Mines & Money conference

A growth story

21 March 2012 Peter Kukielski, GMB Member, Chief Executive Mining

Mont Wright, Canada Mont Wright, Canada

1

Disclaimer

Forward-Looking Statements

This document may contain forward-looking information and statements about

ArcelorMittal and its subsidiaries. These statements include financial projections and estimates

and their underlying assumptions, statements regarding plans, objectives and expectations with

respect to future operations, products and services, and statements regarding future performance.

Forward-looking statements may be identified by the words “believe,” “expect,” “anticipate,”

“target” or similar expressions. Although ArcelorMittal’s management believes that the

expectations reflected in such forward-looking statements are reasonable, investors and holders

of ArcelorMittal’s securities are cautioned that forward-looking information and statements are

subject to numerous risks and uncertainties, many of which are difficult to predict and generally

beyond the control of ArcelorMittal, that could cause actual results and developments to differ

materially and adversely from those expressed in, or implied or projected by, the forward-looking

information and statements. These risks and uncertainties include those discussed or identified in

the filings with the Luxembourg Stock Market Authority for the Financial Markets (Commission de

Surveillance du Secteur Financier) and the United States Securities and Exchange Commission

(the “SEC”) made or to be made by ArcelorMittal, including ArcelorMittal’s Annual Report on Form

20-F for the year ended December 31, 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.

2

Today’s agenda

• Overview and strategy

• Core strengths

• Iron ore growth plan to 100MT and beyond

• Baffinland

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Fre

qu

en

cy R

ate

ArcelorMittal Anglo Xstrata Rio Tinto Vale Barrick Newmont

3

Relentless focus on safety

* IISI-standard: Fr = Lost Time Injuries per 1.000.000 worked hours; based on own personnel and contractors

Safety remains the No1 priority for ArcelorMittal

ArcelorMittal Mining segment injury frequency rate*

relative to peers

ArcelorMittal Group injury frequency rate*

(Steel and Mining)

– Mining Segment Safety performance has

also improved significantly

– Trending towards world class standards

– Group Health and safety performance has

improved significantly since 2007

– LTIF rate has more than halved and group is on

track for 2013 objectives

Long term safety targets trending towards world class

3.1

2.5

1.9 1.81.4

1.0

0.0

0.4

0.8

1.2

1.6

2.0

2.4

2.8

3.2

2007 2008 2009 2010 2011 2013

3.1

2.5

1.9 1.81.4

1.0

0.0

0.4

0.8

1.2

1.6

2.0

2.4

2.8

3.2

2007 2008 2009 2010 2011 2013

4

Core strengths of ArcelorMittal

ArcelorMittal in a strong position to respond to evolving markets

Consistent

Strategy

Quality core assets

Sustainable

Returns

Leader in auto Steel

World-class Mining

Cost Improvement

Stronger Balance Sheet

374

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37 35 3531

23 23 22 2219 18 18 17 16 16 15 14 14 13 13

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5

Diversified leader in steel & mining

4th Largest iron ore producer (2011 MT)

Largest steel producer (2010 crude steel mt)

Steel companies

Diversified steel business (by product and geography) with rapidly expanding mining operations

ArcelorMittal Steel business

• World’s No1 steel producer (~ 6% of world crude steel

output)

• 2011 EBITDA of US$10.1bn; only ~40% generated from

steel business in Europe and North American

• Balanced portfolio of cost-competitive assets in both

developed and developing markets (No1: EU; N Am; Africa,

LatAm, CIS)

• Broad range of high-quality finished and semi-finished

carbon steel products; Outstanding distribution networks

• Global presence unrivalled knowledge base and

benchmarking

ArcelorMittal Mining business

• 2011 EBITDA of $3.1bn based on 28Mt iron ore and 4.9Mt of

coal shipped at market prices

• Represents ~30% of Group EBITDA in 2011

• 4th largest iron ore producer;

• Low 2nd-quartile cash cost for iron ore

• World-class iron ore reserve and resource

• Leverage ArcelorMittal managements entrepreneurial spirit

which has built the No 1 steel company,

• Operate in difficult political and geographical environments

• Developing commercial network

Note: Iron ore production from latest public information

Segmental EBITDA (US$mn)

-1000

100200300400500600700800900

1000

FCA FCE Long AACIS AMDS Mining

Q4'10 Q1'11 Q2'11 Q3'11 Q4'11

Mining reported separately since Q1 2011

• All raw materials consumed from ArcelorMittal mines that could practically be sold outside the Group are now transferred internally at market prices

• Production from “captive” mines (limited by logistics or quality) continues to be transferred at cost-plus to our steel facilities

• Mining segment reported 2011 EBITDA of $3.1bn based on 28Mt iron ore and 4.9Mt of coal shipped at market prices (internally and externally)

• Mining segment represents ~30% of Group EBITDA in 2011

• Steel segments are now more comparable on a like-for-like basis driving performance improvement

New Mining segmentation promotes improved operating decisions and optimal capital allocation

6

Flat North America

17%

Long North America

1%

Long Europe

5%

Long South

America

10%

AACIS

13%

Mining

31%

Flat Europe

15%

Flat South America

5%

Distribution

3%

Segmental EBITDA 2011

Significant contribution to group EBITDA; more stable than steel EBITDA

Mining business vision

Vision:

'To create shareholder value through operational excellence

and profitable growth while caring for the environment and

our people'

7

Geographically diversified mining assets

South Africa

Iron Ore**

* Includes share of production

** Includes purchases made under July 2010 interim agreement with Kumba (South Africa)

Mining business portfolio

Key assets and projects

USA Iron Ore

Minorca 100%

Hibbing 62%*

Mexico Iron Ore

Las Truchas &

Volcan 100%;

Pena 50%* Liberia

Iron Ore 70%

Algeria

Iron Ore

70%

Brazil

Iron Ore

100%

New projects /

exploration

Existing mines

Mauritania

Iron Ore

exploration

license

Canada

AMMC 100%

Bosnia

Iron Ore

51%

USA Coal

100%

South Africa

Manganese

50%

Indian Iron

Ore & Coal

exploration

license

Ukraine

Iron Ore

95%

Kazakhstan

Coal

8 mines 100%

Kazakhstan

Iron Ore

4 mines 100%

Russian Coal

98.3%

Iron ore mine

Non ferrous mine

Coal mine Coal of Africa

15.98%

Canada

Baffinland 70%

8

Extensive iron ore reserve base

(1) Iron ore reserve estimates for Eastern Europe (Bosnia) and CIS (Ukraine and Kazakhstan) are reported only as aggregated proven and probable reserves as the methodology used in these countries (CIS standards) to estimate the exact degree of assurance and delimitation between the two categories cannot be fully defined.

Total iron ore reserves of 3.8 billion metric tonnes

• These reserves constitute the foundation of our life of mine plans including our planned growth strategy

• A very significant resource base that will constitute the basis for additional potential growth and ensure the

sustainability of our operations

Ukraine

8%

Brazil

3%

Liberia

0%

Bosnia

1%

Kazakshtan

5%

Mexico

8%

USA

14% Canada

61%

Iron ore reserves as at December 31, 2011

9

Millions of Tonnes % Fe

Americas and Africa

Canada (excluding Baffinland) 1,965 28.8

Baffinland – Canada 375 64.7

Minorca – USA 159 23.1

Hibbing – USA 387 19

Mexico (excluding Peña Colorada) 108 31

Peña Colorada – Mexico 182 27

Brazil 131 57.8

Liberia 14 59.5

Sub-Total 3,321 32.7

Eastern Europe and Central Asia(1)

Millions of Tonnes % Fe

Bosnia 35 45.8

Ukraine Open Pit 268 34

Ukraine Underground 25 55

Kazakhstan Open Pit 154 40.1

Kazakhstan Underground 37 42.2

Sub-Total 519 38.2

Total 3,840 33.4

Total Ore Reserves

As at December 31, 2011

10

Comparable margin to peers

ArcelorMittal Mining is competitive on cost and quality

Mining EBITDA (US$mn)

0

500

1000

1500

2000

2500

3000

3500

2008 2009 2010 2011

Iron Ore EBITDA margin FY2011*

0%

20%

40%

60%

80%

Produce

r 1

Produce

r 2

Produce

r 3

Produce

r 4

Produce

r 5

Arcel

orMitt

al*

* Notes: ArcelorMittal EBITDA margin based on market-priced tonnes (i.e. excludes cost-plus tonnes from Revenue and EBITDA); “Producers” include BHP, Fortescue, Kumba, Rio Tinto

and Vale. Competitor data sourced from public information and has been prepared on a comparable periodic basis.

Core strengths

Strong leadership team

Significant reserve and resource base with tier 1 bias

Scalable infrastructure

Leverage steel knowledge for right products

Competitive position in terms of cost and product quality

World class project control and management

Knowledge from operating in diverse political & geographical environments

Core strengths support development of a world class business

11

Able to leverage entrepreneurial

spirit of ArcelorMittal Management

Appetite for challenging

opportunities: risk/reward

strategy

12

Excellent global marketing footprint

Commercial strategy:

Right product for the right market

Build a globally trusted brand

Position as preferred alternative to

otherwise concentrated iron ore and

coal market supply

Building a balanced portfolio of

global high quality customers

Build 'customer driven‘ culture in

mining assets

Applying a commercial market

approach to M&A and greenfield

growth options

Right product and right quality to

market

Global sales reach

Belo

Horizonte,

Brazil

Shanghai,

China

Luxembourg

Sales office

Geographical spread

Commercial approach

Growth plan

Upgraded railway line linking mine with port at Liberia Mont Wright, Canada,

14

Industry leading growth pipeline

ArcelorMittal iron ore production growth plan (KT)

Marketable production

Cost-plus production

ArcelorMittal 2015 iron ore growth plans on track

0

10000

20000

30000

40000

50000

60000

70000

80000

90000

2010 2011 2012F 2013F 2014F 2015F

Cost plus tonnage Marketable tonnage

97%

Growth

41%

Growth

ArcelorMittal iron ore growth plan (MT)

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5

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14

84

0

20

40

60

80

100

2011 Operational

effeciency

Brow nfield Greenfield 2015 plan

Canada /

Brazil

Liberia Phase

1 & 2

• Target 10% production growth in 2012 for iron ore

• Strategic contracts forecast of 16Mt by 2015

• Target iron ore ~100MT by 2015 (incl. strategic contracts)

0

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200

ArcelorMittal

Planned growth

Tier 1 Brazil Tier 1 West Africa Tier 1 Australia Tier 1 Australia

ArcelorMittal’s cost of adding iron ore production capacity is comparable to other major producers

With good project returns

* Sources: Arcelormittal estimates and Citi Group estimates based on publicly available information

•Excluding planned greenfield projects (such as Baffinland) and investment in expanding the pellet plant at AMMC which has not yet been committed to.

Note: Operating unit costs shown are on a FOB basis

Estimated capital costs of key planned growth

projects* in the iron ore industry (US$/t)

15

Iron ore production and operating unit cost

(Index base 100=2011)

• Investments in AMMC and Liberia would improve the cost position of iron ore (excluding Baffinland)

• 2015 iron ore cash costs expected to be ~20% lower than 2011 (constant $ basis)

• ArcelorMittal’s iron ore growth projects are competitively placed in terms of capex intensity

• And are well placed on the cost curve

• This means that project returns are attractive even under conservative long-term price assumptions

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160

2011 2012 2013 2014 2015

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130

140

150

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Iron ore production Operating unit cost

Project status

Liberia railway

Canada development

17

Canada expansion progressing

Domestic

supply

Canada

(AMMC)

AMMC pellet and concentrate production (Million MT)

Potential new market

Primary target market ArcelorMittal Mines Canada (AMMC)

Iron ore mine

Strategic trial in

high growth market

of Middle East and

South East Asian

market

– 2012 market transition

– Strategic trials in growth markets of Middle East and Asia to meet 2013 production growth

Canada commercial approach

9 9

6

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5

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25

2011 2013F

Concentrate

Pellet

`

Liberia development

18

Liberia development on track with additional market opportunities under study

Liberia Strategic trials in

high growth market

of South East Asian

market

Liberia greenfield planned expansion (Million MT)

Liberia commercial development approach Liberia development

Primary target market

Potential new market

Iron ore mine Iron ore mine

• Phase 1: 4 mtpa DSO

– Commercial ramp up H1 2012.

Trials at selected ArcelorMittal Steel

European plants and a range of

Chinese mills

– Build portfolio of long term

contracts which can be transitioned

into higher grade Phase 2 product

supply from 2015

– Once base customers established,

develop offshore cape loading

• Phase 2: 15 mtpa concentrate from 2015

– Develop long term supply contracts

to sinter plants

– Studying opportunities to extend

market reach 1

4

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4

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12

16

2011 2012F 2015F

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180

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Base Planned efficiciency gains Planned Brownfield Planned Greenfield

Potential efficiency gains Potential Brownfield Potential Greenfield

Potential growth beyond current plan

Potential internal growth supported by pipeline of brownfield and greenfield projects

Planned and potential iron ore growth targets (million metric tonnes) (Excluding strategic contracts)

Potential brownfield and greenfield projects under study

2015 iron ore target of 84MT (excluding “potential” projects and strategic contracts)

19

Baffinland’s Mary River Project feasibility study

progressing

Background

• In partnership with Nunavut, ArcelorMittal has acquired a controlling interest in Baffinland; ArcelorMittal holding is 70%

• Baffinland owns the Mary River project, a tier-1 iron ore resource in northern Canada

Product:

• High Grade: Fe 66%, Phos 0.03, SiO2 2.4%, Al2O3 1.2%

• Significant and scalable resource

• High quality direct shipping iron ore

• Aggressive expansion plan

• Outstanding chemical, metallurgical and handling characteristics

• No washing, concentrating, jigging; crushing & screening only

• 75% of output to be DSP: Direct Shipping Pellet

and 25% Premium Sinter Fines ore

Progress

• Feasibility study underway

• Ongoing environment discussions

Commercial Strategy:

• Build customer base in Atlantic and Pacific growth markets

• Optimise customer and market mix based on logistics and value in use for stable long term demand

• Price products to reflect full value in use premia

Acquisition of Baffinland demonstrates ArcelorMittal’s commitment to building a

world-class mining business

Baffin Island overview

Baffin

Bay

Foxe Basin

Baffin

Island

Mary River

mine site Proposed railway

alignment

Steensby

inlet camp

and proposed

port

Steensby Rotterdam = 3100 nautical miles

20

Lupin

Jericho

Boston

Snap Lake Mine

George Lake

Meliadine

Diavik MineEkati Mine

Kubaka

Rankin Inlet

Fort Knox Mine

Oktybar(Norlisk)

Nanisivik

Meadowbank

Cullaton Lake

Ulu

Cambridge Bay

Polaris

Iqaluit

Black Angel

Kittila

Kupol

Julietta

Red Dog Mine

Raglan Mine

Voisey's Bay

Spitsbergen Coal Mines

Project Location and Arctic Operations

• Arctic mining proven

through success of

many other operations

• Ice-strengthened bulk

carriers have been

operated for decades

(e.g. Xstrata’s MV Arctic

and Vale’s Umiak 1)

North

Pole

Mary River

Arctic Circle

21

22

Baffinland’s Sale Products

Expected iron ore characteristics of the initial 10 years of

production

DSP:

Fines:

• 66% Fe, 2.4-2.8% SiO2, 1.2% Al2O3, 0.03% P, < 0.1% S

• (75% of output)

• Excellent physical and metallurgical attributes

• Deposit mapped metallurgically to see DSP that is consistent and predictable in blast furnace

• Lump (DSP)/Fines ratio is estimated to be 75%/25% over life of production over life of operations; actual percentage may be greater ~80% however production will ensure stable sales ouput

• ~65-66% Fe, ~2.8-3.4% SiO2, 1.2% Al2O3, 0.03% P, < 0.1% S

• (25% of output)

• Screened analysis (+6.3mm; -6.3mm) on ~350 composite samples thus far indicates lump and fines have ~very similar chemistry; fines average size = 3 to 4 mm

• However, lower Fe content seen in bulk sample; so assumption is that fines will be slightly lower grade with somewhat higher silica

Phase 2 Phase 1

23

Building a world-class mining business

Future not limited by geography or commodity

Commercial: developing product and customer base

44Mt

84Mt

6Mt

11Mt

?

?

Growth: Brownfield development; leveraging infrastructure

Commercial: supplier of choice

Growth: Greenfield construction; brownfield options; M&A

Strategy: leverage competencies; potential diversification

2008 2015

Iron ore

Coking coal

24

Recap

ArcelorMittal is building a world class mining business and is growing rapidly

• We are Customer Focused: We have a range of competitive iron making raw

material assets in varied geographies and a wide range of products

• We are Independent: in an otherwise concentrated Iron making raw materials

supply side

• We are Strong: Funding a strong maintenance and growth capex program to

continue to deliver sustainable production growth

• We are Growing: the right products for target markets at the right cost

• We are building a World-class mining business: We have abundant, high

quality iron ore resources, good project returns and a strong global team to

execute our market-driven commercial strategy

Appendix

Coal** (million tonnes)

0

2

4

6

8

10

2008 2009 2010 2011

Shipped at "Market price" Shipped at "Cost-plus"

Iron Ore* (million tonnes)

0

10

20

30

40

50

60

2008 2009 2010 2011

Shipped at "Market price" Shipped at "Cost-plus"

26

Mining volumes are growing

ArcelorMittal Mining business

• Create world class mining operations

• Ensure appropriate capital allocation for mining business

for long term sustainability and growth

• Focus on mine safety, mine planning, quality, expansion,

capex and logistic

• Ensuring world class project control and management

systems

Mining benefited from higher shipments and higher market prices

Definitions: “Market priced” tonnes represent amounts of iron ore or other raw materials from ArcelorMittal mines that could be sold to third parties on the open market. Market priced tonnes that are not sold to third parties

are transferred from the Mining segment to the Company’s steel producing segments at the prevailing market price. Shipments of raw materials that do not constitute market price tonnes are transferred internally on a cost-

plus basis.

* Excludes strategic contracts; ** Excludes thermal coal

+11% growth

+45% growth

Mining EBITDA (US$mn)

0

500

1000

1500

2000

2500

3000

3500

2008 2009 2010 2011

Geographically diversified

Coal business

Key assets and projects for coal business

New projects

Existing mines

USA Coal

100%

Indian

Iron Ore &

Steam Coal

Kazakhstan

Coal

8 mines 100%

Russian Coal

100%

Coal mine

Coal of Africa

15.98%

interest

27

Coal production expansion 2015 (Mt)

10% coal production target increase for 2012

7.08.4

11.0

0

4

8

12

2010 2011 2015F

`

New projects

Existing mines

New projects

Coal mine

Existing mines

New projects

Coal mine

Existing mines

New projects

Reserve definitions

Notes on mineral resource and ore reserve estimates

The ore reserve estimates have been prepared in compliance with both the SEC and

NI43-101 requirements. Ore reserve estimates were prepared by competent professional

engineers and geologists based on feasibility studies for greenfield projects and on pre-feasibility

study level of engineering for existing operations to demonstrate that they can be economically

extracted and sold at commercial rate. A commodity price not higher than the last historical three-

year average realized price has been used in any reserve or cash flow analysis used to designate

reserves. There is no evidence that the company could not obtain all the required governmental

permits and environmental authorizations to conduct the mining operations as currently planned.

28