1. Q411 and FY 2011
Post Results Roadshow
Investor Relations February 2012

2. Disclaimer
•Forward-Looking Statements
This document may contain forward-looking information and statements about
ArcelorMittal and its subsidiaries. These statements include financial projections and estimates
and their underlying assumptions, statements regarding plans, objectives and expectations with
respect to future operations, products and services, and statements regarding future performance.
Forward-looking statements may be identified by the words “believe,” “expect,” “anticipate,”
“target” or similar expressions. Although ArcelorMittal’s management believes that the
expectations reflected in such forward-looking statements are reasonable, investors and holders
of ArcelorMittal’s securities are cautioned that forward-looking information and statements are
subject to numerous risks and uncertainties, many of which are difficult to predict and generally
beyond the control of ArcelorMittal, that could cause actual results and developments to differ
materially and adversely from those expressed in, or implied or projected by, the forward-looking
information and statements. These risks and uncertainties include those discussed or identified in
the filings with the Luxembourg Stock Market Authority for the Financial Markets (Commission de
Surveillance du Secteur Financier) and the United States Securities and Exchange Commission
(the “SEC”) made or to be made by ArcelorMittal, including ArcelorMittal’s Annual Report on Form
20-F for the year ended December 31, 2010 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.
1

3. Agenda
• Core strengths, performance and guidance
• Market update
• Q4 financials
• Balance sheet
• Segment performance
• Appendix
2

4. Core strengths
Quality core assets
Leader in auto Steel
Consistent World-class Mining
Sustainable
Strategy Returns
Cost Improvement
Stronger Balance Sheet
ArcelorMittal in a strong position to respond to evolving markets
3

5. Safety performance
Annual Health & Safety frequency rate* for mining & steel Key corporate social responsibility highlights:
3.2
2.8
• ArcelorMittal was recently named in global
2.4 human resource firm Aon Hewitt’s list of Top
2.0 Companies for Leaders. ArcelorMittal was
ranked in the top seven companies in Europe.
1.6 3.1
1.2 2.5
1.9 1.8
0.8
1.4
• On December 2, 2011 ArcelorMittal
0.4 1.0 celebrated its 4th annual International Volunteer
Work Day. Within this event, thousands of
0.0
ArcelorMittal employees volunteer in one of the
2007 2008 2009 2010 2011 2013
different activities that are carried out in its units
Quarterly Health & Safety frequency rate* for mining & steel to improve the lives of the people in the
community.
1.6
1.2
• On October 13, 2011 ArcelorMittal was given
the "Life Cycle Assessment Leadership" award
0.8 1.6 1.5 by The Worldsteel Association, which
1.4 1.5
1.2 recognises the quality of the work performed by
0.4 the Life Cycle Analysis team of Global Research
and Development, based in Maizieres.
0.0
4Q 10 1Q 11 2Q 11 3Q 11 4Q 11
ArcelorMittal’s Health and Safety performance improved again in Q411 and FY11
* IISI-standard: Fr = Lost Time Injuries per 1.000.000 worked hours; based on own personnel and contractors

6. Snapshot
1H
• FY’11 EBITDA of $10.1bn, 18.7% higher Group EBITDA (US$mn)
than FY’10
12000
• FY’11 Net income of $2.3bn, with Q4 10000
negatively impacted by non-cash charges 8000 2H
2H
6000
• Own iron ore production 15.1Mt in 4Q’11
taking FY’11 to 54.1Mt (+10.5% y-o-y) 4000 2H
1H
2000 1H
• Net debt at December 31, 2011 of $22.5 1H
billion as compared to $24.9bn at 0
September 30, 2011; reduction of $2.4bn 2009 2010 2011
during 4Q’11 Net Debt
30.0 3.2 3.5x
• Dividend proposed at $0.75 per share for 25.0 3.0x
FY 2012 20.0
2.3
2.5x
2.2
2.0x
15.0
1.5x
• Guidance: 1H’12 EBITDA likely to be lower 10.0 1.1 `
1.0x
than the 1H’11 but above 2H’11 levels 5.0 0.5x
0.0 0.0x
2008 2009 2010 2011
Net Debt (USDbn) - LHS Net Debt / Average EBITDA - RHS
1H’12 EBITDA is likely to be lower than the 1H’11 but above 2H’11 levels
5

7. Global apparent steel consumption
1400
1200 RoW: +5.7% YoY
RoW: +3.8% YoY 6.5-7%
1000
NAFTA: +9.7% YoY NAFTA: +5.5% YoY*
800
6.5-7%
EU27: +/- 1% YoY*
EU27: +6.1% YoY
600
400
China: 7.7% YoY China: +5% YoY
200 6.5-7%
0
2008 2009 2010 2011 2012
China EU27 NAFTA ROW
Apparent steel consumption growth of +6.3% in 2011; we estimate growth ~4.5-5%* in 2012
* Base case assumption is low single-digit growth in developed world apparent steel consumption (ASC); a consumer-sentiment driven technical recession in EU and US could lead to a low
single-digit decline in developed world ASC; a deeper Euro-debt crisis with negative YoY GDP growth could see low double-digit decline in developed world ASC 6

8. Operational optimisation is a key to our
competitive advantage
Management gains plan (USD billion annualized) Asset optimization (USD million annualized)
5.0
1000
4.5 Target of $4.8bn by end of 2012
900
4.0
800
3.5
700
3.0
600
2.5
500
2.0
400
1.5
300
1.0
200
0.5
100
0.0 0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2012 2011 2012 2013
2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 Target
• Strong track record of management gains • Focus on “Core” assets will ensure lowest cost
– During crisis plans were accelerated footprint achieved and yield significant savings;
– Achieved $4.0bn of gains by Q411; largely target $1bn by end-2012
SG&A and fixed costs related – Announced intention to close 2 blast furnace, sinter
– Target of $4.8bn by end of 2012; next set of plant , steel shop and continuous casters in Liege,
savings are largely variable cost and based on Belgium
operational improvements
Management gains to contribute to group EBITDA in 2011 and 2012
7

9. Outlook and guidance
Steel: EBITDA progression 2009 to 1H 2012E ($million)
- Steel shipments in 1H’12 are expected to be similar
to 1H’11 levels
Mining: 1 20 0 0
- Mining volumes in 1H’12 are expected to be higher
than 1H’11 1 00 0 0
- FY 2012 own iron ore and coal production is
expected to increase by approximately 10% over 80 0 0 2H
2011 levels
2H
60 0 0
Capex:
- Continued focus on core growth capex (mining)
40 0 0 2H
- FY 2012 capex expected to be ~$4-4.5 billion 1H
1H
20 0 0 1H
Debt and working capital:
1H
- Further reduction in net debt anticipated with focus
0
on working capital management and non-core asset
2 00 9 2010 2 0 11 1 H 20 1 2
divestments
- Consistent with stated objective to retain investment
grade credit rating
1H’12 Group EBITDA expected to show improvement over 2H’11 but lower than 1H’11
8

10. Capex and Growth Plans
• Steel growth capex has been
temporarily suspended
• Focus remains on core growth
capex in Mining:
– Liberia: phase 1 complete and running
at 4MT pa; phase 2 to 15Mt pa
Upgrade railway line linking mine to port in Liberia
remains under study
– Andrade Mines (Brazil) - iron ore
expansion to 3.5MT pa (expected
completion in 2012)
– AMMC: Replacement of spirals for
enrichment to increase iron ore
production by 0.8MT pa (expected
2013)
– AMMC: Expansion from 16MT iron ore
to 24MT pa by 2013 underway AMMC: Mont-Wright Mining Complex
2011 capex of $4.8bn vs. planned $5-5.5bn; FY 2012 capex expected to be approximately $4-4.5bn
9

11. Market update
10

12. Apparent demand recovery driving price
rebound
Spot iron ore, coking coal and scrap price
Regional Steel price HRC ($/t)
(index IH 2008=100)
130 Iron Ore
1300
Coking Coal
China domestic Shanghai
120 Scrap N.America FOB Midw est
1200
N.Europe domestic ex-w orks
110
1100
100
1000
90
900
80
800
70
60 700
50 600
40 500
30
400
08
09
10
11
12
8
9
0
1
l-0
l-0
l-1
l-1
08
09
10
11
12
8
9
0
1
n-
n-
n-
n-
n-
l-0
l-0
l-1
l-1
Ju
Ju
Ju
Ju
Ja
Ja
Ja
Ja
Ja
n-
n-
n-
n-
n-
Ju
Ju
Ju
Ju
Ja
Ja
Ja
Ja
Ja
Steel prices rebounding since late Q4
11

13. Apparent demand receded in 4Q’11
Global Apparent Steel Consumption (ASC)* US and European Apparent Steel Consumption (ASC)**
(million tonnes per month) (million tonnes per month)
55 17
Developing ex China EU27
China USA
50
Developed 15
45
13
40
11
35
9
30
7
25
5
20
15 3
07 7 08 8 09 9 10 0 11 1
07
08
09
10
11
7
8
9
0
1
l-0 l-0 l-0 l-1 l-1
l-0
l-0
l-0
l-1
l-1
n- n- n- n- n- n-
n-
n-
n-
n-
Ja Ju Ja Ju Ja Ju Ja Ju Ja Ju
Ju
Ju
Ju
Ju
Ju
Ja
Ja
Ja
Ja
Ja
• Global ASC -5.2% in 4Q11 vs. 3Q11 [+2% y-o-y] • EU ASC -3.4% in 4Q11 vs.3Q11 [-4.9% y-o-y]
• China ASC -10.2% in 4Q11 vs. 3Q11 {+0.2% y-o-y] • US ASC -4.2% in 4Q11 vs. 3Q11 [+13.6% y-o-y]
Global ASC fell in 4Q 2011 v 3Q 2011
* ArcelorMittal estimates
** AISI, Eurofer and ArcelorMittal estimates 12

14. Economic squeeze but sentiment up
Regional Manufacturing PMI
• Global leading indicators have rebounded
65
• US energy, equipment investment and
60 automotive remain strong as manufacturing
rebounds from the summer slowdown
55
• In Northern Europe, uncertainty over the
euro debt crisis and falling demand in the
50
South are acting as a drag on growth. Latest
indicators (German Jan’12 PMI>50) are
45 China more encouraging
Euro Area
40 USA • Southern Europe in recession as austerity
measures are extended, consumers cut
35
back and construction weakens
• Output in China in Q4’11 slowed on tight
30
credit and weak external demand with HSBC
06
07
08
09
10
11
12
6
7
8
9
0
1
PMI staying below 50 (official PMI 50.5)
l-0
l-0
l-0
l-0
l-1
l-1
n-
n-
n-
n-
n-
n-
n-
Ju
Ju
Ju
Ju
Ju
Ju
Ja
Ja
Ja
Ja
Ja
Ja
Ja
Global leading indicators have rebounded somewhat over the past couple of months
Source: Markit and ISM
13

15. Mixed signs in construction end markets
US construction indicators (SAAR) $bn*
800 Residential • Developed world construction at low levels
700 Non-Residential
600 • Encouraging signs in the US,
500
– Private non-res construction slowly picking up;
400
Architectural Billings Index above 50 (52 in Dec)
300 for last two months suggesting recovery H2’12
200
– US residential construction likely to recover (from a
very low level) as home sales and construction
02
03
04
05
06
07
08
09
10
11
n-
n-
n-
n-
n-
n-
n-
n-
n-
n-
permits rise
Ja
Ja
Ja
Ja
Ja
Ja
Ja
Ja
Ja
Ja
Eurozone and US construction indicators**
Eurozone construction PMI
• In Europe, uncertainty caused by the debt
65 crisis is delaying investment
Expansion
USA Architectural Billings Index
60
55 – Construction PMI falling further below 50
50 – German construction market the only one with
45 solid fundamentals as it missed the pre-crisis
boom.
Contraction
40
35
– Mild weather providing temporary boost to most
30 markets
06
07
08
09
10
11
n-
n-
n-
n-
n-
n-
Ja
Ja
Ja
Ja
Ja
Ja
Encouraging signs in US construction, but European construction remains depressed
* Source: US Census Bureau
** Source: Markit and The American Institute of Architects
14

16. China slowing but steel output to rebound
China Construction Indicator (Million Metre sq.)
• Soft landing still expected in China but the
350
Floor Space under construction (12mma)
government is only loosening policy slowly
310
New ly Started Construction (SA, 3mma)
putting off the recovery until Q2’12
270
230 • Construction slowed rapidly toward year end
190
with newly started construction very weak in
Dec’11. However, the slowdown is exacerbated
150
by the Nov’11 deadline to start 10m public
110
housing units
70
• Risk of a hard landing as controls on private
05
06
07
08
09
10
11
n-
n-
n-
n-
n-
n-
n-
Ja
Ja
Ja
Ja
Ja
Ja
Ja
real estate market cause distress among
Net Exports of Finished Steel (Mt per month)
developers but we expect central government
to ensure this is offset by increasing public
6.5 housing
5.5
4.5 • Steel production was very weak in Q4’11 but
3.5 we still expect a pick-up through Q1’12 to peak
2.5 levels in Q2’12 and ASC growth of 5% in 2012
1.5
0.5 • As expected exports averaged less than 4mmt
-0.5 in Q4’11 compared to a 4.9mmt peak in Mar’11
06
07
08
09
10
11
6
7
8
9
0
1
l-0
l-0
l-0
l-0
l-1
l-1
n-
n-
n-
n-
n-
n-
Ju
Ju
Ju
Ju
Ju
Ju
Ja
Ja
Ja
Ja
Ja
Ja
China ASC grew 7.7% in 2011; Expected to grow 5% in 2012
15

17. Destocking has ended in major markets
Europe Service Centre Inventories (000 MT) US Service Centre Total Steel Inventories (000 MT)
2600 3.4
14000 USA (MSCI) 3.6
3.2
2400 EU (EASSC) 12000 3.4
3 Months Supply
2200 Months Supply 3.2
2.8
10000
2000 3
2.6 8000
1800 2.8
2.4 6000
1600
2.6
2.2 4000 2.4
1400 2 2000 2.2
1200 1.8
0 2
1000 1.6
07
08
09
10
11
7
8
9
0
1
l-0
l-0
l-0
l-1
l-1
n-
n-
n-
n-
n-
07
08
09
10
11
7
8
9
0
1
Ju
Ju
Ju
Ju
Ju
l-0
l-0
l-0
l-1
l-1
Ja
Ja
Ja
Ja
Ja
n-
n-
n-
n-
n-
Ju
Ju
Ju
Ju
Ju
Ja
Ja
Ja
Ja
Ja
Brazil Service Centre Inventories (000 MT) China Inventories in 25 Major Cities (Mn MT)
Flat stocks at service centres
1,400 4.5 20
Months of supply
1,300 18 Flat Long
1,200 4 16
1,100 14
3.5
1,000 12
900 3 10
800 8
2.5 6
700
600 2 4
500 2
400 1.5
7
8
9
0
1
07
08
09
10
11
12
l-0
l-0
l-0
l-1
l-1
n-
n-
n-
n-
n-
n-
Ju
Ju
Ju
Ju
Ju
Ja
Ja
Ja
Ja
Ja
Ja
07
08
09
10
11
7
8
9
0
1
l-0
l-0
l-0
l-1
l-1
n-
n-
n-
n-
n-
Ju
Ju
Ju
Ju
Ju
Ja
Ja
Ja
Ja
Ja
Inventory levels are now considered normal; there had been a sharp destock in Europe Q4’11
16

18. Q4 financials
17

19. EBITDA analysis 3Q11 v 4Q11
EBITDA bridge 3Q’11 to 4Q’11 ($million)
(127)
(673)
18 88
2,408
1,714
Q3'11 EBITDA Volume & Mix Selling Price / Non Steel Others** Q4'11 EBITDA
Cost EBITDA*
EBITDA decreased by 28.8% in 4Q’11 v 3Q’11 primarily due to price/cost squeeze
* Non Steel EBITDA variance primarily represents the gain/loss through sale of by- products
** Others primarily represents delta impact from provisions, DDH income and forex (net impact on revenue and costs)
18

20. Group P&L
($million) Depreciation: (1220) Interest: (429)
impairment: (228) Forex and other: 13
Weighted Avg No of shares: 1549
Restructuring (219) Current tax: (185)
Diluted Weighted Avg No of shares: 1549
Deferred tax: (648)
4Q 2011
Non-controlling 25
EPS = $ -0.65/share
Diluted EPS = $ -0.65/share
1714 -1667
177 -416
47 0
-192
-1000 -1000
-808
(0)
and restructuring charges
Depreciation impairment
Net income/ (loss)
Income from Equity
Continuing Ops
controlling Interest
Pre-tax Profit
Taxes and non-
Net income /
Finance Cost
Discontinued
Operating
(Ioss) from
Operations
EBITDA
Income
($million)
Depreciation: (1155) Interest: (477)
impairment: (85) Forex and other 85
Weighted Avg No of shares: 1549
Current tax: (209)
Diluted Weighted Avg No of shares: 1611
Deferred tax: 55
-1,240
3Q 2011
Non-controlling 31
EPS = $ 0.43/share
2,408 Diluted EPS = $ 0.19/share
6
-392
-123
1,168
782 659 659
(0)
Net loss from continuing operations was $1 billion during 4Q’11
19

21. Free Cash flow
($million)
Change in w orking
capital
(679) Capex
Net
1,843
financials,
tax
expenses
(1,475)
and others
2,878
1,714
1,403
Cash flow from
EBITDA operations Free cash flow
Free cash flow primarily driven by working capital release
20

22. Group Cash flow and net debt
($million)
1403
24,887 830
289 332 98
22,513
Net Debt at 30 Free Cash Net M&A Dividends Forex Others Net Debt at 31
September 2011 Flow December 2011
Net debt decreased primarily due to improved operating cash flow and cash inflow from Macarthur deal
21

23. Balance sheet
22

24. Strong balance sheet focus
Investment grade remains a strategic priority
Net Debt ($billion) Average maturity (years)
6.0
35 32,5 5.2
30 5.0
25 22,5 4.0
20
3.0 2.6
15
2.0
10
5 1.0
0 0.0
Q308 Q411 Q308 Q411
Liquidity ($billion) Bank debt component of total debt (%)
16.0
90 85
12.0 12.5
80
12.0
70
60
8.0 50
40
4.0 30
20 15
0.0 10
Q308 Q411 0
Q308 Q411
Strong balance sheet and liquidity – investment grade strategic priority
23

25. Balance Sheet highlights
OWC and rotation days* (USD billion) Net Debt (USD billion) & Net Debt/Average EBITDA** Ratio (x)
28 140 35 2.0x
1.6x
24 120 30
67 days 1.5x
20 100 25
16 80 20
1.0x
12 60 15
10 `
8 40 0.5x
4 20 5
0 0.0x
0 0
2Q 7
3Q 7
4Q 07
1Q 7
2Q 8
08
4Q 8
1Q 8
2Q 9
09
4Q 9
1Q 9
2Q 0
3Q 0
4Q 0
1Q 0
2Q 11
3Q 1
4Q 1
11
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
2Q 07
3Q 07
4Q 07
1Q 07
2Q 8
3Q 08
4Q 08
1Q 08
2Q 09
3Q 9
4Q 09
1Q 09
2Q 10
3Q 10
4Q 0
1Q 10
2Q 11
3Q 11
4Q 11
11
1Q
3Q
3Q
0
0
1
1Q
Net Debt (USDbn) - LHS Net Debt / Average EBITDA - RHS
Working capital (USDbn) - LHS Rotation day - RHS
Rotation days decreased to 67 days during 4Q’11 from 73 days in 3Q’11
* Rotation days are defined as days of accounts receivable plus days of inventory minus days of accounts payable. Days of accounts payable and inventory are a function of cost
of goods sold. Days of accounts receivable are a function of sales. 24
** Based on yearly average EBITDA since January 1, 2004.

26. Liquidity and debt maturity profile
Liquidity position at December 31, 2011 Debt maturities
(US$ billion) (US$ billion)
12
9.7
12.5 10
8
6
4.2
4.0 3.7
Unused 4
2.8 2.0
credit lines
8.6 2
0
2012 2013 2014 2015 2016 >2016
Bonds Convertibles Long term debt facility Other Commercial Paper
2.8
Cash &
0.6
equivalent 3.9
Commercial paper Liquidity lines:
2.2 Short term debt & – $4bn syndicated credit facility matures 06/05/15
Others
– $6bn syndicated credit facility matures 18/03/16
Liquidity at 31/12/11 Debt due in 2012
– $0.3bn bilateral facility matures 30/06/13
Continued strong liquidity position and lengthening of debt maturities
25

27. Investments in Associates &
Joint Ventures
USD Million
Investee Location Stake 31.12.11 31.12.10
Erdemir Turkey 26% 1378 1596
China Oriental China 47% 1475 1337
DHS Group Germany 33% 1149 1190
Hunan Valin China 30% 691 686
Enovos Luxembourg 23% 597 614
Kalagadi Manganese South Africa 50% 397 496
Gestamp Spain 35% 506 468
Gonvarri Industrial Spain 35% 408 384
Others 2440 2473
Total 9041 9244
McArthur 0 908
As per 20F 9041 10152
Investment in associates and joint ventures ~$9bn
26

28. Mining growth
27

29. Iron ore growth 2010-2015, target 100MT
including strategic contracts
Own iron ore growth target (million metric tonnes) (Excluding strategic contracts)
100 Liberia
Phase
1&2
Canada
80 • On track for 10%
Brazil 14
growth in iron ore in
Liberia 2011.
Canada
Phase 1 11
60 • Strategic contracts
5
1 1 forecast of 16Mt by
3
2015*
40 84 • Target iron ore at
~100MT by 2015
54 (including strategic
49 contracts)
20
0
2010 Operational Brow nfield Greenfield 2011F Operational Brow nfield Greenfield 2015 plan
efficiency efficiency
2015 iron ore target growth plan on track
* Strategic contracts include the Kumba (currently under dispute) and Cleveland Cliffs contracts
** Includes the US$0.9 billon investment in expanding the pellet plant at AMMC which has not yet been committed to

30. Liberia progress
Liberia greenfield progress Industrial location of mine
• Phase 1: DSO complete
– 240km rail rehabilitation completed Guinea
– Upgrade of Buchanan port and material
handling facilities completed
– First direct shipping ore (“DSO”) product
shipped in September 2011 Sierra Leone
– Now producing at 4mtpa rate
Atlantic Yekepa
Ivory Coast
Ocean
• Phase 2: 15mtpa concentrate from Buchanan
2015 Railway link from Yekepa Liberia
to Buchanan (240km)
– Expansion to 15mtpa requires
investment in a concentrator and Liberia greenfield planned expansion (Million MT)
remains under study 16 All marketable tonnes
12
8 15
• Total project capex (Phase 1 and 2) US$2 billion `
• Capex of US$0.7 billion by end of 2011 4
4
0 1
2011 2012F 2015F
Liberia expansion on track
29

31. Baffinland represents future growth
Baffin Island overview
• In partnership with Nunavut,
ArcelorMittal has acquired a controlling Baffin
Bay
interest in Baffinland; ArcelorMittal Mary River
mine site
holding is 70% Proposed railway
Baffin
alignment
Island
• Baffinland owns the Mary River project, Steensby
inlet camp
a tier-1 iron ore resource in northern and proposed
Canada port Foxe Basin
• In-situ Fe grades of 64.7%, high-quality
product, significant and scalable
resource
• ArcelorMittal already has a significant
iron ore presence in Canada through
ArcelorMittal Mines Canada, operating 2 Steensby Rotterdam = 3100 nautical miles
iron ore mining operations, concentrator
and pellet plant
miles
tical
0 nau
= 500
rdam
Rotte
il
Braz
Acquisition of Baffinland demonstrates ArcelorMittal’s commitment to building a
world-class mining business
30

32. Segment performance
31

33. Segment Highlights
Segmental EBITDA (US$mn)
• FCA: EBITDA + 50% y-o-y; $43 EBITDA/t
1000 – Weaker prices in all markets; ASP -$42/t compared to 3Q’11
900 – Shipments 0.5% marginally higher than 4Q’10
800
700
600 • FCE: EBITDA -95.2% y-o-y; $4 EBITDA/t
500
400 – ASP -67/t compared to 3Q’11
300 – Shipments 6.1% lower than 4Q’10
200
100
0 • Long: EBITDA +7.3% y-o-y; $58 EBITDA/t
-100
FCA FCE Long AACIS AMDS Mining – ASP -$61/t compared to 3Q’11
Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 – Shipments 2.6% higher than 4Q’10
• AACIS: EBITDA +10.7% y-o-y; $78 EBITDA/t
Steel Segment EBITDA/tonne (US$) – ASP -$58/t compared to 3Q’11
– Shipments -9.6% lower than 4Q’10
175
150 • AMDS: EBITDA loss -$19 million
125
– ASP -$62/t compared to 3Q’11
100
75 – Shipments 4.3% higher than 4Q’10
50
25
• Mining: EBITDA +36.7% y-o-y
0 – Sales +47.8% higher than 4Q’10
-25 – Own iron ore production +20.2% y-o-y;
Q4'10 Q1'11 Q2'11 Q3'11 Q4'11
– Own coal production +24.5% y-o-y
FCA FCE Long AACIS AMDS
Q4’11 saw underlying EBITDA decline versus Q3’11 in all business segments reflecting
weak operating conditions
32

34. Flat Carbon Americas (FCA)
FCA - EBITDA (US$mn, LHS) and ASP (US$/t, RHS)
1000 1000
800 900 • EBITDA decreased to $237m from $420m
600 800 in Q3’11 and increased from $158m in
Q4’10
400 700
200 600 • Crude steel production increased 2.4% to
0 500 6.0Mt from 5.9Mt in Q3’11 primarily due to
return to normal production following
Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 downtime in North America operations in
Q3’11 offset by lower production primarily
FCA Steel shipments (000t) in South America operations.
5800
5600
• Steel shipments decreased 4.4% to 5.5Mt
5400 from 5.7Mt in Q3’11 primarily due to
5200 weaker market condition in South America
5000 offset by improved auto market demand in
4800 North America
4600
4400
4200
• ASP decreased 4.6% to $868/t from $910/t
4000 in Q3’11
Q4'10 Q1'11 Q2'11 Q3'11 Q4'11
FCA EBITDA decreased sharply from Q3’11 primarily due to price cost squeeze
33