Arcelormittal Q212 Model

Introduction to the ArcelorMittal simplified model
(i) The purpose of the ArcelorMittal's "simplified model" is to help investors (including buy-side analysts and fund
managers) who cover or have invested in the group.
(ii) The "model" has been designed to allow users to make simple estimates and valuations using information
previously disclosed by ArcelorMittal.
(iii) The Model has been simplified to allow efficient time allocation for investors (including buy-side analysts and fund
managers).
(iv) The Model can be developed and expanded for further analysis and improved evaluation. Some suggestion and
options for improvement have been provided.
(v) The data / information included in the Model have been already disclosed in different ArcelorMittal publications (i.e.
fact book, earning release, investor presentation) and are available on the ArcelorMittal web-site.
How to build the ArcelorMittal simplified model

(i) Before using the ArcelorMittal model, users are recommended to study and analyse the group's facts and strategies
by using investor presentations, annual reports, 20-F, Fact book.
(ii) Further study and analysis of the global steel and mining sector is also recommended
(iii) Once ready, investors / buy-side analysts and fund managers should fill the orange boxes in the Divisional, P&L,
Cash flow and Balance Sheet worksheets
(iv) The comment and additional information section should help in filling the orange boxes
Investor Relations
By implementing high standards of financial information disclosure and providing clear, regular, transparent and evenhanded information to all its shareholders, ArcelorMittal aims to be the first choice for investors in the sector.
To meet this objective and provide information to fit the needs of all parties, ArcelorMittal has decided to implement an
active and broad communications policy: road shows with the financial community, conference calls, plant visits,
meetings with retail and private investors, a virtual meeting and conference centre on Second Life and a website
featuring management comments on quarterly, half-year and full-year results.
Private Investors
ArcelorMittals senior management intends to meet private investors and shareholder associations in road shows
throughout 2009. In order to improve the communication and debate with its private investors, ArcelorMittal has
opened a virtual meeting and conference centre on Second Life. The ArcelorMittal virtual meeting and conference
centre enables investors to have access to Group documentation, corporate videos, discuss in real time with company
representatives or other shareholders present on the location or leave questions in the dedicated question box. This is
also the optimal location to arrange interactive Group presentations and courses. A dedicated toll free number for
private investors is available at 00800 4792 4792. Requests for information or meetings on the virtual meeting and
conference centre may also be sent to: PrivateInvestors@arcelomittal.com
Analysts and Investors
As the world's leading steel company and major investment vehicle in the steel sector, ArcelorMittal constantly seeks
to develop relationships with financial analysts and international investors. Depending on their geographical location,
investors may use the following e-mails:
InstitutionalsAmericas@arcelormittal.com
InstitutionalsEurope@arcelormittal.com
Socially Responsible Investors
The Investor Relations team is also a privileged source of information the growing Socially Responsible Investment
community. The team organizes special events on ArcelorMittal's Corporate Responsibility strategy and answers all
requests for information sent to the Group (SRI@arcelormittal.com).
Credit and Fixed Income Investors
Credit, Fixed Income Investors and rating agency are followed by a dedicated team from Investor Relations
(CreditFixedIncome@arcelormittal.com).
Contact information ArcelorMittal Investor Relations
ArcelorMittal
Investor Relations
19, avenue de la Libert
L-2930 Luxembourg
Dedicated Investor Relations teams are at the disposal of analysts and investors:
E-mail
InstitutionalsAmericas@arcelormittal.com
InstitutionalsEurope@arcelormittal.com
PrivateInvestors@arcelormittal.com
SRI@arcelormittal.com
CreditFixedIncome@arcelormittal.com
To subscribe to ArcelorMittal releases and results, visit the subscription page.
the filings with the Netherlands Authority for the Financial Markets and the Securities and Exchange Commission
(SEC) made or to be made by ArcelorMittal including Mittal Steels Annual Report on Form 20-F filed with the SEC.
ArcelorMittal undertakes no obligation to publicly update its forward-looking statements, whether as a result of new
information, future events, or otherwise.
Page 1 of 16
Telephone
+ 1 312 899 3569
+ 352 4792 2652
00800 4792 4792 (toll-free, from the EU and Switzerland)
+ 352 4792 2652
+ 44 203 214 2854
+ 33 1 7192 1026
138542950.xls.ms_office
Model Guide
Terms of reference
These formulas used in the model have been provided as a start-up kit for analysts and they have flexibility
to modify or change these definitions to suit their methodology and comparability,etc.
The segmental information provided contain rounding differences from previous published information.
Definitions
Sales
Sales include steel and non-steel sales and related transportation costs
Average steel selling prices
Average steel selling prices are based on steel sales alone
Apparent steel selling prices
Apparent steel selling prices are sales divided by steel shipments
Steel products
steel products are to finished and semi-finished steel products and exclude direct reduced iron, or DRI;
Tonnes or MT
tonnes or MT are to metric tonnes and are used in measurements involving iron ore, iron ore pellets,
DRI, hot metal, coke, coal, pig iron and scrap (a metric tonne is equal to 1,000 kilograms or 2,204.62 pounds);
Crude steel
crude steel are to the first solid steel product upon solidification of liquid steel, including ingots from
conventional mills and semis (e.g., slab, billet and blooms) from continuous casters;
EBITDA
EBITDA is defined as operating income plus depreciation
Ebitda margin
Ebitda margin is defined as EBITDA divided by Sales
Operating margin
Operating margin is defined as Operating Income divided by Sales
Long-term contracts
Long-term contracts are defined as contracts entered into which are in excess of 12 months
Strategic contract
Strategic contract is defined as a contract that has business conditions better then open market in long-term
Operating income per tonne
Defined as operating income divided by steel shipments
Enterprise Value (EV)
Calculated as market capitalization plus net financial debt plus minority interest less investments/others
Invested Capital (IC)
Calculated as intangibles assets plus PPE plus inventory, trade accounts receivable and trade account payables
ROIC (%)
Calculated as operating income after tax divided by invested capital
RoE (%)
Calculated as net income divided by group share of shareholders equity
Market capitalization
Calculated as weighted average common shares outstanding multiplied by share price
Metric tonne
All shipments figures are provided in metric tonnes
Few suggestions for improving model

Production & Shipment
(i) Crude steel production data can be modeled for monitoring and estimation of internal inventory and productivity
(ii) Shipment by market (N. America, exports, S. America) can be modeled for monitoring and estimation of volume
and revenue
(iii) Growth/value added investment published in value plan and quarterly results can be added to model for monitoring
and estimation of volume and revenue growth
(iv) Macro-economic data and sector data (Automotive, construction) can be added to model for monitoring/ estimation
of demand and market share
Steel price and currency
(i) Future direction on prices can be modeled using steel prices published by external provider (SBB, MB, CRU, MEPS)
(ii) Currency (BRL, CAD) data can be added to model for monitoring and estimation of selling price and cost in USD
Sales & revenue
(i) Steel sales can be calculated by multiplying steel shipments by average steel price
(ii) Non steel sales can be calculated by making the difference between total sales and steel sales
Raw materials
(i) External sources of information on prices of iron ore, scrap, coal, gas, base metals and other raw materials data
can be added to model for monitoring and estimation of variable cost
Employee
(i) Employee data can be added to model for monitoring and estimation of productivity improvement and fixed costs
Synergy and management gain
(i) Synergies and management gains data can be estimated to measure the impact on cost reduction
CAPEX
(i) CAPEX data can be added to model for monitoring and estimation of growth and depreciation
Restatement of the segment figures of prior periods based on the 2008 GMB segment changes
Methodology used:
In each segment the contribution of the entities who changed segment where taken.
When leaving the scope the their contribution would be -/- and when entering the scope it would be +/+.
Based on this the delta of the changes by each segment where taken.
The delta of the changes would be added to the originally reported segment information to get the restated figures.
Assumption in the restatement is we will not take into account effect on intercompany eliminations
FCA
IN
FCE
LONG
OUT
Dofasco Pipes & Tubes

Canada Flat
IN
Annaba Flat
Skopje
Galati Long
OUT
Paul Wurth
IN
Annaba Long
Sonasid
Zenica
Canada Flat
Pipes & Tubes
OUT
Wire Solutions*
Galati Long
AACIS*** IN
OUT
Paul Wurth
Annaba
Skopje
Sonasid
Zenica
Pipes & Tubes
Stainless No change
AM3S
IN
Wire Solutions*
Other***
* Wire Solutions consists for ex-Mittal of Gandrange Wire drawing + TrefilEurope.

As data for Gandrange Wire drawing is missing for 2005 & 2006 we have taken based on the 2007 split 10% of full Gandrange contribution as Wire drawing
** Changes in the mining activity have not been reclassed (Tebessa, Prijedor)
*** Changes in the trading activity of Duba have not been reclassed
Name change
As from 1.1.10 AM3S changed name to Distribution Solutions
Changes to the mining segmentation as from 1.1.11

Recast segmental data for 2008FY, 2009 and 2010 quarterly
Basic objective of the mining as a separate segmentation:
Create world class mining operations for AM
Price externally marketable Iron Ore and Coal to steel units at market price
Steel to be competitive on a stand alone basis
Ensure appropriate capital allocation for mining business for long term sustainability and growth
Focus on mine safety, mine planning, MRMR, quality, expansion, capex and logistics
Ensuring world class project control and management systems
Basic Principles that will be applied for mining as a separate segmentation:
Iron Ore:
Iron ore not considered marketable due to quality and/or logistic constraints will continue to be transferred at cost (Andrade, Temirtau, Bosnia, Algeria, Ukraine Underground, Cliff, Kumba and large part of combined Hibbing and Minorca).
Simultaneously work on addressing the issues of logistic, quality and market for these mines.
Marketable ores from other mines to be priced with reference to quarterly Vale prices (benchmark China CFR prices adjusted for sea freight, Fe% and other costs/penalties).
Coal:
Kuzbass and Princeton coal to be priced with reference to relevant market price for both internal and external customers
Kazakhstan coal Surplus volume of 1 mln ton to be priced to customers (internal/external) at market price and we will work on addressing the issues of logistics and market for rest of the volume
FLAT CARBON AMERICAS (FCA)

New segmentation and recast data
Steel Shipment (000t)
Steel Shipment
Change
Crude Steel Production (000t)

Crude Steel Production
Change
Selling price (USD/t)

Steel products & Other
Change
Steel products
P&L (USDm)
Sales
Change
EBITDA
Change
Depreciation and amortisation
Change
Operating income / loss
Change
1Q10
5,271
9.0%
1Q10
5,679
5.1%
1Q10
2Q10
5,346
1.4%
2Q10
5,854
3Q10
4,979
-6.9%
3Q10
5,932
3.1%
1.3%
2Q10
3Q10
4Q10
5,432
9.1%
4Q10
5636
1Q11
5,563
2.4%
1Q11
6,063
-5.0%
7.6%
4Q10
1Q11
2Q11
5,520
-0.8%
2Q11
6,277
3.5%
2Q11
3Q11
5,708
3.4%
3Q11
5,866
-6.5%
3Q11
4Q11
5,458
-4.4%
4Q11
1Q12
5,672
3.9%
3Q12
4Q12
2006
2007
2008
2009
28,259
29,960
26,862
25,810
25,810
16,121
#DIV/0!
n/a
6.0%
-10.3%
-3.9%
0.0%
-37.5%
2005
5,735
1.1% -100.0%
3Q12
4Q12
2006
2007
2008
2008
n/a
n/a
30,309
26,476
26,476
16,556
4.0%
-3.8% -100.0%
#DIV/0!
n/a
n/a
n/a
-12.6%
0.0%
-37.5%
4Q11
1Q12
6,249
2Q12
2008
Old
basis
2005
2.4%
6,009
1Q12
2Q12
6,014
2Q12
3Q12
4Q12
2005
2008
2008
773
868
883
842
888
1,009
963
922
929
934
#DIV/0!
#DIV/0!
739
730
813
1,047
1,047
827
-8.1%
12.2%
1.7%
-4.6%
5.5%
13.6%
-4.5%
-4.3%
0.8%
0.6%
#DIV/0!
#DIV/0!
n/a
-1.2%
11.3%
28.8%
0.0%
-21.0%
n/c
n/c
n/c
920
920
698
3Q12
4Q12
2005
2006
2007
2008
2008
2009
20,895
21,878
21,839
27,031
27,031
13,340
1.7% -100.0%
#DIV/0!
n/a
4.7%
-0.2%
23.8%
0.0%
-50.6%
722
810
826
769
830
961
910
868
886
881
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
4,077
0.2%
361
4,640
4,394
4573
13.8%
-5.3%
4.1%
657
379
158
4,939
8.0%
528
5,567
5,499
5,030
12.7%
-1.2%
-8.5%
924
420
237
5,270
4.8%
632
-31.1%
82.0%
-42.3%
-58.3%
234.2%
75.0%
-54.5%
-43.6%
166.7%
210
216
213
225
221
227
227
236
225
-39.0%
2.9%
-1.4%
5.6%
-1.8%
2.7%
0.0%
4.0%
-4.7%
166
-67
407
151
441
-16.1%
192.1%
307
697
193
-62.4% -140.4% -558.2%
127.0%
-72.3%
Other operating expenses/exceptional
-99.5% 40600.0%
5,359
474
-25.0% -100.0%
#DIV/0!
229
1.8% -100.0%
#DIV/0!
245
-39.8% -100.0%
#DIV/0!
3,632
2006
2007
2009
2009
3,593
4,104
5,834
5,834
1,119
n/a
-1.1%
14.2%
42.2%
0.0%
-80.8%
982
984
940
1,228
1,228
1,170
n/a
0.2%
-4.5%
30.6%
0.0%
-4.7%
2,524
-757
2,650
2,610
3,164
2,524
n/a
-1.5%
21.2%
-20.2%
2082
0.0% -130.0%
2082
706
Margin and Ratio
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
2005
2006
2007
2008
2008
EBITDA Margin (%)
8.9%
14.2%
8.6%
3.5%
10.7%
16.6%
7.6%
4.7%
12.0%
8.8%
#DIV/0!
#DIV/0!
17.4%
16.4%
18.8%
21.6%
21.6%
8.4%
Operating margin (%)
3.7%
9.5%
3.8%
-1.5%
6.2%
12.5%
3.5%
0.0%
7.7%
4.6%
#DIV/0!
#DIV/0!
12.7%
11.9%
14.5%
9.3%
9.3%
-5.7%
705
745
806
813
793
841
890
878
818
852
#DIV/0!
#DIV/0!
611
610
660
821
821
758
29
82
33
-12
55
126
34
72
43
#DIV/0!
#DIV/0!
94
87
118
98
98
-47
Cash cost (USD/t)

Operating income per ton (USD/t)
Page 5 of 16
2009
FCA
FLAT CARBON EUROPE (FCE)

Steel Shipment
Change
1Q10
6,856
7.0%
1Q10
2Q10
3Q10
7,540
6,521
10.0%
-13.5%
2Q10
3Q10
4Q10
6,593
1.1%
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
6,385
6,188
7,461
6,771
30,709
33,111
35,641
33,512
-3.0%
-10.9%
-3.1%
20.6%
-9.2%
-100.0%
#DIV/0!
n/a
7.8%
7.6%
-6.0%
2Q12
3Q12
4Q12
2005
2006
1Q11
4Q11
-0.1%
14.9%
-16.5%
-1.4%
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
857
874
961
1,034
1,058
1,193
1,205
1,132
1,035
1,067
-7.5%
2.0%
10.0%
7.6%
2.3%
12.8%
1.0%
-6.1%
-8.6%
3.1%
#DIV/0!
757
776
855
907
928
1,026
1,021
954
861
884
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
Sales
5,875
6,590
6,268
Change
-1.0%
12.2%
-4.9%
8.8%
14.6%
EBITDA
460
560
452
543
471
Change
-30.0%
21.7%
-19.3%
20.1%
370
338
372
401
-13.3%
-8.6%
10.1%
7.8%

Change
Change
7,812
3.1%
8,551
7,390
6,619
-6.1%
-10.4%
1Q12
Change
8.9%
7,870
3Q11
7,006
6,817
7,631
2Q11
7,107
P&L (USDm)
2008 Old
basis
7,166
8,507
Steel products
2007
12.0%
7,406
Change
2006
7,384
2005
7,182
8.5%
7,143
-0.5%
7,696
7,003
7,719
7,223
9.5%
-10.0%
-9.0%
10.2%
-6.4%
636
367
26
130
381
-13.3%
35.0%
-42.3%
-92.9%
400.0%
193.1%
365
391
473
452
358
359
-9.0%
7.1%
21.0%
-4.4%
-20.8%
0.3%
90
222
80
142
106
245
-106
-569
-284
-154
-60.9%
146.7%
-64.0%
77.5%
-25.4%
131.1%
-143.3%
436.8%
-50.1%
-45.8%
143
56
176
-100.0%
2007
2008
38,397
34,338
-10.6%
#DIV/0!
n/a
#DIV/0!
#DIV/0!
3Q12
4Q12
2005
2006
2007
2008
#DIV/0!
#DIV/0!
812
833
980
1,143
#DIV/0!
n/a
2.5%
17.7%
16.6%
n/c
n/c
n/c
1018
2005
2006
2007
2008
24,935
27,567
34,924
38,300
3Q12
-100.0%
-100.0%
4Q12
#DIV/0!
#DIV/0!
-100.0%
#DIV/0!
-100.0%
#DIV/0!
n/a
10.6%
26.7%
9.7%
4,153
3,863
5,562
6,448
15.9%
n/a
-7.0%
44.0%
974
1,046
1,415
1,924
n/a
7.4%
35.3%
36.0%
3,179
2,817
4,147
2,773
n/a
-11.4%
47.2%
-33.1%
1751
Margin and Ratio
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
2005
2006
2007
2008
EBITDA Margin (%)
7.8%
8.5%
7.2%
8.0%
6.0%
7.4%
4.8%
0.4%
1.7%
5.3%
#DIV/0!
#DIV/0!
16.7%
14.0%
15.9%
16.8%
1.5%
3.4%
1.3%
2.1%
1.4%
2.9%
-1.4%
-8.1%
-3.7%
-2.1%
#DIV/0!
#DIV/0!
12.7%
10.2%
11.9%
7.2%
790
800
892
952
994
1,105
1,148
1,128
1,017
1,010
#DIV/0!
#DIV/0!
677
716
824
950
13
29
12
22
14
34
-17
-92
-38
-23
#DIV/0!
#DIV/0!
104
85
116
83
Cash cost (USD/t)

Page 6 of 16
FCE
LONG CARBON (LC)

Steel Shipment
Change

1Q10
5,694
8.9%
1Q10
5,738
2Q10
5,984
5.1%
2Q10
6,015
3Q10
4Q10
5,772
5,698
-3.5%
-1.3%
3Q10
4Q10
1Q11
5,872
3.1%
1Q11
5,472
5,325
6,059
13.8%
2Q11
6,167
5.0%
2Q11
6,414
-3.0%
-2.3%
-1.8%
3Q11
5,474
-12.5%
-2.4%
-9.0%
-2.7%
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
837
914
955
977
1,003
1,081
1,116
-4.4%
9.2%
4.5%
2.3%
2.6%
7.7%
3.2%
728
808
832
837
902
973
967
P&L (USDm)
Sales
1Q10
4,766
2Q10
5,468
3Q10
5,514
4Q10
5,567
1Q11
5,889
2Q11
6,664
4Q11
5,611
4.8%
Steel products
1Q12
5,738
7.1%
Change
4Q11
5,846
Change
5.9%
3Q11
5,984
3Q11
6,676
1Q12
5,785
1Q12
2Q12
976
-9.0%
-1.1%
-2.8%
#DIV/0!
906
910
885
1Q12
5.8%
13.2%
0.2%
-11.1%
-2.9%
315
480
610
438
338
437
Change
-0.4%
41.0%
-10.9%
-47.8%
52.4%
27.1%
-28.2%
-22.8%
29.3%
Margin and Ratio

EBITDA Margin (%)
Cash cost (USD/t)
257
263
264
287
270
252
253
408
281
-54.2%
2.3%
0.4%
8.7%
-5.9%
-6.7%
0.4%
61.3%
-31.1%
2Q12
185
-107
110
n/a
7.6%
14.0%
-4.5%
4Q12
2005
2006
4Q12
2005
2006
2007
2008
719
745
952
1,190
#DIV/0!
n/a
3.6%
27.9%
25.0%
n/c
n/c
n/c
1055
3Q12
4Q12
#DIV/0!
#DIV/0!
231
414
339
28
210
358
-18.1%
-91.7%
650.0%
70.5%
37
46
-6.7%
#DIV/0!
-17.8% -100.0%
85.7%
2008
25,198
3Q12
29.1% -100.0%
223
2007
27,015
#DIV/0!
564
-382.3%
-48.3% -157.8% -202.8%
27,115
#DIV/0!
#DIV/0!
-1.1% -100.0%
1.0%
603
2008 Old
basis
#DIV/0!
5,698
0.8%
2007
28,389
n/a
5,763
677
2006
24,896
#DIV/0!
5,936
14.7%
3Q12
1,004
480
Change
2Q12
4Q11
4Q11
2005
23,141
4Q12
5,885
1,015
4.1%
1.8% -100.0%
1.7% -100.0%
EBITDA
Change
3Q12
5.7%
Change
2Q12
5,839
#DIV/0!
333
202.7% -100.0%
#DIV/0!
2005
2006
2007
2008
16,639
18,544
27,035
32,268
19.4%
n/a
11.4%
45.8%
2,604
3,558
5,074
6,678
n/a
36.6%
42.6%
31.6%
564
570
993
1,725
n/a
1.1%
74.2%
73.7%
2,040
2,988
4,081
4,154
n/a
46.5%
36.6%
1.8%
799
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
2005
2006
2007
2008
10.1%
12.4%
10.9%
5.7%
8.2%
9.2%
6.6%
5.7%
7.6%
9.9%
#DIV/0!
#DIV/0!
15.6%
19.2%
18.8%
20.7%
4.7%
7.6%
6.1%
0.5%
3.6%
5.4%
2.8%
-1.8%
1.9%
5.8%
#DIV/0!
#DIV/0!
12.3%
16.1%
15.1%
12.9%
753
801
851
922
921
982
1,042
958
928
879
#DIV/0!
#DIV/0!
606
602
774
944
39
69
59
36
58
31
-18
19
57
#DIV/0!
#DIV/0!
88
120
144
153
Page 7 of 16
LC
ASIA, AFRICA & CIS (AACIS)

Steel Shipment
Change
1Q10
3,204
4.2%
1Q10
3,684
Change
-5.5%

Change
Steel products
P&L (USDm)
2Q10
3,409
6.4%
2Q10
3,885
3Q10
3,261
-4.3%
3Q10
4Q10
3,392
4.0%
4Q10
1Q11
3,142
-7.4%
1Q11
3,706
2Q11
3,304
5.2%
2Q11
3,830
3Q11
3,005
-9.0%
3Q11
3,493
4Q11
3,065
2.0%
4Q11
3,579
1Q12
3,353
9.4%
1Q12
3,615
-1.0% -100.0%
#DIV/0!
18,680
20,309
16,351
13,296
n/a
8.7%
-19.5%
-18.7%
4Q12
2Q12
3Q12
2005
2006
2007
2008
n/a
n/a
18,469
15,118
#DIV/0!
n/a
n/a
n/a
-18.1%
2008
-4.1%
-3.1%
2.6%
3.3%
-8.8%
2.5%
1.0%
2.1% -100.0%
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
2005
2006
2007
666
739
770
750
818
865
872
892
831
806
#DIV/0!
892
663
726
916
988
-10.0%
11.0%
4.2%
-2.6%
9.1%
5.7%
0.8%
2.3%
-6.8%
-3.0%
#DIV/0!
#DIV/0!
n/a
9.5%
26.1%
7.9%
3,691
n/c
n/c
n/c
804
3Q12
4Q12
2005
2006
2007
2008
12,387
14,745
14,971
13,133
-3.9% -100.0%
#DIV/0!
n/a
19.0%
1.5%
-12.3%
3,210
3,103
3,333
3,985
n/a
-3.3%
7.4%
19.6%
557
624
630
621
691
768
771
713
705
687
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
2,518
2,511
-6.2%
18.0%
-0.3%
2,544
1.3%
2,570
1.0%
2,857
2,619
11.2%
-8.3%
2,733
4.4%
2,787
2.0%
EBITDA
229
417
274
215
254
462
284
238
160
Change
-26.1%
82.1%
-34.3%
-21.5%
18.1%
81.9%
-38.5%
-16.2%
-32.8%
Change
2006
3,321
2007
109
109
113
123
129
121
122
145
158
-23.8%
0.0%
3.7%
8.8%
4.9%
-6.2%
0.8%
18.9%
9.0%
120
308
161
92
125
341
162
93
-28.1%
156.7%
-47.7%
-42.9%
35.9%
172.8%
-52.5%
-42.6%
-97.8%
2,677
120
-25.0% -100.0%
#DIV/0!
158
0.0% -100.0%
#DIV/0!
-38
-2000.0% -100.0%
#DIV/0!
376
463
489
549
n/a
23.1%
5.6%
12.3%
2,834
2,640
2,844
3,145
n/a
-6.8%
7.7%
10.6%

Margin and Ratio
EBITDA Margin (%)
Cash cost (USD/t)
2008 Old
basis
2005
5.5%
2,133
4Q12
3,611
Change
Change
3Q12
3,726
Sales
2Q12
291
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
2005
2006
2007
2008
10.7%
16.6%
10.9%
8.5%
9.9%
16.2%
10.8%
8.7%
5.7%
4.5%
#DIV/0!
#DIV/0!
25.9%
21.0%
22.3%
30.3%
5.6%
12.2%
6.4%
3.6%
4.9%
11.9%
6.2%
3.4%
0.1%
-1.4%
#DIV/0!
#DIV/0!
22.9%
17.9%
19.0%
23.9%
594
616
686
687
737
725
777
814
783
770
#DIV/0!
#DIV/0!
491
573
712
688
37
90
49
27
40
103
54
30
-11
#DIV/0!
#DIV/0!
152
130
174
237
Page 8 of 16
AACIS
Distribution Solutions
Steel Shipment
1Q10
4,353
2Q10
4,602
3Q10
4,467
4Q10
4,751
1Q11
2Q11
4,202
4,594
3Q11
4,607
4Q11
4,957
1Q12
2Q12
4,589
4,523
3Q12
4Q12
Change
4.5%
5.7%
-2.9%
6.4%
-11.6%
9.3%
0.3%
7.6%
-7.4%
-1.4%
-100.0%
#DIV/0!
3Q12
4Q12
n/a
n/a
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Change
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
802
869
890
900
1,014
1,093
1,063
984
966
949
#DIV/0!
#DIV/0!
-4.2%
8.3%
2.5%
1.1%
12.7%
7.7%
-2.7%
-7.5%
-1.8%
-1.7%
#DIV/0!
#DIV/0!
2Q12
3Q12
4Q12
-100.0%
#DIV/0!
-100.0%
#DIV/0!
#DIV/0!

Change
P&L (USDm)
Sales
1Q10
3,492
2Q10
3Q10
3,999
3,977
4Q10
4,276
1Q11
2Q11
3Q11
4Q11
1Q12
4,261
5,019
4,899
4,876
4,431
4,292
Change
0.1%
14.5%
-0.6%
7.5%
-0.4%
17.8%
-2.4%
-0.5%
-9.1%
-3.1%
EBITDA
57
187
126
87
127
115
48
-19
35
385
Change
46.2%
228.1%
-32.6%
-31.0%
46.0%
-9.4%
-58.3%
-139.6%
-284.2%
1000.0%
53
43
43
151
43
46
40
50
40
39
-72.0%
-18.9%
0.0%
251.2%
-71.5%
7.0%
-13.0%
25.0%
-20.0%
-2.5%
-100.0%
144
83
-64
84
69
-109
-10
332
-98.3%
3500.0%
-42.4%
-177.1%
-231.3%
-17.9%
-88.4%
-1462.5%
-90.8%
-3420.0%
-100.0%
#DIV/0!
40
14
Margin and Ratio
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
EBITDA Margin (%)
1.6%
4.7%
3.2%
2.0%
3.0%
2.3%
1.0%
-0.4%
0.8%
9.0%
#DIV/0!
#DIV/0!
0.1%
3.6%
2.1%
-1.5%
2.0%
1.4%
0.2%
-2.2%
-0.2%
7.7%
#DIV/0!
#DIV/0!
789
828
862
882
984
1,067
1,053
987
958
864
#DIV/0!
#DIV/0!
31
19
-13
20
15
-22
-2
73
#DIV/0!
#DIV/0!

Change
Change
Cash cost (USD/t)

Page 9 of 16
Distribution Solutions (AMDS)
STAINLESS
Spun off from 1.1.11; Figures exclude stainless from 2010 onwards
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
Steel Shipment
Change
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
-100.0%
#DIV/0!
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
2010
2011
-100.0%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
-100.0%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Steel products
P&L (USDm)
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
2011
#DIV/0!
#DIV/0!
#DIV/0!
2010
786
2011
0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
-100.0%
0
-100.0%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
-100.0%
#DIV/0!
-100.0%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
-100.0%
#DIV/0!
-100.0%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
-100.0%
#DIV/0!

Margin and Ratio
2010
#DIV/0!
#DIV/0!

Change
#DIV/0!
#DIV/0!

Change
-100.0%
-100.0%
EBITDA
Change
2,879
Sales
Change
#DIV/0!

Change
2011
0
-100.0%

Change
2010
1Q10
2Q10
3Q10
4Q10
EBITDA Margin (%)
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
1Q11
2Q11
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Cash cost (USD/t)
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Page 10 of 16
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
2010
2011
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Stainless
Mining
P&L (USDm)
Sales
1Q10
757
2Q10
3Q10
1,225
1,181
4Q10
1,217
1Q11
2Q11
1,128
1,657
3Q11
1,678
4Q11
1,805
1Q12
2Q12
1,271
1,576
3Q12
4Q12
-100.0%
#DIV/0!
-100.0%
#DIV/0!
#DIV/0!
Change
#DIV/0!
61.8%
-3.6%
3.0%
-7.3%
46.9%
1.3%
7.6%
-29.6%
24.0%
EBITDA
324
643
726
570
607
835
842
779
478
541
Change
#DIV/0!
98.5%
12.9%
-21.5%
6.5%
37.6%
0.8%
-7.5%
-38.6%
13.2%
108
228
109
193
114
117
117
147
129
132
#DIV/0!
111.1%
-52.2%
77.1%
-40.9%
2.6%
0.0%
25.6%
-12.2%
2.3%
-100.0%
216
415
617
377
493
718
725
632
349
409
#DIV/0!
92.1%
48.7%
-38.9%
30.8%
45.6%
1.0%
-12.8%
-44.8%
17.2%
-100.0%
#DIV/0!

Change
Change
Margin and Ratio
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
EBITDA Margin (%)
42.8%
52.5%
61.5%
46.8%
53.8%
50.4%
50.2%
43.2%
37.6%
34.3%
#DIV/0!
#DIV/0!
28.5%
33.9%
52.2%
31.0%
43.7%
43.3%
43.2%
35.0%
27.5%
26.0%
#DIV/0!
#DIV/0!
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
10.6
12.8
13.0
12.6
11.8
13.1
14.1
15.1
13.2
14.4
5.2
3.6
4.4
6.3
1.8
2.8
3.3
3.2
1.8
4.0
15.7
16.5
17.4
18.9
13.6
15.9
17.4
18.3
15.0
18.4
0.0
0.0
Own Production
1.6
1.7
1.8
1.8
1.9
2.1
2.1
2.2
2.1
2.1
Long Term Contract
0.1
0.1
0.1
0.1
0.1
0.2
0.1
0.2
0.2
0.2
Total Coal production
1.7
1.8
2.0
1.9
2.1
2.3
2.2
2.4
2.3
2.2
0.0
0.0
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
Market priced
5.4
6.9
6.1
6.7
5.9
7.0
6.7
8.5
6.8
8.2
Cost plus
4.0
5.6
6.1
5.8
3.7
6.2
6.9
6.8
4.8
7.0
Strategic
5.2
3.6
4.4
6.3
2.0
2.8
3.3
3.2
1.8
4.0
14.7
16.1
16.6
18.9
11.7
16.0
16.9
18.5
13.4
19.2
0.0
0.0
Market priced
0.7
0.9
0.9
0.8
1.1
1.3
1.2
1.3
1.2
1.4
Cost plus
0.8
0.8
0.8
0.9
0.9
0.8
0.8
0.8
0.8
0.7
Strategic
0.1
0.1
0.1
0.1
0.1
0.2
0.1
0.2
0.2
0.2
Total Coal shipments
1.6
1.8
1.8
1.8
2.1
2.3
2.2
2.3
2.2
2.3
0.0
0.0
Mining Production
Iron ore:
Own Production
Long Term Contract
Total Iron ore production
Coal:
Mining Shipments
Iron ore:
Total Iron ore shipments

Coal:
Page 11 of 16
Mining
Adjustment
Shipment (000t)
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
Steel Shipment FCA
5,271
5,346
4,979
5,432
5,563
5,520
5,708
5,458
5,672
5,735
Steel Shipment FCE
6,856
7,540
6,521
6,593
7,384
7,166
6,385
6,188
7,461
6,771
Steel Shipment LC
5,694
5,984
5,772
5,698
5,872
6,167
5,984
5,846
5,738
5,839
Steel Shipment AACIS
3,204
3,409
3,261
3,392
3,142
3,304
3,005
3,065
3,353
21,025
22,279
20,533
21,115
21,961
22,157
21,082
20,557
22,224
21,666
5.3%
6.0%
-7.8%
2.8%
4.0%
0.9%
-4.9%
-2.5%
8.1%
-2.5%
Steel Shipment Stainless

Steel Shipment total
Change
3,321
Crude Steel (000t)
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
Crude Steel Production FCA
5,679
5,854
5,932
5,636
6,063
6,277
5,866
6,009
6,249
6,014
Crude Steel Production FCE
7,406
8,507
7,107
7,006
7,631
7,870
7,390
6,619
7,182
7,143
Crude Steel Production LC
5,738
6,015
5,472
5,325
6,059
6,414
5,611
5,474
5,785
5,885
Crude Steel Production AACIS
3,684
3,885
3,726
3,611
3,706
3,830
3,493
3,579
3,615
22,507
24,261
22,237
21,578
23,459
24,391
22,360
21,681
22,831
22,733
Change
-0.1%
7.8%
-8.3%
-3.0%
8.7%
4.0%
-8.3%
-3.0%
5.3%
-0.4%
Mining Production
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
10.6
12.8
13.0
12.6
11.8
13.1
14.1
15.1
13.2
14.4
Crude Steel Production Stainless

Crude Steel Productiont total
3,691
Iron ore:
Own Production
Long Term Contract
5.2
3.6
4.4
6.3
1.8
2.8
3.3
3.2
1.8
4.0
15.7
16.5
17.4
18.9
13.6
15.9
17.4
18.3
15.0
18.4
Own Production
1.6
1.7
1.8
1.8
1.9
2.1
2.1
2.2
2.1
2.1
Long Term Contract
0.1
0.1
0.1
0.1
0.1
0.2
0.1
0.2
0.2
0.2
Total Coal production
1.7
1.8
2.0
1.9
2.1
2.3
2.2
2.4
2.3
2.2
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
Market priced
5.4
6.9
6.1
6.7
5.9
7.0
6.7
8.5
6.8
8.2
Cost plus
4.0
5.6
6.1
5.8
3.7
6.2
6.9
6.8
4.8
Strategic
5.2
3.6
4.4
6.3
2.0
2.8
3.3
3.2
1.8
4.0
14.7
16.1
16.6
18.9
11.7
16.0
16.9
18.5
13.4
19.2
Market priced
0.7
0.9
0.9
0.8
1.1
1.3
1.2
1.3
1.2
1.4
Cost plus
0.8
0.8
0.8
0.9
0.9
0.8
0.8
0.8
0.8
0.7
Strategic
0.1
0.1
0.1
0.1
0.1
0.2
0.1
0.2
0.2
0.2
Total Coal shipments
1.6
1.8
1.8
1.8
2.1
2.3
2.17
2.3
2.2
2.3
P&L (USDm)
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
Sales FCA
4,077
4,640
4,394
4,573
4,939
5,567
5,499
5,030
5,270
5,359
Sales FCE
5,875
6,590
6,268
6,817
7,812
8,551
7,696
7,003
7,719
7,223
Sales LC
4,766
5,468
5,514
5,567
5,889
6,664
6,676
5,936
5,763
5,698
Sales AACIS
2,133
2,518
2,511
2,544
2,570
2,857
2,619
2,733
2,787
2,677
Sales AMDS
3,492
3,999
3,977
4,276
4,261
5,019
4,899
4,876
4,431
Sales Mining
757
1,225
1,181
1,217
1,128
1,657
1,678
1,805
1,271
1,576
Total Iron ore production

Coal:
Mining Shipments
Iron ore:
Total Iron ore shipments
7.0
Coal:
4,292
Sales Other & Elimination

Total Sales continuing operations
-3,671
-4,286
-4,102
-4296
-4415
-5189
-4853
-4934
-4538
-4347
17,429
20,154
19,743
20,698
22,184
25,126
24,214
22,449
22,703
22,478
Discontinued (Stainless Steel)

Total
17,429
20,154
19,743
20,698
22,184
25,126
24,214
22,449
22,703
22,478
0.2%
15.6%
-2.0%
4.8%
7.2%
13.3%
-3.6%
-7.3%
1.1%
-1.0%
EBITDA FCA
361
657
379
158
528
924
420
237
632
474
EBITDA FCE
460
560
452
543
471
636
367
26
130
381
EBITDA LC
480
677
603
315
480
610
438
338
437
564
EBITDA AACIS
229
417
274
215
254
462
284
238
160
120
EBITDA AMDS
57
187
126
87
127
115
48
-19
35
EBITDA Mining
324
-210
643
-332
726
-399
570
-33
607
115
835
842
779
478
-169
115
100
-16
1,701
2,809
2,161
1,855
2,582
3,413
2,408
1,714
1,972
2,449
-15.7%
65.1%
-23.1%
-14.2%
39.2%
32.2%
-29.4%
-28.8%
15.1%
24.2%
Depreciation & impairment FCA
210
216
213
225
221
227
227
236
225
229
Depreciation & impairment FCE
370
338
372
401
365
391
473
452
358
359
Depreciation & impairment LC
257
263
264
287
270
252
253
408
281
231
Depreciation & impairment AACIS
109
109
113
123
129
121
122
145
158
158
Depreciation & impairment AMDS
53
43
43
151
43
46
40
50
40
39
Depreciation & impairment Mining
108
228
109
193
114
117
117
147
129
132
Depreciation & impairment Other & Elimination

Total D&A continuing operations
-17
-9
-18
-77
-9
10
11
Change
EBITDA Other & Elimination

Total EBITDA continuing operations
Change
Change
Operating income FCA
385
541
10
1,090
1,188
1,096
1,303
1,133
1,161
1,240
1,448
1,202
1,158
-36.1%
9.0%
-7.7%
18.9%
-13.0%
2.5%
6.8%
16.8%
-17.0%
-3.7%
151
441
166
-67
307
697
193
407
245
90
222
80
142
106
245
-106
-569
-284
-154
Operating income LC
223
414
339
28
210
358
185
-107
110
333
Operating income AACIS
120
308
161
92
125
341
162
93
-38
Operating income AMDS
144
83
-64
84
69
-109
-10
332
Operating income Mining
216
415
617
377
493
718
725
632
349
409
Operating income FCE
Operating income Other & Elimination

Total Operating Income continuing operations
Operating income Stainless
Operating income
-227
-341
-417
-110
106
-176
105
89
-26
577
1,603
1,029
398
1,431
2,252
1,168
46
663
1,101
577
1,603
1,029
398
1,431
2,252
1,168
46
663
1,101
-14.4%
177.8%
-35.8%
-61.3%
259.5%
57.4%
-48.1%
-96.1%
1341.3%
66.1%
other operating expenses FCA
other operating expenses FCE
143
56
176
other operating expenses LC
37
46
other operating expenses AACIS
other operating expenses AMDS
40
14
other operating expenses Mining
other operating expenses Other & Elimination

Total Op. Exp continuing operations
220
107
190
other operating expenses Stainless
Other operating expenses
220
107
190
Change
Margin and Ratio
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
EBITDA Margin (%)
9.8%
13.9%
10.9%
9.0%
11.6%
13.6%
9.9%
7.6%
8.7%
10.9%
3.3%
8.0%
5.2%
1.9%
6.5%
9.0%
4.8%
0.2%
2.9%
4.9%
748
779
856
892
893
980
1,034
1,009
933
924
27
72
50
19
65
102
55
30
51
Cash cost (USD/t)

Operating margin (USD/t)
Page 12 of 16
Adjustment
CONSOLIDATED STATEMENTS OF INCOME

(USDm)
Sales
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
2005
2006
2007
2008
2009
17,429
20,154
19,743
20,698
22,184
25,126
24,214
22,449
22,703
22,478
74,159
81,325
95,868
116,595
60,876
5,566
EBITDA
1,701
2,809
2,161
1,855
2,582
3,413
2,408
1,714
1,972
2,449
14,364
14,334
18,251
23,545
- EBITDA margin %
9.8%
13.9%
10.9%
9.0%
11.6%
13.6%
9.9%
7.6%
8.7%
10.9%
19.4%
17.6%
19.0%
20.2%
9.1%
Depreciation and impairment
1,090
1,188
1,096
1,303
1,133
1,161
1,240
1,448
1,202
1,158
3,145
3,241
3,686
5,497
5,128
220
107
190
6,142
2,045
577
1,603
1,029
398
1,431
2,252
1,168
46
663
1,101
11,219
11,093
14,565
11,906
-1,607
3.3%
8.0%
5.2%
1.9%
6.5%
9.0%
4.8%
0.2%
2.9%
4.9%
15.1%
13.6%
15.2%
10.2%
-2.6%
329
50
127
Other operating expenses

Operating Income
- Operating margin %
Other income (expense) - net
Income from equity method investments
93
176
107
74
148
289
177
-14
121
429
569
858
1653
Income from equity method investments and other
93
176
107
74
148
289
177
-14
121
758
619
985
1653
58
-403
-216
-383
-1200
-1,126
-904
-392
-416
-823
-488
-1,257
-1,328
-927
-2352
-2817
-4,366
Financing income (costs) - net

Income before taxes and minority interest
Income tax expense
- Apparent tax rate %
58
267
1,563
753
-728
453
1,637
782
-193
-174
734
10,720
10,384
14,623
11,207
-361
-92
-576
-450
-166
61
154
833
-190
-219
1,403
1,654
3,038
1098
-4512
-135%
-5.9%
-76.5%
61.8%
-36.6%
3.7%
19.7%
-431.6%
109.2%
-29.8%
13.1%
15.9%
20.8%
9.8%
103.3%
628
1,655
1,329
-278
619
1,576
628
-1,026
16
953
9,317
8,730
11,585
10,109
146
40
79
16
-46
11
41
-31
-25
-6
1,483
1,488
1,482
1040
-43
588
1,576
1,313
-232
608
1,535
659
-1,001
11
959
7,834
7,242
10,103
9,069
189
Income before minority interest

Minority interest
Net income from continuing operations
Discontinued operations
52
128
38
-547
461
640
1,704
1,351
-779
1,069
1,535
659
-1,001
11
959
Weighted average common shares outstanding (in millions)

1,510
1,510
1,510
1,515
1,549
1,549
1,549
1,549
1,549
1,549
1,383
1,383
1,399
1383
1445
Diluted weighted average common shares outstanding1,573

(in millions)
1,599
1,537
1,516
1,550
1,638
1,611
1,549
1,549
1,638
1,385
1,385
1,401
1386
1446
Net income
Basic earnings per common share (USD)
0.42
1.13
0.89
-0.51
0.69
0.99
0.43
-0.65
0.01
0.62
5.66
5.24
7.22
6.56
0.08
Diluted earnings per common share (USD)
0.33
0.75
0.89
-0.51
0.69
0.93
0.19
-0.65
0.01
0.56
5.66
5.23
7.21
6.54
0.08
0.1875
0.1875
0.1875
0.1875
0.1875
0.1875
0.1875
0.1875
0.1875
0.1875
N/A
N/A
1.30
1.30
0.75
Base Dividend per share (USD)
Comments and additional information on P&L

Other income (expense) - net
Other operating expenses include resturcutirng chqrges
Income from equity method investments
Income tax expense
Minority interest
Weighted average common shares outstanding (in millions)
Potential improvement for advanced model (using fact book, investor day presentations and quarterly earning release)
Page 13 of 16
P&L
CASH FLOW STATEMENT

(USDm)
2010
2011
Q2 2012
Net Income
3,246
1,802
959
89
-4
-6
4,920
5,000
1,158
Other and change in working capital net of effects from acquisition
-4,483
-4,831
140
Net cash provided by (used in) operating activities - Continued
3,772
1,967
2,251
Minority interest
Depreciation
Net cash provided by (used in) operating activities - Discontinued

Net cash provided by (used in) operating activities
Purchase of property, plant and equipment (CAPEX)
Other investing activity
Net Cash used in investing activities - Continued operations
Net Cash used in investing activities - Discontinued operations
245
-190
4,017
1,777
2,251
-3,308
-4,838
-1,102
-28
1,265
309
-3,336
-3,573
-793
-102
-105
Net Cash used in investing activities - Continued operations
-3,438
-3,678
Dividends paid
-1,257
-1,194
-294
1,992
787
-1,425
-694
-125
-34
41
-532
-1,753
Proceed (payments) from payable to banks and long term debt

Effect of exchange rate changes on cash & Other financing activities
Net cash used in financing activites Continued operations
Net cash used in financing activites Discontinued operations
Net cash used in financing activites Continued operations
Page 14 of 16
-793
-48
-8
-7
-540
-1,753
CashFlow
BALANCE SHEET
(USDm)
2006
2007
2008
Non current assets
72,804
88,297
88,674
94,890 88,229
86,275
83,701
Intangible asset
10,782
15,031
16,119
17,034 14,373
14,053
13,749
Property, plant and equipment
54,696
61,994
60,755
60,385 54,344
54,251
53,170
7,326
11,272
11,800
17,471 19,512
17,971
16,782
Current assets & working capital
28,645
31,337
33,913
22,131 29,419
22,769
22,770
Inventories, trade receivables & trade payable
17,290
17,292
20,977
11,909 12,052
15,305
14,008
Other assets
5,209
5,940
5,349
4,213
4,160
3,559
3,894
Cash & cash equivalents
6,146
8,105
7,587
6,009
6,289
3,905
4,470
6,918
398
Investment & Other
2009
Assets held for sales and distribution
2010
30.12.11 30.6.12
Shareholders' equity
50,191
61,535
59,230
65,398 66,100
60,477
58,283
Group share
42,127
56,685
55,198
61,045 62,430
56,690
54,560
Non-controlling interest
8,064
4,850
4,032
3,670
3,787
3,723
Non current liabilities
37,415
39,881
43,098
38,769 34,081
37,579
35,060
Interest bearing liabilities
21,645
22,085
25,667
20,677 19,292
23,634
21,689
Provision and other
15,770
17,796
17,431
18,092 14,789
13,945
13,371
Current liabilities (excluding trade payable)
12,854 17,467
4,353
13,843
18,218
20,259
10,988
13,128
Interest bearing liabilities
4,922
8,542
8,409
4,135
6,716
2,784
4,794
Other
8,921
9,676
11,850
8,719
8,714
8,204
8,334
2,037
Liabilites held for distribution
Invested Capital (Intang assets+PPE+OWC)
82,768
94,317
97,851
89,328 80,769
83,609
80,927
Net financial debt
20,421
22,522
26,489
18,803 19,719
22,513
22,013
Comments and additional information on balance sheet

Non Current Asset
(i) Intangible asset to remain stable expect acquisition and impairment test
(ii) Property, plant and equipment to increase with CAPEX and acquisition (consolidated) but decrease with
depreciation
(iii) Investments to increase with acquisition
Current assets & working capital
(i) Inventories, trade receivables & trade payable (WCR) to evolve with change of turnover and cost of good sold
(as reported in cash-flow statement)
(ii) Cash & cash equivalent to evolve according to cash-flow statement and to remain balanced with gross debt
(cost optimization versus liquidity)
Shareholders' equity
(i) Group share to increase with net earning & capital increase and to be reduced by dividend & capital reduction
(ii) Minority interests to increase with net earning and increasing value of consolidated asset not fully owned
Non current liabilities
(i) Interest bearing liabilities to evolve according to cash-flow statement and to remain balanced with gross debt
(cost optimization versus liquidity)
(ii) Provision and other mainly related to pension and employee benefit to evolve with number of employee
and average age and performance of assets at defined benefit plans
Potential improvement for advanced model (using fact book, investor day presentations and quarterly earning release)
Balance sheet
(i) Quarterly balance sheet can be added to model for improving monitoring and estimation
(ii) Balance sheet model can be significantly more detailed for improving monitoring and estimation
Inventories, trade receivables & trade payable
(i) Inventories, trade receivables & trade payable can be details for improving monitoring and estimation
Provision & Other
(i) Pension and employee benefits provisions can be significantly more detailed for improving monitoring and
estimation
Page 15 of 16
Balance Sheet
FINANCIAL AND MARKET RATIO

2006
2007
2008
2009
2010
2011
EBITDA Margin (%)
17.6%
19.0%
20.2%
9.1%
10.9%
10.8%
13.6%
15.2%
10.2%
-2.6%
4.6%
5.2%
Financial ratios
Net margin (%)
8.9%
10.5%
7.8%
0.3%
4.2%
1.9%
11.5%
16.0%
11.8%
11.5%
4.8%
2.1%
Cash cost (USD/t)
606
711
915
778
818
978
Operating margin (USD/t)
100
133
117
-23
42
57
Turnover / Invested capital (x)
0.98
1.02
1.19
0.68
0.97
1.12
ROIC (Operating income / Invested capital) (%)
13.4%
15.4%
12.2%
-1.8%
4.5%
5.9%
ROIC post tax (%)
11.3%
12.2%
11.0%
0.1%
8.0%
3.9%
RoE (%)
17.2%
17.8%
16.4%
0.3%
5.2%
3.2%
41%
37%
45%
29%
30%
37%
1.4
1.2
1.1
3.4
2.3
2.2
29%
18%
50%
36%
34%
43%
Cash-flow from operation margin (%)
Gearing (%)
Net Debt / EBITDA (x)
Net Debt / EV (%)
Market ratios
2006
2007
2008
2009
2010
2011
Average and recent price (USD/share)
35.45
77.35
24.59
31.80
35.79
28.24
Market capitalization (USDm)
49,027
108,213
34,008
45,951
54,114
43,744
Enterprise Value (USDm)
70,186
124,313
52,729
51,636
57,991
52,073
30.42
40.46
39.83
42.22
39.02
35.19
EPS reported (USD)
5.24
7.22
6.56
0.08
1.93
1.46
EPS diluted (USD)
5.23
7.21
6.54
0.08
1.72
1.19
Cash-flow from operation per share (USD)
6.75
10.98
9.90
4.85
2.36
1.22
Base dividend (USD)
n/a
1.30
1.30
0.75
0.75
0.19
Base dividend payout on n-1 (%)
n/a
25%
18%
11%
938%
11%
Book value par share (USD)
P/BV (x)
1.17
1.91
0.62
0.75
0.92
0.80
P/E (x)
6.8
10.7
3.8
397.5
20.8
23.7
P/CFPS (x)
5.3
7.0
2.5
6.6
15.2
23.1
EV/Sales (x)
0.86
1.30
0.45
0.85
0.74
0.55
EV/IC (x)
0.85
1.32
0.54
0.58
0.72
0.62
EV/EBITDA (x)
4.90
6.81
2.24
9.28
6.80
5.15
n/a
1.7%
5.3%
2.4%
2.1%
0.7%
Net yield (%)
Potential improvement for advanced model

Valuation model
(i) Other multiples can be added to model (EV/EBIT, REP, EVA, MVA)
(ii) Other valuation methodology can be added to model (DCF)
Page 16 of 16
Multiples

Arcelormittal Q212 Model

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Arcelormittal Q212 Model

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Introduction to the ArcelorMittal simplified model

How to build the ArcelorMittal simplified model

Average steel selling prices

Average steel selling prices are based on steel sales alone

Apparent steel selling prices

Apparent steel selling prices are sales divided by steel shipments

EBITDA is defined as operating income plus depreciation

Ebitda margin is defined as EBITDA divided by Sales

Operating margin is defined as Operating Income divided by Sales

Operating income per tonne

Defined as operating income divided by steel shipments

Enterprise Value (EV)

Invested Capital (IC)

Calculated as operating income after tax divided by invested capital

Calculated as net income divided by group share of shareholders equity

Calculated as weighted average common shares outstanding multiplied by share price

All shipments figures are provided in metric tonnes

Few suggestions for improving model

Steel price and currency

Sales & revenue

Synergy and management gain

Dofasco Pipes & Tubes

* Wire Solutions consists for ex-Mittal of Gandrange Wire drawing + TrefilEurope.

Changes to the mining segmentation as from 1.1.11

FLAT CARBON AMERICAS (FCA)

Crude Steel Production (000t)

Selling price (USD/t)

-62.4% -140.4% -558.2%

Other operating expenses/exceptional

Margin and Ratio

EBITDA Margin (%)

Operating margin (%)

Cash cost (USD/t)

FLAT CARBON EUROPE (FCE)

Crude Steel Production (000t)

Selling price (USD/t)

Depreciation and amortisation

Crude Steel Production

Steel products & Other

Other operating expenses/exceptional

Margin and Ratio

EBITDA Margin (%)

Operating margin (%)

Cash cost (USD/t)

LONG CARBON (LC)

Crude Steel Production (000t)

Selling price (USD/t)

Steel products & Other

Margin and Ratio

-48.3% -157.8% -202.8%

Other operating expenses/exceptional

Operating income / loss

Depreciation and amortisation

ASIA, AFRICA & CIS (AACIS)

Crude Steel Production (000t)

Crude Steel Production

Selling price (USD/t)

Other operating expenses/exceptional

Operating income / loss

Depreciation and amortisation

Crude Steel Production (000t)

Crude Steel Production

Selling price (USD/t)