- The document discusses opportunities and challenges in the global steel industry. It notes that demand is expected to grow 3-5% annually for the next 10 years, driven by industrialization in China and emerging economies. - ArcelorMittal is well positioned to capture opportunities through geographical and product diversification, upstream/downstream integration, and partnerships in fast-growing markets like China and India. - While mature markets in Europe and North America remain important, new growth areas include Africa, the Middle East, CIS countries, and South America, where per capita steel consumption is still relatively low.

1. Transforming tomorrow
Lakshmi Mittal – President and Chief Executive Officer
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
• 3 major achievements
• Industry opportunities and challenges
• Growth targets and strategy
• Conclusion
2

4. 3 major achievements
3

5. A successful proactive adjustment of
supply for improved market stability
Analysis steel downturns in the US market
HRC – North America domestic FOB US Midwest mill
since 1997
$/short ton
800
Date Length of the Drop in HRC
700
downturn price during
period
600
April 1997 to March 1999 24 months -33%
500
April 2000 to December 2001 21 months -36%
IC
RO
le
nab
400 July 2002 to July 2003 13 months -33%
tai
Sus
ost
hc
cas August 2004 to July 2005 12 months -39%
300
s try
Indu
July 2006 to January 2007 7 months -23%
200
J a -98
Ja 9
Ja 0
J a -01
J a -02
J a -03
J a -04
J a -05
J a -06
7
April 2007 to August 2007 5 months -12%
Ju 9
Ju 0
Ju 1
Ju 2
Ju 0 3
Ju 0 4
Ju 0 5
Ju 0 6
Ju 7
l-9
l-0
l-0
9
0
0
0
0
n-
n-
n-
n-
n-
n-
n-
n-
n-
l
l
l
l
l
l
l
Ju
ArcelorMittal step-change in the consolidation process has been the main
driver of a new market oriented behaviour
4
Source: SBB

6. A successful and faster than anticipated
integration
ArcelorMittal annualised synergies
Integration milestones
- Announcement of Group Management SG&A and other 1,280
Q3 Manufacturing & Process Optimisation
board Purchasing
2006
Marketing & Trading
- Value plan 2008 harmonised and synergies
target confirmed top down 973
- Integration office in place
- Internal roadshow
Q4
2006 - Announcement of the complete organisation 573
- Synergies target confirmed bottom-up and
incorporated in budget
Q1 - Launch of Web-TV and intra-net
2007 - Human Resources harmonisation 269
- Worldwide H&S day
- Closure of the integration office
Q2 - Brand launch
2007
- Acceleration of captured synergies Captured at Captured at Captured at Estimated at
31/12/06 31/03/07 30/06/07 30/09/07
More synergies captured in purchasing and SG&A than expected
5

7. A successful 3 dimensional strategy for
sustainability and for growth
Geography Value Chain
Products
Geographical breakdown of
Upstream and downstream
Shipments by products
production in 2006
integration
in 2006
Stainless Pipes & Tubes
2% 1%
Africa 100%
Wire products
7%
90%
Slabs
3%
North America
7%
80%
22%
CIS and Central Sections
70%
Asia 8%
HRC
10%
60%
Wire Rod 21%
8%
50%
40%
Bars & Rebars
Central & East
30%
9%
Europe South America
45
18% 20% 38
9%
Semi Long
CRC
10%
4%
10%
0%
Other flat
Internal iron ore Distribution through
4%
Coated
Tin plate
Plates production and AM3S
West Europe 16%
3%
4% strategic contracts
34%
A unique geographical and product diversification coupled with upstream and
downstream integration providing reduced risk and cyclicality
6

8. 3 achievements improving resilience
to cycle and preparing growth
ArcelorMittal EBITDA pro-forma
EBITDA growth dynamic from:
USD16bn USD14.9bn USD15.3bn
- Brownfield and greenfield expansion
USD 14.4-14.6bn
- Value added investment
- Mining and distribution growth
- Cost reduction and management gains
- Merger synergies
- Targeted acquisition
9m 2007G*
2004 2005 2006
HRC FOB US Midw est $/s.ton
Stability period Step change period
Pre-merger Post-merger
7
*Guidance

9. Industry opportunities and challenges
8

10. A new demand growth dynamic due to
China and emerging economies
World steel apparent demand from 1950 to 2006 Breakdown of world population
– millions of tonnes
Developed
World*
1400 15%
+7%/y
1200
China
22%
+1%/y
Emerging World
1000
63%
800
Steel consumption per capita in 2006 (kg)
600 +5%/y
500
400
400
300
467
200
200
266
100
0
86
0
19
19
19
19
19
20
50
60
70
80
90
00
Emerging World China Developed
World*
World steel market expected to grow by 3 to 5% per year for the next 10 years driven by
continuing industrialisation from China and emerging economies
9
* Developed world includes US, Canada, EU15, Japan and Korea
Source IISI

11. Chinese growth expected to continue at
strong pace in two of the “three Chinas”
Steel consumption per capita in 2006e (kg)* Steel consumption per capita in 2006 (kg)
1200
1000
800
600
1002
845
400
606
200
266
0
China Japan Taiw an Korea
West Middle Apparent consumption of finished steel (mt)*
Coastal
China China China 700
(80 kg) High case and low
(100 kg) 600
(575kg) case scenario
500
400
300
200
Development and Population
growth potential Migration 100
0
20 P
20 P
P
84
86
88
90
92
94
96
98
00
02
04
20 6
08
10
12
0
19
19
19
19
19
19
19
19
20
20
20
20
ArcelorMittal is well positioned to capture growth opportunities in China
through its different partnerships and participations
*IISI and ArcelorMittal estimates
10

12. Low steel consumption in South America
represents a growth opportunity
American population breakdown Steel consumption per capita in 2006 (kg)
600
400
Central 200 397
America 117
110
98
77
0
19%
Other Brasil Argentina Venezuela United
South States
America
US & Canada
Apparent consumption of finished steel (mt)*
38%
50
40
30
South 20
America
43%
10
0
P
P
P
94
96
98
00
02
04
06
08
10
12
19
19
19
20
20
20
20
20
20
20
Leader in the region and present in all products (Long, Flat & Stainless steel),
ArcelorMittal is ideally positioned to capture market growth
*IISI and ArcelorMittal estimates
11

13. Africa, Middle East and CIS new growth
supported by the oil and commodity boom
Population in Africa, Middle East and CIS (million) Apparent consumption of finished steel (mt)*
800
600
200
400
200
150
0
Middle East CIS Africa
Steel consumption per capita in 2006 (kg) 100
600
400
50
467
200
248
163
149
62 104
21 57
0 0
IS
*
st
e
a
t
a
a
ld
yp
P
P
P
in
Ea
si
94
96
98
00
02
04
06
C
ric
ric
or
08
10
12
a
us
Eg
er
Af
W
kr
Af
19
19
19
20
20
20
20
e
R
20
20
20
th
U
dl
th
d
er
id
O
e
th
u
M
op
So
O
el
ev
Africa Middle East CIS
D
Number 1 in Africa, CIS and principal supplier of steel to Middle East, ArcelorMittal
has a unique opportunity to leverage its position in those markets
*IISI and ArcelorMittal estimates
12

14. The very promising Indian steel
market
Indian steel industry and main greenfield projects Steel consumption per capita in 2006 (kg)
800
600
400 714
200
266
72
38
0
India South East China Japan &
Asia Korea
SAIL
Essar AM Jharkhand Apparent consumption of finished steel (mt)*
Tata
70
SAIL
POSCO 60
SAIL
Ispat AM Orissa 50
JSW
40
30
20
10
ArcelorMittal Greenfield projects
0
P
P
P
94
96
98
00
02
04
06
08
10
12
19
19
19
20
20
20
20
20
20
20
With 2 major greenfield projects in the country, ArcelorMittal is ideally positioned
to benefit from the strong and sustainable growth of the Indian market
*IISI and ArcelorMittal estimates
13

15. Mature markets to benefit from new
dynamic members in EU27 and NAFTA
Steel consumption per capita in 2006 (kg) Steel consumption per capita in 2006 (kg)
600 600
400 400
531
200 402
344 200 397
293
278
177
161
0
0
Romania Poland Turkey Other new EU 15
Mexico US Canada
EU (10)
Apparent consumption of finished steel (mt)* Apparent consumption of finished steel (mt)*
Central & East Europe European Union (15) Mexico US & Canada
300 200
250
150
200
150 100
100
50
50
0 0
P
P
P
P
P
P
94
96
98
00
02
04
06
94
96
98
00
02
04
06
08
10
12
08
10
12
19
19
19
20
20
20
20
19
19
19
20
20
20
20
20
20
20
20
20
20
Approx. 50% of the EU27 and NAFTA growth is expected to come from Central & East
Europe and Mexico where ArcelorMittal is the leading steel producer
*IISI and ArcelorMittal estimates
14

16. Facing the new challenges
of the steel industry
– Expanding capacity to answer demand growth without creating
over-capacity
Growth
Systematically challenging investments projects
– Responding to customer demands for improved services, quality
and innovations
Product
Investing in value added products and downstream
– Facing constant cost pressure in particular from raw materials
and energy
Cost
Realising operational excellence and global sourcing
– Assuming Corporate Social Responsibility and facing global
Sustainable warming
Development Implementing ambitious CSR strategies
ArcelorMittal strategy to answer the industry’s new challenges
15

17. Growth targets and strategy
16

18. An internal growth plan of more than
20%* increase in shipments by 2012
World crude steel production (million tonnes) ArcelorMittal shipments (million tonnes)
1,800
1,500 - 1,600
1,600 131
140 126
1,400 1,244
120 111
1,200
100
1,000
80
800
60
600
40
400
20
200
- 0
2006 2012P 2006 2012 including 2012 including
projects done or projects under
approved study
World steel production expected to grow
between 20% and 30% by year 2012 (or a Internal growth plan target to increase
yearly growth rate of 3% to 5%, depending ArceloMittal shipments by 22mt* to
on high or low case scenario 130mt by year 2012
ArcelorMittal target for internal growth matching world market low case
scenario growth to ensure healthy supply/demand equilibrium
*Internal growth related to internal investment projects done, approved and under study. Volumes in 2012 are excluding Sparrows point 17
disposal and European remedies and includes Sicartsa acquisition

19. A very achievable target considering
leadership in high growth markets
ArclorMittal production breakdown and market position in 2006 Uncontested global leadership
and capability in:
Latin Am erica Rank No 1
13%
• Marketing
• Purchasing
• Human Resources
Central & East
Rank No 1 • Industrial assets
Europe
18%
• Mining assets
West Europe,
• Technology
US & Canada
• R&D
52% CIS and
Rank No 2 • Financials
Central Asia
10%
… to provide leverage for high
Africa
Rank No 1
return growth in emerging
7%
economies
Approximately half of ArcelorMittal industrial network is located in
high potential growth markets
18

20. Value chain and product growth
adding to volume growth plan
Mining Distribution
Product
growth growth
growth
Iron ore production internal Value added products and AM3S volume increase
growth plan (mt)* enhancement target (mt) target (mt)**
20
70 66
18
20
58
60 +6m t
16
53
14m t
51
+60%
14
50
45
15
12
40
10
10
30 8
6
20
5
4
10
2
0 0
0
Co ated CRC Sectio ns P lates Tin plate Upgraded
2006 2007 2008 2009 2010 2006 2012
pro ducts
by 2012
3 dimension growth strategy not only focused on internal capacity
growth but also mining, distribution and value added mix growth
*excluding strategic contracts Cleveland Cliffs (11.2mt), South Africa (8.5mt) and Brazil (1.4mt)
19
**excluding trading

21. Achieving cost leadership and
operational excellence
Steel industry HRC production cash cost in H2 2006e* ArcelorMittal HRC production cash cost in H2 2006
500
500
Average 420 USD/t
Average 390 USD/t
400 400
300 300
200 200
100 100
0
0
IS
IS
Am a
a
a
n
a
a
a
pe
a
e
ric
ic
ic
pa
ic
ic
si
n
op
C
C
ro
hi
er
er
er
er
fA
Af
Ja
r
&
C
Eu
Eu
Am
Am
Am
to
a
ri c
es
th
th
h
h
Af
ut
ut
R
or
or
So
So
N
N
Example of initiatives
Group strategy
• Knowledge management and best practice • Transfer of best practice from Europe and Brazil to US
• Practical good capital management • Specific energy cost reduction in FCA
• Development of a competitive supply base • Increasing sourcing from China and alternative suppliers
ArcelorMittal strategy is not only about growth but also continuous
cost reduction beyond merger synergies
* WSD, JPM, BCG and ArcelorMittal estimates
20

22. Implementing a Corporate Social
Responsibility strategy
Human
Environment Communities Shareholders
Resources
Communities
Social Environmental Corporate
Commitments
Commitments Commitments Governance
Commitments
• Local economic • Board independence
• Greenhouse gas
• Health & Safety
development
emissions
• Foundation for social
• Waste, water resources • Equal rights among
• Social dialogue
investment practice
and pollution shareholders
• Community
• Research & • Best in class
• Human rights and best
engagement around
Development of product shareholder dialogue
in class labour
new acquisition and
sustainability
standards
resettlements
12 commitments to transform tomorrow
21

23. Conclusion
22

24. ArcelorMittal new dynamic
A strong resilience to economic cycle
An ambitious internal growth plan
Long term Greenfield projects and M&A to accelerate growth
Question 1
ArcelorMittal deserves a premium to Steel industry multiples
due to:
1 - Uncontested leadership
2 - More stable profile
3 - Superior growth profile
4 - Combination of above points
5 - Does not deserve a premium
Transforming tomorrow
23

25. Q&A
24