1. Growing AM3S
Gonzalo Urquijo – Member of GMB
11-13 September 2007 – Investor day – Paris

2. Disclaimer
Forward-Looking Statements
This document may contain forward-looking information and statements about ArcelorMittal S.A. including Arcelor S.A.
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 Netherlands Authority for the Financial
Markets, the Commission de Surveillance du Secteur Financier (“CSSF”), the Luxembourg securities regulator and the
U.S. Securities and Exchange Commission (“SEC”) made or to be made by ArcelorMittal or previously made by its
predecessor, Mittal Steel Company N.V. (“Mittal Steel”). ArcelorMittal undertakes no obligation to publicly update its
forward-looking statements, whether as a result of new information, future events, or otherwise.
Additional Information
In connection with the proposed merger of ArcelorMittal with Arcelor, Mittal Steel, ArcelorMittal and Arcelor have filed
and will file important documents with the relevant securities regulatory authorities, including the filing with the U.S.
Securities and Exchange Commission of a registration statement that will include a proxy statement/prospectus. The
proxy statement/prospectus will contain important information about the merger and related matters. ArcelorMittal and
Arcelor will make public such proxy statement/prospectus and mail the proxy statement/prospectus to the ArcelorMittal
U.S. shareholders. Additionally, a proxy statement/prospectus will be filed with the CSSF for European
shareholders. Investors and security holders are urged to read the applicable proxy statement/prospectus, and any
other relevant documents filed with the relevant securities regulatory authorities, when they become available and
before making any investment decision. U.S. shareholders will be able to obtain a free copy of the U.S. proxy
statement/prospectus (when available) and other related documents filed with the SEC by ArcelorMittal (and Mittal
Steel as its predecessor) and Arcelor at the SEC’s web site at www.sec.gov and from ArcelorMittal and Arcelor at
www.arcelormittal.com. European shareholders will be able to obtain the European proxy statement/prospectus (when
available) and the related documents at the registered office of Arcelor and ArcelorMittal and at www.arcelormittal.com.
1

3. Agenda
• The growth opportunity
• Steel Solutions and Services
• Strategy and growth plan
• Conclusion
2

4. The growth opportunity
3

5. The worlds largest steel distributor and
processor in a fragmented industry
Leading Metals distributors and processors Market position by region
by sales in 2006 (USD billion)*
Eastern Europe and CIS
No 1
Europe
North America
Leading position
No 1
No 1
No 1
Strategic presence Asia
Strategic presence
11.9 Africa
11.0
Strategic presence
No 1
South America
7.0 Strategic partnership
No 1
5.9 5.7
Significant presence
A rc e lo rM itt a l T hys s e nKrupp Klo e c k ne r R ye rs o n R e lia nc e
AM3S
Steel production
AM3S is the worlds largest steel distributor and processor
*Sources: company reports
4

6. AM3S is distributing and processing 38%*
of Group shipments to distribution
ArcelorMittal distribution network
Other steel
ArcelorMittal steel production network
producer
111mt of shipments 85% of AM3S
needs 15%
Direct Direct AM3S
distribution Other
distribution
Distribution Service
Other Construction International
to large distributors
Centers
Distributors (trading)
customers 5.4mt 0.7mt
Approx 20mt
5.1mt 12mt
Distribution
Final customer
This relatively low level of internal distribution and the small size of AM3S
relative to the group represents a unique growth opportunity
*Excluding shipments directly distributed by mills to large customers
5

7. Benefits and synergies resulting from
downstream integration
• Optimising supply chain management & working capital requirement
• Optimising upstream utilization: Supports mill sales in low market periods and complements
Benefits to
Group sourcing in tight markets
ArcelorMittal
• Providing market intelligence: Gives us insight into market trends, customer needs
mills
(including new products) and activities of competitors
• Improving and stabilising our mills’ market shares in domestic markets
• Improving global value chain efficiency with shared inventories and logistics flows
• Benefiting from ArcelorMittal brand and leadership
Benefits to • Offering new products and custormer assistance with support of ArcelorMittal’s unmatched
AM3S R&D capability
• Expanding and gaining market share due to improved sourcing and support from
ArcelorMittal industrial network
• Offering direct access to ArcelorMittal’s unique range of products, services and solutions for all
size of customer
Benefits to • Reducing delivery times and improving product availability due to close relationship with
Customer upstream mills
• Benefiting from improved price stability and reduced risk due to ArcelorMittal sustainable price
policy
AM3S to benefit from superior growth opportunities
6

8. Steel Solutions and Services
7

9. Unique services and value to customer
supported by a unique organisation
Sales breakdown of AM3S excluding Turnover by tonne processed or distributed in 2006
AM International (trading) (base 100 for HRC in North Europe)
300
Construction
11% 250
200
150
Distribution
100
51%
Services
50
Centers
38%
0
HRC* Service Centers Distribution Construction
AM3S is the only steel distributor and processor offering a large range of value added
products and services going from simple distribution to innovative steel solutions
*Source: CRU
8

10. ArcelorMittal Distribution
ArcelorMittal Distribution geographical layout
Steel Distribution Network
- Network of agencies/warehouses; local retail
distribution of full range of products (flat, long,
tubes, technical & special steels)
Total Offer Provider
- Heavy processing / semi-finished products for
large industrial customers
Projects
- Innovative and dedicated solutions for building,
construction and oil&gas industry.
krowten liateR
redivorP reffO latoT
stcejorP
A strong growth potential in emerging markets
5.4 million tonnes distributed annually from 19 countries and 230 locations
9

11. ArcelorMittal Steel Service Centers
ArcelorMittal Steel Service Centers geographical layout
Flat Carbon Steel Processing
- Slits, sheets & blanks, including shaped
and punched blanks
Just-in-time delivery of ready-to-use steel
products
- Automotive and general industry
customers
Optimised logistics offer:
a unique network in Europe
skrowten retneC ecivreS leetS
A strong growth potential
5.2 million tonnes processed annually in 10 countries at 44 plants and 200 production lines
10

12. ArcelorMittal Construction
ArcelorMittal Construction geographical layout
Steel solutions for contemporary
architecture
- Façades, roofs, floors and interior design
- Tailor-made offerings and large range of
products
- Sales in square meters more than tonnes
Promote steel in Construction
- Solutions for contractors (ready-to-use
products for faster construction)
- Solutions for architects (aesthetic and
modular steel solutions for creativity)
ynapmoc laicremmoc dna noitcudorP
Opportunities to grow in developing
economies
Approx. 700,000 tonnes shipped annually from 52 manufacturing sites in 25 countries
11

13. ArcelorMittal International
ArcelorMittal International geographical layout
- Sales & Marketing for
Group mills exports
- Trading
- End-user contacts
in all markets
- Market intelligence resource
- Credit risk management
& know-how in export markets
saera ssenisuB
A global organisation allowing us to capture
gnidart / selas rof smroftalP
best commercial opportunities
12 million tonnes shipped annually with >50 offices on 5 continents
12

14. Strategy and growth plan
13

15. High level strategic priorities
Expanding
Adding value
Strengthening
operation in fast
with new
of European
growing and
products and
core leadership
strategic markets
services
• Improving service provided to
• Reinforcing market share in • Accompany or precede
large industrial customers
West Europe and in particular in upstream strategies in fast
(Faurecia, Carrier, Otis,…)
Germany, Italy and UK growing areas
• Developing new sophisticated
• Leveraging upstream leadership
processing (blanks) for
in Central & Eastern Europe to
automotive industry
implement AM3S business
model in those high growth • Thorough segmentation
markets
Growth and value- added plan to be realised
through internal investment, greenfield and M&A
A strategic focus on growth and value
14

16. Growth plan and targets for AM3S
AM3S growth target for 2009 and 2012*
• Target to grow shipments by 60% over
next 6 years and distribute & process 50%
of Group deliveries* 20
>60%
18
– Reach around 25% market share in all 16
major European countries
14
– Take positions in fast growing
12
economies
– Develop presence in BRICET 10
17
– Review other development opportunities 8
14
6
11
• Growth will be fueled through M&A and/or 4
greenfield capex depending on market
2
conditions and/or acquisition
opportunities 0
2006 2009 2012P
Dow nstream
38% > 45% > 50%
integration*
“Make or Buy” alternative cautiously monitored to focus on accretive acquisitions
*Excluding shipments directly distributed by mills to large customers and excluding ArcelorMittal International (trading)
15

17. Progress in growth plan since 2006
AM3S growth initiatives realized or announced since 1st August 2006
Initiative Location Type of facility or name of acquisition Volume
Greenfield Poland (Krakow) Steel Service Center 450,000t
Greenfield Poland (Rawa) Panel & Profiling lines for Construction 50,000t
Greenfield Slovakia (Senica) Steel Service Center 200,000t
Greenfield Slovakia (Senica) Profiling line for Construction 35,000t
Greenfield Czech Republic Steel Service Center 250,000t
(Ostrava)
Greenfield Romania Panel & Profiling lines for Construction 17,000t
(Bucarest)
M&A Turkey Acquisition of Rozak 460,000t
An expansion of 1.5 million tonnes with 69% greenfields and 31% acquisitions
16

18. Central & Eastern Europe growth plan
AM3S current locations in CEE
Leveraging ArcelorMittal leadership in region
• ArcelorMittal mills strong presence in CEE boosts
AM3S commercial presence
• Since January 2007, expansion of 900kt greenfield
• The largest investments have been concentrated in
Poland, as the main country in the area:
– new SSC in Kracow (450kt)
– new panel plant in Rawa (50kt)
• AM3S has also entered into JV with Gonvarri in
Slovakia.
• Several M&A projects under negotiation
Shipments target in region (mt)
4.0 x3.5
3.0
Distribution
2.0
Construction 3.5
Service Centers 1.0
1.0
0.0
2006 2012P
50% of volume target can be achieved by organic growth
due to synergies with ArcelorMittal mills (logistics & product range)
17

19. Turkey, Middle East & Caspian area
growth plan
Reinforcing position in region with Rozak
ArcelorMittal network in Turkey, Middle East and Caspian area
• Estimated local market share: 15%
• Balanced product mix:
– Plates: 46%
– Beams:43%
– Pipes: 3%
– Other:8%
• Good channel for ArcelorMittal mills,
especially for sections from Spain and
Luxembourg, + Poland and Galati
material.
ytilicaf noitubirtsiD
sretneC ecivreS • Rozak volume expected to grow from
stcejorP 460,000t to 1mt by 2010
noitcurtsnoC
noiger ni tnalp leets rojam lattiMrolecrA
Local player with regional growth potential
well positioned to build ArcelorMittal presence in Caspian area
18

20. Central & South America growth plan
ArcelorMittal industrial network in Latin America Leveraging steel making expansion
laeralliV htiw VJ • AM3S roadmap: complete network to sustain growth
• CST, which will expand its production (galv & HR
material)
• Sicartsa, after recent integration into ArcelorMittal
• Trinidad & Tobago
Shipments target in region (mt)
2.5 x2.5
2
1.5
lattiMrolecrA
2.0
tnalp leets 1
radnicA & ogleB
krowten 0.5
0.8
0
2006 2012P
Development scenario under assessment
19

21. Conclusion
20

22. Growing AM3S
ArcelorMittal global industrial leadership offers a unique
opportunity to expand AM3S
Growth expected to be both internal and external (M&A)
A minimum 60% growth target by 2012
Question 5
Do you think AM3S growth relative to the metal
distribution & processing metals industry will be:
1 – Faster
2 - Similar
3 – Slower
Transforming tomorrow
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23. Q&A
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