Arcelor RA 2007

8/14/2019 Arcelor RA 2007

1/140

BoldFuture

2007Annual Report

8/14/2019 Arcelor RA 2007

2/140

8/14/2019 Arcelor RA 2007

3/140

1

Ba_.E_.,

Q#7#0.6.7= _.98;= i

A869#7I ];8/25. i

J58$#5 =;#=.0I #7& Q87=15I L2015201=< -

\9.;#=287#5 _.D2.E X

LC6#7 _.U

_.

@8#;& 8/ B2;.%=8;< #7& .728; Q#7#0.6.7= i-

A8;98;#=. J8D.;7#7%. -Z

\E7 `1#;.< bi

?&&2=287#5 27/8;6#=287 #$8C= ?;%.58;Q2==#5 bi

i''g A87

8/14/2019 Arcelor RA 2007

4/140

2

^F_FNL^L_" hLd`h"

J`^dF_' dh`MP]L

C?&19

8/14/2019 Arcelor RA 2007

5/140

3

N]`HF] !"hF"LN' F_K ^`_"O]' OPNO]PNO"!

C?&19

8/14/2019 Arcelor RA 2007

6/140

4

FI8IEG )**(C 9$;':$?8 '195I1?N

8/14/2019 Arcelor RA 2007

7/140

5

C?&19

8/14/2019 Arcelor RA 2007

8/140

6

c; S$;G$?N BB[ p((Z[ C?&19

8/14/2019 Arcelor RA 2007

9/140

7

c; M1%?G$?N B[ p((Z[ C?&19

8/14/2019 Arcelor RA 2007

10/140

8

c; V$?&4 Bn[ p((Z[ C?&19

8/14/2019 Arcelor RA 2007

11/140

9

`dLhF"P`_F] hL$PL%

HQL9 [5PQP YQOQ/NQ9 $K: 3\\V W6/7L9QP

8/14/2019 Arcelor RA 2007

12/140

10

h

8/14/2019 Arcelor RA 2007

13/140

11

47Q9L

8/14/2019 Arcelor RA 2007

14/140

12

!G66= !@=IG:@?E 2?5 !6CQ:46E

h41 ?1@G9A@

8/14/2019 Arcelor RA 2007

15/140

13

AGC2 Q/FGF OGEG)DG2 #B3 -RRL M0)1C2GF 50 AGC2 Q/FGF OGEG)DG2 #B3 -RR" 0/ C 720

&02)C DC4%4 N6/C6F%5GFP

a1. /8558E270 C7#C&2=.& 9;8 /8;6# /27#7%2#5 27/8;6#=287 8/ ?;%.58;Q2==#5 02D.< .//.%= =8 =1. /8558E270=;#7V i''(c

! =1. #%:C2V'bgW-, +UUVZg(\9.;#=270 27%86. gVZ-i -V'>U >V-'gWb, >>VUZgH27#7%270 %8V-iU,M7%86. =#G .G9.7V>ii, -b WZgX,W(, W>V((g,Q278;2=I 27=.;.

8/14/2019 Arcelor RA 2007

16/140

14

!2=6E 7@C G96

'62C 6?565 K646>36C 0DZD. J92?86E :?

!68>6?G

)**+

ZAC@ 7@C>2. )**( !2=6E

!G66=

!9:A>6?GE

FQ6C286 !G66=

!6==:?8 dC:46

Z:? - >:==:@?E. Z:? - >:==:@?E. ZW. ZW. ZW.M9$A E$?%

8/14/2019 Arcelor RA 2007

17/140

15

]@?8 J2C3@? F>6C:42E 2?5 LIC@A6

R; A41 U

8/14/2019 Arcelor RA 2007

18/140

16

47Q9L

8/14/2019 Arcelor RA 2007

19/140

17

!G66= !@=IG:@?E 2?5 !6CQ:46E

R; A41 gA119 g

8/14/2019 Arcelor RA 2007

20/140

18

O#^F_ hL!`#hJL!

h41 QG:$; f1@

8/14/2019 Arcelor RA 2007

21/140

19

C ?1;1J1' %

8/14/2019 Arcelor RA 2007

22/140

20

,P;'C a4XC')PR$ =6 DR'C?+Z') ;XA ,CXRZ' ];X;NC')

?< 8/ B.%.6$.; ->V i''gV =1. #00;.0#=. $.7./2%2#5 ' >' >' >' # #

FG92;#=287 =. `.9=.6$.;>bV i''X

NC7. >V

i'>'

?9;25 ZV

i'>i

?C0C(

?C0C

8/14/2019 Arcelor RA 2007

23/140

21

hL!LFhJO / KL$L]`d^L_"

C?&19

8/14/2019 Arcelor RA 2007

24/140

22

f/F &

8/14/2019 Arcelor RA 2007

25/140

23

,E*)2 E6 28)4/-E)+ *D2 +4D8E) B*D*74B4D-

#&+(! &$ '%(",*&()

2U/;NSUICXX-N /SQXCQ#;V XS T#X - VXUSQ? ;OTA-VCV SQ /SUTSU-X; ?S$;UQ-Q/;^ EX A-V 1" CQ0;T;Q0;QX 0CU;/XSUV SQ CXV

3S-U0 S= 6CU;/XSUV^ _A; CQ0;T;Q0;Q/; S= XA; 0CU;/XSUV CV -VV;VV;0 SQ -QQ#-N .-VCV #VCQ? J;% +SUL ]XS/L>'/A-Q?; 8J+]>! HCVX;0 4SOT-Q) I-Q#-N#V [#N; "Z"2^Z1 8EQ0;T;Q0;QX 6CU;/XSUV! -Q0 [#N; "Z"2^ZR8EQ0;T;Q0;Q/; _;VXV!7 .SXA -$-CN-.N; SQ %%%^Q)V;^/SO #Q0;U!EQ=SUO-XCSQ"7 CQ V;/XCSQ !@SU HCVX;0 4SOT-QC;V

0OSQ0 Y-/A#U-81!8"!

P" W/XS.;U RZZ\ RZZ5 I;O.;U S= 2U/;NSUICXX-N#V3S-U0 S= 6CU;/XSUV

IC/A;N 2Q?;N I-UXC8"!

\Z W/XS.;U RZZ\ RZZ9 I;O.;U S= 2U/;NSUICXX-N#V3S-U0 S= 6CU;/XSUV

I-Q#;N @;UQ"Q0;* H"T;*8"! \1 W/XS.;U RZZ\ RZ1Z I;O.;U S= 2U/;NSUICXX-N#V

3S-U0 S= 6CU;/XSUV

F;-Q

8/14/2019 Arcelor RA 2007

26/140

24

h41 %G@5;1@@ $''?1@@

8/14/2019 Arcelor RA 2007

27/140

25

&G5@ o4< %@ o4< R;&* 5; A41 l;5A1'gA$A1@[ $;' E4$5?:$;

8/14/2019 Arcelor RA 2007

28/140

26

/S C/))LP# 48 ALPU;8L UL9 L)9/ NRR- L +R+NR8 /S :UR Y/L8Q /S ]&8RP:/89 /S [UL8N/--LTR9 QR *8L-PR 9&-PR VMM\ L-Q/S :UR C5[* KC/P&":" 5L:&/-L)R QR9 [UR+&-9 QR *R8$ 9&-PR VMMG#

@8-51; @)"&8I N/8- /- 1;)@ "I VMZ\I &9 L 8R68R9R-:L:&RP;:&

8/14/2019 Arcelor RA 2007

29/140

27

!'")#$ *&"&('+'"%

?TP 'P'JP67 +R G6LP&+60U88E&!7 7P)U+6 'E)ESP'P)8 E7 +R ZPLP'JP6 %FH _aa] E6P 7P8 R+68T JP&+;[

*.+! ('!$&%

,/")#)/-

WTUXE' GSE6;E& M! \)P6 M@ \ !a \

8/14/2019 Arcelor RA 2007

30/140

8/14/2019 Arcelor RA 2007

31/140

29

:

8/14/2019 Arcelor RA 2007

32/140

30

K++ =>>F1D=1BF HFF; =1D D%9FB>49!; HFF; 7=%D >4 >#F .F.@F9; 4H >#F 38' %1 9F;7FB> 4H K9BF+498%>>=+ .=1D=>F; =9F7=%D @=B( >4 >#F *4.7=1G/

F9. 7F9H49.=1BF 9F+=>FD @41?;F;/ K; 4H -FBF.@F9 5J! &))$! =7794E%.=>F+G 2& .%++%41 C=;=BB9?FD @G K9BF+498%>>=+ >4 794A%DF 7F1;%41 @F1FH%>; >4 %>; ;F1%49 .=1=IF.F1>/ K; 4H -FBF.@F9 5J! &)),! =1DD?9%1I &))$ 14 +4=1 49 =DA=1BF >4 ;F1%49 .=1=IF.F1> C=; 4?>;>=1D%1I/

8/14/2019 Arcelor RA 2007

33/140

31

@!8)3 =:!286>

AUR S-''-RJ78$ Fa Fa Fa Fa Fa Fa & &

\=/V7J9V-+ PJ9R ?R/9R)LR7F[I _aaM

,:+R FI_aFa

G/7V' OI_aF_

G:T:89 _%I_aFO

?R/9R)LR7FI _aF!

G:T:89_I _aF] & &

KF$ 17" G" 1V99J' 7R8VT+RP S7-) G7NR'-71V99J'!8 W-J7P -S ZV7RN9-78 -+ 3N9-LR7 %aI _aa!I L:9 N-+9V+:RP V+ UV8 7-'R J8YUVRS ^V+J+NVJ' 3SSVNR7 -S G7NR'-71V99J'" 17" G 1V99J' PVP 7RNRV;R -/9V-+8 V+ _aa] L:9 -S UV8 ;R89RP -/9V-+8 V+ _aaOI R=NR/9 S-7 %I%%% -/9V-+8 T7J+9RP V+ _aa_

8/14/2019 Arcelor RA 2007

34/140

32

KFa$ 17" ?V';J PR ^7RV9J8 T7J+9 -/9V-+8 9- /:7NUJ8R N-))-+ 89-N& 9- 8R+V-7)J+JTR)R+9 -S G7NR'-71V99J' J+P V98 J88-NVJ9R8 S-7 :/ 9- _aIaaaIaaa 8UJ7R8 -S N-))-+ 89-N& KV+N7RJ8RP S7-)!IaaaIaaa 8UJ7R8 9- FaIaaaIaaa 8UJ7R8 -S N-))-+ 89-N& JS9R7 8UJ7RU-'PR7 J//7-;J' V+ _aa% J+P V+N7RJ8RP S7-)FaIaaaIaaa 8UJ7R8 9- _aIaaaIaaa 8UJ7R8 -S N-))-+ 89-N& JS9R7 8UJ7RU-'PR7 J//7-;J' V+ _aa!$" AUR R=R7NV8R /7VNR-S RJNU -/9V-+ R6:J'8 +-9 'R88 9UJ+ 9UR SJV7 )J7&R9 ;J':R -S G7NR'-71V99J' 89-N& -+ 9UR T7J+9 PJ9RI RJ78" 3/9V-+8 J7R T7J+9RP J9 9UR PV8N7R9V-+ -S 9UR G7NR'-71V99J'!8 G//-V+9)R+98I5R):+R7J9V-+ J+P Y-7/-7J9R `-;R7+J+NR Y-))V99RR -7 V98 PR'RTJ9R" AUR -/9V-+8 ;R89 RV9UR7 7J9RJL'> :/-+ RJNU-S 9UR SV789 9U7RR J++V;R78J7VR8 -S 9UR T7J+9 PJ9RI -7I V+ 9-9J'I :/-+ 9UR PRJ9UI PV8JLV'V9> -7 7R9V7R)R+9 -S 9UR

/J79VNV/J+9"

3+ G:T:89 _%I _aaOI G7NR'-71V99J' T7J+9RP %IMaHI]]% -/9V-+8 9- J T7-:/ -S &R> R)/'->RR8 J9 J+ R=R7NV8R /7VNR

-S _H"]O" AUR -/9V-+8 R=/V7R -+ G:T:89 _%I _aFO"

3+ ?R/9R)LR7 FI _aa!I G7NR'-71V99J' T7J+9RP %IMMMI__% -/9V-+8 9- J T7-:/ -S &R> R)/'->RR8 J9 J+ R=R7NV8R /7VNR-S %%"]OO" AUR -/9V-+8 R=/V7R -+ ?R/9R)LR7 FI _aF!"

3+ G:T:89 _ J+P ZRNR)LR7 FFI _aa]I G7NR'-71V99J' T7J+9RPI 7R8/RN9V;R'>I OIM!OI_aa J+P F%Iaaa -/9V-+8 9- JT7-:/ -S &R> R)/'->RR8 J9 J+ R=R7NV8R /7VNR -S !["%a J+P ]["O%OI 7R8/RN9V;R'>" AUR -/9V-+8 R=/V7R -+ G:T:89 _I_aF]I J+P -+ ZRNR)LR7 FFI _aF]"

*+ JPPV9V-+I G7NR'-7 UJP 89-N& -/9V-+ /'J+8 KT7J+98 S-7 _aa%I _aa[I _aaOI _aa!$

8/14/2019 Arcelor RA 2007

35/140

33

h41 2$5? I$9G1

8/14/2019 Arcelor RA 2007

36/140

34

h41 2

8/14/2019 Arcelor RA 2007

37/140

35

J`hd`hF"L N`$Lh_F_JL

h41 2

8/14/2019 Arcelor RA 2007

38/140

36

o5A4 ?1@=1&A A< A41 O?

8/14/2019 Arcelor RA 2007

39/140

37

`A6C2G:@? @7 G96 H@2C5 @7 K:C64G@CE

R; $&&

8/14/2019 Arcelor RA 2007

40/140

38

ZT 3NJJ>TT66#R OQ>J,Q( /!T>6R ,L/ Q6RONLR>->I>T>6R ,Q6 TNH

$ R6Q"6 ,R ,L >L/6O6L/6LT ,L/ [email protected]>"6 O,QT( TN JNL>TNQ 1Q.6INQE>TT,I#R 8>L,L.>,I Q6ONQT>L:OQN.6RR ,L/ >LT6QL,I .NLTQNIR R(RT6J[

$ Q6">6$ ,L/ ,OOQ,>R6 TT 688NQTR N8 1Q.6INQE>TT,I#R >L/6O6L/6LT ,!/>TNQR ,L/ >LT6QL,I,!/>T>L: /6O,QTJ6LT[

$ OQN">/6 ,L NO6L ,"6L!6 N8 .NJJ!L>.,T>NL ,JNL: TL/6O6L/6LT ,!/>TNQR5 R6L>NQ J,L,:6J6LT5TLT6QL,I ,!/>T /6O,QTJ6LT ,L/ TQ6.TNQR[

$ ,OOQN"6 TLTJ6LT ,L/ 866R N8 TL/6O6L/6LT ,!/>TNQR[ ,L/

$ JNL>TNQ TL/6O6L/6L.6 N8 TL/6O6L/6LT ,!/>TNQRY

ZTT66 ,Q6H E6RRQRY F,Q,(,L,L %,:

:!>/6I>L6R ,L/ TR EQY %,::L>8>.,LT6&O6Q>6L.6 ,L/ 8>L,L.>,I 6&O6QT>R6Y EQY %,:R TRT6/ NLT/6Q,-I6 6&O6Q>6L.6 >L J,L,:>L: .NJO,L>6R # ,88,>QRY

1..NQ/>L: TN >TR .TT66 >R Q6P!>Q6/ TN J66T ,T I6,RT 8N!Q T>J6R , (6,QY 4!Q>L: MVVK5 TT 3NJJ>TT66 J6T 00 T>J6R5 R>& N8 $.< $6Q6 O.,I J66T>L:R ,L/ 8>"6 N8 $.< $6Q6 TT66 >R .NJOQ>R6/ N8 8N!Q />Q6.TNQR5 ,II N8

$L/6O6L/6LTY ZLT6/ -( TQ6.TNQRY ZLTJ6LTR5 W6J!L6Q,T>NL,L/ 3NQONQ,T6 =N"6QL,L.6 3NJJ>TT66 J,G6R /6.>R>NLR -( , R>JOI6 J,@NQ>T( $>T< LN J6J-6Q .6Q ,L/ TL,L.>,I S88>.6Q N8 1Q.6INQE>TT,I5 TLTJ6LT NQ Q6,OON>LTJ6LT TN TQ6.TNQR ,T T.6 ,L/ Q6.NJJ6L/,T>NLR TN >T Q6:,Q/>L: T6$ .NQONQ,T6 :N"6QL,L.6 OQ>L.>OI6R ,OOI>.,-I6 TN 1Q.6INQE>TT,IY

ZLTJ6LTR5 W6J!L6Q,T>NL ,L/ 3NQONQ,T6 =N"6QL,L.6 3NJJ>TT66#R OQ>L.>O,I .Q>T6Q>, >L /6T6QJ>L>L: TNL N8 6&6.!T>"6R >R TN 6L.N!Q,:6 ,L/ Q6$,Q/ O6Q8NQJ,L.6 TII I6,/ TN INL:7T6QJ 6LTT66 ,Q6H E6RRQRY BNR6OLR.N X>I", /6 ;Q6>T,R5 D6$>R C,/6L ,L/ B6,L7U>6QQ6 ?,LR6L5 ,II N8 $L/6O6L/6LT !L/6Q1Q.6INQE>TT,I#R 3NQONQ,T6 =N"6QL,L.6 :!>/6I>L6R ,L/ TTT66 >R Q6P!>Q6/ -( >TR ..6 , (6,QY 4!Q>L: MVVK5 TR .NJJ>TT66 J6T 8>"6 T>J6RY

'-/1"+,+.1 $-))-2%+! (+%&%,) 01"*

ZL: OQN">/6R TQ,T>NL N8 TT>,I Z6QJ5 1Q.6INQE>TT,I#R .NQONQ,T6:N"6QL,L.6 Q!I6R /6R.Q>-6/ ,-N"6 $>II -6 Q6">6$6/ >L NQ/6Q TN Q68I6.T TJ>I,Q /N.!J6LTY Z

8/14/2019 Arcelor RA 2007

41/140

39

h1?: J5A4 $ I51J A< '1A1?:5;5;3 A41 5'1;A5AN

8/14/2019 Arcelor RA 2007

42/140

40

$;' $;@J1?@ >G1@A5

8/14/2019 Arcelor RA 2007

43/140

41

KL&9G'5;3

8/14/2019 Arcelor RA 2007

44/140

42

`%_ !OFhL!

c; C=?59 p[ p((n[ C?&19

8/14/2019 Arcelor RA 2007

45/140

43

^``\ Ba_,a[ID>.ED FI_>_BI>[ ,.>.E]E_.,

?_AFP\_QMaa?P ?RB `d@`MBM?_MF` W

8/14/2019 Arcelor RA 2007

46/140

8/14/2019 Arcelor RA 2007

47/140

45

W65;6-'PL

8/14/2019 Arcelor RA 2007

48/140

46

W65;6-'PL

8/14/2019 Arcelor RA 2007

49/140

8/14/2019 Arcelor RA 2007

50/140

48

W65;6-'PL

8/14/2019 Arcelor RA 2007

51/140

49

,05G4 50 5$G M0/40'%FC5GF &%/C/E%C' :5C5G)G/54

J9MQ*.9+(;;J* J,O :_a.E ./*E aF @/,I_E,,9 @>,I, aF &*E,E_.>.Ia_ >_D Ba_,a[ID>.Ia_

,C562G 0H D64%/G44

?;%.58;Q2==#5 W*?;%.58;Q2==#5" 8; *Q2==#5 `=..5" 8; =1. *A869#7I",V =80.=1.; E2=1 2=<

8/14/2019 Arcelor RA 2007

52/140

50

5;29G1;&1 &

8/14/2019 Arcelor RA 2007

53/140

51

F1A1?:5;5;3 A41 1@A5:$A1' G@12G9 95I1@ G5?1@ 6G'3:1;A[ $@ '5221?1;AAN=1@

8/14/2019 Arcelor RA 2007

54/140

52

2 KL=1&A1' ?1AG?;

8/14/2019 Arcelor RA 2007

55/140

53

?1>G5?1' A< 5;I1@A53$A1 $;' ?1:1'5$A1 $;N &G??1;A9N G;8;

8/14/2019 Arcelor RA 2007

56/140

54

B9L5;-L

8/14/2019 Arcelor RA 2007

57/140

55

1L=1?51;&1[ A41 &G??1;A 1&

8/14/2019 Arcelor RA 2007

58/140

56

A4$A A41@1 $?1 '5?1&A9N $AA?5%GA$%91 A< A41 $&>G5@5A5

8/14/2019 Arcelor RA 2007

59/140

57

$&&

8/14/2019 Arcelor RA 2007

60/140

58

.5O6/Q

8/14/2019 Arcelor RA 2007

61/140

59

.QPSQ /R OK:T R)/>:

o41; $ '1?5I$A5I1 25;$;&5$9 5;@A?G:1;A 41'31@ A41 I$?5$A5

8/14/2019 Arcelor RA 2007

62/140

60

8/14/2019 Arcelor RA 2007

63/140

61

A

8/14/2019 Arcelor RA 2007

64/140

62

0UC 5"#W/88/>&-S Y/:;:

R; V$?&4 p((n[ A41 RCgD 5@@G1' $ ;G:%1?

8/14/2019 Arcelor RA 2007

65/140

63

h41 $&>G5@5A5

8/14/2019 Arcelor RA 2007

66/140

64

('5L-'IL

8/14/2019 Arcelor RA 2007

67/140

65

C

8/14/2019 Arcelor RA 2007

68/140

66

*&-K)&GK;&/- /R 6

8/14/2019 Arcelor RA 2007

69/140

67

#?2I5:G65 dC@ M@C>2

7@C G96 T62C 6?565

K646>36C 0DY

)**+ )**(

g$91@ ZZ[an) B(a[ja)

W1A 5;&

8/14/2019 Arcelor RA 2007

70/140

68

(@6/:

8/14/2019 Arcelor RA 2007

71/140

69

_`"L +i P_$L_"`hPL!

R;I1;A

8/14/2019 Arcelor RA 2007

72/140

70

_`"L Xi N``K%P]] F_K P_"F_NPH]L F!!L"!

O

8/14/2019 Arcelor RA 2007

73/140

71

OA2:C>6?G

2?5 @G96C

C65I4G:@?E

_6G Q2=I6

K646>36C 0DY

)**(

C?&19

8/14/2019 Arcelor RA 2007

74/140

72

_`"L ai dh`dLh"'Y d]F_" F_K Lf#Pd^L_"

d?6?G

J@?EGCI4G:@?

: ? A C@8C6EE " @G2=

J@EG

CA F1&1:%1? 0B[ p((a j[(B^ B^[Z(a ^(a pj[np^C''5A5G5@5A5

8/14/2019 Arcelor RA 2007

75/140

73

_`"L D*i P_$L!"^L_"! FJJ`#_"LK M`h #!P_N "OL Lf#P"' ^L"O`K

h41 E

8/14/2019 Arcelor RA 2007

76/140

74

_`"L D)i HF]F_JL! F_K "hF_!FJ"P`_! %P"O hL]F"LK dFh"PL!

h?$;@$&A5

8/14/2019 Arcelor RA 2007

77/140

75

h?$;@$&A5

8/14/2019 Arcelor RA 2007

78/140

76

_2>6 @7 !I3E:5:2CT F33C6Q:2G:@? J@I?GCT

V5AA$9 gA119 U5%1?5$ U5:5A1' V5AA$9 gA119 U5%1?5$ U5%1?5$cSgE C?&19

8/14/2019 Arcelor RA 2007

79/140

8/14/2019 Arcelor RA 2007

80/140

78

c; W

8/14/2019 Arcelor RA 2007

81/140

79

F>6C:42E

CQ-&/8 CQO

8/14/2019 Arcelor RA 2007

82/140

80

g&41'G91' :$AG?5A51@

8/14/2019 Arcelor RA 2007

83/140

81

h41 =

8/14/2019 Arcelor RA 2007

84/140

82

P?G6C6EG C2G6 C:E

8/14/2019 Arcelor RA 2007

85/140

8/14/2019 Arcelor RA 2007

86/140

84

M$5? I$9G1@

8/14/2019 Arcelor RA 2007

87/140

85

%$@1 :1A$9 '1?5I$A5I1 5;@A?G:1;A@ %

8/14/2019 Arcelor RA 2007

88/140

86

J599 $99

8/14/2019 Arcelor RA 2007

89/140

87

h41 E

8/14/2019 Arcelor RA 2007

90/140

88

h41 2$5? I$9G1

8/14/2019 Arcelor RA 2007

91/140

89

h41 2

8/14/2019 Arcelor RA 2007

92/140

90

C @G::$?N

8/14/2019 Arcelor RA 2007

93/140

91

>-L5 T;;Q

8/14/2019 Arcelor RA 2007

94/140

92

>Q5;'65 >-L5;

K646>36C 0DY )**+

"`"F] #,!, JF_FKF HhF1P] L#h`dL `"OLh

J92?86 :? 36?67:G @3=:82G:@?D1;125A

8/14/2019 Arcelor RA 2007

95/140

93

K646>36C 0DY )**(

"`"F] #,!, JF_FKF HhF1P] L#h`dL `"OLh

J92?86 :? 36?67:G @3=:82G:@?

D1;125A

8/14/2019 Arcelor RA 2007

96/140

94

B&Q R6--6D'5S

8/14/2019 Arcelor RA 2007

97/140

95

gG::$?N

8/14/2019 Arcelor RA 2007

98/140

8/14/2019 Arcelor RA 2007

99/140

97

B6

8/14/2019 Arcelor RA 2007

100/140

98

_`"L Dai P_J`^L "F&

0-O/+Q ;K@ Q@6Q-:Q

h41 %?1$8'

8/14/2019 Arcelor RA 2007

101/140

99

l*g* 'G5I$91;A I$9G1

8/14/2019 Arcelor RA 2007

102/140

100

F121??1' A$L $@@1A@ ;

8/14/2019 Arcelor RA 2007

103/140

8/14/2019 Arcelor RA 2007

104/140

102

_`"L )*i dh`$P!P`_! F_K F]]`%F_JL!

h41 :

8/14/2019 Arcelor RA 2007

105/140

103

h41 &

8/14/2019 Arcelor RA 2007

106/140

8/14/2019 Arcelor RA 2007

107/140

105

C?&19

8/14/2019 Arcelor RA 2007

108/140

106

L?Q:C@?>6?G2= ]:23:=:G:6E

C?&19

8/14/2019 Arcelor RA 2007

109/140

107

c; CG3G@A Z[ p(()[ A41 KdC 5@@G1' C?&19

8/14/2019 Arcelor RA 2007

110/140

8/14/2019 Arcelor RA 2007

111/140

109

J@>A6G:G:@?VF?G:GCIEG J=2:>E

C?&19

8/14/2019 Arcelor RA 2007

112/140

110

@A119 =?

8/14/2019 Arcelor RA 2007

113/140

8/14/2019 Arcelor RA 2007

114/140

112

?1>G1@A* c; M1%?G$?N j[ p((Z[ A41 CMV &

8/14/2019 Arcelor RA 2007

115/140

113

2 C?&19

8/14/2019 Arcelor RA 2007

116/140

114

*Q6S9L7&'OL- ;QS/Q536C 0DY

)**+ )**(

F>6C:42El;5A1' gA$A1@ Ba[)a0 B^[a)(

E$;$'$ p[))Z j[B0^

D?$P59 p[(aZ )[)pZ

C?31;A5;$ ja0 B[B(B

cA41?@ p[a)p 0[pjB

h

8/14/2019 Arcelor RA 2007

117/140

115

J2A:G2= 6SA6?5:GIC6E !68>6?G 2EE6GE bb

M@C G96 T62C 6?565

K646>36C 0DY FE @7 K646>36C 0DY

)**+ )**( )**+b )**(

O1?:$;N j( p0n a[(BB a[njj

EP1&4 f1=G%95& j0 BB^ B[Zn^ p[^)^f

8/14/2019 Arcelor RA 2007

118/140

116

eE? ^X^/S /VV%/S 1XTY?V\/^GXV XA Ê? T?T0?[\ XA 4[1?SX[NG^^/S!\ 6X/[2 XA :G[?1^X[\ Y/G2 GV W``b /V2 W`Ù (/\/\ AXSSX(\R

1=6& =K=:=J8=& #74

59JL,K*( GK ! *FL,(6K;``` b`;```

eE? /VV%/S 1XTY?V\/^GXV Y/G2 ^X Ê? T?T0?[\ XA 4[1?SX[NG^^/S!\ 6X/[2 XA :G[?1^X[\ AX[ \?[&G1?\ GV /SS 1/Y/1G^G?\GV W``b /V2 W`Ù (/\ /\ AXSSX(\R

59JL,K*( GK ! *FL,(6K ! W;``3 ! 3;bUU ! W;393 3``;``` b`;```

42G^,/ NG^^/S # # # # #

M?(G\ 6d L/2?V 3W$ # # # # #

D[/V#XG\ Hd _GV/%S^;``` b`;```

8/14/2019 Arcelor RA 2007

119/140

117

GU_$ 26" ALS)T8 ;H7 P'PL8PN 8- W6LP'-62T88H'!7 X-H6N -Q \T6PL8-67 -+ 4L8-JP6 %_F ]__!" 26" ALS)T8 ;H7 /HTN H7 H+ W6LP'-6X-H6N 2P)JP6 T+ ]__!"

GUU$ 26" 5HLS96H ;H7 P'PL8PN 8- W6LP'-62T88H'!7 X-H6N -Q \T6PL8-67 -+ 4L8-JP6 %_F ]__!" 26" 5HLS96H ;H7 /HTN H7 H+ W6LP'-6X-H6N 2P)JP6 T+ ]__!"

GU]$ 26" 2H68T ;H7 P'PL8PN 8- W6LP'-62T88H'!7 X-H6N -Q \T6PL8-67 -+ 4L8-JP6 %_F ]__!" 26" 2H68T ;H7 /HTN H7 H+ W6LP'-6X-H6N 2P)JP6 T+ ]__!"

GU%$ 26" (P6+$+NP> 1!/P> ;H7 P'PL8PN 8- W6LP'-62T88H'!7 X-H6N -Q \T6PL8-67 -+ 4L8-JP6 %_F ]__!" 26" (P6+$+NP> 1!/P> ;H7

/HTN H7 H+ W6LP'-6 X-H6N 2P)JP6 T+ ]__!"GUO$ 26" ,H+7P+ ;H7 P'PL8PN 8- W6LP'-62T88H'!7 X-H6N -Q \T6PL8-67 -+ 4L8-JP6 %_F ]__!" 26" ,H+7P+ ;H7 /HTN H7 H+ W6LP'-6X-H6N 2P)JP6 T+ ]__!"

GUK$ 26" ZH78PR+H6- ;H7 P'PL8PN 8- W6LP'-62T88H'!7 X-H6N -Q \T6PL8-67 -+ 4L8-JP6 %_F ]__!" 26" ZH78PR+H6- ;H7 /HTN H7 H+W6LP'-6 X-H6N 2P)JP6 T+ ]__!"

GU!$ 26" A/T'')H++ ;H7 P'PL8PN 8- W6LP'-62T88H'!7 X-H6N -Q \T6PL8-67 -+ 4L8-JP6 %_F ]__!"GU[$ ,?, 56T+LP *9T''H9)P NP 19G!$ " " " " " " " " DT'J96 1" ?-77 " " " " " " " "

1P;T7 X" 0HNP+ " " " " " " " "

(6H+!-T7 ," 5T+H9'8G[$ " " " " " " " "

.-7P/S 0T+7LSG@$ " " " " " " " "

.-7! ?H)!+ !':H6P>?P+N9P'P7GI$ " " " " " " " "

AP6RT- AT':H NP (6PT8H7GU_$ " " " " " " " "

*P-6RP7 ALS)T8GUU$ " " " " " " " "

^N)-+N 5HLS96HGU]$ " " " " " " " "

2TLSP' W+RP' 2H68TGU%$ " " " " " " " "

2H+9P' (P6+$+NP> 1!/P>GUO$ " " " " " " " "

.PH+M5TP66P ,H+7P+GUK$ " " " " " " " "

.-S+ ZH78PR+H6-

GU!$ " " " " " " " "

W+8-T+P A/T'')H++GU[$ " " " " " " " "

,?, 56T+LP *9T''H9)P NP19

8/14/2019 Arcelor RA 2007

120/140

118

`7 GV^?[?\^ GV M/TGV/2X[/ 8X\^/[[G1?V\? c54 /V2 e[?AGS?[G/ 8XSGT/ c54; Ê? XVS, T/IX[ SXVC 1/[0XV \^??S1XTY/V, GV 8X\^/ aG1/; Ê/^ G^ 2G2 VX^ /S[?/2, X(Vd M/TGV/2X[/ 8X\^/[[G1?V\? c54 E/\ / [XSS?2 Y[X2%1^\ 1/Y/1G^,XA P``;``` ^XV\ Y?[ ,?/[ XA [?0/[\ /V2 T?[1E/V^ 0/[ Z%/SG^,; /V2 e[?AGS?[G/ 8XSGT/ c54 E/\ / (G[? Y[X2%1^\1/Y/1G^, XA b`;``` ^XV\ Y?[ ,?/[d

]V D?0[%/[, >; W``9; 4[1?SX[NG^^/S /VVX%V1?2 Ê? 1XTYS?^GXV XA G^\ T/V2/^X[, 1/\E ^?V2?[ XAA?[ ^X \E/[?EXS2?[\GV 8EGV/ ][G?V^/S F[X%Y 8XTY/V, MGTG^?2

8/14/2019 Arcelor RA 2007

121/140

119

A?$;@$&A5

8/14/2019 Arcelor RA 2007

122/140

120

>/DI.a*," *E&a*. a_ .HE Ba_,a[ID>.ED FI_>_BI>[

,.>.E]E_.,

I9E/+03 +F 3HE 9"5&2E402 D!E*30E/0&2E2K

a8 =1.

8/14/2019 Arcelor RA 2007

123/140

121

^``\ >__/>[ >BBa/_.,

KC'C/EG :$GG5

I)&((&+*2 +F ;N:N D+((?02K

^``\ ^``b K

>,,E.,

B! FI1ED >,,E., b89 U(

b) \=1.; &.$=8;< ig X

III! .';X)LC';=VC )C?-'R+RC) J`^ b

i) \E7

8/14/2019 Arcelor RA 2007

124/140

8/14/2019 Arcelor RA 2007

125/140

123

720H%5 C/F *044 JEE06/5I)&((&+*2 +F ;N:N D+((?02K

^``\ ^``b K

>! BH>*GE,

-) `=#// %8

8/14/2019 Arcelor RA 2007

126/140

124

720H%5 C/F *044 JEE06/53 E0/5%/6GFI)&((&+*2 +F ;N:N D+((?02K

^``\ ^``b K

@ ! I_Ba ]E

b) \=1.; 89.;#=270 27%86. b(> >-U

Z) M7%86. /;86 9#;=2%29#=270 27=.;.

8/14/2019 Arcelor RA 2007

127/140

8/14/2019 Arcelor RA 2007

128/140

126

'62C 6?565 K646>36C 0DY

)**+ )**+

ZL#h >:==:@?E.

R;&

8/14/2019 Arcelor RA 2007

129/140

127

_`"L 0 !"F_NPH]L F!!L"!

F4BI:E:G:@? 4@EG

]2?5 2?5

3I:=5:?8E

`G96C

7:SGIC6E 2?5

7:GG:?8EY

G@@=E 2?5

6BI:A>6?G

d2T>6?G @?

244@I?G 2?5

G2?8:3=6

2EE6GE I?56C

4@?EGCI4G:@? "@G2=

c=1;5;3 %$9$;&1 a ^ b Bj

C''5A5

8/14/2019 Arcelor RA 2007

130/140

128

a1. 6#27 185&270< #= B.%.6$.; ->V i''g #;. 52

8/14/2019 Arcelor RA 2007

131/140

129

_`"L c ! JFdP"F] F_K hL!Lh$L!

h41 :

8/14/2019 Arcelor RA 2007

132/140

130

_`"L + ! _`_ J`_$Lh"PH]L KLHL_"#hL ]`F_!

C@ $ ?1@G9A

8/14/2019 Arcelor RA 2007

133/140

8/14/2019 Arcelor RA 2007

134/140

8/14/2019 Arcelor RA 2007

135/140

133

',.3)@&(! &0#@&) @? )20 '??,'< '++@,?)(

+507-9" -1 "40 5!$&!0#9! /!0*"9079&!0!.

YL R;5 P;)O5;LG,5OP L7.O+5GLOB=RR)G27LOH5OG( .O+5GLO!-31 )$5J#5 ,5 G) A=*5OR!

A6K3"T A#&5H*L#O9

&>4169 1/ 9$> 7//;7* 7::1;/98

:LGGL%=J9 L#O O5PM5+R=$5 )MML=JRH5JRP *( R;5 5;%6>->/98

Y;5 H)J)95H5JR O5MLOR1 %;=+; =P R;5 O5PMLJP=*=G=R( L7 R;5 *L)O, L7 ,=O5+RLOP1 =P +LJP=PR5JR %=R; R;5 )JJ#)G)++L#JRPX

05GL=RR5 WX.X @SB< .#,=R WX# OXGX

U!$=P5#O ,$5JRO5MO=P5P U !$=P5#O ,$5JRO5MO=P5P

8O=+ $)J ,5 @5OE;L$5 +3(9"*09. 8O=+ 0)HLRR5 +3(9"*09.

4VT1 O#5 ,5 C5#,LO7 31 )GG!5 W+;5775O

A6KKKT A#&5H*L#O9 A6K4KT A#&5H*L#O9

A#&5H*L#O91 .MO=G D1 KTT/

8/14/2019 Arcelor RA 2007

136/140

134

&*a&a,ED >[[aB>.Ia_ aF *E,/[. Fa* ^``\

];898VbgUV>Z>

];8/2= $;8C01= /8;E#;& W9E/+03! *+45E?4, bVUiiVib(Vi>X

*C)-V+) +Z =C ;VVZ?;+CA ;XA AR)+'R=-+CA

8/14/2019 Arcelor RA 2007

137/140

8/14/2019 Arcelor RA 2007

138/140

8/14/2019 Arcelor RA 2007

139/140

8/14/2019 Arcelor RA 2007

140/140

For further informationplease contact:

ArcelorMittal

19, Avenue de la LibertL-2930 Luxembourg

Berkeley Square HouseBerkeley SquareLondon W1J 6DA

www.arcelormittal.com

Documents

Arcelor RA 2007