bold spirit - ArcelorMittal South Africa

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ArcelorMittal South Africa
Annual Report 2010
Directors’ responsibility and approval of the group and company
annual financial statements
To the members of ArcelorMittal South Africa Limited
The directors are required by the Companies Act 61 of 1973, as amended, to maintain adequate accounting records and
are responsible for the content and integrity of the group and company annual financial statements and related financial
information included in this report. It is their responsibility to ensure that the annual financial statements fairly present
the state of affairs of the group and company as at the end of the financial year and the results of its operations and cash
flow for the financial year, in conformity with International Financial Reporting Standards, Listings Requirements of the
JSE Limited and applicable legislation. The group’s external auditors are engaged to express an independent opinion on the
group and company annual financial statements.
In order for the directors to discharge their responsibilities, management has developed and continues to maintain a system
of internal control aimed at reducing the risk of error or loss in a cost-effective manner. The directors, primarily through
the Audit and Risk Committee, which consists of independent non-executive directors, meet periodically with the external
and internal auditors, as well as executive management to evaluate matters concerning accounting policies, internal control,
auditing and financial reporting. The group’s internal auditors independently evaluate the internal controls. The external
auditors are responsible for reporting on the financial statements. The external and internal auditors have unrestricted
access to all records, property and personnel as well as to the Audit and Risk Committee. The directors are not aware of any
material breakdown in the functioning of these controls and systems during the period under review.
The directors are of the opinion, based on the information and explanations given by management and the internal auditors
that the system of internal control provides reasonable assurance that the financial records may be relied on for the
preparation of the group and company annual financial statements. However, any system of internal financial control can
provide only reasonable and not absolute assurance against material misstatement or loss.
The directors have reviewed the group and company’s financial budgets for the year to 31 December 2011. In light
of review of the current financial position and existing borrowing facilities, they consider it appropriate that the annual
financial statements continue to be prepared on the going-concern basis.
The external auditors have audited the annual financial statements of the group and company and their unmodified report
appears on page 117.
The directors of the company accept responsibility for the annual financial statements which were approved by the board
of directors on 8 March 2011 and are signed on its behalf by:
N Nyembezi-Heita
RH Torlage
Chief Executive Officer
Chief Financial Officer
8 March 2011 8 March 2011
Certificate by Company Secretary
In terms of section 268(G) of the Companies Act 61 of 1973 (“the Act”), as amended, I certify that, to the best of my
knowledge and belief, the company has, in respect of the financial year reported upon, lodged with CIPRO all returns
required of a public company in terms of the Act and that all such returns are true, correct and up to date.
Premium Corporate Consulting Services (Proprietary) Limited
Company Secretary
8 March 2011