ANNUAL REPORT ARCELOR 2003 - paperJam

Company name Consolidation Country Percentagemethodof capital heldcontrol (%)Usinor Empreendimentos e Participacoes Ltda, Sao Paulo Full consolidation Brazil 100.000000Weha Edelstahl GmbH, Ratingen Full consolidation Germany 100.000000DISTRIBUTION, PROCESSING AND TRADING SECTORAceralia Construcción Obras Srl, Berrioplano Full consolidation Spain 100.000000Aceralia Constructalia SL, Pamplona Full consolidation Spain 100.000000Aceralia Distribucíon subgroup, comprising the following companies:Aceralia Distribucíon SL, Madrid Full consolidation Spain 100.000000Lusitana de Distribuçao Siderúrgica Lda, Ribatejo Equity method Portugal 100.000000Perfiles Especiales S.A., Pamplona Equity method Spain 100.000000Aceralia Transformados subgroup, comprising the following companies:Aceralia Transformados S.A., Pamplona Full consolidation Spain 100.000000Aceralia Color Acero SL, Pamplona Full consolidation Spain 100.000000Ach Paneles AIE, Azuqueca de Henares Equity method Spain 40.000000Aceralia Tubos subgroup, comprising the following companies:Aceralia Tubos SL, Lesaka Full consolidation Spain 100.000000Aceralia Rotec SL, Vera de Bidasoa Equity method Spain 100.000000Alessio Tubi Spa, Torino Full consolidation Italy 100.000000Arbed Americas subgroup, comprising the following companies:Arbed Americas Llc, New York Full consolidation United States 100.000000Arbed Americas Atlantic Spc, en liquidation, Wilmington Full consolidation United States 100.000000Arcelor International Mexico S.A., Queretaro Equity method Mexico 100.000000Arcelor Tradind USA Llc, New York Full consolidation United States 100.000000JBF Commercial Corp, en liquidation, New York Full consolidation United States 100.000000TrefilArbed Inc., en liquidation, New York Full consolidation United States 100.000000Arcelor Acelkereskedelmi Kft, Kecskemet Full consolidation Hungary 99.800000Arcelor Bauteile GmbH, Kreuztal-Eichen Full consolidation Germany 100.000000Arcelor Construcción España SL, Berrioplano Full consolidation Spain 100.000000Arcelor Construction France S.A., Haironville Full consolidation France 99.999215Arcelor Distribuce-CZ Sro, Praha Full consolidation Czech Republic 100.000000Arcelor Distribúcia Slovensko Sro, Kosice Full consolidation Slovakia 100.000000Arcelor Dystrybucja Polska Spzoo, Katowice Full consolidation Poland 100.000000Arcelor Grundstücksverwaltung Neckarsulm GmbH, Neckarsulm Full consolidation Germany 100.000000Arcelor Grundstücksverwaltung Thüringen GmbH, Ratingen Full consolidation Germany 100.000000Arcelor International S.A., Luxembourg Full consolidation Luxembourg 100.000000Arcelor International America subgroup, comprising the following companies:Arcelor International America Llc, New York Full consolidation United States 100.000000Norsteel Corp, New York Full consolidation United States 100.000000Arcelor International Canada Inc., Westmount Full consolidation Canada 100.000000Arcelor International Export S.A., Luxembourg Full consolidation Luxembourg 100.000000Arcelor International Singapore subgroup, comprising the following companies:Arcelor International Singapore Ltd, Singapore Full consolidation Singapore 100.000000Arcelor International Malaysia Sdn. Bhd., Kuala Lumpur Full consolidation Malaysia 100.000000Arcelor Négoce Distribution Sas, Reims Full consolidation France 100.000000Arcelor Profil S.A., Yutz Full consolidation France 99.900000Arcelor Projects Pte Ltd, Singapore Full consolidation Singapore 90.000000Arcelor Projects Sàrl, Luxembourg Full consolidation Luxembourg 100.000000Arcelor Stahlhandel GmbH, Ratingen Full consolidation Germany 100.000000Arcelor Stahlhandel Holding GmbH, Ratingen Full consolidation Germany 100.000000Arcelor Trading Antwerp S.A., Antwerpen Full consolidation Belgium 99.900000Arcelor Tubes S.A., Aubervilliers Full consolidation France 99.999397184ANNUAL REPORT ARCELOR 2003