Arcelor Results

ArcelorMittal (referred to as “ArcelorMittal”, or “the Company”) (New York: MT; Amsterdam: MT; Madrid: MTS; Paris: MTP; Brussels: MTBL; Luxembourg: MT), the world’s leading steel company, today announced results for the three and nine-month periods ended September 30, 2008.

Highlights for the three months ended September 30, 2008:
Sales of $35.2 billion, up 38% compared with Q307
EBITDA 1,2 of $8.6 billion, up 76% compared with Q307
Net income of $3.8 billion, up 29% as compared with Q307
Capital expenditures of $1.8 billion in Q308
Total return to ArcelorMittal shareholders of $2.3 billion, of which $0.5 billion in cash dividends paid and $1.8 billion in share buy-backs
Base dividend to be maintained at $1.50 per share for 2009

Guidance
Q408 EBITDA guidance to be in the range of $2.5 - $3 . 0 billion
On track to deliver full year EBITDA of $24.2 - $24.7 billion compared with 2007 full year EBITDA of $19.4 billion

The Company also announces initiatives in response to the current economic environment:
Adaptation of existing growth plan to reflect market conditions
Increased management gains target from $4 billion to $5 billion through additional selling, general and administrative (SG&A) savings over the next five years
Increase of temporary production cuts to accelerate inventory reduction
Targeting $10 billon net debt 3 reduction by end of 2009 to increase financial flexibility

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

“We have announced today strong results for the quarter with EBITDA of US$8.6 billion. Looking forward, we have also announced necessary and responsible measures to ensure we are well adapted to the current environment. Our focus remains on cost-leadership and service to customers. The current period of de-stocking requires that we make appropriate production cuts to seek to rebalance supply and demand, and we are also accelerating efforts to pay down debt. ArcelorMittal, with its diversified business model, strong cash-flow and cost leadership position, is well placed to weather the challenging economic environment we currently face. We remain optimistic about the industry's medium-term growth prospects, but it is appropriate to pause our growth strategy until we have a more settled economic outlook."