Highlights:

• Health and safety performance was stable in FY 2016 as compared to FY 2015 with annual LTIF rate of 0.82x
• FY 2016 operating income of $4.2 billion; operating income of $0.8 billion in 4Q 2016 as compared to operating loss of $5.3 billion in 4Q 2015
• FY 2016 EBITDA of $6.3 billion versus $5.2 billion in FY 2015; EBITDA of $1.7 billion in 4Q 2016; up 51% versus 4Q 2015
• FY 2016 net income of $1.8 billion as compared to FY 2015 net loss of $7.9 billion
• FY 2016 steel shipments of 83.9Mt (-0.8% YoY); 4Q 2016 steel shipments of 20.0Mt up +1.6% versus 4Q 2015
• FY 2016 iron ore shipments of 55.9Mt (-10.4% YoY), of which 33.6Mt shipped at market prices (-16.6% YoY); 4Q 2016 iron ore shipments of 13.5Mt (-13.4% YoY), of which 8.1Mt shipped at market prices (-17.5% YoY)
• Net debt decreased to $11.1 billion as of December 31, 2016; $4.6 billion lower as compared to December 31, 2015

Strategic progress in 2016:
The Company has continued to make progress on its strategic objectives during 2016, including:

• Action 2020 delivering with $0.9 billion contribution to 2016 operating results
• FY 2016 cash requirements of the business limited to $4.5 billion, in line with targets
• Cash flow from operations exceeded capex, in line with targets
• Net debt/EBITDA reduced to 1.8x in FY 2016 versus 3.0x in FY 2015