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 even-
handed 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

ArcelorMittal’s 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, ArcelorM

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 a

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 Liberté
L-2930 Luxembourg

Dedicated Investor Relations teams are at the disposal of analysts and investors:

E-mail Telephone
InstitutionalsAmericas@arcelormittal.com + 1 312 899 3569
InstitutionalsEurope@arcelormittal.com + 352 4792 2652
00800 4792 4792 (toll-free, from the EU and Switzerland)
PrivateInvestors@arcelormittal.com + 352 4792 2652
SRI@arcelormittal.com + 44 203 214 2854
CreditFixedIncome@arcelormittal.com + 33 1 7192 1026
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 Steel’s 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.

423843093.xls
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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

OUT Dofasco Pipes & Tubes

Canada Flat

FCE IN Annaba Flat

Skopje
Galati Long

OUT Paul Wurth

LONG IN Annaba Long

Sonasid
Zenica
Canada Flat
Pipes & Tubes

OUT Wire Solutions*

Galati Long

AACIS*** IN Paul Wurth

OUT 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
2008
Old
Steel Shipment (000t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 2005 2006 2007 basis 2008 2009
Steel Shipment 5,271 5,346 4,979 5,432 5,563 5,520 5,708 5,458 28,259 29,960 26,862 25,810 25,810 16,121
Change 9.0% 1.4% -6.9% 9.1% 2.4% -0.8% 3.4% -4.4% n/a 6.0% -10.3% -3.9% 0.0% -37.5%

Crude Steel Production (000t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 2005 2006 2007 2008 2008 2009
Crude Steel Production 5,679 5,854 5,932 5636 6,063 6,277 5,866 6,009 n/a n/a 30,309 26,476 26,476 16,556
Change 5.1% 3.1% 1.3% -5.0% 7.6% 3.5% -6.5% 2.4% n/a n/a n/a -12.6% 0.0% -37.5%

Selling price (USD/t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 2005 2006 2007 2008 2008 2009
Steel products & Other 773 868 883 842 888 1,009 963 922 739 730 813 1,047 1,047 827
Change -8.1% 12.2% 1.7% -4.6% 5.5% 13.6% -4.5% -4.3% n/a -1.2% 11.3% 28.8% 0.0% -21.0%
Steel products 722 810 826 769 830 961 910 868 n/c n/c n/c 920 920 698

P&L (USDm) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 2005 2006 2007 2008 2008 2009
Sales 4,077 4,640 4,394 4573 4,939 5,567 5,499 5,030 20,895 21,878 21,839 27,031 27,031 13,340
Change 0.2% 13.8% -5.3% 4.1% 8.0% 12.7% -1.2% -8.5% n/a 4.7% -0.2% 23.8% 0.0% -50.6%
EBITDA 361 657 379 158 528 924 420 237 3,632 3,593 4,104 5,834 5,834 1,119
Change -31.1% 82.0% -42.3% -58.3% 234.2% 75.0% -54.5% -43.6% n/a -1.1% 14.2% 42.2% 0.0% -80.8%
Depreciation and amortisation 210 216 213 225 221 227 227 236 982 984 940 1,228 1,228 1,170
Change -39.0% 2.9% -1.4% 5.6% -1.8% 2.7% 0.0% 4.0% n/a 0.2% -4.5% 30.6% 0.0% -4.7%
Operating income / loss 151 441 166 -67 307 697 193 1 2,650 2,610 3,164 2,524 2,524 -757
Change -16.1% 192.1% -62.4% -140.4% -558.2% 127.0% -72.3% -99.5% n/a -1.5% 21.2% -20.2% 0.0% -130.0%
Other operating expenses/exceptional 0 0 0 0 2082 2082 706

Margin and Ratio 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 2005 2006 2007 2008 2008 2009
EBITDA Margin (%) 8.9% 14.2% 8.6% 3.5% 10.7% 16.6% 7.6% 4.7% 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% 12.7% 11.9% 14.5% 9.3% 9.3% -5.7%

Cash cost (USD/t) 705 745 806 813 793 841 890 878 611 610 660 821 821 758
Operating income per ton (USD/t) 29 82 33 -12 55 126 34 0 94 87 118 98 98 -47

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FCA
FLAT CARBON EUROPE (FCE)
New segmentation and recast data

Steel Shipment (000t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Steel Shipment 6,856 7,540 6,521 6,593 7,384 7,166 6,385 6,188
Change 7.0% 10.0% -13.5% 1.1% 12.0% -3.0% -10.9% -3.1%

Crude Steel Production (000t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Crude Steel Production 7,406 8,507 7,107 7,006 7,631 7,870 7,390 6,619
Change -0.1% 14.9% -16.5% -1.4% 8.9% 3.1% -6.1% -10.4%

Selling price (USD/t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Steel products & Other 857 874 961 1,034 1,058 1,193 1,205 1,132
Change -7.5% 2.0% 10.0% 7.6% 2.3% 12.8% 1.0% -6.1%
Steel products 757 776 855 907 928 1,026 1,021 954

P&L (USDm) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Sales 5,875 6,590 6,268 6,817 7,812 8,551 7,696 7,003
Change -1.0% 12.2% -4.9% 8.8% 14.6% 9.5% -10.0% -9.0%
EBITDA 460 560 452 543 471 636 367 26
Change -30.0% 21.7% -19.3% 20.1% -13.3% 35.0% -42.3% -92.9%
Depreciation and amortisation 370 338 372 401 365 391 473 452
Change -13.3% -8.6% 10.1% 7.8% -9.0% 7.1% 21.0% -4.4%
Operating income / loss 90 222 80 142 106 245 -106 -569
Change -60.9% 146.7% -64.0% 77.5% -25.4% 131.1% -143.3% 436.8%
Other operating expenses/exceptional 143

Margin and Ratio 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
EBITDA Margin (%) 7.8% 8.5% 7.2% 8.0% 6.0% 7.4% 4.8% 0.4%
Operating margin (%) 1.5% 3.4% 1.3% 2.1% 1.4% 2.9% -1.4% -8.1%

Cash cost (USD/t) 790 800 892 952 994 1,105 1,148 1,128
Operating income per ton (USD/t) 13 29 12 22 14 34 -17 -92

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FCE
LONG CARBON (LC)
New segmentation and recast data

Steel Shipment (000t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Steel Shipment 5,694 5,984 5,772 5,698 5,872 6,167 5,984 5,846
Change 8.9% 5.1% -3.5% -1.3% 3.1% 5.0% -3.0% -2.3%

Crude Steel Production (000t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Crude Steel Production 5,738 6,015 5,472 5,325 6,059 6,414 5,611 5,474
Change 7.1% 4.8% -9.0% -2.7% 13.8% 5.9% -12.5% -2.4%

Selling price (USD/t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Steel products & Other 837 914 955 977 1,003 1,081 1,116 1,015
Change -4.4% 9.2% 4.5% 2.3% 2.6% 7.7% 3.2% -9.0%
Steel products 728 808 832 837 902 973 967 906

P&L (USDm) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Sales 4,766 5,468 5,514 5,567 5,889 6,664 6,676 5,936
Change 4.1% 14.7% 0.8% 1.0% 5.8% 13.2% 0.2% -11.1%
EBITDA 480 677 603 315 480 610 438 338
Change -0.4% 41.0% -10.9% -47.8% 52.4% 27.1% -28.2% -22.8%
Depreciation and amortisation 257 263 264 287 270 252 253 408
Change -54.2% 2.3% 0.4% 8.7% -5.9% -6.7% 0.4% 61.3%
Operating income / loss 223 414 339 28 210 358 185 -107
Change -382.3% 85.7% -18.1% -91.7% 650.0% 70.5% -48.3% -157.8%
Other operating expenses/exceptional 0 0 0 0 0 0 0 37

Margin and Ratio 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
EBITDA Margin (%) 10.1% 12.4% 10.9% 5.7% 8.2% 9.2% 6.6% 5.7%
Operating margin (%) 4.7% 7.6% 6.1% 0.5% 3.6% 5.4% 2.8% -1.8%

Cash cost (USD/t) 753 801 851 922 921 982 1,042 958
Operating income per ton (USD/t) 39 69 59 5 36 58 31 -18

423843093.xls
Page 7 of 16
LC
ASIA, AFRICA & CIS (AACIS)
New segmentation and recast data

Steel Shipment (000t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Steel Shipment 3,204 3,409 3,261 3,392 3,142 3,304 3,005 3,065
Change 4.2% 6.4% -4.3% 4.0% -7.4% 5.2% -9.0% 2.0%

Crude Steel Production (000t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Crude Steel Production 3,684 3,885 3,726 3,611 3,706 3,830 3,493 3,579
Change -5.5% 5.5% -4.1% -3.1% 2.6% 3.3% -8.8% 2.5%

Selling price (USD/t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Steel products & Other 666 739 770 750 818 865 872 892
Change -10.0% 11.0% 4.2% -2.6% 9.1% 5.7% 0.8% 2.3%
Steel products 557 624 630 621 691 768 771 713

P&L (USDm) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Sales 2,133 2,518 2,511 2,544 2,570 2,857 2,619 2,733
Change -6.2% 18.0% -0.3% 1.3% 1.0% 11.2% -8.3% 4.4%
EBITDA 229 417 274 215 254 462 284 238
Change -26.1% 82.1% -34.3% -21.5% 18.1% 81.9% -38.5% -16.2%
Depreciation and amortisation 109 109 113 123 129 121 122 145
Change -23.8% 0.0% 3.7% 8.8% 4.9% -6.2% 0.8% 18.9%
Operating income / loss 120 308 161 92 125 341 162 93
Change -28.1% 156.7% -47.7% -42.9% 35.9% 172.8% -52.5% -42.6%
Other operating expenses/exceptional

Margin and Ratio 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
EBITDA Margin (%) 10.7% 16.6% 10.9% 8.5% 9.9% 16.2% 10.8% 8.7%
Operating margin (%) 5.6% 12.2% 6.4% 3.6% 4.9% 11.9% 6.2% 3.4%

Cash cost (USD/t) 594 616 686 687 737 725 777 814
Operating income per ton (USD/t) 37 90 49 27 40 103 54 30

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Page 8 of 16
AACIS
Distribution Solutions
New segmentation and recast data

Steel Shipment (000t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Steel Shipment 4,353 4,602 4,467 4,751 4,202 4,594 4,607 4,957
Change 4.5% 5.7% -2.9% 6.4% -11.6% 9.3% 0.3% 7.6%

Crude Steel Production (000t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Crude Steel Production 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

Selling price (USD/t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Steel products & Other 802 869 890 900 1,014 1,093 1,063 984
Change -4.2% 8.3% 2.5% 1.1% 12.7% 7.7% -2.7% -7.5%

P&L (USDm) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Sales 3,492 3,999 3,977 4,276 4,261 5,019 4,899 4,876
Change 0.1% 14.5% -0.6% 7.5% -0.4% 17.8% -2.4% -0.5%
EBITDA 57 187 126 87 127 115 48 -19
Change 46.2% 228.1% -32.6% -31.0% 46.0% -9.4% -58.3% -139.6%
Depreciation and amortisation 53 43 43 151 43 46 40 50
Change -72.0% -18.9% 0.0% 251.2% -71.5% 7.0% -13.0% 25.0%
Operating income / loss 4 144 83 -64 84 69 8 -109
Change -98.3% 3500.0% -42.4% -177.1% -231.3% -17.9% -88.4% -1462.5%
Other operating expenses/exceptional 0 0 0 0 40

Margin and Ratio 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
EBITDA Margin (%) 1.6% 4.7% 3.2% 2.0% 3.0% 2.3% 1.0% -0.4%
Operating margin (%) 0.1% 3.6% 2.1% -1.5% 2.0% 1.4% 0.2% -2.2%

Cash cost (USD/t) 789 828 862 882 984 1,067 1,053 987
Operating income per ton (USD/t) 1 31 19 -13 20 15 2 -22

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Distribution Solutions (AMDS)
STAINLESS
Spun off from 1.1.11; Figures exclude stainless from 2010 onwards

Steel Shipment (000t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 2010 2011
Steel Shipment 0 0
Change -100.0% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -100.0% #DIV/0!

Crude Steel Production (000t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 2010 2011
Crude Steel Production 0 0
Change -100.0% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -100.0% #DIV/0!

Selling price (USD/t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 2010 2011
Steel products & Other #DIV/0! #DIV/0!
Change -100.0% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Steel products 2,879 786

P&L (USDm) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 2010 2011
Sales 0 0
Change -100.0% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -100.0% #DIV/0!
EBITDA 0 0
Change -100.0% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -100.0% #DIV/0!
Depreciation and amortisation 0 0
Change -100.0% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -100.0% #DIV/0!
Operating income / loss 0 0
Change -100.0% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -100.0% #DIV/0!
Other operating expenses/exceptional 0 0

Margin and Ratio 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 2010 2011
EBITDA Margin (%) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Operating margin (%) #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!
Operating income per ton (USD/t) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

423843093.xls
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Stainless
Mining
New segmentation and recast data

P&L (USDm) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Sales 757 1,225 1,181 1,217 1,128 1,657 1,678 1,805
Change #DIV/0! 61.8% -3.6% 3.0% -7.3% 46.9% 1.3% 7.6%
EBITDA 324 643 726 570 607 835 842 779
Change #DIV/0! 98.5% 12.9% -21.5% 6.5% 37.6% 0.8% -7.5%
Depreciation and amortisation 108 228 109 193 114 117 117 147
Change #DIV/0! 111.1% -52.2% 77.1% -40.9% 2.6% 0.0% 25.6%
Operating income / loss 216 415 617 377 493 718 725 632
Change #DIV/0! 92.1% 48.7% -38.9% 30.8% 45.6% 1.0% -12.8%
Other operating expenses/exceptional

Margin and Ratio 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
EBITDA Margin (%) 42.8% 52.5% 61.5% 46.8% 53.8% 50.4% 50.2% 43.2%
Operating margin (%) 28.5% 33.9% 52.2% 31.0% 43.7% 43.3% 43.2% 35.0%

Mining Production 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Iron ore:
Own Production 10.6 12.8 13.0 12.6 11.8 13.1 14.1 15.1
Long Term Contract 5.2 3.6 4.4 6.3 1.8 2.8 3.3 3.2
Total Iron ore production 15.7 16.5 17.4 18.9 13.6 15.9 17.4 18.3

Coal:
Own Production 1.6 1.7 1.8 1.8 1.9 2.1 2.1 2.2
Long Term Contract 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.2
Total Coal production 1.7 1.8 2.0 1.9 2.1 2.3 2.2 2.4

Mining Shipments 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Iron ore:
Market priced 5.4 6.9 6.1 6.7 5.9 7.0 6.7 8.5
Cost plus 4.0 5.6 6.1 5.8 3.7 6.2 6.9 6.8
Strategic 5.2 3.6 4.4 6.3 2.0 2.8 3.3 3.2
Total Iron ore shipments 14.7 16.1 16.6 18.9 11.7 16.0 16.9 18.5
Coal:
Market priced 0.7 0.9 0.9 0.8 1.1 1.3 1.2 1.3
Cost plus 0.8 0.8 0.8 0.9 0.9 0.8 0.8 0.8
Strategic 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.2
Total Coal shipments 1.6 1.8 1.8 1.8 2.1 2.3 2.2 2.3

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Mining
Adjustment

Shipment (000t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Steel Shipment FCA 5,271 5,346 4,979 5,432 5,563 5,520 5,708 5,458
Steel Shipment FCE 6,856 7,540 6,521 6,593 7,384 7,166 6,385 6,188
Steel Shipment LC 5,694 5,984 5,772 5,698 5,872 6,167 5,984 5,846
Steel Shipment AACIS 3,204 3,409 3,261 3,392 3,142 3,304 3,005 3,065
Steel Shipment Stainless 0 0 0 0 0 0 0 0
Steel Shipment total 21,025 22,279 20,533 21,115 21,961 22,157 21,082 20,557
Change 5.3% 6.0% -7.8% 2.8% 4.0% 0.9% -4.9% -2.5%

Crude Steel (000t) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Crude Steel Production FCA 5,679 5,854 5,932 5,636 6,063 6,277 5,866 6,009
Crude Steel Production FCE 7,406 8,507 7,107 7,006 7,631 7,870 7,390 6,619
Crude Steel Production LC 5,738 6,015 5,472 5,325 6,059 6,414 5,611 5,474
Crude Steel Production AACIS 3,684 3,885 3,726 3,611 3,706 3,830 3,493 3,579
Crude Steel Production Stainless 0 0 0 0 0 0 0 0
Crude Steel Productiont total 22,507 24,261 22,237 21,578 23,459 24,391 22,360 21,681
Change -0.1% 7.8% -8.3% -3.0% 8.7% 4.0% -8.3% -3.0%

Mining Production 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Iron ore:
Own Production 10.6 12.8 13.0 12.6 11.8 13.1 14.1 15.1
Long Term Contract 5.2 3.6 4.4 6.3 1.8 2.8 3.3 3.2
Total Iron ore production 15.7 16.5 17.4 18.9 13.6 15.9 17.4 18.3

Coal:
Own Production 1.6 1.7 1.8 1.8 1.9 2.1 2.1 2.2
Long Term Contract 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.2
Total Coal production 1.7 1.8 2.0 1.9 2.1 2.3 2.2 2.4

Mining Shipments 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Iron ore:
Market priced 5.4 6.9 6.1 6.7 5.9 7.0 6.7 8.5
Cost plus 4.0 5.6 6.1 5.8 3.7 6.2 6.9 6.8
Strategic 5.2 3.6 4.4 6.3 2.0 2.8 3.3 3.2
Total Iron ore shipments 14.7 16.1 16.6 18.9 11.7 16.0 16.9 18.5
Coal:
Market priced 0.7 0.9 0.9 0.8 1.1 1.3 1.2 1.3
Cost plus 0.8 0.8 0.8 0.9 0.9 0.8 0.8 0.8
Strategic 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.2
Total Coal shipments 1.6 1.8 1.8 1.8 2.1 2.3 2.17 2.3

P&L (USDm) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Sales FCA 4,077 4,640 4,394 4,573 4,939 5,567 5,499 5,030
Sales FCE 5,875 6,590 6,268 6,817 7,812 8,551 7,696 7,003
Sales LC 4,766 5,468 5,514 5,567 5,889 6,664 6,676 5,936
Sales AACIS 2,133 2,518 2,511 2,544 2,570 2,857 2,619 2,733
Sales AMDS 3,492 3,999 3,977 4,276 4,261 5,019 4,899 4,876
Sales Mining 757 1,225 1,181 1,217 1,128 1,657 1,678 1,805
Sales Other & Elimination -3,671 -4,286 -4,102 -4296 -4415 -5189 -4853 -4934
Total Sales continuing operations 17,429 20,154 19,743 20,698 22,184 25,126 24,214 22,449
Discontinued (Stainless Steel) 0 0 0 0 0 0 0 0
Total 17,429 20,154 19,743 20,698 22,184 25,126 24,214 22,449
Change 0.2% 15.6% -2.0% 4.8% 7.2% 13.3% -3.6% -7.3%

EBITDA FCA 361 657 379 158 528 924 420 237
EBITDA FCE 460 560 452 543 471 636 367 26
EBITDA LC 480 677 603 315 480 610 438 338
EBITDA AACIS 229 417 274 215 254 462 284 238
EBITDA AMDS 57 187 126 87 127 115 48 -19
EBITDA Mining 324 643 726 570 607 835 842 779
EBITDA Other & Elimination -210 -332 -399 -33 115 -169 9 115
Total EBITDA continuing operations 1,701 2,809 2,161 1,855 2,582 3,413 2,408 1,714
Change -15.7% 65.1% -23.1% -14.2% 39.2% 32.2% -29.4% -28.8%

Depreciation & impairment FCA 210 216 213 225 221 227 227 236
Depreciation & impairment FCE 370 338 372 401 365 391 473 452
Depreciation & impairment LC 257 263 264 287 270 252 253 408
Depreciation & impairment AACIS 109 109 113 123 129 121 122 145
Depreciation & impairment AMDS 53 43 43 151 43 46 40 50
Depreciation & impairment Mining 108 228 109 193 114 117 117 147
Depreciation & impairment Other & Elimination -17 -9 -18 -77 -9 7 8 10
Total D&A continuing operations 1,090 1,188 1,096 1,303 1,133 1,161 1,240 1,448
Change -36.1% 9.0% -7.7% 18.9% -13.0% 2.5% 6.8% 16.8%

Operating income FCA 151 441 166 -67 307 697 193 1
Operating income FCE 90 222 80 142 106 245 -106 -569
Operating income LC 223 414 339 28 210 358 185 -107
Operating income AACIS 120 308 161 92 125 341 162 93
Operating income AMDS 4 144 83 -64 84 69 8 -109
Operating income Mining 216 415 617 377 493 718 725 632
Operating income Other & Elimination -227 -341 -417 -110 106 -176 1 105
Total Operating Income continuing operations 577 1,603 1,029 398 1,431 2,252 1,168 46
Operating income Stainless 0 0 0 0 0 0 0 0
Operating income 577 1,603 1,029 398 1,431 2,252 1,168 46
Change -14.4% 177.8% -35.8% -61.3% 259.5% 57.4% -48.1% -96.1%

other operating expenses FCA 0 0 0 0 0 0 0 0

other operating expenses FCE 0 0 0 0 0 0 0 143
other operating expenses LC 0 0 0 0 0 0 0 37
other operating expenses AACIS 0 0 0 0 0 0 0 0
other operating expenses AMDS 0 0 0 0 0 0 0 40
other operating expenses Mining 0 0 0 0 0 0 0 0
other operating expenses Other & Elimination 0 0 0 0 0 0 0 0
Total Op. Exp continuing operations 0 0 0 0 0 0 0 220
other operating expenses Stainless 0 0 0 0 0 0 0 0
Other operating expenses 0 0 0 0 0 0 0 220

Margin and Ratio 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
EBITDA Margin (%) 9.8% 13.9% 10.9% 9.0% 11.6% 13.6% 9.9% 7.6%
Operating margin (%) 3.3% 8.0% 5.2% 1.9% 6.5% 9.0% 4.8% 0.2%

Cash cost (USD/t) 748 779 856 892 893 980 1,034 1,009
Operating margin (USD/t) 27 72 50 19 65 102 55 2

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Adjustment
CONSOLIDATED STATEMENTS OF INCOME

(USDm) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

Sales 17,429 20,154 19,743 20,698 22,184 25,126 24,214 22,449
EBITDA 1,701 2,809 2,161 1,855 2,582 3,413 2,408 1,714
- EBITDA margin % 9.8% 13.9% 10.9% 9.0% 11.6% 13.6% 9.9% 7.6%
Depreciation and impairment 1,090 1,188 1,096 1,303 1,133 1,161 1,240 1,448
Other operating expenses 0 0 220
Operating Income 577 1,603 1,029 398 1,431 2,252 1,168 46
- Operating margin % 3.3% 8.0% 5.2% 1.9% 6.5% 9.0% 4.8% 0.2%
Income from equity method investments and other 93 176 107 74 148 289 6 177
Financing income (costs) - net -403 -216 -383 -1200 -1,126 -904 -392 -416
Income before taxes and minority interest 267 1,563 753 -728 453 1,637 782 -193
Income tax expense -361 -92 -576 -450 -166 61 154 833
- Apparent tax rate % -135% -5.9% -76.5% 61.8% -36.6% 3.7% 19.7% -431.6%
Income before minority interest 628 1,655 1,329 -278 619 1,576 628 -1,026
Minority interest 40 79 16 -46 11 41 -31 -25
Net income from continuing operations 588 1,576 1,313 -232 608 1,535 659 -1,001
Discontinued operations 52 128 38 -547 461 0
Net income 640 1,704 1,351 -779 1,069 1,535 659 -1,001

Weighted average common shares outstanding (in 1,510 1,510 1,510 1,515 1,549 1,549 1,549 1,549
Diluted weighted average common shares outstandi 1,573 1,599 1,537 1,516 1,550 1,638 1,611 1,549

Basic earnings per common share (USD) 0.42 1.13 0.89 -0.51 0.69 0.99 0.43 -0.65
Diluted earnings per common share (USD) 0.33 0.75 0.89 -0.51 0.69 0.93 0.19 -0.65
Base Dividend per share (USD) 0.1875 0.1875 0.1875 0.1875 0.1875 0.1875 0.1875 0.1875

Comments and additional information on P&L

Other income (expense) - net

Other operating expenses include resturcutirng chqrges
Income from equity method investments

Financing income (costs) - net

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)

Financing income (costs) - net

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P&L
CASH FLOW STATEMENT
Not linked
(USDm) 2010 2011 Q4 2011
Net Income 3,246 1,802 -1,000
Minority interest 89 -4 -25
Depreciation 4,920 5,000 1,448
Other and change in working capital net of effects from acquisition -4,483 -4,831 2,454
Net cash provided by (used in) operating activities - Continued 3,772 1,967 2,877
Net cash provided by (used in) operating activities - Discontinued 245 -190
Net cash provided by (used in) operating activities 4,017 1,777 2,877
Purchase of property, plant and equipment (CAPEX) -3,308 -4,838 -1,475
Other investing activity -28 1,265 941
Net Cash used in investing activities - Continued operations -3,336 -3,573 -534
Net Cash used in investing activities - Discontinued operations -102 -105
Net Cash used in investing activities - Continued operations -3,438 -3,678 -534
Dividends paid -1,257 -1,194 -289
Proceed (payments) from payable to banks and long term debt 1,992 787 -816
Effect of exchange rate changes on cash & Other financing activities -694 -125 -47
Net cash used in financing activites Continued operations 41 -532 -1,152
Net cash used in financing activites Discontinued operations -48 -8
Net cash used in financing activites Continued operations -7 -540 -1,152

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CashFlow
BALANCE SHEET

(USDm) 2006 2007 2008 2009 2010 30.12.11

Non current assets 72,804 88,297 88,674 94,890 88,229 86,275
Intangible asset 10,782 15,031 16,119 17,034 14,373 14,053
Property, plant and equipment 54,696 61,994 60,755 60,385 54,344 54,251
Investment & Other 7,326 11,272 11,800 17,471 19,512 17,971

Current assets & working capital 28,645 31,337 33,913 22,131 29,419 22,769
Inventories, trade receivables & trade payable 17,290 17,292 20,977 11,909 12,052 15,305
Other assets 5,209 5,940 5,349 4,213 4,160 3,559
Cash & cash equivalents 6,146 8,105 7,587 6,009 6,289 3,905
Assets held for distribution 6,918 0

Shareholders' equity 50,191 61,535 59,230 65,398 66,100 60,477

Group share 42,127 56,685 55,198 61,045 62,430 56,690
Non-controlling interest 8,064 4,850 4,032 4,353 3,670 3,787

Non current liabilities 37,415 39,881 43,098 38,769 34,081 37,579

Interest bearing liabilities 21,645 22,085 25,667 20,677 19,292 23,634
Provision and other 15,770 17,796 17,431 18,092 14,789 13,945

Current liabilities (excluding trade payable) 13,843 18,218 20,259 12,854 17,467 10,988
Interest bearing liabilities 4,922 8,542 8,409 4,135 6,716 2,784
Other 8,921 9,676 11,850 8,719 8,714 8,204
Liabilites held for distribution 2,037 0

Invested Capital (Intang assets+PPE+OWC) 82,768 94,317 97,851 89,328 80,769 83,609
Net financial debt 20,421 22,522 26,489 18,803 19,719 22,513

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

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Balance Sheet
FINANCIAL AND MARKET RATIO

Financial ratios 2006 2007 2008 2009 2010 2011

EBITDA Margin (%) 17.6% 19.0% 20.2% 9.1% 10.9% 10.8%
Operating margin (%) 13.6% 15.2% 10.2% -2.6% 4.6% 5.2%
Net margin (%) 8.9% 10.5% 7.8% 0.3% 4.2% 1.9%
Cash-flow from operation margin (%) 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%
Gearing (%) 41% 37% 45% 29% 30% 37%
Net Debt / EBITDA (x) 1.4 1.2 1.1 3.4 2.3 2.2
Net Debt / EV (%) 29% 18% 50% 36% 34% 41%

Market ratios 2006 2007 2008 2009 2010 2011

Average and recent price (USD/share) 35.45 77.35 24.59 31.80 35.90 30.00
Market capitalization (USDm) 49,027 108,213 34,008 45,951 54,281 46,470
Enterprise Value (USDm) 70,186 124,313 52,729 51,636 58,158 54,799
Book value par share (USD) 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%
P/BV (x) 1.17 1.91 0.62 0.75 0.92 0.85
P/E (x) 6.8 10.7 3.8 397.5 20.9 25.2
P/CFPS (x) 5.3 7.0 2.5 6.6 15.2 24.6
EV/Sales (x) 0.86 1.30 0.45 0.85 0.75 0.58
EV/IC (x) 0.85 1.32 0.54 0.58 0.72 0.66
EV/EBITDA (x) 4.90 6.81 2.24 9.28 6.82 5.42
Net yield (%) n/a 1.7% 5.3% 2.4% 2.1% 0.6%

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…)

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Multiples