- Sales of $35.2 billion, up 38% compared with Q307
- EBITDA1,2 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 debt3 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."

Financial highlights (on the basis of IFRS4, amounts in US$ and Euros5 ):

(In millions of US dollars except earnings per share and shipments data)

Results US Dollars
Q3 2008 Q2 2008 Q3 2007 9M 2008 9M 2007
Shipments (Million MT)6 25.6 29.8 26.0 84.6 81.7
Sales 35,198 37,840 25,524 102,847 77,223
EBITDA 8,580 8,046 4,881 21,670 14,553
Operating income7 5,467 6,621 3,853 15,702 11,540
Net income 3,821 5,839 2,960 12,031 7,933
Basic earnings per share $2.79 $4.20 $2.10 $8.66 $5.70



(In millions of Euros except earnings per share and shipments data)

Results Euros5
Q3 2008 Q2 2008 Q3 2007 9M 2008 9M 2007
Shipments (Million MT) 25.6 29.8 26.0 84.6 81.7
Sales 23,387 24,222 18,579 67,582 57,445
EBITDA 5,701 5,150 3,553 14,240 10,826
Operating income 3,633 4,238 2,805 10,318 8,584
Net income 2,539 3,738 2,155 7,906 5,901
Basic earnings per share €1.85 €2.69 €1.53 €5.69 €4.24