ArcelorMittal to record non-cash impairment charge in Q4 2012

Fri Dec 21, 2012 2:01am EST

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ArcelorMittal to record non-cash impairment charge in Q4 2012

Luxembourg, 21 December 2012 - ArcelorMittal today announced it expects to write down the goodwill
in its European businesses by approximately US$4.3bn. This follows the completion of its yearly
goodwill impairment test, as required by IFRS accounting standards. 

The write down will take the form of a non-cash impairment charge that will be recorded in the
fourth quarter of 2012. The impairment is due to a weaker macro economic and market environment in
Europe where apparent steel demand has fallen by approximately 8% this year, bringing the
cumulative demand decline to approximately 29% since 2007.  This weaker demand environment, and
expectations that it will persist over the near and medium term, led to a downward revision of
cash flow expectations underlying the valuation of the European businesses to which goodwill has
been allocated. This is in contrast to the US, where apparent steel consumption is up almost 8%
this year and is now approximately 10% lower than it was in 2007.

Key metrics such as net debt and ebitda, as well as compliance with debt covenants, are unaffected
by this impairment.

About ArcelorMittal


ArcelorMittal is the world's leading steel and mining company, with a presence in more than 60


ArcelorMittal is the leader in all major global carbon steel markets, including automotive,
construction, household appliances and packaging, with leading R&D and technology. The Group also
has a world class mining business with a global portfolio of over 20 mines in operation and
development, and is the world's 4th largest iron ore producer. With operations in over 22
countries spanning four continents, the Company covers all of the key industrial markets, from
emerging to mature, and has outstanding distribution networks.


Through its core values of sustainability, quality and leadership, ArcelorMittal commits to
operating in a responsible way with respect to the health, safety and well-being of its employees,
contractors and the communities in which it operates. It is also committed to the sustainable
management of the environment. 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. ArcelorMittal is a member of
the FTSE4Good Index and the Dow Jones Sustainability World Index.


In 2011, ArcelorMittal had revenues of $94.0 billion and crude steel production of 91.9 million
tonnes, representing approximately 6 per cent of world steel output. The Group's mining operations
produced 54 million tonnes of iron ore and 8 million tonnes of metallurgical coal.


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


For more information about ArcelorMittal visit:

 Contact information ArcelorMittal Investor Relations                              
 Europe                         + 352   4792  2484                                 
 Americas                     + 1 312  899  3569                                   
 Retail                            + 44 203 214  3198                              
 SRI                               + 44  207 543 1128                              
 Bonds/Credit                + 33  171 92 10 26                                    
 Contact information ArcelorMittal  Corporate Communications                       
 Phone: +352 4792 5000                                                             
 ArcelorMittal Corporate Communications                                            
 Giles Read (Head of Media Relations)           + 44 20 3214 2845                  
 Tobin Postma                                                  + 44 20 3214 2412   
 United Kingdom                                                                  
 Maitland Consultancy:                                                             
 Martin Leeburn                                               + 44 20 7379 5151    
 Image 7                                                                           
 Sylvie Dumaine / Anne-Charlotte Creach       + 33 1 5370 7470                     


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Source: ArcelorMittal S.A. via Thomson Reuters ONE