Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Year Ended December 31, | ||||||||||||||||||||
| (Dollars in millions, except ratios) | 2011 | 2010 | 2009 | 2008* | 2007 | |||||||||||||||
| Interest expensed and capitalized |
1,953 | 1,606 | 1,881 | 1,968 | 1,839 | |||||||||||||||
| Interest portion of rental obligations |
141 | 66 | 72 | 74 | 81 | |||||||||||||||
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| Total fixed charges (A) |
2,094 | 1,672 | 1,953 | 2,042 | 1,920 | |||||||||||||||
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| Pretax income from continuing operations before adjustment for non controlling interests in consolidated subsidiaries |
2,680 | 1,856 | (4,261 | ) | 11,355 | 14,888 | ||||||||||||||
| Income allocable to non-controlling interest in consolidated entities that have not incurred fixed charges |
4 | (89 | ) | 43 | (993 | ) | (1,482 | ) | ||||||||||||
| Undistributed earnings of equity investees |
(228 | ) | (303 | ) | 167 | (1,443 | ) | (816 | ) | |||||||||||
| Fixed charges, excluding capitalized interest |
2,087 | 1,672 | 1,953 | 2,041 | 1,920 | |||||||||||||||
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| Earnings-pretax income with applicable adjustments (B) |
4,543 | 3,136 | (2,098 | ) | 10,960 | 14,510 | ||||||||||||||
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| Ratio of (B) to (A) |
2.2 | 1.9 | (1.1 | ) | 5.4 | 7.6 | ||||||||||||||
| Note | (1) |
| * | As required by IFRS, the 2008 information has been adjusted retrospectively for the finalization in 2009 of the allocation of purchase price of acquisitions made in 2008 |
| (1) | Due to the ArcelorMittal’s pretax loss in 2009, the ratio coverage was less than 1:1. ArcelorMittal would have needed to generate additional earnings of $4,051 million to achieve a coverage of 1:1 for 2009. |