Arcelormittal-Q212-Model.xls

Page 1 of 16 document.xlsModel Guide

Introduction to the ArcelorMittal simplified model

How to build the ArcelorMittal simplified model

(ii) Further study and analysis of the global steel and mining sector is also recommended

(iv) The comment and additional information section should help in filling the orange boxes

Investor Relations

Private Investors

Analysts and Investors

Socially Responsible Investors

Credit and Fixed Income Investors

Contact information ArcelorMittal Investor Relations

ArcelorMittalInvestor Relations19, avenue de la LibertéL-2930 Luxembourg

Dedicated Investor Relations teams are at the disposal of analysts and investors:

E-mail Telephone + 1 312 899 3569

00800 4792 4792 (toll-free, from the EU and Switzerland)+ 352 4792 2652 + 44 203 214 2854+ 33 1 7192 1026

(i) The purpose of the ArcelorMittal's "simplified model" is to help investors (including buy-side analysts and fund managers) who cover or have invested in the group.

(ii) The "model" has been designed to allow users to make simple estimates and valuations using information previously disclosed by ArcelorMittal.

(iii) The Model has been simplified to allow efficient time allocation for investors (including buy-side analysts and fund managers).

(iv) The Model can be developed and expanded for further analysis and improved evaluation. Some suggestion and options for improvement have been provided.

(v) The data / information included in the Model have been already disclosed in different ArcelorMittal publications (i.e. fact book, earning release, investor presentation…) and are available on the ArcelorMittal web-site.

(i) Before using the ArcelorMittal model, users are recommended to study and analyse the group's facts and strategies by using investor presentations, annual reports, 20-F, Fact book.

(iii) Once ready, investors / buy-side analysts and fund managers should fill the orange boxes in the Divisional, P&L, Cash flow and Balance Sheet worksheets

By implementing high standards of financial information disclosure and providing clear, regular, transparent and even-handed information to all its shareholders, ArcelorMittal aims to be the first choice for investors in the sector.

To meet this objective and provide information to fit the needs of all parties, ArcelorMittal has decided to implement an active and broad communications policy: road shows with the financial community, conference calls, plant visits, meetings with retail and private investors, a virtual meeting and conference centre on Second Life and a website featuring management comments on quarterly, half-year and full-year results.

ArcelorMittal’s senior management intends to meet private investors and shareholder associations in road shows throughout 2009. In order to improve the communication and debate with its private investors, ArcelorMittal has opened a virtual meeting and conference centre on Second Life. The ArcelorMittal virtual meeting and conference centre enables investors to have access to Group documentation, corporate videos, discuss in real time with company representatives or other shareholders present on the location or leave questions in the dedicated question box. This is also the optimal location to arrange interactive Group presentations and courses. A dedicated toll free number for private investors is available at 00800 4792 4792. Requests for information or meetings on the virtual meeting and conference centre may also be sent to: [email protected]

As the world's leading steel company and major investment vehicle in the steel sector, ArcelorMittal constantly seeks to develop relationships with financial analysts and international investors. Depending on their geographical location, investors may use the following e-mails:[email protected]@arcelormittal.com

The Investor Relations team is also a privileged source of information the growing Socially Responsible Investment community. The team organizes special events on ArcelorMittal's Corporate Responsibility strategy and answers all requests for information sent to the Group ([email protected]).

Credit, Fixed Income Investors and rating agency are followed by a dedicated team from Investor Relations ([email protected]).

[email protected] [email protected] + 352 4792 2652

[email protected] [email protected] [email protected] To subscribe to ArcelorMittal releases and results, visit the subscription page.

the filings with the Netherlands Authority for the Financial Markets and the Securities and Exchange Commission (“SEC”) made or to be made by ArcelorMittal including Mittal Steel’s Annual Report on Form 20-F 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.

mailto:[email protected]










http://www.arcelormittal.com/index.php?lang=en&page=474

Terms of referenceThese formulas used in the model have been provided as a start-up kit for analysts and they have flexibility

to modify or change these definitions to suit their methodology and comparability,etc.

The segmental information provided contain rounding differences from previous published information.

Definitions

Sales Sales include steel and non-steel sales and related transportation costs

Average steel selling prices Average steel selling prices are based on steel sales alone

Apparent steel selling prices Apparent steel selling prices are sales divided by steel shipments

Steel products “steel products” are to finished and semi-finished steel products and exclude direct reduced iron, or DRI;

Tonnes or MT “tonnes” or “MT” are to metric tonnes and are used in measurements involving iron ore, iron ore pellets,

DRI, hot metal, coke, coal, pig iron and scrap (a metric tonne is equal to 1,000 kilograms or 2,204.62 pounds);

Crude steel “crude steel” are to the first solid steel product upon solidification of liquid steel, including ingots from

conventional mills and semis (e.g., slab, billet and blooms) from continuous casters;

EBITDA EBITDA is defined as operating income plus depreciation

Ebitda margin Ebitda margin is defined as EBITDA divided by Sales

Operating margin Operating margin is defined as Operating Income divided by Sales

Long-term contracts Long-term contracts are defined as contracts entered into which are in excess of 12 months

Strategic contract Strategic contract is defined as a contract that has business conditions better then open market in long-term

Operating income per tonne Defined as operating income divided by steel shipments

Enterprise Value (EV) Calculated as market capitalization plus net financial debt plus minority interest less investments/others

Invested Capital (IC) Calculated as intangibles assets plus PPE plus inventory, trade accounts receivable and trade account payables

ROIC (%) Calculated as operating income after tax divided by invested capital

RoE (%) Calculated as net income divided by group share of shareholders equity

Market capitalization Calculated as weighted average common shares outstanding multiplied by share price

Metric tonne All shipments figures are provided in metric tonnes

Few suggestions for improving model

Production & Shipment (i) Crude steel production data can be modeled for monitoring and estimation of internal inventory and productivity

(ii) Shipment by market (N. America, exports, S. America) can be modeled for monitoring and estimation of volume

and revenue

(iii) Growth/value added investment published in value plan and quarterly results can be added to model for monitoring

and estimation of volume and revenue growth

(iv) Macro-economic data and sector data (Automotive, construction…) can be added to model for monitoring/ estimation

of demand and market share

Steel price and currency (i) Future direction on prices can be modeled using steel prices published by external provider (SBB, MB, CRU, MEPS…)

(ii) Currency (BRL, CAD…) data can be added to model for monitoring and estimation of selling price and cost in USD

Sales & revenue (i) Steel sales can be calculated by multiplying steel shipments by average steel price

(ii) Non steel sales can be calculated by making the difference between total sales and steel sales

Raw materials (i) External sources of information on prices of iron ore, scrap, coal, gas, base metals and other raw materials data

can be added to model for monitoring and estimation of variable cost

Employee (i) Employee data can be added to model for monitoring and estimation of productivity improvement and fixed costs

Synergy and management gain (i) Synergies and management gains data can be estimated to measure the impact on cost reduction

CAPEX (i) CAPEX data can be added to model for monitoring and estimation of growth and depreciation

Restatement of the segment figures of prior periods based on the 2008 GMB segment changes

Methodology used:In each segment the contribution of the entities who changed segment where taken.When leaving the scope the their contribution would be -/- and when entering the scope it would be +/+.Based on this the delta of the changes by each segment where taken.The delta of the changes would be added to the originally reported segment information to get the restated figures.Assumption in the restatement is we will not take into account effect on intercompany eliminations

FCAIN

OUT Dofasco Pipes & TubesCanada Flat

FCE IN Annaba FlatSkopjeGalati Long

OUT Paul Wurth

LONG IN Annaba LongSonasidZenicaCanada FlatPipes & Tubes

OUT Wire Solutions*Galati Long

AACIS*** IN Paul Wurth

OUT AnnabaSkopjeSonasidZenicaPipes & Tubes

Stainless No change

AM3S IN Wire Solutions*

Other***

* Wire Solutions consists for ex-Mittal of Gandrange Wire drawing + TrefilEurope.As data for Gandrange Wire drawing is missing for 2005 & 2006 we have taken based on the 2007 split 10% of full Gandrange contribution as Wire drawing

** Changes in the mining activity have not been reclassed (Tebessa, Prijedor)*** Changes in the trading activity of Duba have not been reclassed

Name change

As from 1.1.10 AM3S changed name to Distribution Solutions

Changes to the mining segmentation as from 1.1.11

Recast segmental data for 2008FY, 2009 and 2010 quarterly

Basic objective of the mining as a separate segmentation:

Basic Principles that will be applied for mining as a separate segmentation:

–Iron Ore:

–Coal:

–Create world class mining operations for AM –Price externally marketable Iron Ore and Coal to steel units at market price –Steel to be competitive on a stand alone basis –Ensure appropriate capital allocation for mining business for long term sustainability and growth –Focus on mine safety, mine planning, MRMR, quality, expansion, capex and logistics –Ensuring world class project control and management systems

•Iron ore not considered marketable due to quality and/or logistic constraints will continue to be transferred at cost (Andrade, Temirtau, Bosnia, Algeria, Ukraine Underground, Cliff, Kumba and large part of combined Hibbing and Minorca). •Simultaneously work on addressing the issues of logistic, quality and market for these mines. •Marketable ores from other mines to be priced with reference to quarterly Vale prices (benchmark China CFR prices adjusted for sea freight, Fe% and other costs/penalties).

•Kuzbass and Princeton coal to be priced with reference to relevant market price for both internal and external customers •Kazakhstan coal – Surplus volume of 1 mln ton to be priced to customers (internal/external) at market price and we will work on addressing the issues of logistics and market for rest of the volume

Page 5 of 16 document.xlsFCA

FLAT CARBON AMERICAS (FCA)New segmentation and recast data

Steel Shipment (000t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 2005 2006 2007 2008 2009

Steel Shipment 5,271 5,346 4,979 5,432 5,563 5,520 5,708 5,458 5,672 5,735 28,259 29,960 26,862 25,810 25,810 16,121

Change 9.0% 1.4% -6.9% 9.1% 2.4% -0.8% 3.4% -4.4% 3.9% 1.1% -100.0% #DIV/0! n/a 6.0% -10.3% -3.9% 0.0% -37.5%

Crude Steel Production (000t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 2005 2006 2007 2008 2008 2009

Crude Steel Production 5,679 5,854 5,932 5636 6,063 6,277 5,866 6,009 6,249 6,014 n/a n/a 30,309 26,476 26,476 16,556

Change 5.1% 3.1% 1.3% -5.0% 7.6% 3.5% -6.5% 2.4% 4.0% -3.8% -100.0% #DIV/0! n/a n/a n/a -12.6% 0.0% -37.5%

Selling price (USD/t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 2005 2006 2007 2008 2008 2009

Steel products & Other 773 868 883 842 888 1,009 963 922 929 934 #DIV/0! #DIV/0! 739 730 813 1,047 1,047 827

Change -8.1% 12.2% 1.7% -4.6% 5.5% 13.6% -4.5% -4.3% 0.8% 0.6% #DIV/0! #DIV/0! n/a -1.2% 11.3% 28.8% 0.0% -21.0%

Steel products 722 810 826 769 830 961 910 868 886 881 n/c n/c n/c 920 920 698

P&L (USDm) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 2005 2006 2007 2008 2008 2009

Sales 4,077 4,640 4,394 4573 4,939 5,567 5,499 5,030 5,270 5,359 20,895 21,878 21,839 27,031 27,031 13,340

Change 0.2% 13.8% -5.3% 4.1% 8.0% 12.7% -1.2% -8.5% 4.8% 1.7% -100.0% #DIV/0! n/a 4.7% -0.2% 23.8% 0.0% -50.6%

EBITDA 361 657 379 158 528 924 420 237 632 474 3,632 3,593 4,104 5,834 5,834 1,119

Change -31.1% 82.0% -42.3% -58.3% 234.2% 75.0% -54.5% -43.6% 166.7% -25.0% -100.0% #DIV/0! n/a -1.1% 14.2% 42.2% 0.0% -80.8%

Depreciation and amortisation 210 216 213 225 221 227 227 236 225 229 982 984 940 1,228 1,228 1,170

Change -39.0% 2.9% -1.4% 5.6% -1.8% 2.7% 0.0% 4.0% -4.7% 1.8% -100.0% #DIV/0! n/a 0.2% -4.5% 30.6% 0.0% -4.7%

Operating income / loss 151 441 166 -67 307 697 193 1 407 245 2,650 2,610 3,164 2,524 2,524 -757

Change -16.1% 192.1% -62.4% -140.4% -558.2% 127.0% -72.3% -99.5% 40600.0% -39.8% -100.0% #DIV/0! n/a -1.5% 21.2% -20.2% 0.0% -130.0%

Other operating expenses/exceptional 0 0 0 0 0 2082 2082 706

Margin and Ratio 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 2005 2006 2007 2008 2008 2009

EBITDA Margin (%) 8.9% 14.2% 8.6% 3.5% 10.7% 16.6% 7.6% 4.7% 12.0% 8.8% #DIV/0! #DIV/0! 17.4% 16.4% 18.8% 21.6% 21.6% 8.4%

Operating margin (%) 3.7% 9.5% 3.8% -1.5% 6.2% 12.5% 3.5% 0.0% 7.7% 4.6% #DIV/0! #DIV/0! 12.7% 11.9% 14.5% 9.3% 9.3% -5.7%

Cash cost (USD/t) 705 745 806 813 793 841 890 878 818 852 #DIV/0! #DIV/0! 611 610 660 821 821 758

Operating income per ton (USD/t) 29 82 33 -12 55 126 34 0 72 43 #DIV/0! #DIV/0! 94 87 118 98 98 -47

2008 Old basis

Page 6 of 16 document.xlsFCE

FLAT CARBON EUROPE (FCE)New segmentation and recast data

Steel Shipment (000t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 2005 2006 2007

Steel Shipment 6,856 7,540 6,521 6,593 7,384 7,166 6,385 6,188 7,461 6,771 30,709 33,111 35,641 33,512

Change 7.0% 10.0% -13.5% 1.1% 12.0% -3.0% -10.9% -3.1% 20.6% -9.2% -100.0% #DIV/0! n/a 7.8% 7.6% -6.0%

Crude Steel Production (000t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 2005 2006 2007 2008

Crude Steel Production 7,406 8,507 7,107 7,006 7,631 7,870 7,390 6,619 7,182 7,143 38,397 34,338

Change -0.1% 14.9% -16.5% -1.4% 8.9% 3.1% -6.1% -10.4% 8.5% -0.5% -100.0% #DIV/0! n/a #DIV/0! #DIV/0! -10.6%

Selling price (USD/t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 2005 2006 2007 2008

Steel products & Other 857 874 961 1,034 1,058 1,193 1,205 1,132 1,035 1,067 #DIV/0! #DIV/0! 812 833 980 1,143

Change -7.5% 2.0% 10.0% 7.6% 2.3% 12.8% 1.0% -6.1% -8.6% 3.1% #DIV/0! #DIV/0! n/a 2.5% 17.7% 16.6%

Steel products 757 776 855 907 928 1,026 1,021 954 861 884 n/c n/c n/c 1018

P&L (USDm) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 2005 2006 2007 2008

Sales 5,875 6,590 6,268 6,817 7,812 8,551 7,696 7,003 7,719 7,223 24,935 27,567 34,924 38,300

Change -1.0% 12.2% -4.9% 8.8% 14.6% 9.5% -10.0% -9.0% 10.2% -6.4% -100.0% #DIV/0! n/a 10.6% 26.7% 9.7%

EBITDA 460 560 452 543 471 636 367 26 130 381 4,153 3,863 5,562 6,448

Change -30.0% 21.7% -19.3% 20.1% -13.3% 35.0% -42.3% -92.9% 400.0% 193.1% -100.0% #DIV/0! n/a -7.0% 44.0% 15.9%

Depreciation and amortisation 370 338 372 401 365 391 473 452 358 359 974 1,046 1,415 1,924

Change -13.3% -8.6% 10.1% 7.8% -9.0% 7.1% 21.0% -4.4% -20.8% 0.3% -100.0% #DIV/0! n/a 7.4% 35.3% 36.0%

Operating income / loss 90 222 80 142 106 245 -106 -569 -284 -154 3,179 2,817 4,147 2,773

Change -60.9% 146.7% -64.0% 77.5% -25.4% 131.1% -143.3% 436.8% -50.1% -45.8% -100.0% #DIV/0! n/a -11.4% 47.2% -33.1%

Other operating expenses/exceptional 143 56 176 1751

Margin and Ratio 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 2005 2006 2007 2008

EBITDA Margin (%) 7.8% 8.5% 7.2% 8.0% 6.0% 7.4% 4.8% 0.4% 1.7% 5.3% #DIV/0! #DIV/0! 16.7% 14.0% 15.9% 16.8%

Operating margin (%) 1.5% 3.4% 1.3% 2.1% 1.4% 2.9% -1.4% -8.1% -3.7% -2.1% #DIV/0! #DIV/0! 12.7% 10.2% 11.9% 7.2%

Cash cost (USD/t) 790 800 892 952 994 1,105 1,148 1,128 1,017 1,010 #DIV/0! #DIV/0! 677 716 824 950

Operating income per ton (USD/t) 13 29 12 22 14 34 -17 -92 -38 -23 #DIV/0! #DIV/0! 104 85 116 83

2008 Old basis

Page 7 of 16 document.xlsLC

LONG CARBON (LC)New segmentation and recast data


Steel Shipment 5,694 5,984 5,772 5,698 5,872 6,167 5,984 5,846 5,738 5,839 23,141 24,896 28,389 27,115

Change 8.9% 5.1% -3.5% -1.3% 3.1% 5.0% -3.0% -2.3% -1.8% 1.8% -100.0% #DIV/0! n/a 7.6% 14.0% -4.5%


Crude Steel Production 5,738 6,015 5,472 5,325 6,059 6,414 5,611 5,474 5,785 5,885 27,015 25,198

Change 7.1% 4.8% -9.0% -2.7% 13.8% 5.9% -12.5% -2.4% 5.7% 1.7% -100.0% #DIV/0! n/a #DIV/0! #DIV/0! -6.7%


Steel products & Other 837 914 955 977 1,003 1,081 1,116 1,015 1,004 976 #DIV/0! #DIV/0! 719 745 952 1,190

Change -4.4% 9.2% 4.5% 2.3% 2.6% 7.7% 3.2% -9.0% -1.1% -2.8% #DIV/0! #DIV/0! n/a 3.6% 27.9% 25.0%

Steel products 728 808 832 837 902 973 967 906 910 885 n/c n/c n/c 1055


Sales 4,766 5,468 5,514 5,567 5,889 6,664 6,676 5,936 5,763 5,698 16,639 18,544 27,035 32,268

Change 4.1% 14.7% 0.8% 1.0% 5.8% 13.2% 0.2% -11.1% -2.9% -1.1% -100.0% #DIV/0! n/a 11.4% 45.8% 19.4%

EBITDA 480 677 603 315 480 610 438 338 437 564 2,604 3,558 5,074 6,678

Change -0.4% 41.0% -10.9% -47.8% 52.4% 27.1% -28.2% -22.8% 29.3% 29.1% -100.0% #DIV/0! n/a 36.6% 42.6% 31.6%

Depreciation and amortisation 257 263 264 287 270 252 253 408 281 231 564 570 993 1,725

Change -54.2% 2.3% 0.4% 8.7% -5.9% -6.7% 0.4% 61.3% -31.1% -17.8% -100.0% #DIV/0! n/a 1.1% 74.2% 73.7%

Operating income / loss 223 414 339 28 210 358 185 -107 110 333 2,040 2,988 4,081 4,154

Change -382.3% 85.7% -18.1% -91.7% 650.0% 70.5% -48.3% -157.8% -202.8% 202.7% -100.0% #DIV/0! n/a 46.5% 36.6% 1.8%

Other operating expenses/exceptional 0 0 0 0 0 0 0 37 46 0 799



Operating margin (%) 4.7% 7.6% 6.1% 0.5% 3.6% 5.4% 2.8% -1.8% 1.9% 5.8% #DIV/0! #DIV/0! 12.3% 16.1% 15.1% 12.9%

Cash cost (USD/t) 753 801 851 922 921 982 1,042 958 928 879 #DIV/0! #DIV/0! 606 602 774 944

Operating income per ton (USD/t) 39 69 59 5 36 58 31 -18 19 57 #DIV/0! #DIV/0! 88 120 144 153

2008 Old basis

Page 8 of 16 document.xlsAACIS

ASIA, AFRICA & CIS (AACIS)New segmentation and recast data


Steel Shipment 3,204 3,409 3,261 3,392 3,142 3,304 3,005 3,065 3,353 3,321 18,680 20,309 16,351 13,296

Change 4.2% 6.4% -4.3% 4.0% -7.4% 5.2% -9.0% 2.0% 9.4% -1.0% -100.0% #DIV/0! n/a 8.7% -19.5% -18.7%


Crude Steel Production 3,684 3,885 3,726 3,611 3,706 3,830 3,493 3,579 3,615 3,691 n/a n/a 18,469 15,118

Change -5.5% 5.5% -4.1% -3.1% 2.6% 3.3% -8.8% 2.5% 1.0% 2.1% -100.0% #DIV/0! n/a n/a n/a -18.1%


Steel products & Other 666 739 770 750 818 865 872 892 831 806 #DIV/0! 892 663 726 916 988

Change -10.0% 11.0% 4.2% -2.6% 9.1% 5.7% 0.8% 2.3% -6.8% -3.0% #DIV/0! #DIV/0! n/a 9.5% 26.1% 7.9%

Steel products 557 624 630 621 691 768 771 713 705 687 n/c n/c n/c 804


Sales 2,133 2,518 2,511 2,544 2,570 2,857 2,619 2,733 2,787 2,677 12,387 14,745 14,971 13,133

Change -6.2% 18.0% -0.3% 1.3% 1.0% 11.2% -8.3% 4.4% 2.0% -3.9% -100.0% #DIV/0! n/a 19.0% 1.5% -12.3%

EBITDA 229 417 274 215 254 462 284 238 160 120 3,210 3,103 3,333 3,985

Change -26.1% 82.1% -34.3% -21.5% 18.1% 81.9% -38.5% -16.2% -32.8% -25.0% -100.0% #DIV/0! n/a -3.3% 7.4% 19.6%

Depreciation and amortisation 109 109 113 123 129 121 122 145 158 158 376 463 489 549

Change -23.8% 0.0% 3.7% 8.8% 4.9% -6.2% 0.8% 18.9% 9.0% 0.0% -100.0% #DIV/0! n/a 23.1% 5.6% 12.3%

Operating income / loss 120 308 161 92 125 341 162 93 2 -38 2,834 2,640 2,844 3,145

Change -28.1% 156.7% -47.7% -42.9% 35.9% 172.8% -52.5% -42.6% -97.8% -2000.0% -100.0% #DIV/0! n/a -6.8% 7.7% 10.6%

Other operating expenses/exceptional 291



Operating margin (%) 5.6% 12.2% 6.4% 3.6% 4.9% 11.9% 6.2% 3.4% 0.1% -1.4% #DIV/0! #DIV/0! 22.9% 17.9% 19.0% 23.9%

Cash cost (USD/t) 594 616 686 687 737 725 777 814 783 770 #DIV/0! #DIV/0! 491 573 712 688

Operating income per ton (USD/t) 37 90 49 27 40 103 54 30 1 -11 #DIV/0! #DIV/0! 152 130 174 237

2008 Old basis

Page 9 of 16 document.xlsDistribution Solutions (AMDS)

Distribution SolutionsNew segmentation and recast data

Steel Shipment (000t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12

Steel Shipment 4,353 4,602 4,467 4,751 4,202 4,594 4,607 4,957 4,589 4,523

Change 4.5% 5.7% -2.9% 6.4% -11.6% 9.3% 0.3% 7.6% -7.4% -1.4% -100.0% #DIV/0!

Crude Steel Production (000t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12

Crude Steel Production n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Change n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Selling price (USD/t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12

Steel products & Other 802 869 890 900 1,014 1,093 1,063 984 966 949 #DIV/0! #DIV/0!

Change -4.2% 8.3% 2.5% 1.1% 12.7% 7.7% -2.7% -7.5% -1.8% -1.7% #DIV/0! #DIV/0!

P&L (USDm) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12

Sales 3,492 3,999 3,977 4,276 4,261 5,019 4,899 4,876 4,431 4,292

Change 0.1% 14.5% -0.6% 7.5% -0.4% 17.8% -2.4% -0.5% -9.1% -3.1% -100.0% #DIV/0!

EBITDA 57 187 126 87 127 115 48 -19 35 385

Change 46.2% 228.1% -32.6% -31.0% 46.0% -9.4% -58.3% -139.6% -284.2% 1000.0% -100.0% #DIV/0!

Depreciation and amortisation 53 43 43 151 43 46 40 50 40 39

Change -72.0% -18.9% 0.0% 251.2% -71.5% 7.0% -13.0% 25.0% -20.0% -2.5% -100.0% #DIV/0!

Operating income / loss 4 144 83 -64 84 69 8 -109 -10 332 0 0

Change -98.3% 3500.0% -42.4% -177.1% -231.3% -17.9% -88.4% -1462.5% -90.8% -3420.0% -100.0% #DIV/0!

Other operating expenses/exceptional 0 0 0 0 40 5 14

Margin and Ratio 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12

EBITDA Margin (%) 1.6% 4.7% 3.2% 2.0% 3.0% 2.3% 1.0% -0.4% 0.8% 9.0% #DIV/0! #DIV/0!

Operating margin (%) 0.1% 3.6% 2.1% -1.5% 2.0% 1.4% 0.2% -2.2% -0.2% 7.7% #DIV/0! #DIV/0!

Cash cost (USD/t) 789 828 862 882 984 1,067 1,053 987 958 864 #DIV/0! #DIV/0!

Operating income per ton (USD/t) 1 31 19 -13 20 15 2 -22 -2 73 #DIV/0! #DIV/0!

A1

HPatel: Previously called AM3S

Page 10 of 16 document.xlsStainless

STAINLESSSpun off from 1.1.11; Figures exclude stainless from 2010 onwards

Steel Shipment (000t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 2010 2011

Steel Shipment 0 0

Change -100.0% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -100.0% #DIV/0!

Crude Steel Production (000t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 2010 2011

Crude Steel Production 0 0


Selling price (USD/t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 2010 2011

Steel products & Other #DIV/0! #DIV/0!

Change -100.0% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Steel products 2,879 786

P&L (USDm) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 2010 2011

Sales 0 0


EBITDA 0 0


Depreciation and amortisation 0 0


Operating income / loss 0 0


Other operating expenses/exceptional 0 0

Margin and Ratio 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 2010 2011

EBITDA Margin (%) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Operating margin (%) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Cash cost (USD/t) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Operating income per ton (USD/t) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Page 11 of 16 document.xlsMining

MiningNew segmentation and recast data

P&L (USDm) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12

Sales 757 1,225 1,181 1,217 1,128 1,657 1,678 1,805 1,271 1,576

Change #DIV/0! 61.8% -3.6% 3.0% -7.3% 46.9% 1.3% 7.6% -29.6% 24.0% -100.0% #DIV/0!

EBITDA 324 643 726 570 607 835 842 779 478 541

Change #DIV/0! 98.5% 12.9% -21.5% 6.5% 37.6% 0.8% -7.5% -38.6% 13.2% -100.0% #DIV/0!

Depreciation and amortisation 108 228 109 193 114 117 117 147 129 132

Change #DIV/0! 111.1% -52.2% 77.1% -40.9% 2.6% 0.0% 25.6% -12.2% 2.3% -100.0% #DIV/0!

Operating income / loss 216 415 617 377 493 718 725 632 349 409 0 0

Change #DIV/0! 92.1% 48.7% -38.9% 30.8% 45.6% 1.0% -12.8% -44.8% 17.2% -100.0% #DIV/0!

Other operating expenses/exceptional

Margin and Ratio 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12

EBITDA Margin (%) 42.8% 52.5% 61.5% 46.8% 53.8% 50.4% 50.2% 43.2% 37.6% 34.3% #DIV/0! #DIV/0!

Operating margin (%) 28.5% 33.9% 52.2% 31.0% 43.7% 43.3% 43.2% 35.0% 27.5% 26.0% #DIV/0! #DIV/0!

Mining Production 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12

Iron ore:

Own Production 10.6 12.8 13.0 12.6 11.8 13.1 14.1 15.1 13.2 14.4

Long Term Contract 5.2 3.6 4.4 6.3 1.8 2.8 3.3 3.2 1.8 4.0

Total Iron ore production 15.7 16.5 17.4 18.9 13.6 15.9 17.4 18.3 15.0 18.4 0.0 0.0

Coal:

Own Production 1.6 1.7 1.8 1.8 1.9 2.1 2.1 2.2 2.1 2.1


Total Coal production 1.7 1.8 2.0 1.9 2.1 2.3 2.2 2.4 2.3 2.2 0.0 0.0

Mining Shipments 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12

Iron ore:

Market priced 5.4 6.9 6.1 6.7 5.9 7.0 6.7 8.5 6.8 8.2

Cost plus 4.0 5.6 6.1 5.8 3.7 6.2 6.9 6.8 4.8 7.0

Strategic 5.2 3.6 4.4 6.3 2.0 2.8 3.3 3.2 1.8 4.0

Total Iron ore shipments 14.7 16.1 16.6 18.9 11.7 16.0 16.9 18.5 13.4 19.2 0.0 0.0

Coal:

Market priced 0.7 0.9 0.9 0.8 1.1 1.3 1.2 1.3 1.2 1.4

Cost plus 0.8 0.8 0.8 0.9 0.9 0.8 0.8 0.8 0.8 0.7

Strategic 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.2 0.2 0.2

Total Coal shipments 1.6 1.8 1.8 1.8 2.1 2.3 2.2 2.3 2.2 2.3 0.0 0.0

A1

HPatel: Previously called AM3S

Page 12 of 16 document.xlsAdjustment

Adjustment

Shipment (000t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

Steel Shipment FCA 5,271 5,346 4,979 5,432 5,563 5,520 5,708 5,458 5,672 5,735

Steel Shipment FCE 6,856 7,540 6,521 6,593 7,384 7,166 6,385 6,188 7,461 6,771

Steel Shipment LC 5,694 5,984 5,772 5,698 5,872 6,167 5,984 5,846 5,738 5,839

Steel Shipment AACIS 3,204 3,409 3,261 3,392 3,142 3,304 3,005 3,065 3,353 3,321

Steel Shipment Stainless 0 0 0 0 0 0 0 0 0 0

Steel Shipment total 21,025 22,279 20,533 21,115 21,961 22,157 21,082 20,557 22,224 21,666

Change 5.3% 6.0% -7.8% 2.8% 4.0% 0.9% -4.9% -2.5% 8.1% -2.5%

Crude Steel (000t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

Crude Steel Production FCA 5,679 5,854 5,932 5,636 6,063 6,277 5,866 6,009 6,249 6,014

Crude Steel Production FCE 7,406 8,507 7,107 7,006 7,631 7,870 7,390 6,619 7,182 7,143

Crude Steel Production LC 5,738 6,015 5,472 5,325 6,059 6,414 5,611 5,474 5,785 5,885

Crude Steel Production AACIS 3,684 3,885 3,726 3,611 3,706 3,830 3,493 3,579 3,615 3,691

Crude Steel Production Stainless 0 0 0 0 0 0 0 0 0 0

Crude Steel Productiont total 22,507 24,261 22,237 21,578 23,459 24,391 22,360 21,681 22,831 22,733

Change -0.1% 7.8% -8.3% -3.0% 8.7% 4.0% -8.3% -3.0% 5.3% -0.4%

Mining Production 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

Iron ore:

Own Production 10.6 12.8 13.0 12.6 11.8 13.1 14.1 15.1 13.2 14.4


Total Iron ore production 15.7 16.5 17.4 18.9 13.6 15.9 17.4 18.3 15.0 18.4

Coal:

Own Production 1.6 1.7 1.8 1.8 1.9 2.1 2.1 2.2 2.1 2.1


Total Coal production 1.7 1.8 2.0 1.9 2.1 2.3 2.2 2.4 2.3 2.2

Mining Shipments 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

Iron ore:

Market priced 5.4 6.9 6.1 6.7 5.9 7.0 6.7 8.5 6.8 8.2

Cost plus 4.0 5.6 6.1 5.8 3.7 6.2 6.9 6.8 4.8 7.0

Strategic 5.2 3.6 4.4 6.3 2.0 2.8 3.3 3.2 1.8 4.0

Total Iron ore shipments 14.7 16.1 16.6 18.9 11.7 16.0 16.9 18.5 13.4 19.2

Coal:

Market priced 0.7 0.9 0.9 0.8 1.1 1.3 1.2 1.3 1.2 1.4

Cost plus 0.8 0.8 0.8 0.9 0.9 0.8 0.8 0.8 0.8 0.7

Strategic 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.2 0.2 0.2

Total Coal shipments 1.6 1.8 1.8 1.8 2.1 2.3 2.17 2.3 2.2 2.3

P&L (USDm) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

Sales FCA 4,077 4,640 4,394 4,573 4,939 5,567 5,499 5,030 5,270 5,359

Sales FCE 5,875 6,590 6,268 6,817 7,812 8,551 7,696 7,003 7,719 7,223

Sales LC 4,766 5,468 5,514 5,567 5,889 6,664 6,676 5,936 5,763 5,698

Sales AACIS 2,133 2,518 2,511 2,544 2,570 2,857 2,619 2,733 2,787 2,677

Sales AMDS 3,492 3,999 3,977 4,276 4,261 5,019 4,899 4,876 4,431 4,292

Sales Mining 757 1,225 1,181 1,217 1,128 1,657 1,678 1,805 1,271 1,576

Sales Other & Elimination -3,671 -4,286 -4,102 -4296 -4415 -5189 -4853 -4934 -4538 -4347

Total Sales continuing operations 17,429 20,154 19,743 20,698 22,184 25,126 24,214 22,449 22,703 22,478

Discontinued (Stainless Steel) 0 0 0 0 0 0 0 0 0 0

Total 17,429 20,154 19,743 20,698 22,184 25,126 24,214 22,449 22,703 22,478

Change 0.2% 15.6% -2.0% 4.8% 7.2% 13.3% -3.6% -7.3% 1.1% -1.0%

EBITDA FCA 361 657 379 158 528 924 420 237 632 474

EBITDA FCE 460 560 452 543 471 636 367 26 130 381

EBITDA LC 480 677 603 315 480 610 438 338 437 564

EBITDA AACIS 229 417 274 215 254 462 284 238 160 120

EBITDA AMDS 57 187 126 87 127 115 48 -19 35 385

EBITDA Mining 324 643 726 570 607 835 842 779 478 541

EBITDA Other & Elimination -210 -332 -399 -33 115 -169 9 115 100 -16

Total EBITDA continuing operations 1,701 2,809 2,161 1,855 2,582 3,413 2,408 1,714 1,972 2,449

Change -15.7% 65.1% -23.1% -14.2% 39.2% 32.2% -29.4% -28.8% 15.1% 24.2%

Depreciation & impairment FCA 210 216 213 225 221 227 227 236 225 229

Depreciation & impairment FCE 370 338 372 401 365 391 473 452 358 359

Depreciation & impairment LC 257 263 264 287 270 252 253 408 281 231

Depreciation & impairment AACIS 109 109 113 123 129 121 122 145 158 158

Depreciation & impairment AMDS 53 43 43 151 43 46 40 50 40 39

Depreciation & impairment Mining 108 228 109 193 114 117 117 147 129 132

Depreciation & impairment Other & Elimination -17 -9 -18 -77 -9 7 8 10 11 10

Total D&A continuing operations 1,090 1,188 1,096 1,303 1,133 1,161 1,240 1,448 1,202 1,158

Change -36.1% 9.0% -7.7% 18.9% -13.0% 2.5% 6.8% 16.8% -17.0% -3.7%

Operating income FCA 151 441 166 -67 307 697 193 1 407 245

Operating income FCE 90 222 80 142 106 245 -106 -569 -284 -154

Operating income LC 223 414 339 28 210 358 185 -107 110 333

Operating income AACIS 120 308 161 92 125 341 162 93 2 -38

Operating income AMDS 4 144 83 -64 84 69 8 -109 -10 332

Operating income Mining 216 415 617 377 493 718 725 632 349 409

Operating income Other & Elimination -227 -341 -417 -110 106 -176 1 105 89 -26

Total Operating Income continuing operations 577 1,603 1,029 398 1,431 2,252 1,168 46 663 1,101

Operating income Stainless 0 0 0 0 0 0 0 0 0 0

Operating income 577 1,603 1,029 398 1,431 2,252 1,168 46 663 1,101

Change -14.4% 177.8% -35.8% -61.3% 259.5% 57.4% -48.1% -96.1% 1341.3% 66.1%

other operating expenses FCA 0 0 0 0 0 0 0 0 0 0

other operating expenses FCE 0 0 0 0 0 0 0 143 56 176

other operating expenses LC 0 0 0 0 0 0 0 37 46 0

other operating expenses AACIS 0 0 0 0 0 0 0 0 0 0

other operating expenses AMDS 0 0 0 0 0 0 0 40 5 14

other operating expenses Mining 0 0 0 0 0 0 0 0 0 0

other operating expenses Other & Elimination 0 0 0 0 0 0 0 0 0 0

Total Op. Exp continuing operations 0 0 0 0 0 0 0 220 107 190

other operating expenses Stainless 0 0 0 0 0 0 0 0 0 0

Other operating expenses 0 0 0 0 0 0 0 220 107 190

Margin and Ratio 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

EBITDA Margin (%) 9.8% 13.9% 10.9% 9.0% 11.6% 13.6% 9.9% 7.6% 8.7% 10.9%

Operating margin (%) 3.3% 8.0% 5.2% 1.9% 6.5% 9.0% 4.8% 0.2% 2.9% 4.9%

Cash cost (USD/t) 748 779 856 892 893 980 1,034 1,009 933 924

Operating margin (USD/t) 27 72 50 19 65 102 55 2 30 51

Page 13 of 16 document.xlsP&L

CONSOLIDATED STATEMENTS OF INCOME

(USDm) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 2005 2006 2007 2008 2009

Sales 17,429 20,154 19,743 20,698 22,184 25,126 24,214 22,449 22,703 22,478 74,159 81,325 95,868 116,595 60,876

EBITDA 1,701 2,809 2,161 1,855 2,582 3,413 2,408 1,714 1,972 2,449 14,364 14,334 18,251 23,545 5,566

- EBITDA margin % 9.8% 13.9% 10.9% 9.0% 11.6% 13.6% 9.9% 7.6% 8.7% 10.9% 19.4% 17.6% 19.0% 20.2% 9.1%

Depreciation and impairment 1,090 1,188 1,096 1,303 1,133 1,161 1,240 1,448 1,202 1,158 3,145 3,241 3,686 5,497 5,128

Other operating expenses 0 0 220 107 190 6,142 2,045

Operating Income 577 1,603 1,029 398 1,431 2,252 1,168 46 663 1,101 11,219 11,093 14,565 11,906 -1,607

- Operating margin % 3.3% 8.0% 5.2% 1.9% 6.5% 9.0% 4.8% 0.2% 2.9% 4.9% 15.1% 13.6% 15.2% 10.2% -2.6%

Other income (expense) - net 329 50 127 0

Income from equity method investments 93 176 107 74 148 289 6 177 -14 121 429 569 858 1653 58

Income from equity method investments and othe 93 176 107 74 148 289 6 177 -14 121 758 619 985 1653 58

Financing income (costs) - net -403 -216 -383 -1200 -1,126 -904 -392 -416 -823 -488 -1,257 -1,328 -927 -2352 -2817

Income before taxes and minority interest 267 1,563 753 -728 453 1,637 782 -193 -174 734 10,720 10,384 14,623 11,207 -4,366

Income tax expense -361 -92 -576 -450 -166 61 154 833 -190 -219 1,403 1,654 3,038 1098 -4512

- Apparent tax rate % -135% -5.9% -76.5% 61.8% -36.6% 3.7% 19.7% -431.6% 109.2% -29.8% 13.1% 15.9% 20.8% 9.8% 103.3%

Income before minority interest 628 1,655 1,329 -278 619 1,576 628 -1,026 16 953 9,317 8,730 11,585 10,109 146

Minority interest 40 79 16 -46 11 41 -31 -25 5 -6 1,483 1,488 1,482 1040 -43

Net income from continuing operations 588 1,576 1,313 -232 608 1,535 659 -1,001 11 959 7,834 7,242 10,103 9,069 189

Discontinued operations 52 128 38 -547 461 0 0

Net income 640 1,704 1,351 -779 1,069 1,535 659 -1,001 11 959

Weighted average common shares outstanding (in 1,510 1,510 1,510 1,515 1,549 1,549 1,549 1,549 1,549 1,549 1,383 1,383 1,399 1383 1445

Diluted weighted average common shares outstand 1,573 1,599 1,537 1,516 1,550 1,638 1,611 1,549 1,549 1,638 1,385 1,385 1,401 1386 1446

Basic earnings per common share (USD) 0.42 1.13 0.89 -0.51 0.69 0.99 0.43 -0.65 0.01 0.62 5.66 5.24 7.22 6.56 0.08

Diluted earnings per common share (USD) 0.33 0.75 0.89 -0.51 0.69 0.93 0.19 -0.65 0.01 0.56 5.66 5.23 7.21 6.54 0.08

Base Dividend per share (USD) 0.1875 0.1875 0.1875 0.1875 0.1875 0.1875 0.1875 0.1875 0.1875 0.1875 N/A N/A 1.30 1.30 0.75

Comments and additional information on P&L

Other income (expense) - net

Other operating expenses include resturcutirng chqrges

Income from equity method investments

Financing income (costs) - net

Income tax expense

Minority interest

Weighted average common shares outstanding (in millions)

Potential improvement for advanced model (using fact book, investor day presentations and quarterly earning release)

Financing income (costs) - net

Page 14 of 16 document.xlsCashFlow

CASH FLOW STATEMENT

(USDm) 2010 2011 Q2 2012

Net Income 3,246 1,802 959

Minority interest 89 -4 -6

Depreciation 4,920 5,000 1,158

Other and change in working capital net of effects from acquisition -4,483 -4,831 140

Net cash provided by (used in) operating activities - Continued 3,772 1,967 2,251

Net cash provided by (used in) operating activities - Discontinued 245 -190

Net cash provided by (used in) operating activities 4,017 1,777 2,251

Purchase of property, plant and equipment (CAPEX) -3,308 -4,838 -1,102

Other investing activity -28 1,265 309

Net Cash used in investing activities - Continued operations -3,336 -3,573 -793

Net Cash used in investing activities - Discontinued operations -102 -105

Net Cash used in investing activities - Continued operations -3,438 -3,678 -793

Dividends paid -1,257 -1,194 -294

Proceed (payments) from payable to banks and long term debt 1,992 787 -1,425

Effect of exchange rate changes on cash & Other financing activities -694 -125 -34

Net cash used in financing activites Continued operations 41 -532 -1,753

Net cash used in financing activites Discontinued operations -48 -8 0

Net cash used in financing activites Continued operations -7 -540 -1,753

Page 15 of 16 document.xlsBalance Sheet

BALANCE SHEET

(USDm) 2006 2007 2008 2009 2010 30.12.11 30.6.12

Non current assets 72,804 88,297 88,674 94,890 88,229 86,275 83,701

Intangible asset 10,782 15,031 16,119 17,034 14,373 14,053 13,749

Property, plant and equipment 54,696 61,994 60,755 60,385 54,344 54,251 53,170

Investment & Other 7,326 11,272 11,800 17,471 19,512 17,971 16,782

Current assets & working capital 28,645 31,337 33,913 22,131 29,419 22,769 22,770

Inventories, trade receivables & trade payable 17,290 17,292 20,977 11,909 12,052 15,305 14,008

Other assets 5,209 5,940 5,349 4,213 4,160 3,559 3,894

Cash & cash equivalents 6,146 8,105 7,587 6,009 6,289 3,905 4,470

Assets held for sales and distribution 6,918 0 398

Shareholders' equity 50,191 61,535 59,230 65,398 66,100 60,477 58,283

Group share 42,127 56,685 55,198 61,045 62,430 56,690 54,560

Non-controlling interest 8,064 4,850 4,032 4,353 3,670 3,787 3,723

Non current liabilities 37,415 39,881 43,098 38,769 34,081 37,579 35,060

Interest bearing liabilities 21,645 22,085 25,667 20,677 19,292 23,634 21,689

Provision and other 15,770 17,796 17,431 18,092 14,789 13,945 13,371

Current liabilities (excluding trade payable) 13,843 18,218 20,259 12,854 17,467 10,988 13,128

Interest bearing liabilities 4,922 8,542 8,409 4,135 6,716 2,784 4,794

Other 8,921 9,676 11,850 8,719 8,714 8,204 8,334

Liabilites held for distribution 2,037 0 0

Invested Capital (Intang assets+PPE+OWC) 82,768 94,317 97,851 89,328 80,769 83,609 80,927

Net financial debt 20,421 22,522 26,489 18,803 19,719 22,513 22,013

Comments and additional information on balance sheet

Non Current Asset (i) Intangible asset to remain stable expect acquisition and impairment test

(ii) Property, plant and equipment to increase with CAPEX and acquisition (consolidated) but decrease with

depreciation

(iii) Investments to increase with acquisition

Current assets & working capital (i) Inventories, trade receivables & trade payable (WCR) to evolve with change of turnover and cost of good sold

(as reported in cash-flow statement)

(ii) Cash & cash equivalent to evolve according to cash-flow statement and to remain balanced with gross debt

(cost optimization versus liquidity)

Shareholders' equity (i) Group share to increase with net earning & capital increase and to be reduced by dividend & capital reduction

(ii) Minority interests to increase with net earning and increasing value of consolidated asset not fully owned

Non current liabilities (i) Interest bearing liabilities to evolve according to cash-flow statement and to remain balanced with gross debt

(cost optimization versus liquidity)

(ii) Provision and other mainly related to pension and employee benefit to evolve with number of employee

and average age and performance of assets at defined benefit plans

Potential improvement for advanced model (using fact book, investor day presentations and quarterly earning release)

Balance sheet (i) Quarterly balance sheet can be added to model for improving monitoring and estimation

(ii) Balance sheet model can be significantly more detailed for improving monitoring and estimation

Inventories, trade receivables & trade payable (i) Inventories, trade receivables & trade payable can be details for improving monitoring and estimation

Provision & Other (i) Pension and employee benefits provisions can be significantly more detailed for improving monitoring and

estimation

Page 16 of 16 document.xlsMultiples

FINANCIAL AND MARKET RATIO

Financial ratios 2006 2007 2008 2009 2010 2011

EBITDA Margin (%) 17.6% 19.0% 20.2% 9.1% 10.9% 10.8%

Operating margin (%) 13.6% 15.2% 10.2% -2.6% 4.6% 5.2%

Net margin (%) 8.9% 10.5% 7.8% 0.3% 4.2% 1.9%

Cash-flow from operation margin (%) 11.5% 16.0% 11.8% 11.5% 4.8% 2.1%

Cash cost (USD/t) 606 711 915 778 818 978

Operating margin (USD/t) 100 133 117 -23 42 57

Turnover / Invested capital (x) 0.98 1.02 1.19 0.68 0.97 1.12

ROIC (Operating income / Invested capital) (%) 13.4% 15.4% 12.2% -1.8% 4.5% 5.9%

ROIC post tax (%) 11.3% 12.2% 11.0% 0.1% 8.0% 3.9%

RoE (%) 17.2% 17.8% 16.4% 0.3% 5.2% 3.2%

Gearing (%) 41% 37% 45% 29% 30% 37%

Net Debt / EBITDA (x) 1.4 1.2 1.1 3.4 2.3 2.2

Net Debt / EV (%) 29% 18% 50% 36% 34% 43%

Market ratios 2006 2007 2008 2009 2010 2011

Average and recent price (USD/share) 35.45 77.35 24.59 31.80 35.79 28.24

Market capitalization (USDm) 49,027 108,213 34,008 45,951 54,114 43,744

Enterprise Value (USDm) 70,186 124,313 52,729 51,636 57,991 52,073

Book value par share (USD) 30.42 40.46 39.83 42.22 39.02 35.19

EPS reported (USD) 5.24 7.22 6.56 0.08 1.93 1.46

EPS diluted (USD) 5.23 7.21 6.54 0.08 1.72 1.19

Cash-flow from operation per share (USD) 6.75 10.98 9.90 4.85 2.36 1.22

Base dividend (USD) n/a 1.30 1.30 0.75 0.75 0.19

Base dividend payout on n-1 (%) n/a 25% 18% 11% 938% 11%

P/BV (x) 1.17 1.91 0.62 0.75 0.92 0.80

P/E (x) 6.8 10.7 3.8 397.5 20.8 23.7

P/CFPS (x) 5.3 7.0 2.5 6.6 15.2 23.1

EV/Sales (x) 0.86 1.30 0.45 0.85 0.74 0.55

EV/IC (x) 0.85 1.32 0.54 0.58 0.72 0.62

EV/EBITDA (x) 4.90 6.81 2.24 9.28 6.80 5.15

Net yield (%) n/a 1.7% 5.3% 2.4% 2.1% 0.7%

Potential improvement for advanced model

Valuation model (i) Other multiples can be added to model (EV/EBIT, REP, EVA, MVA…)

(ii) Other valuation methodology can be added to model (DCF…)

C11

HPatel: ASSUMED SAME AS Q307

E19

HPatel: To be updated.

Documents

Arcelormittal-Q212-Model.xls