Growth plan 2012

11-13 September 2007 – Investor day – Paris

Aditya Mittal – Chief Financial Officer and member of GMB

1

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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

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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

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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.

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Agenda

• Growth plan highlight and methodology

• Growth plan targets by division

• CAPEX and financing

• Greenfield and M&A update

• Conclusion

3

Growth plan highlight and methodology

4

Growth plan 2012 within ArcelorMittalthree dimensional growth strategy

BrownfieldTargeted

acquisitionGreenfield

Geography

Product

Value Chain

3D and key pillars growth

strategy

Products

Value Chain

Growth

plan 2012

Internal growth plan 2012 is only one part of group growth strategy

Value added mix

improvement growth

and value chain

growth

Greenfield

and M&A

growth

5

Growth plan 2012 highlight

Shipments target in million tonnes*

Approximately 75% of volume of the growth plan 2012 already done or approved for a

potential investment of USD 7bn over 6 years

*Growth plan 2012 adjusted with European long products remedies, Sparrows Points disposal and Sicartsa acquisition -Growth plan 2012 confirmed the Value Plan 2008

Comments about Growth plan

• Investment projects approved (15mt)

– Projects approved by investment allocation committee, by group management board and

by board of directors

• Investment project options (5mt)

– Projects still under internal study

• Shipments to be proactively adjusted to

economic condition when required

103111

131

5

15

80

90

100

110

120

130

140

2005 2006 Projects

approved

Projects

under study

Grow th plan

2012

6

Methodology and criteria used to assess initiatives

Costs required to ensure project fully complies with environmental

requirements now and in the future are minimal; no significant hurdles

for environmental approvals

8. Environmental issues

Adequate human resources with right skill set (e.g. project

management) have/will be provided for this project7. Deliverability

Project eliminates bottlenecks and optimises production flows;

logistical infrastructure is adequate in the production chain6. Balanced local flows

Project is being implemented in a plant that is a cost leader5. Cost leadership

Project requires minimal capex; or project is focused on assets that

are at or close to benchmark levels of utilisation, productivity, yield etc

4. Asset utilisation and

performance

Project minimises logistical costs in the delivery chain to customer;

logistical infrastructure is adequate in the delivery chain3. Flow to market

Project is focused on increased production of value-added products2. Value addition in

product mix

Project is strongly supported by market demand, including likely

behaviour of competitors1. Market demand

MarketMarketMarketMarket

IndustrialIndustrialIndustrialIndustrial

Internal capabilityInternal capabilityInternal capabilityInternal capability

EnvironmentalEnvironmentalEnvironmentalEnvironmental

Investment decision focus on high return projects

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Growth plan targets by division

8

Growth plan 2012 by division

Growth projects focus on high growth market and low cost area

Shipments breakdown by segment in 2006 and in 2012 as projected in growth plan (mt)

*Include only projects done or approved

**Include projects done, approved and under study

***Include Sparrow Points disposal (30mt of shipments in 2006 including Sparrow Points)

****Include European long products remedies and Sicartsa acquisition

Long Carbon****

25 27 30

2006 2012P* 2012P**

Asia, Africa & CIS

2029 30

2006 2012P* 2012P**

Stainless

2.2 2.2 2.4

2006 2012P* 2012P**

Flat Carbon Americas***

27 31 32

2006 2012P* 2012P**

Flat Carbon Europe

33 37 37

2006 2012P* 2012P**

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Flat Carbon Americas growth plan 2012

Shipments target in million tonnes* Main projects already done or approved

• Tubarao (Brazil)

– Heat Recovery Coke Batteries with a capacity of 1.5mt

of coke and power generation of 170 mw

– Slab capacity increase from 5mt to 7.5mt

– Hot strip mill expansion from 2.5mt to 4mt

• Lazaro (Mexico)

– CO2 absorption system to increase DRI production by 270,000t (module 1)

• US

– Includes 1mt volume recovery relative to production adjustment to market in 2006

*2012 includes Sparrows Point disposal

CAPEX for projects done,

approved or understudy

USD 0.5bn

Approximately 80% of projects of the growth plan 2012 already done or approved

31 3227

2006 2012 Projects done

or approved

2012 Projects

under study

Sparrows Point

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Shipments target in million tonnes Main projects already done or approved

• Krakow (Poland)

– New Hot Strip mill leading to quality and yield improvements and additional capacity of

300,000t

– 2nd phase Hot Strip mill linked to Dabrowa

Gornica new continuous caster no.3 adding

1.7mt

• Liege (Belgium)

– Restart of blast furnace no.6 of 1.2mt leading to

a 2.7mt capacity

• Bremen (Germany)

– Slab expansion of 500,000t for line pipe

• Aviles (Spain)

– Plate expansion of 200,000t

Approximately 100% of projects of the growth plan 2012 already done or approved

Flat Carbon Europe growth plan 2012

CAPEX for projects done,

approved or understudy

USD 0.3bn

3733

37

2006 2012 Projects done

or approved

2012 Projects

under study

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Shipments target in million tonnes* Main projects already done or approved

• Long carbon Americas

– Acindar (Argentina) steel capacity increase by 300,000t

– Turnaround program at Point Lisas (Trinidad), Sicartsa

(Mexico), Indiana Harbor (US) and Georgetown (US)

resulting in 0.4mt additional volume

– Continuous improvement in Steelton (USA), Juiz de Fora

(Brazil) and other South American to contribute for approximately 0.4mt additional volume

• Long carbon Europe

– Zagora (Spain) plant relocation adding 400,000t capacity

– Duisburg (Germany) contract for 200,000t additional hot

metal

– Differdange (Luxembourg) Revamping EAF adding 160,000t

– Hunedoara (Romania) Improved EAF adding 130,000t

– Rodange (Luxembourg) mill revamping adding 300,000t of

sheet piles

CAPEX for projects

done or approved

USD 1.4bn

Approximately 40% of projects of the growth plan 2012 already done or approved

Long Carbon growth plan 2012

*2012 include European long products remedies and acquisition of Sicartsa

2725

30

2006 2012 Projects done

or approved

2012 Projects

under study

12

Shipments target in million tonnes* Main projects already done or approved

*Includes Pipes & Tubes projects

CAPEX for projects

done or approved

USD 4.2bn

Approximately 85% of projects of the growth plan 2012 already approved

Africa, Asia & CIS growth plan 2012

• Africa

– Vanderbijlpark (South Africa) DRI increase of 350,000t

– Turnaround program at Annaba (Algeria) resulting in

400,000t additional volume

– Continuous improvement in various South African plants to contribute approximately 0.5mt additional volume

• Asia & CIS

– Kryviy Rih (Ukraine) liquid steel capacity to increase to

12mt including flats products

– Temirtau (Kazakhstan) productivity and bar mills projects

resulting in 1.2mt increase

– Zenica (Bosnia) restarting 1mt integrated route

• Pipes & Tubes

– Saudi Arabia (Asia) Greenfield project of 500,000t

– Various organic growth projects resulting in 300,000t

volume increase

29 30

20

2006 2012 Projects done

or approved

2012 Projects

under study

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CAPEX and financing

14

A net debt well under control supported by a high free cash-flow generation

Free cash-flow* / EBITDA 2006 (%)Net debt on EBITDA annualized

Source: Exane BNP Paribas – Arcelor Mittal*To facilitate comparisons on this slide, free cash-flow is defined as proforma cash-flow from operations minus total CAPEX

0%

10%

20%

30%

40%

50%

60%

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1.21.1

1.21.3

1.6

1.8

0

0.5

1

1.5

2

2.5

Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07

USD 23.2 billion of net debt at end of Q2 2007

15

Growth plan fully financed by cash-flow allowing debt reduction and M&A

EBITDA, cash-flow from operating activity and free cash-flow

in H1 2007 (USD billion)CAPEX program estimates related to growth plan 2012

CAPEX to grow with underlying EBITDA growth of the group

� Maintenance CAPEX to represent USD 2.5bn in 2007

2005 2006 2007 2008 2009 2010

EBITDA 14.9 15.3 Increase

4.7-5.0

4.6

4.1

M aint enance

Gro wt h

3.3

2.2

1.9

1.1

6.4

9.7

1.2

EBITDA Cash flow from

operating

activities

Free cash-flow

allocation

Financial charge,

tax, change in

w orking capital

Maintenance

CAPEX

Grow th CAPEX

Dividend

Debt reduction

and acquistions

16

Greenfield and M&A update

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M&A and 3 dimensional growth strategy

Requirement for low risk and value creative M&A growth strategy:

- Leadership and global reach for maximising opportunities

- Price sensitive approach

- Experience and integration know-how to deliver synergies

No 1 in

North America

No 1 in

South America

No 1 in

Western Europe

No 1 in Eastern

Europe and CIS

No 1 in AfricaStrategic presence

in Asia

Value Chain

Product

Geography

�

�

�

Market position by region

M&A to remain a key pillar of growth strategy

A unique global and industrial intelligence

network multiplying number of opportunities

� Extremely large number of

opportunities allow high level

of selectivity and reduce risks

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ArcelorMittal industrial position in South America

• Leading producer in South America with 10.1mt of production

in 2006; Arcelor Brasil is one of the most competitive producers

in the world with an EBITDA margin of 32.2% in 2006

• Acquisition for USD 4.2bn and 27 million shares elevating ArcelorMittal stake to 97.85%

• Transaction allowing to simplify structure, to optimize

debt/cash-flow, to potential gain on tax and to increase

exposure to growing South American market

Long Carbon

Flat carbon

Stainless steel

Earning accretive acquisition of Arcelor Brasil minority interests

Value Chain

Product

Geography �

Transaction expected to be EPS accretive

Brazil finished steel consumption (mt)*

*IISI and ArcelorMittal estimates

12.115.8

18.522

1994 2000 2006 2012P

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Recent growth initiatives in Pipes & Tubes

Small dia welded tubes Seamless tubesLarge dia welded pipes

• Construction of a 500,000t seamless tubes mill

in Saudi Arabia to serve fast growing middle

east high quality grade tubes market

• Preliminary agreement to acquire a 100,000t

welded tubes mill and tubular components plant

for the automotive industry

• Project providing significant marketing and industrial synergies

Leveraging steel leadership to create a world class Pipes & Tubes leader

Saudi Arabia project

Acquisitions in France

Value Chain

Product

Geography

�

Pipes & Tubes industrial positioning

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Mont-Wright QCM WabushSept IlesPort Cartier Pointe Noire

IOCC

QCM railway

Quebec Labrador

St Laurent river

Acquisition of Wabush mines operations

Getting closer to objective of 75% iron ore self-sufficiency

Value Chain

Product

Geography

�

Canada iron ore organisation

ArcelorMittal mining operationIron ore depositHydro-electric lineRailwayShipping terminal

• Acquisition for USD 67m of 100% of Wabush mine

operations by exercising option on 71.4% of the shares

not already owns

• Wabush mine operations to generate synergy with QCM

mining operation related in particular to optimisation of the

Wabush pellet plant (6mt capacity located in Pointe-Noire)

• Operations to increase Group pellet production by about

3.5 million tonnes per year

21

Tata

Planned acquisition of the steel distributor Rozak in Turkey

*IISI and ArcelorMittal estimates

Leveraging industrial leadership in Central & East Europe to grow in distribution

Warehouse Land for future service center

Rozak distribution network

Value Chain

Product

Geography

�

• Agreement to acquire 51% of Rozak, a Turkish Steel

Distributor

• Leading distributor in Turkey with a 450,000t of

products shipped in 2006, Rozak is expecting to expand rapidly in line with dynamic market growth

• Platform to expand AM3S in Central & East Europe but

also toward Middle East and Caspian area

6.912.7

21.931

1994 2000 2006 2012P

Turkey finished steel consumption (mt)*

22

Major Greenfied projects in India progressing

Indian steel industry and main Greenfield projects

AM Orissa

Main local producers

Greenfield projects

SAIL

SAIL

TataEssar

Ispat

JSW

POSCOSAIL

AM Jharkhand

*IISI and ArcelorMittal estimates

Orissa and Jharkhand Greenfield projects representing a 24mt steel potential

Value Chain

Product

Geography �Each Project

• Project to built a 12mt steel plant in 2

phases of 6mt with access to 600 million

tonnes of iron ore deposit

• Investment of USD 10 billion including

mining development, coke plant and

power plant

Jharkhand

• MoU signed on 12th October 2005

• Site to be announced immediately after the notification

of Rehabilitation & Resettlement policy by Jharkhand

government

Orissa

• MoU signed on 21st December 2006

• Site announced and application for lands and mines

underway

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Conclusion

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Demonstrating growth

Transforming tomorrow

� Internal growth plan expected to increase volume by 20% by 2012

�Greenfield projects in India to add another 20% volume growth

�Underlying profitability to progress significantly faster than volume growth as internal growth projects initiated in low cost area

�Question 2

� How do you consider Group growth plan?

� 1 – Disruptive to market

� 2 – Above expectation

� 3 – In line with expectation

� 4 – Below expectation

25

Q&A