ArcelorMittal Annual Report 2008

Note 14: Short-Term Debt
Short-term debt, including the current portion of long-term debt, consisted of the following:
Short-term bank loans and other credit facilities 3,653 4,564
Current portion of long-term debt (note 15) 4,832 3,777
Revaluation of interest rate hedge instruments (note 16) — 3
Current portion of lease obligations (note 15) 57 65
Total 8,542 8,409
Short-term debt includes short-term loans, overdrafts and commercial paper.
Commercial paper
The Company has a commercial paper program that was increased by €1 billion on March 26, 2008, enabling borrowings
of up to €3 billion (4,175).
Note 15: Long-Term Debt
Long-term debt is comprised of the following as of December 31:
December 31, December 31,
2007 2008
Year of maturity Type of interest Interest rate 1 2007 2008
Corporate
$3.2 billion Credit Facility 2010 Floating 2.5%-3.2% 2,700 3,181
€17 billion Credit Facility 2011 – 2012 Floating 2.5%-5.7% 16,357 16,289
EBRD loans 2009 – 2015 Floating 3.3%-4.7% 216 304
Debenture loans 2009 – 2018 Fixed 3.4%-6.1% 2,917 4,809
Other loans 2009 – 2035 Floating 1%-5.5% 1,583 1,385
Other loans 2009 – 2015 Fixed 3.7%-6.4% 372 724
Total Corporate 24,145 26,692
Americas
Senior secured notes 2014 Fixed 9.75% 420 420
Senior unsecured notes 2014 Fixed 6.5% 500 500
Asset acquisition loans 2009 – 2018 Fixed/Floating 4.5%-11.4% 813 836
Other loans 2009 – 2014 Fixed 5.75%-10% 101 376
Other loans 2009 – 2018 Floating 2%-21% 380 249
Total Americas 2,214 2,381
Europe, Asia & Africa
Other loans 2009 – 2010 Fixed 3.2%-16% 259 67
Other loans 2009 – 2010 Floating 3%-23% 16 88
Total Europe, Asia & Africa 275 155
Total 26,634 29,228
Less current portion of long-term debt 4,832 3,777
Total long-term debt (excluding lease obligations) 21,802 25,451
Revaluation of interest rate hedge instruments (note 16) 18 —
Lease obligations 2 265 216
Total long-term debt, net of current portion 22,085 25,667
1 Rates applicable to balances outstanding at December 31, 2008. The effective rate of the €17 billion Credit Facility amounts to 4.60% in 2008.
2 Net of current portion of 57 in 2007 and 65 in 2008.
109
2008 Consolidated Financial Statements continued
ArcelorMittal Annual Report 2008