Highlights:

• Health and safety performance improved in 3Q 2013 with a LTIF rate of 0.8x as compared to 0.9x in 2Q 2013
• EBITDA of $1.7 billion in 3Q 2013, 24% higher than underlying EBITDA in 3Q 2012
• Steel shipments of 21.1 Mt in 3Q 2013, an increase of 6% as compared to 3Q 2012
• 3Q 2013 own iron ore production of 14.9 Mt, up 4.5% YoY; 9.4 Mt shipped and reported at market price, up 32% YoY
• As anticipated, net debt increased from $16.2 billion as of June 30, 2013 to $17.8 billion as of September 30, 2013, largely driven by investment in operating working capital ($0.8 billion) and dividends paid ($0.4 billion)
• Net interest expense reduced by $62 million (13%) in 3Q 2013 as compared to 2Q 2013 primarily due to lower gross debt
• $0.8 billion annualized management gains achieved during 9M 2013, in line with plan to achieve $3 billion of cost improvement by the end of 2015
• The ramp-up of expanded capacity at AMMC remains on track to achieve a run-rate of 24 Mt by year-end 2013

Key strategic developments:

• Resolution of long-term Kumba dispute: Sishen iron ore supply agreement secured on cost-plus terms
• Investment plan to double capacity at ArcelorMittal Annaba following stake dilution to 49% (from 70%)
• Selective steel capital expenditure projects restarted to support development of franchise businesses

Outlook and guidance:

• In line with our guidance framework, underlying profitability is still expected to improve in 2013, driven by three factors: a) a 1-2% increase in steel shipments; b) an approximate 20% increase in marketable iron ore shipments; and c) the benefits realized from Asset Optimization and Management Gains initiatives
• The Company still expects 2013 EBITDA to be greater than $6.5 billion
• Due to improved operating cash flows and proceeds from already announced disposals, net debt is expected to decrease in 4Q 2013 to approximately $17 billion; the $15 billion medium term net debt target is unchanged
• 2013 capital expenditure is still expected to be approximately $3.7 billion

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