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Peter Kukielski, GMB Member, Chief Executive Mining Kleber Silva, Executive Vice President, Iron ore Simon Wandke, Vice President, Chief Commercial Officer Mining
A world -class mining business with sound growth potential
Canada, 25-27 June 2012
DisclaimerForward-Looking Statements
This document may contain forward-looking information and statements about ArcelorMittal and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements may be identified by the words “believe,” “expect,” “anticipate,” “target” or similar expressions. Although ArcelorMittal’s management believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ArcelorMittal’s securities are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond the control of ArcelorMittal, that could cause actual results and developments to differ
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beyond the control of ArcelorMittal, that could cause actual results and developments to differ materially and adversely from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the filings with the Luxembourg Stock Market Authority for the Financial Markets (Commission de Surveillance du Secteur Financier) and the United States Securities and Exchange Commission (the “SEC”) made or to be made by ArcelorMittal, including ArcelorMittal’s Annual Report on Form 20-F for the year ended December 31, 2011 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.
AgendaDay 1: Monday 25th June 2012 Location Attendees
Mining Presentation and Dinner Montreal Peter Kukielski
Kleber Silva
Simon Wandke
Steve Wood
Serge Miller
IR Team
Day 2: Tuesday 26th June 2012 Mont-Wright
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Day 2: Tuesday 26th June 2012 Mont-Wright
Mines expansion in Mont-Wright Steve Wood
Serge Miller
IR Team
Day 3: Wednesday 27th June 2012 Port-Cartier
Rail and port visit at Port-Cartier Steve Wood
Pellet plant Serge Miller
IR Team
IntroductionsPeter KukielskiCEO ArcelorMittal Mining and Member of ArcelorMittal's Group Management Board
Simon WandkeVice President and Mining ArcelorMittal
Kleber SilvaExecutive Vice President, Iron OreArcelorMittal
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Strong leadership team..…..with a track record of pr oject execution
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Mining ArcelorMittalArcelorMittal
Steve WoodVice President Iron Ore, AmericasArcelorMittal Mining
Serge MillerCEO,AMMC
3.4
2.41.2
1.6
2.0
2.4
2.8
3.2
3.6
Relentless focus on safety
ArcelorMittal Mining segment injury frequency rate* ArcelorMittal Group injury frequency rate* (Steel and Mining)
Long term safety targets trending towards world class3.1
2.51.9 1.80.8
1.2
1.6
2.0
2.4
2.8
3.2
1.51.2 1.0
0.0
0.4
0.8
2008 2009 2010 2011 1Q'12
4* World steel association -standard: Fr = Lost Time Injuries per 1.000.000 worked hours; based on own personnel and contractors
Safety remains the No1 priority for ArcelorMittal
– Mining Segment Safety performance has also improved significantly
– Trending towards world class standards
– Group Health and safety performance has improved significantly since 2007
– LTIF rate has more than halved and group is on track for 2013 objectives
1.9 1.81.4
1.1 1.0
0.0
0.4
0.8
2007 2008 2009 2010 2011 1Q'12 2013
Core strengths of ArcelorMittal
ConsistentStrategy
Quality core assets
Sustainable
Leader in auto Steel
World-class Mining
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ArcelorMittal in a strong position to respond to ev olving markets
Strategy Returns
Cost Improvement
Stronger Balance Sheet
Phase 1• Changed mindset: No longer a cost centre
• Experienced executive team with proven track record
• Backed with capital
Commercial: developing product and customer base
Growth: Brownfield development; leveraging infrastructure
Building a world class mining business
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• Growth: development of existing reserve base by leveraging existing infrastructure
• Commercial approach: developing products focussed on value in use; building customer base and LT supply agreements
ArcelorMittal now operates a competitive, fast-grow ing mining business
44Mt
84Mt
6Mt
11Mt
2008 2015
Iron ore
Coking coal
54Mt
2011
8Mt
Figures shown for own iron ore and coal production excluding strategic long-term contracts
Leveraging existing strengths
Strong leadership team
Significant reserve and resource base with tier 1 bias
Scalable infrastructure
Able to leverage
entrepreneurial spirit of
ArcelorMittal Management
Core Mining division competencies
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Core strengths support development of a world class business
Competitive position in terms of cost and product quality
World class project control and management
Knowledge from operating in diverse political & geographical environments
Appetite for challenging
opportunities:risk/reward
strategy
Mining business portfolio
Key assets and projects
USA Iron Ore Minorca 100%Hibbing 62%*
AlgeriaIron Ore
70%
MauritaniaIron Ore
Canada AMMC 100%
Bosnia Iron Ore
51%
USA Coal100%
Ukraine Iron Ore
95%
Kazakhstan Coal
8 mines 100%
Kazakhstan Iron Ore
4 mines 100%
Russian Coal98.3%
CanadaBaffinland 70%
Geographically diversified mining assets
South Africa Iron Ore**
* Includes share of production** Includes purchases made under July 2010 interim agreement with Kumba (South Africa)
Mexico Iron OreLas Truchas & Volcan 100%;
Pena 50%*Liberia
Iron Ore 70%
Brazil Iron Ore100%
New projects / exploration
Existing mines
Iron Ore exploration
license
South Africa Manganese
50%
Indian Iron Ore & Coal exploration
licenseIron ore mine
Non ferrous mine
Coal mine Coal of Africa15.98%
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Extensive iron ore reserve and resource base
Ukraine8%
Brazil3%
Liberia0%
Bosnia1%
Kazakshtan5%
Mexico8%
Iron ore reserves as at December 31, 2011
Millions of tonnes
%FeMillions of
tonnes%Fe
Millions of tonnes
%Fe
Canada (Excluding Baffinland) 1,965 28.8 4,862 29.7 1,066 29.5
Baffinland - Canada 375 64.7 41 66.0 444 65.0
Minorca - USA 159 23.1 41 22.9 90 22.9
Hibbibng - USA 387 19.0 - - - -
Mexico (Excluding Pena Colorada) 108 31.0 51 30.2 88 28.0
Pena Colorada - Mexico 182 27.0 66 28.0 - -
Brazil 131 57.8 321 38.0 130 37.0
Liberia 14 59.5 427 47.5 2,182 40.0
Inferred resourcesMeasured + indicated
resourcesTotal proven and
probable ore reserves
Iron ore reserves and resources as at December 31, 2011
Note: Iron ore reserve estimates for Eastern Europe (Bosnia) and CIS (Ukraine and Kazakhstan) are reported only as aggregated proven and probable reserves as the methodology used in these countries (CIS standards) to estimate the exact degree of assurance and delimitation between the two categories cannot be fully defined. Although both the Ouenza and Boukhadra mines have been producing iron ore for several decades, no iron ore reserves are reported for these mines in 2011 due to material deficiencies in the drilling data recording and archiving process. ArcelorMittal intends to conduct drilling campaigns in 2012 at the two mines in accordance with industry best practices in order to provide the proper support for ore reserve estimates by the end of 2012. Liberia mine life is based on the DSO project, which only commenced production during the second half of 2011. The expansion to 15 million tonnes is currently being reviewed and has not been taken into account in determining the mine life.
Total iron ore reserves of 3.8 billion metric tonne s
• These reserves constitute the foundation of our life of mine plans including our planned growth strategy • A very significant resource base that will constitute the basis for additional potential growth and ensure the sustainability of
our operations
USA14% Canada
61%
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Liberia 14 59.5 427 47.5 2,182 40.0
Algeria - - 95 53.0
Bosnia 35 45.8 - - - -
Ukraine Open Pit 268 34.0 823 37.0 - -
Ukraine Underground 25 55.0 43 55.0 - -
Kazakhstan Open Pit 154 40.1 1,022 35.0 -
Kazakhstan Underground 37 42.2 456 51.0 30 51.0
Total 3,840 33.4 8,153 33.8 4,125 39.6
Industry challenges
Upgraded railway line linking mine with port at Liberia
Mont Wright, Canada,
Port-Cartier, Canada
Mont Wright, Canada
Liberia railway
Liberia railway
Cost control
• Relentless focus on cost control
• Operational excellence, rigour and discipline rolled out across assets.
• Share and apply best practice leveraging internal and external benchmarks
• Key focal points;
– Equipment Utilisation and Productivity
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– Equipment Utilisation and Productivity
– Labour productivity
– Product yield from Concentration, Wash plants
– Maintenance and reliability
– Mining plan optimization to reduce strip ratio
– Brownfield expansion at low cost
Relentless focus on costs
Rigorously managing capex investment
• On time and on budget KPI
• Eg Liberia project
• Central Project Management Office
• Regular Steering Committee reviews
• Tight controls on project reporting
Upgraded railway line linking mine with port at LiberiaMont Wright, Canada,12
Focus on cost and capital investment
• Tight controls on project reporting
• Preventative approach
• Tracking time/cost divergence & risks
• Scorecarding
Building in Commercial optionality
• Broaden market & customer portfolio
• Right product range based on iron making future trends
• Applied VIU for price optimisation
• Understand quality of our customer’s customer• Understand quality of our customer’s customer
• Global approach + local relationships
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Strategies to ensure offtake throughout the cycle
• Understanding Strategic Risks - managing HSE and Community threats and opportunities
• Strengthening Links with businesses and functions - to foster stronger collaboration enhancing integration and contributions to sustainability
• Supporting improved performance - eg developing a mining biodiversity policy based on work underway in Liberia
• Supporting Growth - providing direct support for major projects and protect license to operate by ensuring focus on HSE and sustainability from exploration
Sustainability
license to operate by ensuring focus on HSE and sustainability from exploration to closure
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Responsible & sustainable developments
• Investing in our people to make sure each and every person working on our behalf feels valued and cared
• Making mining more sustainable - creating sustainable livelihoods by following the principle of stewardship; enriching our Communities
Managing with uncertainty & volatility
Recap:
• Competitive cost control
• OE culture
• Assets with competitive cost positions
• Rigorously managing capital investment….on time & on budget
• Commercial optionality
Stability through volatility
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Market outlook
Emerging economies to lead GDP growth
Developing economy will support global growth
17Source: Pre 1980 estimates – J. Bradford de Long (‘Estimates of World GDP’, 1998); - IMF World Economic Outlook Database; 2011 to 2025 Forecast –Global Insight
Developing economy will support global growth
China - Steel demand growth rates in have trended down
2.5
3
25
30
Ratio ASC/GDP Growth (LHS) ASC growth (RHS) Real GDP growth (RHS)
China annual growth rates of GDP and ASC (apparent crude steel consumption), (%)
11.3%
12.7%
14.2%
9.6% 9.2%
10.3%
9.2%*
The announced slowing of China’s GDP growth rate is consistent with 12th 5-Year Plan
0
0.5
1
1.5
2
2001 2002 2003 2004 2005 2006 2007 2008/2009
2010 2011e 2012f
0
5
10
15
20
Source: Global Insight, MIIT, ArcelorMittal Corporate Strategy team analysis18
China’s steel demand growth rates have trended down but clearly remain positive
7.5%7.0%
7.5%*
11thplan
2005 2006 2007 2008 2009 2010 12thplan
2011 2012 f
China’s steel demand following precedents
• Economic development is characterised by strong, early phase steel demand growth –China is no different
30000
35000
40000
Germany
USA
Cumulative crude steel apparent consumption (kg/capita)
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China’s cumulative per-capita consumption suggests demand growth is sustainable
Note: Between 1900 and 1949 crude steel production per capita as approximation for demand as no data availableSources: WSA for crude steel ASC; Global Insight and UN Data statistics for population; ArcelorMittal Corporate Strategy team analysis
0
5000
10000
15000
20000
25000
1905
1910
1915
1920
1925
1930
1935
1940
1945
1950
1955
1960
1965
1970
1975
1980
1985
1990
1995
2000
2005
China
S. KoreaFrance
Developed world:• Ca. 1bn people• Low population
growth
Developing world ex-China:• Over 4.4 billion people• Large populations in
India, MENA, CIS, Brazil, parts of SE Asia
Other emerging economies have strong potentialfor growth in steel demand
Crude steel consumption per capita 2011 (kg)
20
* US, Canada, EU-15, Japan, Korea, Taiwan, OceaniaSources: Worldsteel, ArcelorMittal Corporate Strategy analysis
106
489
106
417
59India Other
developingworld
China Developedworld*
growth• Post-industrial
service based economies
• Flat to declining steel consumption
parts of SE Asia • Many of these countries
are well on industrialisation and urbanization growth path
• Over 430m tonnes steel consumption in 2011
• 5.7% CAGR 2000-2011
Steel consumption is forecast to continue to grow strongly beyond 2015 in the developing world
456
4841782
2051
Apparent crude steel consumption, million tonnes
0.3%
CAGR ’08-’20
CAGR4.4%
CAGR2.9%
CAGR3.7%
21
5.4%
453
775 849
551
718468
4561321
399
2008 2015 2020
China
Developed world*
Developing world
5.0%
* EU15, US, Canada, Japan, South Korea, Taiwan, Australia and New ZealandSources: Worldsteel, ArcelorMittal Corporate Strategy analysis
4.4%
Global iron ore supply/demand balance
• Top 3 likely to retain seaborne market
share
• China domestic ore dominates high
cost quartile
• Delays in industry greenfield projects
Global iron ore supply / balance projections Global supply/demand implications
2300
2800
3300
Iro
n O
re D
em
an
d/
Pro
du
ctio
n
World Iron Ore Demand
World Iron Ore Production
22
…………………………………………………………….…………………………………………………………….Iron ore is not just ore… grade and quality are key
• Delays in industry greenfield projects
likely
• Direct charge Lump quality decreasing
• Finer fines likely trend but average
chemistry improving
• Higher blast furnace pellet rates to
complement sinter quality
Source : Metaliytics Iron Ore Review Q2 2011 .
800
1300
1800
2010 2011 2012 2013 2014 2015 2016
Iro
n O
re D
em
an
d/
Pro
du
ctio
n
Growth plan
Upgraded railway line linking mine with port at Liberia
Mont Wright, Canada,
Port-Cartier, Canada
Mont Wright, Canada
Liberia railway
Liberia railway
5
11
14
60
80
100
Industry leading iron ore growth pipeline
Planned and potential iron ore growth targets (mill ion metric tonnes) (Excluding strategic contracts)
ArcelorMittal iron ore growth plan (MT)
Canada /Brazil
LiberiaPhase 1 & 2
Operational efficiency
LiberiaPhase 1 & 2
Canada /Brazil
Operational efficiency
LiberiaPhase 1 & 2
Canada /Brazil
Operational efficiency
100
120
140
160
180
2015 iron ore target of 84MT (excluding “potential” projects and strategic contracts)
Potential brownfield and greenfield projects under study
4954
84
0
20
40
2010 2011 2015 plan
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Marketable production
Cost-plus production
Our 2015 iron ore growth plans are on track; Potential internal growth supported by pipeline of bro wnfield and greenfield projects
-
20
40
60
80
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Base Planned efficiciency gains Planned Brownfield
Planned Greenfield Potential efficiency gains Potential Brownfield
Potential Greenfield
With good project returns.. able to leverage existing infrastructure
Estimated capital costs of key planned growth projects* in the iron ore industry (US$/t)
ArcelorMittal Mines Canada
Expansion from 16mtpa to 24mtpa underway; expansion to 30mtpa under study
Own and operate own rail and port infrastructure
No requirement to provide third party access
0
40
80
120
160
200
ArcelorMittalPlannedgrow th
Tier 1 Brazil Tier 1 WestAfrica
Tier 1Australia
Tier 1Australia
70
90
110
130
150
170
2011 2012 2013 2014 2015
Iron ore production Operating unit cost
ArcelorMittal’s cost of adding iron ore production capacity is attractive vs other major producers
* Sources: ArcelorMittal estimates and Citi Group estimates based on publicly available information** Excluding planned greenfield projects (such as Baffinland) and investment in expanding the pellet plant at AMMC which has not yet been committed to. Note: Operating unit costs shown are on an FOB basis
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Iron ore production and operating unit cost (Index base 100=2011)** Commercial ramp up of 4mtpa DSO
phase 1 underway
Phase 2 expansion to 15mtpa concentrate in final stages of approval
240km rail rehabilitation completed
Upgrade of Buchanan port and material handling facilities complete
Liberia
grow th
Beyond 2015 Baffinland project: feasibilitystudy progressing
Background• In partnership with Nunavut, ArcelorMittal has acquired a
controlling interest in Baffinland; ArcelorMittal holding is 70%• Baffinland owns the Mary River project, a tier-1 iron ore
resource in northern Canada
Product:• High Grade: Fe 66%, Phos 0.03, SiO2 2.4%, Al2O3 1.2%• Significant and scalable resource• High quality direct shipping iron ore• Aggressive expansion plan• Outstanding chemical, metallurgical and handling
characteristics • No washing, concentrating, jigging; crushing and screening
Baffin Island overview
Baffin
Bay
Foxe Basin
Baffin
Island
Mary River
mine siteProposed railway
alignment
Steensby
inlet camp
and proposed
port
• No washing, concentrating, jigging; crushing and screening only
• 75% of output to be DSP: Direct Shipping Pelletand 25% Premium Sinter Fines ore
Progress• Feasibility study underway • Ongoing environment discussions
Commercial Strategy:• Build customer base in Atlantic and Pacific growth markets• Optimise customer and market mix based on logistics and
value in use for stable long term demand• Price products to reflect full value in use premia
Acquisition of Baffinland demonstrates ArcelorMitta l’s commitment to building a world-class mining business
Steensby ���� Rotterdam = 3100 nautical miles
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Coal business
Key assets and projects for coal business
New projects
Existing mines
USA Coal100%
Kazakhstan Coal
8 mines 100%
Russian Coal100%
Coal mine
New projects
Existing mines
New projects
Coal mine
Existing mines
New projects
Coal mine
Existing mines
New projects
Geographically diversified
IndianIron Ore &
Steam Coal
Coal of Africa15.98% interest
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Coal expansion 2015 (Mt)
7.08.4
11.0
0
4
8
12
2010 2011 2015F
`
Coal reserves and resources as at December 31, 2011
Millions of tonnes
Wet recoverable
million tonnes
ROM millions of tonnes
Wet recoverable
million tonnes
Millions of tonnes
Wet recoverable
million tonnes
Princeton - USA 110 70 92 50 4 2
Kazakhstan 182 80 588 279 8 5
Kuzbass - Russia 31 20 226 143 32 20
Total 323 170 906 472 44 27
Total proven and probable reserves
Measured + indicated resources
Inferred resources
Commercial development - growing our product and market portfolio
Upgraded railway line linking mine with port at LiberiaLiberia Crushing/Screening PlantLiberia railway
Business environment
China urbanisation to underwrite solid growth to 2020
Major players expand to meet demand
China domestic ores dominate high end of cost curves
Complex but flattening seaborne cost curve. Australia increases but US still 4th
quartile
IRON & STEEL RAW MATERIALS IRON ORE MET COAL
India & other steel intensity growth regime
Trend to flat steel
Blast furnace remains ‘King’
EAF growth in line with scrap reservoir
Concentration continues
New iron ore entrants > 2015 but likely delays
India seaborne supply ceases in 2020
Wider met coal geographic supply (Mozambique, Mongolia)
Top 3 maintain seaborne market share
Delays to industry greenfieldcapacity likely
China increases ‘off-shore equity’ imports to 40% by 2020
Sinter continues as core Fe feed to blast furnace
Poorer quality blast furnace lump supply
quartile
New basins delayed by infrastructure
Tight seaborne hard coking coal
PCI use increasing causing need for higher strength coke
India/China reduce semi soft rates as PCI rates increase
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Diverse portfolio of mining assets to meet market d emand
Value in use focus
� Leveraging our in-house consumption expertise � Determining the value above the CFR price that a raw material will deliver to a customer
� Chemistry� Metallurgical properties� Sizing & handling� Performance in a blend: ‘carry value’
Drives; Drives;
• Our product portfolio • Marketing strategy • Customer portfolio• Optimising product performance in conjunction with customers• Commercial price negotiating strategy
Creates;
• Sustainable market share• Shareholder value
Leveraging in-house knowledge for value
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Commercial strategy:Right product for the right market
� Build a globally trusted brand� Position as preferred alternative to
otherwise concentrated iron ore and coal market supply
� Building a balanced portfolio of global high quality customers
� Right product and right quality to
Global sales reach
Shanghai, China
Luxembourg
Commercial approach
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Excellent global marketing footprint
� Right product and right quality to market
� Value-In-Use pricing approach leveraging in-house consumption knowledge
� Build 'customer driven‘ culture in mining assets
� Applying a commercial market approach to M&A and greenfield growth options
Belo Horizonte, Brazil
China
Sales office
Geographical spread
Key Project status
Liberia railway
Canada development
Domestic supply
Canada (AMMC)
Potential new market
Primary target marketArcelorMittal Mines Canada (AMMC)
Iron ore mine
Strategic trial in high growth market of Western Europe, Middle East and South East Asian market
33
Canada expansion progressing
AMMC pellet and concentrate production (Million MT )
– Maximise share in Atlantic and expand strategic trails in Growth markets in 2012 to meet 2013 production expansion
– Strategic trials in growth markets of Middle East and Asia to meet 2013 production expansion
– Further expansion to 30Mtpa under study
Canada commercial approach
9 9
6
15
5
10
15
20
25
2011 2013F
ConcentratePellet
`
Overview of AMMC
● The Mont-Wright complex is one of North America’s largest iron ore operations
● Production of 15Mtpa with expansion to 24Mtpa by 2013 underway; scoping study to 30Mtpa
● Wholly-owned 420-km railway infrastructure● Infrastructure capacity capable of supporting future
● Additional development deposits at Mont-Reed and Fire Lake
● Potential for future expansion given size of resource base and existing infrastructure
Overview of AssetsLocation
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● Port Cartier’s pellet plant has the capacity to produce 9.3Mtpa of iron ore pellets
● 2 production lines operating 24/7
expansion scenarios
● One of Canada’s largest private ports● Ability to handle cape-size vessels year round and to
handle 30Mtpa without significant additional capex● Ability to expand capacity beyond 30Mtpa
AMMC is located in the Labrador Trough. It has fully integrated operations including wholly -owned port and rail
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Liberia development
Strategic trials in
Liberia commercial development approach Liberia development
Primary target market
Potential new market
Iron ore mineIron ore mine
• Phase 1: 4 mtpa DSO– Commercial ramp up H1 2012.
Trials at selected ArcelorMittal Steel European plants and a range of Chinese mills
– Build portfolio of long term contracts which can be transitioned into higher grade Phase 2 product supply from 2015
35
Liberia development on track with additional market opportunities under study
Liberia Strategic trials in high growth market of South East Asian market
Liberia greenfield planned expansion (Million MT)
supply from 2015– Once base customers established,
develop offshore cape loading
• Phase 2: 15 mtpa concentrate from 2015– Develop long term supply contracts
to sinter plants– Studying opportunities to extend
market reach1
4
15
0
4
8
12
16
2011 2012F 2015F
`
Liberia – Strategic Infrastructure
Phase 1: DSO
• 240km rail rehabilitation completed
• Upgrade of Buchanan port and material handling facilities completed
36
completed
• First Direct Shipping Ore (“DSO”) product shipped Sept 2011
Utilise existing infrastructure
Phase 2
Potential opportunities to explore?
?
Commercial: supplier of choice
Growth: Greenfield construction; brownfield options; M&A
Iron ore
• Continue to utilise and leverage synergies with Steel business
• Able to leverage entrepreneurial spirit of ArcelorMittal Management
• Appetite for challenging opportunities: risk/reward strategy
• Strong leadership team and expertise• Scalable infrastructure• Competitive position in terms of cost
37
Future of ArcelorMittal Mining is not limited by ge ography or commodity
?
Strategy: leverage competencies; potential diversification
2015
Coking coal
Figures shown for own iron ore and coal production excluding strategic long-term contracts
Other
• Competitive position in terms of cost and product quality
• Knowledge from operating in diverse political & geographical environments
• Not limited by geography or product• Transversal skill set
Recap• We are Customer Focused : We have a range of competitive iron making raw
material assets in varied geographies and a wide range of products
• We are Independent : in an otherwise concentrated Iron making raw materials supply side
• We are Strong : Funding a strong maintenance and growth capex program to continue to deliver sustainable production growth, founded on relentless cost
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ArcelorMittal is building a world class mining busi ness and is growing rapidly
continue to deliver sustainable production growth, founded on relentless cost control
• We are Growing : the right products for target markets at the right cost
• We are building a World-class mining business : We have abundant, high quality iron ore resources, good project returns and a strong global team to execute our market-driven commercial strategy
Appendix
Mont Wright, Canada
Reserve and resource definitionsNotes on mineral resource and ore reserve estimates
The ore reserve estimates have been prepared in compliance with both the SEC and NI43-101 requirements. Ore reserve estimates were prepared by competent professional engineers and geologists based on feasibility studies for greenfield projects and on pre-feasibility study level of engineering for existing operations to demonstrate that they can be economically extracted and sold at commercial rate. A commodity price not higher than the last historical three-year average realized price has been used in any reserve or cash flow analysis used to designate reserves. There is no evidence that the company could not obtain all the required governmental permits and environmental authorizations to conduct the mining operations as currently planned.
The terms "mineral resource", "measured mineral resource", "indicated mineral The terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are defined in, and have been calculated in accordance with the guidelines set forth in, Canadian National Instrument 43-101 (“NI 43-101”). NI 43-101 is a codified set of rules and guidelines for reporting and displaying information related to mineral properties owned by, or explored by, companies which report results on stock exchanges within Canada, and is recognized by several other international stock exchanges and regulatory bodies. However, these terms are not defined terms under SEC Industry Guide 7 and (absent an applicable exception) are not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category.
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Contacts
Daniel Fairclough – Global Head Investor Relationsdaniel.fairclough@arcelormittal.com+44 207 543 1105
Hetal Patel – UK/European Investor Relationshetal.patel@arcelormittal.com+44 207 543 1128
Valérie Mella – European & Retail Investor Relations
Thomas A McCue – US Investor Relationsthomas.mccue@arcelormittal.com+1 312-899-3927
Lisa Fortuna – US Investor Relationslisa.fortuna@arcelormittal.com+1 312-899-3985
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Valérie Mella – European & Retail Investor Relationsvalerie.mella@arcelormittal.com+44 207 543 1156
Maureen Baker – Fixed Income/Debt Investor Relationsmaureen.baker@arcelormittal.com+33 1 71 92 10 26
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