ARCELORMITTAL REPORTS FOURTH QUARTER 2012 AND FULL YEAR 2012 RESULTS

Wed Feb 6, 2013 1:01am EST

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Luxembourg, February 6, 2013 - ArcelorMittal (referred to as "ArcelorMittal" or the "Company") (MT
(New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world's leading integrated steel and
mining company, today announced results[1] #ftn1  for the three and twelve-month periods ended
December 31, 2012.

Highlights:

*[2]Health and safety performance improved in 2012 with an annual LTIF rate of 1.0x as compared to
1.4x in 2011 
*[3]2[4][5]FY 2012 EBITDA of $7.1 billion (down 30% y-o-y); 4Q 2012 EBITDA of $1.3 billion
includes $0.2 billion from sale of carbon dioxide (CO) credits and $0.2 billion gain on Paul Wurth
stake disposal, offset by negative $0.1 billion from employee benefit charges  
*FY 2012 net loss of $3.7 billion includes $4.3 billion non-cash goodwill impairment and $1.3
billion charges related to Asset Optimization (of which $0.7 billion non-cash fixed asset
impairments and $0.6 billion restructuring charges)  
*FY 2012 steel shipments of 83.8Mt (down 2.3% y-o-y); 4Q 2012 steel shipments of 20Mt down 2.7%
vs. 4Q 2011  
*[6]FY 2012 iron ore shipments of 54.4Mt (+5.4% y-o-y), of which 28.8Mt shipped at market prices
(+2.6% y-o-y) 
*[7]Net debt decreased by $1.4 billion during 4Q 2012 to $21.8 billion as of December 31, 2012
(despite $0.2 billion negative foreign exchange effects) due largely to improved cash flow from
operations of $2.9 billion 
*22Liquidity increased $1.1 billion to $14.5 billion at December 31, 2012, with an average debt
maturity of 6.1 years 
*Essential components of Asset Optimization have been announced  
*Phase II expansion of Liberia from 4Mtpa direct shipped ore ("DSO") to 15Mtpa concentrate
approved by Board of Directors, with first concentrate production targeted in 2015 

Outlook and guidance:

*The Company expects reported EBITDA to be higher in 2013 as compared to 2012 
*Steel shipments are expected to increase by approximately 2-3% in 2013 as compared to 2012 
*Per-tonne steel margins are expected to improve marginally with the full benefits of Asset
Optimization expected in 2H 2013 
*[8]Marketable iron ore shipments  are expected to increase by approximately 20%; ArcelorMittal
Mines Canada expansion (AMMC) to 24mtpa on track for ramp up during 1H 2013 
*2013 capital expenditure is expected to be approximately $3.5 billion  
*Approximately $5 billion of cash receipts expected in 1H 2013 from the capital raise in January
2013, and the announced agreed sale of a 15% stake in AMMC (assuming completion on schedule),
should enable net debt to decline to approximately $17 billion by June 30, 2013 
*[9]As previously announced, the Board of Directors proposes a $0.20/sharedividend in 2013 (vs
$0.75/share in 2012) to be paid in July 2013 

Financial highlights (on the basis of IFRS1, amounts in USD):

                                             Quarterly comparison       Semi-annual comparison       Annual comparison   
 (USDm) unless otherwise shown               4Q 12    3Q 12    4Q 11     2H 12     1H 12     2H 11     12M 12     12M 11 
 Sales                                      19,309   19,723   22,449    39,032    45,181    46,663     84,213     93,973 
 EBITDA                                      1,323    1,336    1,714     2,659     4,421     4,122      7,080     10,117 
 Operating income / (loss)                 (4,941)     (49)       47   (4,990)     1,764     1,215    (3,226)      4,898 
 Income from discontinued operations             -        -        -         -         -         -          -        461 
 Net income / (loss)                       (3,987)    (709)  (1,000)   (4,696)       970     (341)    (3,726)      2,263 
 Basic earnings / (loss) per share (USD)    (2.58)   (0.46)   (0.65)    (3.04)      0.63    (0.22)     (2.41)       1.46 
                                                                                                                         
 Continuing operations                                                                                                   
 Own iron ore production (Mt)                 14.0     14.3     15.1      28.3      27.6      29.2       55.9       54.1 
 Iron ore shipments at market price (Mt)       6.6      7.1      8.5      13.8      15.0      15.1       28.8       28.0 
 Crude steel production (Mt)                  20.8     21.9     21.7      42.7      45.6      44.0       88.2       91.9 
 Steel shipments (Mt)                         20.0     19.9     20.6      39.9      43.9      41.7       83.8       85.8 
 EBITDA/tonne (USD/t)[10] #ftn10                66       67       83        67       101        99         85        118 


Mr. Lakshmi N. Mittal, Chairman and CEO of ArcelorMittal, commented:
"2012 was a very difficult year for the steel industry, particularly in Europe where demand for
steel fell a further 8.8%. During the year we took a number of important steps to address the
challenges we face, including concentrating our operational footprint on our more competitive
assets and reducing net debt.  Although we expect the challenges to continue in 2013, largely due
to the fragility of the European economy, we have recently seen some more positive indicators,
which combined with the measures we have implemented to strengthen the business, are expected to
support an improvement in the profitability of our steel business this year.  Marketable iron ore
shipments are also expected to increase by approximately 20% as a result of the expansion at
ArcelorMittal Mines Canada."  

Fourth quarter 2012 Earnings ANALYST Conference Call

ArcelorMittal management will host a conference call for members of the investment community to
discuss the financial performance for the fourth quarter and twelve-months periods ended December
31, 2012 at:

            Date                      New York                  London          Luxembourg  
 Wednesday February 6, 2013            9.30am                   2.30pm            3.30pm    
                                                                                            
 The dial in numbers:                                                                       
          Location           Toll free dial in numbers  Local dial in numbers  Participant  
          UK local:                0800 169 3059         +44 (0)207 970 0006     676240#    
         USA local:                1800 814 6417           +1 215 599 1757       676240#    
           France:                   0800917772             +33 170707578        676240#    
          Germany:                  08009646526             +49 6940359700       676240#    
           Spain:                    900994921              +34 914140992        676240#    
         Luxembourg:                  80024686              +352 24871048        676240#    
           Brazil                   0800 8914821           +55 212 7306901       676240#    
                                                                                            
 A replay of the conference call will be available for one week by dialing                  
                                      Language               Access code                    
    +49 (0) 1805 2043 089             English                  441675#                      


The conference call will include a brief question and answer session with senior management. The
presentation will be available via a live 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, 2011 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 integrated steel and mining company, with a presence 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 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.

In 2012, ArcelorMittal had revenues of $84.2 billion and crude steel production of 88.2million
tonnes, representing approximately 6 percent of world steel output. 

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
(MTS).

For more information about ArcelorMittal please visit: www.arcelormittal.com
http://www.arcelormittal.com .

Enquiries

 Contact information ArcelorMittal Investor Relations                                                    
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 Tobin Postma                                                                      Tel: +44 203 214 2412 
                                                                                                         
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 United Kingdom               Maitland Consultancy: Martin Leeburn                 Tel: +44 20 7379 5151 


ARCELORMITTAL fourth QUARTER 2012 and full year 2012 RESULTS

ArcelorMittal, the world's leading integrated steel and mining company, today announces results
for the three month and twelve month periods ended December 31, 2012.

Corporate responsibility and safety performance
Health and safety - Own personnel and contractors lost time injury frequency rate2

Health and safety performance, based on own personnel figures and contractors lost time injury
frequency rate, improved to 1.0x for the year 2012 ("12M 2012") from 1.4x for the year 2011 ("12M
2011). In 2012, a majority of the segments contributed to the significant overall improvement,
with major improvements in the Flat Carbon Americas and Distribution Solutions segments. 

Lost time injury frequency rate increased to 1.1x in the fourth quarter of 2012 ("4Q 2012") as
compared to 1.0x for the third quarter of 2012 ("3Q 2012") and decreased as compared to 1.2x for
the fourth quarter of 2011 ("4Q 2011"). 

Despite this encouraging performance in lost time injury frequency (LTIF) rate, there is still
more work to be done. 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.

 Own personnel and contractors  - Frequency Rate                                       
 Lost time injury frequency rate                   4Q 12  3Q 12  4Q 11  12M 12  12M 11 
 Total Mines                                         0.5    0.7    0.5     0.7     1.2 
                                                                                       
 Lost time injury frequency rate                   4Q 12  3Q 12  4Q 11  12M 12  12M 11 
 Flat Carbon Americas                                1.4    0.9    1.9     1.1     1.9 
 Flat Carbon Europe                                  1.2    1.4    1.5     1.3     1.6 
 Long Carbon Americas and Europe                     1.5    1.2    1.1     1.1     1.4 
 Asia Africa and CIS                                 0.6    0.5    0.6     0.5     0.7 
 Distribution Solutions                              2.0    1.2    2.2     1.6     3.2 
 Total Steel                                         1.2    1.0    1.3     1.1     1.5 
                                                                                       
 Lost time injury frequency rate                   4Q 12  3Q 12  4Q 11  12M 12  12M 11 
 Total (Steel and Mines)                             1.1    1.0    1.2     1.0     1.4 


Key corporate responsibility highlights for 4Q 2012

*ArcelorMittal launched its new Nature range of innovative chromium-free organic coated steels for
the construction industry. The Nature range is the result of 15 years of research to develop safer
and environmentally friendly corrosion-inhibiting pigments. 
*2ArcelorMittal has reduced its energy bills in Europe by an estimated 3% a year, and its CO
emissions by 176,000 tonnes, compared to 2011. These decreases were achieved following investment
in top recovery turbines ("TRT") that double energy generation from high-pressure blast furnace
gases. Each TRT has the same capacity as 3-4 on-shore wind turbines. To date 6 blast furnaces in
Europe have been equipped with this new technology. 
*2 ArcelorMittal commissioned a $63 million energy recovery and reuse project in Indiana Harbor,
USA. The project is expected to enable the recycling of blast furnace gases generating 333GWh of
power, cutting 340,000 tonnes of COemissions and saving approximately $20 million in energy costs
a year. 

Analysis of results for the twelve months ended December 31, 2012 versus results for the twelve
months ended December 31, 2011 

ArcelorMittal's net loss for 12M 2012 was $3.7 billion, or $(2.41) loss per share, as compared to
net income for 12M 2011 of $2.3 billion, or $1.46 earnings per share.

Total steel shipments for 12M 2012 declined to 83.8 million metric tonnes as compared with 85.8
million metric tonnes for 12M 2011. 

Sales for 12M 2012 decreased by 10.4% to $84.2 billion as compared with $94 billion for 12M 2011
primarily due to lower average steel selling prices (-8.2%) and marginally lower steel shipments
(-2.3%). 

Depreciation of $4.7 billion for 12M 2012 was comparable to the level recorded for 12M 2011. 

Impairment charges for 12M 2012 of $5.0 billion included the $4.3 billion non-cash write down of
goodwill with respect to ArcelorMittal's European businesses ($2.5 billion Flat Carbon Europe;
$1.0 billion Long Carbon Europe and $0.8 billion Distribution Solutions) and $0.7 billion non-cash
asset impairments primarily related to: the intention to permanently close the coke plant and six
finishing lines in Liege, Belgium ($0.3 billion)[11] #ftn11 ; the long term idling of the liquid
phase at the Florange site in France ($130 million); the extended idling of the electric arc
furnace and continuous caster at the Schifflange site in Luxembourg; and various asset impairments
in Spain and North Africa ($0.2 billion). Impairment charges for the 12M 2011 were $331 million,
including $151 million related to the extended idling of the Madrid electric arc furnace (Long
Carbon Europe) and $141 million related to assets within the Flat Carbon Europe perimeter
(including $85 million relating to Liege, Belgium).

The $4.3 billion goodwill impairment is due to the weaker macroeconomic and market environment in
Europe where apparent steel demand fell by approximately 9% in 2012, 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 had been
allocated. 

Restructuring charges for 12M 2012 and 12M 2011 totaled $587 million and $219 million respectively
and consisted largely of costs associated with the implementation of Asset Optimization primarily
impacting Flat Carbon Europe, Distribution Solutions and Long Carbon Europe operations.  

Operating loss for 12M 2012 was $3.2 billion, compared with operating income of $4.9 billion for
12M 2011. The operating result for 12M 2012 was positively impacted by a net gain of $220 million
recorded on the sale of carbon dioxide credits, gains of $339 million and $242 million on the
divestments of Skyline Steel[12] #ftn12  and Paul Wurth4 stake respectively, and curtailment gains
of $241 million due to changes to the employee benefit plans at ArcelorMittal Dofasco[13] #ftn13 ,
partially offset by $182 million of charges related to a one-time signing bonus and postretirement
benefit costs following entry into the new US labor contract and changes to year-end actuarial
assumptions.5  The operating result for 12M 2012 was also positively impacted by $567 million of
dynamic delta hedge ("DDH") income[14] #ftn14  (unwinding of hedges from prior years on raw
material purchases) recognized during the year. The operating result for 12M 2011 was positively
impacted by $600 million of DDH income recognized during the year, a net gain of $93 million
recorded on the sale of carbon dioxide credits, and $104 million related to reversal of provisions
for litigation. All the proceeds from the sale of carbon dioxide credits will be re-invested in
energy savings projects.


Income from equity method investments and other income in 12M 2012 was $194 million as compared to
$620 million in 12M 2011. Income from equity method investments and other income was lower in 12M
2012 on account of losses from Chinese investees and the impact of disposals (Erdemir[15] #ftn15 ,
Enovos[16] #ftn16   and Macarthur Coal[17] #ftn17 ). 12M 2012 includes a net loss of $85 million
resulting from the partial sale of the Company's stake in Erdemir and the agreed sale of Enovos.
Income for 12M 2011 included an impairment loss of $107 million for Macarthur Coal.

Net interest expense (including interest expense and interest income) for 12M 2012 at $1.9 billion
was slightly higher than $1.8 billion for 12M 2011, primarily due to increased costs following
ratings downgrades and the higher cost of bond financing compared to bank loans.

Foreign exchange and other net financing costs[18] #ftn18  were $0.9 billion for 12M 2012 as
compared to costs of $1.0 billion for 12M 2011. 

ArcelorMittal recorded an income tax benefit of $1.9 billion for 12M 2012, as compared to an
income tax expense of $882 million for 12M 2011. The FY 2012 income tax benefit was primarily
driven by deferred tax benefits recognized on impairment-related losses in Luxembourg, partially
offset by reversal of deferred tax assets in Europe and South America.

Loss attributable to non-controlling interests for 12M 2012 was $118 million as compared with $4
million for 12M 2011.

Discontinued operations for 12M 2012 was nil as compared to a gain of $461 million for 12M 2011,
which included $42 million of the post-tax net results contributed by the stainless steel
operations prior to the spin-off on January 25, 2011, and a $419 million one-time non-cash gain
from the recognition through the income statement of gains/losses relating to the demerged assets
previously held in equity.

Analysis of results for 4Q 2012 versus 3Q 2012 and 4Q 2011

ArcelorMittal recorded a net loss for 4Q 2012 of $4.0 billion, or $(2.58) loss per share, as
compared with net loss of $0.7 billion, or $(0.46) loss per share, for 3Q 2012, and a net loss of
$1.0 billion,or $(0.65) loss per share, for 4Q 2011.

Total steel shipments for 4Q 2012 were 20.0 million metric tonnes as compared with 19.9 million
metric tonnes for 3Q 2012 and 20.6 million metric tonnes for 4Q 2011. 

Sales for 4Q 2012 decreased by 2.1% to $19.3 billion as compared with $19.7 billion for 3Q 2012,
and were down 14.0% as compared with $22.4 billion for 4Q 2011.  Sales were lower during 4Q 2012
as compared to 3Q 2012 primarily due to lower average steel selling prices (-2.8%) offset in part
by marginally higher steel shipment volumes (+0.7%). 

Depreciation amounted to $1.2 billion for 4Q 2012, and was comparable to 3Q 2012 and 4Q 2011.

Impairment charges for 4Q 2012 of $4.8 billion included the $4.3 billion non-cash write down of
goodwill with respect to ArcelorMittal's European businesses ($2.5 billion Flat Carbon Europe;
$1.0 billion Long Carbon Europe and $0.8 billion Distribution Solutions) described above, and $0.5
billion non-cash asset impairments primarily related to: the intention to permanently close the
coke plant and six finishing lines in Liege, Belgium ($0.3 billion); and various asset impairments
in Spain and North Africa ($0.2 billion). Impairment charges for 3Q 2012 totaled $130 million,
primarily related to the long time idling of the liquid phase at the Florange site in France.
Impairment charges for 4Q 2011 totaled $228 million, including $151 million related to the
extended idling of the Madrid electric arc furnace (Long Carbon Europe) and $56 million relating
to assets within the Flat Carbon Europe segment.

Restructuring charges for 4Q 2012 totalled $192 million and consisted of costs associated with the
implementation of Asset Optimization primarily impacting various Distribution Solutions entities
and to a lesser extent Flat Carbon Europe and Long Carbon Europe entities. Restructuring charges
for 3Q 2012 totaled $98 million and consisted primarily of costs associated with the decision to
close two blast furnaces, a sinter plant, a steel shop and continuous casters in Liege,
Belgium[19] #ftn19 . Restructuring charges for 4Q 2011 totalled $219 million and consisted of
costs associated with the implementation of Asset Optimization primarily impacting Flat Carbon
Europe, Long Carbon Europe and Distribution Solutions entities. 

Operating loss for 4Q 2012 was $4.9 billion, as compared with operating loss of $49 million for 3Q
2012 and operating income of $47 million for 4Q 2011.  The operating result for 4Q 2012 was
positively impacted by a net gain of $220 million recorded on the sale of carbon dioxide credits,
a gain of $242 million on the divestment of the Paul Wurth stake, partially offset by $110 million
of charges related to the recognition of additional actuarial losses accrued on postretirement
benefits following changes to year-end actuarial assumptions.  The operating result for 3Q 2012
was negatively impacted by $72 million related to one-time signing bonus and postretirement
benefit costs following entry into the new US labor contract.  Operating result for 4Q 2011 was
positively impacted by net gain of $93 million related to the sale of carbon dioxide credits. All
the proceeds from the sale of carbon dioxide credits will be re-invested in energy savings
projects. In addition, operating result for 4Q 2012, 3Q 2012 and 4Q 2011 was positively impacted
by $141 million, $131 million and $163 million, respectively, related to DDH income. Operating
results also decreased in 4Q 2012 as compared to 3Q 2012 due to a price-cost squeeze, primarily in
steel but also in mining.

Income from equity method investments and other income in 4Q 2012 was $142 million, as compared to
a loss of $55 million in 3Q 2012 on account of improved performance, primarily from Chinese
investees. Income from equity method investments and other income in 4Q 2011 was $177 million. 

Net interest expense (including interest expense and interest income) was flat at $478 million for
4Q 2012 as compared to $479 million for 3Q 2012 and higher as compared to $429 million for 4Q
2011. 

Foreign exchange and other net financing losses were $366 million for 4Q 2012 as compared to
losses of $103 million for 3Q 2012 and gains of $13 million for 4Q 2011.  Foreign exchange and
other net financing losses were higher in 4Q 2012 as compared to 3Q 2012 due a foreign exchange
loss of $108 million as compared to a gain of $128 million in 3Q 2012.  

ArcelorMittal recorded an income tax benefit of $1.6 billion for 4Q 2012, as compared to an income
tax expense of $43 million for 3Q 2012 and an income tax expense of $833 million in 4Q 2011. The
4Q 2012 income tax benefit was primarily driven by deferred tax benefits recognized on
impairment-related losses in Luxembourg, partially offset by reversal of deferred taxes in Europe
and South America.

Loss attributable to non-controlling interests for 4Q 2012 was $97 million (primarily on account
of losses in African entities) as compared with a loss of $20 million for 3Q 2012 and a loss of
$25 million for 4Q 2011.  

Capital expenditure projects 

The following tables summarize the Company's principal growth and optimization projects involving
significant capital expenditures.

Completed Projects in Most Recent Quarters

 Segment           Site                Project                  Capacity / particulars             Actual completion  
  Mining  Andrade Mines (Brazil)  Andrade expansion  Increase iron ore production to 3.5mt / year       4Q 2012       


Ongoing(a) Projects

 Segment                 Site                                        Project                                                Capacity / particulars                         Forecasted completion  
  Mining      ArcelorMittal Mines Canada              Replacement of spirals for enrichment                      Increase iron ore production by 0.8mt / year                     1Q 2013         
  Mining      ArcelorMittal Mines Canada                        Expansion project                       Increase concentrator capacity by 8mt/year (16 to 24mt / year)            1H 2013         
 Liberia             Liberia mines                          Phase 2 expansion project                 Increase production capacity to 15mt/ year (iron ore concentrate)           2015 (b)        
   FCA      ArcelorMittal Dofasco (Canada)    Optimization of galvanizing and galvalume operations     Optimize cost and increase galvalume production by 0.1mt / year            On hold         
   FCA    ArcelorMittal Vega Do Sul (Brazil)                    Expansion project                   Increase HDG capacity by 0.6mt / year and CR capacity by 0.7mt / year         On hold         
   LCA            Monlevade (Brazil)                      Wire rod production expansion                   Increase in capacity of finished products by 1.15mt / year              On hold         


a. Ongoing projects refer to projects for which construction has begun (excluding various projects
that are under development), or have been placed on hold pending improved operating conditions. 
b. The Company's Board of Directors has approved the Phase 2 expansion of Liberia project that
would lead to annual concentrate production capacity of 15 million tonnes per annum. The first
concentrate production is expected in 2015, replacing the Phase 1 - 4 million tonnes per annum
direct-shipped operation. 

Analysis of segment operations 

Flat Carbon Americas

 (USDm) unless otherwise shown            4Q 12  3Q 12  4Q 11  12M 12  12M 11 
 Sales                                    4,683  4,840  5,030  20,152  21,035 
 EBITDA                                      93    236    237   1,435   2,109 
 Operating income / (loss)                (138)      3      1     517   1,198 
                                                                              
 Crude steel production (Kt)              5,933  5,726  6,009  23,922  24,215 
 Steel shipments (Kt)                     5,533  5,351  5,458  22,291  22,249 
 Average steel selling price (US$/t)        797    850    868     854     892 
 EBITDA/tonne (US$/t)                        17     44     43      64      95 
 Operating income (loss) /tonne (US$/t)    (25)      1      0      23      54 


Flat Carbon Americas crude steel production increased by 3.6% to 5.9 million tonnes in 4Q 2012, as
compared to 5.7 million tonnes in 3Q 2012, driven primarily by higher production in South America
post the reline of blast furnace #1 in Tubarao, Brazil, partially offset by lower production in
North America.

Steel shipments in 4Q 2012 were 5.5 million tonnes, 3.4% higher than in 3Q 2012, primarily driven
by higher production post Tubarao reline, partially offset by lower shipment volumes in North
America as a result of lower demand. 

Sales in the Flat Carbon Americas segment were $4.7 billion in 4Q 2012, a decrease of 3.2% as
compared to $4.8 billion in 3Q 2012. Sales were impacted by lower steel selling prices in North
America (particularly in the plate market) as well as weak slab pricing in Brazil and Mexico.
Average steel selling prices were impacted by a weaker mix with lower North American volumes
offset by higher sales from South America following the blast furnace reline in Tubarao, Brazil. 

EBITDA in 4Q 2012 decreased by 60.6% to $93 million as compared to $236 million in 3Q 2012. 
EBITDA in 4Q 2012 was negatively impacted by $110 million of actuarial losses accrued on
postretirement benefits following changes to year end actuarial assumptions. EBITDA in 3Q 2012 was
negatively impacted by one-time labor costs of $72 million related to a one-time signing bonus and
postretirement benefit costs following entry into the new US labor contract.  Lower profitability
in 4Q 2012 was due to a price-cost squeeze, primarily driven by North American operations, as
lower average steel selling prices were not fully compensated by lower costs.

Flat Carbon Europe

 (USDm) unless otherwise shown           4Q 12  3Q 12  4Q 11   12M 12  12M 11 
 Sales                                   6,142  6,108  7,003   27,192  31,062 
 EBITDA                                    307    191     26    1,009   1,500 
 Operating (loss)                      (2,901)  (385)  (569)  (3,724)   (324) 
                                                                              
 Crude steel production (Kt)             6,375  6,718  6,619   27,418  29,510 
 Steel shipments (Kt)                    5,957  5,837  6,188   26,026  27,123 
 Average steel selling price (US$/t)       847    856    954      863     982 
 EBITDA/tonne (US$/t)                       52     33      4       39      55 
 Operating (loss) /tonne (US$/t)         (487)   (66)   (92)    (143)    (12) 


Flat Carbon Europe crude steel production decreased by 5.1% to 6.4 million tonnes in 4Q 2012 as
compared to 6.7 million tonnes in 3Q 2012 as inventory levels were reduced and output was aligned
with local market levels.

Steel shipments in 4Q 2012 were 6.0 million tonnes, an increase of 2.1% as compared to 5.8 million
tonnes in 3Q 2012. Steel shipments increased in the fourth quarter of 2012 due to a mild pick up
following the seasonally weaker summer period. 

Sales in the Flat Carbon Europe segment were essentially flat at $6.1 billion in 4Q 2012 as
compared to 3Q 2012. Sales benefitted from higher steel shipment volumes offset in part by lower
average steel selling prices (-1.1%) in dollars.  

EBITDA in 4Q 2012 was $307 million as compared to $191 million in 3Q 2012.  EBITDA in 4Q 2012
included $141 million of DDH income recognized during the quarter as compared to $131 million DDH
income recognized in 3Q 2012. EBITDA in 4Q 2012 also included $210 million net gain recorded on
the sale of carbon dioxide credits. The 4Q 2011 EBITDA included a $93 million gain on the sale of
carbon dioxidecredits and $163 million of DDH income. (The proceeds from the sale of carbon
dioxide credits will be re-invested in energy savings projects). Steel margins were negatively
impacted by price-cost squeeze following a drop in average steel selling prices not fully
compensated by lower costs.

The operating result in 4Q 2012 included a $2.5 billion non-cash write down of goodwill and $0.3
billion non-cash impairment charge related to the intention to permanently close the coke plant
and six finishing lines in Liege, Belgium. Operating results in 3Q 2012 included impairment
expenses of $130 million relating to the long term idling of the liquid phase at the Florange site
in France and restructuring costs totalling $90 million associated primarily with the decision to
close two blast furnaces, a sinter plant, a steel shop and continuous casters in Liege, Belgium. 

Long Carbon Americas and Europe

 (USDm) unless otherwise shown              4Q 12  3Q 12  4Q 11  12M 12  12M 11 
 Sales                                      5,232  5,189  5,936  21,882  25,165 
 EBITDA                                       402    330    338   1,733   1,866 
 Operating income / (loss)                (1,112)    103  (107)   (566)     646 
                                                                                
 Crude steel production (Kt)                5,240  5,713  5,474  22,623  23,558 
 Steel shipments (Kt)                       5,543  5,508  5,846  22,628  23,869 
 Average steel selling price (US$/t)          857    861    906     879     937 
 EBITDA/tonne (US$/t)                          73     60     58      77      78 
 Operating income (loss) /tonne (US$/t)     (201)     19   (18)    (25)      27 


Long Carbon Americas and Europe crude steel production amounted to 5.2 million tonnes in 4Q 2012,
a decrease of 8.3% as compared to 5.7 million tonnes in 3Q 2012. Production was lower in both the
American and European operations due to lower market demand as well as operational issues that
impacted output in Poland. 

Steel shipments in 4Q 2012 were 5.5 million tonnes, essentially flat as compared to 5.5 million
tonnes in 3Q 2012, as marginally lower volumes in Europe were offset by slightly higher North
American volumes, primarily in Mexico.

Sales in the Long Carbon Americas and Europe segment were essentially flat at $5.2 billion in 4Q
2012, as compared to $5.2 billion in 3Q 2012. Sales were impacted by a decrease in average steel
selling prices (-0.5%) offset by marginally higher steel shipment volumes. 

EBITDA in 4Q 2012 was $402 million, a 21.8% increase as compared to $330 million in 3Q 2012.
Higher profitability in 4Q 2012 was primarily driven by improved profitability in Europe, North
America and with respect to Tubular business on account of positive price-cost effects.  

Operating results in 4Q 2012 included a non-cash write down of goodwill of $1.0 billion (Long
Carbon Europe) and non-cash asset impairments charges for Spanish and North African operations of
$0.2 billion.

Asia Africa and CIS ("AACIS")

 (USDm) unless otherwise shown            4Q 12  3Q 12  4Q 11  12M 12  12M 11 
 Sales                                    2,130  2,457  2,733  10,051  10,779 
 EBITDA                                     220     70    238     570   1,238 
 Operating income / (loss)                   34   (86)     93    (88)     721 
                                                                              
 Crude steel production (Kt)              3,241  3,721  3,579  14,268  14,608 
 Steel shipments (Kt)                     2,978  3,178  3,065  12,830  12,516 
 Average steel selling price (US$/t)        611    658    713     667     736 
 EBITDA/tonne (US$/t)                        74     22     78      44      99 
 Operating income (loss) /tonne (US$/t)      11   (27)     30     (7)      58 


AACIS segment crude steel production was 3.2 million tonnes in 4Q 2012, a decrease of 12.9% as
compared to 3.7 million tonnes in 3Q 2012. The decline in production during 4Q 2012 was primarily
due to lower production in South Africa following blast furnace maintenance repair work as well as
lower production in Kazakhstan due to operational issues. 

Steel shipments in 4Q 2012 amounted to 3.0 million tonnes, a decrease of 6.3% as compared to 3.2
million tonnes in 3Q 2012, reflecting lower levels of production.

Sales in the AACIS segment were $2.1 billion in 4Q 2012, a decrease of 13.3% as compared to $2.5
billion in 3Q 2012. Lower sales reflected lower steel shipments and lower average steel selling
prices (-7.1%). Average selling prices in Kazakhstan were impacted by a weak Russian market and
mix effects; average selling prices in the Ukraine reflected declining long product pricing; and
in South Africa lower US dollar prices were realised due to the weaker rand (4.9% depreciation
against the US dollar).

EBITDA in 4Q 2012 was $220 million, as compared to EBITDA of $70 million in 3Q 2012. EBITDA in 4Q
2012 included the positive impact from the Paul Wurth asset divestment (a gain of $242 million).
Excluding this gain, profitability dropped significantly during the quarter due to negative
price-cost squeeze and lower volumes.

Distribution Solutions

 (USDm) unless otherwise shown         4Q 12  3Q 12  4Q 11  12M 12  12M 11 
 Sales                                 3,855  3,716  4,876  16,294  19,055 
 EBITDA                                 (24)     11   (19)     407     271 
 Operating income / (loss)             (977)   (32)  (109)   (687)      52 
                                                                           
 Steel shipments (Kt)                  4,463  4,118  4,957  17,693  18,360 
 Average steel selling price (US$/t)     834    869    948     886     993 


Shipments in the Distribution Solutions segment in 4Q 2012 were 4.5 million tonnes, an increase of
8.4% as compared to 4.1 million tonnes in 3Q 2012.

Sales in the Distribution Solutions segment in 4Q 2012 were $3.9 billion, an increase of 3.7% as
compared to $3.7 billion in 3Q 2012, due primarily to higher steel shipment volumes offset in part
by lower average steel selling prices (-4.0%).

EBITDA in 4Q 2012 was $(24) million, as compared to EBITDA of $11 million in 3Q 2012, primarily
due to the negative impact from price-cost squeeze in Europe.

The operating result in 4Q 2012 was impacted by non-cash impairment expenses of $0.8 billion due
to a write down of goodwill and restructuring charges of $0.1 billion related to Asset
Optimization.

Mining

 (USDm) unless otherwise shown                                                       4Q 12  3Q 12  4Q 11  12M 12  12M 11 
 Sales[20] #ftn20                                                                    1,255  1,288  1,805   5,390   6,268 
 EBITDA                                                                                315    391    779   1,725   3,063 
 Operating income                                                                      175    251    632   1,184   2,568 
                                                                                                                         
 Own iron ore production (a) (Mt)                                                     14.0   14.3   15.1    55.9    54.1 
 Iron ore shipped externally and  internally and reported at market price (b) (Mt)     6.6    7.1    8.5    28.8    28.0 
                                                                                                                         
 Own coal production(a) (Mt)                                                           2.0    2.0    2.2     8.2     8.3 
 Coal shipped externally and  internally and reported at market price(b) (Mt)          1.3    1.2    1.3     5.1     4.9 


(a)  Own iron ore and coal production not including strategic long-term contracts
(b)  Iron ore and coal shipments of market-priced based materials include the Company's own mines,
and share of production at other mines, and exclude supplies under strategic long-term contracts

Own iron ore production (not including supplies under strategic long-term contracts) in Q4 2012
was 14.0 million metric tonnes, 2.1% lower than 3Q 2012 and 7.5% lower than 4Q 2011. Shipments at
market price declined (-6.7%) in 4Q 2012 as compared to 3Q 2012 due to continued heavy monsoon
weather in Liberia and operational issues in Ukraine.  

Own coal production (not including supplies under strategic long-term contracts) in 4Q 2012 was
2.0 million metric tonnes, representing a decrease of 3.6% as compared 3Q 2012 and 11.1% as
compared to 2.2 million metric tonnes in 4Q 2011.

EBITDA attributable to the Mining segment for 4Q 2012 was $315 million, 19.4% lower as compared to
3Q 2012. This decline was primarily due to the effect of lagged pricing in iron ore (a portion of
iron ore shipments from Canada and Mexico reference quarter-lagged prices) and lower coal
realisations, driven by weaker seaborne market prices. EBITDA attributable to the Mining segment
was $779 million in 4Q 2011. 

Liquidity and Capital Resources

For 4Q 2012, net cash provided by operating activities was $2.9 billion, compared to net cash used
in operating activities of $0.3 billion in 3Q 2012. Cash flow provided by operating activities in
4Q 2012 included a $2.1 billion release of operating working capital compared to an investment in
working capital of $0.3 billion in 3Q 2012. Rotation days[21] #ftn21  decreased during 4Q 2012 to
64 days from 72 days in 3Q 2012 primarily driven by lower inventory.  

Net cash used in investing activities during 4Q 2012 was $0.8 billion, as compared to net cash
used in investing activities of $1.1 billion in 3Q 2012. Capital expenditures decreased to $1.1
billion in 4Q 2012 as compared to $1.2 billion in 3Q 2012. The Company is focusing only on core
growth capital expenditures in its mining business given potentially attractive return profiles of
projects under construction. Some planned steel investments remain suspended.

Other investing activities in 4Q 2012 of $275 million included $0.3 billion inflow from the
recovery of subsidiary financing offset by a net outflow of $89 million ($70 million net debt
impact (increase) net of liabilities) on the Paul Wurth divestment (representing the cash
consideration received from the purchaser less the cash held by Paul Wurth).  This compared to
other investing activities in 3Q 2012 of $154 million.  

Net cash used by financing activities for 4Q 2012 was $932 million, as compared to cash provided
by financing activities of $243 million in 3Q 2012, during which the Company issued $650 million
of subordinated perpetual securities. 

On December 18, 2012, ArcelorMittal extended the conversion date of the mandatorily convertible
bond ("MCB") issued by one of its wholly-owned Luxembourg subsidiaries and convertible into
preferred shares of such subsidiary from January 31, 2013 to January 31, 2014. The MCB was
originally issued in December 2009 (and placed privately with a Luxembourg affiliate of Crédit
Agricole Corporate and Investment Bank) in an amount of $750 million, which was increased to $1
billion in April 2011. In connection with the extension of the conversion date of the MCB,
ArcelorMittal also extended the maturities of the equity-linked notes in which the proceeds of the
MCB issuance are invested.

During 4Q 2012, the Company paid dividends amounting to $306 million as compared to $297 million
in 3Q 2012. 

At December 31, 2012, the Company's cash and cash equivalents (including restricted cash and
short-term investments) amounted to $4.5 billion as compared to $3.0 billion at September 30,
2012. As of December 31, 2012, net debt decreased by $1.4 billion to $21.8 billion, as compared
with $23.2 billion at September 30, 2012, driven by positive operating cash flow and recovery of
subsidiary financing. 

The Company had liquidity[22] #ftn22  of $14.5 billion at December 31, 2012, an increase of $1.1
billion as compared with liquidity of $13.4 billion at September 30, 2012, consisting of cash and
cash equivalents (including restricted cash and short-term investments) of $4.5 billion and $10
billion of available credit lines. At December 31, 2012, the average debt maturity was 6.1 years.

Management gains program 

At the end of 3Q 2012, the Company had achieved its management gains target of $4.8 billion from
sustainable SG&A, fixed and variable cost reductions and continuous improvement. The Company is
currently developing plans to announce a new Management Gains Program in the near term.

Asset Optimization 

The essential components of Asset Optimization have been announced:

*In the fourth quarter of 2011,  the Company announced the extended idling of its electric arc
furnace in Madrid and further restructuring costs at certain other Spanish, Czech Republic and
Distribution Solutions ("AMDS") operations;  
*In the first quarter of 2012, the Company announced the extended idling of its electric arc
furnace and continuous caster at the Schifflange site in Luxembourg and further optimization in
Poland and Spain;  
*In October 2012, the Company announced its decision to close two blast furnaces, a sinter plant,
a steel shop and continuous casters in Liege, Belgium;  
*In December 2012, the Company announced the long term idling of the liquid phase at the Florange
site in France; 
*In the fourth quarter of 2012 the Company announced further restructuring costs and optimization
in Flat Carbon Europe,  Long Carbon Europe and Distribution Solution divisions; and 
*The Company recently announced its intention to permanently close the coke plant and six
finishing lines in Liege, Belgium. 

Annual dividend reduced to $0.20/share for 2013 

As communicated during the third quarter of 2012 results, given the challenging global economic
conditions and the Company's priority to deleverage, ArcelorMittal's Board of Directors proposes
reducing the annual dividend payment to $0.20/share for 2013 (from $0.75/share in 2012). Subject
to shareholder approval at the next annual general meeting in May 2013, this dividend will be paid
in July 2013.  Once the deleveraging plan is complete and market conditions improve, the Board
intends to progressively increase the dividend.

Recent developments

*On November 15, 2012, ArcelorMittal and Mrs Daphne Mashile-Nkosi announced the signature of a
sale and purchase agreement had been reached whereby Mrs Mashile-Nkosi, or her nominee (which may
be a consortium consisting of some of the existing Kalahari Resources shareholders and / or other
third parties), will acquire ArcelorMittal's 50% interest in Kalagadi Manganese ("the
transaction"). ArcelorMittal will receive a cash consideration of not less than 3.9 billion
African Rand, which is approximately US$460 million on closing. The purchaser's obligation to
complete the proposed transaction is subject to financing arrangements. On completion of the
transaction Kalahari Resources will hold 40% interest in Kalagadi Manganese, Mrs Mashile-Nkosi, or
her nominee, will hold 50% with the remaining 10% interest held by the Industrial Development
Corporation of South Africa Limited. Completion of the proposed transaction is also subject to the
waiver of pre-emptive rights of the other shareholders, customary corporate approvals and various
regulatory approvals. 

*ArcelorMittal Atlantique and Lorraine has announced the intention to launch a project to close
the liquid phase of the Florange plant in France, and concentrate efforts and investment on the
high-quality finishing operation in Florange which employs more than 2,000 employees. The Company
had accepted the French government's request for the government to find a buyer for the liquid
phase within 60 days of October 1, 2012, but no buyer was found. On December 1, 2012,
ArcelorMittal expressed its commitment to the French government that it would (i) invest EUR180
million in the Florange site over the next five years, (ii) maintain the packaging activity in
Florange for at least five years, (iii) reorganize the activity of the Florange site only by
voluntary social measures for workers, and (iv) launch an R&D program to continue to develop the
blast furnace top gas recycling technology. 

*On December 13, 2012, ArcelorMittal announced an agreement with Nunavut Iron Ore, Inc.
("Nunavut") to increase Nunavut's interest in Baffinland Iron Mines Corporation ("Baffinland")
from 30% to 50%. In consideration, Nunavut will correspondingly increase its share of funding for
development of Baffinland's Mary River iron ore project. ArcelorMittal will retain a 50% interest
in the project as well as operation and marketing rights. The arrangements are subject to
customary conditions precedent and are expected to be completed in early 2013. 

*Following completion of its annual impairment review in connection with the preparation of its
2012 annual consolidated financial statements, the Company announced on December 21, 2012 that it
expected to record in such financial statements an impairment charge of approximately $4.3 billion
with respect to goodwill in its European businesses.  

*On December 31, 2012, the Company entered into an agreement pursuant to which ArcelorMittal's
wholly owned subsidiary, ArcelorMittal Mines Canada Inc. ("AMMC"), and a consortium led by POSCO
and China Steel Corporation ("CSC") will create a joint venture partnership to hold
ArcelorMittal's Labrador Trough iron ore mining and infrastructure assets. The consortium, which
also includes certain financial investors, will acquire a 15% interest in the joint venture for
total consideration of $1.1 billion in cash, with AMMC and its affiliates retaining an 85%
interest. As part of the transaction, POSCO and CSC will enter into long-term iron ore off-take
agreements proportionate to their joint venture interests. The transaction is subject to various
closing conditions, including regulatory clearance by the Taiwanese and Korean governments, and is
expected to close in two steps in the first and second quarters of 2013. 

*On January 14 and 16. 2013, ArcelorMittal closed its offerings (the "Combined Offering") of
ordinary shares and mandatorily convertible subordinated notes ("MCNs"), respectively. The total
aggregate proceeds from the Combined Offering were approximately $4.0 billion (before deduction of
commissions and expenses). The ordinary shares offering represented an aggregate amount of $1.75
billion, representing approximately 104 million ordinary shares at an offering price of $16.75
(EUR 12.83 at a EUR/USD conversion rate of 1.3060) per ordinary share.  The MCN offering
represented an aggregate amount of $2.25 billion. The MCNs mature in January 2015, were issued at
100% of the principal amount and will be mandatorily converted into ordinary shares of
ArcelorMittal at the maturity of the MCNs, unless earlier converted at the option of the holders
or ArcelorMittal or upon certain specified events in accordance with the terms of the MCNs. The
MCNs bear interest of 6.00% per annum, payable quarterly in arrears. The minimum conversion price
of the MCNs is $16.75, corresponding to the placement price of shares in the concurrent ordinary
shares offering as described above, and the maximum conversion price was set at approximately 125%
of the minimum conversion price (corresponding to $20.94). The Mittal family participated in the
Combined Offering by acquiring $300 million of MCNs and $300 million of ordinary shares.  

*On January 24, 2013 ArcelorMittal Liege announced its intention to permanently close a number of
additional assets due to a further weakening of the European economy and the resultant low demand
for its products. This followed an announcement over a year ago on October 14, 2011 regarding
ArcelorMittal Liege's intention to permanently idle its liquid phase due to structural
over-capacity in Northern Europe. At that time in October 2011, it was envisaged that in the
future Liege would focus on its downstream activities, operating five core lines and seven
flexible lines. Under the flexible model these lines would have operated at between 0 and 100%
depending on market demand. Regrettably, since October 2011, the economic outlook in Europe has
further deteriorated. There is insufficient demand to support the running of these flexible
facilities and no improvement is seen over the medium term. The Company therefore made the
proposal on January 24, 2013 that six of the seven flexible lines also need to be closed to
respond to these structural market changes and further adapt to the reality of demand in Europe.
Additionally, the Company has also proposed that the coke plant, which is no longer viable due to
the excess supply of coke in Europe, be permanently closed. ArcelorMittal Liege plans to continue
to operate the five core lines which will employ approximately 800 people. These five lines are
strategic due to their dedicated high quality products, specialized processes and technological
innovation. ArcelorMittal Liege recognises that this proposal will be very difficult for the local
community as it may affect approximately 1,300 people. It is committed to do its best to find a
socially acceptable solution for all those possibly affected.  

Outlook and guidance 

The Company expects reported EBITDA to be higher in 2013 as compared to 2012. Steel shipments are
expected to increase by approximately 2-3% in 2013 as compared to 2012. With the completion of the
management gains program and asset optimization, per-tonne steel margins are expected to improve
marginally in 2013 as compared to 2012. With the ArcelorMittal Mines Canada expansion to 24mtpa on
track for ramp up during 1H 2013, market-priced iron ore shipments are expected to increase by
approximately 20% in 2013 relative to 2012. The Company expects to spend approximately $3.5
billion on capital expenditures, of which $2.7 billion is maintenance-related. Approximately $5
billion of cash receipts expected from the capital raised in January 2013 and the announced agreed
sale of a 15% stake in AMMC (assuming completion on schedule), should enable net debt to decline
to approximately $17 billion by June 30, 2013. As previously announced, the Board of Directors
proposes a $0.20/share dividend for 2013 (versus $0.75/share in 2012) payable as a single payment
in July 2013.

ARCELORMITTAL CONDENSED CONSOLIDATED STATEMENTs OF FINANCIAL POSITION

 In millions of U.S. dollars                                   December 31,  September 30,  December  31, 
                                                                       2012           2012           2011 
 ASSETS                                                                                                   
 Cash and cash equivalents including restricted cash                  4,536          2,990          3,905 
 Trade accounts receivable and other                                  5,085          6,403          6,452 
 Inventories                                                         19,025         19,980         21,689 
 Prepaid expenses and other current assets                            3,148          3,651          3,559 
 Assets held for sale                                                     -            870              - 
 Total Current Assets                                                31,794         33,894         35,605 
                                                                                                          
 Goodwill and intangible assets                                       9,581         13,854         14,053 
 Property, plant and equipment                                       53,834         53,734         54,251 
 Investments in affiliates and joint ventures                         7,286          7,023          9,040 
 Deferred tax assets                                                  8,130          6,307          6,081 
 Other assets                                                         3,948          3,819          2,850 
 Total Assets                                                       114,573        118,631        121,880 
                                                                                                          
 LIABILITIES AND SHAREHOLDERS' EQUITY                                                                     
 Short-term debt and current portion of long-term debt                4,339          4,790          2,784 
 Trade accounts payable and other                                    11,418         11,732         12,836 
 Accrued expenses and other current liabilities                       8,061          7,620          8,204 
 Liabilities held for sale                                                -            589              - 
 Total Current Liabilities                                           23,818         24,731         23,824 
                                                                                                          
 Long-term debt, net of current portion                              21,965         21,827         23,634 
 Deferred tax liabilities                                             3,228          3,123          3,680 
 Other long-term liabilities                                         10,365         10,107         10,265 
 Total Liabilities                                                   59,376         59,788         61,403 
                                                                                                          
 Equity attributable to the equity holders of the parent             51,723         55,112         56,690 
 Non-controlling interests                                            3,474          3,731          3,787 
 Total Equity                                                        55,197         58,843         60,477 
 Total Liabilities and Shareholders' Equity                         114,573        118,631        121,880 


ARCELORMITTAL CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 In millions of U.S. dollars                                                                Three months ended                 Twelve months ended     
                                                                                 December 31,  September 30,  December 31,  December 31,  December 31, 
                                                                                         2012           2012          2011          2012          2011 
 Sales                                                                                 19,309         19,723        22,449        84,213        93,973 
 Depreciation                                                                         (1,236)        (1,157)       (1,220)       (4,684)       (4,669) 
 Impairment                                                                           (4,836)          (130)         (228)       (5,035)         (331) 
 Restructuring charges                                                                  (192)           (98)         (219)         (587)         (219) 
 Operating income / (loss)                                                            (4,941)           (49)            47       (3,226)         4,898 
 Operating margin %                                                                   (25.6%)         (0.2%)          0.2%        (3.8%)          5.2% 
                                                                                                                                                       
 Income / (loss) from equity method investments and other income                          142           (55)           177           194           620 
 Net interest expense                                                                   (478)          (479)         (429)       (1,874)       (1,822) 
 Foreign exchange and other net financing gains / (losses)                              (366)          (103)            13         (863)       (1,016) 
 Income (loss) before taxes and non-controlling interests                             (5,643)          (686)         (192)       (5,769)         2,680 
 Current tax                                                                             (94)          (101)         (185)         (502)       (1,018) 
 Deferred tax                                                                           1,653             58         (648)         2,427           136 
 Income tax benefit / (expense)                                                         1,559           (43)         (833)         1,925         (882) 
 Income / (loss) from continuing operations including non-controlling interest        (4,084)          (729)       (1,025)       (3,844)         1,798 
 Non-controlling interests (relating to continuing operations)                             97             20            25           118             4 
 Income / (loss) from continuing operations                                           (3,987)          (709)       (1,000)       (3,726)         1,802 
 Income from discontinued operations, net of tax                                            -              -             -             -           461 
 Net income / (loss) attributable to owners of the parent                             (3,987)          (709)       (1,000)       (3,726)         2,263 
                                                                                                                                                       
 Basic earnings / (loss) per common share ($)                                          (2.58)         (0.46)        (0.65)        (2.41)          1.46 
 Diluted earnings / (loss) per common share ($)                                        (2.58)         (0.46)        (0.65)        (2.41)          1.19 
                                                                                                                                                       
 Weighted average common shares outstanding (in millions)                               1,549          1,549         1,549         1,549         1,549 
 Adjusted diluted weighted average common shares outstanding (in millions)              1,549          1,549         1,549         1,550         1,611 
                                                                                                                                                       
 EBITDA3                                                                                1,323          1,336         1,714         7,080        10,117 
 EBITDA margin %                                                                         6.9%           6.8%          7.6%          8.4%         10.8% 
                                                                                                                                                       
 OTHER INFORMATION                                                                                                                                     
 Total iron ore production[23] #ftn23  (million metric tonnes)                           16.9           17.8          18.3          68.1          65.2 
 Crude steel production (million metric tonnes)                                          20.8           21.9          21.7          88.2          91.9 
 Total shipments of steel products[24] #ftn24   (million metric tonnes)                  20.0           19.9          20.6          83.8          85.8 
                                                                                                                                                       
 Employees (in thousands)                                                                 245            251           261           245           261 


ARCELORMITTAL CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 In millions of U.S. dollars                                                                       Three months ended                              Twelve months ended          
                                                                                December 31, 2012  September 30, 2012  December 31, 2011  December 31, 2012  December 31, 2011  
 Operating activities:                                                                                                                                                          
 Income / (loss) from continuing operations                                                (3,987)               (709)            (1,000)            (3,726)              1,802 
 Adjustments to reconcile income / (loss)  to net cash provided by operations:                                                                                                  
 Non-controlling interests                                                                    (97)                (20)               (25)              (118)                (4) 
 Depreciation and impairment                                                                 6,072               1,287              1,448              9,719              5,000 
 Restructuring charges                                                                         192                  98                219                587                219 
 Deferred income tax                                                                       (1,653)                (58)                648            (2,427)              (136) 
 Change in operating working capital[25] #ftn25                                              2,052               (318)              1,843              2,829            (3,825) 
 Other operating activities (net)                                                              307               (628)              (255)            (1,570)            (1,089) 
 Net cash (used in) provided by operating activities - Continued operations                  2,886               (348)              2,878              5,294              1,967 
 Net cash used in operating activities - Discontinued operations                                 -                   -                  -                  -              (190) 
 Net cash (used in) provided by operating activities                                         2,886               (348)              2,878              5,294              1,777 
 Investing activities:                                                                                                                                                          
 Purchase of property, plant and equipment and intangibles                                 (1,124)             (1,208)            (1,475)            (4,683)            (4,838) 
 Other investing activities (net)                                                              275                 154                941              1,023              1,265 
 Net cash used in investing activities - Continued operations                                (849)             (1,054)              (534)            (3,660)            (3,573) 
 Net cash used in investing activities - Discontinued operations                                 -                   -                  -                  -              (105) 
 Net cash used in investing activities                                                       (849)             (1,054)              (534)            (3,660)            (3,678) 
 Financing activities:                                                                                                                                                          
 Proceeds (payments) relating to payable to banks and long-term debt                         (557)                (81)              (816)              (336)                537 
 Dividends paid                                                                              (306)               (297)              (289)            (1,191)            (1,194) 
 Proceeds from mandatory convertible bond                                                        -                   -                  -                  -                250 
 Proceeds from subordinated perpetual securities                                                 -                 642                  -                642                  - 
 Acquisition of non-controlling interest                                                      (52)                   -               (10)               (62)              (108) 
 Other financing activities (net)                                                             (17)                (21)               (37)               (97)               (17) 
 Net cash (used in) provided by financing activities - Continued operations                  (932)                 243            (1,152)            (1,044)              (532) 
 Net cash used in financing activities - Discontinued operations                                 -                   -                  -                  -                (8) 
 Net cash (used in) provided by financing activities                                         (932)                 243            (1,152)            (1,044)              (540) 
 Net increase (decrease) in cash and cash equivalents                                        1,105             (1,159)              1,192                590            (2,441) 
 Cash and cash equivalents transferred to assets held for sale                                 441               (441)                  -                  -                  - 
 Effect of exchange rate changes on cash                                                        33                  33               (85)               (13)               (68) 
 Change in cash and cash equivalents                                                         1,579             (1,567)              1,107                577            (2,509) 


Appendix 1a: Key financial and operational information - Fourth quarter of 2012

 USDm unless otherwise shown                                                Flat Carbon Americas  Flat Carbon Europe  Long Carbon Americas and Europe  AACIS  Distribution Solutions  Mining  
 FINANCIAL INFORMATION                                                                                                                                                                        
                                                                                                                                                                                              
 Sales                                                                                      4,683               6,142                            5,232  2,130                   3,855   1,255 
 Depreciation                                                                               (231)               (364)                            (244)  (186)                    (46)   (140) 
 Impairment                                                                                     -             (2,811)                          (1,219)      -                   (806)       - 
 Restructuring charges                                                                          -                (33)                             (51)      -                   (101)       - 
 Operating income / (loss)                                                                  (138)             (2,901)                          (1,112)     34                   (977)     175 
 Operating margin (as a % of sales)                                                        (2.9%)             (47.2%)                          (21.3%)   1.6%                 (25.3%)   13.9% 
                                                                                                                                                                                              
 EBITDA3                                                                                       93                 307                              402    220                    (24)     315 
 EBITDA margin (as a % of sales)                                                             2.0%                5.0%                             7.7%  10.3%                  (0.6%)   25.1% 
 Capital expenditure[26] #ftn26                                                               106                 150                              200    106                      13     527 
                                                                                                                                                                                              
 OPERATIONAL INFORMATION                                                                                                                                                                      
 Crude steel production (Thousand MT)                                                       5,933               6,375                            5,240  3,241                       -       - 
 Steel shipments (Thousand MT)                                                              5,533               5,957                            5,543  2,978                   4,463       - 
 Average steel selling price ($/MT)[27] #ftn27                                                797                 847                              857    611                     834       - 
                                                                                                                                                                                              
 MINING INFORMATION (Million Mt)                                                                                                                                                              
 Iron ore production23                                                                          -                   -                                -      -                       -    16.9 
 Coal production23                                                                              -                   -                                -      -                       -     2.2 
 Iron ore shipped externally and  internally and reported at market price6                      -                   -                                -      -                       -     6.6 
 Iron ore shipped internally and reported at cost-plus6                                         -                   -                                -      -                       -     6.8 
 Coal shipped externally and internally and reported at market price6                           -                   -                                -      -                       -     1.3 
 Coal shipped internally and reported at cost-plus6                                             -                   -                                -      -                       -     0.8 


Note: Table excludes others and eliminations.

Appendix 1b: Key financial and operational information - Twelve months of 2012

 USDm unless otherwise shown                                                 Flat Carbon Americas  Flat Carbon Europe  Long Carbon Americas and Europe   AACIS  Distribution Solutions  Mining  
 FINANCIAL INFORMATION                                                                                                                                                                          
                                                                                                                                                                                                
 Sales                                                                                      20,152              27,192                           21,882  10,051                  16,294   5,390 
 Depreciation                                                                                (918)             (1,437)                            (921)   (650)                   (161)   (541) 
 Impairment                                                                                      -             (2,941)                          (1,280)     (8)                   (806)       - 
 Restructuring charges                                                                           -               (355)                             (98)       -                   (127)       - 
 Operating income / (loss)                                                                     517             (3,724)                            (566)    (88)                   (687)   1,184 
 Operating margin (as a % of sales)                                                           2.6%             (13.7%)                           (2.6%)  (0.9%)                  (4.2%)   22.0% 
                                                                                                                                                                                                
 EBITDA3                                                                                     1,435               1,009                            1,733     570                     407   1,725 
 EBITDA margin (as a % of sales)                                                              7.1%                3.7%                             7.9%    5.7%                    2.5%   32.0% 
 Capital expenditure26                                                                         648                 818                              745     433                      82   1,853 
                                                                                                                                                                                                
 OPERATIONAL INFORMATION                                                                                                                                                                        
 Crude steel production (Thousand MT)                                                       23,922              27,418                           22,623  14,268                       -       - 
 Steel shipments (Thousand MT)                                                              22,291              26,026                           22,628  12,830                  17,693       - 
 Average steel selling price ($/MT) 27                                                         854                 863                              879     667                     886       - 
                                                                                                                                                                                                
 MINING INFORMATION (Million Mt)                                                                                                                                                                
 Iron ore production23                                                                           -                   -                                -       -                       -    68.1 
 Coal production23                                                                               -                   -                                -       -                       -     8.9 
 Iron ore shipped externally and  internally and reported at market price 6                      -                   -                                -       -                       -    28.8 
 Iron ore shipped internally and reported at cost-plus6                                          -                   -                                -       -                       -    25.6 
 Coal shipped externally and internally and reported at market price6                            -                   -                                -       -                       -     5.1 
 Coal shipped internally and reported at cost-plus6                                              -                   -                                -       -                       -     3.1 


Note: Table excludes others and eliminations.

Appendix 2a: Steel Shipments by geographical location[28] #ftn28

 (Amounts in thousands metric tonnes)   4Q 12  3Q 12  4Q 11  12M 12  12M 11 
 Flat Carbon Americas:                  5,533  5,351  5,458  22,291  22,249 
 North America                          4,347  4,530  4,206  18,030  17,084 
 South America                          1,186    821  1,252   4,261   5,165 
                                                                            
 Flat Carbon Europe:                    5,957  5,837  6,188  26,026  27,123 
                                                                            
 Long Carbon Americas and Europe:       5,543  5,508  5,846  22,628  23,869 
 North America                          1,193  1,031  1,134   4,578   4,584 
 South America                          1,279  1,403  1,448   5,300   5,660 
 Europe                                 2,786  2,828  2,993  11,693  12,547 
 Other[29] #ftn29                         285    246    271   1,057   1,078 
                                                                            
 AACIS:                                 2,978  3,178  3,065  12,830  12,516 
 Africa                                   973  1,075    980   4,542   4,624 
 Asia, CIS & Other                      2,005  2,103  2,085   8,288   7,892 


Appendix 2b: Steel EBITDA by geographical location

 Amounts in USDm                    4Q 12  3Q 12  4Q 11  12M 12  12M 11 
 Flat Carbon Americas:                 93    236    237   1,435   2,109 
 North America                         42    266    166   1,275   1,615 
 South America                         51   (30)     71     160     494 
                                                                        
 Flat Carbon Europe:                  307    191     26   1,009   1,500 
                                                                        
 Long Carbon Americas and Europe:     402    330    338   1,733   1,866 
 North America                         28     12     11     142     131 
 South America                        217    208    196     917     939 
 Europe                                73     34     58     351     518 
 Other29                               84     76     73     323     278 
                                                                        
 AACIS:                               220     70    238     570   1,238 
 Africa                              (19)     27      9     132     232 
 Asia, CIS & Other                    239     43    229     438   1,006 
                                                                        
 Distribution Solutions:             (24)     11   (19)     407     271 


Appendix 2c: Iron ore production (Million metric tonnes)

 Million metric tonnes (a)                          Type                                   Product  4Q 12  3Q 12  4Q 11  12M 12  12M 11 
 North America (b)                              Open Pit      Concentrate, lump, fines and Pellets    7.6    7.7    8.0    30.3    29.7 
 South America                                  Open pit                            Lump and fines    1.2    1.2    1.4     4.1     5.3 
 Europe                                         Open pit                      Concentrate and lump    0.5    0.6    0.5     2.1     1.9 
 Africa                           Open Pit / Underground                                     Fines    1.0    1.1    1.3     4.7     2.6 
 Asia, CIS & Other                Open Pit / Underground  Concentrate, lump, fines and sinter feed    3.7    3.7    3.9    14.7    14.6 
 Own iron ore production                                                                             14.0   14.3   15.1    55.9    54.1 
 North America (c)                              Open Pit                                   Pellets    2.1    2.4    1.9     7.6     4.6 
 Africa (d)                                     Open Pit                            Lump and Fines    0.8    1.2    1.3     4.7     6.5 
 Strategic contracts - iron ore                                                                       2.9    3.6    3.2    12.3    11.1 
 Group                                                                                               16.9   17.8   18.3    68.1    65.2 


a. Total of all finished production of fines, concentrate, pellets and lumps. 
b. Includes own mines and share of production from Hibbing (USA-62.30%) and Pena (Mexico-50%).  
c. Consists of a long-term supply contract with Cleveland Cliffs  for purchases made at a
previously set price, adjusted for changes in certain steel prices and inflation factors. 
d. Includes purchases under a strategic agreement with Sishen/Thabazambi (South Africa). Prices
for purchases under the July 2010 interim agreement with Kumba (as extended and amended several
times) have been on a fixed-cost basis since March 1, 2010.  

Appendix 2d: Iron ore shipments (Million metric tonnes)

 Million metric tonnes              4Q 12  3Q 12  4Q 11  12M 12  12M 11 
 External sales - Third party         2.5    2.4    4.4    10.4     9.0 
                                                                        
 Internal sales - Market-priced       4.1    4.8    4.1    18.4    19.0 
                                                                        
 Internal sales - Cost-plus basis     6.8    6.9    6.8    25.6    23.6 
 Flat Carbon Americas                 2.5    2.3    2.6     7.9     7.9 
 Long Carbon Americas and Europe      1.1    1.3    1.1     5.0     4.4 
 AACIS                                3.2    3.3    3.2    12.7    11.3 
                                                                        
 Total sales                         13.4   14.0   15.3    54.4    51.6 
                                                                        
 Strategic contracts                  2.9    3.6    3.2    12.3    11.1 
 Flat Carbon Americas                 2.1    2.4    1.9     7.6     4.6 
 AACIS                                0.8    1.2    1.3     4.7     6.5 
                                                                        
 Total                               16.4   17.6   18.5    66.7    62.7 


Appendix 2e: Coal production (Million metric tonnes)

 Million metric tonnes             4Q 12  3Q 12  4Q 11  12M 12  12M 11 
 North America                      0.59   0.60   0.69    2.44    2.43 
 Asia, CIS & Other                  1.39   1.44   1.53    5.77    5.90 
 Own coal production                1.97   2.05   2.22    8.21    8.32 
 North America(a)                   0.13   0.08   0.14    0.36    0.32 
 Africa(b)                          0.09   0.10   0.07    0.35    0.30 
 Strategic contracts -  coal        0.22   0.19   0.21    0.72    0.62 
 Group                              2.19   2.24   2.43    8.93    8.94 


(a) Includes strategic agreement - prices on a fixed-price basis
(b) Includes long term lease - prices on a cost-plus basis 

Appendix 2f: Coal shipment (Million metric tonnes)

 Million metric tonnes                      4Q 12  3Q 12  4Q 11  12M 12  12M 11 
 External sales - Third party                0.93   0.69   0.94    3.33    3.49 
 Internal sales - Market-priced              0.38   0.54   0.35    1.78    1.43 
 Internal sales (AACIS) - Cost-plus basis    0.78   0.82   0.82    3.13    3.31 
 Total sales                                 2.09   2.04   2.11    8.24    8.23 
 Strategic contracts                         0.22   0.19   0.21    0.72    0.62 
 Total                                       2.30   2.23   2.31    8.96    8.85 


Appendix 3: Debt repayment schedule as of December 31, 2012

 Debt repayment schedule (USD billion)   2013  2014  2015  2016  2017  >2017  Total 
 Term loan repayments                                                               
 - Convertible bonds                        -   2.3     -           -      -    2.3 
 - Bonds                                  3.2   1.3   2.2   1.8   2.7    9.7   20.9 
 Subtotal                                 3.2   3.6   2.2   1.8   2.7    9.7   23.2 
 LT revolving credit lines                                                          
 - $6bn syndicated credit facility          -     -     -     -     -      -      - 
 - $4bn syndicated credit facility          -     -     -     -     -      -      - 
 Commercial paper[30] #ftn30              0.1     -     -     -     -      -    0.1 
 Other loans                              1.0   0.3   0.4   0.7   0.2    0.4    3.0 
 Total Gross Debt                         4.3   3.9   2.6   2.5   2.9   10.1   26.3 


Appendix 4: Credit lines available as of December 31, 2012

 Credit lines available (USD billion)           Maturity  Commitment  Drawn  Available 
 - $6bn syndicated credit facility            18/03/2016        $6.0   $0.0       $6.0 
 - $4bn syndicated credit facility            06/05/2015        $4.0   $0.0       $4.0 
 Total committed lines                                         $10.0   $0.0      $10.0 


Appendix 5: Other ratios

 Ratios                                                                           4Q 12  3Q 12 
 Gearing[31] #ftn31                                                                 39%    39% 
 Net debt /EBITDA ratio based on last twelve months' reported EBITDA               3.1X   3.1X 


Appendix 6: Earnings per share

 USD                                                                     Three months ended                     Twelve months ended    
                                                         December  31,  September 30,  December 31,        December  31,  December 31, 
                                                                  2012           2012          2011                 2012          2011 
 Earnings / (loss) per share - Discontinued operations                                                                                 
 Basic earnings / (loss) per common share                            -              -             -                    -          0.30 
 Diluted earnings / (loss) per common share                          -              -             -                    -          0.29 
 Earnings / (loss)  per share - Continuing operations                                                                                  
 Basic earnings / (loss) per common share                       (2.58)         (0.46)        (0.65)               (2.41)          1.16 
 Diluted earnings / (loss) per common share                     (2.58)         (0.46)        (0.65)               (2.41)          0.90 
 Earnings / (loss) per share                                                                                                           
 Basic earnings / (loss) per common share                       (2.58)         (0.46)        (0.65)               (2.41)          1.46 
 Diluted earnings / (loss)  per common share                    (2.58)         (0.46)        (0.65)               (2.41)          1.19 


Appendix 7: EBITDA Bridge from 3Q 2012 to 4Q 2012

 USD millions  EBITDA 3Q 12  Volume & Mix - Steel (a)  Volume & Mix - Mining (a)  Price-cost - Steel (b)  Price-cost - Mining (b)  Non -Steel EBITDA (c)  Other (d)  EBITDA 4Q 12  
 Group             1,336               (26)                        5                       (337)                    (80)                    (11)             436         1,323     


a) The volume variance indicates the sales value gain/loss through selling a higher/lower volume
compared to the reference period, valued at reference period contribution (selling price-variable
cost). The mix variance indicates sales value gain/loss through selling different proportions of
mix (product, choice, customer, market including domestic/export), compared to the reference
period contribution.  
b) The price-cost variance is a combination of the selling price and cost variance. The selling
price variance indicates the sales value gain/loss through selling at a higher/lower price
compared to the reference period after adjustment for mix, valued with the current period volumes
sold. The cost variance indicates increase/decrease in cost (after adjustment for mix, one-time
items, non-steel cost and others) compared to the reference period cost. Cost variance includes
the gain/loss through consumptions of input materials at a higher price/lower price, movement in
fixed cost, changes in valuation of inventory due to movement in capacity utilization etc.   
c) Non-steel EBITDA variance primarily represents the gain/loss through the sale of by-products
and services. 
d) Other represents the gain/loss through movements in provisions including write downs, write
backs of inventory, onerous contracts, reversal of provisions, dynamic delta hedge on raw
materials, foreign exchange, etc. as compared to the reference period. Other primarily includes
$242 million relating to gain on Paul Wurth divestment and $220 million relating to proceeds from
CO2 sales.

Appendix 8: Capital expenditure26

 USD millions                      4Q 12  3Q 12  4Q 11  12M 12  12M 11 
 Flat Carbon Americas                106    165    228     648     664 
 Flat Carbon Europe                  150    182    238     818   1,004 
 Long Carbon Americas and Europe     200    174    359     745   1,119 
 AACIS                               106    115    126     433     613 
 Distribution Solutions               13     21     58      82     152 
 Mining                              527    490    453   1,853   1,269 


Note: Table excludes others and eliminations.

Appendix 9: End notes

[1] #body_ftn1  The financial information in this press release 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". The numbers in
this press release have not been audited. The financial information and certain other information
presented in a number of tables in this press release have been rounded to the nearest whole
number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform
exactly to the total figure given for that column. In addition, certain percentages presented in
the tables in this press release reflect calculations based upon the underlying information prior
to rounding and, accordingly, may not conform exactly to the percentages that would be derived if
the relevant calculations were based upon the rounded numbers.
[2] #body_ftn2  Lost time injury frequency rate equals lost time injuries per 1,000,000 worked
hours, based on own personnel and contractors.
[3] #body_ftn3   EBITDA is defined as operating income plus depreciation, impairment expenses and
exceptional items.  
[4] #body_ftn4  On July, 25, 2012, ArcelorMittal announced the sale of its 48.1% stake in Paul
Wurth Group to SMS Holding GmbH for a total consideration of EUR 300 million. On completion of the
transaction on December 17, 2012, the Company recognized a $242 million gain on the divestment. 
[5] #body_ftn5  During the 3Q 2012 the Company incurred $72 million in charges related to a
one-time signing bonus and post retirement benefit costs following entry into the new US labor
contract. During 4Q 2012 the Company incurred $110 million in charges related to the recognition
of additional actuarial losses accrued on post retirement benefits following changes to year end
actuarial assumptions.
[6] #body_ftn6  Market priced tonnes represent amounts of iron ore and coal 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 and reported at the prevailing market price.  Shipments of raw materials that do not
constitute market priced tonnes are transferred internally and reported on a cost-plus basis.
[7] #body_ftn7  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). 
[8] #body_ftn8  Mtpa refers to million tonnes per annum.
[9] #body_ftn9  ArcelorMittal's Board of Directors recommends reducing the annual dividend payment
to $0.20/share for 2013 (from $0.75/share in 2012). Subject to shareholder approval at the next
annual general meeting in May 2013, this dividend will be paid in July 2013. 
[10] #body_ftn10   EBITDA/t means total Group EBITDA divided by total steel shipments.
[11] #body_ftn11  ArcelorMittal Liege is a business unit of ArcelorMittal Belgium.
[12] #body_ftn12  On June 20, 2012, ArcelorMittal completed the sale of its steel foundation
distribution business in NAFTA, Skyline Steel and Astralloy ("Skyline Steel"), to Nucor
Corporation for a total consideration of $684 million. The transaction comprised 100% of
ArcelorMittal's stake in Skyline Steel's operations in the NAFTA countries and the Caribbean. 
[13] #body_ftn13  ArcelorMittal Dofasco made a number of changes to its pension plan and health
and dental benefits. Employees at Dofasco will be transitioned from an existing defined benefit
pension plan to a new defined contribution pension plan. Changes to health and dental benefits
will result in an increase in the portion of the cost of health benefits that is borne by
participants in the plans. These changes resulted in a curtailment gain of $241 million in 1Q
2012.
[14] #body_ftn14  This relates to a transaction (a "dynamic delta hedge") designed to hedge U.S.
dollar-denominated raw material purchases until 2012 that ArcelorMittal entered into in mid-2008
and unwound in late 2008.  The unwind resulted, among other accounting effects, in a deferred gain
of approximately $2.6 billion recorded in equity which, along with the recording of hedged
expenses, is being recycled in the statement of operations during the 2009-1Q 2013 period.  
[15] #body_ftn15   On March 28, 2012, ArcelorMittal announced that it had successfully completed
an offering to sell (through certain subsidiaries) 134,317,503 shares and warrants in respect of a
further 134,317,503 shares in Eregli Demir ve Çelik Fabrikalari T.A.S. ("Erdemir") generating
total proceeds of TRY 478,170,311 by way of a single accelerated bookbuilt offering to
institutional investors. Taking into account acquisition cost net of dividends received, the
disposal of the 6.25% stake in Erdemir was cash positive (from an accounting point of view the
transaction resulted in a gain of $0.1 billion which includes the reclassification of reserves
previously recorded in net equity).  All of the warrants matured without any being exercised
ArcelorMittal's holding today remains at approximately 18.7% and remains as an available for sale
investment.   ArcelorMittal agreed to a 365 day lock-up period on its remaining stake in Erdemir. 
[16] #body_ftn16   On April 4, 2012, ArcelorMittal Luxembourg entered into an agreement to divest
its 23.48% interest in Enovos International SA to a fund managed by AXA Private Equity for a
purchase price of EUR 330 million.  The purchase price was split with EUR 165 million payable at
closing, and the remaining portion deferred for up to two years.  Interest will accrue on the
deferred portion.  Closing of the transaction occurred on July 17, 2012, with $189 million
received for the first installment of Enovos sale price (after adjustment for dividends). Taking
into account acquisition cost net of dividends received, the disposal of the 23.48% stake in
Enovos was cash positive (from an accounting point of view the transaction resulted in a loss of
$0.2 billion). 
[17] #body_ftn17  The Company's investment in Macarthur was accounted for under the equity method.
As a result of the Company's decision to withdraw from the joint venture with Peabody Energy to
acquire ownership of Macarthur Coal, the Company recognized an impairment loss of $119 million in
the third quarter of 2011. The impairment for the full year 2011 decreased to $107 million as a
result of the increase in the sale price from AUD16.00 to AUD16.25.
[18] #body_ftn18  Foreign exchange and other net financing costs include foreign currency swaps,
bank fees, interest on pensions, impairments of financial instruments and revaluation of
derivative instruments.
[19] #body_ftn19  In October 2012, the Company announced its decision to close two blast furnaces,
a sinter plant, a steel shop and continuous casters in Liege, Belgium. 
[20] #body_ftn20  There are three categories of sales: 1) "External sales": mined product sold to
third parties at market price; 2) "Market-priced tonnes": internal sales of mined product to
ArcelorMittal facilities and reported at prevailing market prices; 3) "Cost-plus tonnes" -
internal sales of mined product to ArcelorMittal facilities on a cost-plus basis. The determinant
of whether internal sales are reported at market price or cost-plus is whether the raw material
could practically be sold to third parties (i.e. there is a potential market for the product and
logistics exist to access that market). 
[21] #body_ftn21  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.
[22] #body_ftn22  Includes back-up lines for the commercial paper program of approximately $1.3
billion (EUR1 billion).



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





 ArcelorMittal Distribution Solutions shipments are eliminated in consolidation as they primarily
represent shipments originating from other ArcelorMittal operating subsidiaries.  



[25] #body_ftn25  Operating working capital is defined as trade accounts receivable plus
inventories less trade accounts payable.
[26] #body_ftn26  Capital expenditure includes the acquisition of intangible assets (such as
concessions for mining and IT support) and includes payments to fixed asset suppliers.
[27] #body_ftn27  Average steel selling prices are calculated as steel sales divided by steel
shipments.
[28] #body_ftn28  Shipments originating from a geographical location.
[29] #body_ftn29  Includes Tubular products business.
[30] #body_ftn30  Commercial paper is expected to continue to be rolled over in the normal course
of business.
[31] #body_ftn31  Gearing is defined as (A) 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), divided by (B) total equity.



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