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 for the three months ended March 31, 2009.
Highlights for the three months ended March 31, 2009:

Shipments of 16.0 million tonnes, down 6% as compared to Q408
Sales of $15.1 billion, down 32% as compared to Q408
EBITDA1 of $0.9 billion, in-line with guidance
Net loss of $1.1 billion due in part to $1.2 billion exceptional charges pre-tax2
Net debt of $26.7 billion at the end of Q109 and pro forma3 liquidity of $13.2 billion
Extension of maturity to 2012 of $6.34 billion in debt through Forward Start5 facilities and completion of $1.6 billion (€1.25 billion) convertible bond issuance on April 1, 2009


Marketing update:
Potential for price increase during Q209 and Q309 across major markets and products

Enhanced industrial and financial plan:
Continuing temporary production cuts in-line with reduced demand
Industrial optimization measures implemented resulting in more than $6 billion of annualized temporary fixed cost reductions in Q1 2009, and expected to increase to more than $7.5 billion on an annualized basis in Q2 2009
Confirming target to achieve management gains of $2 billion of sustainable SG&A and fixed cost reduction in 2009
Reiterating working capital rotation days6 target of 75-85 days during 2009
Re-affirming target to reduce net debt by $10 billion by the end of 20097

Guidance for second quarter 2009:

EBITDA expected to be between $1.2-1.5 billion.
Commenting, Mr. Lakshmi N. Mittal, Chairman and CEO, ArcelorMittal, said:

“Strong measures have been taken to reduce our cost considerably and liquidity remains healthy with an extended debt maturity profile. Although market conditions remain challenging, a technical recovery is inevitable and ArcelorMittal will benefit from this.

Financial highlights (on the basis of IFRS8, amounts in US$ and Euros9):

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

Results US Dollars
Q1 2009 Q4 2008 Q1 2008
Shipments (million MT)10 16.0 17.1 29.2
Sales 15,122 22,089 29,809
EBITDA 883 2,808 5,044
Operating (loss) income11 (1,483) (3,466) 3,614
Net (loss) income (1,063) (2,632) 2,371
Basic (loss) earnings per share $(0.78) $(1.93) $1.69

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

Results Euros
Q1 2009 Q4 2008 Q1 2008
Shipments (million MT) 16.0 17.1 29.2
Sales 11,606 16,744 19,895
EBITDA 678 2,129 3,366
Operating (loss) income (1,138) (2,627) 2,412
Net (loss) income (816) (1,995) 1,582
Basic (loss) earnings per share €(0.60) €(1.46) €1.13