Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer x		Accelerated filer o
Non-accelerated filer o (Do not check if a smaller reporting company) Smaller reporting company o

CALCULATION OF REGISTRATION FEE

Title of Securities to be Registered	Amount to be Registered (1)	Proposed Maximum Offering Price per Share (2)	Proposed Maximum Aggregate Offering Price (2)	Amount of Registration Fee
Ordinary Shares	2,500,000	$57.09	$142,725,000	$5,609.09
Total	2,500,000	$57.09	$142,725,000	$5,609.09

(1)

This Registration Statement covers shares (“Shares”) of ArcelorMittal (the “Registrant”) (i) distributed pursuant to the exercise of purchase rights to be granted under the 2008 ArcelorMittal Employee Share Purchase Plan (the “2008 ESPP”) and (ii) pursuant to Rule 416 of the U.S. Securities Act of 1933, as amended (the “Securities Act”), any additional Shares, which become distributable under the 2008 ESPP by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the Registrant’s receipt of consideration which results in an increase in the number of the outstanding Shares of the Registrant.

(2)

Calculated pursuant to Rule 457(c) and 457(h) based on a price of $57.09 per share, which is the average of the high and low prices reported on the New York Stock Exchange as of September 17, 2008 solely for the purpose of calculating the registration fee.

PART II. INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3. Incorporation of Documents By Reference.

Pursuant to General Instruction E to Form S-8, the Registrant hereby incorporates by reference herein the following documents:

(a) The Annual Report on Form 20-F of ArcelorMittal, filed with the SEC on March 19, 2008 (the “2007 20-F”);

(b) ArcelorMittal's current reports on Form 6-K, dated May 5, 2008 (Exhibit 99.1 only), May 14, 2008 (Exhibits 99.1, 99.2 and 99.3 only), May 19, 2008, June 9, 2008, June 11, 2008, June 16, 2008, June 24, 2008, June 30, 2008, July 1, 2008, August 4, 2008, August 7, 2008, August 13, 2008, August 14, 2008, August 20, 2008, September 3, 2008 and September 17, 2008; and

(c) The description of the Registrant’s shares contained in ArcelorMittal’s Registration Statement on Form F-4 filed with the SEC on September 28, 2007 pursuant to the Securities Act, as updated by Item 10 of the 2007 20-F.

All documents filed by ArcelorMittal pursuant to Section 13(a) or 15(d) of the Exchange Act subsequent to the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to be part hereof from the date of filing such documents.

For purposes of this Registration Statement, any statement contained herein or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

Item 4. Description Of Securities.

Not applicable.

Item 5. Interests Of Named Experts And Counsel.

Not applicable.

Item 6. Indemnification Of Directors And Officers.

The articles of association of ArcelorMittal provide that ArcelorMittal will, to the extent permitted by law, indemnify every director or member of the Group Management Board, as well as every former director or member of the Group Management Board, the fees, costs and expenses reasonably incurred by him or her in the defense or resolution (including a settlement) of all legal actions or proceedings, whether civil, criminal or administrative, he or she has been involved in his or her role as former or current director or member of the Group Management Board of ArcelorMittal.

The right to indemnification does not exist in the case of gross negligence, fraud, fraudulent inducement, dishonesty or for a criminal offense or if it is ultimately determined that the director or member of the Group Management Board has not acted honestly, in good faith and with the reasonable belief that he or she was acting in the best interests of ArcelorMittal.

Item 7. Exemption From Registration Claimed.

Not applicable.

Item 8. Exhibits.

The following exhibits are filed herewith or are incorporated by reference to other filings:

4.1	Amended and Restated Articles of Association of ArcelorMittal dated May 13, 2008
4.2	2008 ArcelorMittal Employee Share Purchase Plan
23.1	Consent of Deloitte S.A.
23.2	Consent of Deloitte Accountants B.V. (Mittal Steel Company N.V. and subsidiaries)
23.3	Consent of KPMG Audit S. à. r. l (Arcelor S.A. and subsidiaries)
24.1	Power of Attorney (included on signature page(s))

Item 9. Undertakings.

(a)	The undersigned Registrant hereby undertakes:

(i) to file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

A. To include any prospectus required by Section 10(a) (3) of the Securities Act;

B. To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the registration statement;

C. To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

provided, however, that paragraphs (A) and (B) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.

(ii) that, for the purpose of determining any liability under the Securities Act, each post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(iii) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant’s annual report pursuant to Section 13 (a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

SIGNATURE

Pursuant to the requirements of the Securities Act of 1933, the Registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Luxembourg, on Sept 18, 2008.

ArcelorMittal

By:

/s/ H.J. Scheffer

Name: H.J. Scheffer

Title: Company Secretary

POWER OF ATTORNEY

Each person whose signature appears below hereby constitutes and appoints, jointly and severally, Henk Scheffer, his or her true and lawful attorney-in-fact and agent, with power of substitution and resubstitution for his or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) and supplements to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission and hereby grants to such attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

Signature	Title	Date
/s/ Lakshmi N. Mittal Lakshmi N. Mittal	Chief Executive Officer, Director and Chairman of the Board of Directors	September 18, 2008
/s/ Aditya Mittal Aditya Mittal	Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)	September 18, 2008
/s/ Vanisha Mittal Bhatia Vanisha Mittal Bhatia	Director	September 18, 2008
/s/ Narayanan Vaghul Narayanan Vaghul	Director	September 18, 2008
/s/ Wilbur L. Ross Wilbur L. Ross	Director	September 18, 2008

/s/ Lewis B. Kaden Lewis B. Kaden	Director	September 18, 2008
/s/ François H. Pinault François H. Pinault	Director	September 18, 2008
______________________ Michel Marti	Director
/s/ José Rámon Álvarez Rendueles José Rámon Álvarez Rendueles	Director	September 18, 2008
/s/ Sergio Silva de Freitas Sergio Silva de Freitas	Director	September 18, 2008
/s/ Georges Schmit Georges Schmit	Director	September 18, 2008
/s/ Jean-Pierre Hansen Jean-Pierre Hansen	Director	September 18, 2008
/s/ John O. Castegnaro John O. Castegnaro	Director	September 18, 2008
__________________ Antoine Spillmann	Director
/s/ H.R.H. Prince Guillaume de Luxembourg H.R.H. Prince Guillaume de Luxembourg	Director	September 18, 2008
/s/ Ignacio Fernandez Toxo Ignacio Fernandez Toxo	Director	September 18, 2008
/s/ Malay Mukherjee Malay Mukherjee	Director	September 18, 2008

AUTHORIZED U.S. REPRESENTATIVE

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below on September 18, 2008, by the undersigned as the duly authorized representative of ArcelorMittal in the United States.

	/s/ Marc Jeske
	Marc Jeske

Index of Exhibits

Exhibit Number	Description	Method of Filing
4.1	Amended and Restated Articles of Association of ArcelorMittal dated May 13, 2008	Filed herewith

4.2	2008 ArcelorMittal Employee Share Purchase Plan	Filed herewith

23.1	Consent of Deloitte S.A.	Filed herewith

23.2	Consent of Deloitte Accountants B.V. (Mittal Steel Company N.V. and subsidiaries)	Filed herewith

23.3	Consent of KPMG Audit S. à. r. l. (Arcelor S.A. and subsidiaries)	Filed herewith

24.1	Powers of Attorney (included on signature page(s))	Filed herewith

EX-4.1 2 arcelormittals8-ex41_0918.htm

Exhibit 4.1

ArcelorMittal

(anc. Arcelor)

Société Anonyme

L-2930 Luxembourg, 19, avenue de la Liberté

R.C.S. Luxembourg B 82.454

--------------------------------------------------

Constituée suivant acte reçu par Maître Reginald Neuman, notaire de résidence à Luxembourg en date du 8 juin 2001 publié au Mémorial C, numéro 802 du 24 septembre 2001.

Les statuts ont été modifiés en dernier lieu suivant acte reçu par Maître Paul Frieders, notaire de résidence à Luxembourg, en date du 13 mai 2008, publié au Mémorial C, numéro 1520 du 19 juin 2008.

------------------------------------------------------------

STATUTS COORDONNES

suite à l’acte reçu par Maître Paul Frieders

en date du 13 mai 2008

------------------------------------------------------------

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Article 1. Form - Corporate name

The Company’s legal name is ArcelorMittal and it is a public limited company (“société anonyme”).

Article 2. Duration

The Company is established for an unlimited period. It may be dissolved at any time by decision of the general meeting of shareholders taken in the same manner as for a change in the articles of association in accordance with article 19 below.

Article 3. Corporate purpose

The corporate purpose of the Company shall be the manufacture, processing and marketing of steel, steel products and all other metallurgical products, as well as all products and materials used in their manufacture, their processing and their marketing, and all industrial and commercial activities connected directly or indirectly with those objects, including mining and research activities and the creation, acquisition, holding, exploitation and sale of patents, licences, know-how and, more generally, intellectual and industrial property rights.

The Company may realise that corporate purpose either directly or through the creation of companies, the acquisition, holding or acquisition of interests in any companies or partnerships, membership in any associations, consortia and joint ventures.

In general, the Company's corporate purpose comprises the participation, in any form whatsoever, in companies and partnerships, and the acquisition by purchase, subscription or in any other manner as well as the transfer by sale, exchange or in any other manner of shares, bonds, debt securities, warrants and other securities and instruments of any kind.

It may grant assistance to any affiliated company and take any measure for the control and supervision of such companies.

It may carry out any commercial, financial or industrial operation or transaction which it considers to be directly or indirectly necessary or useful in order to achieve or further its corporate purpose.

Article 4. Registered office

The Company's registered office and principal office shall be established in Luxembourg City. The registered office may be transferred within the municipality of Luxembourg City by simple decision of the board of directors. Branches or offices both in the Grand Duchy of Luxembourg and abroad may be set up by simple decision of the board of directors.

In the event that the board of directors determines that extraordinary political, economic or societal events have occurred or are imminent that may hinder the ordinary course activities of the Company at the registered office

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or the ease of communication either with that office or from that office to places abroad, it may temporarily transfer the registered office to a location abroad until the complete cessation of the abnormal circumstances; provided, however, that such temporary transfer shall have no effect on the nationality of the Company, which, despite the temporary transfer of its registered office, shall remain a Luxembourg company.

Article 5. Capital - Increase in capital

5.1. The issued corporate capital amounts to six billion three hundred and forty five million eight hundred and fifty nine thousand three hundred and ninety nine Euro and eighty six Cent (EUR 6,345,859,399.86). It is represented by one billion four hundred and forty eight million eight hundred and twenty six thousand three hundred and forty seven (1,448,826,347) shares, without nominal value, fully paid up.

5.2. The Company's authorised capital, including the issued capital, shall amount to seven billion eighty two million four hundred and sixty thousand Euro (EUR 7,082,460,000), represented by one billion six hundred and seventeen million (1,617,000,000) shares, without nominal value.

5.3. The issued capital and the authorised capital of the Company may be increased or decreased by resolution of the general meeting of shareholders adopted in the forms and in accordance with the conditions laid down for amending the articles of association under article 19 of the present articles of association.

5.4. Subject to the provisions of the law on commercial companies (hereinafter referred to as "the Law"), each shareholder shall have a preferential right of subscription in the event of the issue of new shares in return for contributions in cash. Such preferential right of subscription shall be proportional to the fraction of the capital represented by the shares held by each shareholder.

The preferential subscription right may be limited or cancelled by a resolution of the general meeting of shareholders adopted in accordance with article 19 of the present articles of association.

The preferential subscription right may also be limited or cancelled by the board of directors (i) in the event that the general meeting of shareholders delegates, under the conditions laid down in article 19 of the present articles of association and by amending the present articles of association, to the board of directors the power to issue shares and to limit or cancel the preferential subscription right for a period of no more than five years set by the general meeting, as well as (ii) pursuant to the authorization conferred by article 5.5 of the present articles of association.

5.5. The board of directors is authorised during a period ending on November 5, 2012, without prejudice to any renewals, to increase the issued capital on one or more occasions within the limits of the authorised capital for the purpose of mergers, acquisitions or similar transactions and delivery

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of shares upon exercise or conversion, as applicable, of the Company’s stock options or other equity-based awards granted under any Company’s employee incentive or benefit plan or issues of shares under employee share offerings.

The board of directors is authorised to determine the conditions of any capital increase including the form of its subscription (contribution in cash or in kind). Any such capital increase may also be made by the incorporation of reserves, issue premiums or retained earnings, with or without the issue of new shares.

The board of directors is authorised, within the limit of the authorised capital, to issue shares for the purpose of mergers, acquisitions or similar transactions.

The board of directors is equally authorised, within the limit of the autho-rised capital, to issue stock options and any other equity-based awards granted under any Company’s employee incentive or benefit plan or em-ployee share offerings giving a right to acquire or subscribe for one or more shares of the Company.

In any case, the board of directors is authorised to limit or cancel the pre-ferential subscription right of existing shareholders.

Decisions of the board of directors relating to the issue – pursuant to the authorisation conferred by this article 5.5 – of shares, for the purpose of mergers, acquisitions or similar transactions, or stock options or other equity-based awards granted under any Company’s employee incentive or benefit plan or employee share offerings, shall, by way of derogation from article 9 of the present articles of association, be taken by a majority of two-thirds of the members present or represented.

Whenever the board of directors has effected a complete or partial increase in capital as authorised by the foregoing provisions, article 5 of the present articles of association shall be amended so as to reflect that increase.

The board of directors is expressly authorised to delegate to any natural or legal person to organise the market in subscription rights, accept subscrip-tions, conversions or exchanges, receive payment for the price of shares, bonds, subscription rights or other securities and instruments, to have registered increases of capital carried out as well as the corresponding amendments to article 5 of the present articles of association and to have recorded in the said article 5 of the present articles of association the amount by which the authorisation to increase the capital has actually been used and, where appropriate, the amounts by which it is reserved for securities and instruments which may carry an entitlement to shares.

5.6. The non-subscribed portion of the authorised capital may be drawn on by the exercise of conversion or subscription rights already conferred by the Company.

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Article 6. Shares

6.1. Shares shall be issued solely in the form of registered shares.

6.2. Subject to the provision of article 6.3 of the present articles of association, the Company shall consider the person in whose name the shares or fractions are recorded in the register of shareholders to be the owner of those shares or of those fractions.

6.3. However, where shares are recorded in the register of shareholders on behalf of one or more persons in the name of a securities settlement system or the operator of such a system or in the name of a professional depository of securities or any other depository (such systems, professionals or other depositories being referred to hereinafter as "Depositories") or of a sub-depository designated by one or more Depositories, the Company - subject to its having received from the Depository with whom those shares are kept in account a certificate in proper form - will permit those persons to exercise the rights attaching to those shares, including admission to and voting at general meetings, and shall consider those persons to be holders for the purposes of article 7 of the present articles of association. The board of directors may determine the formal requirements with which such certificates must comply.

Notwithstanding the foregoing, the Company will make payments, by way of dividends or otherwise, in cash, shares or other assets only into the hands of the Depository or sub-depository recorded in the register or in accordance with their instructions, and that payment shall release the Company from any and all obligations for such payment.

6.4. Certificates confirming that an entry has been made in the register of shareholders will be provided to the shareholders and, in the case provided for in article 6.3 of the present articles of association upon request, to the Depositories or sub-depositories recorded in the register. Other than with respect to the procedures for transfer of fungible shares in the case provided for in article 6.3 of the present articles of association, the transfer of shares shall be made by a written declaration of transfer inscribed in the register of shareholders and dated and signed by the transferor and the transferee, or by their duly-appointed agents. The Company may accept any other document, instrument, writing or correspondence as sufficient proof of the transfer.

No entry shall be made in the register of shareholders and no notice of a transfer shall be recognised by the Company during the period starting on the fifth (5^th) working day before the date of a general meeting and ending at the close of that general meeting, unless the Company establishes a shorter period.

6.5. Within the limits and conditions laid down by the Law, the Company may repurchase its own shares or cause them to be repurchased by its subsidiaries.

6.6. Subject to the provisions of article 6.7 of the present articles of association, the shares or fractions are indivisible vis-à-vis the Company, which shall recognise only one legal owner per share or fraction. Owners per

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indivisum must be represented vis-à-vis the Company by one single person in order to be able to exercise their rights.

6.7. The shares of the Company may be divided into equal fractions, where each fraction is equal to one seventh (1/7) of a share. The division of shares into fractions shall be effected only in the event of a corporate capital restructuring decided by the general meeting of shareholders of the Company.

A holder of a fraction is entitled to one-seventh (1/7) of any distribution per share by the Company, or upon its liquidation.

Fractions carry no voting rights at the general meetings of shareholders of the Company, unless a number of fractions equals a full share.

Any holder of fractions who holds seven (7) fractions can request their conversion into one (1) full share.

Article 7. Rights and obligations of shareholders

7.1. The Company is currently subject, and for so long as its transferable securities are admitted to trading on a regulated market will remain subject, to the provisions of the law of 4 December 1992 (the “Law of 4 December 1992”). Any reference in these articles of association to a provision of the Law of 4 December 1992 shall be a reference to the equivalent provision in such law as the same may be amended or replaced. The provisions of articles 1 to 10 inclusive of the Law of 4 December 1992 and the sanction of suspension of voting rights in accordance with article 13 of the Law of 4 December 1992 shall also apply, taking into account the provisions of articles 7 and 8 of the Law of 4 December 1992, (a) to any acquisition or disposal of shares resulting in a shareholding increasing above or decreasing below a threshold of two and one-half per cent (2.5%) of voting rights in the Company, (b) to any acquisition or disposal of shares resulting in a shareholding increasing above or decreasing below a threshold of three per cent (3%) of voting rights in the Company and (c), over and above three per cent (3%) of voting rights in the Company, to any acquisition or disposal of shares resulting in successive thresholds of one per cent (1%) of voting rights in the Company being crossed (either through an increase or a decrease).

In calculating the thresholds set out in this article 7 and applying the declaration obligations set out in this article 7, the voting rights set forth in articles 7 and 8 of the Law of 4 December 1992 shall be included as voting rights held by the person subject to the obligations described in this article.

7.2 Any person who, taking into account articles 7 and 8 of the Law of 4 December 1992, acquires shares resulting in possession of five per cent (5%) or more or a multiple of five percent (5%) or more of the voting rights in the Company must - on pain of the suspension of voting rights pursuant to article 13 of the Law of 4 December 1992 - inform the Company within ten (10) Luxembourg Stock Exchange trading days following the date such threshold is crossed by registered mail return receipt requested of such person’s intention (a) to acquire or dispose of shares in the Company within the next

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twelve (12) months, (b) to seek to obtain control over the Company or (c) to seek to appoint a member to the Company's board of directors.

7.3 Any person under an obligation to notify the Company of the acquisition of shares conferring on that person, having regard to articles 7 and 8 of the Law of 4 December 1992, one quarter or more of the total voting rights in the Company shall be obliged to make, or cause to be made, in each country where the Company's securities are admitted to trading on a regulated or other market and in each of the countries in which the Company has made a public offering of its shares, an unconditional public offer to acquire for cash all outstanding shares and securities giving access to shares, linked to the share capital or whose rights are dependent on the profits of the Company (hereafter collectively “securities linked to capital”), whether those securities were issued by the Company or by entities controlled or established by it or members of its group. Each of these public offers must be conducted in conformity and compliance with the legal and regulatory requirements applicable to public offers in each State concerned.

In any case, the price must be fair and equitable and, in order to guarantee equality of treatment of shareholders and holders of securities linked to capital of the Company, the said public offers must be made at or on the basis of an identical price, which must be justified by a report drawn up by a first rank financial institution nominated by the Company whose fees and costs must be advanced by the person subject to the obligation laid down by this article.

This obligation to make an unconditional cash offer shall not apply if the acquisition of the Company's shares by the person making such notification has received the prior assent of the Company's shareholders in the form of a resolution adopted in conformity with article 19 of the present articles of association at a general meeting of shareholders, including in particular in the event of a merger or a contribution in kind paid for by a share issue.

7.4. If the public offer as described in article 7.3 of the present articles of association has not been made within a period of two (2) months of notification to the Company of the increase in the holding giving entitlement to the percentage of voting rights provided for in article 7.3 of the present articles of association or of notification by the Company to the shareholder that such increase has taken place, or if the Company is informed that a competent authority in one of the countries in which the securities of the Company are admitted to trading (or in one of the countries in which the Company has made a public offering of its shares) has determined that the public offer was made contrary to the legal or regulatory requirements governing public offers applicable in that country, as from the expiry of the aforementioned period of two (2) months or from the date on which the Company received that information, the right to attend and vote at general meetings of shareholders and the right to receive dividends or other distributions shall be suspended in respect of the shares corresponding to the percentage of the shares held by the shareholder in question exceeding the threshold fixed in article 7.3 of the present articles of association as from which a public offer has to be made.

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A shareholder who has exceeded the threshold fixed by article 7.3 of the present articles of association and requires a general meeting of shareholders to be called pursuant to article 70 of the Law, must, in order to be able to vote at that meeting, have made a definitive and irrevocable public offer as described in article 7.3 of the present articles of association before that meeting is held. Failing this, the right to vote attaching to the shares exceeding the threshold laid down by article 7.3 of the present articles of association shall be suspended.

Where, at the date on which the annual general meeting is held, a shareholder exceeds the threshold laid down by article 7.3 of the present articles of association, his or her voting rights shall be suspended to the extent of the percentage exceeding the threshold laid down in article 7.3 of the present articles of association, save where the shareholder in question undertakes in writing not to vote in respect of the shares exceeding the threshold of one-quarter or where the shareholder has definitively and irrevocably made the public offer as provided for in article 7.3 of the present articles of association.

7.5. The provisions of article 7 shall not apply:

(i) to the Company itself in respect of shares directly or indirectly held in treasury,

(ii) to Depositories, acting as such, provided that said Depositories may only exercise the voting right attached to such shares if they have received instructions from the owner of the shares, the provisions of this article 7 thereby applying to the owner of the shares,

(iii) to any disposal and to any issue of shares by the Company in connection with a merger or a similar transaction or the acquisition by the Company of any other company or activity,

(iv) to the acquisition of shares resulting from a public offer for the acquisition of all the shares in the Company and all of the securities linked to capital,

(v) to the acquisition or transfer of a participation remaining below ten per cent (10%) of total voting rights by a market maker acting in this capacity, provided that:

a) it is approved by its home Member State by virtue of directive 2004/39/CE; and

b) it neither interferes in the management of the Company nor exercises influence on the Company to acquire its shares or to maintain their price.

7.6. Voting rights are calculated on the basis of the entirety of the shares to which voting rights are attached even if the exercise of such voting rights is suspended.

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Article 8. Board of directors

8.1. The Company shall be administered by a board of directors composed of at least three (3) members and of a maximum of eighteen (18) members; all of whom except the Chief Executive Officer (“administrateur-président de la direction générale”) shall be non-executive. None of the members of the board of directors, except for the Chief Executive Officer of the Company (“administrateur-président de la direction générale”), shall have an executive position or executive mandate with the Company or any entity controlled by the Company.

At least one-half of the board of directors shall be composed of independent members. A member of the board of directors shall be considered as “independent”, if (i) he or she is independent within the meaning of the Listed Company Manual of the New York Stock Exchange (the "Listed Company Manual"), as it may be amended, or any successor provision, subject to the exemptions available for foreign private issuers, and if (ii) he or she is unaffiliated with any shareholder owning or controlling more than two percent (2%) of the total issued share capital of the Company (for the purposes of this article, a person is deemed affiliated to a shareholder if he or she is an executive officer, or a director who is also employed by the shareholder, a general partner, a managing member, or a controlling shareholder of such shareholder).

8.2. The members of the board of directors do not have to be shareholders in the Company.

8.3. The members of the board of directors shall be elected by the shareholders at the annual general meeting or at any other general meeting of shareholders for a period terminating on the date to be determined at the time of their appointment and, with respect to appointments which occur after the 13th November 2007 (except in the event of the replacement of a member of the board of directors during his or her mandate) at the third annual general meeting following the date of their appointment.

8.4. At any general meeting of shareholders held after 1^st August 2009, the Mittal Shareholder (as defined below) may, at its discretion, decide to exercise the right of proportional representation provided in the present article and nominate candidates for appointment as members of the board of directors (the “Mittal Shareholder Nominees”) as follows. Upon any exercise by the Mittal Shareholder of the right of proportional representation provided by this article, the general meeting of shareholders shall elect, among the Mittal Shareholder Nominees, a number of members of the board of directors determined by the Mittal Shareholder, such that the number of members of the board of directors so elected among the Mittal Shareholder Nominees, in addition to the number of members of the board of directors in office who were elected in the past among the Mittal Shareholder Nominees, shall not exceed the Proportional Representation. For the purposes of this article, the “Proportional Representation” shall mean the product of the total number of members of the board of directors after the proposed election(s) and the percentage of the total issued and outstanding share

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capital of the Company owned, directly or indirectly, by the Mittal Shareholder on the date of the general meeting of shareholders concerned, with such product rounded to the closest integral. When exercising the right of Proportional Representation granted to it pursuant to this article, the Mittal Shareholder shall specify the number of members of the board of directors that the general meeting of shareholders shall elect from among the Mittal Shareholder Nominees, as well as the identity of the Mittal Shareholder Nominees. For purposes of this article the "Mittal Shareholder" shall mean collectively Mr. Lakshmi N. Mittal or Mrs. Usha Mittal or any of their heirs or successors acting directly or indirectly through Mittal Investments S.à r.l., ISPAT International Investments S.L. or any other entity controlled, directly or indirectly, by either of them. The provisions of this article shall not in any way limit the rights that the Mittal Shareholder may additionally have to nominate and vote in favour of the election of any director in accordance with its general rights as a shareholder.

8.5. A member of the board of directors may be dismissed with or without cause and may be replaced at any time by the general meeting of shareholders in accordance with the aforementioned provisions relating to the composition of the board of directors.

In the event that a vacancy arises on the board of directors following a member's death or resignation or for any other reason, the remaining members of the board of directors may, by a simple majority of the votes validly cast, elect a member of the board of directors so as temporarily to fulfil the duties attaching to the vacant post until the next general meeting of shareholders in accordance with the aforementioned provisions relating to the composition of the board of directors.

8.6. Except for a meeting of the board of directors convened to elect a member to fill a vacancy as provided in the second paragraph of article 8.5, or to convene a general meeting of shareholders to deliberate over the election of Mittal Shareholder Nominees, and except in the event of a grave and imminent danger requiring an urgent board of directors' decision, which shall be approved by the directors elected from among the Mittal Shareholder Nominees, the board of directors of the Company will not be deemed to be validly constituted and will not be authorized to meet until the general meeting of shareholders has elected from among the Mittal Shareholder Nominees the number of members of the board of directors required under article 8.4.

8.7. In addition to the directors’ fees determined in accordance with article 17 below, the general meeting may grant members of the board of directors a fixed amount of compensation and attendance fees, and upon the proposal of the board of directors, allow the reimbursement of the expenses incurred by members of the board of directors in order to attend the meetings, to be imputed to the charges.

The board of directors shall in addition be authorised to compensate members of the board of directors for specific missions or functions

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8.8. The Company will indemnify, to the broadest extent permitted by Luxembourg law, any member of the board of directors or member of the management board, as well as any former member of the board of directors or member of the management board, for any costs, fees and expenses reasonably incurred by him or her in the defence or resolution (including a settlement) of any legal actions or proceedings, whether they be civil, criminal or administrative, to which he or she may be made a party by virtue of his or her former or current role as member of the board of directors or member of the management board of the Company.

Notwithstanding the foregoing, a former or current member of the board of directors or member of the management board will not be indemnified if he or she is found guilty of gross negligence, fraud, fraudulent inducement, dishonesty or of the commission of a criminal offence or if it is ultimately determined that he or she has not acted honestly and in good faith and with the reasonable belief that his or her actions were in the Company’s best interests.

The aforementioned indemnification right shall not be forfeited in the case of a settlement of any legal actions or proceedings, whether they be civil, criminal or administrative.

The provisions above shall inure to the benefit of the heirs and successors of the former or current member of the board of directors or member of the management board without prejudice to any other indemnification rights that he or she may otherwise claim.

Subject to any procedures that may be implemented by the board of directors in the future, the expenses for the preparation and defence in any legal action or proceeding covered by this article 8.8 may be advanced by the Company, provided that the concerned former or current member of the board of directors or member of the management board delivers a written commitment that all sums paid in advance will be reimbursed to the Company if it is ultimately determined that he or she is not entitled to indemnification under this article 8.8.

Article 9. Procedures for meetings of the Board of Directors

The board of directors shall choose from amongst its members a chairman of the board of directors (the “Chairman of the board of directors”) (Président du conseil d’administration) and, if considered appropriate, a president (the “President”) (Président) and one or several vice-chairmen and shall determine the period of their office, not exceeding their appointment as director.

The board of directors shall meet, when convened by the Chairman of the board of directors or the President, or a vice-chairman, or two (2) members of the board of directors, at the place indicated in the notice of meeting.

The meetings of the board of directors shall be chaired by the Chairman of the board of directors or the President or, in their absence, by a vice-chairman. In the absence of the Chairman of the board of directors, of the

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President, and of the vice-chairmen, the board of directors shall appoint by a majority vote a chairman pro tempore for the meeting in question.

A written notice of meeting shall be sent to all members of the board of directors for every meeting of the board of directors at least five (5) days before the date scheduled for the meeting, except in case of urgency, in which case the nature of the emergency shall be specified in the notice of meeting. Notice of meeting shall be given by letter or by fax or by electronic mail or by any other means of communication guaranteeing the authenticity of the document and the identification of the person who is the author of the document. Notice of meeting may be waived by the consent of each member of the board of directors given in the same manner as that required for a notice of meeting. A special notice of meeting shall not be required for meetings of the board of directors held on the dates and at the times and places determined in a resolution adopted beforehand by the board of directors.

For any meeting of the board of directors, each member of the board of directors may designate another member of the board of directors to represent him and vote in his or her name and place, provided that a given member of the board of directors may not represent more than one of his or her colleagues. The representative shall be designated in the same manner as is required for notices of meeting. The mandate shall be valid for one meeting only and, where appropriate, for every further meeting as far as there is the same agenda.

The board of directors may deliberate and act validly only if the majority of the members of the board of directors are present or represented. Decisions shall be taken by a simple majority of the votes validly cast by the members of the board of directors present or represented. None of the members of the board of directors, including the Chairman of the board of directors, the President and vice-chairmen, has a casting vote.

A member of the board of directors may take part in and be regarded as being present at a meeting of the board of directors by telephone conference or by any other means of telecommunication which enable all the persons taking part in the meeting to hear each other and speak to each other.

If all the members of the board of directors agree as to the decisions to be taken, the decisions in question may also be taken in writing without any need for the members of the board of directors to meet. To this end, the members of the board of directors may express their agreement in writing, including by fax or by any other means of communication guaranteeing the authenticity of the document and the identification of the member of the board of directors who wrote the document. The consent may be given on separate documents which together constitute the minutes of such decisions.

Article 10. Minutes of meetings of the board of directors

The minutes of meetings of the board of directors shall be signed by the person who chaired the meeting and by those members of the board of directors taking part in the meeting and who request to sign such minutes.

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Copies or excerpts of minutes intended for use in judicial proceedings or otherwise shall be signed by the Chairman of the board of directors or the President or a vice-chairman.

Article 11. Powers of the board of directors

11.1. The board of directors shall have the most extensive powers to administer and manage the Company. All powers not expressly reserved to the general meeting by the Law or the present articles of association shall be within the competence of the board of directors.

11.2. The board of directors may decide to set up committees to consider matters submitted to them by the board of directors, including an audit committee and an appointments, remuneration and corporate governance committee. The audit committee shall be composed solely of independent members of the board of directors, as defined in article 8.1.

11.3. The board of directors may delegate the day-to-day management of the Company's business and the power to represent the Company with respect thereto to one or more executive officers (directeurs généraux), executives (directeurs) or other agents, who may together constitute a management board (direction générale) deliberating in conformity with rules determined by the board of directors. The board of directors may also delegate special powers to any person and confer special mandates on any person.

Article 12. Authorised signatures

The Company shall be bound by the joint or individual signature of all persons to whom such power of signature shall have been delegated by the board of directors.

Article 13. Shareholders' meetings – General

Any duly constituted general meeting of the Company's shareholders shall represent all the shareholders in the Company. It shall have the widest powers to order, implement or ratify all acts connected with the Company's operations.

General meetings of shareholders shall be chaired by the Chairman of the board of directors or the President or, in their absence, by a vice-chairman. In the absence of the Chairman of the board of directors, of the President and of the vice-chairmen, the general meeting of shareholders shall be presided over by the most senior member of the board of directors present.

Each share shall be entitled to one vote. Each shareholder may have himself represented at any general meeting of shareholders by giving a proxy in writing, including by fax or by any other means of communication guaranteeing the authenticity of the document and enabling the shareholder giving the proxy to be identified.

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Except where law or the articles of association provide otherwise, resolutions shall be adopted at general meetings by a simple majority of the votes validly cast by the shareholders present or represented.

Where, in accordance with the provisions of article 6.3 of the present articles of association, shares are recorded in the register of shareholders in the name of a Depository or sub-depository of the former, the certificates provided for in the said article 6.3 of the present articles of association must be received at the Company no later than the day preceding the fifth (5^th) working day before the date of the general meeting unless the Company fixes a shorter period. Such certificates must certify the fact that the shares in the account shall be blocked until the close of the general meeting. All proxies must be received at the Company by the same deadline.

The board of directors shall adopt all other regulations and rules concerning the availability of access cards and proxy forms in order to enable shareholders to exercise their right to vote.

The board of directors may decide to allow the participation of shareholders in the general meeting of the Company by any means of telecommunication (including via telephone or videoconference), provided that such means of telecommunication allow the identification of the shareholders participating by such means, and all the other shareholders present at such general meeting (whether in person or by proxy, or by means of such type of communications device) to hear them and to be heard by them at any time.

Any shareholder that participates in a general meeting of the Company by these means shall be deemed to be present at such general meeting, shall be counted when reckoning a quorum and shall be entitled to vote on matters considered at such general meeting.

Shareholders may vote by correspondence, by means of a form provided by the Company including the following information:

-	the location, the date, and the time of the meeting,

-	the name, address and any other pertinent information concerning the shareholder,

-	the number of shares held by such shareholder,

-	the agenda for the meeting,

-	the texts of the proposed resolutions,

-	the option to cast a positive or negative vote or to abstain,

-	the option to vote by proxy for any new resolution or any modification of the resolutions that may be proposed during the meeting or announced by the Company after the shareholder’s submission of the form provided by the Company.

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The forms for voting by correspondence should be received at the Company no later than the day preceding the fifth (5^th) working day before the date of the general meeting unless the Company fixes a shorter period. Once the voting forms are submitted to the Company, they can neither be retrieved nor cancelled.

Duly completed forms that are received by the Company as provided above shall be counted when reckoning a quorum at such general meeting.

The board of directors shall adopt all other regulations and rules concerning the participation in the meeting and forms to be used to vote by correspondence.

In the event that all the shareholders are present or represented at a general meeting of shareholders and declare that they have been informed of the agenda of the general meeting, the general meeting may be held without prior notice of meeting or publication.

Article 14. Annual general meeting of shareholders

The annual general meeting of shareholders shall be held in accordance with Luxembourg law at the Company's registered office or at any other place in the City of Luxembourg mentioned in the notice of meeting on the second Tuesday of the month of May each year at eleven o’clock (11:00) a.m.

If that day is not a banking day in Luxembourg, the annual general meeting shall be held on the immediately preceding banking day.

Fifteen (15) days before the general meeting, shareholders may inspect at the

registered office the documents to be deposited at such office in accordance with the Law.

The management report, the annual and consolidated accounts and the documents drawn up by the independent auditors shall be addressed to the registered shareholders at the same time as the notice of meeting. Any shareholder shall be entitled to obtain a copy of the documents referred to in the preceding paragraph free of charge, upon production of proof of his or her shareholding, fifteen (15) days before the meeting.

Following the approval of the annual accounts and consolidated accounts, the general meeting shall decide by special vote on the discharge of the liability of the members of the board of directors.

The other general meetings of shareholders may be held on the dates, at the time and at the place indicated in the notice of meeting.

Article 15. Independent Auditors

The annual accounts and consolidated accounts shall be audited, and the consistency of the management report with those accounts verified, by one or

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more independent auditors (“réviseurs d'entreprises”) appointed by the general meeting of shareholders for a period not exceeding three (3) years.

The independent auditor(s) may be re-elected.

They shall record the result of their audit in the reports required by the Law.

Article 16. Financial year

The Company's financial year shall commence on 1 January each year and end on 31 December the same year.

Article 17. Allocation of profits

Five per cent (5%) of the Company's net annual profits shall be allocated to the reserve required by the Law. This allocation shall cease to be mandatory when that reserve reaches ten per cent (10%) of the subscribed capital. It shall become mandatory once again when the reserve falls below that percentage.

The remainder of the net profit shall be allocated as follows by the general meeting of shareholders upon the proposal of the board of directors:

• a global amount shall be allocated to the board of directors by way of directors' fees (“tantièmes”). This amount may not be less than one million Euro (EUR 1,000,000). In the event that the profits are insufficient, the amount of one million Euro shall be imputed in whole or in part to the charges. The distribution of this amount as amongst the members of the board of directors shall be effected in accordance with the board of directors' rules of procedure;

• the balance shall be distributed as dividends to the shareholders or placed in the reserves or carried forward.

Where, upon the conversion of convertible or exchangeable securities into shares in the Company, the Company proceeds to issue new shares or to attribute shares of its own, those shares shall not take part in the distribution of dividends for the financial year preceding the conversion or exchange, unless the issue conditions of the convertible or exchangeable securities provide otherwise.

Interim dividends may be distributed under the conditions laid down by the Law by decision of the board of directors.

No interest shall be paid on dividends declared but not paid which are held by the Company on behalf of shareholders.

Article 18. Dissolution and liquidation

In the event of a dissolution of the Company, liquidation shall be carried out by one or more liquidators, who may be natural or legal persons, appointed

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by the general meeting of shareholders, which shall determine their powers and remuneration.

Article 19. Amendment of the articles of association

The present articles of association may be amended from time to time as considered appropriate by a general meeting of shareholders subject to the requirements as to quorum and voting laid down by the Law.

By exception to the preceding paragraph, articles 8.1, 8.4, 8.5, 8.6 and 11.2 as well as the provision of this article 19 may only be amended by a general meeting of shareholders disposing of a majority of votes representing two-thirds of the voting rights attached to the shares in the Company.

Article 20. Applicable law and jurisdiction

For all matters not governed by the present articles of association, the parties refer to the provisions of the Law.

All disputes which may arise during the duration of the Company or upon its liquidation between shareholders, between shareholders and the Company, between shareholders and members of the board of directors or liquidators, between members of the board of directors and liquidators, between members of the board of directors or between liquidators of the Company on account of company matters shall be subject to the jurisdiction of the competent courts of the registered office. To this end, any shareholder, member of the board of directors or liquidator shall be bound to have an address for service in the district of the court for the registered office and all summonses or service shall be duly made to that address for service, regardless of their actual domicile; if no address for service is given, summonses or service shall be validly made at the Company's registered office.

The foregoing provisions do not affect the Company's right to bring proceedings against the shareholders, members of the board of directors or liquidators of the Company in any other court having jurisdiction on some other ground and to carry out any summonses or service by other means apt to enable the defendant to defend itself.

The present articles of incorporation are worded in English followed by a French version and in case of divergences between the English and the French version, the English version will prevail.

FOLLOWS THE FRENCH VERSION

Article 1. Forme - Dénomination sociale

La Société a pour dénomination ArcelorMittal et elle a la forme d’une société anonyme.

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Article 2. Durée

La Société est établie pour une période illimitée. Elle peut être dissoute à tout moment par décision de l’assemblée générale des actionnaires statuant comme en matière de modification des statuts, conformément à l’article 19 ci-après.

Article 3. Objet

La Société a pour objet la fabrication, le traitement et le commerce de l’acier, de produits sidérurgiques et de tous autres produits métallurgiques, ainsi que de tous les produits et matériaux utilisés dans leur fabrication, leur traitement et leur commercialisation, et toutes les activités industrielles et commerciales directement ou indirectement liées à ces objets, y compris les activités minières et de recherche et la création, l’acquisition, la détention, l’exploitation et la vente de brevets, de licences, de savoir-faire et plus généralement de droits de propriété intellectuelle et industrielle.

La Société peut réaliser cet objet soit directement soit par la création de sociétés, l’acquisition, la détention et la prise de participations dans toutes sociétés de capitaux ou de personnes, et l’adhésion à toutes associations, groupements d’intérêts et opérations en commun.

D’une manière générale, l’objet de la Société comprend la participation, sous quelque forme que ce soit, dans des sociétés de capitaux ou de personnes, ainsi que l’acquisition par achat, souscription ou de toute autre manière ainsi que la cession par vente, échange ou de toute autre manière d’actions, d’obligations, de titres représentatifs de créances, de warrants et d’autres valeurs et instruments de toute nature.

Elle peut prêter assistance à toute société affiliée et prendre toute mesure de contrôle et de surveillance de telles sociétés.

Elle peut effectuer toute opération ou transaction commerciale, financière ou industrielle qu’elle estime directement ou indirectement nécessaire ou utile à l’accomplissement et au développement de son objet.

Article 4. Siège social

Le siège social et le principal établissement de la Société sont établis à Luxembourg Ville. Le siège social peut être transféré à l’intérieur de Luxembourg Ville par simple décision du conseil d’administration. Il peut être créé, par simple décision du conseil d’administration, des succursales ou bureaux tant dans le Grand-Duché de Luxembourg qu’à l’étranger.

Au cas où le conseil d’administration estimerait que des événements extraordinaires d’ordre politique, économique ou social de nature à compromettre l’activité normale de la Société au siège social ou la facilité de communication avec ce siège ou de ce siège avec l’étranger se sont produits

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ou sont imminents, il pourra transférer provisoirement le siège social à l’étranger jusqu’à cessation complète de ces circonstances anormales; ce transfert provisoire n’aura toutefois aucun effet sur la nationalité de la Société, laquelle nonobstant ce transfert provisoire du siège restera luxembourgeoise.

Article 5. Capital – Augmentation du capital

5.1. Le capital social souscrit s’élève à six milliards trois cent quarante-cinq millions huit cent cinquante-neuf mille trois cent quatre-vingt-dix-neuf euros et quatre-vingt-six cents (6.345.859.399,86 EUR). Il est représenté par un milliard quatre cent quarante-huit millions huit cent vingt-six mille trois cent quarante-sept (1.448.826.347) actions, sans valeur nominale, toutes entièrement libérées.

5.2. Le capital autorisé de la Société, y inclus le capital souscrit, s’élève à sept milliards quatre-vingt-deux millions quatre cent soixante mille euros (7.082.460.000 EUR) représenté par un milliard six cent dix-sept millions (1.617.000.000) actions sans valeur nominale.

5.3. Le capital souscrit et le capital autorisé de la Société peuvent être augmentés ou réduits par décision de l’assemblée générale des actionnaires statuant dans les formes et selon les conditions requises en matière de modifications des statuts conformément à l’article 19 des statuts.

5.4. Sous réserve des dispositions de la loi sur les sociétés commerciales (ci-après «la Loi"), chaque actionnaire aura un droit de souscription préférentiel en cas d’émission de nouvelles actions en contrepartie d’apports en numéraire. Ce droit de souscription préférentiel sera proportionnel à la part du capital que représentent les actions détenues par chaque actionnaire.

Le droit préférentiel de souscription pourra être limité ou supprimé par une résolution de l’assemblée générale des actionnaires prise conformément à l’article 19 des statuts.

Le droit de souscription préférentiel pourra également être limité ou supprimé par le conseil d’administration (i) lorsque l’assemblée générale des actionnaires aura, dans les conditions requises par l’article 19 des statuts et par modification des présents statuts, délégué au conseil d’administration le pouvoir d’émettre des actions et de limiter ou de supprimer le droit préférentiel de souscription durant une période fixée par l’assemblée générale et qui ne pourra excéder cinq ans, de même que (ii) dans le cadre de l’autorisation conférée par l’article 5.5 des statuts.

5.5. Le conseil d’administration de la Société est autorisé pendant la période expirant le 5 novembre 2012, sans préjudice de renouvellements éventuels, à augmenter en une ou plusieurs fois le capital souscrit dans la limite du capi-tal autorisé, pour des opérations de fusions, acquisitions ou autres opéra-tions similaires, et en vue de la remise d’actions, à la suite de l’exercice ou de la conversion, selon le cas, d’options sur actions de la Société ou d’autres avantages en actions attribués dans le cadre d’un plan d’incitation ou d’in-

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téressement de la Société ou d’émission d’actions dans le cadre d’offre d’ac-tions aux employés.

Le conseil d’administration est autorisé à fixer les modalités de toute aug-mentation de capital, y compris les modalités de sa libération (en espèces ou par apport en nature). Une telle augmentation de capital peut également s’opérer par incorporation de réserves, de primes d’émission ou de bénéfices reportés, avec ou sans émission d’actions nouvelles.

Le conseil d’administration est autorisé, dans la limite du capital autorisé, à émettre des actions pour des opérations de fusions, acquisitions ou autres opérations similaires.

Le conseil d’administration est également autorisé, dans la limite du capital autorisé, à émettre des options sur actions et tous autres avantages en actions attribués dans le cadre d’un plan d’incitation ou d’intéressement de la Société ou d’offre d’actions aux employés donnant le droit d’acquérir ou de souscrire à une ou plusieurs actions de la Société.

Dans tous les cas, le conseil d’administration est autorisé à limiter ou à supprimer le droit de souscription préférentiel des anciens actionnaires.

Les décisions du conseil d’administration ayant pour objet l’émission, dans le cadre de l’autorisation conférée par le présent article 5.5, d’actions, pour les opérations de fusions, acquisitions ou autres opérations similaires, ou d’options sur actions et tous autres avantages en actions attribués dans le cadre d’un plan d’incitation ou d’intéressement de la Société ou d’offre d’actions aux employés, seront, par dérogation à l’article 9 des statuts, prises à la majorité des deux tiers des membres présents et représentés.

Toutes les fois que le conseil d’administration aura procédé en tout ou en partie à l’augmentation de capital telle qu’autorisée par les dispositions ci-dessus, l’article 5 des statuts sera modifié afin de refléter cette augmenta-tion.

Le conseil d’administration est expressément autorisé à déléguer toute personne physique ou morale pour organiser le marché des droits de souscription, accepter les souscriptions, conversions ou échanges, recevoir paiement du prix des actions, obligations, droits de souscription ou autres valeurs et instruments, faire constater les augmentations de capital réalisées ainsi que les modifications correspondantes à l’article 5 des statuts et faire inscrire au dit article 5 des statuts le montant à concurrence duquel l’autorisation d’augmenter le capital a été effectivement utilisée et éven-tuellement les montants à concurrence desquels elle est réservée pour des valeurs ou instruments pouvant donner droit à des actions.

5.6. La partie non souscrite du capital autorisé est susceptible d’être entamée par l’exercice de droits de conversion ou de souscription d’ores et déjà conférés par la Société.

Article 6. Actions

6.1. Les actions sont émises sous la seule forme nominative.

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6.2. Sous réserve de ce qui est prévu à l’article 6.3 des statuts, la Société considérera la personne au nom de laquelle des actions ou des coupures sont inscrites dans le registre des actionnaires comme le titulaire de ces actions ou de ces coupures.

6.3. Toutefois, lorsque des actions sont inscrites au registre des actionnaires pour compte d’une ou de plusieurs personnes au nom d’un système de règlement d’opérations sur titres ou de l’opérateur d’un tel système, ou d’un dépositaire professionnel de titres ou de tout autre dépositaire (ces systèmes, professionnels ou autres dépositaires étant désignés ci-après comme «Dépositaires") ou d’un sous-dépositaire désigné par un ou plusieurs Dépositaires, la Société, sous réserve d’avoir reçu de la part d’un Dépositaire auprès duquel ces actions sont tenues en compte, une attestation en bonne et due forme, permettra à ces personnes d’exercer les droits attachés à ces actions, y compris l’admission et le vote aux assemblées générales, et considèrera ces personnes comme détenteurs pour les besoins de l’article 7 des statuts. Le conseil d’administration pourra déterminer les conditions de forme auxquelles devront répondre ces attestations. Nonobstant ce qui précède, la Société n’effectuera des paiements en espèces, en actions ou en d’autres valeurs, au titre de dividendes ou à tout autre titre, qu’entre les mains du Dépositaire ou sous-dépositaire inscrit au registre ou conformément aux instructions de celui-ci, et ce paiement sera libératoire pour la Société.

6.4. Des certificats confirmant l’inscription au registre des actionnaires seront remis aux actionnaires et, dans le cas prévu à l’article 6.3 des statuts et sur demande, aux Dépositaires ou sous-dépositaires inscrits au registre. Sans préjudice des modalités de transfert par virement d’actions fongibles dans le cas prévu à l’article 6.3 des statuts, la cession d’actions se fera par une déclaration de transfert écrite portée au registre des actionnaires, datée et signée par le cédant et le cessionnaire, ou par leurs mandataires dûment nommés. La Société peut accepter tout autre document, instrument, écrit ou correspondance comme preuve suffisante de la cession.

Aucune inscription ne sera faite au registre des actionnaires et aucune signification d’un transfert ne sera reconnue par la Société pendant la période débutant le cinquième (5^ème) jour ouvrable avant la date d’une assemblée générale et se terminant à la clôture de cette assemblée générale, à moins que la Société ne fixe une période plus courte.

6.5. Dans les limites et aux conditions prévues par la Loi, la Société peut racheter ses propres actions ou les faire racheter par ses filiales.

6.6. Sous réserve des dispositions de l’article 6.7 des statuts, les actions ou coupures sont indivisibles à l’égard de la Société qui ne reconnaît qu’un seul propriétaire pour chaque action ou coupure. Les propriétaires indivis d’une action ou d’une coupure sont tenus de se faire représenter auprès de la Société par une seule et même personne afin de pouvoir exercer leurs droits.

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6.7. Les actions de la Société peuvent être divisées en coupures égales, chaque coupure représentant un septième (1/7) d’une action. La division d’actions en coupures ne pourra être effectuée que dans le cadre d’une restructuration du capital social décidée par l’assemblée générale des actionnaires de la Société.

Le détenteur d’une coupure aura droit à un septième (1/7) de toute distribution par action faite par la Société, ou suite à sa liquidation.

Les coupures n’auront pas de droit de vote aux assemblées générales des actionnaires de la Société à moins qu’un nombre de coupures égal à une action entière ne soit réuni.

Tout détenteur de coupures détenant sept (7) coupures peut en demander la conversion en une (1) action entière.

Article 7. Droits et obligations des actionnaires

7.1. La Société est actuellement soumise, et aussi longtemps que ses valeurs mobilières seront admises à la négociation sur un marché réglementé, elle restera soumise aux dispositions de la loi du 4 décembre 1992 ("la Loi du 4 décembre 1992"). Toute référence dans les présents statuts à une disposition de la Loi du 4 décembre 1992 se comprend comme une référence à la disposition équivalente de cette loi telle que modifiée ou remplacée. Les dispositions des articles 1 à 10 inclus de la Loi du 4 décembre 1992 et la sanction de la suspension des droits de vote conformément à l’article 13 de la Loi du 4 décembre 1992 s’appliqueront également, après prise en compte des dispositions des articles 7 et 8 de la Loi du 4 décembre 1992, (a) à toute acquisition ou cession d’actions entraînant le franchissement, à la hausse ou à la baisse, du seuil de deux virgule cinq pour-cent (2,5%) des droits de vote dans la Société, (b) à toute acquisition ou cession d’actions entraînant le franchissement, à la hausse ou à la baisse, du seuil de trois pour-cent (3%) des droits de vote dans la Société et (c) au-delà de trois pour-cent (3 %) des droits de vote dans la Société, à chaque acquisition ou cession d’actions entraînant le franchissement, à la hausse ou à la baisse, de seuils successifs de un pour-cent (1%) des droits de vote dans la Société.

Pour le calcul des seuils prévus à cet article 7 et l’application des obligations de déclaration visées au présent article 7, les droits de vote énumérés aux articles 7 et 8 de la Loi du 4 décembre 1992 seront assimilés aux droits de vote possédés par la personne tenue à l’information prévue à cet article.

7.2. Toute personne qui, prenant en compte les articles 7 et 8 de la Loi du 4 décembre 1992, acquiert des actions lui conférant un droit de vote de cinq pour-cent (5%) ou plus ou d'un multiple de cinq pour-cent (5%) ou plus dans la Société, devra, sous peine de la suspension de son droit de vote selon les modalités de l'article 13 de la Loi du 4 décembre 1992, informer la Société, dans un délai de dix (10) jours de bourse (sur le marché du Luxembourg) suivant la date du franchissement du seuil concerné, par lettre recommandée avec accusé de réception, de son intention (a) d’acquérir ou de céder des actions de la Société dans les douze (12) prochains mois, (b) de tenter d’obtenir le contrôle de la Société, ou (c) de tenter de nommer un membre au conseil d’administration de la Sociét é.

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7.3. Toute personne astreinte à une obligation de notifier à la Société l’acquisition d’actions conférant à cette personne, prenant en compte les articles 7 et 8 de la Loi du 4 décembre 1992, un quart ou plus du total des droits de vote dans la Société, sera obligée de faire, ou de faire effectuer, dans chaque pays où les valeurs mobilières de la Société sont admises à la négociation à un marché réglementé ou à un autre marché ainsi que dans chacun des pays où la Société a fait une offre publique de ses actions, une offre publique inconditionnelle d’acquisition en numéraire de toutes les actions et de tous les titres donnant accès au capital, liés au capital ou dont les droits dépendent des bénéfices de la Société (ci-après collectivement les « titres liés au capital "), que ces titres soient émis par la Société ou par des entités contrôlées ou établies par elle ou des membres de son groupe. Chacune de ces offres publiques devra se dérouler en conformité et dans le respect des prescriptions légales et réglementaires applicables aux offres publiques dans chaque Etat concerné.

Dans tous les cas, le prix devra être juste et équitable et, afin de garantir l’égalité de traitement des actionnaires et détenteurs de titres liés au capital de la Société, lesdites offres publiques devront être réalisées à ou sur base d’un prix identique qui devra être justifié par un rapport établi par un établissement financier de premier rang nommé par la Société et dont les honoraires et frais devront être avancés par la personne astreinte à l’obligation prévue au présent article.

Cette obligation de faire une offre en numéraire sans conditions ne s’appliquera pas si l’acquisition des actions de la Société par la personne effectuant cette notification a reçu l’assentiment préalable des actionnaires de la Société par une résolution adoptée conformément à l’article 19 des statuts lors d’une assemblée générale des actionnaires y inclus notamment en cas de fusion ou d’apport en nature rémunéré par une émission d’actions.

7.4. Si l’offre publique telle que décrite à l’article 7.3 des statuts n’a pas été faite endéans une période de deux (2) mois après la notification à la Société de l’augmentation de la participation donnant droit au pourcentage des droits de vote prévu à l’article 7.3 des statuts ou de la notification par la Société à l’actionnaire de la connaissance par la Société de la réalisation d’une telle augmentation, ou si la Société est informée qu’une autorité compétente d’un des pays où les valeurs de la Société sont admises à la négociation(ou d’un des pays où la Société a fait une offre publique de ses actions) a déterminé que l’offre publique a été effectuée en violation des prescriptions légales ou réglementaires en matière d’offres publiques applicables dans ce pays, à partir de l’expiration du susdit délai de deux (2) mois ou de la date à laquelle la Société a reçu cette information, le droit d’assister et de voter aux assemblées générales des actionnaires et le droit de recevoir des dividendes ou autres distributions seront suspendus sur les actions correspondant au pourcentage des actions détenues par l’actionnaire en question dépassant le seuil fixé à l’article 7.3 des statuts à partir duquel une offre publique doit être faite.

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L’actionnaire ayant dépassé le seuil fixé à l’article 7.3 des statuts et qui requiert la convocation d’une assemblée générale des actionnaires conformément à l’article 70 de la Loi devra, afin de pouvoir voter à cette assemblée, avoir procédé à l’offre publique définitive et irrévocable telle que décrite à l’article 7.3 des statuts avant la tenue de cette assemblée. A défaut, le droit de vote attaché aux actions dépassant le seuil fixé à l’article 7.3 des statuts sera suspendu.

Lorsque, à la date de la tenue de l’assemblée générale annuelle, un actionnaire dépasse le seuil fixé à l’article 7.3. des statuts, ses droits de vote seront suspendus à hauteur du pourcentage dépassant le seuil prévu à l’article 7.3. des statuts sauf au cas où l’actionnaire concerné s’engage par écrit à ne pas voter pour les actions dépassant le seuil d’un quart, ou si l’actionnaire a procédé définitivement et irrévocablement à l’offre publique telle que prévue à l’article 7.3. des statuts.

7.5. Les dispositions du présent article 7 ne s’appliquent pas:

(i) à la Société elle-même pour les actions qu’elle détiendrait directement ou indirectement,

(ii) aux Dépositaires, agissant en cette qualité pour autant que lesdits Dépositaires ne puissent exercer les droits de vote attachés à ces actions que sur instruction du propriétaire des actions, les dispositions de l’article 7 s’appliquant alors au propriétaire des actions,

(iii) à toute cession et à toute émission d’actions par la Société dans le cadre d’une fusion ou une opération similaire ou de l’acquisition par la Société de toute autre société ou activité,

(iv) à l’acquisition d’actions résultant d’une offre publique d’acquisition de toutes les actions de la Société et de tous les titres liés au capital,

(v) à l’acquisition ou à la cession d’une participation restant inférieure à dix pour-cent (10%) du total des droits de vote par un teneur de marché agissant en cette qualité, pour autant :

a) qu’il soit agréé par son Etat membre d’origine en vertu de la directive 2004/39/CE et

b) qu’il n’intervienne pas dans la gestion de la Société ni n’exerce une influence pour pousser la Société à acquérir ses actions ou à en soutenir le prix.

7.6. Les droits de vote sont calculés sur la base de l’ensemble des actions auxquelles sont attachés des droits de vote, même si l’exercice de ceux-ci est suspendu.

Article 8. Conseil d’administration

8.1. La Société est administrée par un conseil d’administration composé de trois membres (3) au moins et de dix-huit (18) membres au plus qui seront

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tous, à l’exception de l'administrateur-président de la direction générale (Chief Executive Officer), non exécutifs. Aucun des membres du conseil d’administration, autre que l'administrateur-président de la direction générale de la Société (Chief Executive Officer), n’aura un mandat de gestion ou une fonction de gestion au sein de la Société ou de toute autre entité contrôlée par la Société.

La moitié du conseil d’administration au moins sera composée de membres indépendants. Un membre du conseil sera considéré comme « indépendant ", si (i) il est indépendant au sens du manuel de la société cotée de la Bourse de New York, New York Stock Exchange, (le « Manuel de la Société Cotée "), tel qu’il peut être modifié, ou de toute autre disposition le remplaçant, sous réserve des exemptions applicables aux émetteurs privés étrangers, et si (ii) il n’est pas affilié à un actionnaire détenant ou contrôlant plus de deux pour cent (2%) du capital social émis de la Société (pour les besoins du présent article, une personne est considérée comme étant affiliée à un actionnaire si elle en est un dirigeant, un administrateur également employé par l’actionnaire, un associé indéfiniment responsable, un gérant ou un actionnaire de contrôle).

8.2. Les membres du conseil d’administration n’auront pas à être actionnaire de la Société.

8.3. Les membres du conseil d’administration seront élus par les actionnaires lors de l’assemblée générale annuelle ou à l’occasion de toute autre assemblée générale des actionnaires pour une période prenant fin à la date déterminée lors de leur nomination et, s’agissant des nominations postérieures au 13 novembre 2007 (hors cas du remplacement d’administrateurs en cours de mandat), lors de la troisième assemblée générale annuelle suivant la date de leur nomination.

8.4. A toute assemblée générale des actionnaires tenue après le 1^er août 2009, l’Actionnaire Mittal (tel que défini ci-dessous) peut, à sa discrétion, décider d’exercer le droit de représentation proportionnelle prévu dans le présent article et proposer des candidats à nommer en tant que membres du conseil d’administration (les « Candidats de l’Actionnaire Mittal ") comme suit. Lors de l’exercice par l’Actionnaire Mittal du droit de représentation proportionnelle prévu dans cet article, l’assemblée générale des actionnaires élira, parmi les Candidats de l’Actionnaire Mittal, un nombre de membres du conseil d’administration déterminé par l’Actionnaire Mittal, de façon à ce que le nombre de membres du conseil d’administration ainsi élu parmi les Candidats de l’Actionnaire Mittal, ajouté au nombre de membres du conseil d’administration en fonction élu par le passé parmi les Candidats de l’Actionnaire Mittal, n’excède pas la Représentation Proportionnelle. Pour les besoins de cet article, la « Représentation Proportionnelle " signifie le produit du nombre total de membres du conseil d’administration après le ou les élections proposées et du pourcentage du capital total émis et en circulation de la Société détenu, directement ou indirectement par l’Actionnaire Mittal à la date de l’assemblée générale des actionnaires considérée, ce produit étant arrondi à la plus proche unité. Lors de l’exercice du droit de Représentation Proportionnelle octroyé par le présent article, l’Actionnaire Mittal indiquera le nombre de membres du

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conseil d’administration que l’assemblée générale des actionnaires devra élire parmi les Candidats de l’Actionnaire Mittal, ainsi que l’identité des Candidats de l’Actionnaire Mittal. Pour les besoins de cet article, l’ « Actionnaire Mittal " signifie collectivement Mr. Lakshmi N. Mittal ou Mme Usha Mittal ou chacun de leurs héritiers ou successeurs, agissant directement ou indirectement par l’intermédiaire de Mittal Investments S.à r.l., ISPAT International Investments S.L. ou toute autre entité contrôlée, directement ou indirectement, par l’un d’eux. Les dispositions de cet article ne limiteront en aucune façon les droits que l’Actionnaire Mittal pourrait avoir par ailleurs de proposer et voter en faveur de l’élection de tout administrateur conformément à ses droits généraux d’actionnaire.

8.5. Un membre du conseil d’administration peut être révoqué avec ou sans motif et peut être remplacé à tout moment par l’assemblée générale des actionnaires dans le respect des dispositions relatives à la composition du conseil d’administration qui précèdent.

Au cas où le poste d’un administrateur devient vacant à la suite de son décès ou de sa démission ou pour toute autre raison, les administrateurs restants pourront à la majorité simple des voix valablement exprimées élire un administrateur pour remplir provisoirement les fonctions attachées au poste devenu vacant jusqu’à la prochaine assemblée générale des actionnaires dans le respect des dispositions relatives à la composition du conseil qui précèdent.

8.6. A l’exception d’un conseil d'administration réuni pour nommer un administrateur conformément aux dispositions du deuxième alinéa de l’article 8.5 afin de pourvoir un poste vacant, ou pour convoquer une assemblée générale des actionnaires afin de délibérer sur l’élection de Candidats de l’Actionnaire Mittal, et sauf en cas de danger grave et imminent nécessitant une décision du conseil d’administration qui devra être approuvée par les administrateurs élus parmi les Candidats de l’Actionnaire Mittal, le conseil d’administration de la Société ne sera pas valablement constitué et ne pourra pas valablement se réunir jusqu’à ce que l’assemblée générale des actionnaires ait élu le nombre de membres du conseil d'administration requis conformément à l'article 8.4 parmi les Candidats de l’Actionnaire Mittal.

8.7. L’assemblée générale peut, en sus des tantièmes déterminés conformément à l’article 17 ci-après, allouer aux administrateurs une rémunération fixe et des jetons de présence et décider sur proposition du conseil d’administration, la prise en charge des dépenses encourues par les administrateurs pour assister aux réunions, à imputer aux charges.

Le conseil d’administration est également autorisé à rémunérer les administrateurs pour des fonctions ou missions spéciales.

8.8. La Société indemnisera, dans la mesure la plus large permise par la loi luxembourgeoise, tout administrateur ou membre de la direction générale, ainsi que tout ancien administrateur ou membre de la direction générale, des frais, charges et dépenses, raisonnablement engagés par lui dans le cadre de la défense ou du règlement (y compris sous forme de transaction) de tous

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actions, procès ou procédures civiles, pénales ou administratives auxquels il aura été partie en sa qualité d’ancien ou d’actuel administrateur ou membre de la direction générale de la Société.

Nonobstant ce qui précède, l’ancien ou l’actuel administrateur ou membre de la direction générale n’aura droit à aucune indemnisation s’il est finalement condamné pour négligence grave, fraude, dol, malhonnêteté ou pour une infraction pénale ou s’il apparaît finalement qu’il n’a pas agi honnêtement et de bonne foi et avec la conviction raisonnable qu’il agissait dans le meilleur intérêt de la Société.

Le droit à indemnisation sera maintenu en cas de transaction au titre de tous actions, procès ou procédures civiles, pénales ou administratives.

Les dispositions susvisées bénéficieront également aux héritiers et ayants droits de l’ancien ou de l’actuel administrateur ou membre de la direction générale et sont sans préjudice de tous autres droits à indemnisation dont il pourrait disposer par ailleurs.

Sous réserve des procédures dont le conseil d’administration pourrait décider la mise en place, les sommes engagées dans le cadre de la préparation et de la mise en œuvre de la défense contre tous actions, procès ou procédures rentrant dans le champ d’application du présent article 8.8 pourront être avancées par la Société à l’ancien ou à l’actuel administrateur ou membre de la direction générale concerné, à condition que ce dernier s’engage par avance et par écrit à l’égard de la Société à lui restituer l’intégralité des sommes s’il s’avère en définitive qu’il n’a pas droit à une indemnisation en vertu du présent article 8.8.

Article 9. Procédures des réunions du conseil d’administration

Le conseil d'administration choisira parmi ses membres un président du conseil d’administration (le "Président du conseil d'administration") (Chairman of the board of directors) et si jugé opportun un président (le "Président") (President) et un ou plusieurs vice-présidents et fixera la durée de leur fonction, qui ne peut excéder leur nomination en tant qu’administrateur.

Le conseil d’administration se réunira, sur la convocation du Président du conseil d’administration (Chairman of the board of directors) ou du Président (President) ou d’un vice-président ou de deux (2) administrateurs, au lieu indiqué dans l’avis de convocation.

Les réunions du conseil d’administration seront présidées par le Président du conseil d’administration (Chairman of the board of directors) ou le Président (President) et en leur absence par un vice-président. En l’absence du Président du conseil d’administration (Chairman of the board of directors), du Président (President) et de(s) vice(s)-président(s), le conseil d’administration désignera à la majorité un président pro tempore pour la réunion concernée.

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Une convocation écrite sera adressée à tous les administrateurs pour toute réunion du conseil d’administration au moins cinq (5) jours avant la date prévue pour la réunion, sauf s’il y a urgence, auquel cas la nature de cette urgence sera mentionnée dans l’avis de convocation. La convocation sera

faite par lettre ou par télécopie ou par courrier électronique ou par tout autre moyen de communication assurant l’authenticité du document ainsi que l’identification de la personne auteur du document. Il peut être renoncé à la convocation moyennant l’assentiment de chaque administrateur donné en la même forme que celle requise pour la convocation. Une convocation spéciale ne sera pas requise pour les réunions du conseil d’administration se tenant aux jours, heures et endroits déterminés dans une résolution préalablement adoptée par le conseil d’administration.

Chaque administrateur pourra, pour toute réunion du conseil d’administration, désigner un autre administrateur pour le représenter et voter en ses nom et place, un même administrateur ne pouvant représenter qu’un seul de ses collègues. La désignation du représentant se fera en la même forme que celle requise pour les convocations. Le mandat n’est valable que pour une seule séance ainsi que, le cas échéant, pour toute séance ultérieure dans la mesure où elle aura le même ordre du jour.

Le conseil d’administration ne pourra délibérer et agir valablement que si la majorité des administrateurs est présente ou représentée. Les décisions sont prises à la majorité simple des voix valablement exprimées des administrateurs présents ou représentés. Aucun des membres du conseil, en ce compris le Président du conseil d’administration (Chairman of the board of directors), le Président (President) et le(s) vice(s)-président(s), n’a une voix prépondérante.

Un administrateur peut prendre part à une réunion du conseil d’administration et être considéré comme y étant présent par conférence téléphonique ou par tout autre moyen de télécommunication permettant à toutes les personnes participant à la réunion de s’entendre et de se parler.

Si tous les administrateurs sont d’accord avec les décisions à prendre, les décisions en question peuvent également être prises par écrit, sans que les administrateurs aient à se réunir. A cette fin, les administrateurs peuvent exprimer leur accord par écrit y compris par télécopie ou par tout autre moyen de communication assurant l’authenticité du document ainsi que l’identification de l’administrateur auteur du document. Cet accord peut être donné sur des instruments distincts, qui ensemble constituent le procès-verbal de ces décisions.

Article 10. Procès-verbaux des réunions du conseil d’administration

Les procès-verbaux des réunions du conseil d’administration seront signés par celui qui aura présidé la réunion et par ceux des administrateurs ayant assisté à la réunion qui en font la demande.

Les copies ou extraits des procès-verbaux destinés à servir en justice ou ailleurs seront signés par le Président du conseil d'administration (Chairman of the board of directors) ou le Président (President) ou un vice-président.

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Article 11. Pouvoirs du conseil d’administration

11.1. Le conseil d’administration a les pouvoirs les plus étendus d’administration et de gestion de la Société. Tous pouvoirs non expressément réservés à l’assemblée générale par la Loi ou par les présents statuts sont de la compétence du conseil d’administration.

11.2. Le conseil d’administration peut décider de créer des comités chargés de considérer les affaires soumises par le conseil, en ce compris un comité d’audit et un comité de nominations, rémunérations et de gouvernance d’entreprise. Le comité d’audit sera composé exclusivement d’administrateurs indépendants tels que définis dans l’article 8.1.

11.3. Le conseil d’administration peut déléguer ses pouvoirs de gestion journalière des affaires de la Société et la représentation de la Société dans la conduite de ces affaires à un ou plusieurs directeurs généraux, directeurs ou autres agents qui peuvent ensemble constituer une direction générale délibérant en conformité avec les règles fixées par le conseil d’administration. Le conseil d’administration peut également déléguer des pouvoirs spéciaux et conférer des mandats spéciaux à toute personne.

Article 12. Signatures autorisées

La Société sera engagée par la signature conjointe ou individuelle de toutes personnes auxquelles ce pouvoir de signature aura été délégué par le conseil d’administration.

Article 13. Assemblée des actionnaires - Généralités

Toute assemblée générale régulièrement constituée des actionnaires de la Société représente l’ensemble des actionnaires de la Société. Elle disposera des pouvoirs les plus étendus pour ordonner, mettre en oeuvre ou ratifier tous actes en rapport avec les opérations de la Société.

Les assemblées générales des actionnaires seront présidées par le Président du conseil d’administration (Chairman of the board of directors) ou le Président (President) et en leur absence par un vice-président. En l’absence du Président du conseil d’administration (Chairman of the board of directors), du Président (President) et du (des) vice(s)-président(s), l’assemblée générale des actionnaires sera présidée par le plus ancien des administrateurs présents.

Chaque action donne droit à une voix. Chaque actionnaire pourra se faire représenter à toute assemblée générale des actionnaires au moyen d’une procuration donnée par écrit y compris par télécopie ou par tout autre moyen de communication assurant l’authenticité du document et permettant d’identifier l’actionnaire donnant la procuration.

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Sauf disposition légale ou statutaire contraire, les résolutions prises aux assemblées générales seront adoptées à la majorité simple des voix valablement exprimées des actionnaires présents ou représentés.

Au cas où les actions sont inscrites, selon les dispositions de l’article 6.3 des statuts, au registre des actionnaires au nom d’un Dépositaire ou d’un sous-dépositaire de celui-ci, les attestations prévues au dit article 6.3 des statuts devront parvenir à la Société au plus tard le jour précédant le cinquième (5^ième) jour ouvrable avant la date de l’assemblée générale sauf si la Société fixe un délai plus court. Ces attestations devront constater l’indisponibilité des actions inscrites en compte jusqu’à la clôture de l’assemblée générale. Toutes procurations devront parvenir à la Société dans le même délai.

Le conseil d’administration adoptera tous autres règlements et modalités concernant la mise à disposition de cartes d’accès et de formulaires de procuration afin de permettre aux actionnaires d’exercer leur droit de vote.

Le conseil d’administration pourra décider d’autoriser la participation des actionnaires à l’assemblée par tous moyens de télécommunication (y compris le téléphone ou une vidéo conférence), pour autant qu’ils permettent l’identification des actionnaires participant à l’assemblée par ces moyens, aux autres actionnaires présents à cette assemblée générale (soit en personne, soit par mandataire ou au moyen de ce type de communication) d’entendre ces actionnaires et à ces derniers d’entendre à tout moment les autres actionnaires.

Tout actionnaire qui participe à l’assemblée générale de la Société via un tel moyen de communication, sera considéré comme étant présent à cette assemblée générale, sera pris en compte pour le calcul du quorum et autorisé à voter sur les matières traitées à cette assemblée générale.

Les actionnaires pourront voter par correspondance au moyen d’un formulaire fourni par la Société comprenant les mentions suivantes:

-	le lieu, la date et l’heure de l’assemblée,

-	le nom, l’adresse et toute autre information appropriée concernant l’actionnaire,

-	le nombre des actions détenues par l’actionnaire,

-	l’ordre du jour,

-	le texte des résolutions proposées,

-	la possibilité d’exprimer un vote positif ou négatif ou une abstention,

-	la possibilité de donner procuration de vote pour toute nouvelle résolution ou toute modification aux résolutions qui seraient proposées à l’assemblée ou annoncées par la Société après la remise par l’actionnaire du formulaire de vote par correspondance.

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Les formulaires de vote par correspondance devront parvenir à la Société au plus tard le jour précédant le cinquième (5^ième) jour ouvrable avant la date de l’assemblée générale, sauf si la Société fixe un délai plus court. Une fois que les formulaires de vote par correspondance auront été remis à la Société, ils ne pourront plus être retirés ou annulés.

Les formulaires dûment complétés et reçus par la Société conformément à ce qui précède seront pris en compte pour le calcul du quorum à cette assemblée générale.

Le conseil d’administration adoptera tous les autres règlements et règles relatifs à la participation à l'assemblée et aux formulaires de vote par correspondance.

Si tous les actionnaires sont présents ou représentés à une assemblée générale des actionnaires et s’ils déclarent avoir été informés de l’ordre du jour de l’assemblée générale, l’assemblée générale pourra être tenue sans convocation ou publication préalables.

Article 14. Assemblée générale annuelle des actionnaires

L’assemblée générale annuelle des actionnaires se tiendra conformément à la loi luxembourgeoise au siège social de la Société ou à tout autre endroit de la Ville de Luxembourg, précisé dans l’avis de convocation, le second mardi du mois de mai chaque année à onze heures (11:00).

Si ce jour n’est pas un jour ouvrable bancaire à Luxembourg, l’assemblée générale annuelle se tiendra le premier jour ouvrable bancaire précédent.

Quinze (15) jours avant l’assemblée générale, les actionnaires peuvent prendre connaissance au siège social des documents qui doivent y être déposés conformément à la Loi.

Le rapport de gestion, les comptes annuels et consolidés, ainsi que les documents établis par les réviseurs d’entreprises, sont adressés aux actionnaires nominatifs en même temps que la convocation. Tout actionnaire a le droit d’obtenir gratuitement, sur la production de son titre, quinze (15) jours avant l’assemblée, un exemplaire des pièces auxquelles il est fait référence à l’alinéa qui précède.

Après l’approbation des comptes annuels et des comptes consolidés, l’assemblée générale décidera par vote spécial la décharge de la responsabilité des administrateurs.

Les autres assemblées générales des actionnaires pourront se tenir aux jours, heure et lieu indiqués dans les avis de convocation.

Article 15. Réviseurs d’entreprises

Le contrôle des comptes annuels et des comptes consolidés et de la concordance du rapport de gestion avec les comptes sera confié à un ou

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plusieurs réviseurs d’entreprises désignés par l’assemblée générale des actionnaires pour une période ne pouvant dépasser trois (3) ans.

Le ou les réviseurs d’entreprise(s) seront rééligibles.

Ils consigneront le résultat de leur contrôle dans les rapports exigés par la Loi.

Article 16. Exercice social

L’exercice social de la Société commencera le premier janvier de chaque année et se terminera le 31 décembre de la même année.

Article 17. Affectation des bénéfices

Il sera prélevé sur le bénéfice net annuel de la Société cinq pour cent (5%) qui seront affectés à la réserve prévue par la Loi. Ce prélèvement cessera d’être obligatoire lorsque cette réserve aura atteint dix pour-cent (10%) du capital souscrit. Cette obligation reprendra du moment que ce dixième est entamé.

Le surplus du bénéfice net sera affecté comme suit par l’assemblée générale des actionnaires, sur proposition du conseil d’administration:

• un montant global sera alloué au conseil d’administration à titre de tantièmes. Ce montant ne pourra pas être inférieur à un million d’euros (1.000.000 EUR). En cas d’insuffisance du résultat, le montant d’un million d’euros sera imputé en tout ou en partie aux charges. La répartition de cette somme entre les membres du conseil d’administration sera effectuée conformément au règlement intérieur du conseil;

• le solde sera distribué à titre de dividendes aux actionnaires, ou affecté aux réserves, ou reporté à nouveau.

Lorsque, sur conversion de titres convertibles ou échangeables en actions de la Société, la Société procède à l’émission de nouvelles actions ou à l’attribution d’actions propres, ces actions, à moins que les conditions d’émission de ces titres convertibles ou échangeables n’en disposent autrement, ne participent pas à la distribution des dividendes pour l’exercice comptable qui précède la conversion ou l’échange.

Des acomptes sur dividendes pourront être distribués dans les conditions prévues par la loi sur décision du conseil d’administration.

Aucun intérêt ne sera payé sur les dividendes déclarés et non payés qui seront détenus par la Société pour le compte des actionnaires.

Article 18. Dissolution et liquidation

En cas de dissolution de la Société, il sera procédé à la liquidation par les soins d’un ou de plusieurs liquidateurs, personnes physiques ou morales, qui seront nommés par l’assemblée générale des actionnaires qui déterminera leurs pouvoirs et leur rémunération.

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Article 19. Modification des statuts

Les présents statuts pourront être modifiés en temps et lieu qu’il appar-

tiendra par une assemblée générale des actionnaires soumise aux conditions de quorum et de vote requises par la Loi.

Par dérogation au paragraphe précédent, les articles 8.1, 8.4, 8.5, 8.6 et 11.2 ainsi que les dispositions du présent article 19 ne pourront être modifiés que par une assemblée générale des actionnaires moyennant une majorité des votes représentant deux tiers des droits de vote attachés aux actions de la Société.

Article 20. Loi applicable et compétence judiciaire

Pour toutes les matières qui ne sont pas réglées par les présents statuts, les parties se réfèrent aux dispositions de la Loi.

Toutes les contestations qui peuvent s’élever, durant la durée de la Société ou lors de sa liquidation, entre actionnaires, entre les actionnaires et la Société, entre actionnaires et administrateurs ou liquidateurs, entre administrateurs et liquidateurs, entre administrateurs ou entre liquidateurs, de la Société, en raison des affaires sociales, sont soumises à la juridiction des tribunaux compétents du siège social. A cet effet, tout actionnaire, administrateur et liquidateur sera tenu de faire élection de domicile dans l’arrondissement du tribunal du siège social et toutes les assignations ou significations seront régulièrement délivrées à ce domicile élu, sans avoir égard au domicile actuel; à défaut d’élection de domicile, les assignations ou significations seront valablement faites au siège social de la Société.

Les dispositions qui précèdent ne préjudicient pas du droit de la Société d’agir contre les actionnaires, administrateurs ou liquidateurs de la Société devant toutes autres juridictions ayant compétence à cet effet à un autre titre et de faire toutes assignations ou significations par d’autres moyens aptes à permettre au défendeur d’assumer sa défense.

Les présents statuts sont rédigés en anglais, suivis d’une version française et en cas de divergences entre le texte anglais et le texte français, la version anglaise fera foi.

POUR LA SOCIETE

Luxembourg, le 28 août 2008.

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EX-4.2 3 arcelormittal-s8ex42_0918.htm

Exhibit 4.2

2008 ARCELORMITTAL EMPLOYEE SHARE PURCHASE PLAN

ARTICLE 1. Purpose

The 2008 ArcelorMittal Employee Share Purchase Plan (the “ESPP 2008”) is intended to enable Employees of the Companies to acquire an equity interest in ArcelorMittal through the acquisition of Shares (as defined hereinafter) on favourable terms and thereby for ArcelorMittal to align the interest of those employees and of ArcelorMittal’s shareholders.

ARTICLE 2. Definitions

For the purposes of the ESPP 2008, the following terms shall have the meaning set forth below:

“Allocation Date”

means 13 October 2008 for Tranche 1 and 10 December 2008 for Tranche 2.

“ArcelorMittal”

means ArcelorMittal, a Luxembourg public limited liability company (société anonyme) with its registered office at 19, Avenue de la Liberté, L-2930 Luxembourg, Grand Duchy of Luxembourg. ArcelorMittal is registered with the Luxembourg Registry of Trade and Companies under number B 82.454.

“Board”

means the Board of Directors of ArcelorMittal.

“Committee”

means the Appointments, Remuneration and Corporate Governance Committee of the Board or such other committee appointed by the Board to administer the ESPP 2008.

“Company”

means:

•

with respect to Tranche 1, any of (i) ArcelorMittal or (ii) the entities exclusively controlled, directly or indirectly, by ArcelorMittal (which, for the avoidance of doubt, includes Paul Wurth entities) and having their registered office in the Tranche 1 Jurisdictions, and

	•	with respect to Tranche 2, any of (i) the entities exclusively controlled, directly or indirectly, by ArcelorMittal (which for the avoidance of doubt includes Paul Wurth entities) and having their registered office in the Tranche 2 Jurisdictions or (ii) the U.S. joint venture entity I/N Tek or I/N Kote.
	For the purposes hereof, an entity shall be deemed “exclusively controlled” by ArcelorMittal if it is fully consolidated in ArcelorMittal’s financial statements.

“Custodian”

means either of the European Custodian and the U.S. Custodian.

“Early Exit Event”

means, for any Participant, (i) the termination of the Participant’s employment with any Company for any reason, whether voluntarily or involuntarily, including death, unless the Participant is still an employee of an entity which is exclusively or jointly controlled, directly or indirectly, by ArcelorMittal or (ii) the permanent disability of the Participant, as determined in its sole discretion by the human resources department of the relevant Company.

“Early Exit Notice”

has the meaning set forth in Section 8.1.

“Employee”

means a person who is an employee of any of the Companies (whether for a definite or indefinite period of time) at the end of the Subscription Period, excluding any such employee who has given or received notice of termination of employment or who will have been employed for less than 3 (three) months as of the end of the Subscription Period.

“ESPP 2008”

means the 2008 ArcelorMittal Employee Share Purchase Plan.

“European Custodian”

means, with respect to Shares purchased by Employees of Companies having their registered office in jurisdictions other than the United States of America or Canada, BNP Paribas Securities Services, a French public limited liability company (société anonyme) with its registered office at 3, rue d’Antin, 75002 Paris, France, registered with the Paris Registry of Trade and Companies under number 552 108 011 RCS.

“European Securities Account”

has the meaning set forth in Section 4. 4.

“Expiration Date”

means 24 November 2011 for Tranche 1 and 21 January 2012 for Tranche 2, or if any such day is not a Stock Exchange Day, the next following day which is a Stock Exchange Day.

“European Stock Exchange”

means any of European regulated markets where the ArcelorMittal shares are officially admitted to trading.

“First Cap”

has the meaning set forth in Section 3.2.

“Initial FX Rate”

means, with respect to any Local Currency other than the U.S. dollar, the foreign exchange rate of the U.S. dollar into the Local Currency (or, depending on the context, of

the Local Currency into the U.S. dollar) fixed by ArcelorMittal:

	•	for Local Currencies for which there is a U.S. Federal Reserve official exchange rate of the US. dollar into the Local Currency, based on the closing foreign exchange rate of the U.S. dollar into the Local Currency published by the U.S. Federal Reserve at 11:00 New York time on Reuters (page USDFIX=) on the Stock Exchange Day immediately preceding the date of the determination of the Reference Price;
	•	for Local Currencies for which there is no U.S. Federal Reserve official exchange rate of the U.S. dollar into the Local Currency but for which there is a European Central Bank official exchange rate of the euro into the Local Currency, based on the foreign exchange rate of the euro into the Local Currency published by the European Central Bank at 14:15 (ECB time page 37) on the Stock Exchange Day immediately preceding the date of the determination of the Reference Price, as converted from euro to U.S. dollar based on the foreign exchange rate of the euro into the U.S. dollar published by the European Central Bank at the same time and on the same page;
	•	for other Local Currencies, based on the foreign exchange rate of the U.S. dollar into the Local Currency published by the local central bank of the relevant jurisdiction on the Stock Exchange Day immediately preceding the date of the determination of the Reference Price.

	“Insider Dealing Regulations”	means the insider dealing regulations adopted by the Board (as amended from time to time), in order to ensure appropriate treatment of inside information and thus avoid insider dealing and market manipulation. Such regulations, which are available on the ArcelorMittal website (www.arcelormittal.com), form an integral part of the ESPP 2008.
	“Interest Period”	for any dividend payment on the Shares, the duration of the first Interest Period shall be from and including the date on which the Custodian receives the dividend on the Shares held in the relevant Securities Account to and including the last day of the same month and the duration of each subsequent Interest Period shall be from but excluding the last day of the previous Interest Period to and including the last day of the subsequent month.

	“Interest Rate”	means, for each Interest Period, the percentage rate per annum equal (i) to the U.S. Federal Funds rate relevant for that Interest Period (as determined by the U.S. Custodian) less 10 basis points, with respect to dividends paid on the Shares held in a U.S. Securities Account and (ii) to the Euribor-one month rate (as determined by the European Custodian) less 10 basis points with respect to dividends paid on the Shares held in a European Securities Account. Any interest accruing under the ESPP 2008 shall accrue from day to day and shall be calculated on the basis of the actual number of days elapsed and a year of 360 days or, in any case where the practice in the relevant interbank market differs, in accordance with that market practice.
	“Local Currency”	means, with respect to any jurisdiction, the official currency of that jurisdiction.
	“Local Supplement”	means, with respect to any jurisdiction, the supplement to the ESPP 2008 providing a summary of certain specific terms and conditions of the ESPP 2008 applicable in that jurisdiction. The Local Supplement (except the tax and social charges withholding summary included therein) constitutes an integral and essential part of the ESPP 2008 applicable in the relevant jurisdiction. In case of inconsistencies between the ESPP 2008 and the Local Supplement, the provisions of the Local Supplement shall prevail.
	“Maximum Number of Shares”	means (i) 1,375,000 (one million three hundred seventy five thousand) Shares for Tranche 1 and, (ii) for Tranche 2, the difference between 2,500,000 (two million five hundred thousand) Shares and the number of Shares effectively purchased by Employees under Tranche 1, after application of the reduction rules set forth in Section 4.1, as the case may be.
	“NYSE”	means the New York Stock Exchange.
	“Open Market”	means the NYSE where the Custodian is the U.S. Custodian and any of the European Stock Exchanges, at the sole discretion of Custodian, where the Custodian is the European Custodian.
	“Participant”	means an Employee (i) who was validly enrolled in the ESPP 2008 in accordance with Article 3, and (ii) whose participation in the ESPP 2008 has not terminated.
	“Purchased Shares”	has the meaning set forth in Section 4.2.

“Purchase Price”

means the purchase price per Share as determined in accordance with Section 3.2.

“Reference Price”

means, for each Tranche of the ESPP 2008, the average of the opening and closing market prices of the Share on the NYSE on the Stock Exchange Day before the opening date of the relevant Subscription Period.

“Second Cap”

has the meaning set forth in Section 3.2.

“Securities Account”

means any of the U.S. Securities Accounts and the European Securities Accounts.

“Settlement Date”

means 24 November 2008 for Tranche 1 and 21 January 2009 for Tranche 2.

“Share”

means an ordinary, whole existing share of ArcelorMittal.

“Stock Exchange Day”

means a day on which all of the NYSE and the European Stock Exchanges are open.

“Subscription Amount”

means the aggregate amount to be paid by the Employee to purchase Shares by such Employee under the ESPP 2008, based on the Purchase Price.

“Subscription Form”

means the subscription form provided by ArcelorMittal and in Italy by the financial intermediary appointed by ArcelorMittal, to be executed by an Employee pursuant to Section 3.1 in connection with his/her participation in the ESPP 2008.

“Subscription Period”

means, for Tranche 1, the ten-calendar day period beginning on 19 September 2008 at 00:01 New York time and ending on 28 September 2008 at 23:59 New York time and, for Tranche 2, the ten-calendar day period beginning on 14 November 2008 at 00:01 New York time and ending on 23 November 2008 at 23:59 New York time.

“Termination Notice ”

has the meaning set forth in Section 7.1.

“Tranche”

means any of Tranche 1 or Tranche 2.

“Tranche 1”

means the first tranche of the ESPP 2008, open to Employees in the Tranche 1 Jurisdictions.

“Tranche 1 Jurisdictions”

means Belgium, Bosnia & Herzegovina, Brazil, Canada, the Czech Republic, Germany, Hungary, Italy, Luxembourg, Mexico, the Netherlands, Poland, Spain and the United Kingdom.

“Tranche 2”

means the second tranche of the ESPP 2008, open to Employees in the Tranche 2 Jurisdictions.

“Tranche 2 Jurisdictions”

means the jurisdictions that ArcelorMittal will decide to include in Tranche 2 prior to the opening of the Subscription Period of Tranche 2 ; such jurisdictions will be set forth in an Exhibit hereto when this decision is made, which for the avoidance of doubt shall not require a specific decision of the Board.

“U.S. Custodian”

means, with respect to Shares purchased by Employees of Companies having their registered office in the United States of America or Canada, Bank of New York Mellon, a corporation incorporated under the laws of the State of New York, with its registered office at One Wall Street, New York, NY 10286.

“U.S. Securities Account”

has the meaning set forth in Section 4.4.

ARTICLE 3. Subscription

3.1

Pursuant to the ESPP 2008, an Employee may apply to purchase a number of whole Shares not exceeding that number of whole Shares equal to the lower of (i) 200 (two hundred) Shares and (ii) the whole number of Shares that may be purchased for US$ 15,000 (fifteen thousand U.S. dollars) pursuant to Section 3.2 (rounded down to eliminate fractional Shares), by submitting a duly completed and signed Subscription Form during the Subscription Period or, where applicable, by subscribing online during the relevant Subscription Period, in each case as set out in the Local Supplement for his/her jurisdiction and, as the case may be, accompanied by any means of payment or document permitted and required to be delivered in accordance with the terms and conditions of the Subscription Form and the Local Supplement. Unless the Local Supplement provides for a cancellation right, the submission of the Subscription Form or the subscription online, as the case may be, will be an irrevocable and definitive subscription order and cannot be cancelled or rescinded by the Employee once submitted.

3.2	The Purchase Price will be equal to the Reference Price, less a discount equal to:

(a)

15% (fifteen percent) of the Reference Price for a purchase order not exceeding the lower of (x) 100 (one hundred) Shares, and (y) the immediately lower whole number of Shares corresponding to an investment of US$ 7,500 (seven thousand five hundred U.S. dollars) (the “First Cap”); and thereafter;

(b)

10% (ten percent) of the Reference Price for any additional acquisition of Shares up to a number of Shares (including those in the First Cap) not exceeding the lower of (x) 200 (two hundred) Shares, and (y) the immediately lower whole number of Shares corresponding to an investment of US$ 15,000 (fifteen thousand U.S. dollars) (the “Second Cap”).

3.3

The Subscription Amount (converted into the Employee’s Local Currency at the Initial FX Rate where the applicable Local Currency is not the U.S. dollar) shall be payable in Local Currency in accordance with the terms and conditions set out in the relevant Local Supplement. In the event that an Employee fails in whole or in part to make such payment in accordance with the terms and conditions set out in the Local Supplement, his/her subscription shall be null, void and without effect. If the payment default is identified after the relevant Settlement Date, the Custodian will deliver the corresponding Shares back to ArcelorMittal as soon as practicable. In case of a partial payment by an Employee, any such payment shall be refunded to the Employee as soon as practicable through means such as his or her payroll, separate wire transfer to his or her bank account or cheque, at ArcelorMittal's op tion. No interest will accrue or be paid in respect of such sums.

ARTICLE 4. Reduction, Allocation and Settlement

4.1

Under any of Tranche 1 or Tranche 2, in the event that on the Allocation Date, the total amount of the Subscription Amounts of all the Participants for whom no partial or total payment default has been identified as of 17:00 Luxembourg time on the immediately preceding day, as converted into U.S. dollars at the Initial FX Rate where the applicable Local Currency is not the U.S. dollar, corresponds to a number of Shares exceeding the applicable Maximum Number of Shares, each Participant’s purchase order shall be reduced such that the number of Shares effectively purchased by him/her shall be equal to the sum of (i) one Share and (ii) the whole number of Shares (rounded down to eliminate fractional Shares) corresponding to the product of (x) the ratio of (I) the excess of such Participant’s demand over one Share over (II) the aggregate demand of all the Participants in the relevant Tranche in excess of one Share per Participant and (y) the difference between the Maximum Number of Shares and the number of Participants under such Tranche (for the avoidance of doubt, excluding any Participants for whom a partial or total payment default has been identified). The Subscription Amount of each Participant shall be reduced accordingly, based on the reduced number of Shares allocated to him or her, the Purchase Price and, where the applicable Local Currency is not the U.S. dollar, the Initial FX Rate.

4.2

As soon as practicable after the relevant Settlement Date of a given Tranche, each Participant in that Tranche will receive an individual allocation statement, setting forth the final number of Shares allocated to such Employee under the ESPP 2008, as reduced in accordance with the provisions of Section 4.1, as the case may be (the “Purchased Shares”).

4.3

Any excess payment made by the Participant resulting from the reduction contemplated by Section 4.1 shall be refunded to him/her as soon as practicable through means such as his or her payroll, separate wire transfer to his or her bank account or cheque, at ArcelorMittal's option. No interest will accrue or be paid in respect of such sums.

4.4

On the relevant Settlement Date, in consideration of the Participants’ payment of the Subscription Amount, as reduced in accordance with Section 4.1, as the case may be, ArcelorMittal shall cause (i) a number of Shares equal to the aggregate number of Purchased Shares of the Employees of the Companies having their registered office in the United States of America or in Canada to be delivered to and deposited in a securities account maintained by the U.S. Custodian for the ESPP 2008 (a “U.S. Securities Account”) and (ii) a number of Shares equal to the aggregate number of Purchased Shares of the Employees of the Companies having their registered office in jurisdictions other than the United States of America or Canada to be delivered to and deposited in a securities account maintained by the European Custodian for the ESPP 2008 (a “European Securities Account”).

ARTICLE 5. Custody – Dividends

5.1	ArcelorMittal shall cause the relevant Custodian to credit in its records in the name of each Participant the number of Purchased Shares purchased by such Participant.

5.2

From the Settlement Date, subject to the transfer restrictions set out in Article 6 and the specific terms relating to the payment of dividends set out in Section 5.3, any Participant shall have, with respect to his/her Purchased Shares, all of the rights of a shareholder of such Shares, including the right to vote the Shares. In order to attend a general meeting of shareholders in person or by proxy, Participants must contact their Custodian or download all the relevant documents from the ArcelorMittal website (www.arcelormittal.com) and follow the instructions set forth therein.

5.3	Any cash dividend paid by ArcelorMittal on the Shares held in a U.S. Securities Account shall be paid to and deposited with the U.S. Custodian, net of applicable withholding tax, in a separate global U.S. dollar account opened and maintained for such purposes.

5.4	Any cash dividend paid by ArcelorMittal on the Shares held in an European Securities Account shall be paid and deposited with the European Custodian, net of applicable withholding tax, in a separate global euro account opened and maintained for such purposes.

5.5

Any cash dividend paid by ArcelorMittal on the Shares will not be paid to the Participant until the delivery of the Shares to such Participant’s securities account or the sale of his/her Shares on the Open Market, in each case as set out in Article 7 and 8. The net amount of such dividends will accrue interest at the Interest Rate between the date of their receipt by the Custodian and the last day of the month preceding that during which dividends are effectively paid to the Participant. The Custodian will provide the Participant with annual statements indicating the amount of the dividend earned by the Participant on his/her Shares, net of any applicable withholding tax levied at the time of the payment of the dividends to the Custodian, together with the interest rate applied for the relevant period. Payment of the dividends (and interest accrued thereon) to the Participants will be made net of any applicable withholding tax and in Local Currency, based on the then applicable foreign exchange rate where the Local Currency differs from the functional currency of the cash account to which the dividends were credited.

5.6

ArcelorMittal will bear any bookkeeping costs incurred in connection with the custody of the Purchased Shares until the Expiration Date or their early sale or delivery in accordance with Article 8, as the case may be. ArcelorMittal will bear any brokerage and related fees and stock exchange duties incurred in connection with the sale of the Purchased Shares in accordance with Article 7. Any other costs (including any brokerage and related fees and stock exchange duties) incurred in connection with the sale of the Purchased Shares in accordance with Article 8 shall be borne by the Participants (or their beneficiaries, as applicable).

ARTICLE 6. Transfer restrictions

Subject to the provisions of Article 8, no Purchased Shares and no interest thereon may be assigned, transferred, sold, exchanged, pledged or otherwise encumbered or disposed of by a Participant or any beneficiary of any Participant until the Expiration Date. Any attempted assignment, transfer, sale, exchange, pledge or other encumbrance or disposition shall be null and void.

ARTICLE 7. Termination

7.1

Approximately 90 (ninety) days prior to the Expiration Date, the Custodian shall distribute to the Participants a notice (the “Termination Notice”) pursuant to which the Participant may request, subject to compliance with the Insider Dealing Regulations, either the delivery to such Participant of all of his/her Purchased Shares, or the sale of all of his/her Purchased Shares by the relevant Custodian on the Open Market on his/her behalf. The Termination Notice shall set forth a deadline for Participants to return a duly completed Termination Notice to the Custodian.

7.2

As soon as possible after the Expiration Date and in accordance with the Termination Notice, the Custodian shall, in accordance with the Participant’s choice, cause all of his/her Purchased Shares to be delivered to him/her or cause such Shares to be sold on the Open Market on his/her behalf in accordance with Section 7.4. A combination of these alternatives will not be permitted.

7.3

Any Participant’s Purchased Shares for which the Custodian has not received a duly completed Termination Notice in due time will be sold on the Open Market as soon as possible after the Expiration Date on behalf of such Participant together with the Shares for which the Custodian has received a selling instruction. The provisions of Section 7.4 shall apply to such sale.

7.4

The relevant Custodian will cause the Purchased Shares as to which it has received a selling instruction or no instruction to be sold in accordance with the provisions of this Article 7 on the Open Market for the accounts of the relevant Participants at dates it shall determine in its sole discretion but not later than 15 (fifteen) Stock Exchange Days following the Expiration Date, provided, however, that this period may be extended by the Custodian in case of market disruption or in order to comply with the Insider Dealing Regulations or any other regulations that would restrict the ability of the Custodian to sell the Shares on the Open Market. The proceeds realised from such sale will be paid to each of the Participants entitled thereto in proportion to each Participant’s interest in the aggregate number of Shares sold. No interest will accrue or be paid in respect of the cash proceeds resulting from the sale. Payment to the Participants will be made net of any applicable withholding tax and in Local Currency, based on the then applicable foreign exchange rate where the Local Currency differs from the currency of the Open Market. If a Participant cannot be reached at the address provided by him or her, such funds will continue to be held on his/her behalf until the expiration of the applicable statute of limitations. When this period has elapsed, the Custodian shall dispose of the corresponding sums in accordance with applicable laws. No interest will accrue or be paid in respect of such sums.

ARTICLE 8. Early Exit

8.1

Subject to compliance with the Insider Dealing Regulations, upon the occurrence of an Early Exit Event, a Participant (or in case of death his/her beneficiaries) shall be permitted but not required to deliver to the human resources department of his Company (or former Company) a notice (an “Early Exit Notice”) within 3 (three) months following the occurrence of an Early Exit Event requesting the delivery to such Participant of all of his/her Purchased Shares, or the sale of all of his/her Purchased Shares by the Custodian on the Open Market on his/her behalf, provided, however, that the Companies will not accept any Early Exit Notice received on or after the fifteenth day before the Expiration Date. A combination of these alternatives will not be permitted. The Company will be responsible for confirming the occurrence of an Early Exit Event and for transmitting the Early Exit Notice to the relevant Custodian. In the event that for a given Participant the Custodian receives an Early Exit Notice after having received a Termination Notice, the Early Exit Notice shall prevail.

8.2

As soon as practicable following the receipt of a properly completed Early Exit Notice, the Custodian shall, in accordance with the Participant’s choice, cause all of his/her Purchased Shares to be delivered to him/her, or cause such Shares to be sold on the Open Market on his/her behalf. In the latter case, the cash proceeds of the sale (net of applicable fees) shall be paid to the relevant Participant(s) as soon as practicable thereafter in Local Currency, based on the then applicable foreign exchange rate where the Local Currency differs from the currency of the Open Market.

8.3

Upon the occurrence of an Early Exit Event, in the event that a Participant does not submit a properly completed Early Exit Notice on a timely basis, then his/her Shares shall be maintained in the relevant Securities Account and remain subject to the terms and conditions of the ESPP 2008, including the transfer restrictions, until the Expiration Date or the occurrence of a subsequent Early Exit Event.

ARTICLE 9. Administration

The ESPP 2008 shall be administered by the Committee. The Committee may, from time to time, adopt rules and regulations for carrying out the provisions and purposes of the ESPP 2008. The Committee, in its absolute discretion, shall have the power to interpret and construe the ESPP 2008, provided, however, that the Committee or the Board may designate persons other than members of the Committee to carry out such responsibilities of the Committee under the ESPP 2008 as it may deem appropriate. Any interpretation or construction of any provision of this ESPP 2008 by the Committee shall be final and conclusive upon all parties. No member of the Committee or the Board shall be liable for any action or determination made hereunder in good faith.

ARTICLE 10. Miscellaneous

10.1

No Additional Rights. Nothing in the ESPP 2008 shall interfere with or limit in any way the right of any of the Companies to terminate any Participant’s employment at any time, or confer upon any Participant any right to continue employment with any of the Companies. None of the benefits arising under the ESPP 2008 shall constitute part of a Participant’s employment contract with any of the Companies or other affiliates of ArcelorMittal, nor be taken into account for the computation of any labour-related benefits, including any severance payments.

10.2

Binding Effect. Any decision made or action taken by ArcelorMittal, the Board, or the Committee arising out of or in connection with the construction, administration, interpretation, and effect of the ESPP 2008 shall be conclusive and binding upon all persons having any interest in the ESPP 2008, including ArcelorMittal, its employees, Participants, and their beneficiaries.

10.3

Withholding. The Companies and the Custodian shall, to the fullest extent permitted by applicable laws and regulations, have the power and the right to deduct or withhold from any payment due to a Participant, or require a Participant to remit to the Companies or the Custodian, an amount sufficient to satisfy all taxes and social security contributions or similar social charges required by law or regulation to be withheld or accounted for in connection with this ESPP 2008.

10.4

Changes in Capital Structure. In the event of any changes in the common stock or the capital structure of ArcelorMittal through a corporate transaction, including, without limitation, pursuant to a merger, demerger (including a spin-off), reorganization, partial or complete liquidation, recapitalization, stock dividend, stock split or reverse stock split, any such transaction shall be binding on the Participant as on any other ArcelorMittal shareholder and the Committee shall make any appropriate adjustments and changes, to the extent necessary, to reflect such changes in the ESPP 2008.

10.5

Amendments. The Board may at any time alter, amend, suspend, or terminate the ESPP 2008 in whole or in part; provided, however, that no amendment, suspension or termination of the ESPP 2008 shall be permitted that would impair or diminish, in any material respect, any outstanding right of a Participant without the Participant’s written consent.

10.6

Delivery of Title. ArcelorMittal shall have no obligation to deliver Shares under the ESPP 2008 prior to (i) obtaining any approvals from governmental agencies that ArcelorMittal determines are necessary or advisable, and (ii) completion of any registration or other qualification of the Shares under any applicable national or foreign law or regulation that ArcelorMittal determines to be necessary or advisable.

10.7

Registration - Listing. ArcelorMittal may use reasonable endeavours to register all or part of the Shares offered pursuant to the ESPP 2008 with the United States Securities and Exchange Commission or to effect compliance with the registration, qualification, and listing requirements of any national or foreign securities laws, stock exchange, or automated quotation system.

10.8

Governing Law - Jurisdiction. The ESPP 2008 and all actions taken hereunder shall be governed by and construed in accordance with the laws of the Grand Duchy of Luxembourg. The courts of the judicial district of Luxembourg shall have exclusive jurisdiction to resolve any disputes arising in relation to the ESPP 2008 (including in connection with its interpretation or its performance).

10.9	Effective Date. The ESPP 2008 shall be effective on the opening date of the Subscription Period of Tranche 1.

EX-23.1 4 arcelormittal-s8ex231_0918.htm

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in this Registration Statement on Form S-8 of our reports relating to the financial statements of ArcelorMittal and subsidiaries (successor entity of Mittal Steel Company N.V.) (“ArcelorMittal”) and the effectiveness of ArcelorMittal’s internal control over financial reporting dated March 19, 2008, appearing in the Annual Report on Form 20-F of ArcelorMittal for the year ended December 31, 2007.

/s/ Deloitte S.A.

Luxembourg, Grand-Duchy of Luxembourg

September 18, 2008

EX-23.2 5 arcelormittal-s8ex232_0918.htm

Exhibit 23.2

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated April 16, 2007 (March 19, 2008 as to note 3 insomuch as it relates to the acquisition of Arcelor) relating to the 2006 financial statements of ArcelorMittal (successor entity of Mittal Steel Company N.V.) and subsidiaries, incorporated by reference in the Annual Report on Form 20-F of ArcelorMittal for the year ended December 31, 2007.

/s/ Deloitte Accountants B.V.

Rotterdam, The Netherlands

September 18, 2008

EX-23.3 6 arcelormittal-s8ex233_0918.htm

Exhibit 23.3

Consent of Independent Registered Public Accounting Firm

We consent to the use of our report dated April 16, 2007, with respect to the consolidated balance sheet of Arcelor S.A. and subsidiaries (“the Company”) as of December 31, 2006, and the related consolidated income statement, statement of cash flows, and statement of changes in shareholders’ equity for the five months ended December 31, 2006, prepared in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board, which report appears in the December 31, 2007 annual report on Form 20-F of ArcelorMittal, incorporated herein by reference.

Our qualified report dated April 16, 2007 contains an explanatory paragraph that states the following:

IAS 34 requires that interim financial statements be represented with comparative financial information. These consolidated interim financial statements have been prepared solely for the purposes of consolidating the Company into the consolidated financial statements of Mittal Steel Company N.V. (“Mittal Steel”) as of and for the five months ended December 31, 2006. Accordingly, no comparative financial information is presented.

Our report dated April 16, 2007 also contains the following explanatory paragraph:

The consolidated financial statements are based on the historical values of Arcelor S.A.’s assets and liabilities prior to its acquisition by Mittal Steel and, accordingly, do not include the purchase price adjustments to such amounts reflected in the consolidated financial statements of Mittal Steel as a result of such acquisition.

/s/ KPMG Audit S.à r.l.

City of Luxembourg

Luxembourg

September 18, 2008

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