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Arcelormittal Speaker Notes

Dear all

Here is some background on the EBITDA targets:

EBITDA growth is expected to come from five key areas:
1) Brownfield capacity and production growth in line with market
On average $205/tonne margin expected on additional tonnes from brownfield expansion and production growth

2) Investment in value-added products in developing regions
About 9mt of additional value-added products by 2008

3) Reducing cost with intensive benchmarking and continuous improvement program
Productivity expected to increase by 5% per year

4) Capturing growth opportunities along the value chain with mining expansion
A total benefit of about $0.4bn

5) Arcelor Mittal merger synergies
- Marketing and trading ($450m)
- Manufacturing and process optimization ($590m)
- Purchasing ($500m)
- Selling, General & Administrative ($60m)

The jump from a pro-forma 2005 EBITDA of $14.9bn to the 2008 EBITDA target of $20bn will be achieved by:
$3.7bn of growth, mix and management gains, net of price-cost squeeze
$1.6bn from merger synergies
$-0.2bn from remedies

About Dofasco, Mr Mittal told investors this morning that the position is unchanged from Mittal's position, i.e they are still committed to sell to ThyssenKrupp.

the webcast of today's Investor meeting at: www.arcelormittal.com