ArcelorMittal Reports First Quarter 2009 Results

LUXEMBOURG--(Business Wire)--
Regulatory News:

ArcelorMittal (referred to as "ArcelorMittal", or the "Company") (MT (New York,
Amsterdam, Brussels, Luxembourg, Paris) MTS (Madrid), the world`s leading steel
company, today announced results for the three months ended March 31, 2009.

Highlights for the three months ended March 31, 2009:

* Shipments of 16.0 million tonnes, down 6% as compared to Q408
* Sales of $15.1 billion, down 32% as compared to Q408
* EBITDA1 of $0.9 billion, in-line with guidance
* Net loss of $1.1 billion due in part to $1.2 billion exceptional charges
pre-tax2
* Net debt of $26.7 billion at the end of Q109 and pro forma3 liquidity of $13.2
billion
* Extension of maturity to 2012 of $6.34 billion in debt through Forward Start5
facilities and completion of $1.6 billion (€1.25 billion) convertible bond
issuance on April 1, 2009

Marketing update:

* Potential for price increase during Q209 and Q309 across major markets and
products

Enhanced industrial and financial plan:

* Continuing temporary production cuts in-line with reduced demand
* Industrial optimization measures implemented resulting in more than $6 billion
of annualized temporary fixed cost reductions in Q1 2009, and expected to
increase to more than $7.5 billion on an annualized basis in Q2 2009
* Confirming target to achieve management gains of $2 billion of sustainable
SG&A and fixed cost reduction in 2009
* Reiterating working capital rotation days6 target of 75-85 days during 2009
* Re-affirming target to reduce net debt by $10 billion by the end of 20097

Guidance for second quarter 2009:

* EBITDA expected to be between $1.2-1.5 billion.

Commenting, Mr. Lakshmi N. Mittal, Chairman and CEO, ArcelorMittal, said:

"Strong measures have been taken to reduce our cost considerably and liquidity
remains healthy with an extended debt maturity profile. Although market
conditions remain challenging, a technical recovery is inevitable and
ArcelorMittal will benefit from this.

Financial highlights (on the basis of IFRS8, amounts in US$ and Euros9 ):

(In millions of US dollars except earnings per share and shipments data)

Results US Dollars
Q1 2009 Q4 2008 Q1 2008
Shipments (million MT)10 16.0 17.1 29.2
Sales 15,122 22,089 29,809
EBITDA 883 2,808 5,044
Operating (loss) income11 (1,483) (3,466) 3,614
Net (loss) income (1,063) (2,632) 2,371
Basic (loss) earnings per share $(0.78) $(1.93) $1.69

(In millions of Euros except earnings per share and shipments data)

Results Euros
Q1 2009 Q4 2008 Q1 2008
Shipments (million MT) 16.0 17.1 29.2
Sales 11,606 16,744 19,895
EBITDA 678 2,129 3,366
Operating (loss) income (1,138) (2,627) 2,412
Net (loss) income (816) (1,995) 1,582
Basic (loss) earnings per share €(0.60) €(1.46) €1.13

FIRST QUARTER 2009 NEWS CONFERENCE

ArcelorMittal management will host a news conference:

Date: Wednesday, April 29, 2009

Time: 8.00 am New York Time / 1.00 pm London Time / 2.00 pm CET

The dial in number:

International number: +44 203 023 4459

UK: 0203 023 4459

USA: +1 646 843 4608

France: 0170994740

Replay Numbers:

International number: +44 20 8196 1998

UK: 0208 196 1998

USA: +1 866 583 1035

France: 0178401517

Access Code for each language on the replay:

English 069434

Spanish 181439

French 414790

The news conference will be available via a live video webcast on
www.arcelormittal.com.

FIRST QUARTER 2009 EARNINGS ANALYST CONFERENCE CALL

Additionally, ArcelorMittal management will host a conference call for members
of the investment community to discuss the first quarter 2009 financial
performance at 9.30 am New York time / 2.30 pm London time / 3.30 pm CET on
Wednesday, April 29, 2009. The conference call will include a brief question and
answer session with senior management.

Dial in access numbers will be the following:

International: +44 208 6110 043

UK: 0208 6110 043

USA: +1 866 432 7175

A replay of the conference call will be available for one week by dialing
(access code 634819):

International: +44 208 196 1998

UK: 0208 196 1998

USA: +1 866 583 1035

The presentation will be available via a live video webcast on
www.arcelormittal.com

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, 2008
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.

About ArcelorMittal

ArcelorMittal is the world's leading steel company, with operations in more than
60 countries.

ArcelorMittal is the leader in all major global steel markets, including
automotive, construction, household appliances and packaging, with leading R&D
and technology, as well as sizeable captive supplies of raw materials and
outstanding distribution networks. With an industrial presence in over 20
countries spanning four continents, the Company covers all of the key steel
markets, from emerging to mature.

Through its core values of sustainability, quality and leadership, ArcelorMittal
commits to operating in a responsible way with respect to the health, safety and
wellbeing of its employees, contractors and the communities in which it
operates. It is also committed to the sustainable management of the environment
and of finite resources. ArcelorMittal recognises that it has a significant
responsibility to tackle the global climate change challenge; it takes a leading
role in the industry's efforts to develop breakthrough steelmaking technologies
and is actively researching and developing steel-based technologies and
solutions that contribute to combat climate change.

In 2008, ArcelorMittal had revenues of $124.9 billion and crude steel production
of 103.3 million tonnes, representing approximately 10 per cent of world steel
output.

ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT),
Paris (MT), Brussels (MT), Luxembourg (MT) and on the Spanish stock exchanges of
Barcelona, Bilbao, Madrid and Valencia (MTS).

For more information about ArcelorMittal visit: www.arcelormittal.com

ARCELORMITTAL FIRST QUARTER 2009 RESULTS

ArcelorMittal, the world`s largest and most global steel company, today
announced results for the three months ended March 31, 2009.

Analysis of results for three months ended March 31, 2009 versus three months
ended December 31, 2008 and three months ended March 31, 2008

ArcelorMittal recorded a net loss for the three months ended March 31, 2009 of
$1.1 billion, or $(0.78) per share, as compared with net loss of $2.6 billion,
or $(1.93) per share, for the three months ended December 31, 2008, and net
income of $2.4 billion or $1.69 per share, for the three months ended March 31,
2008.

Sales for the three months ended March 31, 2009 were $15.1 billion, a sharp
decrease from sales of $22.1 billion for the three months ended December 31,
2008 and $29.8 billion for the three months ended March 31, 2008. The main
reason for the decline continues to be the extreme weakness in demand for steel
products in the first quarter of 2009 as a result of the global economic crisis,
along with a steep fall in prices, leading to drastic curtailment of production.

ArcelorMittal recorded an operating loss for the three months ended March 31,
2009 of $1.5 billion, as compared with operating loss of $3.5 billion for the
three months ended December 31, 2008 and operating income of $3.6 billion for
the three months ended March 31, 2008. The loss in the the first quarter of 2009
resulted from exceptional charges amounting to $1.2 billion primarily related to
write-downs of inventory. During the fourth quarter of 2008, the Company had
recorded exceptional charges amounting to $4.4 billion related to write-downs of
inventory and raw material supply contracts, and provisions for workforce
reduction and litigation. Fourth quarter of 2008 operating results had also been
negatively affected by impairment losses of $588 million, including impairments
of $325 million consisting primarily of asset impairments of $74 million (at
various ArcelorMittal USA sites), $60 million (Gandrange, France) and $54
million (Zumarraga, Spain) and reduction of goodwill of $264 million12.

Total steel shipments for the three months ended March 31, 2009 were 16.0
million metric tonnes as compared with steel shipments of 17.1 million metric
tonnes for the three months ended December 31, 2008 and 29.2 million metric
tonnes for the three months ended March 31, 2008. As noted above, the sharp
decrease year-on-year resulted from reduced steel production in response to
falling demand amid the global economic crisis.

Depreciation expenses for the three months ended March 31, 2009 were $1.1
billion as compared with depreciation expenses of $1.2 billion and $1.1 billion
for the three months ended December 31, 2008 and March 31, 2008, respectively.

Losses from equity method investments and other income for the three months
ended March 31, 2009 were $153 million, as compared to income of $386 million
and $329 million for the three months ended December 31, 2008 and March 31,
2008, respectively.

Net interest expense (including interest expense and interest income), decreased
to $304 million for the three months ended March 31, 2009 as compared to $468
million for the three months ended December 31, 2008, primarily due to a
reduction in average net debt and lower interest rates. (See "Liquidity and
Capital Resources" below). Net interest expense for the three months ended March
31, 2008 amounted to $303 million. Foreign exchange and other net financing
costs13 for the three months ended March 31, 2009 amounted to $265 million, as
compared to a foreign exchange and other net financing gain of $64 million for
the three months ended December 31, 2008. Foreign exchange and other net
financing costs for the three months ended March 31, 2008 amounted to $191
million. Losses related to the fair value of derivative instruments for the
three months ended March 31, 2009 amounted to $16 million, as compared with
losses of $240 million and $242 million for the three months ended December 31,
2008 and March 31, 2008, respectively.

As a result of the operating losses, ArcelorMittal recorded an income tax
benefit of $1,088 million for the three months ended March 31, 2009, as compared
to an income tax benefit of $1,126 million for the three months ended December
31, 2008. The effective tax rate (ETR) for the three months ended March 31, 2009
was 49.0% as compared with 30.2% for the three months ended December 31, 2008.
The income tax expense for the three months ended March 31, 2008 was $596
million, with an ETR of 18.6%.

Minority interest for the three months ended March 31, 2009 was $70 million as
compared with minority interest of ($34) million and ($240) million for the
three months ended December 31, 2008 and March 31, 2008, respectively. The
decrease is due to net losses incurred at ArcelorMittal subsidiaries with
minority interests.

Analysis of segment operations for the three months ended March 31, 2009 as
compared to the three months ended December 31, 2008

Flat Carbon Americas

Total steel shipments in the Flat Carbon Americas segment were 3.6 million
metric tonnes for the three months ended March 31, 2009, as compared with steel
shipments of 3.9 million metric tonnes for the three months ended December 31,
2008. The decrease is due to the deterioration of global steel markets and the
continuation of production cuts into the first quarter of 2009.

Sales also declined to $3.2 billion for the three months ended March 31, 2009 as
compared with sales of $4.5 billion for the three months ended December 31,
2008, due to both lower volumes and prices (a 25.4% decrease in average steel
selling price).

The segment recorded an operating loss of $0.7 billion for the three months
ended March 31, 2009 as compared with an operating loss of $0.4 billion for the
three months ended December 31, 2008. The operating loss in the first quarter of
2009 and the fourth quarter of 2008 included exceptional charges of $0.5 billion
in each quarter, primarily including write-downs of inventory and related
contracts. Excluding the impact of these exceptional charges, operating losses
were $0.2 billion for the three months ended March 31, 2009 and operating income
was $0.1 billion for the three months ended December 31, 2008. The fourth
quarter of 2008 operating results had also been negatively affected by a $74
million asset impairment charge at various locations of ArcelorMittal USA.

Flat Carbon Europe

Total steel shipments in the Flat Carbon Europe segment were lower at 4.8
million metric tonnes for the three months ended March 31, 2009, as compared
with 6.0 million metric tonnes for the three months ended December 31, 2008. The
decrease is due to the deterioration of global steel markets and the
continuation of production cuts into the first quarter of 2009.

Sales were also lower at $4.6 billion for the three months ended March 31, 2009
as compared with sales of $7.0 billion for the three months ended December 31,
2008, due to both lower volumes and prices (a 12.3% decrease in average steel
selling price).

The segment recorded an operating loss of $0.2 billion for the three months
ended March 31, 2009 as compared with an operating loss of $1.4 billion for the
three months ended December 31, 2008. The operating loss in the first quarter of
2009 included exceptional charges of $0.3 billion primarily related to
write-downs of inventory, (the operating loss in the fourth quarter of 2008
included exceptional charges of $1.8 billion related to write-downs of inventory
and raw material supply contracts, and provisions for workforce reductions).
Excluding the impact of these exceptional charges, operating income was $0.1
billion for the three months ended March 31, 2009 as compared with operating
income of $0.4 billion for the three months ended December 31, 2008, due to
lower average selling prices and shipment volumes. The operating loss for the
fourth quarter of 2008 had also been affected by a $194 million reduction of
goodwill14.

Long Carbon Americas and Europe

Total steel shipments in the Long Carbon Americas and Europe segment were lower
at 4.4 million metric tonnes for the three months ended March 31, 2009 as
compared with 4.6 million metric tonnes for the three months ended December 31,
2008. The decrease is due to the deterioration of global steel markets and the
continuation of production cuts into the first quarter of 2009.

Sales were also lower at $3.8 billion for the three months ended March 31, 2009
as compared with $5.2 billion for the three months ended December 31, 2008, due
to lower volumes and prices (a 21.8% decrease in average steel selling price).

The segment recorded an operating loss of $0.2 billion for the three months
ended March 31, 2009 as compared with an operating loss of $0.4 billion for the
three months ended December 31, 2008. The operating loss in the first quarter of
2009 included exceptional charges of $0.2 billion primarily related to
write-downs of inventory (the operating loss in the fourth quarter of 2008 had
included exceptional charges of $0.6 billion related to write downs of inventory
and raw material supply contracts, and provisions for workforce reductions).
Excluding the impact of these exceptional charges, operating income was $19
million for the three months ended March 31, 2009, as compared to $252 million
for the three months ended December 31, 2008. The operating loss for the three
months ended December 31, 2008 was also been affected by $187 million of
impairment expenses (consisting primarily of asset impairments of $60 million
for Gandrange (France), and $54 million for Zumarraga (Spain), respectively) and
$70 million reduction of goodwill15.

Asia Africa and CIS ("AACIS")

Total steel shipments in the AACIS segment were higher at 2.8 million metric
tonnes for the three months ended March 31, 2009 as compared with 2.2 million
metric tonnes for the three months ended December 31, 2008.

Sales were lower at $1.7 billion for the three months ended March 31, 2009 as
compared with $2.1 billion for the three months ended December 31, 2008 due to
lower prices (a 24.5% decrease in average steel selling price) despite the
increase in shipments.

The segment recorded an operating loss of $18 million for the three months ended
March 31, 2009 as compared with an operating loss of $159 million for the three
months ended December 31, 2008. The operating loss for the first quarter of 2009
included exceptional charges of $0.1 billion primarily related to write-downs of
inventory (the operating loss in the fourth quarter of 2008 included exceptional
charges of $0.3 billion related to write downs of inventory and provisions for
workforce reductions). Excluding the impact of these exceptional charges,
operating income was $54 million for the three months ended March 31, 2009 and
$132 million for the three months ended December 31, 2008.

Stainless Steel

Total steel shipments in the Stainless Steel segment were lower at 315,000
metric tonnes for the three months ended March 31, 2009 as compared with steel
shipments of 365,000 metric tonnes for the three months ended December 31, 2008.
The decrease is due to the deterioration of global steel markets and the
continuation of production cuts into the first quarter of 2009.

Sales also decreased to $1.0 billion for the three months ended March 31, 2009
as compared with $1.3 billion for the three months ended December 31, 2008, due
to both lower volumes and prices (a 13.5% decrease in average steel selling
price)

The segment recorded an operating loss of $169 million for the three months
ended March 31, 2009 as compared with an operating loss of $247 million for the
three months ended December 31, 2008. The operating loss in the first quarter of
2009 included exceptional charges of $98 million primarily related to
write-downs of inventory (the operating loss in the fourth quarter of 2008
included exceptional charges of $208 million related to write downs of inventory
and provisions for workforce reductions). Excluding the impact of these
exceptional charges, operating loss was $71 million for the three months ended
March 31, 2009 as compared with operating loss of $39 million for the three
months ended December 31, 2008, due to lower volumes and margins.

Steel Solutions and Services

Total steel shipments in the Steel Solutions and Services segment16 were
marginally higher at 3.9 million metric tonnes in the three months ended March
31, 2009 as compared with steel shipments of 3.7 million metric tonnes for the
three months ended December 31, 2008.

Sales in the Steel Solutions and Services segment were lower at $3.4 billion for
the three months ended March 31, 2009 as compared with sales of $4.3 billion for
the three months ended December 31, 2008, primarily due to lower prices (a 24.9%
decrease in average steel selling price).

The segment recorded an operating loss of $170 million for the three months
ended March 31, 2009 as compared with an operating loss of $580 million for
three months ended December 31, 2008. The operating loss in the first quarter of
2009 included exceptional charges of $105 million primarily related to
write-downs of inventory (the operating loss in the fourth quarter of 2008
included exceptional charges of $717 million related to write-downs of inventory
and provisions for workforce reductions and litigation). Excluding the impact of
these exceptional charges, operating loss in the first quarter of 2009 was $65
million for the three months ended March 31, 2009 as compared with operating
income of $137 million for the three months ended December 31, 2008, due
primarily to lower prices.

Liquidity and Capital Resources

For the three months ended March 31, 2009, net cash provided by operating
activities was $0.3 billion as compared with $5.9 billion for the three months
ended December 31, 2008. The operating loss (which included a non-cash gain of
$503 million relating to the unwinding of a dynamic delta hedge on raw material
purchases) was offset by $1.5 billion generated by working capital changes
primarily due to lower inventories and trade accounts payable.

Capital expenditures during the three months ended March 31, 2009 decreased to
$0.9 billion, as compared with $1.4 billion for the three months ended December
31, 2008.

Net cash used in investing activities for the three months ended March 31, 2009
was $0.8 billion (which reflects $58 million in proceeds from the sale of a
partial stake in Soteg) as compared to $0.2 billion for the three months ended
December 31, 2008 (which reflected proceeds from a reduction of the stake held
by the Company in a German equity investment and other available for sale
securities). During the first quarter of 2009, the Company spent $64 million to
acquire a 60% stake in Dubai Steel Trading Corporation (DSTC), as compared to
$360 million spent on acquisitions during the fourth quarter of 2008 (which
included $170 million to acquire Koppers Monessen in the US and $80 million for
a joint venture in Gonvarri, Brazil).

As of March 31, 2009, the Company`s cash and cash equivalents (including
restricted cash) amounted to $4.0 billion as compared to $7.6 billion at
December 31, 2008. Net debt at March 31, 2009, which includes long-term debt,
net of current portion, plus payable to banks and current portion of long-term
debt, less cash and cash equivalents, restricted cash and short-term
investments, was $26.7 billion (as compared to $26.5 billion as at December 31,
2008). Gearing17 at March 31, 2009 was 48% as compared to 45% at December 31,
2008, and net debt to EBITDA ratio (based on last twelve months EBITDA) was
higher at 1.3 X as compared to 1.1 X at December 31, 2008. Operating working
capital (defined as inventory plus receivables less payables) at March 31, 2009
was $17.9 billion as compared to $21.0 billion at December 31, 2008, due to
reductions in business activity and decreases in inventory and accounts payable.
Rotation days18 increased from 96 to 115 days primarily due to lower activity.

The Company had liquidity of $11.6 billion at March 31, 2009 (as compared with
$13.4 billion at December 31, 2008) consisting of cash and cash equivalents
(including restricted cash and short-term investments) of $4.0 billion and $7.6
billion available to be drawn under existing bank lines at March 31, 2009. On a
pro forma basis, including the proceeds of $1.6 billion (€1.25 billion) from the
convertible bond issued on April 1, 2009, the Company had liquidity of $13.2
billion as of March 31, 2009.

In April 2009, ArcelorMittal announced that it had successfully secured a
further $1.5 billion of refinancing commitments during the second and third
phase of its Forward Start syndication bringing the total amount to be
refinanced under the Forward Start Facilities to approximately $6.3 billion19.
The credit lines from these new facilities effectively extend existing financing
from 2010 until 2012.

Share buy-back

As a matter of record, ArcelorMittal announces the termination, effective today,
of the share buyback programs authorized by the shareholders on May 13, 2008 and
under which shares were repurchased until September 5, 2008.

Update on Management Gains Plan

The Company confirms its target to achieve management gains of $2 billion of
sustainable SG&A and fixed cost reductions during 2009. As of the end of the
first quarter of 2009, the Company is on track to meet this commitment and has
achieved annualized savings of $1.2 billion.

Recent Developments:

* ArcelorMittal announces today that on April 28, 2009, it obtained commitments
in principle for a further $0.3 billion from additional banks during a further
phase of its Forward Start facilities, subject to certain conditions. This would
raise the total refinancing commitments of banks under the Forward Start
facilities to $6.3 billion. The Forward Start facilities mature in 2012.
* On April 23, the Technical Advisory Committee of IBEX, the Spanish Stock
Exchange Index formed by the 35 most liquid securities traded on the Spanish
Market, announced the inclusion of ArcelorMittal in the IBEX 35 index. The
inclusion will take effect from May 5, 2009.
* On April 10, 2009, ArcelorMittal announced the publication of the convening
notice for a combined Annual General Meeting / Extraordinary General Meeting of
shareholders of ArcelorMittal to be held on May 12, 2009 at the Company's
headquarters in Luxembourg.
* On April 8, 2009, ArcelorMittal met with its European Works Council to provide
an update on the temporary suspension of production at sites in Europe. In light
of the ongoing poor economic environment, the Company concluded it must continue
to suspend and optimize production in order to ensure that production levels are
well adapted to market conditions. All production suspensions are temporary and
will be reviewed on a regular basis. The Company will maintain all equipment
during the suspension period to ensure that production can be re-started as
swiftly as possible when conditions improve.
* On April 7, 2009, Moody's Investors Service placed ArcelorMittal`s Baa2 long
term and P2 short -term ratings on review for possible downgrade in light of
continued weakness in the steel markets.
* On March 20, 2009, Fitch Ratings placed ArcelorMittal's rating of BBB+ on
Rating Watch Negative, citing evidence of a further weakening of the global
economy and steel market conditions beyond the agency's previous expectations,
and uncertain volume and pricing trends for 2009 and 2010.
* On February 12, 2009, Standard & Poor's Ratings Services revised its outlook
on ArcelorMittal to negative from stable, while affirming the Company`s BBB+
long-term corporate credit rating.

For further disclosure about each of these recent developments, please refer to
our website www.arcelormittal.com

Q209 Outlook

Q209 EBITDA is expected to be approximately $1.2-1.5 billion.

ARCELORMITTAL CONSOLIDATED BALANCE SHEETS

Balance sheets March 31, December 31, March 31,
2009 200820 2008
In millions of US dollars
ASSETS
Current Assets
Cash and cash equivalents and restricted cash $3,979 $7,587 $7,244
Trade accounts receivable - net 6,335 6,737 11,694
Inventories 19,917 24,741 23,213
Prepaid expenses and other current assets 4,014 5,349 6,252
Total Current Assets 34,245 44,414 48,403

Goodwill and intangible assets 15,754 16,119 15,984
Property, plant and equipment 58,470 60,755 63,948
Investments in affiliates and joint ventures and 12,029 11,800 13,066
other assets
Total Assets $120,498 $133,088 $141,401

LIABILITIES AND SHAREHOLDERS` EQUITY
Current Liabilities
Payable to banks and current portion of long-term $7,614 $8,409 $9,537
debt
Trade accounts payable and others 8,371 10,501 15,879
Accrued expenses and other current liabilities 9,908 11,850 10,352
Total Current Liabilities 25,893 30,760 35,768

Long-term debt, net of current portion 23,076 25,667 25,119
Deferred tax liabilities 5,527 6,395 8,387
Other long-term liabilities 10,542 11,036 9,684
Total Liabilities 65,038 73,858 78,958

Total Shareholders` Equity 51,762 55,198 57,889
Minority Interest 3,698 4,032 4,554
Total Equity 55,460 59,230 62,443
Total Liabilities and Shareholders` Equity $120,498 $133,088 $141,401

ARCELORMITTAL CONSOLIDATED STATEMENTS OF OPERATIONS

In Three Months Ended
millions
of U.S.
dollars,
except
shares,
per share,
employee,
iron ore
production
and
shipment
data
March 31, 2009 December 31, 2008 March 31, 2008
STATEMENTS
OF
OPERATIONS
DATA
Sales $15,122 $22,089 $29,809
Depreciati (1,118) (1,243) (1,129)
on
Impairment - (588) (301)
Exceptiona (1,248) (4,443) -
l items21
Operating (1,483) (3,466) 3,614
(loss)
income
Operating (9.8)% (15.7)% 12.1%
margin %

(Loss) (153) 386 329
income
from
equity
method
investment
s and
other
income
Net (304) (468) (303)
interest
expense
Foreign (265) 64 (191)
exchange
and other
net
financing
(losses)
gains
Revaluatio (16) (240) (242)
n of
derivative
instrument
s
(Loss) (2,221) (3,724) 3,207
income
before
taxes and
minority
interest
Income tax 1,088 1,126 (596)
benefit
(expense)
(Loss) (1,133) (2,598) 2,611
income
before
minority
interest
Minority 70 (34) (240)
interest
Net (loss) (1,063) $(2,632) $2,371
income

Basic $(0.78) $(1.93) $1.69
(loss)
earnings
per common
share
Diluted (0.78) (1.93) 1.68
(loss)
earnings
per common
share
Weighted 1,366 1,365 1,407
average
common
shares
outstandin
g (in
millions)
Diluted 1,367 1,365 1,410
weighted
average
common
shares
outstandin
g (in
millions)

EBITDA22 $883 $2,808 $5,044
EBITDA is
defined as
operating
income
plus
depreciati
on,
impairment
expenses
and
exceptiona
l items.
EBITDA 5.8% 12.7% 16.9%
Margin %

OTHER
INFORMATIO
N
Total 16.0 17.1 29.2
shipments
of steel
products23
Total iron 11.9 15.5 15.2
ore
production
24
Employees 305 316 312
(in
thousands)

ARCELORMITTAL CONSOLIDATED STATEMENTS OF CASH FLOWS

In millions of U.S. dollars Three Months Ended
March 31, 2009 December 31, 2008 March 31, 2008
Operating activities:
Net (loss) income $(1,063) $(2,632) $2,371
Adjustments to reconcile net (loss)
income to net cash provided by
operations:
Minority interests (70) 34 240
Depreciation and impairment 1,118 1,831 1,430
Exceptional items1 1,248 4,443 -
Deferred Income Tax (938) (912) (12)
Change in operating working capital2 1,500 1,642 (1,231)
Other operating activities (net) (1,466) 1,471 (816)
Net cash provided by operating 329 5,877 1,982
activities
Investing activities:
Purchase of property, plant and (850) (1,445) (975)
equipment
Other investing activities (net) 57 1,222 (1,408)
Net cash used in investing activities (793) (223) (2,383)
Financing activities:
Proceeds (payments) relating to (2,535) (3,315) 2,312
payable to banks and long-term debt
Dividends paid (345) (594) (661)
Share buy-back - - (2,107)
Other financing activities (net) (7) - 17
Net cash (used in) provided by (2,887) (3,909) (439)
financing activities
Net (decrease) increase in cash and (3,351) 1,745 (840)
cash equivalents
Effect of exchange rate changes on (263) (184) 168
cash
Change in cash and cash equivalents $(3,614) $1,561 $(672)

Appendix 1 - First Quarter 2009

Key financial and operational information

In million of US dollars, except crude steel production, steel shipment and Flat Carbon Americas Flat Carbon Europe Long Carbon Americas and Europe AACIS Stainless Steel Steel Solutions and Services
average steel selling price data.

Financial Information

Sales $3,218 $4,642 $3,816 $1,651 $946 $3,354

Depreciation and impairment 259 323 249 130 66 46
Exceptional items27 492 323 210 72 98 105

Operating loss (664) (184) (191) (18) (169) (170)

Operating margin (as a percentage of sales) (20.6)% (4.0)% (5.0)% (1.1)% (17.9)% (5.1)%

EBITDA1 87 462 268 184 (5) (19)

EBITDA margin (as a percentage of sales) 2.7% 10.0% 7.0% 11.1% (0.5)% (0.6)%

Capital expenditure2 172 279 165 130 28 28

Operational Information

Crude steel production (Thousand MT) 3,499 4,565 3,947 2,903 317 0

Steel shipments (Thousand MT) 3,644 4,814 4,423 2,754 315 3,874

Average steel selling price ($/MT)3 751 838 780 482 2,820 831

1. EBITDA is defined as operating income plus depreciation, impairment expenses
and exceptional items.
2. Segmental capex includes the acquisition of intangible assets.
3. Average steel selling prices are calculated as steel sales divided by steel
shipments.

Appendix 2 - Quarter 1 2009
Shipments by geographical location

In thousand tonnes Shipments
FCA: 3,644
North America1 2,557
South America 1,087
FCE: 4,814
Europe 4,814
LC: 4,423
North America2 946
South America 994
Europe 2,225
Other3 258
AACIS: 2,754
Africa 1,010
Asia, CIS & Other 1,744
Stainless Steel: 315

1. Includes shipments from Lazaro Cardenas (Mexico) and Dofasco (Canada).
2. Includes shipments from Sicartsa (Mexico).
3. Includes pipes and tubes business.

Appendix 2a - Quarter 1 2009
EBITDA by geographical location

Amounts in million US $ EBITDA
FCA: 87
North America1 13
South America 74
FCE: 462
Europe 462
LC: 268
North America2 (78)
South America 287
Europe 29
Others3 30
AACIS: 184
Africa 8
Asia, CIS & Other 176
Stainless Steel: (5)
Steel Solutions and Services: (19)

1. Includes EBITDA from Lazaro Cardenas (Mexico) and Dofasco (Canada).
2. Includes EBITDA from Sicartsa (Mexico).
3. Includes pipes and tubes business.

Appendix 3

Debt repayment* schedule as at March 31, 2009 (in billion $)

Q209-Q409 2010 2011 2012 2013 >2013 Total
Term loan repayments
- €12bn syndicated credit facility 3.2 3.2 3.2 - - - 9.6
- $1.7bn syndicated credit facility/Forward Start Facilities - - 1.7 - - 1.7
Bonds 0.1 0.8 - - 1.5 3.3 5.7
Subtotal 3.3 4.0 3.2 1.7 1.5 3.3 17.0
LT credit facilities
- €5bn syndicated credit facility - - - 4.2 - - 4.2
- $1.5bn syndicated credit facility/Forward Start Facilities - 0.4 - 1.1 - - 1.5
- €0.8bn bilateral facilities - - - - - - -
Commercial paper ** 2.2 - - - - - 2.2
Other loans 1.8 1.0 0.6 1.2 0.4 0.8 5.8
Total Gross Debt 7.3 5.4 3.8 8.2 1.9 4.1 30.7

* The debt repayment schedule above assumes the utilization of the Forward Start
Facility of $3.2 billion extending the maturities of outstanding debt as at
March 31, 2009. The schedule excludes amounts due under ArcelorMittal`s
recently-issued convertible bond due on April 1, 2014, and does not reflect the
$0.3 billion new Forward Start facility announced on April 28, 2009.
** Commercial paper is expected to continue to be rolled over in the normal
course of business

Credit lines available Equiv. $ Drawn Available
€5bn syndicated credit facility $6.7 $4.2 $2.5
$1.5bn syndicated credit facility $1.5 $1.5 $0.0
$4bn syndicated credit facility $4.0 $0.0 $4.0
€0.8bn bilateral facilities $1.1 $0.0 $1.1
Total committed lines $13.3 $5.7 $7.6

Euro denominated loans converted at the Euro: $ exchange rate of 1.3308 as at
March 31, 2009

1 EBITDA is defined as operating income plus depreciation, impairment expenses
and exceptional items.

2 During the first quarter of 2009, the Company recorded exceptional charges
amounting to $1.2 billion pre-tax related primarily to write-downs of inventory.

3 Pro forma liquidity position includes the $1.6 billion (EUR 1.25 billion) cash
proceeds from convertible bond that settled on April 1, 2009.

4 Includes additional $0.3 billion of Forward Start facilities announced on
April 28, 2009

5 A Forward Start facility is a committed facility to refinance an existing
facility upon its maturity.

6 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. Days of accounts receivable are a function
of sales.

7 Net debt reduction target from September 30, 2008 level.

8 The financial information in this press release and Appendix 1 has been
prepared in accordance with International Financial Reporting Standards ("IFRS")
as issued by the International Accounting Standards Board ("IASB"). While the
interim financial information included in this announcement has been prepared in
accordance with IFRS applicable to interim periods, this announcement does not
contain sufficient information to constitute an interim financial report as
defined in International Accounting Standards 34, "Interim Financial Reporting".
Unless otherwise noted the numbers in the press release have not been audited.

9 US Dollars have been translated into Euros using an average exchange rate
(US$/Euros) of 1.3029, 1.3192 and 1.4983 for Q1 2009, Q4 2008 and Q1 2008,
respectively.

10 Steel Solutions and Services shipments are eliminated in consolidation as
they represent shipments originating from other ArcelorMittal operating
subsidiaries.

11 During the first quarter of 2009, the Company recorded exceptional charges
amounting to $1.2 billion primarily related to write-downs of inventory. During
the fourth quarter of 2008, the Company recorded exceptional charges amounting
to $4.4 billion related to write-downs of inventory and raw material supply
contracts, and provisions for workforce reduction and litigation.

12 As required by IFRS, a reduction of goodwill results from the recognition of
deferred tax assets on acquired net operating losses not previously recognized
in purchase accounting, primarily due to reorganizations in the Flat Carbon
Europe segment ($65 million) and in the Long Carbon Americas and Europe segment
($70 million). In addition, certain goodwill amounts in Flat Carbon Europe were
reduced in light of current and expected market conditions.

13 Foreign exchange and other net financing costs include bank fees, interest on
pensions and impairments of financial instruments.

14 As required by IFRS, this amount consists in part of recognition of deferred
tax assets on acquired net operating losses not previously recognized in
purchase accounting in connection with a reorganization.

15 As required by IFRS, a reduction of goodwill results from the recognition of
deferred tax assets on acquired net operating losses not previously recognized
in purchase accounting, which was in connection with a reorganization of legal
entities.

16 Steel Solutions and Services shipments are eliminated in consolidation as
they represent shipments originating from other ArcelorMittal operating
subsidiaries.

17 Gearing is defined as (A) long-term debt, net of current portion, plus
payable to banks and current portion of long-term debt, less cash and cash
equivalents and restricted cash, divided by (B) total equity.

18 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. Days of accounts receivable are a function
of sales.

19 The receipt of the proceeds from the convertible bond give rise to a
mandatory reduction of the commitments under the Forward Start facilities

20 Amounts are derived from the Company`s audited consolidated financial
statements for the year ended December 31, 2008.

21 During the first quarter of 2009, the Company recorded exceptional charges
amounting to $1.2 billion primarily related to write-downs of inventory. During
the fourth quarter of 2008, the Company recorded exceptional charges amounting
to $4.4 billion related to write-downs of inventory and raw material supply
contracts, and provisions for workforce reduction and litigation.

22 EBITDA is defined as operating income plus depreciation, impairment expenses
and exceptional items.

23 Steel Solutions and Services shipments are eliminated in consolidation as
they represent shipments originating from other ArcelorMittal operating
subsidiaries.

24 Total of all finished production of fines, concentrate, pellets and lumps
(includes share of production and strategic long-term contracts).

25 During the first quarter of 2009, the Company recorded exceptional charges
amounting to $1.2 billion primarily related to write-downs of inventory. During
the fourth quarter of 2008, the Company recorded exceptional charges amounting
to $4.4 billion related to write-downs of inventory and raw material supply
contracts, and provisions for workforce reduction and litigation.

26 Changes in operating working capital are defined as trade accounts receivable
plus inventories less trade accounts payable.

27 During the first quarter of 2009, the Company recorded exceptional charges
amounting to $1.2 billion primarily related to write-downs of inventory.

Enquiries
Contact information ArcelorMittal Investor Relations
Europe +352 4792 2414
Americas +1 312 899 3569
Retail +352 4792 2434
SRI +44 203 214 2854
Bonds/Credit +33 1 71 92 10 26
or
Contact information ArcelorMittal Corporate Communications
E-mail: press@arcelormittal.com
Phone: +352 4792 5000
ArcelorMittal Corporate Communications
Giles Read (Head of Media Relations) +44 20 3214 2845
Arne Langner +352 4792 3120
Jean Lasar +352 4792 2359
Lynn Robbroeckx +352 4792 3193
or
ArcelorMittal (Americas)
Bill Steers +1 312 899 3817
Adam Warrington +1 312 899 3596
or
United Kingdom
Maitland Consultancy:
Martin Leeburn / David Sturken + 44 20 7379 5151
or
France
Image 7
Anne France Malrieu /
Tiphaine Hecketsweiler+33 1 5370 7470
or
Spain
Ignacio Agreda +34 94 489 4162
Oscar Fleites +34 98 512 60 29

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