core sector communique

ArcelorMittal reports first quarter 2010 results  

Luxembourg, April 29, 2010 - ArcelorMittal (referred to as "ArcelorMittal", or the "Company") (MT (New York, Amsterdam, Brussels, Luxembourg, Paris) MTS (Madrid)), the world's leading steel company, today announced results [1] for the three months ended March 31, 2010.

Highlights:

• Health and Safety frequency rate [2] consistent with Q4 2009
• Steel shipments of 21.5 million tonnes in Q1 2010, up 8% compared to Q4 2009
• Average steel selling prices down 3% in Q1 2010 compared to Q4 2009
• EBITDA [3] of $1.9 billion in Q1 2010
• Net debt [4] increased by $1.9 billion to $20.7 billion in Q1 2010, due to investment in working capital and M&A activity

Performance and industrial plan:

• Capacity utilisation increased to 72% in Q1 2010 from 70% in Q4 2009
• $2.9 billion of annualized sustainable cost reductions achieved by the end of first quarter of 2010; on track to achieve $5.0 billion of management gains by 2012

Guidance for the three months ended June 30, 2010:

• EBITDA expected to be between $2.8 billion - $3.2 billion

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

(USDm) unless otherwise shown	1Q 10	4Q 09	1Q 09
Sales	$18,652	$18,642	$15,122
EBITDA	1,888	2,131	883
Operating Income / (Loss)	686	684	(1,483)
Net Income / (Loss)	679	1,070	(1,063)
Iron Ore Production (Mt)	15.7	15.6	11.9
Crude Steel Production (Mt)	23.1	22.5	15.2
Steel Shipments (Mt)	21.5	20.0	16.0
EBITDA/tonne (US$/t)	88	107	55
Operating Income (Loss)/tonne (US$/t)	32	34	(93)
Basic Earnings / (Loss) per share (U.S. dollar per share)	0.45	0.71	(0.78)

Commenting, Mr. Lakshmi N. Mittal, Chairman and CEO, ArcelorMittal, said:

"The economic recovery is continuing in-line with our expectations and 2010 is set to be a stronger year for ArcelorMittal.  The year has started with improved demand in all main markets, which will have a positive impact in the second quarter."