ANNUAL REPORT ARCELOR 2003 - paperJam

Information regarding capital, market information,and financial information policyInformation about the share capital of ArcelorAuthorised capitalThe authorised capital, including the issued share capital,amounts to 5,000,000,000 euros. The unsubscribedportion of the authorised capital may be issued by theexercise of conversion or subscription rights alreadygranted by Arcelor.Change in share capitalArcelor was incorporated on June 8, 2001 with a sharecapital of 32,250 euros.On February 15, 2002, Arcelor issued 516,215,823 newshares in exchange for the shares of Aceralia, Arbed andUsinor stock tendered during the initial Public Offers ofExchange for these companies and in consideration forthe 1,561,668 shares of Arbed stock tendered by StaalVlaanderen N.V.In compliance with the applicable regulations, Arcelorsubsequently reopened the offer for Arbed in Luxembourgand Belgium, and the offer for Usinor in France, with theterms of the offer remaining unchanged.On March 18, 2002, Arcelor issued 12,138,238 additionalnew shares in exchange for the Arbed and Usinor sharestendered during the reopening of the Public Offers ofExchange for Arbed and Usinor shares, and in considerationfor the 297,354 Aceralia shares tendered by ArbedEspaña BV.258,985 new shares in exchange for 258,985 Usinorshares; on July 9, 2003, 102,685 new shares in exchangefor 102,685 Usinor shares; and on October 9, 2003,208,534 new shares in exchange for 208,534 Usinorshares.On December 31, 2003, the subscribed share capital ofArcelor amounted to 2,665,203,980 euros and consistedof 533,040,796 shares without indication of a nominalvalue, all fully paid up.In order to optimise the balance sheet structure andreduce the cost of its debt, Arcelor decided to redeemthe 3% O.C.E.A.N.E. bonds maturing January 1, 2006ahead of schedule, as the conditions for implementingthis redemption had been met. At the end of December2003, these O.C.E.A.N.E. bonds represented 350 millioneuros of debt. The O.C.E.A.N.E. holders had the right toexchange bonds against shares until March 11, 2004(included), served in this case by delivering existingtreasury shares, carrying beneficial rights from January 1,2004.At the end of this offer, which increased the consolidatedequity capital of the Group, 22,490,577 O.C.E.A.N.E.bonds, representing 81.05% of the initial issue, wereexchanged for shares.On August 5, 2002, Arcelor issued 3,351,776 newshares in exchange for the Usinor shares tenderedduring the Public Offer of Withdrawal by Exchange forall Usinor shares still in circulation. Subsequently,the Usinor shareholders were able to exercise theirexchange options. In this context, on August 22, 2002,Arcelor issued 414,939 new shares in considerationfor 414,939 Usinor shares; on November 6, 2002,239,183 new shares in exchange for 239,183 Usinorshares; on January 9, 2003, 104,183 new shares inexchange for 104,193 Usinor shares; on April 9, 200332ANNUAL REPORT ARCELOR 2003