ArcelorMittal S.A. : ARCELORMITTAL REPORTS FOURTH QUARTER 2012 AND FULL YEAR 2012 RESULTS

 ArcelorMittal S.A. : ARCELORMITTAL REPORTS FOURTH QUARTER 2012 AND FULL YEAR
                                 2012 RESULTS

Luxembourg, February 6, 2013 -  ArcelorMittal (referred to as  "ArcelorMittal" 
or the "Company") (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)),
the world's  leading  integrated steel  and  mining company,  today  announced 
results^[1] for the three and twelve-month periods ended December 31, 2012.

Highlights:

  *Health and  safety  performance  improved  in 2012  with  an  annual  LTIF 
    rate^[2] of 1.0x as compared to 1.4x in 2011
  *FY 2012 EBITDA^[3]  of $7.1 billion  (down 30% y-o-y);  4Q 2012 EBITDA  of 
    $1.3 billion includes  $0.2 billion  from sale of  carbon dioxide  (CO[2]) 
    credits and $0.2 billion gain on Paul Wurth stake disposal^[4], offset  by 
    negative $0.1 billion from employee benefit charges^[5] 
  *FY 2012 net loss of $3.7  billion includes $4.3 billion non-cash  goodwill 
    impairment and  $1.3 billion  charges related  to Asset  Optimization  (of 
    which $0.7  billion  non-cash fixed  asset  impairments and  $0.6  billion 
    restructuring charges) 

  *FY 2012  steel  shipments of  83.8Mt  (down  2.3% y-o-y);  4Q  2012  steel 
    shipments of 20Mt down 2.7% vs. 4Q 2011 

  *FY 2012  iron ore  shipments  of 54.4Mt  (+5.4%  y-o-y), of  which  28.8Mt 
    shipped at market prices^[6] (+2.6% y-o-y)
  *Net debt^[7] decreased by $1.4 billion during 4Q 2012 to $21.8 billion  as 
    of December  31,  2012 (despite  $0.2  billion negative  foreign  exchange 
    effects) due  largely  to  improved  cash flow  from  operations  of  $2.9 
    billion
  *Liquidity^22 increased $1.1 billion to $14.5 billion at December 31, 2012,
    with an average debt maturity of 6.1 years

  *Essential components of Asset Optimization have been announced 

  *Phase II expansion  of Liberia from  4Mtpa direct shipped  ore ("DSO")  to 
    15Mtpa concentrate approved by Board of Directors, with first  concentrate 
    production targeted in 2015

Outlook and guidance:

  *The Company expects reported  EBITDA to be higher  in 2013 as compared  to 
    2012

  *Steel shipments are expected to increase by approximately 2-3% in 2013  as 
    compared to 2012

  *Per-tonne steel margins are expected  to improve marginally with the  full 
    benefits of Asset Optimization expected in 2H 2013

  *Marketable iron ore shipments are  expected to increase by  approximately 
    20%; ArcelorMittal Mines  Canada expansion (AMMC)  to 24mtpa^[8] on  track 
    for ramp up during 1H 2013
  *2013 capital expenditure is expected to be approximately $3.5 billion 

  *Approximately $5 billion  of cash receipts  expected in 1H  2013 from  the 
    capital raise in  January 2013,  and the announced  agreed sale  of a  15% 
    stake in AMMC (assuming completion on schedule), should enable net debt to
    decline to approximately $17 billion by June 30, 2013

  *As   previously   announced,   the   Board   of   Directors   proposes   a 
    $0.20/share^[9]dividend in 2013  (vs $0.75/share  in 2012) to  be paid  in 
    July 2013

Financial highlights (on the basis of IFRS^1, amounts in USD): 

                 Quarterly comparison  Semi-annual comparison      Annual
                                                                 comparison
(USDm) unless     4Q 12  3Q 12   4Q 11    2H 12  1H 12  2H 11   12M 12  12M 11
otherwise shown
Sales            19,309 19,723  22,449   39,032 45,181 46,663   84,213  93,973
EBITDA            1,323  1,336   1,714    2,659  4,421  4,122    7,080  10,117
Operating       (4,941)   (49)      47  (4,990)  1,764  1,215  (3,226)   4,898
income / (loss)
Income from
discontinued          -      -       -        -      -      -        -     461
operations
Net income /    (3,987)  (709) (1,000)  (4,696)    970  (341)  (3,726)   2,263
(loss)
Basic earnings
/ (loss) per     (2.58) (0.46)  (0.65)   (3.04)   0.63 (0.22)   (2.41)    1.46
share (USD)
Continuing
operations
Own iron ore       14.0   14.3    15.1     28.3   27.6   29.2     55.9    54.1
production (Mt)
Iron ore
shipments at        6.6    7.1     8.5     13.8   15.0   15.1     28.8    28.0
market price
(Mt)
Crude steel        20.8   21.9    21.7     42.7   45.6   44.0     88.2    91.9
production (Mt)
Steel shipments    20.0   19.9    20.6     39.9   43.9   41.7     83.8    85.8
(Mt)
EBITDA/tonne         66     67      83       67    101     99       85     118
(USD/t)^[10]

Mr. Lakshmi N. Mittal, Chairman and CEO of ArcelorMittal, commented:
"2012 was a very difficult year for the steel industry, particularly in Europe
where demand for steel fell a further  8.8%. During the year we took a  number 
of important steps to address the challenges we face, including  concentrating 
our operational  footprint on  our more  competitive assets  and reducing  net 
debt. Although we expect the challenges  to continue in 2013, largely due  to 
the fragility  of  the European  economy,  we  have recently  seen  some  more 
positive indicators, which combined with  the measures we have implemented  to 
strengthen the  business,  are  expected  to support  an  improvement  in  the 
profitability of our steel business this year. Marketable iron ore  shipments 
are also  expected  to  increase by  approximately  20%  as a  result  of  the 
expansion at ArcelorMittal Mines Canada."

Fourth quarter 2012 Earnings ANALYST Conference Call

ArcelorMittal management  will  host a  conference  call for  members  of  the 
investment community  to  discuss the  financial  performance for  the  fourth 
quarter and twelve-months periods ended December 31, 2012 at:

           Date                  New York            London        Luxembourg
Wednesday February 6, 2013      9.30am            2.30pm         3.30pm
The dial in numbers:
         Location           Toll free dial in    Local dial in    Participant
                                 numbers            numbers
         UK local:            0800 169 3059      +44 (0)207 970     676240#
                                                      0006
        USA local:           1800 814 6417     +1 215 599 1757    676240#
          France:              0800917772       +33 170707578      676240#
         Germany:              08009646526      +49 6940359700     676240#
          Spain:                900994921       +34 914140992      676240#
        Luxembourg:             80024686        +352 24871048      676240#
          Brazil               0800 8914821     +55 212 7306901     676240#
A replay of the conference call will be available for one week by dialing
                                 Language         Access code
  +49 (0) 1805 2043 089         English            441675#

The conference call  will include  a brief  question and  answer session  with 
senior management. The presentation  will be available via  a live webcast  on 
www.arcelormittal.com.

                          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, 2011 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.

                             About ArcelorMittal

ArcelorMittal is the world's leading integrated steel and mining company, with
a presence in more than 60 countries.

ArcelorMittal is  the leader  in  all major  global steel  markets,  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  well-being  of   its  employees,  contractors  and   the 
communities in which  it operates.  It is  also committed  to the  sustainable 
management of  the environment.  It takes  a leading  role in  the  industry's 
efforts to  develop  breakthrough  steelmaking technologies  and  is  actively 
researching  and  developing  steel-based  technologies  and  solutions   that 
contribute to combat climate change.

In  2012,  ArcelorMittal  had  revenues  of  $84.2  billion  and  crude  steel 
production of  88.2million tonnes,  representing  approximately 6  percent  of 
world steel output.

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

For more information about ArcelorMittal please visit: www.arcelormittal.com.

                                  Enquiries

Contact information ArcelorMittal Investor
Relations
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                                                           Tel: +352 4792 5000
Giles Read (Head of Media Relations)                 Tel: +44 20 3214 2845 
Tobin Postma                                             Tel: +44 203 214 2412
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                  Martin Leeburn

         ARCELORMITTAL fourth QUARTER 2012 and full year 2012 RESULTS

ArcelorMittal, the world's leading integrated steel and mining company, today
announces results for the three month and twelve month periods ended December
31, 2012.

Corporate responsibility and safety performance
Health and safety - Own personnel  and contractors lost time injury  frequency 
rate^2

Health and safety performance, based on own personnel figures and  contractors 
lost time injury  frequency rate,  improved to 1.0x  for the  year 2012  ("12M 
2012") from 1.4x for  the year 2011  ("12M 2011). In 2012,  a majority of  the 
segments contributed  to  the  significant  overall  improvement,  with  major 
improvements in the Flat Carbon Americas and Distribution Solutions segments.

Lost time injury  frequency rate increased  to 1.1x in  the fourth quarter  of 
2012 ("4Q 2012") as compared to 1.0x for the third quarter of 2012 ("3Q 2012")
and decreased as compared to 1.2x for the fourth quarter of 2011 ("4Q 2011").

Despite this  encouraging performance  in lost  time injury  frequency  (LTIF) 
rate, there is still more work to be done. The Company's effort to improve the
group's Health and Safety record will continue. Whilst the LTIF target of 1.0x
is maintained for 2013, the Company is focused on further reducing the rate of
severe injuries and fatality prevention.

Own personnel and contractors - Frequency
Rate
Lost time injury frequency rate                4Q 12 3Q 12 4Q 11 12M 12 12M 11
Total Mines                                      0.5   0.7   0.5    0.7    1.2
Lost time injury frequency rate                4Q 12 3Q 12 4Q 11 12M 12 12M 11
Flat Carbon Americas                             1.4   0.9   1.9    1.1    1.9
Flat Carbon Europe                               1.2   1.4   1.5    1.3    1.6
Long Carbon Americas and Europe                  1.5   1.2   1.1    1.1    1.4
Asia Africa and CIS                              0.6   0.5   0.6    0.5    0.7
Distribution Solutions                           2.0   1.2   2.2    1.6    3.2
Total Steel                                      1.2   1.0   1.3    1.1    1.5
Lost time injury frequency rate                4Q 12 3Q 12 4Q 11 12M 12 12M 11
Total (Steel and Mines)                          1.1   1.0   1.2    1.0    1.4

Key corporate responsibility highlights for 4Q 2012

  *ArcelorMittal launched its  new Nature range  of innovative  chromium-free 
    organic coated steels for the  construction industry. The Nature range  is 
    the result of 15  years of research to  develop safer and  environmentally 
    friendly corrosion-inhibiting pigments.

  *ArcelorMittal has reduced its energy bills in Europe by an estimated 3%  a 
    year, and its CO[2] emissions by  176,000 tonnes, compared to 2011.  These 
    decreases were  achieved following  investment  in top  recovery  turbines 
    ("TRT") that  double energy  generation from  high-pressure blast  furnace 
    gases. Each TRT has  the same capacity as  3-4 on-shore wind turbines.  To 
    date 6  blast  furnaces  in  Europe  have  been  equipped  with  this  new 
    technology.

  *ArcelorMittal commissioned a $63 million energy recovery and reuse project
    in Indiana Harbor, USA. The project is expected to enable the recycling of
    blast furnace gases generating 333GWh of power, cutting 340,000 tonnes  of 
    CO[2 ]emissions and  saving approximately  $20 million in  energy costs  a 
    year.

Analysis of  results for  the twelve  months ended  December 31,  2012  versus 
results for the twelve months ended December 31, 2011

ArcelorMittal's net loss for  12M 2012 was $3.7  billion, or $(2.41) loss  per 
share, as  compared to  net income  for 12M  2011 of  $2.3 billion,  or  $1.46 
earnings per share.

Total steel shipments for 12M 2012  declined to 83.8 million metric tonnes  as 
compared with 85.8 million metric tonnes for 12M 2011.

Sales for 12M 2012 decreased by 10.4% to $84.2 billion as compared with $94
billion for 12M 2011 primarily due to lower average steel selling prices
(-8.2%) and marginally lower steel shipments (-2.3%).

Depreciation of $4.7 billion for 12M 2012 was comparable to the level recorded
for 12M 2011.

Impairment charges for  12M 2012  of $5.0  billion included  the $4.3  billion 
non-cash write  down  of goodwill  with  respect to  ArcelorMittal's  European 
businesses ($2.5 billion Flat Carbon  Europe; $1.0 billion Long Carbon  Europe 
and $0.8  billion  Distribution Solutions)  and  $0.7 billion  non-cash  asset 
impairments primarily related to: the intention to permanently close the  coke 
plant and six finishing lines in Liege, Belgium ($0.3 billion)^[11]; the  long 
term idling of the liquid phase at the Florange site in France ($130 million);
the extended idling of the electric  arc furnace and continuous caster at  the 
Schifflange site in  Luxembourg; and  various asset impairments  in Spain  and 
North Africa ($0.2  billion). Impairment charges  for the 12M  2011 were  $331 
million, including $151 million related to  the extended idling of the  Madrid 
electric arc furnace (Long Carbon Europe)  and $141 million related to  assets 
within the Flat  Carbon Europe  perimeter (including $85  million relating  to 
Liege, Belgium).

The $4.3 billion goodwill  impairment is due to  the weaker macroeconomic  and 
market environment in Europe where apparent steel demand fell by approximately
9% in 2012, bringing the cumulative demand decline to approximately 29%  since 
2007. This weaker demand  environment and expectations  that it will  persist 
over the  near and  medium  term, led  to a  downward  revision of  cash  flow 
expectations underlying  the valuation  of the  European businesses  to  which 
goodwill had been allocated.

Restructuring charges for 12M 2012 and 12M 2011 totaled $587 million and $219
million respectively and consisted largely of costs associated with the
implementation of Asset Optimization primarily impacting Flat Carbon Europe,
Distribution Solutions and Long Carbon Europe operations. 

Operating loss for 12M 2012 was $3.2 billion, compared with operating income
of $4.9 billion for 12M 2011. The operating result for 12M 2012 was positively
impacted by a net gain of $220 million recorded on the saleof carbon dioxide
credits, gains of $339 million and $242 million on the divestments of Skyline
Steel^[12] and Paul Wurth^4 stake respectively, and curtailment gains of $241
million due to changes to the employee benefit plans at ArcelorMittal
Dofasco^[13], partially offset by $182 million of charges related to a
one-time signing bonus and postretirement benefit costs following entry into
the new US labor contract and changes to year-end actuarial assumptions.^5
The operating result for 12M 2012 was also positively impacted by $567
million of dynamic delta hedge ("DDH") income^[14] (unwinding of hedges from
prior years on raw material purchases) recognized during the year. The
operating result for 12M 2011 was positively impacted by $600 million of DDH
income recognized during the year, a net gain of $93 million recorded on the
saleof carbon dioxide credits, and $104 million related to reversal of
provisions for litigation. All the proceeds from the sale of carbon dioxide
credits will be re-invested in energy savings projects.
Income from equity method investments and other income in 12M 2012 was $194
million as compared to $620 million in 12M 2011. Income from equity method
investments and other income was lower in 12M 2012 on account of losses from
Chinese investees and the impact of disposals (Erdemir^[15], Enovos^[16] ^
and Macarthur Coal^[17]). 12M 2012 includes a net loss of $85 million
resulting from the partial sale of the Company's stake in Erdemir and the
agreed sale of Enovos. Income for 12M 2011 included an impairment loss of $107
million for Macarthur Coal.

Net interest expense (including interest expense and interest income) for  12M 
2012 at  $1.9 billion  was slightly  higher than  $1.8 billion  for 12M  2011, 
primarily due to increased costs  following ratings downgrades and the  higher 
cost of bond financing compared to bank loans.

Foreign exchange and other net financing costs^[18] were $0.9 billion for  12M 
2012 as compared to costs of $1.0 billion for 12M 2011.

ArcelorMittal recorded an income tax benefit of $1.9 billion for 12M 2012,  as 
compared to an income tax  expense of $882 million  for 12M 2011.The FY  2012 
income tax benefit was primarily driven by deferred tax benefits recognized on
impairment-related losses  in  Luxembourg,  partially offset  by  reversal  of 
deferred tax assets in Europe and South America.

Loss attributable to non-controlling interests  for 12M 2012 was $118  million 
as compared with $4 million for 12M 2011.

Discontinued operations for 12M  2012 was nil  as compared to  a gain of  $461 
million for 12M 2011, which included  $42 million of the post-tax net  results 
contributed by the stainless steel operations prior to the spin-off on January
25, 2011,  and a  $419 million  one-time non-cash  gain from  the  recognition 
through the income statement of  gains/losses relating to the demerged  assets 
previously held in equity.

Analysis of results for 4Q 2012 versus 3Q 2012 and 4Q 2011

ArcelorMittal recorded a net loss for 4Q 2012 of $4.0 billion, or $(2.58) loss
per share, as compared with net loss of $0.7 billion, or $(0.46) loss per
share, for 3Q 2012, and a net loss of $1.0 billion,or $(0.65) loss per share,
for 4Q 2011.

Total steel shipments for 4Q 2012 were 20.0 million metric tonnes as compared
with 19.9 million metric tonnes for 3Q 2012 and 20.6 million metric tonnes for
4Q 2011.

Sales for 4Q 2012 decreased by 2.1% to $19.3 billion as compared with $19.7
billion for 3Q 2012, and were down 14.0% as compared with $22.4 billion for 4Q
2011. Sales were lower during 4Q 2012 as compared to 3Q 2012 primarily due to
lower average steel selling prices (-2.8%) offset in part by marginally higher
steel shipment volumes (+0.7%).

Depreciation amounted to $1.2  billion for 4Q 2012,  and was comparable to  3Q 
2012 and 4Q 2011.

Impairment charges for 4Q 2012 of $4.8 billion included the $4.3 billion
non-cash write down of goodwill with respect to ArcelorMittal's European
businesses ($2.5 billion Flat Carbon Europe; $1.0 billion Long Carbon Europe
and $0.8 billion Distribution Solutions) described above, and $0.5 billion
non-cash asset impairments primarily related to: the intention to permanently
close the coke plant and six finishing lines in Liege, Belgium ($0.3 billion);
and various asset impairments in Spain and North Africa ($0.2 billion).
Impairment charges for 3Q 2012 totaled $130 million, primarily related to the
long time idling of the liquid phase at the Florange site in France.
Impairment charges for 4Q 2011 totaled $228 million, including $151 million
related to the extended idling of the Madrid electric arc furnace (Long Carbon
Europe) and $56 million relating to assets within the Flat Carbon Europe
segment.

Restructuring charges for 4Q 2012 totalled $192 million and consisted of costs
associated with the implementation of Asset Optimization primarily impacting
various Distribution Solutions entities and to a lesser extent Flat Carbon
Europe and Long Carbon Europe entities. Restructuring charges for 3Q 2012
totaled $98 million and consisted primarily of costs associated with the
decision to close two blast furnaces, a sinter plant, a steel shop and
continuous casters in Liege, Belgium^[19]. Restructuring charges for 4Q 2011
totalled $219 million and consisted of costs associated with the
implementation of Asset Optimization primarily impacting Flat Carbon Europe,
Long Carbon Europe and Distribution Solutions entities.

Operating loss for 4Q 2012 was $4.9 billion, as compared with operating loss
of $49 million for 3Q 2012 and operating income of $47 million for 4Q 2011.
The operating result for 4Q 2012 was positively impacted by a net gain of
$220 million recorded on the saleof carbon dioxide credits, a gain of $242
million on the divestment of the Paul Wurth stake, partially offset by $110
million of charges related to the recognition of additional actuarial losses
accrued on postretirement benefits following changes to year-end actuarial
assumptions. The operating result for 3Q 2012 was negatively impacted by $72
million related to one-time signing bonus and postretirement benefit costs
following entry into the new US labor contract. Operating result for 4Q 2011
was positively impacted by net gain of $93 million related to the saleof
carbon dioxide credits. All the proceeds from the sale of carbon dioxide
credits will be re-invested in energy savings projects. In addition, operating
result for 4Q 2012, 3Q 2012 and 4Q 2011 was positively impacted by $141
million, $131 million and $163 million, respectively, related to DDH income.
Operating results also decreased in 4Q 2012 as compared to 3Q 2012 due to a
price-cost squeeze, primarily in steel but also in mining.

Income from equity method investments and other income in 4Q 2012 was $142
million, as compared to a loss of $55 million in 3Q 2012 on account of
improved performance, primarily from Chinese investees. Income from equity
method investments and other income in 4Q 2011 was $177 million.

Net interest expense (including interest expense and interest income) was flat
at $478 million for 4Q 2012 as compared to $479 million for 3Q 2012 and higher
as compared to $429 million for 4Q 2011.

Foreign exchange and other net financing losses were $366 million for 4Q  2012 
as compared to losses of $103 million for 3Q 2012 and gains of $13 million for
4Q 2011. Foreign exchange  and other net financing  losses were higher in  4Q 
2012 as compared to  3Q 2012 due  a foreign exchange loss  of $108 million  as 
compared to a gain of $128 million in 3Q 2012. 

ArcelorMittal recorded an income tax benefit  of $1.6 billion for 4Q 2012,  as 
compared to an income tax expense of $43 million for 3Q 2012 and an income tax
expense of  $833 million  in  4Q 2011.  The 4Q  2012  income tax  benefit  was 
primarily driven  by deferred  tax benefits  recognized on  impairment-related 
losses in Luxembourg, partially offset by reversal of deferred taxes in Europe
and South America.

Loss attributable to  non-controlling interests  for 4Q 2012  was $97  million 
(primarily on account of losses in  African entities) as compared with a  loss 
of $20 million for 3Q 2012 and a loss of $25 million for 4Q 2011. 

Capital expenditure projects

The following tables summarize the Company's principal growth and optimization
projects involving significant capital expenditures.

Completed Projects in Most Recent Quarters

Segment     Site       Project         Capacity / particulars         Actual
                                                                    completion
Mining  Andrade Mines  Andrade    Increase iron ore production to    4Q 2012
          (Brazil)    expansion             3.5mt / year

Ongoing^(a) Projects

Segment        Site             Project            Capacity /       Forecasted
                                                   particulars      completion
          ArcelorMittal      Replacement of     Increase iron ore
Mining     Mines Canada       spirals for     production by 0.8mt /  1Q 2013
                               enrichment             year
          ArcelorMittal                       Increase concentrator
Mining     Mines Canada    Expansion project  capacity by 8mt/year   1H 2013
                                               (16 to 24mt / year)
                                               Increase production
Liberia   Liberia mines    Phase 2 expansion    capacity to 15mt/   2015 ^(b)
                                project          year (iron ore
                                                  concentrate)
                            Optimization of     Optimize cost and
  FCA     ArcelorMittal     galvanizing and    increase galvalume    On hold
         Dofasco (Canada)      galvalume      production by 0.1mt /
                               operations             year
                                              Increase HDG capacity
  FCA   ArcelorMittal Vega Expansion project   by 0.6mt / year and   On hold
         Do Sul (Brazil)                      CR capacity by 0.7mt
                                                     / year
                                Wire rod      Increase in capacity
  LCA   Monlevade (Brazil)     production     of finished products   On hold
                               expansion        by 1.15mt / year

a. Ongoing  projects  refer  to  projects for  which  construction  has  begun 
(excluding various projects that are  under development), or have been  placed 
on hold pending improved operating conditions.
b. The Company's  Board of  Directors has approved  the Phase  2 expansion  of 
Liberia project that would lead  to annual concentrate production capacity  of 
15 million tonnes per annum. The  first concentrate production is expected  in 
2015, replacing  the Phase  1  - 4  million  tonnes per  annum  direct-shipped 
operation.

Analysis of segment operations

Flat Carbon Americas

(USDm) unless otherwise shown          4Q 12 3Q 12 4Q 11 12M 12 12M 11
Sales                                  4,683 4,840 5,030 20,152 21,035
EBITDA                                    93   236   237  1,435  2,109
Operating income / (loss)              (138)     3     1    517  1,198
Crude steel production (Kt)            5,933 5,726 6,009 23,922 24,215
Steel shipments (Kt)                   5,533 5,351 5,458 22,291 22,249
Average steel selling price (US$/t)      797   850   868    854    892
EBITDA/tonne (US$/t)                      17    44    43     64     95
Operating income (loss) /tonne (US$/t)  (25)     1     0     23     54

Flat Carbon Americas crude steel production  increased by 3.6% to 5.9  million 
tonnes in  4Q 2012,  as compared  to 5.7  million tonnes  in 3Q  2012,  driven 
primarily by  higher production  in South  America post  the reline  of  blast 
furnace #1 in Tubarao, Brazil, partially  offset by lower production in  North 
America.

Steel shipments in 4Q  2012 were 5.5  million tonnes, 3.4%  higher than in  3Q 
2012, primarily driven  by higher  production post  Tubarao reline,  partially 
offset by lower shipment volumes in North America as a result of lower demand.

Sales in the  Flat Carbon Americas  segment were  $4.7 billion in  4Q 2012,  a 
decrease of 3.2% as compared to $4.8  billion in 3Q 2012. Sales were  impacted 
by lower steel  selling prices  in North  America (particularly  in the  plate 
market) as  well as  weak slab  pricing in  Brazil and  Mexico. Average  steel 
selling prices were impacted by a weaker mix with lower North American volumes
offset by higher sales from South  America following the blast furnace  reline 
in Tubarao, Brazil.

EBITDA in 4Q 2012 decreased by 60.6% to $93 million as compared to $236
million in 3Q 2012. EBITDA in 4Q 2012 was negatively impacted by $110 million
of actuarial losses accrued on postretirement benefits following changes to
year end actuarial assumptions. EBITDA in 3Q 2012 was negatively impacted by
one-time labor costs of $72 million related to a one-time signing bonus and
postretirement benefit costs following entry into the new US labor contract.
Lower profitability in 4Q 2012 was due to a price-cost squeeze, primarily
driven by North American operations, as lower average steel selling prices
were not fully compensated by lower costs.

Flat Carbon Europe

(USDm) unless otherwise shown         4Q 12 3Q 12 4Q 11  12M 12 12M 11
Sales                                 6,142 6,108 7,003  27,192 31,062
EBITDA                                  307   191    26   1,009  1,500
Operating (loss)                    (2,901) (385) (569) (3,724)  (324)
Crude steel production (Kt)           6,375 6,718 6,619  27,418 29,510
Steel shipments (Kt)                  5,957 5,837 6,188  26,026 27,123
Average steel selling price (US$/t)     847   856   954     863    982
EBITDA/tonne (US$/t)                     52    33     4      39     55
Operating (loss) /tonne (US$/t)       (487)  (66)  (92)   (143)   (12)

Flat Carbon Europe  crude steel production  decreased by 5.1%  to 6.4  million 
tonnes in 4Q 2012 as  compared to 6.7 million tonnes  in 3Q 2012 as  inventory 
levels were reduced and output was aligned with local market levels.

Steel shipments in 4Q  2012 were 6.0  million tonnes, an  increase of 2.1%  as 
compared to 5.8 million  tonnes in 3Q 2012.  Steel shipments increased in  the 
fourth quarter of 2012 due to a  mild pick up following the seasonally  weaker 
summer period.

Sales in the Flat Carbon Europe segment were essentially flat at $6.1  billion 
in 4Q 2012 as compared to 3Q 2012. Sales benefitted from higher steel shipment
volumes offset  in part  by  lower average  steel  selling prices  (-1.1%)  in 
dollars. 

EBITDA in 4Q 2012  was $307 million  as compared to $191  million in 3Q  2012. 
EBITDA in 4Q 2012 included $141  million of DDH income recognized during  the 
quarter as compared to $131 million  DDH income recognized in 3Q 2012.  EBITDA 
in 4Q 2012 also included $210 million net gain recorded on the saleof  carbon 
dioxide credits. The 4Q 2011 EBITDA included a $93 million gain on the sale of
carbon dioxidecredits and $163 million of  DDH income. (The proceeds from  the 
sale  of  carbon  dioxide  credits  will  be  re-invested  in  energy  savings 
projects). Steel  margins  were  negatively  impacted  by  price-cost  squeeze 
following a drop  in average  steel selling  prices not  fully compensated  by 
lower costs.

The operating result in 4Q 2012 included a $2.5 billion non-cash write down of
goodwill and $0.3 billion non-cash impairment charge related to the  intention 
to permanently close the coke plant and six finishing lines in Liege, Belgium.
Operating results  in 3Q  2012 included  impairment expenses  of $130  million 
relating to the long term idling of  the liquid phase at the Florange site  in 
France and restructuring costs totalling $90 million associated primarily with
the decision to close  two blast furnaces,  a sinter plant,  a steel shop  and 
continuous casters in Liege, Belgium.

Long Carbon Americas and Europe

(USDm) unless otherwise shown            4Q 12 3Q 12 4Q 11 12M 12 12M 11
Sales                                    5,232 5,189 5,936 21,882 25,165
EBITDA                                     402   330   338  1,733  1,866
Operating income / (loss)              (1,112)   103 (107)  (566)    646
Crude steel production (Kt)              5,240 5,713 5,474 22,623 23,558
Steel shipments (Kt)                     5,543 5,508 5,846 22,628 23,869
Average steel selling price (US$/t)        857   861   906    879    937
EBITDA/tonne (US$/t)                        73    60    58     77     78
Operating income (loss) /tonne (US$/t)   (201)    19  (18)   (25)     27

Long Carbon Americas and Europe crude steel production amounted to 5.2 million
tonnes in 4Q 2012, a decrease of 8.3% as compared to 5.7 million tonnes in  3Q 
2012. Production was lower in both the American and European operations due to
lower market demand  as well  as operational  issues that  impacted output  in 
Poland.

Steel shipments  in 4Q  2012  were 5.5  million  tonnes, essentially  flat  as 
compared to 5.5  million tonnes  in 3Q 2012,  as marginally  lower volumes  in 
Europe were offset  by slightly  higher North American  volumes, primarily  in 
Mexico.

Sales in the Long Carbon Americas and Europe segment were essentially flat  at 
$5.2 billion in 4Q 2012,  as compared to $5.2 billion  in 3Q 2012. Sales  were 
impacted by  a decrease  in average  steel selling  prices (-0.5%)  offset  by 
marginally higher steel shipment volumes.

EBITDA in 4Q  2012 was  $402 million,  a 21.8%  increase as  compared to  $330 
million in 3Q 2012.  Higher profitability in 4Q  2012 was primarily driven  by 
improved profitability in Europe,  North America and  with respect to  Tubular 
business on account of positive price-cost effects.

Operating results in  4Q 2012 included  a non-cash write  down of goodwill  of 
$1.0 billion (Long Carbon Europe)  and non-cash asset impairments charges  for 
Spanish and North African operations of $0.2 billion.

Asia Africa and CIS ("AACIS")

(USDm) unless otherwise shown          4Q 12 3Q 12 4Q 11 12M 12 12M 11
Sales                                  2,130 2,457 2,733 10,051 10,779
EBITDA                                   220    70   238    570  1,238
Operating income / (loss)                 34  (86)    93   (88)    721
Crude steel production (Kt)            3,241 3,721 3,579 14,268 14,608
Steel shipments (Kt)                   2,978 3,178 3,065 12,830 12,516
Average steel selling price (US$/t)      611   658   713    667    736
EBITDA/tonne (US$/t)                      74    22    78     44     99
Operating income (loss) /tonne (US$/t)    11  (27)    30    (7)     58

AACIS segment crude  steel production  was 3.2 million  tonnes in  4Q 2012,  a 
decrease of 12.9% as compared to 3.7 million tonnes in 3Q 2012. The decline in
production during  4Q 2012  was primarily  due to  lower production  in  South 
Africa following  blast  furnace maintenance  repair  work as  well  as  lower 
production in Kazakhstan due to operational issues.

Steel shipments in 4Q 2012 amounted to 3.0 million tonnes, a decrease of  6.3% 
as compared  to 3.2  million tonnes  in 3Q  2012, reflecting  lower levels  of 
production.

Sales in the AACIS segment were $2.1  billion in 4Q 2012, a decrease of  13.3% 
as compared to  $2.5 billion  in 3Q 2012.  Lower sales  reflected lower  steel 
shipments and  lower average  steel selling  prices (-7.1%).  Average  selling 
prices in Kazakhstan were impacted by  a weak Russian market and mix  effects; 
average selling  prices  in  the  Ukraine  reflected  declining  long  product 
pricing; and in South Africa lower US  dollar prices were realised due to  the 
weaker rand (4.9% depreciation against the US dollar).

EBITDA in 4Q 2012 was $220 million, as compared to EBITDA of $70 million in 3Q
2012. EBITDA in 4Q 2012 included the positive impact from the Paul Wurth asset
divestment (a  gain  of  $242 million).  Excluding  this  gain,  profitability 
dropped significantly during  the quarter due  to negative price-cost  squeeze 
and lower volumes.

Distribution Solutions

(USDm) unless otherwise shown       4Q 12 3Q 12 4Q 11 12M 12 12M 11
Sales                               3,855 3,716 4,876 16,294 19,055
EBITDA                               (24)    11  (19)    407    271
Operating income / (loss)           (977)  (32) (109)  (687)     52
Steel shipments (Kt)                4,463 4,118 4,957 17,693 18,360
Average steel selling price (US$/t)   834   869   948    886    993

Shipments in the Distribution  Solutions segment in 4Q  2012 were 4.5  million 
tonnes, an increase of 8.4% as compared to 4.1 million tonnes in 3Q 2012.

Sales in the Distribution Solutions segment  in 4Q 2012 were $3.9 billion,  an 
increase of 3.7%  as compared to  $3.7 billion  in 3Q 2012,  due primarily  to 
higher steel shipment volumes  offset in part by  lower average steel  selling 
prices (-4.0%).

EBITDA in 4Q 2012 was $(24) million,  as compared to EBITDA of $11 million  in 
3Q 2012,  primarily due  to the  negative impact  from price-cost  squeeze  in 
Europe.

The operating result in 4Q 2012  was impacted by non-cash impairment  expenses 
of $0.8 billion due to a write  down of goodwill and restructuring charges  of 
$0.1 billion related to Asset Optimization.

Mining

(USDm) unless otherwise shown                  4Q 12 3Q 12 4Q 11 12M 12 12M 11
Sales^[20]                                     1,255 1,288 1,805  5,390  6,268
EBITDA                                           315   391   779  1,725  3,063
Operating income                                 175   251   632  1,184  2,568
Own iron ore production ^(a) (Mt)               14.0  14.3  15.1   55.9   54.1
Iron ore shipped externally and internally      6.6   7.1   8.5   28.8   28.0
and reported at market price ^(b) (Mt)
Own coal production^(a) (Mt)                     2.0   2.0   2.2    8.2    8.3
Coal shipped externally and internally and      1.3   1.2   1.3    5.1    4.9
reported at market price^(b) (Mt)

(a) Own  iron  ore and  coal  production not  including  strategic  long-term 
contracts
(b) Iron ore and coal shipments of market-priced based materials include  the 
Company's own  mines, and  share of  production at  other mines,  and  exclude 
supplies under strategic long-term contracts

Own iron  ore production  (not including  supplies under  strategic  long-term 
contracts) in Q4 2012 was 14.0 million metric tonnes, 2.1% lower than 3Q  2012 
and 7.5% lower than 4Q 2011. Shipments at market price declined (-6.7%) in  4Q 
2012 as compared to 3Q 2012 due to continued heavy monsoon weather in  Liberia 
and operational issues in Ukraine.

Own  coal  production  (not  including  supplies  under  strategic   long-term 
contracts) in 4Q 2012 was 2.0  million metric tonnes, representing a  decrease 
of 3.6% as compared 3Q 2012 and 11.1% as compared to 2.2 million metric tonnes
in 4Q 2011.

EBITDA attributable to the Mining segment for 4Q 2012 was $315 million,  19.4% 
lower as compared to 3Q 2012. This decline was primarily due to the effect  of 
lagged pricing in iron ore  (a portion of iron  ore shipments from Canada  and 
Mexico reference quarter-lagged prices) and lower coal realisations, driven by
weaker seaborne market prices.EBITDA attributable  to the Mining segment  was 
$779 million in 4Q 2011.

Liquidity and Capital Resources

For 4Q  2012, net  cash provided  by operating  activities was  $2.9  billion, 
compared to net cash used in operating activities of $0.3 billion in 3Q  2012. 
Cash flow provided by operating activities in 4Q 2012 included a $2.1  billion 
release of  operating working  capital compared  to an  investment in  working 
capital of $0.3  billion in 3Q  2012. Rotation days^[21]  decreased during  4Q 
2012 to 64 days from 72 days in 3Q 2012 primarily driven by lower inventory. 

Net cash used in investing activities during 4Q 2012 was $0.8 billion, as
compared to net cash used in investing activities of $1.1 billion in 3Q 2012.
Capital expenditures decreased to $1.1 billion in 4Q 2012 as compared to $1.2
billion in 3Q 2012. The Company is focusing only on core growth capital
expenditures in its mining business given potentially attractive return
profiles of projects under construction. Some planned steel investments remain
suspended.

Other investing activities in 4Q 2012 of $275 million included $0.3 billion
inflow from the recovery of subsidiary financing offset by a net outflow of
$89 million ($70 million net debt impact (increase) net of liabilities) on the
Paul Wurth divestment (representing the cash consideration received from the
purchaser less the cash held by Paul Wurth). This compared to other investing
activities in 3Q 2012 of $154 million. 

Net cash  used  by financing  activities  for 4Q  2012  was $932  million,  as 
compared to cash provided by financing activities of $243 million in 3Q  2012, 
during which  the  Company  issued  $650  million  of  subordinated  perpetual 
securities.

On December  18,  2012, ArcelorMittal  extended  the conversion  date  of  the 
mandatorily convertible  bond  ("MCB")  issued  by  one  of  its  wholly-owned 
Luxembourg  subsidiaries  and  convertible  into  preferred  shares  of   such 
subsidiary from January 31, 2013 to  January 31, 2014. The MCB was  originally 
issued in December 2009 (and placed  privately with a Luxembourg affiliate  of 
Crédit Agricole Corporate and Investment Bank)  in an amount of $750  million, 
which was  increased to  $1 billion  in  April 2011.  In connection  with  the 
extension of the conversion date of  the MCB, ArcelorMittal also extended  the 
maturities of  the  equity-linked notes  in  which  the proceeds  of  the  MCB 
issuance are invested.

During 4Q  2012, the  Company  paid dividends  amounting  to $306  million  as 
compared to $297 million in 3Q 2012.

At December  31, 2012,  the  Company's cash  and cash  equivalents  (including 
restricted cash  and  short-term  investments) amounted  to  $4.5  billion  as 
compared to $3.0 billion at September 30,  2012. As of December 31, 2012,  net 
debt decreased  by $1.4  billion  to $21.8  billion,  as compared  with  $23.2 
billion at September  30, 2012,  driven by  positive operating  cash flow  and 
recovery of subsidiary financing.

The Company  had liquidity^[22]  of $14.5  billion at  December 31,  2012,  an 
increase of  $1.1 billion  as  compared with  liquidity  of $13.4  billion  at 
September 30,  2012,  consisting  of  cash  and  cash  equivalents  (including 
restricted cash and short-term investments) of $4.5 billion and $10 billion of
available credit lines. At  December 31, 2012, the  average debt maturity  was 
6.1 years.

Management gains program

At the end of 3Q 2012, the Company had achieved its management gains target of
$4.8 billion from  sustainable SG&A,  fixed and variable  cost reductions  and 
continuous improvement. The Company is currently developing plans to  announce 
a new Management Gains Program in the near term.

Asset Optimization

The essential components of Asset Optimization have been announced:

  *In the fourth quarter of 2011, the Company announced the extended  idling 
    of its electric arc furnace in  Madrid and further restructuring costs  at 
    certain other Spanish, Czech Republic and Distribution Solutions  ("AMDS") 
    operations; 

  *In the first quarter of 2012, the Company announced the extended idling of
    its electric arc furnace and continuous caster at the Schifflange site  in 
    Luxembourg and further optimization in Poland and Spain; 

  *In October 2012,  the Company announced  its decision to  close two  blast 
    furnaces, a sinter plant,  a steel shop and  continuous casters in  Liege, 
    Belgium; 

  *In December 2012, the Company announced the long term idling of the liquid
    phase at the Florange site in France;

  *In the fourth quarter of 2012 the Company announced further  restructuring 
    costs and  optimization in  Flat Carbon  Europe, Long  Carbon Europe  and 
    Distribution Solution divisions; and

  *The Company recently announced its intention to permanently close the coke
    plant and six finishing lines in Liege, Belgium.

Annual dividend reduced to $0.20/share for 2013

As  communicated  during  the  third  quarter  of  2012  results,  given   the 
challenging  global  economic  conditions   and  the  Company's  priority   to 
deleverage, ArcelorMittal's Board  of Directors proposes  reducing the  annual 
dividend payment to $0.20/share for  2013 (from $0.75/share in 2012).  Subject 
to shareholder approval at the next  annual general meeting in May 2013,  this 
dividend will be paid  in July 2013. Once  the deleveraging plan is  complete 
and market conditions improve, the Board intends to progressively increase the
dividend.

Recent developments

  *On November 15, 2012, ArcelorMittal and Mrs Daphne Mashile-Nkosi announced
    the signature of a  sale and purchase agreement  had been reached  whereby 
    Mrs Mashile-Nkosi, or her nominee (which may be a consortium consisting of
    some of the existing Kalahari Resources shareholders and / or other  third 
    parties), will acquire ArcelorMittal's 50% interest in Kalagadi  Manganese 
    ("the transaction"). ArcelorMittal  will receive a  cash consideration  of 
    not less  than 3.9  billion African  Rand, which  is approximately  US$460 
    million on closing.  The purchaser's obligation  to complete the  proposed 
    transaction is subject  to financing  arrangements. On  completion of  the 
    transaction  Kalahari  Resources  will  hold  40%  interest  in   Kalagadi 
    Manganese, Mrs  Mashile-Nkosi, or  her  nominee, will  hold 50%  with  the 
    remaining 10% interest held by  the Industrial Development Corporation  of 
    South Africa  Limited.  Completion of  the  proposed transaction  is  also 
    subject to the  waiver of  pre-emptive rights of  the other  shareholders, 
    customary corporate approvals and various regulatory approvals.

  *ArcelorMittal Atlantique  and  Lorraine  has announced  the  intention  to 
    launch a  project to  close the  liquid  phase of  the Florange  plant  in 
    France,  and  concentrate  efforts  and  investment  on  the  high-quality 
    finishing operation in Florange which  employs more than 2,000  employees. 
    The  Company  had  accepted  the  French  government's  request  for   the 
    government to find a buyer for the liquid phase within 60 days of  October 
    1, 2012,  but no  buyer  was found.  On  December 1,  2012,  ArcelorMittal 
    expressed its commitment to the French government that it would (i) invest
    €180 million in the Florange site over the next five years, (ii)  maintain 
    the packaging  activity  in  Florange  for  at  least  five  years,  (iii) 
    reorganize the  activity of  the Florange  site only  by voluntary  social 
    measures for  workers, and  (iv)  launch an  R&D  program to  continue  to 
    develop the blast furnace top gas recycling technology.

  *On December 13,  2012, ArcelorMittal announced  an agreement with  Nunavut 
    Iron Ore, Inc.  ("Nunavut") to increase  Nunavut's interest in  Baffinland 
    Iron Mines Corporation ("Baffinland") from  30% to 50%. In  consideration, 
    Nunavut will correspondingly increase its share of funding for development
    of Baffinland's Mary River iron  ore project. ArcelorMittal will retain  a 
    50% interest in the project as well as operation and marketing rights. The
    arrangements  are  subject  to  customary  conditions  precedent  and  are 
    expected to be completed in early 2013.

  *Following completion of  its annual impairment  review in connection  with 
    the preparation of its 2012 annual consolidated financial statements,  the 
    Company announced on December 21, 2012 that it expected to record in  such 
    financial statements an  impairment charge of  approximately $4.3  billion 
    with respect to goodwill in its European businesses. 

  *On December 31, 2012,  the Company entered into  an agreement pursuant  to 
    which ArcelorMittal's wholly owned subsidiary, ArcelorMittal Mines  Canada 
    Inc. ("AMMC"), and a consortium led  by POSCO and China Steel  Corporation 
    ("CSC") will create  a joint venture  partnership to hold  ArcelorMittal's 
    Labrador Trough iron ore mining and infrastructure assets. The consortium,
    which also  includes  certain  financial investors,  will  acquire  a  15% 
    interest in the joint venture for  total consideration of $1.1 billion  in 
    cash, with AMMC and its affiliates  retaining an 85% interest. As part  of 
    the transaction, POSCO and CSC will enter into long-term iron ore off-take
    agreements proportionate to their joint venture interests. The transaction
    is subject to various  closing conditions, including regulatory  clearance 
    by the Taiwanese and Korean governments,  and is expected to close in  two 
    steps in the first and second quarters of 2013.

  *On January  14  and 16.  2013,  ArcelorMittal closed  its  offerings  (the 
    "Combined  Offering")  of  ordinary  shares  and  mandatorily  convertible 
    subordinated notes ("MCNs"),  respectively. The  total aggregate  proceeds 
    from  the  Combined  Offering  were  approximately  $4.0  billion  (before 
    deduction of  commissions  and  expenses). The  ordinary  shares  offering 
    represented  an   aggregate   amount  of   $1.75   billion,   representing 
    approximately 104 million ordinary shares  at an offering price of  $16.75 
    (EUR 12.83 at  a EUR/USD conversion  rate of 1.3060)  per ordinary  share. 
    The MCN offering represented  an aggregate amount  of $2.25 billion.  The 
    MCNs mature in January 2015, were  issued at 100% of the principal  amount 
    and will be mandatorily converted into ordinary shares of ArcelorMittal at
    the maturity of the  MCNs, unless earlier converted  at the option of  the 
    holders or ArcelorMittal  or upon certain  specified events in  accordance 
    with the terms of  the MCNs. The  MCNs bear interest  of 6.00% per  annum, 
    payable quarterly in arrears. The minimum conversion price of the MCNs  is 
    $16.75, corresponding to the placement  price of shares in the  concurrent 
    ordinary shares offering  as described above,  and the maximum  conversion 
    price was  set  at approximately  125%  of the  minimum  conversion  price 
    (corresponding to $20.94). The Mittal family participated in the  Combined 
    Offering by acquiring $300  million of MCNs and  $300 million of  ordinary 
    shares.

  *On January  24,  2013  ArcelorMittal  Liege  announced  its  intention  to 
    permanently close a number of additional assets due to a further weakening
    of the European  economy and the  resultant low demand  for its  products. 
    This followed  an  announcement  over  a year  ago  on  October  14,  2011 
    regarding ArcelorMittal Liege's intention  to permanently idle its  liquid 
    phase due to structural over-capacity in Northern Europe. At that time  in 
    October 2011, it was envisaged that in the future Liege would focus on its
    downstream activities, operating five core lines and seven flexible lines.
    Under the flexible model these lines would have operated at between 0  and 
    100% depending  on market  demand. Regrettably,  since October  2011,  the 
    economic outlook in Europe has further deteriorated. There is insufficient
    demand to  support  the  running  of  these  flexible  facilities  and  no 
    improvement is seen over the medium  term. The Company therefore made  the 
    proposal on January  24, 2013 that  six of the  seven flexible lines  also 
    need to  be closed  to  respond to  these  structural market  changes  and 
    further adapt  to  the reality  of  demand in  Europe.  Additionally,  the 
    Company has also proposed that the  coke plant, which is no longer  viable 
    due to  the  excess supply  of  coke  in Europe,  be  permanently  closed. 
    ArcelorMittal Liege plans to continue to operate the five core lines which
    will employ approximately 800 people.  These five lines are strategic  due 
    to their  dedicated  high  quality  products,  specialized  processes  and 
    technological  innovation.  ArcelorMittal   Liege  recognises  that   this 
    proposal will be very difficult for  the local community as it may  affect 
    approximately 1,300  people. It  is committed  to do  its best  to find  a 
    socially acceptable solution for all those possibly affected. 

Outlook and guidance

The Company expects reported EBITDA to be higher in 2013 as compared to  2012. 
Steel shipments are  expected to  increase by  approximately 2-3%  in 2013  as 
compared to 2012.  With the  completion of  the management  gains program  and 
asset optimization, per-tonne steel margins are expected to improve marginally
in 2013 as compared to 2012. With the ArcelorMittal Mines Canada expansion  to 
24mtpaon  track  for  ramp  up   during  1H  2013,  market-priced  iron   ore 
shipmentsare expected to increase  by approximately 20%  in 2013 relative  to 
2012. The  Company expects  to  spend approximately  $3.5 billion  on  capital 
expenditures, of which $2.7  billion is maintenance-related. Approximately  $5 
billion of cash receipts expected from the capital raised in January 2013  and 
the announced  agreed sale  of a  15% stake  in AMMC  (assuming completion  on 
schedule), should enable net debt to  decline to approximately $17 billion  by 
June 30, 2013.  As previously  announced, the  Board of  Directors proposes  a 
$0.20/share dividend for 2013 (versus $0.75/share in 2012) payable as a single
payment in July 2013.

ARCELORMITTAL CONDENSED CONSOLIDATED STATEMENTs OF FINANCIAL POSITION

In millions of U.S. dollars          December 31, September 30, December 31,
                                              2012          2012          2011
ASSETS
Cash and cash equivalents including          4,536         2,990         3,905
restricted cash
Trade accounts receivable and other          5,085         6,403         6,452
Inventories                                 19,025        19,980        21,689
Prepaid expenses and other current           3,148         3,651         3,559
assets
Assets held for sale                             -           870             -
Total Current Assets                        31,794        33,894        35,605
Goodwill and intangible assets               9,581        13,854        14,053
Property, plant and equipment               53,834        53,734        54,251
Investments in affiliates and joint          7,286         7,023         9,040
ventures
Deferred tax assets                          8,130         6,307         6,081
Other assets                                 3,948         3,819         2,850
Total Assets                               114,573       118,631       121,880
LIABILITIES AND SHAREHOLDERS'
EQUITY
Short-term debt and current portion          4,339         4,790         2,784
of long-term debt
Trade accounts payable and other            11,418        11,732        12,836
Accrued expenses and other current           8,061         7,620         8,204
liabilities
Liabilities held for sale                        -           589             -
Total Current Liabilities                   23,818        24,731        23,824
Long-term debt, net of current              21,965        21,827        23,634
portion
Deferred tax liabilities                     3,228         3,123         3,680
Other long-term liabilities                 10,365        10,107        10,265
Total Liabilities                           59,376        59,788        61,403
Equity attributable to the equity           51,723        55,112        56,690
holders of the parent
Non-controlling interests                    3,474         3,731         3,787
Total Equity                                55,197        58,843        60,477
Total Liabilities and Shareholders'        114,573       118,631       121,880
Equity

        ARCELORMITTAL CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

In millions of U.S. dollars       Three months ended      Twelve months ended
                               December September December  December  December
                                    31,       30,      31,       31,       31,
                                   2012      2012     2011      2012      2011
Sales                            19,309    19,723   22,449    84,213    93,973
Depreciation                    (1,236)   (1,157)  (1,220)   (4,684)   (4,669)
Impairment                      (4,836)     (130)    (228)   (5,035)     (331)
Restructuring charges             (192)      (98)    (219)     (587)     (219)
Operating income / (loss)       (4,941)      (49)       47   (3,226)     4,898
Operating margin %              (25.6%)    (0.2%)     0.2%    (3.8%)      5.2%
Income / (loss) from equity
method investments and other        142      (55)      177       194       620
income
Net interest expense              (478)     (479)    (429)   (1,874)   (1,822)
Foreign exchange and other net    (366)     (103)       13     (863)   (1,016)
financing gains / (losses)
Income (loss) before taxes and  (5,643)     (686)    (192)   (5,769)     2,680
non-controlling interests
Current tax                        (94)     (101)    (185)     (502)   (1,018)
Deferred tax                      1,653        58    (648)     2,427       136
Income tax benefit / (expense)    1,559      (43)    (833)     1,925     (882)
Income / (loss) from
continuing operations           (4,084)     (729)  (1,025)   (3,844)     1,798
including non-controlling
interest
Non-controlling interests
(relating to continuing              97        20       25       118         4
operations)
Income / (loss) from            (3,987)     (709)  (1,000)   (3,726)     1,802
continuing operations
Income from discontinued              -         -        -         -       461
operations, net of tax
Net income / (loss)
attributable to owners of the   (3,987)     (709)  (1,000)   (3,726)     2,263
parent
                                                 
Basic earnings / (loss) per      (2.58)    (0.46)   (0.65)    (2.41)      1.46
common share ($)
Diluted earnings / (loss) per    (2.58)    (0.46)   (0.65)    (2.41)      1.19
common share ($)
Weighted average common shares    1,549     1,549    1,549     1,549     1,549
outstanding (in millions)
Adjusted diluted weighted
average common shares             1,549     1,549    1,549     1,550     1,611
outstanding (in millions)
EBITDA^3                          1,323     1,336    1,714     7,080    10,117
EBITDA margin %                    6.9%      6.8%     7.6%      8.4%     10.8%
                                                 
OTHER INFORMATION                                
Total iron ore production^[23]     16.9      17.8     18.3      68.1      65.2
(million metric tonnes)
Crude steel production             20.8      21.9     21.7      88.2      91.9
(million metric tonnes)
Total shipments of steel
products^[24] (million metric     20.0      19.9     20.6      83.8      85.8
tonnes)
Employees (in thousands)            245       251      261       245       261

        ARCELORMITTAL CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

In millions of U.S. dollars        Three months ended      Twelve months ended
                               December September December December  December
                               31, 2012 30, 2012  31, 2011 31, 2012  31, 2011
Operating activities:
Income / (loss) from            (3,987)     (709)  (1,000)   (3,726)     1,802
continuing operations
Adjustments to reconcile
income / (loss) to net cash
provided by operations:
Non-controlling interests          (97)      (20)     (25)     (118)       (4)
Depreciation and impairment       6,072     1,287    1,448     9,719     5,000
Restructuring charges               192        98      219       587       219
Deferred income tax             (1,653)      (58)      648   (2,427)     (136)
Change in operating working       2,052     (318)    1,843     2,829   (3,825)
capital^[25]
Other operating activities          307     (628)    (255)   (1,570)   (1,089)
(net)
Net cash (used in) provided by
operating activities -            2,886     (348)    2,878     5,294     1,967
Continued operations
Net cash used in operating
activities - Discontinued             -         -        -         -     (190)
operations
Net cash (used in) provided by    2,886     (348)    2,878     5,294     1,777
operating activities
Investing activities:
Purchase of property, plant     (1,124)   (1,208)  (1,475)   (4,683)   (4,838)
and equipment and intangibles
Other investing activities          275       154      941     1,023     1,265
(net)
Net cash used in investing
activities - Continued            (849)   (1,054)    (534)   (3,660)   (3,573)
operations
Net cash used in investing
activities - Discontinued             -         -        -         -     (105)
operations
Net cash used in investing        (849)   (1,054)    (534)   (3,660)   (3,678)
activities
Financing activities:
Proceeds (payments) relating
to payable to banks and           (557)      (81)    (816)     (336)       537
long-term debt
Dividends paid                    (306)     (297)    (289)   (1,191)   (1,194)
Proceeds from mandatory               -         -        -         -       250
convertible bond
Proceeds from subordinated            -       642        -       642         -
perpetual securities
Acquisition of non-controlling     (52)         -     (10)      (62)     (108)
interest
Other financing activities         (17)      (21)     (37)      (97)      (17)
(net)  
Net cash (used in) provided by
financing activities -            (932)       243  (1,152)   (1,044)     (532)
Continued operations
Net cash used in financing
activities - Discontinued             -         -        -         -       (8)
operations
Net cash (used in) provided by    (932)       243  (1,152)   (1,044)     (540)
financing activities
Net increase (decrease) in        1,105   (1,159)    1,192       590   (2,441)
cash and cash equivalents
Cash and cash equivalents
transferred to assets held for      441     (441)        -         -         -
sale
Effect of exchange rate              33        33     (85)      (13)      (68)
changes on cash
Change in cash and cash           1,579   (1,567)    1,107       577   (2,509)
equivalents

Appendix 1a: Key financial and operational information - Fourth quarter of
2012

                          Flat     Flat      Long
USDm unless otherwise    Carbon   Carbon    Carbon   AACIS Distribution Mining
shown                   Americas  Europe   Americas         Solutions
                                          and Europe
FINANCIAL INFORMATION
Sales                      4,683    6,142      5,232 2,130        3,855  1,255
Depreciation               (231)    (364)      (244) (186)         (46)  (140)
Impairment                     -  (2,811)    (1,219)     -        (806)      -
Restructuring charges          -     (33)       (51)     -        (101)      -
Operating income /         (138)  (2,901)    (1,112)    34        (977)    175
(loss)
Operating margin (as a    (2.9%)  (47.2%)    (21.3%)  1.6%      (25.3%)  13.9%
% of sales)
EBITDA^3                      93      307        402   220         (24)    315
EBITDA margin (as a %       2.0%     5.0%       7.7% 10.3%      (0.6%)  25.1%
of sales)
Capital                      106      150        200   106           13    527
expenditure^[26]
OPERATIONAL INFORMATION
Crude steel production     5,933    6,375      5,240 3,241            -      -
(Thousand MT)
Steel shipments            5,533    5,957      5,543 2,978        4,463      -
(Thousand MT)
Average steel selling        797      847        857   611          834      -
price ($/MT)^[27]
MINING INFORMATION
(Million Mt)
Iron ore production^23         -        -          -     -            -   16.9
Coal production^23             -        -          -     -            -    2.2
Iron ore shipped
externally and
internally and                -        -          -     -            -    6.6
reported at market
price^6
Iron ore shipped
internally and reported        -        -          -     -            -    6.8
at cost-plus^6
Coal shipped externally
and internally and             -        -          -     -            -    1.3
reported at market
price^6
Coal shipped internally
and reported at                -        -          -     -            -    0.8
cost-plus^6

Note: Table excludes others and eliminations.

Appendix 1b: Key financial and operational information - Twelve months of 2012

                         Flat     Flat      Long
USDm unless otherwise   Carbon   Carbon    Carbon   AACIS  Distribution Mining
shown                  Americas  Europe   Americas          Solutions
                                         and Europe
FINANCIAL INFORMATION
Sales                    20,152   27,192     21,882 10,051       16,294  5,390
Depreciation              (918)  (1,437)      (921)  (650)        (161)  (541)
Impairment                    -  (2,941)    (1,280)    (8)        (806)      -
Restructuring charges         -    (355)       (98)      -        (127)      -
Operating income /          517  (3,724)      (566)   (88)        (687)  1,184
(loss)
Operating margin (as a     2.6%  (13.7%)     (2.6%) (0.9%)       (4.2%)  22.0%
% of sales)
EBITDA^3                  1,435    1,009      1,733    570          407  1,725
EBITDA margin (as a %      7.1%     3.7%       7.9%   5.7%         2.5%  32.0%
of sales)
Capital expenditure^26      648      818        745    433           82  1,853
OPERATIONAL
INFORMATION
Crude steel production   23,922   27,418     22,623 14,268            -      -
(Thousand MT)
Steel shipments          22,291   26,026     22,628 12,830       17,693      -
(Thousand MT)
Average steel selling       854      863        879    667          886      -
price ($/MT) 27
MINING INFORMATION
(Million Mt)
Iron ore production^23        -        -          -      -            -   68.1
Coal production^23            -        -          -      -            -    8.9
Iron ore shipped
externally and
internally and               -        -          -      -            -   28.8
reported at market
price ^ 6
Iron ore shipped
internally and                -        -          -      -            -   25.6
reported at
cost-plus^6
Coal shipped
externally and
internally and                -        -          -      -            -    5.1
reported at market
price^6
Coal shipped
internally and                -        -          -      -            -    3.1
reported at
cost-plus^6

Note: Table excludes others and eliminations.

Appendix 2a: Steel Shipments by geographical location^[28] 

(Amounts in thousands metric tonnes) 4Q 12 3Q 12 4Q 11 12M 12 12M 11
Flat Carbon Americas:                5,533 5,351 5,458 22,291 22,249
North America                        4,347 4,530 4,206 18,030 17,084
South America                        1,186   821 1,252  4,261  5,165
Flat Carbon Europe:                  5,957 5,837 6,188 26,026 27,123
Long Carbon Americas and Europe:     5,543 5,508 5,846 22,628 23,869
North America                        1,193 1,031 1,134  4,578  4,584
South America                        1,279 1,403 1,448  5,300  5,660
Europe                               2,786 2,828 2,993 11,693 12,547
Other^[29]                             285   246   271  1,057  1,078
AACIS:                               2,978 3,178 3,065 12,830 12,516
Africa                                 973 1,075   980  4,542  4,624
Asia, CIS & Other                    2,005 2,103 2,085  8,288  7,892

Appendix 2b: Steel EBITDA by geographical location

Amounts in USDm                  4Q 12 3Q 12 4Q 11 12M 12 12M 11
Flat Carbon Americas:               93   236   237  1,435  2,109
North America                       42   266   166  1,275  1,615
South America                       51  (30)    71    160    494
Flat Carbon Europe:                307   191    26  1,009  1,500
Long Carbon Americas and Europe:   402   330   338  1,733  1,866
North America                       28    12    11    142    131
South America                      217   208   196    917    939
Europe                              73    34    58    351    518
Other29                             84    76    73    323    278
AACIS:                             220    70   238    570  1,238
Africa                            (19)    27     9    132    232
Asia, CIS & Other                  239    43   229    438  1,006
Distribution Solutions:           (24)    11  (19)    407    271

Appendix 2c: Iron ore production (Million metric tonnes)

Million
metric                                                               12M   12M
tonnes ^(a)          Type               Product  4Q 12 3Q 12 4Q 11    12    11
North            Open Pit    Concentrate, lump,    7.6   7.7   8.0  30.3  29.7
America ^(b)                  fines and Pellets
South                                              
America          Open pit        Lump and fines       1.2   1.4   4.1   5.3
                                                  1.2
                                                   
Europe           Open pit  Concentrateandlump       0.6   0.5   2.1   1.9
                                                 0.5
               Open Pit /                          
Africa        Underground                 Fines       1.1   1.3   4.7   2.6
                                                 1.0
Asia, CIS &    Open Pit /    Concentrate, lump,    
Other         Underground fines and sinter feed       3.7   3.9  14.7  14.6
                                                  3.7
Own iron ore                                      14.0  14.3  15.1  55.9  54.1
production
North                                              
America ^        Open Pit               Pellets       2.4   1.9   7.6   4.6
(c)                                               2.1
                                                   
Africa ^(d)      Open Pit        Lump and Fines       1.2   1.3   4.7   6.5
                                                  0.8
Strategic                                          
contracts -                                           3.6   3.2  12.3  11.1
iron ore                                          2.9
                                                   
Group                                                 17.8  18.3  68.1  65.2
                                                 16.9

a. Total of all finished production of fines, concentrate, pellets and lumps.
b. Includes own mines and share of production from Hibbing (USA-62.30%) and
Pena (Mexico-50%). 
c. Consists of a long-term supply contract with Cleveland Cliffs for
purchases made at a previously set price, adjusted for changes in certain
steel prices and inflation factors.
d. Includes purchases under a strategic agreement with Sishen/Thabazambi
(South Africa). Prices for purchases under the July 2010 interim agreement
with Kumba (as extended and amended several times) have been on a fixed-cost
basis since March 1, 2010. 

Appendix 2d: Iron ore shipments (Million metric tonnes)

Million metric tonnes          4Q 12     3Q 12     4Q 11      12M 12    12M 11
External sales - Third                             
party                          2.5    2.4    4.4       10.4    9.0
Internal sales -                     4.8       4.1        18.4      19.0
Market-priced                   4.1
Internal sales -                     6.9       6.8        25.6      23.6
Cost-plus basis                 6.8
Flat Carbon Americas                 2.3       2.6         7.9       7.9
                                2.5
Long Carbon Americas and             1.3       1.1         5.0       4.4
Europe                          1.1
AACIS                                3.3       3.2        12.7      11.3
                                3.2
Total sales                          14.0      15.3        54.4      51.6
                               13.4
Strategic contracts              2.9       3.6       3.2        12.3      11.1
Flat Carbon Americas                 2.4       1.9         7.6       4.6
                                2.1
AACIS                                1.2       1.3         4.7       6.5
                                0.8
Total                                17.6      18.5        66.7      62.7
                               16.4

Appendix 2e: Coal production (Million metric tonnes)

Million metric tonnes         4Q 12 3Q 12 4Q 11 12M 12 12M 11
North America                  0.59  0.60  0.69   2.44   2.43
Asia, CIS & Other              1.39  1.44  1.53   5.77   5.90
Own coal production            1.97  2.05  2.22   8.21   8.32
North America^(a)              0.13  0.08  0.14   0.36   0.32
Africa^(b)                     0.09  0.10  0.07   0.35   0.30
Strategic contracts - coal    0.22  0.19  0.21   0.72   0.62
Group                          2.19  2.24  2.43   8.93   8.94

(a) Includes strategic agreement - prices on a fixed-price basis
(b) Includes long term lease - prices on a cost-plus basis

Appendix 2f: Coal shipment (Million metric tonnes)

Million metric tonnes                    4Q 12 3Q 12 4Q 11 12M 12 12M 11
External sales - Third party              0.93  0.69  0.94   3.33   3.49
Internal sales - Market-priced            0.38  0.54  0.35   1.78   1.43
Internal sales (AACIS) - Cost-plus basis  0.78  0.82  0.82   3.13   3.31
Total sales                               2.09  2.04  2.11   8.24   8.23
Strategic contracts                       0.22  0.19  0.21   0.72   0.62
Total                                     2.30  2.23  2.31   8.96   8.85

Appendix 3: Debt repayment schedule as of December 31, 2012    

Debt repayment schedule (USD billion) 2013 2014 2015 2016 2017 >2017 Total
Term loan repayments
- Convertible bonds                      -  2.3    -         -     -   2.3
- Bonds                                3.2  1.3  2.2  1.8  2.7   9.7  20.9
Subtotal                               3.2  3.6  2.2  1.8  2.7   9.7  23.2
LT revolving credit lines
- $6bn syndicated credit facility        -    -    -    -    -     -     -
- $4bn syndicated credit facility        -    -    -    -    -     -     -
Commercial paper^[30]                  0.1    -    -    -    -     -   0.1
Other loans                            1.0  0.3  0.4  0.7  0.2   0.4   3.0
Total Gross Debt                       4.3  3.9  2.6  2.5  2.9  10.1  26.3

Appendix 4: Credit lines available as of December 31, 2012

Credit lines available (USD billion)      Maturity Commitment Drawn Available
- $6bn syndicated credit facility       18/03/2016       $6.0  $0.0      $6.0
- $4bn syndicated credit facility       06/05/2015       $4.0  $0.0      $4.0
Total committed lines                                   $10.0  $0.0     $10.0


Appendix 5: Other ratios 

Ratios                                                             4Q 12 3Q 12
Gearing^[31]                                                         39%   39%
Net debt /EBITDA ratio based on last twelve months' reported
EBITDA                                                              3.1X  3.1X

Appendix 6: Earnings per share

USD                                   Three months ended        Twelve months
                                                                     ended
                                December September December  December December
                                    31,       30,      31,      31,      31,
                                    2012      2012     2011      2012     2011
Earnings / (loss) per share -
Discontinued operations
Basic earnings / (loss) per            -         -        -         -     0.30
common share
Diluted earnings / (loss) per          -         -        -         -     0.29
common share
Earnings / (loss) per share -
Continuing operations
Basic earnings / (loss) per       (2.58)    (0.46)   (0.65)    (2.41)     1.16
common share
Diluted earnings / (loss) per     (2.58)    (0.46)   (0.65)    (2.41)     0.90
common share
Earnings / (loss) per share
Basic earnings / (loss) per       (2.58)    (0.46)   (0.65)    (2.41)     1.46
common share
Diluted earnings / (loss) per    (2.58)    (0.46)   (0.65)    (2.41)     1.19
common share

Appendix 7: EBITDA Bridge from 3Q 2012 to 4Q 2012

                Volume   Volume &               Price-cost  Non
USD      EBITDA & Mix -    Mix -    Price-cost   - Mining  -Steel Other EBITDA
millions 3Q 12   Steel  Mining (a)  - Steel (b)    (b)     EBITDA  (d)  4Q 12
                  (a)                                       (c)
Group    1,336   (26)        5         (337)       (80)     (11)   436  1,323

a) The volume variance indicates the  sales value gain/loss through selling  a 
higher/lower volume  compared to  the reference  period, valued  at  reference 
period contribution (selling price-variable cost). The mix variance  indicates 
sales value gain/loss through selling  different proportions of mix  (product, 
choice, customer, market including domestic/export), compared to the reference
period contribution. 
b) The price-cost  variance is  a combination of  the selling  price and  cost 
variance. The  selling  price variance  indicates  the sales  value  gain/loss 
through selling at a higher/lower price compared to the reference period after
adjustment for mix,  valued with  the current  period volumes  sold. The  cost 
variance indicates  increase/decrease  in  cost  (after  adjustment  for  mix, 
one-time items, non-steel cost  and others) compared  to the reference  period 
cost. Cost  variance  includes the  gain/loss  through consumptions  of  input 
materials at a higher  price/lower price, movement in  fixed cost, changes  in 
valuation of inventory due to movement in capacity utilization etc. 
c) Non-steel EBITDA  variance primarily represents  the gain/loss through  the 
sale of by-products and services.
d) Other represents  the gain/loss through  movements in provisions  including 
write  downs,  write  backs  of  inventory,  onerous  contracts,  reversal  of 
provisions, dynamic delta hedge  on raw materials,  foreign exchange, etc.  as 
compared to  the  reference  period. Other  primarily  includes  $242  million 
relating to  gain  on Paul  Wurth  divestment  and $220  million  relating  to 
proceeds from CO[2] sales.

Appendix 8: Capital expenditure^26

USD millions                    4Q 12 3Q 12 4Q 11 12M 12 12M 11
Flat Carbon Americas              106   165   228    648    664
Flat Carbon Europe                150   182   238    818  1,004
Long Carbon Americas and Europe   200   174   359    745  1,119
AACIS                             106   115   126    433    613
Distribution Solutions             13    21    58     82    152
Mining                            527   490   453  1,853  1,269

Note: Table excludes others and eliminations.

Appendix 9: End notes

[1]The financial  information in  this  press release  has been  prepared  in 
accordance with International Financial Reporting Standards ("IFRS") as issued
by the International  Accounting Standards Board  ("IASB"). While the  interim 
financial information  included  in this  announcement  has been  prepared  in 
accordance with IFRS applicable to interim periods, this announcement does not
contain sufficient information  to constitute an  interim financial report  as 
defined  in  International   Accounting  Standards   34,  "Interim   Financial 
Reporting". The  numbers in  this press  release have  not been  audited.  The 
financial information and certain other  information presented in a number  of 
tables in this press release have been rounded to the nearest whole number  or 
the nearest decimal. Therefore,  the sum of  the numbers in  a column may  not 
conform exactly  to the  total  figure given  for  that column.  In  addition, 
certain percentages  presented in  the tables  in this  press release  reflect 
calculations based  upon the  underlying information  prior to  rounding  and, 
accordingly, may not conform exactly to the percentages that would be  derived 
if the relevant calculations were based upon the rounded numbers.
[2]Lost time injury frequency  rate equals lost  time injuries per  1,000,000 
worked hours, based on own personnel and contractors.
[3]EBITDA is  defined  as  operating income  plus  depreciation,  impairment 
expenses and exceptional items. 
[4]On July, 25, 2012, ArcelorMittal announced the sale of its 48.1% stake  in 
Paul Wurth Group  to SMS Holding  GmbH for  a total consideration  of EUR  300 
million. On completion of  the transaction on December  17, 2012, the  Company 
recognized a $242 million gain on the divestment.
[5]During the 3Q 2012 the Company incurred $72 million in charges related  to 
a one-time signing  bonus and  post retirement benefit  costs following  entry 
into the  new US  labor contract.  During 4Q  2012 the  Company incurred  $110 
million in charges related to  the recognition of additional actuarial  losses 
accrued on post retirement  benefits following changes  to year end  actuarial 
assumptions.
[6]Market  priced  tonnes  represent  amounts  of  iron  ore  and  coal  from 
ArcelorMittal mines that could  be sold to third  parties on the open  market. 
Market priced tonnes that are not sold to third parties are transferred  from 
the Mining segment to the Company's  steel producing segments and reported  at 
the  prevailing  market  price.  Shipments  of  raw  materials  that  do  not 
constitute market priced tonnes are  transferred internally and reported on  a 
cost-plus basis.
[7]Net debt refers  to long-term debt,  plus short term  debt, less cash  and 
cash equivalents, restricted cash and short-term investments (including  those 
held as part of asset/liabilities held for sale).
[8]Mtpa refers to million tonnes per annum.
[9]ArcelorMittal's Board of Directors recommends reducing the annual dividend
payment to  $0.20/share  for  2013  (from $0.75/share  in  2012).  Subject  to 
shareholder approval at  the next  annual general  meeting in  May 2013,  this 
dividend will be paid in July 2013.
[10]EBITDA/t means total Group EBITDA divided by total steel shipments.
[11]ArcelorMittal Liege is a business unit of ArcelorMittal Belgium.
[12]On  June  20,  2012,  ArcelorMittal  completed  the  sale  of  its  steel 
foundation  distribution  business  in  NAFTA,  Skyline  Steel  and  Astralloy 
("Skyline Steel"),  to Nucor  Corporation for  a total  consideration of  $684 
million. The transaction  comprised 100% of  ArcelorMittal's stake in  Skyline 
Steel's operations in the NAFTA countries and the Caribbean.
[13]ArcelorMittal Dofasco made a  number of changes to  its pension plan  and 
health and dental benefits.Employees at Dofasco will be transitioned from  an 
existing defined benefit pension  plan to a  new defined contribution  pension 
plan.Changes to health and dental benefits will result in an increase in  the 
portion of the cost of  health benefits that is  borne by participants in  the 
plans. These changes  resulted in  a curtailment gain  of $241  million in  1Q 
2012.
[14]This relates to a transaction (a "dynamic delta hedge") designed to hedge
U.S. dollar-denominated raw material  purchases until 2012 that  ArcelorMittal 
entered into in mid-2008 and unwound in late 2008. The unwind resulted, among
other accounting effects,  in a  deferred gain of  approximately $2.6  billion 
recorded in equity  which, along  with the  recording of  hedged expenses,  is 
being recycled in the statement of operations during the 2009-1Q 2013  period. 

[15]On March  28, 2012,  ArcelorMittal announced  that it  had  successfully 
completed an  offering  to  sell (through  certain  subsidiaries)  134,317,503 
shares and warrants in respect of a further 134,317,503 shares in Eregli Demir
ve Çelik  Fabrikalari  T.A.S. ("Erdemir")  generating  total proceeds  of  TRY 
478,170,311 by way of a single accelerated bookbuilt offering to institutional
investors. Taking into account acquisition cost net of dividends received, the
disposal of the 6.25% stake in  Erdemir was cash positive (from an  accounting 
point of  view  the transaction  resulted  in a  gain  of $0.1  billion  which 
includes the reclassification of reserves previously recorded in net equity).
All of  the  warrants  matured without  any  being  exercised  ArcelorMittal's 
holding today remains at approximately 18.7%  and remains as an available  for 
sale investment. ArcelorMittal  agreed to a  365 day lock-up  period on  its 
remaining stake in Erdemir.
[16]On April 4, 2012, ArcelorMittal Luxembourg entered into an agreement  to 
divest its 23.48% interest in Enovos International SA to a fund managed by AXA
Private Equity for a  purchase price of EUR  330 million. The purchase  price 
was split with EUR 165 million  payable at closing, and the remaining  portion 
deferred for up to two years. Interest will accrue on the deferred  portion. 
Closing of  the transaction  occurred  on July  17,  2012, with  $189  million 
received for the first installment of Enovos sale price (after adjustment  for 
dividends). Taking into  account acquisition cost  net of dividends  received, 
the disposal  of  the  23.48% stake  in  Enovos  was cash  positive  (from  an 
accounting point of view the transaction resulted in a loss of $0.2 billion).
[17]The Company's investment in Macarthur was accounted for under the  equity 
method. As  a result  of the  Company's decision  to withdraw  from the  joint 
venture with  Peabody  Energy to  acquire  ownership of  Macarthur  Coal,  the 
Company recognized an impairment loss of $119 million in the third quarter  of 
2011. The impairment for  the full year  2011 decreased to  $107 million as  a 
result of the increase in the sale price from AUD16.00 to AUD16.25.
[18]Foreign exchange and other net  financing costs include foreign  currency 
swaps, bank fees, interest on  pensions, impairments of financial  instruments 
and revaluation of derivative instruments.
[19]In October 2012, the  Company announced its decision  to close two  blast 
furnaces, a  sinter plant,  a  steel shop  and  continuous casters  in  Liege, 
Belgium.
[20]There are three categories of  sales: 1) "External sales": mined  product 
sold to third  parties at  market price; 2)  "Market-priced tonnes":  internal 
sales of mined product to ArcelorMittal facilities and reported at  prevailing 
market prices; 3)  "Cost-plus tonnes"  - internal  sales of  mined product  to 
ArcelorMittal facilities  on a  cost-plus basis.  The determinant  of  whether 
internal sales are reported  at market price or  cost-plus is whether the  raw 
material could practically be sold to third parties (i.e. there is a potential
market for the product and logistics exist to access that market).
[21]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 of the quarter on an annualized
basis. Days of accounts receivable are a  function of sales of the quarter  on 
an annualized basis.
[22]Includes back-up lines for the commercial paper program of  approximately 
$1.3 billion (€1 billion).

Total of all finished  production of fines,  concentrate, pellets, lumps  and 
coal (includes share of production and strategic long-term contracts).

ArcelorMittal   Distribution   Solutions   shipments   are   eliminated    in 
consolidation as  they primarily  represent shipments  originating from  other 
ArcelorMittal operating subsidiaries. 

[25]Operating working capital  is defined as  trade accounts receivable  plus 
inventories less trade accounts payable.
[26]Capital expenditure includes the  acquisition of intangible assets  (such 
as concessions for mining and IT support) and includes payments to fixed asset
suppliers.
[27]Average steel selling  prices are  calculated as steel  sales divided  by 
steel shipments.
[28]Shipments originating from a geographical location.
[29]Includes Tubular products business.
[30]Commercial paper is expected to continue to be rolled over in the  normal 
course of business.
[31]Gearing is defined as (A) long-term debt, plus short-term debt, less cash
and cash equivalents,  restricted cash and  short-term investments  (including 
those held as part of asset/liabilities held for sale), divided by (B)  total 
equity.

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Source: ArcelorMittal S.A. via Thomson Reuters ONE
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