ARCELOR FINANCE ORGANIZATION November 2005 Martine HueSenior Vice President Investor Relations

P.

7 PRINCIPLESCash belongs to ARCELORCentralization of financial risks (ARCELOR FINANCE, ARCELOR TREASURY)Global cash pooling organization and finance policy (procedures approved by Audit Committee)Balanced debt structure: Bank/Market/InstitutionsLiquidity risk management with safety net credit linesGearing (Debt/Equity) under 50% in 2004. Today under 20%Internal dividend distribution: 100% pay out Ratio with limited exceptions Investment grade rating : S&P: BBBMoodys: Baa2 / outlook positive

P.

ORGANIZATION M. WURTH CFO, Member of Manager Board

INVESTOR RELATIONS

CONSOLIDATION

FINANCE

TAX, INSURANCE AND LEGAL

CONTROLLER DESK

P.

FINANCEOrganized as a CORPORATE BANK

P.

FINANCECORPORATE BANK

FUNDINGGROUP OPERATIONS

TREASURYBank relationsMarket operations (Bonds,)Structured financeRating AgencyCredit CommitteeBalance sheet structureInternal fundingInternal dividend policy

Cash PoolingForexCommoditiesEnergy, CO2

Country branches: France, Germany/Luxembourg, Belgium/NL, Spain, Italy, USA, BrazilM&A (Finance)Internal Investment BankValuationsDeal structuring

One functional structureARCELOR FINANCE (Luxembourg)ARCELOR TREASURY (Paris)M&A SUPPORT (Luxembourg)

P.

FINANCE Arcelor Treasury Snc and Arcelor Finance ScA: Specific General Partnership structure Acting partners have jointly and indefinitely unlimited responsibility of Arcelor Finance debt 80% minimum of Gross debt located at Arcelor Finance level or over to avoid Structural Subordination Specific Legal Structure

P.

DEBT STRUCTURE (on checking)81% Euros, 12% US Dollars, 7% others2/3 variable rate1/3 fixed rate

P.

Chart1

0.206

0.3982

0.1416

0.0897

0.1647

DIVERSIFICATION OF FUNDING (Gross Debt)

Balance sheet structure

(M)March 31, 05

EQUITY13,462

Pension1,666

LT PROVISIONSDeferred tax695

Other1,881

DEBT (net)2,271Gross5,870

- Cash3,599

Net2,271

19,975

DIV. FUNDING

Credit Institutions20.60%

Bonds39.82%

Convertibles14.16%

Commercial Paper8.97%

Others16.47%

DIV. FUNDING

DIVERSIFICATION OF FUNDING

Sheet3

No operational lease True Sale of Receivables programASSET MANAGEMENT Syndicated committed Bank facility 3 billions+ More than 1.5 billion bilateral Bank facilities+ Umbrella lines for Trade Finance all over the world

P.

ARCELOR BALANCE DEBT STRUCTURE (as of September 30, 2005)(Billions )

P.

Sheet1

Equity

Fixed Assets13.6

16.2

Minority

1.9

Provisions LT

WCR4.5

5.2

1.4 NET

Gross Debt

CASH5.6

4.2

Sheet2

Sheet3