Highlights for the twelve months ended December 31, 2008:
- Shipments of 101.7 million tonnes, down 7% year-on-year
- EBITDA1 of $24.5 billion, up 26% year-on-year
- Net income of $9.4 billion, down 9% year-on-year
- Highlights for the three months ended December 31, 2008:

- Shipments of 17.1 million tonnes, down 33% as compared to Q308
EBITDA of $2.8 billion
- Net loss of $2.6 billion due to $3.1 billion exceptional charges post-tax ($4.4 billion pre-tax) 2
- Net debt reduction of $6.0 billion
- Liquidity increased to $13.4 billion in Q408 as compared to $12.0 billion in Q308
- Update on initiatives in response to the exceptional market environment

Continuing temporary production cuts in Q109 until inventory reduction process is complete
Refocusing the $5 billion Management Gains program; targeting savings of $2 billion in 2009
Targeting a reduction of working capital rotation by 15-25 days during 2009, further reducing CAPEX to $3 billion in 2009 and reducing dividend to 0.75 $/share
On track to achieve targeted $10 billion net debt reduction
New Forward Start facilities3

Refinancing of $4.8 billion of certain existing indebtedness and credit facilities maturing in 2010 and 2011 secured in principle through Forward Start facilities. Maturing of new facilities will be 2012
Guidance for first quarter 2009

Q109 EBITDA expected to be approximately $1.0 billion due to full impact of price declines and production cuts
Commenting, Mr. Lakshmi N. Mittal, Chairman and CEO , ArcelorMittal, said:

“ArcelorMittal’s generally excellent performance in 2008 was overshadowed by the considerable slowdown in the world economy in the last quarter of the year. Our scale, strength and market leadership, however, allowed us to swiftly and decisively implement a number of operational and financial measures to adapt to the changing environment. These measures have already started to yield results. The reduction of net debt is particularly pleasing, enabled by our ability to continue to generate strong free cash flow. Whilst the operating climate is likely to remain challenging for the first quarter, we are starting to see some signs of improvement."

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
Q4 2008 Q3 2008 Q4 2007 12M 2008 12M 2007
Shipments (million MT)6 17.1 25.6 28.0 101.7 109.7
Sales 22,089 35,198 27,993 124,936 105,216
EBITDA7 2,808 8,580 4,847 24,478 19,400
Operating income (loss)8 (3,466) 5,467 3,290 12,236 14,830
Net income (loss) (2,632) 3,821 2,435 9,399 10,368
Basic earnings (loss) per share $(1.93) $2.79 $1.72 $6.80 $7.41

(In millions of Euros except earnings per share and shipments data)
Results Euros
Q4 2008 Q3 2008 Q4 2007 12M 2008 12M 2007
Shipments (million MT) 17.1 25.6 28.0 101.7 109.7
Sales 16,744 23,387 19,324 84,944 76,772
EBITDA 2,129 5,701 3,346 16,643 14,155
Operating income (loss) (2,627) 3,633 2,271 8,319 10,821
Net income (loss) (1,995) 2,539 1,681 6,390 7,565
Basic earnings (loss) per share €(1.46) €1.85 €1.19 €4.62 €5.41

Full year 2008 and fourth quarter 2008 News Conference (for media)
The presentation will be available via a live video webcast on www.arcelormittal.com

tijd 09.05
Arcelor Mittal EUR 20,84 +89 cent.