ANNUAL REPORT ARCELOR 2003 - paperJam

Information policyArcelor intends to provide clear, regular, transparentand even-handed information to all individual andinstitutional shareholders.To meet this objective and adapt this information tothe needs of all parties, Arcelor has developed anactive communications policy through a multitude ofinformation media: meetings with shareholders, lettersto shareholders, meetings with institutional investorsand financial analysts, teleconferences, developmentof an Internet site www.arcelor.com, etc.On November 6, 2003, Arcelor received the Prize forFinancial Information, a prize awarded annually by Ujjef(Union des journalistes des journaux d’entreprise deFrance). Under the patronage of the French Prime Minister,Ujjef recognised Arcelor for the quality of its financial andeconomic reporting, for the educational dimension of theinformation provided and for the clarity of its 2002 annualreport.In its desire to provide quality financial information Arcelorparticipates in the NextPrime segment of Euronext. TheNextPrime segment brings together all listed companiesof the traditional industries that choose to make a specialeffort in terms of financial information.Arcelor thus joins a circle of companies that wish toincrease their visibility with investors by undertakingto respect the supplementary guidelines for financialinformation.In this way, Arcelor demonstrates its willingness to serveas an example in terms of financial transparency in linewith the best international standards.Institutional investorsArcelor is developing ongoing relationships with financialanalysts and European and international investors.Teleconferences with analysts are organised whenresults are published. Meetings with investors are alsoorganised throughout the year.In 2003, Arcelor management met with over 350 investorsin Europe, North America and Asia.Coverage of Arcelor by brokerage institutions has resultedin 144 publications about the company.Individual shareholdersIn order to have direct contact with individual shareholders,Arcelor participates to financial exhibitions andorganises shareholders meetings. In 2003, Arcelorparticipated in 6 exhibitions and organised two shareholdermeetings that brought together almost 2,000individual shareholders who had the opportunity to talkpersonally with Guy Dollé, Chairman of the ManagementBoard of Arcelor, and Michel Wurth, Senior ExecutiveVice-President Finance, Management by Objectives.Financial information calendarApril 30, 2004General Meeting of shareholdersMay 10, 2004 First-quarter results for 2004July 29, 2004 Half-year results for 2004November 15, 2004 Third-quarter results for 2004Person in charge of investor information:Martine Hue, Senior Vice President, Head of InvestorRelationsTel: 00 352 47 92 24 14Fax: 00 352 47 92 24 49Telephone numbers for shareholders:Toll-free number: 00 800 4792 4792Spain: 00 34 902 152 153France : 00 33 (0) 1 41 25 98 98Internet : www.arcelor.comE-mail : investor.relations@arcelor.com36ANNUAL REPORT ARCELOR 2003