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Shareholding structure

The following table sets forth information on March 31, 2014 with respect to the beneficial ownership and voting rights of ArcelorMittal shares by each person who is known to be the beneficial owner of more than 5% ArcelorMittal's issued share capital and the number of treasury shares.
Shares % of issued shares % of voting rights
Number of issued shares 1,665,392,222
Number of issued shares less treasury shares 1,653,604,294
Significant shareholder* 655,248,711 39.35% 39.63%
Treasury shares 11,787,928 0.71% 0.00%
Other public shareholders 998,355,583 59.95% 60.37%
of which Luxembourg government 38,965,330 2.34% 2.36%
Total 1,665,392,222 100.00% 100.00%

* The term "Significant shareholder" means the trust (HSBC Trust (C.I.) Limited, as trustee) of which Mr Lakshmi N. Mittal, Mrs Usha Mittal and their children are the beneficiaries, holding ArcelorMittal shares through the following two companies: Nuavam Investments Sàrl and Lumen Investments Sàrl.

According to ArcelorMittal's articles of association, a shareholder owning 2.5% or more of the share capital, or whose holding falls below 2.5% of the share capital, must notify ArcelorMittal. The only shareholder that held 2.5% or more but less than 5% of the share capital prior to the offering by ArcelorMittal of 104,477,612 ordinary shares on January 9, 2013 (the "Offering"), was the Luxembourg State with 38,965,330 shares, which represented 2.50% of the total issued share capital or 2.58% of the issued share capital less the treasury shares, and which after the Offering falls below 2.5% as shown in the above table.

Share buy-back authorization
The general meeting of shareholders decided on 11 May 2010 to cancel the authorisation granted by it to the board of directors on 12 May 2009 with respect to the share buy-back programme, and to authorise the board of directors, with option to delegate, and the corporate bodies of the other companies in the ArcelorMittal group, to acquire and sell shares in the Company during a period of five years or until the date of its renewal by a resolution of the general meeting of shareholders if such renewal date is prior to the expiration the five-year period, in accordance with Luxembourg law. It includes the authorisation to enter into off-market and over-the-counter transactions and acquire shares in ArcelorMittal through derivative financial instruments. In accordance with the Luxembourg laws transposing Directive 2003/6/EC regarding insider dealing and market manipulation (“market abuse”) and EC Regulation 2273/2003 regarding exemptions for buy-back programmes and stabilisation of financial instruments, any acquisitions, disposals, exchanges, contributions and transfers of shares may be carried out by all means, on or off the market, including by a public offer to buy back shares or by the use of derivatives or option strategies. The fraction of the capital acquired or transferred in the form of a block of shares may amount to the entire programme. Such transactions may be carried out at any time, including during a tender offer period, in accordance with applicable laws and regulations. Any share buy-backs on the New York Stock Exchange must be performed in compliance with Section 10(b) and Section 9(a)(2) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder. The maximum number of own shares that ArcelorMittal may hold at any time directly or indirectly may not have the effect of reducing its net assets ("actif net") below the amount mentioned in paragraphs 1 and 2 of Article 72-1 of the Luxembourg law on commercial companies of 10 August 1915, as amended. The purchase price per share to be paid shall not represent more than 125% of the trading price of the shares on the New York Stock Exchange and on the Euronext markets where the Company is listed, the Luxembourg Stock Exchange or the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia, depending on the market on which the purchases are made, and no less than one (euro) cent. For off-market transactions, the maximum purchase price shall be 125% of the price on the Euronext markets where ArcelorMittal is listed. The reference price will be deemed to be the average of the final listing prices per share on the relevant stock exchange during 30 consecutive days on which the relevant stock exchange is open for trading preceding the three trading days prior to the date of purchase. In the event of a share capital increase by incorporation of reserves or issue premiums and the free allotment of shares as well as in the event of the division or regrouping of the shares, the purchase price indicated above shall be adjusted by a multiplying coefficient equal to the ratio between the number of shares comprising the issued share capital prior to the transaction and such number following the transaction. The total amount allocated to the share repurchase program may not in any event exceed the amount of the Company’s then available equity.

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