Investor Day 2014:

Strategic progressAdding value in steel

10 March 2014 Lakshmi Mittal, Chairman and CEO

DisclaimerForward-Looking Statements

This presentation 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 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, 2013 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.

Non-GAAP Financial MeasuresThis presentation may contain supplemental financial measures that are or may be non-

GAAP financial measures. Definitions of such supplemental financial measures and a discussion of the most directly comparable IFRS financial measures can be found on ArcelorMittal's website at http://www.arcelormittal.com/corp/investors/presentations/.

1

Overview

2

GMT EST

13:00 / 09:00 “Adding value in steel” Lakshmi Mittal

13:30 / 09:30 “Focussed on value drivers” Aditya Mittal

14:00 / 10:00 Q&A

14:45 / 10:45 - Break for 15 mins –

15:00 / 11:00 “ACIS turnaround underway” Davinder Chugh

15:30 / 11:30 “Mining – exploiting our potential” Bill Scotting

16:00 / 12:00 “Developing our franchises in the Americas” Lou Schorsch

16:30 / 12:30 - Close -

3

Recap

Enablers

Outlook

• Continued safety improvement

• 2013 strategic report card

• Global overview

• Key value drivers

• Critical strategic “enablers”

• Global demand outlook

Focus• Operational excellence

• Innovation

• Franchise development

Overview

Safety and sustainability

4

Safety of our employees remains the No1 priority

• Significant improvement in injury

frequency reflects Group-wide focus

on safety

• The Group’s focus is now on further

reducing severity and fatality rates

• Ultimate objective remains zero harm

*LTIF = Lost time injury frequency defined as lost time injuries per 1.000.000 worked hours; based on own personnel and contractors

Lost time injury frequency rate (LTIF)*

0.80.81.0

1.4

1.81.9

2.5

3.1

2014

Target

2007 201020092008 201320122011

RecapRecap

2013 Strategic Report Card

EBITDA

2013 Investor Day Targets 2013 Performance

Medium term target $150/t

Underlying EBITDA up 10.7%

2013 EBITDA/t = $82

Q4’13 EBITDA/t = $91

Medium Term Target Update

Medium term remains $150/t

Net

Debt

Mid year 2013 target $17bn

Medium term target $15bn

Mid year 2013 NFD = $16.2bn

Year end NFD = $16.1bnMedium term remains $15bn

Mgt

Gains2013-15 target $3bn $1.1bn achieved at end 2013 2013-15 target remains $3bn

5

Iron OreExpand capacity to 84Mtpa by end

2015Capacity expanded 10Mt in 2013

Medium term capacity target now

>84Mt given stretch potential at

Liberia and AMMC

ShipmentsIncrease to 95Mt medium term

(5yr CAGR 2.5%)

Shipments increased 0.6% due to

contraction of core markets

Increase to 95Mt medium term

(5yr CAGR 2.5%)

Progress relative to targets

RecapRecap

Global scale, regional leadership

6

Global scale delivering synergies

Brazil*

Revenues ($bn) 20.6 10.2 40.1 5.8 8.3

% Group** 26% 13% 50% 7% 10%

EBITDA ($bn) 1.4 1.9 1.6 2.0 0.3

% Group** 20% 28% 24% 29% 4%

Shipments (M mt) 23.3 9.8 38.4 59.7*** 12.3

% Group 28% 12% 45% 15%

232,000 employees serving customers in over 170 countries

Europe Mining ACIS

The presentation in this slide reflects the reporting segments that the Company intends to adopt as from its first quarter 2014 results. The change in segments results from the

Company’s organizational and management restructuring announced in December 2013. Allocation of businesses to reporting segment has not been finalized; accordingly, the numbers

presented in this slide are indicative and not final * Brazil includes neighboring countries ** Figures for others and eliminations are not shown; *** Iron ore shipments only

RecapRecap

NAFTA

Largely exposed to the developed

markets of NAFTA and EU

7

Africa 7%

BELGIUM 2%

FRANCE 6%

GERMANY 9%

ITALY 3%

SPAIN 5%

Others 6%

EU 15 30%

CZECH REPUBLIC 2%

POLAND 4%

ROMANIA 1%

Others 2%

Rest EU 9%

EU 39%

BRAZIL 8%

ARGENTINA 2%

Others 3%

LATAM 13%

EU39%

LATAM13%

Africa, 7%

Approximately 2/3 of sales to developed markets

CANADA 4%

MEXICO 3%

USA 20%

NAFTA 26%

Sales as % of total Group

RecapRecap

8

Recap

Enablers

Outlook

• Key value drivers

• Critical strategic “enablers”

• Global demand outlook

Focus• Operational excellence

• Innovation

• Franchise development

• Continued safety improvement

• 2013 strategic report card

• Global overview

Key value drivers of an industry

leader

9

3

Distinctive attributes

Global scale and reach

Diversified portfolio

Financial capability

Leading positions in the most attractive areas of the steel value chain

Unmatched technical capability

Raw Materials

Low cash cost

Capacity expansion

Reserve development

Steel Making

Finished Steel

Distribution

Scale

Operational excellence

Right-sizing capacity

Quality

R&D / innovation

Solution-orientated

Customer proximity

Service excellence

Logistics

Enablers

Critical strategic “enablers”

10

Strategic enablers are critical to achievement of industry leadership

Strong balance sheet

• A sustainable “Through-the-cycle” approach required

• Ensures balance sheet flexibility for funding organic growth and

executing options at all points of the cycle

Decentralized

organizational structure

• Global scale and scope is a competitive advantage that also

introduces complexity and the risks of inefficiency

• Decentralized structure with BU autonomy drives optimal behaviour

The best talent

• Success depends on the quality of and our ability to engage, motivate

and reward our people

• Continuous processes to attract, develop and retain the best talent

Active portfolio

management

• Acquisitions typically more attractive than greenfield investment

• But the Company is also willing to dispose of businesses that cannot

meet its performance standards or that have more value to others

Enablers

Strong balance sheet

11

Net debt* progression ($bn) Pension/OPEB net liability ($bn) reduced >20% in 2013

Lower net debt (lower interest) and lower pension liabilities (lower financing costs)

• Lowest level of net debt since the

merger in 2006

• Medium term net debt target of

$15bn remains

• Pension/OPEB liability is sensitive to

long term interest rates

• A 1% increase in the discount rate

reduces the liability by $1.8bn

8.7

0.6

6.0

4.7

-2.6

Pension

ER

OPEB

Net deficit

2013

Assets’

return

(0.7)

DBO***

reduction

(1.7)

Cash

contribution

net of P&L

charges**

(0.2)

Net deficit

2012

11.3

* Net debt refers to long-term debt, plus short term debt, less cash and cash equivalents, restricted cash and short-term investments (including those held as part of asset/liabilities held for

sale); ** Including pension, other post employment benefits (OPEB) and early retirement (ER); *** DBO refers to Defined Benefit Obligation (weighted average interest rate increase from

4.5% in 2012 to 5.1% in 2013)

16.1

24.9

-8.8

Medium

term target

15.0

4Q’133Q’11

Enablers

Active portfolio management

12

$3.6bncash raised

from asset

sales since

3Q 2011

Including:

MacArthur Coal stake

BNA stake

Erdemir (½ of interest sold)

Skyline

Enovos

Paul Wurth

AMMC stake

Additionally:

• Reduced ownership of Baffinland to 50% with Nunavut Iron ore increasing its share of funding

• Annaba: diluted stake to 49% to facilitate expansion of capacity

Optimized the portfolio of subsidiaries, JVs and investments

Enablers

M&A: AM/NS Calvert Establishes our leadership in NAFTA for next 10yrs

AM/NS Calvert Hot strip mill:

State of the art walking beam reheating furnace

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• Strategically important transaction

• Capitalizing on an exceptional

opportunity

• State-of-the art facility capable of

producing Advance High Strength

Steels (AHSS)

• Strengthens our NAFTA

Automotive “franchise” business

• Minimal impact on ArcelorMittal

balance sheet

AM/NS Calvert significantly strengthens the ArcelorMittal franchise in NAFTA

Enablers

Decentralized and autonomous

• Steel businesses have been grouped by region with ONE single

point of responsibility:

– Reduced organizational complexity

– Regional autonomy with devolved authority

– Simplification of internal processes

• Principal expectations:

– A lean, action-orientated organization

– Improved accountability and empowerment

– Quicker decision making

– Flat, long and distribution solutions working together to improve results

within the regions

14

Simplification of the senior organization to facilitate decision making

Europe

Enablers

MiningNAFTA Brazil ACIS

The best talent

15

Motivating, developing and rewarding talent is key to sustainable business

The best

talent

Workforce

Planning &

Resourcing

Performance

Management

Talent

Identification

& Development

Compensation

& Benefits

Employee

Relations

& Social

Dialogue

ArcelorMittal

University

Achieving

Business

Strategy

through its

People

Enablers

16

Recap

Enablers

Outlook • Global demand outlook

Focus• Operational excellence

• Innovation

• Franchise development

• Continued safety improvement

• 2013 strategic report card

• Global overview

• Key value drivers

• Critical strategic “enablers”

Operational excellence

17

2013-15 management gains program ($ billion)

Annualized savings

Bottom up plan across the group

Leveraging extensive benchmarking

opportunities within the group

Improvements in reliability, fuel rate,

yield, productivity, etc.

Business units plans rolled out and

key personnel accountable for

delivery

Gap analysis completed in 2012 defined the priorities for 2013-2015 program

2.0

3.0

1.1

2014F2013 2015F

12M’13 achieved

Savings targets

Focus

Commitment to innovation

18

Through constant innovation, steel remains the material of choice

Generation 1, phase 1: HSLA, HSS

Generation 1, phase 2 AHSS: Dual Phase, TRIP Steels, Martensitic etc.

Generation 1, phase 3: Usibor® for hot stamping

Generation 3: 3rd Gen AHSS

Generation 2: TWIP, X-IP

Usibor® 1500P:

first serial use of hot stamping of

coated boron

steels, patented by ArcelorMittal

I II III

S-in motion

demonstrates the potential of

AHSS

1990 2008 2010 20172012

S-in motion

electric vehicles

Contribution to

ULSAB/ULSAC industry-wide lightweight

effort

ArcelorMittal’s

ABC lightweight project

Lightweight

steel door

Continuous investment in R&D drives innovation

Savings of up to 73 kg or 19% of a typical C-segment vehicle’s Body In

White and chassis weight

A 13.5% reduction in CO2 equivalent (eq) emissions during the vehicle’s

use-phase

Increased collaboration with OEMs on co-engineering activities

Contribution to significant growth of Advanced High Strength Steels and

increase of our patented solutions (e.g. Usibor® and Laser Welded Blanks)

S-in Motion: a catalogue of 60 steel solutions

• ArcelorMittal R&D program is global

• 1,300 full time researchers

• Broad, comprehensive portfolio and

programmes addressing business needs

• Worldwide network of laboratories (11

labs in Europe and North America)

• Committed funding throughout the crisis

• R&D budget increase in 2014

Focus

Franchise development:Exploiting potential of world-class Mining business

19

• New CEO Bill Scotting

• In place since mid 2013Reinforced Management

• 10Mt capacity added in 2013

• Marketable shipments +22%Delivering on Volumes

• Average iron ore concentrate

cash costs maintained in 2013

• But projected to decline 7% in

2014

Delivering on Cost

Identifying Growth

• “Stretch” production beyond

84Mt at minimal additional capex

• Opportunities identified at

Liberia and AMMC

Marketable iron ore shipments growth (Mt)

3529

~ +15%+22%

2014F20132012

8470

60

Iron ore production capacity (Mt)

20132012 2015F

Leveraging infrastructure to bring resources to market and reduce costs

Focus

ACIS turnaround underway

20

• New CEO Davinder Chugh

• NEW COO Mark Vereecke

• 22/50 top management changes

Reinforced Management

• Focus is ops, ops, ops

• WCM program with focus on

Maintenance Transformation

• Visible impact at Termitau

Operational Reliability

• Capex budget raised

• Investing in skills developmentInvest

Exchange Rates

• FX weakness boosts export

competitiveness

• Reduces competitiveness of

importers

Focus on improving operations

Temirtau: Bar mill productivity, tn/h

2012 2013

+27%

2014F

Focus

Kryviy Rih: Overall equipment

efficiency (OEE) of LFCC*

2013 2014F

+34%

2012

21

Recap

Enablers

Outlook

Focus

• Global demand outlook

• Operational excellence

• Innovation

• Franchise development

• Continued safety improvement

• 2013 strategic report card

• Global overview

• Key value drivers

• Critical strategic “enablers”

Our markets are growing

• Balance of growth favors

ArcelorMittal exposure

– Turnaround in EU28 and NAFTA 2014

demand, which accounts for ~2/3 of

AM deliveries with positive momentum

into 2015

– EU28 auto production expected to

grow by 2.5m units over the next 5

years, or 3% CAGR*

– NAFTA light vehicle production

expected to grow by 2.5m units by

2018, to 7% above 2000 peak*

– Emerging market growth rate has

slowed but overall, still positive yoy

growth

22

ArcelorMittal weighted global manufacturing PMI**

* Source: LMC Automotove**Purchasing managers Indices for over 40 countries weighted by share of ArcelorMittal finished steel deliveries. Source: Markit

The average of 40 country-specific PMI

readings weighted by share of ArcelorMittal

deliveries bottomed in mid-2009

ArcelorMittal to benefit specifically from developed market growth

Outlook

Core markets moving from

contraction to growth in 2014

23

Global apparent steel consumption growth forecast* in

2014 (v 2013)

ArcelorMittal’s key markets moving from contraction to growth in 2014

* Source: ArcelorMittal estimates

Global apparent steel consumption growth in 2013

3.5-4%

1.5-2.5%CIS

Global

Brazil 2-3%

China 3.5-4.5%

EU28 1.5-2.5%

US 3.5-4.5%

CIS

4.6%

3.4%

Brazil

2.8%

China

Global

EU28

US

6.9%

-0.5%

-0.8%

Outlook

Positive fundamentals in

developed markets

24

Improving market fundamentals in core markets

USA EU28

* Weighted by steel demand, i.e. larger weight given to non-residential; ** Industrial output of machinery and equipment (Source:: IHS Global Insight forecasts at Jan 2014);*** Light vehicle assembly (Source: LMC Auto Feb’14)

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Machinery** Auto***Construction*

Outlook

End market growth prospects in US and EU28 (2007=100)

EU and NAFTA recoveryPotential for 40Mt demand recovery 2013-18

25

NAFTA

+20Mt*

EU28

+20Mt**

ArcelorMittal has the industrial

capacity to capture this

demand recovery

Margins will improve as fixed

costs spread across increasing

tonnes

We anticipate increased capacity utilization rates in the coming years

* ArcelorMittal estimates, represents a CAGR (2013-2018) of 3.1% for NAFTA

** ArcelorMittal estimates, represents a CAGR (2013-2018) of 2.6% for EU28

Outlook

26

Conclusion

ArcelorMittal is in a position of strength to

capitalize on opportunities & deliver value

27

Industry leading returns

Cost competitive

assets

World-class mining

business

Leading supplier to automotive

industry

Exposed to fastest

growing markets

Components are in place to deliver industry leading returns and value

28

Q&A