Commenting, Mr. Lakshmi N. Mittal, Chairman and CEO, ArcelorMittal, said:

"As expected the Company has delivered a strong performance in the second quarter of 2011 underpinned by higher steel selling prices. Although the third quarter will experience some seasonal impact, we do not expect this to be as pronounced as last year, and overall the group's performance in the second half of 2011 should compare favorably with the second half of 2010."

Second quarter 2011 Earnings ANALYST Conference Call

Additionally, ArcelorMittal management will host a telephone conference call for members of the investment community to discuss the second quarter 2011 financial performance at:

The conference call will include a brief question and answer session with Group Management Board. The presentation will be available on www.arcelormittal.com. In addition, a Questions and Answers document is provided on the website, under "Investors and Shareholders", "Financial Results".

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, 2010 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.

ArcelorMittal second quarter 2011 and half year 2011 results

ArcelorMittal, the world's leading steel company, today announced results for the three months and six months ended June 30, 2011.

Corporate social responsibility performance

Health and safety – Own personnel and contractors lost time injury frequency rate[2]

Health and safety performance deteriorated to 1.5x in the second quarter of 2011 as compared to 1.4x for the first quarter of 2011, with improvement in the safety performance of Flat Carbon Europe, Asia Africa and CIS and Distribution Solutions offset by weaker performance particularly in Mining as well as the Long Carbon Americas and Europe and Flat Carbon Americas reportable segments.

Analysis of results for the six months ended June 30, 2011 versus the six months ended June 30, 2010

ArcelorMittal's net income for the six months ended June 30, 2011 was $2.6 billion, or $1.68 per share, as compared with net income of $2.3 billion, or $1.55 per share, for the six months ended June 30, 2010.

Total steel shipments for the six months ended June 30, 2011 were 44.1 million metric tonnes as compared with 43.3 million metric tonnes for the six months ended June 30, 2010.

Sales for the six months ended June 30, 2011 increased 25.9% to $47.3 billion as compared with $37.6 billion for the six months ended June, 30 2010. Sales were higher during the first half of 2011 as compared to the first half of 2010 primarily due to higher average steel selling prices (22.7%) and slightly higher steel volumes (1.9%).

Depreciation expense for the six months ended June 30, 2011 remained essentially flat at $2.3 billion, as compared to $2.2 billion in the six months ended June 30, 2010.

Impairment expense for the six months ended June 30, 2011 was $18 million relating to a rolling facility in the Long Carbon America segment as compared to impairment expenses for the six months ended June 30, 2010 of $118 million relating to the sale of the Anzherkoye steam coal mine in Russia.

Operating income for the six months ended June 30, 2011 was $3.7 billion, an increase of 68.9% as compared with operating income of $2.2 billion for the six months ended June 30 2010.

Operating performance for the six months ended June 30, 2011 was positively impacted by a non-cash gain of $336 million recorded in the first quarter relating to the reversal of provisions for inventory write-downs, triggered by improved market conditions, and reversal of provisions for litigation. In addition, operating performance for the six months ended June 30, 2011 included a non-cash gain of $308 million related to unwinding of hedges on raw material purchases as compared to $181 million recorded in the six months ended June 30, 2010.

Income from equity method investments and other income for the six months ended June 30, 2011 was $437 million, as compared to $270 million for the six months ended June 30, 2010. Income was higher during the first half of 2011 due to improved performance of joint venture investees.

Net interest expense (including interest expense and interest income) for the six months ended June 30, 2011 was higher at $916 million, as compared to $656 million for the six months ended June 30, 2010 primarily due to the impact of exchange rate fluctuations and higher interest expense due to new bonds issued in 2010 and first quarter of 2011.

As a result of hedging transactions undertaken by the Company in December 2010, there were minimal mark-to-market losses during the first half of 2011 with respect to the embedded derivatives in ArcelorMittal's convertible bonds issued in 2009 and the related call options. During the six months ended June 30, 2010, the Company had recorded a non-cash gain of $696 million as a result of these mark-to-market adjustments.

Foreign exchange and other net financing costs were $1.1 billion for the six months ended June 30, 2011 as compared to $0.7 billion for the six months ended June 30, 2010. During the six months ended June 30, 2011 foreign exchange loss was $672 million as compared to a $179 million foreign exchange loss in the six months ended June 30, 2010.

ArcelorMittal recorded an income tax benefit of $105 million for the six months ended June 30, 2011, as compared to an income tax benefit of $453 million for the six months ended June 30, 2010.

Gain attributable to non-controlling interests for the months ended June 30, 2011 was $52 million as compared to a gain of $119 million for the six months ended June 30, 2010.

Discontinued operations (i.e., the Company's stainless steel operations, which were spun-off into a separate company, Aperam, whose shares were distributed to ArcelorMittal shareholders in the first quarter of 2011) for the six months ended on June 30, 2011 amounted to a gain of $461 million, including $42 million of the post-tax net results contributed by the stainless steel operations prior to the spin-off of the business into Aperam which was completed on January 25, 2011. The balance of $419 million represents a one-time non-cash gain from the recognition through the income statement of gains/losses relating to the demerged assets previously held in equity. Discontinued operations for the six months ended on June 30, 2010 amounted to a gain of $179 million.

Analysis of results for the three months ended June 30, 2011 versus the three months ended March 31, 2011 and the three months ended June 30, 2010

ArcelorMittal's net income for the three months ended June 30, 2011 was $1.5 billion, or $0.99 per share, as compared with net income of $1.1 billion, or $0.69 per share, for the three months ended March 31, 2011 and net income of $1.7 billion, or $1.13 per share, for the three months ended June 30, 2010.

Total steel shipments for the three months ended June 30, 2011 were 22.2 million metric tonnes as compared with 22.0 million metric tonnes for the three months ended March 31, 2011, and 22.3 million metric tonnes for the three months ended June 30, 2010.

Sales for the three months ended June 30, 2011 increased 13.3% to $25.1 billion as compared with $22.2 billion for the three months ended March 31, 2011, and were up 24.7% as compared with $20.2 billion for the three months ended June 30, 2010. Sales were higher during the second quarter of 2011 as compared to the first quarter of 2011 primarily due to higher average steel selling prices (+10.9%).

Depreciation expense for the three months ended June 30, 2011 remained essentially flat at $1.2 billion as compared to $1.1 billion for both the three months ended March 31, 2011 and June 30, 2010.

Impairment expense for the three months ended June 30, 2011 was nil as compared to impairment expense for the three months ended March 31, 2011 of $18 million relating to costs in a rolling facility in the Long Carbon America segment. Impairment expense for the three months ended June 30, 2010 was $118 million related to the Anzherkoye steam coal mine in Russia.

Operating income for the three months ended June 30, 2011 was $2.3 billion, as compared with operating income of $1.4 billion for the three months ended March 31, 2011 and operating income of $1.6 billion for the three months ended June 30, 2010.

Operating performance for the three months ended March 31, 2011 was positively impacted by a non-cash gain of $336 million related to the reversal of provisions for inventory write-downs, triggered by improved market conditions, and reversal of provisions for litigations. Operating income for the three months ended June 30, 2011 included a non-cash gain of $189 million relating to unwinding of hedges on raw material purchases as compared to non-cash gains relating to such unwinding of $119 million and $92 million recorded in the three months ended March 31, 2011 and June 30, 2010, respectively.

Income from equity method investments and other income for the three months ended June 30, 2011 was $289 million, as compared to $148 million and $177 million for the three months ended March 31, 2011 and June 30, 2010, respectively. Income is higher during the second quarter of 2011 due to improved performance of joint ventures investees.

Net interest expense (including interest expense and interest income) was essentially flat at $457 million for the three months ended June 30, 2011 from $459 million for the three months ended March 31, 2011. Net interest expense for the three months ended June 30, 2010 was $304 million.

As a result of hedging transactions undertaken by the Company in December 2010, there were minimal mark-to-market losses during the second quarter of 2011 with respect to the embedded derivatives in ArcelorMittal's convertible bonds and the related call options. During the three months ended June 30, 2010, the Company had recorded a non-cash gain of $555 million as a result of these mark-to-market adjustments.

Foreign exchange and other net financing costs were $443 million for the three months ended June 30, 2011 as compared to $667 million for the three months ended March 31, 2011. Foreign exchange and other net financing costs for the three months ended June 30, 2010 were $465 million.

ArcelorMittal recorded an income tax expense of $61 million for the three months ended June 30, 2011, as compared to an income tax benefit of $166 million for the three months ended March 31, 2011. The income tax benefit for the three months ended June 30, 2010 was $92 million.

Gain attributable to non-controlling interests for the three months ended June 30, 2011 was $41 million as compared with gains of $11 million and $79 million for the three months ended March 31, 2011 and June 30, 2010, respectively.

Discontinued operations (i.e., the Company's stainless steel operations, which were spun-off into a separate company, Aperam, whose shares were distributed to ArcelorMittal shareholders in the first quarter of 2011) for the three months ended on June 30, 2011 were nil. Discontinued operations for the three months ended on March 31, 2011 amounted to a gain of $461 million, including $42 million of the post-tax net results contributed by the stainless steel operations prior to the January 25, 2011 spin-off effective date. The balance of $419 million represented a one-time non-cash gain from the recognition through the income statement of gains/losses relating to the demerged assets previously held in equity.

Capital expenditure projects

The following tables summarize the Company's principal growth and optimization projects involving significant capital expenditures.

Analysis of segment operations for the three months ended June 30, 2011 as compared to the three months ended March 31, 2011

As from January 1, 2011 the Company's mining operations are reported as a separate operating segment. This change in segmentation reflects the changes in ArcelorMittal's approach to managing its mining operations i.e. a dedicated mining management team. Accordingly, as required by IFRS, prior periods have been recast to reflect this new segmentation.

All raw materials consumed from ArcelorMittal mines that could practically be sold outside the Company are now reported at market prices. Production from "captive" mines (limited by logistics or quality) continues to be reported at cost-plus to the steel facilities. The principal impact of this change has been to increase the costs of raw materials consumed by the FCA and AACIS segments.

In order to meet improved demand, Flat Carbon Americas crude steel production increased 3.5% to 6.3 million tonnes for the three months ended June 30, 2011, as compared to 6.1 million tonnes for the three months ended March 31, 2011.

Steel shipments for the second quarter of 2011 were 5.5 million tonnes, marginally lower as compared to 5.6 million tonnes for the three months ended March 31, 2011. Shipments improved in the Company's South American operations due to the recovery after an accident in the local coal handling port in Brazil, offset in part by lower shipments in North America due to automotive supply chain disruption.

Sales in the Flat Carbon Americas segment were $5.6 billion for the three months ended June 30, 2011, an increase of 12.7% as compared to $4.9 billion for the three months ended March 31, 2011. Sales increased primarily due to higher average steel selling prices (15.8%).

EBITDA in the second quarter of 2011 improved to $924 million as compared to $528 million in the first quarter of 2011, primarily driven by higher steel selling prices. EBITDA and operating results in the first quarter of 2011 had been positively impacted by a non-cash gain of $185 million primarily related to reversal of provisions for inventory write-downs, triggered by improved market conditions in North America.

Flat Carbon Europe crude steel production amounted to 7.9 million tonnes for the three months ended June 30, 2011, an increase of 3.1% as compared to 7.6 million tonnes for the three months ended March 31, 2011. Production increased reflecting improved market sentiment towards the end of the first quarter, except at the Romanian operations where one of the blast furnaces was under going a maintenance.

Steel shipments for the three months ended June 30, 2011 were 7.2 million tonnes, a decrease of 3.0% as compared to 7.4 million tonnes for the three months ended March 31, 2011. Steel shipments decreased following the strong demand in the first quarter of 2011 and marginal de-stocking by customers entering the seasonally weak third quarter. Shipments were also impacted by an increase in imports driven by the strong Euro/USD exchange rate combined with declining international prices.

Sales in the Flat Carbon Europe segment were $8.6 billion for the three months ended June 30, 2011 an increase of 9.5% as compared to $7.8 billion for the three months ended March 31, 2011. Sales increased primarily due to higher average steel selling prices (10.6%) offset in part by lower steel shipment volumes (-3.0%).

EBITDA for the three months ended June 30, 2011 was $636 million, a 35.0% increase as compared to $471 million for the three months ended March 31, 2011, primarily driven by higher average steel selling prices.

Operating results in the second quarter of 2011 includes the positive effect of $189 million non-cash gain relating to the unwinding of hedges on raw material purchases, as compared to $119 million non-cash gain in the first quarter of 2011.

Long Carbon Americas and Europe crude steel production amounted to 6.4 million tonnes for the three months ended June 30, 2011, an increase of 5.9% as compared to 6.1 million tonnes for the three months ended March 31, 2011. Production was higher in both Europe and the Americas reflecting seasonally stronger quarter and improved demand.

Steel shipments for the three months ended June 30, 2011 were 6.2 million tonnes, an increase of 5.0% as compared to 5.9 million tonnes for the three months ended March 31, 2011.

Sales in the Long Carbon Americas and Europe segment were $6.7 billion for the three months ended June 30, 2011, an improvement of 13.2% as compared to $5.9 billion for the three months ended March 31, 2011. Sales increased primarily due to higher average steel selling prices (7.9%) and improved steel shipments (5.0%).

EBITDA for the three months ended June 30, 2011 was $610 million, a 27.1% increase as compared to $480 million for the three months ended March 31, 2011. The increase was primarily due to improved profitability driven by higher average selling prices and higher volumes.

AACIS segment crude steel production was 3.8 million tonnes for the three months ended June 30, 2011, an increase of 3.3% as compared to 3.7 million tonnes for the three months ended March 31, 2011. The increase was primarily due to higher production in the Company's South African operations partially offset by loss of production due to operational issues in Ukraine (Kryviy Rih) which are expected to be resolved during the third quarter of 2011.

Steel shipments for the three months ended June 30, 2011 amounted to 3.3 million tonnes, an increase of 5.2% as compared to 3.1 million tonnes for the three months ended March 31, 2011.

Sales in the AACIS segment increased to $2.9 billion for the three months ended June 30, 2011 as compared to $2.6 billion for the three months ended March 31, 2011. Sales increased primarily due to higher average steel selling prices (11.1%) and higher steel shipments (5.2%).

EBITDA for the three months ended June 30, 2011 was $462 million, 81.9% higher as compared to $254 million for the three months ended March 31, 2011. EBITDA during the second quarter of 2011 improved primarily due to a higher average steel selling prices and steel shipments.

Steel shipments in the Distribution Solutions segment for the three months ended June 30, 2011 were 4.6 million tonnes, an increase of 9.3% as compared to 4.2 million tonnes for the three months ended March 31, 2011.

Sales in the Distribution Solutions segment improved to $5.0 billion for the three months ended June 30, 2011 as compared to $4.3 billion for the three months ended March 31, 2011, due primarily to higher average steel selling prices (6.9%) and steel shipments (9.3%).

EBITDA for the three months ended June 30, 2011 was $115 million, down 9.4% as compared to $127 million for the three months ended March 31, 2011. Operating results in the first quarter of 2011 included non-cash gains of $22 million related to the reversal of certain provisions. Excluding the impact of the non-cash gain during the first quarter of 2011, the results for the second quarter of 2011 improved by 9.5%.

(a) Own iron ore and coal production exclude strategic contracts
(b) Iron ore and coal shipments of market-priced based materials include the Company's own mines, and share of production at other mines, and exclude supply under strategic long-term contracts

Own iron ore production (excluding supplies under strategic long-term contracts) was 13.1 million tonnes for the three months ended June 30, 2011, an increase of 11.4% as compared to 11.8 million tonnes for the three months ended March 31, 2011.

Total iron ore shipped during the second quarter of 2011 amounted to 13.2 million metric tonnes, an increase of 36.7% as compared to 9.6 million tonnes in the first quarter of 2011. Shipments of market-priced iron ore increased by 17.7% to 7.0 million tonnes for the three months ended June 30, 2011, as compared to 5.9 million tonnes three months ended March 31, 2011.

Shipments of iron ore were higher in the second quarter of 2011 mainly due to higher shipments in the USA (which had been affected in the first quarter by weather related factors), normalized shipments in Canada as compared to the first quarter of 2011 (which were negatively impacted by an operational disruption at the concentrator plant), and logistics constraints in Brazil during the first quarter.

Own coal production for the three months ended June 30, 2011 increased 7.0% to 2.1 million tonnes as compared to 1.9 million tonnes for the three months ended March 31, 2011.

Total coal shipped during the second quarter of 2011 amounted to 2.1 million tonnes, an increase of 2.3% as compared to 2.0 million tonnes for the first quarter of 2011. Shipments of market-priced coal increased by 14.9% to 1.3 million tonnes for the three months ended June 30, 2011 as compared to 1.1 million tonnes for the three months ended March 31, 2011.

EBITDA attributable to the Mining segment for the three months ended June 30, 2011 was $835 million, 37.6% higher as compared to $607 million for the three months ended March 31, 2011 mainly due to higher average selling prices for iron ore and coal and higher iron ore volumes.

Liquidity and Capital Resources

For the three months ended June 30, 2011, net cash used in operating activities was $0.6 billion, compared to $1.3 billion for the three months ended March 31, 2011. The cash flow used in operating activities for the second quarter of 2011 included a $2.8 billion investment in operating working capital as compared to a $1.8 billion investment in the first quarter of 2011. With increased capacity utilization levels during the second quarter of 2011 requiring additional working capital, rotation days[8] increased to 71 days during the second quarter of 2011 from 66 days in the first quarter of 2011.

Net cash used in investing activities for the three months ended June 30, 2011 was $1.3 billion, as compared to $0.6 billion for the three months ended March 31, 2011. Capital expenditures increased to $1.1 billion for the three months ended June 30, 2011 as compared to $1.0 billion for the three months ended March 31, The Company's full year 2011 capital expenditure target has increased by 10% from $5.0 billion to $5.5 billion (as compared to $3.3 billion in 2010) due to investments in the recently announced capacity expansions at the Company's Canadian mines, investments in energy saving projects (reinvesting the proceeds from the sale of carbon dioxide credits), Vega Do Sul investment in Brazil and expenses related to the study of the Liberia phase 2 expansion. Other investing activities in the second quarter of 2011 of $186 million included an outflow of $67 million related to acquisition of Cognor in Poland (AMDS), $205 million for the acquisition of the Prosper coke plant in Germany, offset in part by net cash inflows of $86 million representing cash proceeds from the sale of certain fixed assets and other recoveries. Other investing activities in the first quarter of 2011 of $541 million had included an inflow of $0.9 billion from Aperam (due to repayment of a bridge loan), an inflow of $147 million from the sale of carbon dioxide credits (which ArcelorMittal will fully reinvest in energy saving projects in the Flat Carbon Europe perimeter), which were partially offset by an outflow of $0.5 billion relating to M&A expenditures (primarily the Baffinland Iron Mines Corporation acquisition).

Net cash provided by financing activities for the three months ended June 30, 2011 was $1.1 billion, as compared to cash used by financing activities of $0.8 billion for the three months ended March 31, 2011. During the second quarter of 2011, the Company paid dividends amounting to $302 million as compared to $294 million in the first quarter of 2011. Dividends paid during the second quarter of 2011 included $8 million paid to minority shareholders.

At June 30, 2011, the Company's cash and cash equivalents (including restricted cash and short-term investments) amounted to $3.2 billion as compared to $3.9 billion at March 31, 2011. During the quarter, net debt increased by $2.4 billion to $25.0 billion as compared with $22.6 billion at March 31, 2011 primarily due to investment in working capital and M&A related expenditures.

The Company had liquidity of $12.3[9] billion at June 30, 2011, a decline of $2.2 billion as compared with liquidity of $14.5 billion at March 31, 2011, consisting of cash and cash equivalents (including restricted cash and short-term investments) of $3.2 billion and $9.1 billion of available credit lines.

Update on management gains program

At the end of the second quarter of 2011, the Company's annualized sustainable savings increased to $3.6 billion as compared to $3.5 billion at the end of March 31, 2011 (excluding Aperam). The Company maintains its target to reach management gains of $4.8 billion (revised plan excluding Aperam) of sustainable SG&A, fixed cost reductions and continuous improvement by end of 2012.

For further information about these recent developments, please refer to our website www.arcelormittal.com

Outlook and guidance

Looking to the second half of 2011, raw material accounting costs are expected to increase from 2Q 2011 levels. Due to the continued underlying demand recovery, steel shipments in the second half of 2011 are expected to be higher than the same period in 2010. Results of our mining business are expected to further improve due to increased production and shipments; for 2011 we continue to target 10% growth in iron ore production and a 20% increase in coking coal production. Overall group EBITDA per-tonne in second half of 2011 is expected to exceed the level achieved in the same period of 2010.

The Company's full year 2011 capital expenditure target increased by 10% from $5.0 billion to $5.5 billion (as compared to $3.3 billion in 2010) due to investments in the recently announced capacity expansions at the Company's Canadian mines, investments in energy saving projects (reinvesting the proceeds from the sale of carbon dioxide credits), Vega Do Sul investment in Brazil and expenses related to the study of the Liberia phase 2 expansion.

For the third quarter, EBITDA is expected to be approximately $2.4 – $2.8 billion. Working capital requirements and net debt are expected to remain stable as compared to the 2Q 2011 levels.

Appendix 9 – End notes

[1]The financial information in this press release has been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). While the interim financial information included in this announcement has been prepared in accordance with IFRS applicable to interim periods, this announcement does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standards 34, "Interim Financial Reporting". Unless otherwise noted the numbers in the press release have not been audited. The financial information and certain other information presented in a number of tables in this press release have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column. In addition, certain percentages presented in the tables in this press release reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers.
[2]Lost time injury frequency rate equals lost time injuries per 1,000,000 worked hours, based on own personnel and contractors.
[3]EBITDA is defined as operating income plus depreciation, impairment expenses and exceptional items.
[4]Market price tonnes represent amounts of iron ore and coal from ArcelorMittal mines that could be sold to third parties on the open market. Market priced tonnes that are not sold to third parties are transferred from the Mining segment to the Company's steel producing segments at the prevailing market price. Shipments of raw materials that do not constitute market price tonnes are transferred internally on a cost-plus basis.
[5]Net debt refers to long-term debt, plus short-term debt, less cash and cash equivalents, restricted cash and short-term investments.
[6]As from January 1, 2010 the Steel Solutions and Services segment has been renamed ArcelorMittal Distribution Solutions (AMDS).
[7]There are three categories of sales: 1) "External sales": mined product sold to third parties at market price; 2) "Market-priced tonnes": internal sales of mined product to ArcelorMittal facilities at prevailing market prices; 3) "Cost-plus tonnes" – internal sales of mined product to ArcelorMittal facilities on a cost-plus basis. The determinant of whether internal sales are transferred at market price or cost-plus is whether or not the raw material could practically be sold to third parties (i.e. there is a potential market for the product and logistics exist to access that market).
[8]Rotation days are defined as days of accounts receivable plus days of inventory minus days of accounts payable. Days of accounts payable and inventory are a function of cost of goods sold. Days of accounts receivable are a function of sales.
[9]Includes back-up lines for the commercial paper program of approximately $2.9 billion (euro2 billion).
[10]A$ refers to Australian Dollar
[11]In accordance with IFRS the Company has adjusted the 2009 financial information retrospectively for the finalization in 2010 of the allocation of purchase price for certain business combinations carried out in 2009. The adjustments have been reflected in the Company's consolidated financial statements for the year ended December 31, 2010.
[12]Total of all finished production of fines, concentrate, pellets and lumps (includes share of production and strategic long-term contracts).
[13]ArcelorMittal Distribution Solutions shipments are eliminated in consolidation as they primarily represent shipments originating from other ArcelorMittal operating subsidiaries.
[14]Changes in operating working capital are defined as trade accounts receivable plus inventories less trade accounts payable.
[15]Capex includes the acquisition of intangible assets (such as concessions for mining and IT support).
[16]Average steel selling prices are calculated as steel sales divided by steel shipments.
[17]Shipments originating from a geographical location.
[18]Includes Tubular products business.
[19]Commercial paper is expected to continue to be rolled over in the normal course of business.
[20]Gearing is defined as (A) long-term debt, plus short-term debt, less cash and cash equivalents, restricted cash and short-term investments, divided by (B) total equity.