ANNUAL REPORT ARCELOR 2003 - paperJam

Audit31, Allée Scheffer Telephone +352 22 51 51 1 Internet www.kpmg.luL-2520 Luxembourg Telefax +352 22 51 71 E-mail audit@kpmg.luTo the Shareholders of Arcelor S.A.Société AnonymeLuxembourgUNQUALIFIED AUDITOR’S REPORTFollowing our appointment by the General Meeting of the Shareholders dated April 26, 2002, we have audited theaccompanying annual accounts of Arcelor S.A. for the year ended December 31, 2003, and we have read the relatedmanagement report. These annual accounts and the management report are the responsibility of the Board of Directorsof Arcelor S.A.. Our responsibility is to express an opinion on these annual accounts based on our audit and to check theconsistency of the management report with them.financial information > annual accountsWe conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan andperform the audit to obtain reasonable assurance about whether the annual accounts are free of material misstatement.An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the annual accounts.An audit also includes assessing the accounting principles used and significant estimates made by the Board of Directors,as well as evaluating the overall annual accounts presentation. We believe that our audit provides a reasonable basis forour opinion.In our opinion, the attached annual accounts give, in conformity with Luxembourg legal and regulatory requirements, a trueand fair view of the financial position of Arcelor S.A. as at December 31, 2003 and of the results of its operations for theyear then ended.The management report is in accordance with the annual accounts.Luxembourg, March 19, 2004KPMG AuditRéviseurs d’EntreprisesEric DamotteKPMG AuditSociété Civile31, Allée SchefferMember Firm KPMG International a Swiss association L-2520 Luxembourg T.VA. LU13772441ANNUAL REPORT ARCELOR 2003 201