ArcelorMittal Annual Report 2008

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Market Information ArcelorMittal, with its diversified business model, strong cash flow and cost leadership position, is well placed to weather the current challenging economic environment and has the ambition to develop and balance its shareholder base on the major listed markets and to attract new investors. ArcelorMittal remains optimistic about the industry’s medium-term growth prospects, but believes it is appropriate to take a pause in its growth strategy until the economic outlook is more settled. Share price performance As a result of the challenging economic environment and the strong de-stocking of steel taking place in the developed and emerging world, the ArcelorMittal share has decreased by 35% since the creation of the Group, or by 78% compared to the highest share price of early June 2008. Industrial plan ArcelorMittal has taken rapidly significant initiatives to face the economic downturn, such as large production cuts to adapt production to the de-stocking phase, refocusing the $5 billion management gains program to target savings of $2 billion in 2009, targeting a reduction of working capital rotation by 15-25 days during 2009, reducing CAPEX to $3 billion in 2009 and reducing the dividend to $0.75/share. ArcelorMittal is also targeting a $10 billion net debt reduction to ensure financial flexibility once markets recover. 56 Indexes ArcelorMittal is member of more than 120 indices including the following leading indices: DJ STOXX 50, DJ EURO STOXX 50, CAC40, AEX, FTSE Eurotop 100, MSCI Pan-Euro, DJ Stoxx 600, S&P Europe 500, Bloomberg World Index and NYSE Composite Index. Recognized for its commitment to Sustainable Development, the Group is also a member of the FTSE4Good index. Dividend Considering the exceptional global economic conditions since mid-September 2008, ArcelorMittal’s Board of Directors has recommended reducing the quarterly dividend payment by half to $0.1875 in 2009, resulting in an annual dividend per share of $0.75, subject to the approval of the annual general meeting of shareholders on May 12, 2009. Once market conditions have normalized, the Board of Directors will review the dividend policy. The dividend payments will occur on a quarterly basis for the full year 2009 (see financial calendar). Dividends are announced in US$ and paid in US$ for shares listed on the New York Stock Exchange and paid in euros for shares listed on the European stock exchanges (Netherlands, France, Spain, Luxembourg and Belgium). ArcelorMittal is listed on the stock exchanges of New York, Amsterdam, Paris, Brussels and Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS). Investor Relations By implementing high standards of financial information disclosure and providing clear, regular, transparent and even-handed information to all its shareholders, ArcelorMittal aims to be the first choice for investors in the sector. To meet this objective and provide information to fit the needs of all parties, ArcelorMittal has decided to implement an active and broad communications policy: road shows with the financial community, conference calls, plant visits, meetings with retail and private investors, a virtual meeting and conference center on Second Life and a website featuring management comments on quarterly, half-year and full-year results. Private Investors ArcelorMittal’s senior management intends to meet private investors and shareholder associations in road shows throughout 2009. In order to improve the communication and debate with its private investors, ArcelorMittal has opened a virtual meeting and conference centre on Second Life. The ArcelorMittal virtual meeting and conference centre enables investors to have access to Group documentation, corporate videos, discuss in real time with company representatives or other shareholders present on the location or leave questions in the dedicated question box. This is also the optimal location to arrange interactive Group presentations and courses. A dedicated toll free number for private investors is available at 00800 4792 4792. Requests for information or meetings on the virtual meeting and conference centre may also be sent to: PrivateInvestors@arcelomittal.com
Analysts and Investors As the world’s leading steel company and major investment vehicle in the steel sector, ArcelorMittal constantly seeks to develop relationships with financial analysts and international investors. Depending on their geographical location, investors may use the following e-mails: InstitutionalsAmericas@arcelormittal.com InstitutionalsEurope@arcelormittal.com Socially Responsible Investors The Investor Relations team is also a privileged source of information for the growing Socially Responsible Investment community. The team organizes special events on ArcelorMittal’s Corporate Responsibility strategy and answers all requests for information sent to the Group (SRI@arcelormittal.com). Credit and Fixed Income Investors Credit, Fixed Income Investors and rating agency are followed by a dedicated team from Investor Relations (CreditFixedIncome@arcelormittal.com). ArcelorMittal share price performance since creation Base 100 at 1st August 2006 (US$) 350 300 250 200 150 100 50 0 Financial Calendar ArcelorMittal HSBC Global Metals & Mining Index 01/08/06 01/11/06 01/02/07 01/05/07 01/08/07 01/11/07 01/02/08 01/05/08 01/08/08 01/11/08 01/02/09 Financial Results* April 29, 2009 Results for 1st quarter 2009 July 29, 2009 Results for 2nd quarter 2009 and 6 months 2009 October 28, 2009 Results for 3rd quarter 2009 and 9 months 2009 * Earnings results are issued before the opening of the stock exchanges on which ArcelorMittal is listed Dividend payment March 16, 2009 1st quarterly payment of base dividend (interim dividend) June 15, 2009 2nd quarterly payment of base dividend** September 14, 2009 3rd quarterly payment of base dividend** December 14, 2009 ** Subject to shareholder approval 4th quarterly payment of base dividend** Shareholder and investor meetings March 26 and 27, 2009 Plant tour with analysts and institutional investors May 12, 2009 Annual shareholder meeting in Luxembourg June 17, 2009 Individual investor event September 16, 2009 Investor day with Group Management Board members To subscribe to ArcelorMittal releases and results, please visit the subscription form section under ‘Investors & Shareholders – Contacts’ on www.arcelormittal.com 57 Market Information 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
Page 9 and 10: To this end, I must thank all our e
Page 11 and 12: Given the prime importance of Healt
Page 13 and 14: What is the outlook for the year ah
Page 15 and 16: July ArcelorMittal and AREVA sign a
Page 18 and 19: Health and Safety: The Number 1 Pri
Page 20 and 21: Health and Safety: The Number 1 Pri
Page 22 and 23: In 2008, ArcelorMittal and trade un
Page 24 and 25: Board of Directors Lakshmi N Mittal
Page 26 and 27: Board of Directors continued Vanish
Page 28 and 29: Senior Management - Group Managemen
Page 30: “ When people hear the word susta
Page 33 and 34: ArcelorMittal is the largest produc
Page 35 and 36: ArcelorMittal’s brand promise is
Page 37 and 38: International mobility Internationa
Page 39 and 40: ArcelorMittal’s longer-term respo
Page 41 and 42: ArcelorMittal Foundation The Arcelo
Page 43 and 44: The Casa Buna prototype was constru
Page 45 and 46: Las Truchas Vinton Guanajuato Láza
Page 47 and 48: Africa Jorf Lasfar Tiris Zemmour Ye
Page 49 and 50: Mergers and acquisitions have histo
Page 51 and 52: The following table provides a summ
Page 53 and 54: Operational Review - Operating inco
Page 55 and 56: Operating income for the year ended
Page 57 and 58: Customers and Innovation Much of th
Page 59: • In Russia, ArcelorMittal was in
Page 64 and 65: Corporate Governance Board of Direc
Page 66 and 67: Corporate Governance continued Grou
Page 68 and 69: Corporate Governance continued Comp
Page 70 and 71: Corporate Governance continued The
Page 72 and 73: Share Capital and Voting Rights Arc
Page 74 and 75: By 2012, Spain is expected to have
Page 76 and 77: Underpinning all our operations is
Page 78 and 79: Consolidated Balance Sheets Arcelor
Page 80 and 81: Consolidated Statements of Changes
Page 82 and 83: Notes to the Consolidated Financial
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Notes to the Consolidated Financial
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Auditors’ Report on the Consolida
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Profit and Loss Account ArcelorMitt
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Notes to the Annual Accounts contin
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Auditors’ Report on the Annual Ac
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Notes 160
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Notes 162
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Photography: ArcelorMittal Photo Li
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ArcelorMittal Annual Report 2008

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