Unassociated Document

Analysis of results for the three months ended March 31, 2010 versus the three months ended December 31, 2009 and the three months ended March 31, 2009

ArcelorMittal recorded net income for the three months ended March 31, 2010 of $0.7 billion, or $0.45 per share, as compared with net income of $1.1 billion, or $0.71 per share, for the three months ended December 31, 2009, and net loss of $1.1 billion, or $(0.78) per share, for the three months ended March 31, 2009.

Sales for the three months ended March 31, 2010 were $18.7 billion as compared with $18.6 billion for the three months ended December 31, 2009, and up 23% as compared with $15.1 billion for the three months ended March 31, 2009. Sales were marginally higher during the first quarter of 2010 as compared to the fourth quarter of 2009, due to higher volumes (+8%), but offset by lower average steel selling prices (-3%).

Operating income remained flat at $0.7 billion for the three months ended March 31, 2010, as compared with operating income of $0.7 billion for the three months ended December 31, 2009 and an operating loss for the three months ended March 31, 2009 of $1.5 billion.

Total steel shipments for the three months ended March 31, 2010 were 21.5 million metric tonnes as compared with 20.0 million metric tonnes for the three months ended December 31, 2009 and 16.0 million metric tonnes for the three months ended March 31, 2009. The increase resulted from improved demand across all segments in the first quarter of 2010 as compared to the fourth quarter of 2009.

Depreciation expense for the three months ended March 31, 2010 was $1.2 billion as compared with depreciation expense of $1.3 billion for the three months ended December 31, 2009 and $1.1 billion for the three months ended March 31, 2009. The decrease in the first quarter of 2010 as compared to the fourth quarter of 2009 was primarily on account of exchange rate impact.

Impairment cost for the three months ended March 31, 2010 was nil as compared to $502 million5 for the three months ended December 31, 2009.

The operating performance for the three months ended December 31, 2009 had been positively impacted by an exceptional gain of $380 million relating to a reversal of litigation provisions previously booked in the fourth quarter of 2008 and a net gain of $108 million recorded on the sale of carbon dioxide credits that ArcelorMittal purchased since 20076. Operating performance for the three months ended March 31, 2009 had been negatively impacted by exceptional charges amounting to $1.2 billion, primarily related to write-downs of inventory.

Income from equity method investments and other income for the three months ended March 31, 2010 resulted in a gain of $94 million, as compared to a gain of $101 million and losses of $153 million for the three months ended December 31, 2009 and March 31, 2009, respectively.

Net interest expense (including interest expense and interest income) decreased to $355 million for the three months ended March 31, 2010 from $415 million for the three months ended December 31, 2009, primarily due to exchange rate effects, but was higher compared to net interest expense of $304 million for the three months ended March 31, 2009 on account of higher interest rates on refinancing bond issuances conducted in 2009. During the three months ended March 31, 2010, the Company also recorded a gain of $141 million (compared to a $430 million loss in the fourth quarter of 2009) as a result of mark-to-market adjustments on the conversion options relating to its convertible bonds issued in 2009. Foreign exchange and other net financing costs7 for the three months ended March 31, 2010 amounted to $188 million, as compared to $84 million and $265 million for the three months ended December 31, 2009 and March 31, 2009, respectively. Losses related to the fair value of other derivative instruments for the three months ended March 31, 2010 amounted to $8 million, as compared with gains of $2 million for the three months ended December 31, 2009 and losses of $16 million for the three months ended March 31, 2009, respectively.

ArcelorMittal recorded an income tax benefit of $0.3 billion for the three months ended March 31, 2010, as compared to an income tax benefit of $1.3 billion for the three months ended December 31, 2009. The income tax benefit for the three months ended March 31, 2009 was $1.1 billion.

Profits attributable to non-controlling interests for the three months ended March 31, 2010 were $40 million as compared with $74 million for the three months ended December 31, 2009. Losses attributable to non-controlling interests for the three months ended March 31, 2009 were $70 million.

Capital expenditure projects

The following tables summarize the Company’s principal growth and optimization projects involving significant capital expenditures completed in the prior calendar year and in the current year to-date, as well as those that are ongoing.

Completed Projects

Segment	Site	Project	Capacity / particulars	Actual Completion
FCA	ArcelorMittal Tubarao (Brazil)	Hot strip mill expansion project	Hot strip mill capacity increase from 2.7mt to 4mt / year	4Q 09
FCA	Volcan (Mexico)	Mine development	Production increase of 1.6mt of iron ore in 2010	4Q 09
FCA	ArcelorMittal Tubarao (Brazil)	Vega do Sul expansion plan	Increase in HDG production of 350kt / year	April 2010

Ongoing(a) Projects

Segment	Site	Project	Capacity / particulars	Forecast Completion
FCA	ArcelorMittal Dofasco (Canada)	Primary steelmaking optimization	Increase of slab capacity by 630kt / year	1H 10
FCE	ArcelorMittal Dunkerque (France)	Modernization of continuous caster 21	Slab capacity increase by 0.8mt / year	2H 10
FCA	Princeton Coal (USA)	Princeton Coal	Capacity increase of 0.7mt	2010
AACIS	Liberia mines	Greenfield Liberia	Iron ore production of 15mt / year	2011(b)
LCA	Monlevade (Brazil)	Monlevade expansion plan	Increase in capacity of finished products by 1.15mt	2012
FCA	ArcelorMittal Mines Canada	Replacement of spirals for enrichment	Increase iron ore production by 0.8mt / year	2013

a)	Ongoing projects refer to projects in which construction has begun and exclude various projects that are under development such as in India.

b)	Iron ore mining production is expected to commence in 2011 with initial production of 1 million tonnes.

Projects through Joint Ventures

Country	Site	Project	Capacity / particulars	Forecast completion
Saudi Arabia	Al-Jubail	Seamless tube mill	Capacity of 600kt of seamless tube	2012
China	Hunan Province	VAMA Auto Steel JV	Capacity of 1.2mt for the auto market	2012
China	Hunan Province	VAME Electrical Steel JV	Capacity of 0.3mt of electrical steel	2012

Analysis of segment operations for the three months ended March 31, 2010 as compared to the three months ended December 31, 2009

Flat Carbon Americas

(USDm) unless otherwise shown	1Q 10	4Q 09	1Q 09
Sales	$4,431	$4,069	$3,218
EBITDA	574	524	87
Operating Income / (Loss)	326	180	(664)

Crude Steel Production ('000t)	5,679	5,402	3,499
Steel Shipments ('000t)	5,271	4,834	3,644
Average Selling Price (US$/t)	722	719	751
EBITDA/tonne (US$/t)	109	108	24
Operating Income (loss) /tonne (US$/t)	62	37	(182)

Flat Carbon Americas crude steel production reached 5.7 million tonnes for the three months ended March 31, 2010, an increase of 5% as compared to 5.4 million tonnes for the three months ended December 31, 2009.

Sales in the Flat Carbon Americas segment were $4.4 billion for the three months ended March 31, 2010, an increase of 9% as compared to $4.1 billion for the three months ended December 31, 2009. Sales improved primarily due to higher steel shipments (+9%) as steel selling prices remained flat. EBITDA improved by 10% while EBITDA/tonne remained flat at $109/tonne. EBITDA improvement in the quarter was driven in part by the improved results of the mining operations.

Flat Carbon Europe

(USDm) unless otherwise shown	1Q 10	4Q 09	1Q 09
Sales	$5,875	$5,934	$4,642
EBITDA	508	657	462
Operating Income / (Loss)	138	230	(184)

Crude Steel Production ('000t)	7,406	7,410	4,565
Steel Shipments ('000t)	6,856	6,408	4,814
Average Selling Price (US$/t)	757	807	838
EBITDA/tonne (US$/t)	74	103	96
Operating Income (loss) /tonne (US$/t)	20	36	(38)

Flat Carbon Europe crude steel production remained flat at 7.4 million tonnes for the three months ended March 31, 2010, as compared to the three months ended December 31, 2009.

Sales in the Flat Carbon Europe segment were also flat at $5.9 billion for the three months ended March 31, 2010 as compared to the three months ended December 31, 2009. Higher steel shipments (+7%) were more than offset by lower average steel selling prices (-6%). EBITDA decreased by $28/tonne (-28%) to $74/tonne in the first quarter of 2010.

EBITDA and operating results in the first quarter of 2010 included an $89 million non-cash gain relating to hedges on raw material purchases. EBITDA and operating results in the fourth quarter of 2009 included a net gain of $108 million recorded on the sale of carbon dioxide credits and a $90 million non-cash gain relating to hedges on raw material purchases.

Long Carbon Americas and Europe

(USDm) unless otherwise shown	1Q 10	4Q 09	1Q 09
Sales	$4,768	$4,578	$3,816
EBITDA	485	482	268
Operating Income / (Loss)	222	(79)	(191)

Crude Steel Production ('000t)	5,738	5,356	3,947
Steel Shipments ('000t)	5,694	5,228	4,423
Average Selling Price (US$/t)	728	755	780
EBITDA/tonne (US$/t)	85	92	61
Operating Income (loss) /tonne (US$/t)	39	(15)	(43)

Long Carbon Americas and Europe crude steel production reached 5.7 million tonnes for the three months ended March 31, 2010, an increase of 7% as compared to 5.4 million tonnes for the three months ended December 31, 2009.

Sales in the Long Carbon Americas and Europe segment were $4.8 billion for the three months ended March 31, 2010, an increase of 4% as compared to $4.6 billion for the three months ended December 31, 2009. Sales improved primarily due to higher steel shipments (+9%) which were only partially offset by lower average steel selling prices (-4%).

Operating performance was essentially flat during the first quarter of 2010 compared with the fourth quarter of 20098. During the first quarter of 2010, EBITDA declined by $7/tonne (-8%) to $85/tonne as compared to $92/tonne in the fourth quarter of 2009 primarily due to an increase in costs.

Asia Africa and CIS (“AACIS”)

(USDm) unless otherwise shown	1Q 10	4Q 09	1Q 09
Sales	$2,148	$2,274	$1,651
EBITDA	275	310	184
Operating Income / (Loss)	133	167	(18)

Crude Steel Production ('000t)	3,684	3,899	2,903
Steel Shipments ('000t)	3,204	3,075	2,754
Average Selling Price (US$/t)	557	550	482
EBITDA/tonne (US$/t)	86	101	67
Operating Income (loss) /tonne (US$/t)	42	54	(7)

AACIS segment crude steel production was 3.7 million tonnes for the three months ended March 31, 2010, a decrease of 6% as compared to 3.9 million tonnes for the three months ended December 31, 2009. Extreme weather conditions in CIS countries and operational issues particularly in the Kazakhstan operations mainly accounted for the decline.

Sales in the AACIS segment were $2.1 billion for the three months ended March 31, 2010, a decrease of 6% as compared to $2.3 billion for the three months ended December 31, 2009.

Despite improvement in selling price (+1%) and steel shipment volumes (+4%), operating performance deteriorated during the first quarter of 2010 due to higher input costs as EBITDA declined by $15/tonne (-15%) to $86/tonne.

Stainless Steel

(USDm) unless otherwise shown	1Q 10	4Q 09	1Q 09
Sales	$1,293	$1,253	$946
EBITDA	149	113	(5)
Operating Income / (Loss)	71	10	(169)

Crude Steel Production ('000t)	546	452	317
Steel Shipments ('000t)	436	415	315
Average Selling Price (US$/t)	2,744	2,820	2,820
EBITDA/tonne (US$/t)	342	272	(16)
Operating Income (loss) /tonne (US$/t)	163	24	(537)

Stainless Steel segment crude steel production reached 546 thousand tonnes for the three months ended March 31, 2010, an increase of 21% as compared to 452 thousand tonnes for the three months ended December 31, 2009.

Sales in the Stainless Steel segment remained flat at $1.3 billion for the three months ended March 31, 2010, as compared to the three months ended December 31, 2009. Higher steel shipments (+5%) were partially offset by lower average steel selling prices (-3%).

Operating performance improved during the first quarter of 2010 as compared to the fourth quarter of 2009, with EBITDA improving by $69/tonne (+26%) to $342/tonne. The higher profitability resulted mainly from improved market conditions driven by higher nickel prices.

Distribution Solutions9

(USDm) unless otherwise shown	1Q 10	4Q 09	1Q 09
Sales	$3,492	$3,489	$3,354
EBITDA	57	39	(19)
Operating Income / (Loss)	4	230	(170)

Steel Shipments ('000t)	4,353	4,167	3,874
Average Selling Price (US$/t)	770	794	831

Sales in the Distribution Solutions segment remained flat at $3.5 billion for the three months ended March 31, 2010 as compared to the three months ended December 31, 2009. Higher steel shipment volumes (+4%) were partially offset by lower average selling prices (-3%).

Operating performance in the fourth quarter of 2009 had been positively impacted by an exceptional gain of $380 million relating to reversal of litigation provisions previously booked in the fourth quarter of 2008, which was offset in part by impairment costs of $128 million.

Liquidity and Capital Resources

For the three months ended March 31, 2010, net cash used in operating activities was $0.7 billion, compared to net cash provided by operations of $2.8 billion for the three months ended December 31, 2009. The cash outflow for operating activities for the first quarter of 2010 included $1.7 billion of operating working capital changes as rotation days10 increased from 63 days in the fourth quarter of 2009 to 67 days in first quarter of 2010 on account of rising activity levels. Cash used in other operating activities for the three months ended March 31, 2010 amounted to $347 million, consisting primarily of TSR payments, reversal of $141 million non-cash gain from the marking to market of the convertible bonds and $89 million relating to hedges on raw material purchases, offset by unpaid liabilities (e.g. taxes, salaries and interest payments).

Net cash used in investing activities for the three months ended March 31, 2010 was $0.7 billion, compared to $0.9 billion for the three months ended December 31, 2009. Capital expenditures decreased to $0.5 billion for the three months ended March 31, 2010 as compared to $0.8 billion for the three months ended December 31, 2009. The Company continues to expect capital expenditures of approximately $4.0 billion in 2010.

During the first quarter of 2010, the Company paid dividends amounting to $282 million.

At March 31, 2010, the Company’s cash and cash equivalents (including restricted cash and short-term investments) amounted to $3.8 billion as compared to $6.0 billion at December 31, 2009. Net debt at March 31, 2010 was $20.7 billion as compared with $18.8 billion at December 31, 2009. The increase in net debt in the first quarter of 2010 was primarily due to increased investment in working capital and the acquisition of non-controlling interests in ArcelorMittal Ostrava. Operating working capital (defined as inventory plus receivables less payables) at March 31, 2010 was $12.9 billion as compared to $11.9 billion at December 31, 2009, due to higher trade accounts receivables, inventories partly offset by higher trade accounts payables.

The Company had liquidity of $14.511 billion at March 31, 2010, compared with liquidity of $17.2 billion at December 31, 2009, consisting of cash and cash equivalents (including restricted cash and short-term investments) of $3.8 billion and $10.7 billion of available credit lines.

Update on management gains, fixed cost reduction program and capacity utilization

At the end of the first quarter of 2010, the Company had achieved annualized sustainable savings of $2.9 billion as compared to $2.7 billion as of December 31, 2009, essentially meeting its 2010 full-year target to achieve management gains of $3.0 billion of sustainable SG&A and fixed cost reductions. The Company has also achieved $5.0 billion ($3.8 billion at a constant dollar12) of annualized temporary fixed cost savings in the first quarter of 2010 resulting from industrial optimization in response to lower demand.

Capacity utilization increased to approximately 72% in the first quarter of 2010, as compared to approximately 70% in the fourth quarter of 2009, and is expected to increase gradually to approximately 80% in the second quarter of 2010.

Recent Developments

On April 28, 2010, ArcelorMittal held its fourth annual Health and Safety day. The event coincides with the International Labour Organisation’s World Day for health and safety at work, which provides an opportunity for all ArcelorMittal employees to share best practices and participate in a range of workshops to reaffirm the group’s commitment to ‘journey to zero’.

·	On April 8, 2010, ArcelorMittal announced the publication of the convening notice for its annual general meeting of shareholders to be held on May 11, 2010 at 11.00 am at its registered office in Luxembourg.

On March 31, 2010, ArcelorMittal announced that it will become a tier two sponsor of the 2012 Olympic and Paralympic Games, to support the infrastructure and success of the Games. ArcelorMittal will fund £16 million (of which £10 million is cash and £6 million is a loan) of the £19.1 million ArcelorMittal Orbit project, with the remaining £3.1 million provided by the London Development Agency.

ArcelorMittal South Africa (“AMSA”) received notice from Sishen Iron Ore Company (Proprietary) Limited ("SIOC") on February 5, 2010, asserting that with effect from March 1, 2010, it will no longer supply iron ore to AMSA on a cost plus 3% basis as provided for in the supply agreement concluded between the parties in 2001, on the grounds that AMSA has lost its 21.4% undivided share in the mineral rights at the Sishen mine. AMSA has rejected this assertion and is of the firm opinion that SIOC is obligated to continue to supply iron ore to AMSA at cost plus 3%. The parties have commenced the arbitration process to resolve this dispute. As a result of the higher iron ore prices now being demanded by SIOC, AMSA has announced that an iron ore surcharge will be introduced from May 1, 2010 on domestic sales until the dispute is resolved. AMSA announced that the surcharge will be refunded should the company prevail in the arbitration. The company is in the process of evaluating various alternative options to determine the most appropriate mechanism to implement such a refund in consultation with its customers for the benefit of the steel consuming industry in South Africa. This surcharge will not be recognised as revenue, but recorded as a liability. There can be no assurance that this surcharge will cover the full amount of excess costs that AMSA may incur in connection with this dispute.

On March 16, 2010, ArcelorMittal announced it had signed a memorandum of understanding to establish a joint venture with the Turkish Company Dayen to build a steel mini-mill with electric furnace in Sulaimaniyah, Iraq. The mill would produce in its initial phase up to 250,000 tonnes per year of rebar from locally-sourced scrap, and requires an investment of $100-$130 million jointly subscribed by ArcelorMittal and Dayen. Construction is planned to start in the second quarter of 2010 and production is planned to commence early in the fourth quarter of 2011. Production could eventually increase to 500,000 tonnes per year.

For further information about some of these recent developments, please refer to our website www.arcelormittal.com

Second quarter of 2010 outlook

Second quarter 2010 EBITDA is expected to be approximately $2.8 - $3.2 billion. Shipments, average selling prices and operating costs are all expected to be higher as compared to the first quarter of 2010. The Company also expects net debt to increase in the second quarter 2010.

ARCELORMITTAL CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

	March 31,	December 31,	March 31,
In millions of U.S. dollars	2010	200913	200914
ASSETS
Cash and cash equivalents and restricted cash	$3,756	$6,009	$3,979
Trade accounts receivable and other	6,733	5,750	6,335
Inventories	17,873	16,835	19,930
Prepaid expenses and other current assets	4,088	4,213	4,005
Total Current Assets	32,450	32,807	34,249

Goodwill and intangible assets	16,385	17,034	16,271
Property, plant and equipment	57,866	60,385	57,966
Investments in affiliates and joint ventures and other assets	17,234	17,471	12,079
Total Assets	$123,935	$127,697	$120,565

LIABILITIES AND SHAREHOLDERS’ EQUITY
Short-term debt and current portion of long-term debt	$4,990	$4,135	$7,614
Trade accounts payable and other	11,719	10,676	8,371
Accrued expenses and other current liabilities	7,322	8,719	9,731
Total Current Liabilities	24,031	23,530	25,716

Long-term debt, net of current portion	19,420	20,677	23,076
Deferred tax liabilities	5,000	5,144	5,526
Other long-term liabilities	12,397	12,948	10,700
Total Liabilities	60,848	62,299	65,018

Equity attributable to the equity holders of the parent	59,199	61,045	51,822
Non–controlling interests	3,888	4,353	3,725
Total Equity	63,087	65,398	55,547
Total Liabilities and Shareholders’ Equity	$123,935	$127,697	$120,565

ARCELORMITTAL CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	Three months ended
	March 31,	December 31,	March 31,
In millions of U.S. dollars	2010	2009	2009
Sales	$18,652	$18,642	$15,122
Depreciation	(1,202)	(1,325)	(1,118)
Impairment	-	(502)	-
Exceptional items15	-	380	(1,248)
Operating income / (loss)	686	684	(1,483)
Operating margin %	3.7%	3.7%	(9.8%)

Income (loss) from equity method investments and other income	94	101	(153)
Net interest expense	(355)	(415)	(304)
Mark to market on convertible bonds	141	(430)	-
Foreign exchange and other net financing gains (losses)	(188)	(84)	(265)
Revaluation of derivative instruments	(8)	2	(16)
Income (loss) before taxes and non-controlling interest	370	(142)	(2,221)
Income tax benefit (expense)	349	1,286	1,088
Income (loss) including non-controlling interest	719	1,144	(1,133)
Non-controlling interests	(40)	(74)	70
Net income (loss) attributable to owners of the parent	$679	$1,070	$(1,063)

Basic earnings (loss) per common share	0.45	0.71	(0.78)
Diluted earnings (loss) per common share	0.35	0.68	(0.78)

Weighted average common shares outstanding (in millions)	1,510	1,509	1,366
Adjusted diluted weighted average common shares outstanding (in millions)	1,573	1,537	1,367

EBITDA3	$1,888	$2,131	$883
EBITDA Margin %	10.1%	11.4%	5.8%

OTHER INFORMATION
Total iron ore production16 (million metric tonnes)	15.7	15.6	11.9
Crude steel production (million metric tonnes)	23.1	22.5	15.2
Total shipments of steel products17 (million metric tonnes)	21.5	20.0	16.0


Employees (in thousands)	282	282	305

ARCELORMITTAL CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

In millions of U.S. dollars	Three Months Ended
	March 31, 2010	December 31, 2009	March 31, 2009
Operating activities:
Net income (loss)	$679	$1,070	$(1,063)
Adjustments to reconcile net income (loss) to net cash provided by operations:
Non-controlling interests	40	74	(70)
Depreciation and impairment	1,202	1,827	1,118
Exceptional items15	-	(380)	1,248
Deferred income tax	(551)	(1,562)	(938)
Change in operating working capital18	(1,742)	1,378	1,500
Other operating activities (net)	(347)	408	(1,466)
Net cash (used in) provided by operating activities	(719)	2,815	329
Investing activities:
Purchase of property, plant and equipment	(539)	(799)	(850)
Other investing activities (net)	(126)	(52)	57
Net cash used in investing activities	(665)	(851)	(793)
Financing activities:
Payments relating to payable to banks and long-term debt	(41)	(2,194)	(2,535)
Dividends paid	(282)	(335)	(345)
Acquisition of non-controlling interests19	(373)	-	-
Mandatorily convertible bond	-	750	-
Other financing activities (net)	(23)	(38)	(7)
Net cash used in financing activities	(719)	(1,817)	(2,887)
Net (decrease) increase in cash and cash equivalents	(2,103)	147	(3,351)
Effect of exchange rate changes on cash	(148)	(60)	(263)
Change in cash and cash equivalents	$(2,251)	$87	$(3,614)

Appendix 1 - Key financial and operational information - First Quarter of 2010

In millions of U.S. dollars, except crude steel production, steel shipment and average steel selling price data	Flat Carbon Americas	Flat Carbon Europe	Long Carbon Americas and Europe	AACIS	Stainless Steel	Distribution Solutions
FINANCIAL INFORMATION

Sales	$4,431	$5,875	$4,768	$2,148	$1,293	$3,492
Depreciation and impairment	(248)	(370)	(263)	(142)	(78)	(53)
Operating income	326	138	222	133	71	4
Operating margin (as a % of sales)	7.4%	2.3%	4.7%	6.2%	5.5%	0.1%

EBITDA3	574	508	485	275	149	57
EBITDA margin (as a % of sales)	13.0%	8.6%	10.2%	12.8%	11.5%	1.6%
Capital expenditure20	129	154	101	90	27	17

OPERATIONAL INFORMATION
Crude steel production (Thousand MT)	5,679	7,406	5,738	3,684	546	-
Steel shipments (Thousand MT)	5,271	6,856	5,694	3,204	436	4,353
Average steel selling price ($/MT)21	722	757	728	557	2,744	770

Appendix 2a: Steel Shipments by geographical location22

Amounts in thousands of tonnes	Q110	Q409	Q109
Flat Carbon America:	5,271	4,834	3,644
North America	3,869	3,271	2,557
South America	1,402	1,563	1,087

Flat Carbon Europe:	6,856	6,408	4,814
Europe	6,856	6,408	4,814

Long Carbon:	5,694	5,228	4,423
North America	1,008	1,021	946
South America	1,260	1,177	994
Europe	3,210	2,838	2,225
Other23	216	192	258

AACIS:	3,204	3,075	2,754
Africa	1,319	1,137	1,010
Asia, CIS & Other	1,885	1,938	1,744

Stainless Steel:	436	415	315

Appendix 2b: EBITDA3 by geographical location

Amounts in millions of U.S. dollars	Q110	Q409	Q109
Flat Carbon America:	574	524	87
North America	267	127	13
South America	307	397	74

Flat Carbon Europe:	508	657	462
Europe	508	657	462

Long Carbon:	485	482	268
North America	19	13	(78)
South America	377	419	287
Europe	61	43	29
Others23	28	7	30

AACIS:	275	310	184
Africa	190	120	8
Asia, CIS & Other	85	190	176

Stainless Steel:	149	113	(5)

Distribution Solutions	57	39	(19)

Appendix 2c: Iron Ore production

(Production million tonnes) (a)
Mine	Type	Product	1Q 10	4Q 09	1Q 09
North America (b)	Open Pit	Concentrate and Pellets	5.7	5.4	5.5
South America (d)	Open Pit	Lump and Sinter feed	1.0	0.7	0.4
Europe	Open Pit	Lump and Fines	0.3	0.3	0.2
Africa	Open Pit / Underground	Lump and Fines	0.3	0.3	0.3
Asia, CIS & Other	Open Pit / Underground	Concentrate, Lump and Fines	3.3	3.3	3.0
Captive - iron ore			10.6	9.9	9.3

North America (c )	Open Pit	Pellets	3.2	4.1	1.0
South America (d)	Open Pit	Lump and Fines	0.0	0.1	0.3
Africa (e)	Open Pit	Lump and Fines	2.0	1.5	1.4
Long term contract - iron ore			5.2	5.7	2.6

Group			15.7	15.6	11.9

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

Includes own share of production from Hibbing (USA-62.30%), and Pena (Mexico-50%). For 2009, it also includes Wabush (Canada-28.57%), for which on October 9, 2009, ArcelorMittal entered into an agreement to divest its non-controlling (minority) interest. The transaction was completed in February 2010.

c)	Includes long term supply contract with Cleveland Cliffs.

d)	Includes Andrade mine operated by Vale until November 15, 2009: prices on a cost plus basis. From November 16, 2009 the mine has been operated by ArcelorMittal and included as captive.

e)	Strategic agreement with Sishen/Thabazambi (Africa); prices on a cost plus basis. Includes strategic agreement with Kumba (See Recent Developments for information regarding an ongoing dispute over the terms of this agreement)

Appendix 2d: Coal production

(Production million tonnes)
Coal Mines	1Q 10	4Q 09	1Q 09
North America	0.6	0.5	0.5
Asia, CIS & Other	1.0	1.2	1.4
Captive	1.6	1.7	1.9

Long term contracts (a) (b)	0.1	0.1	0.1

Group	1.7	1.9	2.0

a)	Includes strategic agreement - prices on a cost plus basis.

b)	Includes long term lease - prices on a cost plus basis.

Appendix 3: Debt repayment schedule as of March 31, 2010

Debt repayment schedule ($ billion)	2010	2011	2012	2013	2014	>2014	Total
Term loan repayments							-
- Under €12bn syndicated credit facility	-	3.3	-	-	-	-	3.3
- Convertible bonds	-	-	-	-	1.9	-	1.9
- Bonds24	1.3	-	-	3.5	1.3	6.0	12.1
Subtotal	1.3	3.3	-	3.5	3.2	6.0	17.3
LT revolving credit lines
- €5bn syndicated credit facility	-	-	-	-	-	-	-
- $4bn syndicated credit facility	-	-	-	-	-	-	-
Commercial paper25	2.2	-	-	-	-	-	2.2
Other loans	1.3	0.9	1.3	0.5	0.2	0.7	4.9
Total Gross Debt	4.8	4.2	1.3	4.0	3.4	6.7	24.4

Appendix 4: Credit lines available as of March 31, 2010

Credit lines available ($ billion)	Equiv. $	Drawn	Available
€5bn syndicated credit facility26	$6.7	$0.0	$6.7
$4bn syndicated credit facility	$4.0	$0.0	$4.0
Total committed lines	$10.7	$0.0	$10.7

Appendix 5 - Other ratios as of March 31, 2010

Ratios	4Q 09	1Q 10
Gearing27	29%	33%
Net debt to average EBITDA ratio based on yearly average EBITDA from Jan 1, 2004	1.2X	1.3X
Net debt to EBITDA ratio based on last twelve months EBITDA	3.2X	3.0X

Appendix 6 – Details of footnotes

Highlights:
·	Health and Safety frequency rate2 consistent with Q4 2009
·	Steel shipments of 21.5 million tonnes in Q1 2010, up 8% compared to Q4 2009
·	Average steel selling prices down 3% in Q1 2010 compared to Q4 2009
·	EBITDA3 of $1.9 billion in Q1 2010
·	Net debt4 increased by $1.9 billion to $20.7 billion in Q1 2010, due to investment in working capital and M&A activity

Performance and industrial plan:
·	Capacity utilisation increased to 72% in Q1 2010 from 70% in Q4 2009
·	$2.9 billion of annualized sustainable cost reductions achieved by the end of first quarter of 2010; on track to achieve $5.0 billion of management gains by 2012

Guidance for the three months ended June 30, 2010:
·	$2.9 billion of annualized sustainable cost reductions achieved by the end of first quarter of 2010; on track to achieve $5.0 billion of management gains by 2012

Lost time injury frequency rate	1Q 10	4Q 09	1Q 09
Total Mines	1.8	1.9	2.4

Lost time injury frequency rate	1Q 10	4Q 09	1Q 09
Flat Carbon Americas	1.9	2.7	2.7
Flat Carbon Europe	2.3	2.0	1.7
Long Carbon Americas and Europe	2.0	1.6	1.8
Asia Africa and CIS	1.1	1.3	0.9
Stainless Steel	2.3	3.3	0.6
Distribution Solutions	3.4	3.2	3.2
Total Steel	1.9	1.9	1.7

Lost time injury frequency rate	1Q 10	4Q 09	1Q 09
Total (Steel and Mines)	1.9	1.9	1.8