ArcelorMittal confirms that it is in advanced discussions with its principal bankers with a view to changing the financial leverage covenant in its main banking facilities, for a period of one year.

ArcelorMittal is confident of a prompt and positive conclusion to these discussions.

While the company does not anticipate breaching the existing covenant, it is prudent given the current operating environment to strengthen the financial position of the company in the event of any further unexpected downturn. This exercise does not increase the borrowing costs under these facilities under normal conditions of financial performance

At the end of Q1 2009, adjusted for subsequent capital market transactions, ArcelorMittal had strong liquidity of USD 23 billion and has raised more than USD 11 billion from equity, convertible and other bond issues this year. The company has also made good progress towards its target of reducing debt by USD 10 billion by the end of 2009.

A further announcement will be made in due course after the conclusion of the discussions with the banks.

About ArcelorMittal

ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and primary steelmaking facilities in 18 countries. In 2019, ArcelorMittal had revenues of $70.6 billion and crude steel production of 89.8 million metric tonnes, while iron ore production reached 57.1 million metric tonnes. Our goal is to help build a better world with smarter steels. Steels made using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for electric vehicles and renewable energy infrastructure that will support societies as they transform through this century. With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that change. This is what we believe it takes to be the steel company of the future. ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS). For more information about ArcelorMittal please visit: http://corporate.arcelormittal.com/

http://corporate.arcelormittal.com/
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