c


ArcelorMittal is a successor to Mittal Steel, a business founded in 1989 by Mr. Lakshmi N. Mittal, the Chairman of the Board of
Directors and Chief Executive Officer of ArcelorMittal. It has experienced rapid and steady growth since then largely through the
consistent and disciplined execution of a successful consolidation-based strategy. Mittal Steel made its first acquisition in 1989,
leasing the Iron & Steel Company of Trinidad and Tobago. Some of its principal acquisitions since then include Thyssen Duisburg
(Germany) in 1997, Inland Steel (USA) in 1998, Unimetal (France) in 1999, Sidex (Romania) and Annaba (Algeria) in 2001, Nova
Hut (Czech Republic) in 2003, BH Steel (Bosnia), Balkan Steel (Macedonia), PHS (Poland) and Iscor (South Africa) in 2004, ISG
(USA), Hunan Valin (China) and Kryvorizhstal (Ukraine) in 2005, three Stelco Inc. subsidiaries (Canada) and Arcelor in 2006.

Arcelor was created in February 2002 by the combination of three steel-making companies: Aceralia Corporación Siderúrgica
("Aceralia"), Arbed and Usinor, to create a global presence in the steel industry. At the time of its acquisition by Mittal Steel in 2006,
Arcelor was the second largest steel producer in the world in terms of production, with 2005 production of 46.7 million tonnes of
steel and 2005 revenues of ¼32.6 billion. It operated in all key end markets: the automotive industry, construction, household
appliances, packaging and general industry. Arcelor enjoyed leading positions in Western Europe and South America, in particular
due to its Brazilian operations.

In 2007, ArcelorMittal continued to pursue a disciplined growth strategy, with a total of 35 transactions announced in Argentina,
Austria, Canada, China, Estonia, France, Germany, Italy, Mexico, Poland, Russia, Slovakia, South Africa, Turkey, the United
Kingdom, Uruguay, the United States and Venezuela, a number of which were completed in 2007. During 2007, ArcelorMittal also
announced or completed buy-out offers for minority interests in certain of its subsidiaries in Argentina, Brazil and Poland.
ArcelorMittal also initiated development plans for its greenfield projects in India, Liberia and Senegal and announced new
prospective development projects in Mauritania, Mozambique, Nigeria, Russia, Saudi Arabia and Turkey.

During the first eight months of 2008, ArcelorMittal continued making investments, with significant transactions announced in
Australia, Brazil, Canada, Costa Rica, France, Russia, South Africa, Sweden, Turkey, United Arab Emirates, the United States, and
Venezuela, the majority of which have been completed. During the last four months of 2008, ArcelorMittal largely suspended
mergers and acquisitions and other investment activities in light of the deteriorating economic and market environment.

ArcelorMittal has proven expertise in acquiring companies and turning around under-performing assets and believes that it has
successfully integrated its previous key acquisitions by implementing a "best practices" approach in operations and management to
enhance profitability.

Since the acquisition by Mittal Steel of Arcelor, a company of approximately equivalent size, the combined company has reached
significant milestones in its operational integration process ahead of schedule, having consolidated support functions, optimised its
supply chain and procurement structure and leveraged research and development services across a larger base, thereby achieving
cost savings and revenue synergies, as well as other synergistic benefits. As of 31 December 2008, ArcelorMittal had fully realised
its targeted $1.6 billion in synergies from the merger.

ArcelorMittal has grown through the acquisition of numerous steel-making and other assets, which currently constitute its major
operating subsidiaries. More recently, ArcelorMittal's acquisitions have been concentrated on vertical integration (i.e., acquisitions of
raw material producers or production sites). ArcelorMittal's principal investments and acquisitions (including Greenfield projects),
during the year ended 31 December 2008, are summarised below.

The bulk of these acquisitions and investments were made prior to the sharp downturn in the steel market starting in September
2008. Since then the Company has sharply curtailed its M&A and investment activities and placed under review as a general matter
its investment projects involving significant capital expenditure, including those summarised below and those announced in prior
years. Many of these projects, particularly "Greenfield" projects, (i.e., new-build construction projects) and large "Brownfield"
projects (i.e., expansion or improvement of existing sites) are in any case subject to the receipt of various regulatory approvals
without which implementation cannot begin. As discussed more fully in "Item 5-Operating and Financial Review and Prospects-
Overview-Initiatives in Response to Changing Market Conditions", the Company has sharply reduced its anticipated capital
expenditures for 2009 to $3 billion, of which $2.5 billion is for maintenance.

c
 



Mittal Steel's growth was founded on a consistent philosophy: that to be able to deliver the range and quality of products customers
demand the modern steel maker must have the scale and worldwide presence to do so competitively.

The group was formed when two sister companies in the Mittal family, LNM Holdings and ISPAT International, were merged to form
Mittal Steel in 2004.

Mittal Steel Growth Timeline


 Acquisition of a stake in Hunan Valin > ISG Acquisition completed > Mittal Steel Europe created > Mittal Steel makes Fortune
500 list of top companies> MDA with Liberian government > Acquisition of Kryvorizhstal > MoU with State of Jharkhand, India >
Acquisition of Stelco subsidiaries > Stake lifted in Mittal Steel Zenica

  Acquisition of Polski Huty Stali > Acquisition of BH Steel > Acquisition of Macedonian facilities from Balkan Steel > Creation of
Mittal Steel and proposed acquisition of International Steel >

  Acquisition of Nova Hut

  Business assistance agreement signed with Iscor

  Acquisition of ALFASID > Acquisition of Sidex

 Acquisition of Unimétal

 Acquisition of Inland Steel Company

 Ispat International NV goes public


 Acquisition of Hamburger Stahlwerke > Ispat International Ltd. and Ispat Shipping formed > Acquisition of Karmet

: Acquisition of Sidbec-Dosco

 Acquisition of Sibalsa

 Acquisition of Iron & Steel Company of Trinidad & Tobago

c
 


Arcelor was created through the merger of Arbed (Luxembourg), Aceralia (Spain) and Usinor (France). The three European groups
were determined to mobilise their technical, industrial, and commercial resources in order to create a global leader in the steel
industry.

The merger was officially launched on 19 February 2001 and the choice of the Arcelor name was announced on 12 December 2001.
The merger became effective on 18 February 2002 when Arcelor shares were listed on several stock exchanges.

Arcelor Highlights 2002- 2006

Y 2006
Y 2005
Y 2004
Y 2003
Y 2002

Founding companies of Arcelor

Y Chronology Arbed
Y Chronology Aceralia
Y Chronology Usinor

Ä 



2006 was a very exciting and challenging year for ArcelorMittal. The new company was at the forefront of the consolidation process,
leading the industry through mergers and acquisitions.
¬   c
  





The year started with the historic launch of the Mittal Steel offer to the shareholders of Arcelor to create the world's first 100 million
tonne plus steel producer. The aim of increasing globalisation and consolidation, necessary in the steel industry, defines the deal
and sets the pace for the industry.

   
 






Mittal Canada completes the acquisition of three Stelco subsidiaries, the Norambar and Stelfil plants, located in Quebec, and the
Stelwire plant in Ontario. Stelfil and Stelwire will add 250,000 tonnes of steel wire to the company's annual production capacity,
providing a wider product mix to better meet customers' needs.

Arcelor acquires a 38.41% stake in Laiwu Steel Corporation, in China. Laiwu Steel Corporation is China's largest producer of
sections and beams, and will further boost its operational excellence thanks to this partnership. It is still awaiting approval with the
Beijing authorities.


 
 c      




Out of the devastation of Hurricane Katrina, arose a revitalised Mississippi youth baseball field, rebuilt with the help of Mittal Steel
USA and Arcelor. The company provides money towards the purchase of lighting fixtures and steel cross bar support. It also
arranges for and donates the labour costs for their installation.

Mittal Steel USA places a new line into operation in Cleveland to provide top-quality galvanised sheet steel to automakers and other
demanding customers. The new line is designed to produce in excess of 630,000 tonnes of corrosion-resistant sheet annually, using
the hot-dip galvanising process.

  !
 
   

Mittal Steel announces US antitrust clearance for Arcelor bid and the approval of the offer documents by European regulators. The
acceptance period starts in Luxembourg, Belgium and France on 18 May 2006 (some days later for Spain and the United States)
and lasts until 29 June 2006.

Arcelor contributes to the first anti-seismic school building in Izmit (Turkey), where a school building had been destroyed by an
earthquake in 1999.

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    "#



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Creating the world's largest steel company, Mittal Steel and Arcelor reach an agreement to combine the two companies in a merger
of equals. The terms of the transaction were reviewed by the Boards of Arcelor and Mittal Steel which each recommended the
transaction to their shareholders. The combined group, domiciled and headquartered in Luxembourg, is named Arcelor Mittal.

Demonstrating the commitment to extend markets in developing nations, a strategic partnership between Arcelor Mittal and SNI
(Société Nationale d'Investissement) is concluded concerning the development of Sonasid. This consolidates and develops the
position of Sonasid on the Moroccan market, allowing the company to benefit from the transfer of Arcelor Mittal's technologies and
skills in the long carbon steel product sector.

 " 



Arcelor Mittal announces new dividend policy, under which it will pay out 30% of net income annually.

93.7% of Arcelor shareholders tender their shares to Mittal Steel.

Arcelor Mittal confirms Value Plan up to 2008.

ë ë

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Arcelor Mittal sells Thüringen long carbon steel plant to Grupo Alfonso Gallardo for ¼591 million euros, as part of Mittal Steel's
commitments to the European Commission.

Arcelor Mittal and the Government of Liberia conclude the review of the Mining Development Agreement. With this agreement giving
access to iron ore mining, with capacity of 15 million tonnes a year, the Liberian Government and Arcelor Mittal will be partners in
jumpstarting economic recovery and development for Liberia. The USUS$1 billion investment will bring around 3,500 direct jobs and
15,000 to 20,000 indirect jobs.

Arcelor Mittal sells the Italian long carbon steel production Travi e Profilati di Pallanzeno and San Zeno Acciai to Duferco for ¼117
million, as part of Mittal Steel's commitment to the European Commission.

Arcelor Mittal acquires Sicartsa, the leading Mexican long steel producer. Sicartsa is a fully integrated producer of long steel with an
annual production capacity of about 2.7 million tonnes, and with production facilities in Mexico and Texas. This combination of
Sicartsa with Mittal Steel Lázaro Cárdenas leads to the creation of Mexico's largest steel producer with an annual capacity of 6.7
million tonnes.

Arcelor Mittal signs a Memorandum of Understanding for the Greenfield project in Orissa, India. The aim is to set up steelmaking
operations in the Keonijhar District. The integrated steel plant should have a total annual capacity of 12 million tonnes. This would
include captive mining facilities, captive power supply, water supply infrastructure and other facilities including setting up townships
for employees.

The first slab in the new continuous caster in Dabrova has been produced and represents a key step of the successful restructuring
of Arcelor Mittal Poland. Other projects had been achieved earlier, such as the relining of a blast furnace in September 2006, the
commissioning of the new colour coating line in Huta Florina. The start-up of a new hot strip mill in Krakow is foreseen in the first
half of 2007.

Arcelor Mittal says EBITDA will be higher in 2007 than in 2006.




  
 
 
' 


In 2007, the Group announced 35 transactions, of which 14 were completed for a capital outlay of $12.3 billion including the
assumption of debt. Key milestones during the year 2007 were as follow.

¬   
ArcelorMittal sells Huta Bankowa, located in the South of Poland, to Alchemia SA Capital Group, as part of Mittal Steel's
commitment to the European Commission during the merger process.

  
ArcelorMittal contracts a joint venture agreement with the Bin Jarallah Group for a seamless tube mill in Saudi Arabia. The mill will
have a capacity of 500,000 tonnes per year; the major part of tubes produced will be used in the oil industry and the remainder for
pipelines.

   
ArcelorMittal builds a new Steel Service Centre in Krakow (Poland). This facility will have a processing capacity of about 450,000
tonnes per year and will strengthen the existing de-coiling and slitting facilities in Huta Sendzimira and in Bytom.

ArcelorMittal holds its Investor Day in New York and Lázaro Cárdenas on March 27-28, 2007. President and CEO, Lakshmi Mittal,
introduces the three dimensional growth strategy for reduced risk (sustainability) and continued growth consisting of product, value
chain and distribution.
 
 
ArcelorMittal finalises the acquisition of Sicartsa, from Grupo Villacero, leading to the creation of Mexico's largest steel producer.
Sicarsta is a fully integrated producer of long steel, with an annual production capacity of about 2.7 million tonnes and with facilities
in Mexico and Texas (United States). ArcelorMittal has also entered into a 50/50 commercial joint venture with Grupo Villacero.

¬ 
ArcelorMittal launches its new global brand. Reflecting the company's aspirations, the brand's vision 'transforming tomorrow' is
supported by three main values: Sustainability, Quality and Leadership. The brand launch is an essential part of the integration
process, creating a common bond for all employees. ArcelorMittal also launches its &#xu2;018boldness changes everything' global
advertising campaign.

ArcelorMittal starts a share buy-back programme to repurchase class A common shares up to a maximum aggregate amount of
$590 million, or up to a maximum of 27 million class A common shares, to be used either for supporting potential corporate
opportunities or for cancellation.

¬
 
ArcelorMittal is granted concessions to develop mining, transportation and logistics activities by the Republic of Senegal in the
Faleme region (South East Senegal). This integrated mining project will encompass the development of the mine in four locations,
comprising both hematite and magnetite deposits, the building of a new port in Bargny near Dakar and the development of
approximately 750 km rail infrastructure to link the mine to the port.

The European Works Council (EWC) of ArcelorMittal is installed. The ArcelorMittal EWC represents all employees from within the
EU27,130,000 employees in total, and has 54 members.

ArcelorMittal acquires two steel tube businesses from Vallourec (France). Both companies enjoy strong positions in the European
steel tubes market. This acquisition underlines ArcelorMittal's strategy to expand its business in the automotive sector, and further
strengthens the Company's pipes and tubes business.


 
A landmark delivery of 580 tonnes of steel, milled in ArcelorMittal Differdange (Luxembourg), is used in the construction of the World
Trade Centre Memorial in New York City. The jumbo beams represent approximately 20% of the steel used for the project.

ArcelorMittal and RAG Beteiligungs-AG sign an agreement concerning the acquisition of the 76.88% stake directly held by RAG in
Saar Ferngas AG Saarbrücken. Saar Ferngas is the largest gas distribution company in Saarland and Rhineland-Palatinate in
Germany. This agreement is an opportunity to increase synergies with ArcelorMittal's regional energy network.

ArcelorMittal and Noble International Ltd., North America's largest producer of laser-welded steel products, complete the transaction
to combine their laser-welded tailored blanks businesses, for the benefit of their global automotive customers.

 
< p>

ArcelorMittal invests $18 million in a new cut length line for hot rolled coils in Ostrava (Czech Republic). The new Steel Service
Centre will benefit from significant logistics and cost competitiveness, while being in line with ArcelorMittal's development strategy in
Central and Eastern Europe. This facility has a processing capacity of 250,000 tonnes per year and will start operating in mid-2008.

ArcelorMittal owns 100% of Arcelor Brasil after having completed the acquisition of all its outstanding shares.

ArcelorMittal holds its Investor Day in Paris and South Africa on September 11-13 2007.
= 
ArcelorMittal and Borusan, one of Turkey's leading steel producers, announce a 50/50 joint venture partnership, consisting in a $500
million investment in the construction of a new hot mill in Gemlik. This facility will offer high grade products for the Turkish market
and is planned to start operating by 2010 with a capacity of 4.8 million tonnes.

ArcelorMittal acquires a 70% in Carminati Distribuzione S.r.l, one of the leading steel distributors in Nothern Italy, which sold over
75,000 tonnes in 2006 with a turnover of euro50 million.

"  
The Extraordinary General Meetings of shareholders of ArcelorMittal and Arcelor approve the merger of ArcelorMittal into Arcelor, to
be renamed ArcelorMittal. This merger is the second step in the two-step merger process between Mittal Steel and Arcelor, and is
effective on November 13, 2007.

ArcelorMittal purchases a 100% stake in Galvex OÜ, the Estonian privately owned steel galvanizing line. In 2006, Galvex produced
190,000 tonnes of hot dip galvanised steel, mainly for the construction sector, with sales totalling euro125 million.

ArcelorMittal is awarded two gold medals for new products it unveiled at the Batimat construction fair. The Golden Innovation Medal
is granted to the solar panel Arsolar®, and the Golden Design Medal to the Angelina® beam.

ArcelorMittal signs a Memorandum of Cooperation with the Republic of Mozambique, which aims to develop synergies and plan
further investment in the steel industry, and in the mining of raw materials. ArcelorMittal plans to build a new bar rolling mill with a
yearly capacity of 400,000 tonnes. ArcelorMittal also announces a joint venture partnership with the Mozambique-registered
company Black Gold Mining (Moc) Lda. The Group acquires a 35% stake in the joint venture company, Rio Minjova Mining and
Exploration Company, at an initial cost of $2.5 million.

ArcelorMittal and Kalagadi Manganese, a South African manganese development company, start a 50/50 joint venture which will
see the development of a manganese mine, beneficiation plant, sinter complex and a smelter complex in Coega. The project, due to
start in 2010, overlies the Kalagadi Manganese Basin, a world-renowned source of manganese ore containing 80% of the world's
known manganese resources.

ArcelorMittal invests in Greenfield Longitudinal Submerged Arc Welded pipe mill in Nigeria with a capacity of 300,000 tonnes per
year. This investment, welcomed by Nigerian National Petroleum Corporation (NNPC), gives ArcelorMittal access to a major oil and
gas market. The construction of the mill is due to begin in early 2008, with production due to start in 2010.

ArcelorMittal acquires a 12.6% equity stake in General Moly, Inc. for a total consideration of $70 million. General Moly, Inc. is a US
based molybdenum mineral development, exploration and mining company.

ë 
With the aim to increase its commercial presence in the UK, ArcelorMittal acquires NSD Ltd., a leading UK steel distribution
company specializing in the sale of heavy sections and tubes.

ArcelorMittal purchases Slovak ferro-alloys manufacturer OFZ, which manufactures a wide range of ferro-alloys and cored wires.
This facility has an operating capacity of 150,000 tonnes per year.

ArcelorMittal acquires 28% equity interest in China Oriental Group Company Ltd. for $644 million. ArcelorMittal becomes the second
largest shareholder of this company, which manufactures and sells steel products such as billets, strips, H-beams, cold rolled and
galvanised strip. ArcelorMittal also signs a landmark agreement with China Oriental, with the aim to transform the company into a
leading producer of heavy sections in China thanks to technology sharing, technical expertise and know-how.

ArcelorMittal acquires M.T Majdalani y Cia. S.A, the leading stainless Steel Service Centre and distributor in Argentina, and
consolidates its position in the South American stainless distribution market. This company is specialised in flat stainless steel
products with cut to length and slitting facility.

ArcelorMittal signs a Greenfield project with the administration of the Tver region in Russia. The Group will build a steel complex,
with a capacity of one million tonnes of steel and two bar mills.
ArcelorMittal acquires 100% of the shares of the Austrian steel distribution company Eisen Wagner GmbH. With its 60,000 tonnes of
steel products sold in 2007, Eisen Wagner is one of the leading steel distribution companies in Austria.

In order to strengthen its stainless steel business in South America, ArcelorMittal purchases Cinter S.A., an important stainless steel
tube producer in Uruguay. With 200 employees and 3 sites, Cinter develops specialties that complement its stainless business.

ArcelorMittal plans to build a $380 million beam mill in Contrecoeur (Canada) with a capacity of 800,000 tonnes. Flat carbon steel
production will be consolidated in Hamilton and long carbon production in Contrecoeur.


 
 
 

¬   

ArcelorMittal signs a Memorandum of Understanding with Société Nationale Industrielle et Minière in Mauritania. The agreement
provides for the development of a large iron ore mining project in Mauritania.

ArcelorMittal acquires Unicon, the leading manufacturer of welded steel pipes in Venezuela. Unicon supplies the oil and gas and
industrial and construction sectors both domestically and overseas. The transaction was completed in April 2008.

ArcelorMittal inaugurates Arceo, its industrial prototype line for vacuum plasma steel coating in Liège, Belgium. With this process,
steel can be a sensor, a reflector, a source of light, more aesthetically pleasing or endowed with better anti-corrosive properties.

ArcelorMittal Steel Service Centre Sverige and BE Group create a 50/50 processed flat carbon steel joint venture in Sweden. This
combination creates a new number three in the Swedish market, with a 20% market share.

  

ArcelorMittal acquires the remaining 50% interest in Laminadora Costarricense and Trefileria Colima, the only major long carbon
steel company in Costa Rica.

ArcelorMittal and the federal and regional governments of Belgium agree on carbon dioxide ('CO2') emission allowances. As a
consequence, the re-launch of ArcelorMittal Liège, Belgium, Blast Furnace Number 6 is initiated.


 

ArcelorMittal enters the Brazilian Steel Service Centre market with the acquisition of 50% of Gonvarri Brasil. The aim is to establish
a strong presence in the Brazilian flat steel downstream segment, building on the product leadership of ArcelorMittal's Tubarão,
Vitória, and Vega do Sul plants.

ArcelorMittal acquires three coal mines and associated assets in Russia for a total consideration of $720 million.

ArcelorMittal agrees to build a third line in its joint venture partnership with Nippon Steel by building a new continuous galvanizing
line at the I/N Kote facility in New Carlisle, Indiana, at a cost of $240 million. On December 4, 2008, Nippon Steel announced that
the project would be delayed until demand in the US automobile industry market strengthens.

ArcelorMittal concludes a coal off-take agreement with Coal of Africa Limited, the South African coal development company, relating
to the Baobab and Thuli coal mines.

  

The Court appointed trustee completes the sale of ArcelorMittal's Sparrows Point steel mill to OAO Severstal for $810 million, net of
debt.
¬ 

ArcelorMittal and its unions sign a groundbreaking global agreement on occupational Health and Safety. It sets out minimum
standards in every site in order to achieve world class performance.

ArcelorMittal holds an inaugural global interactive individual shareholder event with Second Life. Through this virtual reality website,
individual shareholders can meet and interact with Mr Mittal.

ArcelorMittal signs an agreement to acquire Bayou Steel, a producer of structural steel with facilities in LaPlace, Louisiana, and
Harriman, Tennessee, for $509 million. The transaction closed in July 2008.

ArcelorMittal signs an agreement to acquire the Mid Vol Coal Group. This partnership will increase the Company's upstream self-
sufficiency in raw materials.

ArcelorMittal, Hunan Valin Group and Hunan Valin Steel Co. launch Valin ArcelorMittal Automotive Steel, an industrial and
commercial automotive joint venture that will have an annual production capacity of 1.2 million tonnes of flat carbon steel, mainly for
automotive applications.

ArcelorMittal enhances its distribution activities in the United Arab Emirates. The Company intends to acquire 60% of Dubai Steel
Trading Company LLC ('DSTC LLC'), a newly incorporated company located in the Dubai free zone. The acquisition is finalised in
January 2009.

ArcelorMittal increases its stake in Macarthur Coal of Australia, from 14.9% to 19.9%.

¬
 

ArcelorMittal and AREVA sign an industrial partnership agreement for a euro70 million ($110 million) investment aimed at increasing
production of steel products for the nuclear industry at the Group's Industeel plant.

ArcelorMittal launches a new clean technology venture capital fund, with an initial clean technology investment of $20 million in
MiaSolé, and a new carbon fund, as part of its commitment to finding solutions for environmental challenges, including climate
change.

ArcelorMittal's Stainless International segment acquires the 35% stake in Uginox Sanayi ve Ticaret Limited Sirketi ('Uginox') owned
by Primex. Uginox operates a coil processing and service centre in Turkey dedicated to servicing the automotive and white goods
markets.

ArcelorMittal signs an agreement to acquire Concept Group ('Concept'), located in southern West Virginia, USA. Concept's proximity
to Mid Vol's operations will allow the Group to draw on the complementary strengths of both companies to increase their combined
production capacity. The transaction is completed in August 2008.

ArcelorMittal announces a ¼76 million ($118 million) investment to expand electrical steel production capacity at its Saint Chély
d'Apcher plant, France.

ArcelorMittal reinforces its Steel Service Centre network in Brazil by acquiring a 70% share of Manchester Tubos e Perfilados, the
Brazilian steel processor and distributor located in Contagem, Minas Gerais.


 

ArcelorMittal projects new investments of $1.6 billion in its carbon steel operations in Brazil. The timing and scope of this investment
are currently under review.

ArcelorMittal acquires the Koppers' Monessen coke plant for $170 million. The acquisition is an important step towards increasing
upstream self-sufficiency in metallurgical coke production. The transaction was completed in October 2008.

Hunan Valin Iron & Steel Group Co. Ltd and ArcelorMittal sign a 50/50 joint venture agreement for the production and sale of
electrical (silicon) steel, one more milestone following the automotive sheet JV agreement signed in June. The new JV, named Valin
ArcelorMittal Electrical Steel, will build cold rolling and processing facilities for the production of electrical steels.
ArcelorMittal acquires Brazilian iron ore miner London Mining South America Limited and reaches an agreement with Adriana
Resources Inc. for the development of an iron ore port facility in the State of Rio de Janeiro, Brazil. Together with an investment in
Mineração Pirâmide Participações Ltda, the acquisition further diversifies ArcelorMittal's iron ore base in the face of tighter raw
material supply.

 

ArcelorMittal and Kalagadi Manganese agree a 50/50 joint venture to develop Kalagadi's South African manganese deposits.
Project implementation has not yet begun and its scope and timing are under review.

ArcelorMittal Warsaw inaugurates a new bar rolling mill, one of the most advanced rolling lines in Europe, following an investment of
euro80 million.

ArcelorMittal announces a new 'Management Gains' plan that will target $4 billion of cost savings over the next five years. The plan
focuses on increasing employee productivity, reducing energy consumption and reducing input costs to achieve a higher yield and
improved product quality.

ArcelorMittal organises its Leadership Conference in New Delhi, India. The 650 most senior managers have the opportunity to
present their strategies, discuss critical issues and plan the future. Mr Mittal launches the new operating philosophy of Safe
Sustainable Steel.

"  

ArcelorMittal meets with its European Works Council to present voluntary separation programmes to be launched across the Group.
This is to help achieve the Company's stated aim of reducing SG&A expenditure by an additional $1 billion in response to the
current economic situation.

ArcelorMittal announces measures in response to the downturn in the global steel industry. These include: postponing target
completion dates for the realisation of previously announced shipment growth objectives entailing substantial capital expenditure,
increasing targeted cost savings under the 'Management Gains' programme over the next five years to $5 billion through additional
savings in SG&A costs, increasing temporary cuts in steel production to up to 35% (later increased to approximately 40-45%)
globally in order to accelerate steel inventory reduction, and targeting a $10 billion reduction in net debt by the end of 2009.

In addition, ArcelorMittal suspends the share buy-back programme until the debt reduction targets are achieved.

ë 

ArcelorMittal enters into binding agreements to reduce its voting interest in Dillinger Hütte Saarstahl AG ('DHS') from 51.25% to
33.4% (corresponding to an economic interest of 30.08% since DHS holds 10% of its shares in treasury), in line with existing
governance rights. ArcelorMittal plans to remain a key industrial partner to DHS.


 
 
 

In January 2009, ArcelorMittal began trading on a single order book in Paris, Amsterdam and Brussels, under the symbol MT.
1
ArcelorMittal remains a member of key NYSE-Euronext indices, including the CAC40 and the AEX .

¬  

ArcelorMittal contributed its 76.9% stake in Saar Ferngas AG to Luxembourg-based utility Soteg, in which it held a minority
ownership stake. Upon completion, ArcelorMittal's stake in Soteg increased from 20% to 26.2%. ArcelorMittal then sold 2.48% of
Soteg to the Government of Luxembourg and SNCI ('Société Nationale de Crédit et d'Investissement'), a Luxembourg government-
controlled investment. ArcelorMittal retains a 25.3% stake in Soteg, renamed Enovos.
 


ArcelorMittal met with its European Works Council to provide an update on the temporary suspension of production at sites in
Europe. In light of the ongoing exceptional economic environment, it was necessary to continue to suspend and optimise production
to ensure the Company was well adapted to the market reality. All production suspensions were temporary and reviewed on a
regular basis.

 

ArcelorMittal and the Czech Government agreed to resolve all pending arbitration and litigation regarding the privatisation of Nova
Hut and Vitkovice Steel. ArcelorMittal agreed to an amicable settlement of all pending litigation and arbitration cases against the
Czech Government and its related entities. In addition, ArcelorMittal increased its stake in ArcelorMittal Ostrava to approximately
83%. As a part of the overall settlement agreement, ArcelorMittal Ostrava concluded a long-term supply agreement for hot metal
with Evraz Vitkovice Steel.

=

ArcelorMittal signed a definitive agreement to divest its minority interest in Wabush Mines, Canada, pursuant to which it will receive
$34.28 million for its 28.6% stake. After the disposal, ArcelorMittal continued to have significant mining operations and resources in
Canada including ArcelorMittal Mines Canada.

" 

ArcelorMittal acquired an additional 13.9% stake in ArcelorMittal Ostrava, increasing its stake to approximately 96.4%. The
transaction was completed in January 2010.

ë

ArcelorMittal held its second annual International Volunteer Work Day organised by the ArcelorMittal Foundation. It consisted of a
set of actions implemented by the Group's local units to encourage employees to invest time and expertise for the benefit of local
communities.

ë 



Following the closing of a tender offer on January 7, 2010, ArcelorMittal acquired a 28.8% stake in Uttam Galva Steels Limited
("Uttam Galva"), a leading producer of cold rolled steel, galvanized products and color coated coils and sheets based in Western
India that is listed on the major stock exchanges of India. The Company expects to purchase an additional 4.9% from the Promoter
R.K. Miglani family in due course.

ArcelorMittal entered into initial discussions with BHP Billiton to potentially combine their respective iron-ore mining and
infrastructure interests in Liberia and Guinea within a joint venture. ArcelorMittal, through the ArcelorMittal Foundation, donated $1
million to help the relief efforts in Port-au-Prince, Haiti, following the earthquake that struck the island on January 12, 2010.

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ArcelorMittal is the world's leading steel company, with operations in   

 
.

ArcelorMittal is the
  

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, including automotive,
construction, household appliances and packaging, with leading R&D and
technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks.

With an industrial presence in over 20 countries spanning four continents, the Company covers all of the key steel markets, from
emerging to mature. Through its core values of Sustainability, Quality and Leadership, ArcelorMittal commits to operating in a
responsible way with respect to the health, safety and wellbeing of its employees, contractors and the communities in which it
operates. It is also committed to the sustainable management of the environment and of finite resources.

In 2009, ArcelorMittal had  
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, representing
approximately 8 per cent of world steel output.

ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Brussels (MT), Luxembourg (MT)
and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).

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ArcelorMittal's core philosophy is to produce Safe, Sustainable, Steel

Safety is the Company's top priority. Our safety performance has improved
consistently over the last three years, most recently by 25% in 2009, and we will
continue to target our ultimate goal of zero accidents.

The Company's leadership position in the steel industry is the result of a consistent
management strategy that focuses on product diversity, geographic reach and
vertical integration - both into raw material production, designed to minimize risk
caused by economic cycles, and downstream distribution, providing value-added
and customised steel solutions through further processing to meet specific
customer requirements. Our customers are the heart of our business. We collaborate closely with them to ensure that we evolve
and develop our products inline with their continually changing needs.

ArcelorMittal is committed to its promise of 'transforming tomorrow' and the three values that underpin it - Sustainability, Quality and
Leadership. These values shape our behavior. We recognise that the Company has a duty to its stakeholders to operate in a
responsible and transparent manner and to safeguard the wellbeing of all its stakeholders, including employees, contractors and the
communities in which it operates.

That's why we have a strong focus on Corporate Responsibility. This is evidenced in numerous areas, for example the Company's
efforts to develop breakthrough steelmaking technologies, our leadership of the steel industry's Ultra Low Carbon Steel (ULCOS)
programme and the global activities of the ArcelorMittal Foundation.

No discussion of the Group's philosophy would be complete without reference to our employees. The Company is only as good as
its people, and our journey through the crisis was helped by their efforts, flexibility and understanding.

1
In 2009, ArcelorMittal had sales of approximately $65.1 billion , steel shipments of approximately 71 million tonnes and crude steel
production of approximately 73 million tonnes.

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ArcelorMittal continues to place a strong emphasis on corporate governance. ArcelorMittal has eight independent directors on its 11-
member Board of Directors. ArcelorMittal's Audit Committee and Appointments, Remuneration and Corporate Governance
Committee are each comprised of three independent directors and half of the members of ArcelorMittal's Risk Management
Committee are required to be independent.

On 12 May 2009, the expirations of the mandates of Sergio Silva de Freitas, Michel Angel Marti and Jean-Pierre Hansen were
accepted by the annual general meeting. Narayanan Vaghul, Wilbur L. Ross and François Pinault were re-elected as members of
the Board of Directors. After the annual general meeting held on 12 May 2009, Ignacio Fernandez Toxo resigned from the Board of
Directors. On 1 September 2009, Malay Mukherjee resigned from the Board of Directors.
Georges Schmit resigned from the Board of Directors effective 31 December 2009. In replacement of Mr. Schmit, the Board
appointed Jeannot Krecké as an interim board member starting 1 January 2010. Mr. Krecké's full appointment to the Board of
Directors will be proposed to the shareholders at the Company's annual general meeting on 11 May 2010. Like Mr. Schmit, Mr.
Krecké will serve on ArcelorMittal's Board of Directors as a shareholder representative.

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Chairman of the Board of Directors and CEO

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The strategic direction of the business is the responsibility of the GMB. The GMB members are elected by the Board of Directors
and the GMB is headed by Lakshmi N. Mittal as Chief Executive. On 1 January 2010, Peter Kukielski joined the GMB as Head of
Mining, bringing a wealth of strategy, operations, project development and international experience to the Company. The senior
management team continues to enjoy the relevant talent and expertise it needs to continue to deliver the best possible performance
to all stakeholders.

The composition of ArcelorMittal's Group Management Board is as follows:

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Chairman and CEO

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CFO
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All Group Management Board members also sit on the Management Committee.

The structure is both lean and flat. It aims to create an organisation that is at once inventive and adaptable, with clear accountability
at every level. Above all, it aims to foster an entrepreneurial spirit that will promote and deploy ArcelorMittal leadership.

The additional members of the Management Committee and their responsibilities are as follows:

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Executive Vice President,

Head of Finance
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Executive Vice President,
CEO India
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Executive Vice President,
CEO Distribution Solutions
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Executive Vice President
Head of Mining Projects and Exploration
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Executive Vice President,
Head of Human Resources
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Executive Vice President,
CEO Stainless
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Executive Vice President
Chief Technology Officer
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Executive Vice President,
CEO Flat Europe
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Executive Vice President,
CEO Long Central and South America (LCSA)
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Executive Vice President,
Head of Marketing and Commercial Coordination
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Executive Vice President
CEO Africa and Commonwealth of Independent States (CIS)
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Executive Vice President,
CEO Long Europe (including Annaba, Bosnia, Ostrava and Sonasid)
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Executive Vice President,
CEO USA
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Executive Vice President,
CEO Flat Americas
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Executive Vice President,
Head of Strategy

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Innovation is a mindset at ArcelorMittal. Not only are we the largest steelmaker by

volume but we offer the broadest range of steel grades, new steel products, steel
solutions and cutting-edge technologies.

Close cooperation with customers - involving mutual trust, an open-minded

approach and permanent exchanges of personnel - helps foster the
  
  , enabling us to develop the products and solutions that will meet their
ever-growing demands.

Over the longer term, we continue to work at Cutting-edge steel products, solutions
and process technologies.

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