Luxembourg , May 11, 2011 - ArcelorMittal (referred to as "ArcelorMittal" or the "Company") (MT (New York, Amsterdam, Paris, Brussels, Luxembourg), MTS (Madrid)), the world's leading steel company, today announced results[1] for the three months ended March 31, 2011.

As from January 1, 2011, ArcelorMittal is reporting the results of its mining operations as a separate operating segment. The segment change has been undertaken in order to reflect changes in the Company's approach to managing its mining operations, as required by IFRS. Prior periods have been recast to reflect the new segmentation.

Highlights:

Health and Safety frequency rate[2] improvement in 1Q 2011 with rate at 1.4x as compared with 1.6x for 4Q 2010
EBITDA[3] of $2.6 billion in 1Q 2011 (including $0.3 billion non cash gain relating to reversal of provisions)
1Q 2011 steel shipments of 22.0 Mt up 4% as compared to 4Q 2010
Average steel selling prices up 7% in 1Q 2011 as compared to 4Q 2010
Own iron ore production of 11.8 Mt in 1Q 2011, down 6.3% as compared to 12.6 Mt in 4Q 2010
5.9 Mt iron ore shipped at market price[4] (internally and externally) in 1Q 2011 compared to 6.7 Mt in 4Q 2010
Net debt[5] increased $2.9 billion to $22.6 billion in 1Q 2011 due to investment in working capital, M&A and forex.
Outlook and guidance:

Steel shipments expected to increase in 2Q 2011 in line with higher capacity utilization (approximately 80% vs. 75% in 1Q 2011) driven by continued improvement in underlying demand and seasonal factors
Increases in average steel selling prices are expected to more than offset cost increases in 2Q 2011
Mining production and profitability are expected to improve in 2Q 2011 as compared to 1Q 2011
2Q 2011 EBITDA expected to be between $3.0 - $3.5 billion
Working capital requirements expected to increase in line with increased activity and prices; will result in a further increase in net debt in 2Q 2011

USDm unless otherwise shown 1Q 11 4Q 10 3Q 10 2Q 10 1Q 10
Sales $22,184 $20,699 $19,744 $20,154 $17,428
EBITDA 2,582 1,853 2,162 2,809 1,701
Operating income 1,431 397 1,028 1,603 577
Income / (loss) from discontinued operations 461 (547) 38 127 52
Net income / (loss) 1,069 (780) 1,350 1,704 640
Basic earnings / (loss) per share (USD) 0.69 (0.51) 0.89 1.13 0.42
Continuing operations
Own iron ore production (Mt) 11.8 12.6 13.0 12.8 10.6
Iron ore shipped internally and externally at market price (Mt)[4] 5.9 6.7 6.1 6.9 5.4
Crude steel production (Mt) 23.5 21.6 22.2 24.3 22.5
Steel shipments (Mt) 22.0 21.1 20.5 22.3 21.0
EBITDA/tonne (US$/t) 118 88 105 126 81
Operating income / tonne (US$/t) 65 19 50 72 27

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

"As anticipated, we have seen a stronger start to the year, with an increase in both shipments and selling prices. This is expected to further improve in the second quarter as the underlying demand recovery continues. We remain confident that 2011 will be a stronger year than 2010.

This quarter we have started to separate out the profit contribution from our mining operations, which has the added benefit of enabling us to maximise returns, optimize capital allocation and pursue our plans for growth in this area."