Luxembourg, February 7, 2012 - ArcelorMittal (referred to as “ArcelorMittal” or the “Company”) (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world’s leading steel company, today announced results[1] for the three and twelve month periods ended December 31, 2011.
Highlights:
Health and safety performance improved in 2011 with an annual LTIF rate[2] of 1.4x as compared to 1.8x in 2010; marked improvement shown in 4Q 2011 with an LTIF rate of 1.2x
FY 2011 EBITDA[3] of $10.1 billion (+18.7% y-o-y); 4Q 2011 EBITDA of $1.7 billion (including positive $0.1 billion from sale of CO2 credits) in challenging market conditions
FY 2011 net income of $2.3 billion or $1.46 per share; 4Q 2011 net loss of $1.0 billion due in part to $1.3 billion of non-cash charges (reduction of deferred tax assets ($0.9 billion), together with asset impairments ($0.2 billion) and restructuring charges associated with asset optimization ($0.2 billion))
4Q 2011 steel shipments of 20.6Mt down 2.5% vs. 3Q 2011 driven mainly by destocking in Europe
Mining production targets achieved: FY 2011 iron ore production of 54.1Mt (+10.5% y-o-y), of which 28.0Mt shipped at market prices[4] (+11.5% y-o-y); FY 2011 coal production of 8.3Mt (+ 20% y-o-y), of which 4.9Mt shipped at market prices (+45% y-o-y)
Net debt[5] reduced by $2.4 billion during 4Q 2011 to $22.5 billion as of December 31, driven by improved cash flow from operations of $2.9 billion, inflow of $0.8 billion from MacArthur Coal divestment and foreign exchange gains
The Board proposes to maintain the annual dividend at $0.75 per share, subject to AGM approval
Outlook and guidance:
1H 2012 EBITDA likely to be lower than the comparable period of 2011 and above 2H 2011 level; supported by continued progress on management gains and asset optimization plans
Overall steel shipment volumes in 1H 2012 are expected to be at a similar level as in 1H 2011; Mining production volumes expected to be higher than 1H 2011 in line with plans to increase own iron ore and coal production in FY 2012 by approximately 10%
2012 Capex expected to be approximately $4-4.5 billion
Further reduction in net debt anticipated with a focus on working capital management and non-core asset divestments, per the Company’s stated objective to retain its investment grade credit rating

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http://www.arcelormittal.com/corporate/financialresults.html