Highlights:

• Health and safety performance improved in 3Q 2014 to an LTIF rate of 0.78x
• EBITDA of $1.9 billion in 3Q 2014, an 11.2% improvement as compared to 3Q 2013 with notable improvements in Europe (+72.6%) and ACIS (+89.5%), offset by the negative impact of iron ore price on the Mining segment (-47.9%)
• Steel shipments of 21.5 Mt in 3Q 2014, an increase of 3.9% as compared to 3Q 2013
• 3Q 2014 own iron ore production of 15.8 Mt, up 6% YoY; 10.0 Mt shipped and reported at market prices, up 6.3% YoY
• Net debt of $17.8 billion as of September 30, 2014 as compared to $17.4 billion as of June 30, 2014 due largely to working capital investment of $0.6 billion and dividends of $0.4 billion, partially offset by forex effects ($0.5 billion)

Key developments:

• Continued progress on ACIS turnaround evident through improved Kazakhstan and Ukraine performance
• ArcelorMittal Tubarão blast furnace No.3 restarted July 2014
• Sale of Gallatin 50/50 joint venture in US to Nucor completed for $770 million; proceeds received in October 2014
• Mining: Liberia phase 1 expected production and shipment of 5Mt in 2014 unaffected by Ebola epidemic. Phase 2 currently progressing at a slower pace due to contractors declaring force majeure

Outlook and guidance framework:

• Operating conditions remain generally favorable. The impact of declining iron ore price on Mining segment profitability is being offset by improvement in the steel business. The Company reiterates its guidance for EBITDA in excess of $7.0 billion in 2014
• Net interest expense is now expected to be approximately $1.5 billion for 2014
• Capital expenditure is now expected to be approximately $3.8 billion for 2014
• The Company maintains its medium term net debt target of $15 billion