Ratio Based on IFRS
(Amounts in $ millions except ratios)

Exhibit 12

	Six months ended			Years ended December 31,
	June 30, 2008			2007			2006*			2005			2004
Earnings
Consolidated net income		8,802		$	11,850		$	6,106		$	3,795		$	5,625
Income allocable to minority interest in consolidated entities that incurred fixed charges		(592	)		(1,482	)		(859	)		(494	)		(415	)
Consolidated provision for income taxes		1,529			3,038			1,122			881			967
Fixed charges less interest capitalized		985			1,920			1,134			513			267
Subtotal		10,724			15,326			7,503			4,695			6,444
Undistributed earnings of less-than-50% owned affiliates		(21	)		(19	)		(127	)		(73	)		(165	)
Total earnings		10,703			15,307			7,376			4,622			6,279
Fixed charges
Interest expensed and capitalized		946			1,839			1,124			503			259
Interest portion of rental obligations		39			81			10			10			8
Total fixed charges		985			1,920			1,134			513			267
Ratio of Earnings to Fixed Charges		10.9	x		8.0	x		6.5	x		9.0	x		23.5	x

* A required by IFRS, the 2006 information has been adjusted for the finalization of the allocation of the purchase price of Arcelor (see Note 3 to the ArcelorMittal Consolidated Financial Statements).