24, November, 2014

ArcelorMittal Mines

Americas Iron Ore Conference Kleber Silva – Head of Iron Ore

Disclaimer Forward-Looking Statements

This document may contain forward-looking information and statements about ArcelorMittal and

its subsidiaries. These statements include financial projections and estimates and their underlying

assumptions, statements regarding plans, objectives and expectations with respect to future

operations, products and services, and statements regarding future performance. Forward-

looking statements may be identified by the words “believe,” “expect,” “anticipate,” “target” or

similar expressions. Although ArcelorMittal’s management believes that the expectations reflected

in such forward-looking statements are reasonable, investors and holders of ArcelorMittal’s

securities are cautioned that forward-looking information and statements are subject to numerous

risks and uncertainties, many of which are difficult to predict and generally beyond the control of

ArcelorMittal, that could cause actual results and developments to differ materially and adversely

from those expressed in, or implied or projected by, the forward-looking information and

statements. These risks and uncertainties include those discussed or identified in the filings with

the Luxembourg Stock Market Authority for the Financial Markets (Commission de Surveillance

du Secteur Financier) and the United States Securities and Exchange Commission (the “SEC”)

made or to be made by ArcelorMittal, including ArcelorMittal’s Annual Report on Form 20-F for the

year ended December 31, 2013 filed with the SEC. ArcelorMittal undertakes no obligation to

publicly update its forward-looking statements, whether as a result of new information, future

events, or otherwise.

1

2

HSE and sustainability

* World steel association -standard: LTIFR = Lost Time Injuries per 1.000.000 worked hours; based on own personnel and contractors

ArcelorMittal Iron Ore operations segment injury

frequency rate*

6.1

4.03.3

2.4

1.20.7 0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5

2006 2007 2012 2008

1.6

2009 2010 2011 2013

world class performance

Safety remains the No1 priority for ArcelorMittal

• Continued aim of achieving zero

fatalities and serious injuries:

– Increasing safety awareness with

focus on hazard identification and

risk awareness for

areas/equipment and tasks

– Further y-o-y improvement in LTIF*

and greater focus on total injury

frequency rate reduction

• Manage occupational exposures

through control plans to address key

exposures from our health risk

assessments

• Demonstrate environmental

stewardship by managing and

minimizing our impact on the

environment

On-going focus

* Includes share of production

(1) Following an agreement signed off in December 2012, on February 20th, 2013, Nunavut Iron Ore subscribed for new shares in Baffinland Iron Mines Corporation which diluted AM’s stake to 50%

(2) January 2nd, 2013 AM entered into an agreement to sell 15% of its stake in AM Mines Canada to a consortium lead POSCO and China Steel Corporation (CSC).

Mining business portfolio

Key assets and projects

USA Iron Ore

Minorca

Hibbing

Mexico Iron Ore

Las Truchas

Volcan

Pena 50% Liberia

Iron Ore

Algeria

Iron Ore

Brazil

Iron Ore

New projects /

exploration

Existing mines

Canada

AMMC(2)

Bosnia

Iron Ore

Ukraine

Iron Ore

Kazakhstan

Iron Ore

4 mines

Iron ore mine

Canada

Baffinland (1)

3

Geographically diversified mining assets

Iron Ore production/capacity*

(million Mt)

Improvement

4

Market priced iron ore shipment growth

2010 – 2014F (million Mt)

352928

25

2013 2012

+15%

2014F 2010 2011

On track to achieve 15% market priced iron ore shipment growth in 2014

Record iron ore volumes

58565449

70

2013 2014F 2010 2012 2011

* Capacity for ArcelorMittal Mines Canada, Algeria and Liberia on 100% basis

CA

PA

CIT

Y

Liberia Phase 1 - Complete

• 4Mtpa Direct Shipped Ore (DSO) capacity

- Achieved 5.2Mt shipments in 2013

AMMC – Expansion to 24Mt complete

• Spirals upgrade, new concentrator, mine

and rail upgrade

• 24Mt production and shipment rate

achieved in Dec 2013

• Unit costs benefiting from higher volumes

Savings from multiple cost reduction

levers

Relentless focus on costs

• Gaining economies of scale from debottlenecking

• Share and apply best practice leveraging internal and external benchmarks

• Zero based analysis of organization and overhead

• Delayering the organization

• Optimize mine plans with focus on grade control and recoveries

• Improving maintenance planning and reliability

• Operational excellence, rigour and discipline underway across assets

• OEE improvements

• Procurement focus on key category management, shared services and centres of excellence

5

1st

AMMC ArcelorMittal

Liberia

Post capex FOB cash cost

Positioning key assets low on the cost curve

Illustrative cash cost curve (marketable tonnes) post expansion

2nd 3rd 4th

Quartile

Focus on value

and OEE

initiatives

Focus on

quality

AM Mines Canada Iron ore production/ capacity (Mt)

1

8 2

2 2

Stretch

potential

30

2014F

24

2013 2013 2012

15

Concentrator and

spirals expansion

complete

Incremental debottlenecking

Potential 6MT expansion - low capex intensity

Potential further debottleneck

Production

Daily records show potential in system

Incremental investments for debottlenecking as required:

• Mt Wright mine optimization, Fire Lake expansion (richer ore) and

crusher debottlenecking

• Rail winter reclaim capability, long train capability, additional sidings

• Additional conveyor capacity at port

• Significant cost benefits from scale

• Potential to expand beyond 30Mt at low capital intensity

6 * subject to final approvals

AMMC expanded to 24Mt with potential

to stretch to 30Mt

Incremental steps to maximize the demonstrated potential of the system

7

Revised phase 2 project:

• Product analysis and additional mine planning have identified potential to

supply 15Mtpa high quality sinter feed at significantly lower cost than

concentrate for first 8-10yrs

• Investment capex estimate of circa $1.7 billion

Stretch opportunity:

• Better definition of ore body and mine plan confirmed potential to continue

DSO phase for additional 6 years

• Expansion to 20Mtpa capacity*

• Incremental investments enable benefits of scale on rail, port and SGA

Ebola:

• Preventive measures in place (temperature checks, hygiene, awareness)

• Supporting the Government and engagement with the Community

• Since outbreak 5000 people and families are working in our concessions

without any case

• Number of cases declining in the counties that we operate

Liberia iron ore capacity forecast (MMt)

* subject to final approvals

15

5

15

5

Stretch

20

Phase 2 -

Sinter feed 2014 DSO

DSO (Stretch)

2014 DSO

Phase 2 Sinter feed

Liberia growing to 15Mt with further

stretch potential

Stretching existing assets with limited capex to maximize potential value

Mexico - Peña Colorada

• ArcelorMittal holds 50% of Peña Colorada

Ltd., and Ternium S.A. owns the other 50%

of the company. Peña Colorada operates

an open pit mine as well as a concentrating

facility and a two line pelletizing facility.

• Total pellet production of 4.07mt and

0.43mt of concentrate (of which 50% is

ArcelorMittal share)

• Project ongoing to sustain production:

– Investment in mine equipment to

develop the mine

– Upgrade of the concentrator to deal with

the decline in grades (from 35% Fe to

23% Fe)

– Extension of mine life by 20 years

– Improve quality

8 4mt of Iron Ore Production in 2013*

*100% basis

• Highlights of 2013: – Reserves additions exceeded mining depletion to provide a net increase of ~278Mt in iron ore reserves

– The average Fe grade increased by 0.8% due to the addition of higher grade iron ore reserves from the Fire Lake deposit in Canada.

• Reserve estimates are supported by internal technical reports

• Updated life of mine plans with discounted cash flows to support demonstration of economic viability for all ore reserve estimates

• In addition, a large resource base with potential for economic extraction supports reserves additions and replacement and future potential growth.

2013 vs 2012 Iron ore reserves (million metric tonnes)

2013 Iron ore reserves of 4.6 bn metric tonnes

Iron ore reserve and resource estimates Strong reserve basis to support sustainable growth

9

Region

As of December 31, 2013 As of December 31, 2012

Proven Ore Reserves Probable Ore Reserves Total Ore Reserves Total Ore Reserves

Millions of

Tonnes % Fe

Millions of

Tonnes % Fe

Millions of

Tonnes % Fe

Millions of

Tonnes % Fe

Canada (AMMC) 2,112 30.3 85 28.8 2,197 30.2 1,952 28.4

Canada (Baffinland) 108 65.4 272 66.0 380 65.8 375 64.7

USA 421 20.5 26 19.6 446 20.5 473 20.4

Central America 99 25.2 153 24.8 377 25.0 395 25.7

South America 100 58.9 20 53.2 120 57.9 121 58.2

West Africa - - 505 48.5 505 48.5 526 48.4

Eastern Europe 222 33.0 29 45.8 276 36.3 301 34.5

Central Asia 55 44.9 249 39.7 309 39.9 188 40.0

Total 4609.4 35.5 4331.1 34.7

10

Recap

• Mining is a strategic franchise business within ArcelorMittal

• We are exploiting our potential:

– World Class Safety outcomes

– Assessing and optimizing our global asset base

– Delivering year-on-year cost reductions in key assets

– Delivering quality to our customers

– Delivering competitive bottom line performance

• We are delivering on our growth plans, delivering Value

ArcelorMittal is building a world class mining business

focussing on cost, quality, growth - VALUE