Luxembourg , 17th September 2008 - ArcelorMittal today announces a new “Management Gains” plan that will target USD 4 billion of cost savings over the next 5 years. This plan will focus on increasing employee productivity, reducing energy consumption and decreasing input costs to achieve a higher yield and improved product quality.
Commenting, Aditya Mittal, CFO, said: “Since our merger, we have improved our cost leadership due to our successful integration, our 2008 value plan and realisation of merger synergies. In order to further enhance this cost leadership, we have now targeted a further US$4 billion of management gains to be realised over the next 5 years.”
ArcelorMittal is today holding an investor day in London.
Copies of the presentations – given by Lakshmi Mittal, Chairman and CEO; Aditya Mittal, CFO; and Group Management Board members Christophe Cornier and Michel Wurth – can be found on the company’s website: www.arcelormittal.com.
About ArcelorMittal
ArcelorMittal is the world's leading steel company, with over 320,000 employees 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 wellbeing of its employees, contractors and the communities in which it operates. It is also committed to the sustainable management of the environment and of finite resources. ArcelorMittal recognises that it has a significant responsibility to tackle the global climate change challenge: 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 2007 ArcelorMittal had revenues of USD 105.2 billion and crude steel production of 116 million tonnes, representing around 10 per cent of world steel output.
ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris ( MTP), Brussels (MTBL), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
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