

May

-09

Sep

-09

Jan-

10

May

-10

Sep

-10

Jan-

11

May

-11

Sep

-11

Jan-

12

May

-12

Sep

-12

Jan-

13

EU27USA

19

• Global leading indicators have weakened continue to expect a pick-up in H2’13

• US manufacturing still growing albeit at slower pace, supported by robust automotive market; purchasing managers index (PMI) >50

• In Europe, manufacturing output continues to weaken

• Eurozone PMI remains below 50 for 21 consecutive months. Remains above July 12 lows

• Recent Chinese data mixed, as both PMI (still above 50) and industrial output growth weakened toward the end of Q1’13, while construction slowly improves

Global indicators have weakened

Global indicators signal softer Q2’13 growth, impacted by continuing Eurozone uncertainty

Source: *Markit. ArcelorMittal estimates

ArcelorMittal weighted global manufacturing PMI*

35

40

45

50

55

60

2006 2007 2008 2009 2010 2011 2012 2013

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Exp

ansi

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ontra

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30

35

40

45

50

55

60

65

Jan-

06A

pr-0

6Ju

l-06

Oct

-06

Jan-

07A

pr-0

7Ju

l-07

Oct

-07

Jan-

08A

pr-0

8Ju

l-08

Oct

-08

Jan-

09A

pr-0

9Ju

l-09

Oct

-09

Jan-

10A

pr-1

0Ju

l-10

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-10

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11A

pr-1

1Ju

l-11

Oct

-11

Jan-

12A

pr-1

2Ju

l-12

Oct

-12

Jan-

13

Eurozone construction PMI

USA Architectural Billings Index

US construction improving; Europe declining

• Developed construction still at low levels

• Pickup in USA strengthening

– US residential construction to grow strongly off a low base, as home sales improve and permits rise to their highest level since H1’08

– Private non-residential output slowly improving; Architectural Billings index (ABI) remains above 50 for the 8th consecutive month suggesting pickup late 2013

• In Europe, uncertainty and weak demand drives continued fall in investment

– Construction PMI around 40 continues to indicate contraction in output

– German construction market stable, supported by strong labour market and low interest rates

– Construction markets in South continue to be weak, with 2012 annual double digit declines in Greece, Italy and Portugal. Spain also declined further, to less than 50% of the peak, though stabilising at very low levels

Eurozone and US construction indicators**

US residential and non-residential construction indicators (SAAR) $bn*

20 * Source: US Census Bureau

** Source: Markit and The American Institute of Architects

US residential construction improving, but European construction depressed

200250300350400450500550600650700750

Jan-

02Ju

l-02

Jan-

03Ju

l-03

Jan-

04Ju

l-04

Jan-

05Ju

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Jan-

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l-09

Jan-

10Ju

l-10

Jan-

11Ju

l-11

Jan-

12Ju

l-12

Jan-

13

ResidentialNon-residential

0102030405060708090

100

Jan-

07A

pr-0

7Ju

l-07

Oct

-07

Jan-

08A

pr-0

8Ju

l-08

Oct

-08

Jan-

09A

pr-0

9Ju

l-09

Oct

-09

Jan-

10A

pr-1

0Ju

l-10

Oct

-10

Jan-

11A

pr-1

1Ju

l-11

Oct

-11

Jan-

12A

pr-1

2Ju

l-12

Oct

-12

Jan-

13

0

3

6

9

12

15

18

21Steel inventory at warehouses (RHS)

Finished steel production (LHS)

Steel inventory at mills (RHS)

-15%

0%

15%

30%

45%

60%

75%

Jan-

07Ap

r-07

Jul-0

7O

ct-0

7Ja

n-08

Apr-0

8Ju

l-08

Oct

-08

Jan-

09Ap

r-09

Jul-0

9O

ct-0

9Ja

n-10

Apr-1

0Ju

l-10

Oct

-10

Jan-

11Ap

r-11

Jul-1

1O

ct-1

1Ja

n-12

Apr-1

2Ju

l-12

Oct

-12

Jan-

13

Chinese industrial growth slowed in 1Q’13

• Recent data shows industrial output slowed in the 1Q’13 to 9.5% after rebounding to 10% year on year in 4Q’12

• Infrastructure investment growth continues to be robust following an acceleration in approvals during 2H’12

• Newly started construction has started to

rebound in 1Q’13. Starts are up y-o-y but weak in March in response to the additional property measures introduced in Feb’13

• Flat products demand is robust, despite the weakness of Shipping, as both automotive and domestic appliances grow strongly

• High 1Q’13 steel production has led to rise in steel inventory, particularly longs, but is still close to seasonal norms and has begun to decline in April. As mill inventories also grew in Feb’13, we expect steel production to weaken in 2Q’13 from a record 780mmt annualized in 1Q’13

21

Crude steel finished production and inventory (mmt)

* Mma refer to months moving average

China infrastructure investment 3mma* (Y-o-Y)

Underlying demand rising in China, production to decline in 2H’13

400500600700800900

1,0001,1001,2001,3001,400

Jan-

07A

pr-0

7Ju

l-07

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-07

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pr-0

8Ju

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pr-1

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l-10

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pr-1

1Ju

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-11

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pr-1

2Ju

l-12

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-12

Jan-

13

1.5

2

2.5

3

3.5

4

4.5Flat stocks at service centresMonths of supply (RHS)

1000

1200

1400

1600

1800

2000

2200

2400

Jan-

07

Jun-

07

Nov

-07

Apr

-08

Sep

-08

Feb-

09

Jul-0

9

Dec

-09

May

-10

Oct

-10

Mar

-11

Aug

-11

Jan-

12

Jun-

12

Nov

-12

1.61.822.22.42.62.833.23.43.6EU (EASSC)

Months Supply

Inventory levels declined during 1Q’13 Europe service centre inventories (000 MT)*

Brazil service centre inventories (000 MT)

US service centre total steel Inventories (000 MT)

22

China service centre inventories (Mt/mth) with ASC%

Limited stock rebuild in 1Q’13; except China in anticipation of seasonal demand * Europe inventory updated data not available.

2468

10121416182022

Jan-

07

May

-07

Sep

-07

Jan-

08

May

-08

Sep

-08

Jan-

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-09

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-09

Jan-

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-10

Sep

-10

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-11

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-11

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-12

Sep

-12

Jan-

13

0%5%10%15%20%25%30%35%40%45%50%Flat and Long

% of ASC (RHS)

0

2000

4000

6000

8000

10000

12000

14000

Jan-

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0Ju

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-10

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pr-1

1Ju

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22.22.42.62.833.23.43.6

USA (MSCI)

Months Supply

23

Global apparent steel consumption China

NAFTA

EU27

Rest of World

0

100

200

300

400

500

600

700+4%

+55%

2013F 2012 2011 2010 2009 2008 2007

+2%

ArcelorMittal estimates

406080

100120140160180200

-9% -1.5%

-29%

2013F 2012 2011 2010 2009 2008 2007

40

60

80

100

120

140

160 +2.5%

2013F

-8% +7%

2012 2007 2009 2011 2010 2008 50

100150200250300350400450500550 +4% +3%

2007 2011 2009 2013F 2012 2010

+9%

2008

Global ASC growth of +1.7% 2012; estimated 2013 ASC growth of +3%

Raw material prices are slowly weakening Spot iron ore, coking coal and scrap price (index IH 2008=100)*

Regional steel price HRC ($/t)

24

Raw material prices are trending down slowly after rebounding in Q1’13

400

500

600

700

800

900

1000

1100

1200

1300

Jan

08A

pr 0

8Ju

l 08

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Jul 0

9O

ct 0

9Ja

n 10

Apr

10

Jul 1

0O

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0Ja

n 11

Apr

11

Jul 1

1O

ct 1

1Ja

n 12

Apr

12

Jul 1

2O

ct 1

2Ja

n 13

Apr

13

China domestic Shanghai (Inc 17% VAT) N.America FOB MidwestN.Europe domestic ex-works

30

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50

60

70

80

90

100

110

120

130

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pr 1

0Ju

l 10

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pr 1

1Ju

l 11

Oct

11

Jan

12A

pr 1

2Ju

l 12

Oct

12

Jan

13A

pr 1

3

Iron ore

Coking coal

Scrap

Capex and growth plans • Steel growth capex remains temporarily

suspended

• 2013 capex to be lower than 2012 levels

• Focus remains on core growth capex in Mining: – Liberia: Phase 1 complete and running at

4mtpa DSO; commercial ramp-up underway

– Andrade mines (Brazil): Iron ore expansion to 3.5mtpa completed

– Liberia: Phase 2 approved: Expansion from 4mtpa DSO to 15mtpa concentrate by 2015 underway

– AMMC: Expansion from 16mtpa iron ore to 24mtpa by 2013 – near completion 1H’13

– AMMC: Further expansion to 30mtpa iron ore under study

– Baffinland: Early Revenue Phase (ERP) approved: 3.5mtpa production by 2015

25

Upgrade railway line linking mine to port in Liberia

AMMC: Mont-Wright Mining Complex

FY 2012 capex spend of $4.7bn; FY 2013 capex expected at approximately $3.5bn

26

Segment highlights • FCA: EBITDA -41.5% y-o-y; $80 EBITDA/t

– ASP +$22/t compared to 4Q’12

– Shipments -2.0% lower than 1Q’12

• FCE: 1Q’13 $44 EBITDA/t

– ASP -$16/t compared to 4Q’12


• Long: EBITDA -6.5% y-o-y; $78 EBITDA/t

– ASP +1$/t compared to 4Q’12


• AACIS: EBITDA -88.3% y-o-y; $6 EBITDA/t



• AMDS: 1Q’13 EBITDA $15m



• Mining: EBITDA -10.5% y-o-y

– Sales -6.3% lower than 4Q’12

– Own iron ore production -0.8% lower than 1Q’12

– Own coal production -3.5% lower than 1Q’12

-200

0

200

400

600

800

1,000

Mining AMDS AACIS Long FCE FCA

1Q’13 4Q’12 3Q’12 2Q’12 1Q’12

Segmental EBITDA (US$mn)

-200

20406080

100120140

1Q’13 4Q’12 3Q’12 2Q’12 1Q’12

FCE FCA AMDS AACIS Long

Segmental EBITDA/tonne (US$/t)

Sequential improvement in underlying EBITDA * On January 1, 2013, in accordance with IFRS as issued by the international Accounting Standards Board (“IASB”), ArcelorMittal adopted IFRS 10 (“Consolidated Financial Statements”), IFRS 11 (“Joint Arrangements”), IFRS 12 (“Disclosure of Interests in Other Entities”), IFRS 13 (“Fair Value Measurement”), the revision of IAS 19 (“Deferred Employee Benefits”) and IFRIC 20 (“Stripping Costs in the Production Phase of a Surface Mine”). The 2012 information has been adjusted retrospectively for the mandatory adoption of these new standards and interpretations except for IFRS 13 which is applied prospectively. ** Segmental figures shown include one time adjustments

27

Flat Carbon Americas (FCA)

757563

326 294443

819797850

881886

0

100

200

300

400

500

600

700

800

300

400

500

600

700

800

900

1,000

+3%

+51%

1Q13 4Q12 3Q12 2Q12 1Q12

5,500

5,600

5,700

0

5,800

5,400

1Q13

5,559

4Q12

5,533

3Q12

5,351

2Q12

5,735

1Q12

5,672

EBITDA* (US$mn, LHS) and ASP (US$/t, RHS)

Flat Carbon Americas steel shipments (000’t)

* EBITDA in 1Q’12 was positively impacted by $285m related to curtailment gain in ArcelorMittal Dofasco. EBITDA in 3Q’12 was negatively impacted by $72m related to one-time signing bonus and post retirement benefit costs following entry into the new US labor contract. EBITDA in 1Q 2013 was positively impacted by a $47 million fair valuation gain relating to the acquisition of an additional ownership interest DJ Galvanizing in Canada. The 2012 information has been adjusted retrospectively for the mandatory adoption of new accounting standards

FCA profitability improved in 1Q’13 Vs 4Q’12

Crude steel production increased by 4.4% to 6.2MT in 1Q’13, Vs 5.9MT in 4Q’12, driven primarily by higher production in North America, partially offset by lower production in South America Steel shipments in 1Q’13 were 5.6MT, 0.5% higher than in 4Q’12, primarily driven by higher shipment volumes in North America driven by improving automotive demand, offset by lower exports of slab and HRC from South America. Sales were $4.9bn in 1Q’13, an increase of 3.8% Vs $4.7bn in 4Q’12. The increase in sales was due primarily to higher steel selling prices in South America and Mexico EBITDA in 1Q’13 was positively impacted by a $47m fair valuation gain relating to the acquisition of an additional ownership interest DJ Galvanizing in Canada. Higher profitability in 1Q’13 was due to an improved performance from both the South and North American operations. North America performance was driven by higher shipments, and South American performance was driven by positive price cost impact more than offsetting the negative impact of lower volumes. EBITDA in 1Q’12 of $757m includes the positive impact of changes to the employee benefit plans at Dofasco which resulted in curtailment gains of $285m.

28

Flat Carbon Europe (FCE)

131

383191

308 300

831847856884

861

0

100

200

300

400

500

600

700

800

600

650

700

750

800

850

900

950

1,000

-2%

-3%

1Q13 4Q12 3Q12 2Q12 1Q12

0

6,000

6,500

7,000

7,500

+16%

1Q13

6,890

4Q12

5,957

3Q12

5,837

2Q12

6,771

1Q12

7,461

EBITDA* (US$mn, LHS) and ASP (US$/t, RHS)

Flat Carbon Europe steel shipments (000’t)

* EBITDA in 4Q’12 included $210 million related to a net gain recorded on the sale of CO2 credits, the proceeds of which will be reinvested in energy projects. The 2012 information has been adjusted retrospectively for the mandatory adoption of new accounting standards

FCE profitability improved 1Q’13 Vs 4Q’12 (excluding CO2 gain)

Crude steel production increased by 14.2% to 7.3MT in 1Q’13 as compared to 6.4MT in 4Q’12 due to a stock re-build following weak demand in the 4Q’12. Steel shipments in 1Q’13 were 6.9MT, an increase of 15.7% as compared to 6.0MT in 4Q’12. Steel shipments increased in 1Q’13 due to a pick up following the seasonally weaker period. Sales increased to $6.8bn in 1Q’13 Vs $6.1bn in 4Q’12. Sales benefitted from higher steel shipment volumes offset in part by lower steel selling prices following weak iron ore pricing during Q4’12. EBITDA in 1Q’13 was $300m Vs $308m in 4Q’12. EBITDA in 1Q’13 included $92m of DDH income recognized during the quarter Vs $141m in 4Q’12 and $159m in 1Q’12. EBITDA in 4Q’12 included a $210m net gain recorded on the sale of CO2 credits, the proceeds of which will be re-invested in energy savings projects. Steel margins were positively impacted in 1Q’13 by a price-cost impact following higher fixed cost absorption and improved cost performance partially offset by lower ASP. The operating result in 4Q’12 had included a $2.5bn non-cash write down of goodwill and $0.3bn non-cash impairment charge related to the intention to permanently close the coke plant and six finishing lines in Liege, Belgium. Operating performance in 1Q’12 had been negatively impacted by restructuring costs totalling $56m associated with the separation schemes primarily relating to Polish entities as part of the implementation of Asset Optimization.

29

Long Carbon Americas & Europe (LCAE)

5,400

5,900

5,800

5,700

0

5,600

5,500

-3%

1Q13

5,394

4Q12

5,543

3Q12

5,508

2Q12

5,839

1Q12

5,738

EBITDA (US$mn, LHS) and ASP (US$/t, RHS)

Long Carbon steel shipments (000’t)

419422340

575448

858857861885910

0

100

200

300

400

500

600

700

800

01002003004005006007008009001,000

3Q12 2Q12 1Q12 1Q13 4Q12

Long Carbon profitability flat 1Q’13 Vs 4Q’12

Crude steel production amounted to 5.7MT in 1Q’13, an increase of 9.2% Vs 5.2MT in 4Q’12. Production was higher in the Americas (both North and South) and European operations due to a stock rebuild following weak demand in 4Q’12 and in anticipation of a stronger 2Q’13, as well as recovery from operational issues that had impacted output in Poland during 4Q’12. Steel shipments in 1Q’13 were 5.4MT, a decrease of 2.7% Vs 5.5MT in 4Q’12, primarily due to lower volumes in Europe, Mexico and Tubular products. Sales were lower at $5.1bn in 1Q’13, Vs $5.2bn in 4Q’12. The impact of prices was neutral as higher average selling price (ASP) across all key markets were offset by reduced prices in the Tubular business. EBITDA in 1Q’13 was $419m Vs $422m in 4Q’12, primarily driven by improved profitability in Europe, North America and South American markets offset by lower profitability in the Tubular business impacted by lower volumes and ASP following the Venezuelan currency devaluation. Operating results in 4Q’12 had included a non-cash write down of goodwill of $1.0bn and non-cash asset impairment charges for Spanish and North African operations of $0.2bn. Operating performance in 1Q’12 was negatively impacted by restructuring costs totalling $46m associated with the implementation of Asset Optimization, primarily relating to Spanish entities and impairment charges totalling $61m associated with the extended idling of the EAF and continuous caster at the Schifflange site in Luxembourg.

The 2012 information has been adjusted retrospectively for the mandatory adoption of new accounting standards

30

Asia, Africa and CIS (AACIS)

3,400

3,300

3,200

3,100

3,000

0

+4%

1Q13

3,104

4Q12

2,978

3Q12

3,178

3,353

1Q12

3,321

2Q12


AACIS steel shipments (000’t)

19

222

72122

163

620658687705

611

0

50

100

150

200

250

0

100

200

300

400

500

600

700

800

3Q12 2Q12 1Q12

-91%

1Q13 4Q12

* EBITDA in 4Q’12 includes the positive impact from the Paul Wurth asset divestment (a gain of $242 million). The 2012 information has been adjusted retrospectively for the mandatory adoption of new accounting standards

AACIS profitability improved 1Q’13 Vs 4Q’12 (excluding Paul Wurth sale)

Crude steel production was 3.2MT in 1Q’13, flat Vs 4Q’12. Production increased during 1Q’13 due in part to improved production in Kazakhstan (post Q4’12 operational issues). South African production remained flat as both 1Q’13 and 4Q’12 were impacted by operational issues (1Q’13 fire at Vanderbijlpark (“VDP”) plant and 4Q’12 interim repair of blast furnace in Vanderbijlpark and the taphole repair of blast furnace in Newcastle). Steel shipments in 1Q’13 amounted to 3.1MT an increase of 4.2% Vs 3.0MT in 4Q’12, reflecting seasonally improved market conditions in the South African market. Sales in the AACIS segment were $2.1 billion in 1Q 2013, flat compared to 4Q 2012. Sales were positively impacted by higher average steel selling prices in South Africa and Kazakhstan (+1.5% overall) in 1Q 2013 offset by the sales lost following the disposal of Paul Wurth in 4Q 2012. EBITDA in 1Q’13 was $19m,Vs $222m in 4Q’12. EBITDA in 4Q’12 had included the $242m gain from the Paul Wurth asset divestment. Excluding this gain, profitability slightly improved during the quarter due to positive price-cost effect and higher volumes primarily in South Africa despite approximately $67m loss of EBITDA due to fire disruption at VDP.

31

Distribution Solutions (AMDS)

4,500

4,600

4,400

4,300

4,200

4,100

0

4,118

4,463

4Q12

4,063

3Q12

-9%

4,589

1Q13

4,523

2Q12 1Q12


Distribution Solutions steel shipments (000’t)

385

851834869

919

-500

50100150200250300350400

400

500

600

700

800

900

1,000

35

+2%

1Q13

15

4Q12

-24

3Q12

11

2Q12

920

1Q12

* EBITDA in 2Q’12 includes $339m gain from Skyline divestment. The 2012 information has been adjusted retrospectively for the mandatory adoption of new accounting standards

AMDS profitability improved 1Q’13 Vs 4Q’12

Shipments in the Distribution Solutions segment in 1Q’13 were 4.1MT a decrease of 9.0% Vs 4.5MT in 4Q’12, primarily due to lower exports. Sales in 1Q’13 were $3.6bn, a decrease of 7.8% Vs $3.9bn in 4Q’12, due primarily to lower steel shipment volumes offset in part by higher ASP (+2.0%) primarily driven by forex. EBITDA in 1Q’13 was $15m Vs $(24)m in 4Q’12, primarily due to a positive price-cost impact in Europe. The operating result in 4Q’12 had been impacted by non-cash impairment expenses of $0.8bn due to a write down of goodwill and restructuring charges of $0.1bn related to Asset Optimization.

32

Mining Own iron ore production (not incl. supplies under strategic long-term contracts) in 1Q’13 was 13.1MT, 6.2% lower than 4Q’12, primarily due to operational issues in Canada offset in part by improved Liberia production. Shipments at market price increased 9.8% in 1Q’13 Vs 4Q’12 primarily due to improved shipments in Liberia on account of comparatively dry weather and installation of offshore trans-shipment facility to load cape size vessels offset in part by lower shipments from Canada due to production constraints and freezing lake constraints. Shipments at market price in 1Q’13 increased 6.9% Vs 1Q’12 primarily due to increased shipments from Liberia. Own coal production (not including supplies under strategic long-term contracts) in 1Q’13 was higher at 2.0MT, an increase of 3.3% Vs 4Q’12 although a decline of 3.5% Vs 2.1MT in 1Q’12. EBITDA for 1Q’13 was $433m, 32.4% higher Vs 4Q’12. primarily due to improved seaborne iron ore market prices and higher marketable iron ore shipment volumes, offset by a negative mix effect from our higher margin Canadian volume.

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. Own iron ore production and own coal production excludes supplies under strategic long-term contracts) The 2012 information has been adjusted retrospectively for the mandatory adoption of new accounting standards

550

500

450

400

350

0

+32%

1Q13

433

4Q12

327

3Q12

396

2Q12

548

1Q12

484

EBITDA ($ million)

4.87.0 6.9 6.8 4.8

6.8

8.2 7.1 6.67.3

024

68

1012

1416

0

5

10

15

1Q13 4Q12 3Q12 2Q12 1Q12 Shipped at cost plus Shipped at market price Own iron ore prod

Iron ore (million tonnes)

0.8 0.7 0.8 0.8 0.7

1.4 1.2 1.31.2 1.3

0.0

0.5

1.0

1.5

2.0

2.5

0.0

0.5

1.0

1.5

2.0

2.5

1Q13 4Q12 3Q12 2Q12 1Q12 Shipped at cost plus Shipped at market price Own coal prod

Coal (million tonnes)

EBITDA for 1Q’13 was 32% higher Vs 4Q’12

33

Net debt ($ billion) Average maturity (years)

Liquidity ($ billion) Bank debt as component of total debt* (%)

Balance sheet structurally improved

18.0

32.5

3Q 2008 1Q 2013

-45%

6.0

2.6

1Q 2013 3Q 2008

18.0

12.0

3Q 2008 1Q 2013

* ArcelorMittal estimates

84%

1Q 2013

10%

3Q 2008

Balance sheet fundamentals improved

Working capital is fuel for our business

• We will invest in working capital as required – Higher sales volumes requires more working capital (but same days) – Days can be impacted by price

• 1/3 of inventory is raw materials, the remainder is mainly metal stock

34

OWCR and rotation days* ($ billion and days)

• Current working capital at low levels

• 64 days is slightly below the average of last 3 years (67 days)

• Each day represents ~$200mn

Business will invest in working capital as conditions necessitate * Rotation days are defined as days of accounts receivable plus days of inventory minus days of accounts payable. Days of accounts payable and inventory are a function of cost of goods sold of the quarter on an annualized basis. Days of accounts receivable are a function of sales of the quarter on an annualized basis.

64

0

4

8

12

16

20

24

28

0

30

60

90

120

4Q 1

2 3Q

12

2Q 1

2 1Q

12

4Q 1

1 3Q

11

2Q 1

1 1Q

11

4Q 1

0 3Q

10

2Q 1

0 1Q

10

4Q 0

9 3Q

09

2Q 0

9 1Q

09

4Q 0

8 3Q

08

2Q 0

8 1Q

08

4Q 0

7 3Q

07

2Q 0

7 1Q

07

1Q 1

3

Rotation days - RHS Working capital ($ billion) - LHS

35

Liquidity and debt maturity profile Debt maturities ($ billion) Liquidity at March 31, 2013 ($ billion)

Liquidity lines: • $4bn syndicated credit facility matures 06/05/15 • $6bn syndicated credit facility matures 18/03/16

• Continued strong liquidity • Average debt maturity 6.0 years

Debt maturity: Ratings • S&P – BB+, negative outlook • Moody’s – Ba1, negative outlook • Fitch – BB+, stable outlook

0

2

4

6

8

10

12

>2017

10.1

2017

2.9

2016

2.5

2015

2.6

2014

3.8

2013

4.1

Bonds Convertibles Other Commercial Paper

3.10.1 0.98.0

10.0

Bonds Commercial paper Short term & others Cash

Unused credit lines

Debt due in 2013

4.1

18.0

Liquidity at 31/3/13

Continued strong liquidity position and average debt maturity of 6.0 years

36

Net debt

Net Debt ($ billion) & Net Debt/LTM reported EBITDA* Ratio (x)

* Based on last twelve months (LTM) reported EBITDA. Figures prior to 1Q’12 have not been recast on quarterly basis for adoption of new accounting standards implemented from 1.1.13

2.5

0

5

10

15

20

25

30

35

0.0

1.0

2.0

3.0

4.0

1Q 0

7 2Q

07

3Q 0

8 2Q

08

4Q 0

7 3Q

07

1Q 0

8

2Q 1

3F

1Q 1

3 4Q

12

3Q 1

2 2Q

12

1Q 1

2 4Q

11

3Q 1

1 2Q

11

1Q 1

1 4Q

10

3Q 1

0 2Q

10

1Q 1

0 4Q

09

3Q 0

9 2Q

09

1Q 0

9 4Q

08

Net Debt ($ billion) - LHS Net Debt / LTM EBITDA

Net debt reduced by $3.8bn from capital raise and disposal proceeds offset by working capital investment

37

Contacts

Daniel Fairclough – Global Head Investor Relations [email protected] +44 207 543 1105 Hetal Patel – UK/European Investor Relations [email protected] +44 207 543 1128 Valérie Mella – European and Retail Investor Relations [email protected] +44 207 543 1156 Maureen Baker – Fixed Income/Debt Investor Relations [email protected] +33 1 71 92 10 26

Thomas A McCue – US Investor Relations [email protected] +312-899-3927 Lisa Fortuna – US Investor Relations [email protected] +312-899-3985

mailto:[email protected]�




