ArcelorMittal Annual Report 2008

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Steel, as the most recyclable materialin the world, is naturally sustainable.But we want to go beyond this.We want to ensure that our business positionin the world creates sustainable benefitsfor all our stakeholders.Lakshmi N Mittal
ContentsManagement Report01 Our Philosophy02 Message from the Chairman and CEO06 Questions for the Group Management Board10 Monthly Highlights 2008Safe14 Health and Safety: The Number 1 Priority20 Board of Directors24 Senior ManagementSustainable28 Business Strategy30 Corporate Responsibility40 Global Presence46 Operational Review53 Customers and Innovation56 Market InformationSteel60 Corporate Governance67 Share Ownership68 Share Capital and Voting Rights69 Additional Information about ArcelorMittalLegal and Financial Information73 Directors’ Responsibility Statement2008 Consolidated Financial Statements74 Consolidated Balance Sheets75 Consolidated Statements of Income76 Consolidated Statements of Changes in Equity77 Consolidated Statements of Cash Flows78 Notes to the Consolidated Financial Statements146 Auditors’ Report on the Consolidated Financial Statements2008 Annual Accounts147 Balance Sheet148 Profit and Loss Account149 Notes to the Annual Accounts158 Auditors’ Report on the Annual Accounts159 Proposed Allocation of Results for 2008DisclaimerArcelorMittal has made, and will continue to make, forward-looking statementswith respect to, among other things, its financial position, business strategy,projected costs, projected savings, and the plans and objectives of ourmanagement. Such statements are identified by the use of forward-lookingwords or phrases such as ‘anticipates’, ‘intends’, ‘expects’, ‘plans’, ‘believes’,or ‘estimates’, or words or phrases with similar meaning. Our actual resultsmay differ materially from those implied by such forward-looking statementson account of known and unknown risks and uncertainties, including,without limitation, the risks described in this Annual Report.ArcelorMittal does not make any representation, warranty or predictionthat the results anticipated by such forward-looking statements will be achieved.Such forward-looking statements represent, in each case, only one of manypossible scenarios and should not be viewed as the most likely or standardscenario. ArcelorMittal undertakes no obligation to publicly update itsforward-looking statements, whether as a result of new information,future events or otherwise.
Page 1: ArcelorMittal Annual Report 2008
Page 5 and 6: Our PhilosophyOur PhilosophyArcelor
Page 7 and 8: Whilst we must accept that real dem
Page 9 and 10: To this end, I must thank allour em
Page 11 and 12: Given the prime importanceof Health
Page 13 and 14: What is the outlook for the year ah
Page 15 and 16: JulyArcelorMittal and AREVA sign an
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 andtrade uni
Page 24 and 25: Board of DirectorsArcelorMittal’s
Page 26 and 27: Board of Directors continuedVanisha
Page 28 and 29: Senior Management - Group Managemen
Page 30: “When people hear the word sustai
Page 33 and 34: ArcelorMittal is the largest produc
Page 35 and 36: ArcelorMittal’s brand promiseis
Page 37 and 38: International mobilityInternational
Page 39 and 40: Corporate Responsibility - Making S
Page 41: ArcelorMittal FoundationThe Arcelor
Page 44 and 45: Global PresenceArcelorMittal is the
Page 46: EuropeTallinnBrussels; Charleroi; C
Page 49 and 50: Mergers and acquisitions havehistor
Page 51 and 52: The following table provides a summ
Page 53 and 54:
Operational Review - Operating inco
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Operating income for the year ended
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Customers and InnovationCustomers a
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• In Russia, ArcelorMittal was in
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Market InformationAnalysts and Inve
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Corporate GovernanceOne of the elem
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Corporate Governance continuedGroup
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Corporate Governance continuedCompe
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Corporate Governance continuedThe t
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Share Capital and Voting RightsArce
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By 2012, Spain is expectedto have t
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Underpinning all our operations is
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Consolidated Balance SheetsArcelorM
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Consolidated Statements of Changes
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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 AccountArcelorMitta
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Notes to the Annual Accounts contin
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Auditors’ Report on the Annual Ac
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Notes160
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Notes162
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Photography: ArcelorMittal Photo Li
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ArcelorMittal Annual Report 2008

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