ArcelorMittal Annual Report 2008
ArcelorMittal Annual Report 2008
ArcelorMittal Annual Report 2008
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December 31, <strong>2008</strong><br />
TOTAL U.S. CANADA BRAZIL EUROPE SOUTH AFRICA OTHERS<br />
Change in benefit obligation<br />
Benefit obligation at beginning of the period 10,512 3,078 3,034 639 2,486 1,069 206<br />
Service cost 163 42 61 11 38 — 11<br />
Interest cost 625 181 161 69 127 69 18<br />
Plan amendments 180 155 11 — 10 — 4<br />
Plan participants’ contribution 6 — 1 3 1 — 1<br />
Acquisition 20 — — — — — 20<br />
Curtailments and settlements 12 — (1) (1) (12) — 26<br />
Actuarial (gain) loss (141) 50 (248) 37 42 (15) (7)<br />
Benefits paid (760) (225) (167) (37) (194) (92) (45)<br />
Foreign currency exchange rate differences<br />
and other movements (1,258) — (577) (171) (182) (288) (40)<br />
Benefit obligation at end of the period 9,359 3,281 2,275 550 2,316 743 194<br />
Change in plan assets<br />
Fair value of plan assets at beginning of the period 8,091 2,627 2,707 731 623 1,290 113<br />
Expected return on plan assets 584 215 182 82 25 69 11<br />
Actuarial gain (loss) (1,712) (915) (631) (24) (24) (103) (15)<br />
Employer contribution 458 213 170 18 56 — 1<br />
Plan participants’ contribution 6 — 1 3 1 — 1<br />
Settlements (11) — — — (11) — —<br />
Benefits paid (589) (224) (166) (37) (64) (92) (6)<br />
Foreign currency exchange rate differences<br />
and other movements (1,039) — (477) (184) (40) (338) —<br />
Fair value of plan assets at end of the period 5,788 1,916 1,786 589 566 826 105<br />
(Unfunded) funded status of the plans (3,571) (1,365) (489) 39 (1,750) 83 (89)<br />
Unrecognized net actuarial loss (gain) 1,969 1,700 179 44 22 — 24<br />
Unrecognized past service cost 29 28 — — 1 — —<br />
Prepaid due to unrecoverable surpluses (155) — — (69) (3) (83) —<br />
Net amount recognized (1,728) 363 (310) 14 (1,730) — (65)<br />
Net assets related to funded obligations 491 406 49 17 — — 19<br />
Balance sheet liabilities (2,219) (43) (359) (3) (1,730) — (84)<br />
Asset ceiling<br />
The amount not recognized in the fair value of plan assets due to the asset ceiling was 305 and 155 at December 31, 2007<br />
and <strong>2008</strong>, respectively.<br />
131<br />
<strong>2008</strong> Consolidated Financial Statements continued<br />
<strong>ArcelorMittal</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2008</strong>
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