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Second Quarter 2007Media Presentation

1st August 2007

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01/08/2007 Confidential 2

Agenda

Introduction and overview

Safety, market overview, synergies and investment planprogress

Q2 results Outlook and guidance

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Introduction and overviewSafety, market overview, synergies andInvestment update

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Introduction and overview

Health & Safety statistics

Frequency rate* reduced by 14% in Q207 versus Q107

Record Results

Stronger than anticipated 1H07 EBITDA of US$9.7 billion compared with US$6.8 billion in 1H06

US$973m of synergies captured by end of 1H07 ahead of schedule

Growth investment program progressing as planned with new projects approved

Production start-up of major growth project in Poland and Brazil

Hot Strip Mill expansion in Brazil approved Concessions for iron ore mining project in Senegal confirmed

Strengthening of European tube business with two acquisitions in France

Profitability expected to remain at high level in Q3

EBITDA expected to be between US$4.7-4.9bn in Q307

Compares with pro forma EBITDA of US$4.4 billion for Q306

* Lost time injuries per 1,000,000 worked hours

** Based on H1 07 annualised EBITDA

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Continuous Improvement in

Health and Safety

Health and Safety progress ahead of target in Q2

Main Action Lines

Continuing analysis of fatalities and Returnon experience (REX) leads to specificmeasures at group level

Prevention campaign on falls andcrushes

Training kits for new construction

Internal Audits

Support from Corporate in terms ofbest practices sharing and plantstwinning

Significant improvement realised during Q2in most divisions

IISI-standard: Fr = Lost Time Injuries per 1.000.000 worked hours

Group frequency rate*

3.0

3.5

3.7

4.1

3.9 3.8

Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07

Target

2007: 3.2

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Market overview

Overall global steel market remains healthy

Improved supply condition in China Chinese steel production growth expected to remain moderate Fixed investment growth and domestic real steel demand remaining solid

US balanced supply/demand equilibrium Underlying demand remains weak

Pricing environment expected to improve with demand in second half of 07

Healthy market in Europe Robust economic growth in Western Europe and buoyant steel market in Eastern Europe Small reduction in production implemented for balanced supply/demand equilibrium Seasonal slowdown as expected

Stainless Steel Base price expected to remain under pressure

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Additional synergies delivered

More synergies captured in purchasing and SG&A than expected

Marketing & Trading

- Synergies from harmonized and improved pricing throughhigher service levels and quality to customers have beenlargely captured at end of Q2.

Purchasing- Better than anticipated global sourcing synergies captured

at end of Q2 and estimated at end of Q3. Main gainsresulting not only from negotiations with suppliers(purchasing power) but also in the optimisation of logisticsfor supplies to each plant.

Manufacturing & Process optimisation

- Positive impact of input flow (scrap and semis) optimisationin Long Carbon division and first industrial synergies in FlatCarbon Europe expected to be captured by end of Q3.

SG&A and other

- Significantly more synergies than anticipated captured inSG&A

ArcelorMittal annualised synergies

Captured at

31/12/06

Captured at

31/03/07

Captured at

30/06/07

Estimated at

30/09/07

SG&A and otherManufacturing & Process Optimisation

PurchasingMarketing & Trading

269

573

973

1,280

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Main projects completed in Q207

- Brazil-Tubaro (FCA): Slab capacity increase from5mt to 7.5mt.

- Poland-Krakow (FCE): New Hot Strip mill start-up

leading to quality and yield improvements andadditional capacity of 300,000t.

- Spain Zaragoza (LCE): Plant relocated to outside thecity with increased capacity and product range.

- Brazil SOL (FCA): Heat Recovery Coke Batterieswith a capacity of 1.5mt of coke and power generationof 170 mw of electricity. All 4 batteries completed.

- Mexico-Lazaro (FCA): CO2 absorption system toincrease DRI production by 270,000t.

Main projects expected to be completed in 2007

- Argentina-Acindar (LC): 250,000t DRI, 300,000tmeltshop and 200,000t bar rolling mill capacity

increase. To start-up in Q407.- Mexico-Volcan (Iron Ore): Capacity to reach 2mt iron

ore concentrate per year. To start-up in Q407.

Main projects expected to be initiated in 2007

- Ukraine-Kryviy Rih (AACIS): Liquid steel capacityincrease to 10mt.

- Liberia (Iron ore): Mining development and

infrastructure reconstruction to start.- Saudi Arabia (AACIS): Construct a 500,000t

seamless tube mill.

- Bosnia-Zenica (AACIS): Restarting 1mt integratedroute.

- South Africa (AACIS): Two additional directreduction kiln. De-bottlenecking through an increaseof 350,000t of DRI.

New projects approved in Q207

- Brazil CST (FCA): Hot Strip mill expansion from2.5mt to 4mt. Start up date Q109.

- Poland (AM3S): New Steel Service Centre in

Krakow. Start up date Q108.

CAPEX and investment plan progress

USD 2.3bn of CAPEX realised in H1 2007

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Results highlights

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Results highlights

Record earnings

1H 07 EBITDA of US$9.7 bn up 42% compared with H1 06

2Q 07 EBITDA of US$5.3 bn up 23% compared with US$4.3bn in 1Q 07

Increased demand for our products at higher price across all main regions and businesssegments

Ahead of market consensus

Net profit up

1H 07 net income of US$5.0 bn up 45% over 1H 06

2Q 07 net income at US$2.7 bn up 21% versus 1Q 07

Capex

Capital expenditure of US$2.3 bn in the first half 2007

Strong cash-flow from operations US$6.4 bn cash-flow generated from operations in first half 2007

US$3.7 bn in the second quarter 2007

* Based on H1 07 annualised EBITDA

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P&L highlights: H106 vs H107

In H106 vs. H107:

- Revenue increased by 19% due

to increase in steel price

- Half-yearly EBITDA improved by

42%

- Net income increased by 45%

unaudited 1H 2006 1H 2007

Revenue 43 304 51 699

Gross op. result (EBITDA) 6 800 9 672

as % of revenue 15.7% 18.7%

Depreciation & Amortisation -1 663 -1 985

Operating result (EBIT) 5 137 7 687

as % of revenue 11.9% 14.9%

Net financing cost -980 -192

Equity method gains & other inc 231 432

Profit before tax 4 388 7 927

tax -343 -2 021

Minority interests -625 -933

Net result, Group share 3 420 4 973as % of revenue 7.9% 9.6%

EPS 2.47 3.60

Shipment ('000 mt) 56 935 55 711

Proforma results

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Outlook and Guidance

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Outlook and Guidance

2007 EBITDA expected to be higher than in 2006

Total EBITDA expected of between US$4.7 billion and US$4.9 billion for Q307

Compares with US$4.4 billion in the same period of 2006

Tax rate of approximately 25% for the year

EBITDA expected to be higher in 2007 than in 2006

Overall market remains healthy with good underlying dynamics

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Demonstrating resilience to cycle and

on track to demonstrate growth

EBITDA growth new dynamic from:

- Brownfield and Greenfield expansion

- Value added investment

- Mining and distribution growth

- Cost reduction and management gains

- Merger synergies

- Targeted acquisition

Pre Merger Post Merger

ArcelorMittal EBITDA pro-forma

2004 2005 2006 9m 2007G

USD16bn USD14.9bn USD15.3bnUSD 14.4-14.5bn

HRC FOB US Midw es t $/s.ton

* Guidance

*

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Q&A