ArcelorMittal Annual Report 2008

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Notes to the Annual Accounts continued ArcelorMittal, Société Anonyme (expressed in millions of U.S. dollars, unless otherwise stated) Note 3: Intangible Assets Acquisition cost Opening balance 2 Additions 62 Closing balance 64 Value adjustment Opening balance — Charge for the year (1) Closing balance (1) Net book value Opening balance 2 Closing balance 63 Note 4: Tangible Assets Note 5: Financial Assets 150 Concessions, patents, licenses, trademarks and similar rights and assets Other fixtures, Payment on account fittings tools and tangible assets Land and buildings and equipment under construction Total Acquisition cost Opening balance 9 13 1 23 Additions 20 1 14 35 Closing balance 29 14 15 58 Value adjustment Opening balance (4) (8) — (12) Charge for the year (2) (1) — (3) Closing balance (6) (9) — (15) Net book value Opening balance 5 5 1 11 Closing balance 23 5 15 43 Shares in affiliated Loans to affiliated Participating Securities held undertakings undertakings interests as fixed assets Other loans Total Acquisition cost Opening balance 51,811 16,112 535 47 7 68,512 Additions 50,289 967 674 — — 51,930 Disposals (33,455) (14,551) — — (1) (48,007) Closing balance 68,645 2,528 1,209 47 6 72,435 Value adjustments Opening balance (357) — — — — (357) Reversals 357 — — — — 357 Charge for the year — — (194) — — (194) Closing balance — — (194) — — (194) Net book value Opening balance 51,454 16,112 535 47 7 68,155 Closing balance 68,645 2,528 1,015 47 6 72,241
Description of main movements Upon completion of the legal merger process of the Company and Mittal Steel Company N.V. in 2007, the Company embarked on a significant reorganization with a view to optimize ArcelorMittal Group (“the Group”) legal and organizational structure. This reorganization resulted in the alignment of the key ArcelorMittal functions within the Group’s corporate structure through a series of contributions in kind and sales within the Group. In accordance with the prudence principle and Luxembourg Company law, the Company has not recognized any profits on contributions in kind within the Group. Profits on the sale of holdings by the Company to other Group entities and dividends received in kind from other Group entities are recognized in the profit and loss account (see note 14). The decrease in loans receivable, and the increase in shares in affiliated undertakings are consequences of the contribution-in-kind of loans receivable to other Group entities and other transactions carried out within the Group in the context of the reorganization. Upon completion of the reorganization in 2008, the Company has reclassified a non certificate evidenced investment in a subsidiary of 1,955; that was previously carried as a discrete investment in that subsidiary; to the Company’s investment in the subsidiary’s legal shareholder. This reclassification has no impact on the Company’s capital and reserves or profit for the year. The main holdings at December 31, 2008 are listed below: Capital and reserves Percentage of (including result Name and registered office Carrying amount Capital held % Result for 2008* for 2008)* AMO Holding Switzerland A.G. Zug (Switzerland) 26,387 100.00 — 54,325 ArcelorMittal Cyprus Holding Limited Nicosia (Cyprus) 18,332 100.00 — 16,388 AM Global Holding S.à r.l. Luxembourg (Luxembourg) 6,705 100.00 966 5,900 ArcelorMittal Investment S.A. Luxembourg (Luxembourg) 3,057 100.00 (783) 9,626 ArcelorMittal Finance and Services Belgium S.A. Brussels (Belgium) 12,024 26.74 2,156 46,599 4313267 Canada Inc, Montréal / Québec (Canada) 900 Depositary receipts 2,054 10.89 701 2,248 * In accordance with unaudited IFRS reporting packages. 151 2008 Annual Accounts continued ArcelorMittal Annual Report 2008
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ArcelorMittal Annual Report 2008
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Contents Management Report 01 Our P
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Our Philosophy ArcelorMittal1 is th
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Whilst we must accept that real dem
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To this end, I must thank all our e
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Given the prime importance of Healt
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What is the outlook for the year ah
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July ArcelorMittal and AREVA sign a
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Health and Safety: The Number 1 Pri
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Health and Safety: The Number 1 Pri
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In 2008, ArcelorMittal and trade un
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Board of Directors Lakshmi N Mittal
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Board of Directors continued Vanish
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Senior Management - Group Managemen
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“ When people hear the word susta
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ArcelorMittal is the largest produc
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ArcelorMittal’s brand promise is
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International mobility Internationa
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ArcelorMittal’s longer-term respo
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ArcelorMittal Foundation The Arcelo
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The Casa Buna prototype was constru
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Las Truchas Vinton Guanajuato Láza
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Africa Jorf Lasfar Tiris Zemmour Ye
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Mergers and acquisitions have histo
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The following table provides a summ
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Operational Review - Operating inco
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Operating income for the year ended
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Customers and Innovation Much of th
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• In Russia, ArcelorMittal was in
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Analysts and Investors As the world
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Corporate Governance Board of Direc
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Corporate Governance continued Grou
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Corporate Governance continued Comp
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Corporate Governance continued The
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Share Capital and Voting Rights Arc
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By 2012, Spain is expected to have
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Underpinning all our operations is
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Consolidated Balance Sheets Arcelor
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Consolidated Statements of Changes
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Notes to the Consolidated Financial
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Page 104 and 105: Notes to the Consolidated Financial
Page 150 and 151: Auditors’ Report on the Consolida
Page 152 and 153: Profit and Loss Account ArcelorMitt
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Page 162 and 163: Auditors’ Report on the Annual Ac
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Page 168: Photography: ArcelorMittal Photo Li
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ArcelorMittal Annual Report 2008

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