Arcelormittal’s North and south American iron ore projects

Baffinland Mary River ProjectMoving to Development

Americas Iron Ore ConferenceBelo Horizonte, November 2012

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Forward-Looking Statements

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Forward-looking statements may be identified by the words “believe,” “expect,” “anticipate,”

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ArcelorMittal Mining

The largest steel company in the world, producing nearly 10% of

global steel, with operations in 60 countries, including Canada.

Baffin Island Iron Ore

Americas Development

ArcelorMittal has three active development projects

currently in the Americas:

• Andrade, Brazil

• Mines Canada, Quebec Canada

• Baffinland Mary River Project, Arctic Canada

Andrade Expansion Project

�Total investment: 70,9 MUSD

�New plant in operation since beginning of September

�Project to be concluded in Q4 2013 with old plant demolition

Scope Remove Andrade old plant from the current location

increasing its capacity from 2.0Mtpy to 3.5Mtpy.

AMMC – overview of assets• The Mont-Wright complex is one of North America’s largest iron ore operations

• Production of 15Mtpa with expansion to 24Mtpa by 2013 underway;

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• Port Cartier’s pellet plant has the capacity to produce 9.3Mtpa of iron ore pellets

• 2 production lines operating 24/7

• Wholly-owned 420-km railway infrastructure

• Infrastructure capacity capable of supporting future expansion scenarios

• One of Canada’s largest private ports

• Ability to handle cape-size vessels year round and to handle 30Mtpa without

significant additional Capex

• Additional development deposits at Mont-Reed and Fire Lake

• Potential for future expansion given size of resource base and existing

infrastructure

AMMC is located in the Labrador Trough.

It has fully integrated operations including wholly-owned port and rail.

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AMMC expansion - from 14Mtpa to 24 Mtpa

• Expansion of our Mont Wright mine at AMMC and concentrate capacity to 24Mtpa due 2013 (from 16Mtpa post operational improvements) approved

• Expansion capitalizing on existing infrastructure, product quality and experienced workforce

• Capex C$1.2bn for mine and concentrator plant expansion

• Advantageously located with easy access to European and US markets

Mining expansion plan (concentrate) Million mt

* Total scheme investment of US$2.1 billion includes investment in expanding the pellet plant which has not yet been committed.

Strategic advantage from exclusive use of own rail and port facilities.

14 15

1

9

5

10

15

20

25

2011F 2013

Brownfield expansion

Canada base

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About Baffinland

Baffinland Investment

• Owned 70% by ArcelorMittal and 30% by Iron Ore

Holdings LP (private equity firm).

• ArcelorMittal assumed majority ownership of

Baffinland Iron Mines on March 1, 2011.

• Focused exclusively on the exploration and

development of our Mary River Iron Ore Project.

Project Location

Yukon

British

ColumbiaAlberta

SaskatchewanManitoba

Ontario

Newfoundland

and Labrador

Québec

New

Brunswick Nova

Scotia

Prince

Edward

Island

Northwest

Territories Nunavut

Arctic Bay

Pond Inlet

Clyde River

Igloolik

HallBeach

Iqaluit

Steensby Port

Mary RiverMine Site

Milne Port

Property Highlights

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• High Grade: ~ 65+% iron – lump and fine iron ore

• Large Tonnage Multi-generational Project:

– Resources Deposit:

• Reserve 375 million tonnes grading 65% Fe

• Resource 441 million tonnes grading 65% Fe

• High Quality Direct Shipping Iron Ore:

– No washing; just crushing and screening; low undersize

and excellent handling characteristics define it as a

natural pellet or Direct Shipping Pellet (DSP)

– 75% of output expected to be premium priced DSP ore; and

– 25% premium fine ore sinter feed

1

Deposits Nos. 1, 2 & 3

Deposit No. 3

Deposit No. 2

Deposit No. 1

Mary River Project

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Lupin

Jericho

Boston

Snap Lake Mine

George Lake

Meliadine

Diavik MineEkati Mine

Kubaka

Rankin Inlet

Fort Knox Mine

Oktybar(Norlisk)

Nanisivik

MeadowbankCullaton Lake

Ulu

Cambridge Bay

Polaris

Iqaluit

Black Angel

Kittila

Kupol

Julietta

Red Dog Mine

Raglan Mine

Voisey's Bay

Spitsbergen Coal Mines

Project Location and Arctic Operations

• Arctic mining

proven through

success of many

other operations

• Railroads over

permafrost have

been built

• Ice-strengthened

bulk carriers have

been operated for

decades by Fednav

(MV Arctic and

Umiak 1)

NorthPole

Mary River

ArcticCircle

Mary River Project

� Four year construction Project

� An open pit mine with mine life of 25 years

� A 150 km railway from mine to Steensby port

� Construction of a deep sea port capable of

accepting vessels year round

Mining Rail Transport Ship Transport

Key Statistics – Material MinedKey Statistic Units Value At Startup

Value at 30 Mtpa

Mining Rate

Mine Life Years 25

Material Mined (Average Annual) Wet Metric Tonnes 62 million 120 million

Material Mined (LoM) Wet Metric Tonnes 2,861 million

Ore Mined (Average Annual) Wet Metric Tonnes 18 million 30 million

Ore Mined (LoM) Wet Metric Tonnes 693 million

Stripping Ratio Waste Tonnes / Ore

Tonnes2.4 3.1

Moisture Content % 2.0% 2.0%

Average Ore Grade % 65.4% 65.0%

Key Statistics – Equipment/Consumables

Key Statistic Units Value At StartupValue at 30 Mtpa

Mining Rate

Haul Trucks 320 Tonne Capacity 23 30

Annual Explosives Consumed Tonnes 25,000 48,000

Ice Cape Vessels 190,000 Tonne Capacity 8 13

Shipping Ships Loaded at Port 98 159

Rail Rolling Stock4400 HP loco, 104 tonne

capacity wagon

11 locos,

496 wagons

20 locos,

810 wagons

Accommodations Capacity Rooms600

(MR-350/SP-250)

785

(MR-510/SP-275)

Installed Power MW50

(MR-22/SP-28)

50

(MR-22/SP-28)

Annual Fuel Consumed Litres 90 million 160 million

Mary River Rail Construction

Ravin River Bridge

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Steensby Port Site Schematic

Steensby Port Location

2

Port Construction

Project Shipping

2

Shipping Route

• Ice-strengthened ore carriers have been proven cost effective and reliable

for well over 20 years at Arctic mines including Polaris, Nanisivik, Raglan

and Voisey’s Bay

Steensby – Rotterdam: 3,100 nautical milesBrazil – Rotterdam: 5,000 nautical miles

Steensby Inlet

Raglan

Voisey’s Bay

Greenland

Quebec

Nunavut

Nanisivik

Rotterdam

Mine Site

Polaris Mine

Steensby Inlet Shipping Route

2

Northern Foxe Basin

Middle of Foxe Basin

Photos taken in February 2007

Steensby Inlet Shipping Route

2

WesternHudson Strait

EasternHudson Strait

Photos taken in February 2007

Ship Design

Current Design MV ArcticCapacity

LengthWidthDraft

Horsepower

185,000 DWT

330m52m20m

90,000

28,400 DWT

220m23m

11.5m

14,500

Umiak 1 – Ice Breaker

What the Project means Local Population

The timely development of the Mary

River Project will generate:

� A comprehensive Inuit Impact and Benefits

Agreement securing benefits for Inuit

� Significant training, employment, and

business opportunities for Inuit

� Potential large scale regional economic

development helping to promote social,

political and economic growth for Nunavut

� Royalty and tax revenues

� Achievement of objectives outlined in the

Nunavut Land Claims Agreement

Benefits to Canada:

• Mary River is the largest mining project in development in Canada and one

of the largest iron ore developments in the world.

• The project will:

1) provide substantial long term economic benefits to Canada, particularly to the

territory of Nunavut and especially for aboriginal people;

2) generate significant numbers of jobs and benefits to Canadian businesses; and

3) generate revenues to federal, territorial and provincial treasuries, particularly

lessening Nunavut’s dependency on Ottawa.

• Potential to generate increased infrastructure development in the North and

provide significant investment opportunities for stakeholders.

• Development of the project will enhance Canada's reputation for practical

environmental management of inevitable industrial development in the North.

• Provide +100,000 PYs direct, indirect, and induced employment across

Canada.

• Demonstrate Canadian sovereignty in the Arctic.

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Developing New Frontiers

• Accomplishments:• Completed Advanced Feasibility Study

• Significant Advancement in Permitting Process

• Significant Improvement in Aboriginal Relations

• Advanced Shipping Solution with Shipyards

• Marketing Plan defined

• Initiated Project Financing Process

• Built World Class Project Team

• What Remains:• Build/Develop

• Operate

• Expand with Opportunities

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“This Project represents an unprecedented development for Nunavut

and for Canada in many respects—the development of a Railway in

arctic conditions, conducting year round shipping with purpose-built

ice-breaking ore carriers that are considerably larger than any other

ships that have travelled in Nunavut waters, a projected mine life

greater than 20 years and the potential for billions of dollars in

benefits and revenues to be shared by the federal and territorial

governments and the land and mineral owners, the Qikiqtani Inuit

Association and Nunavut Tunngavik Inc.”

Executive Summary, Nunavut Impact Review Board Report, September 2012

Climate in the ArcticLand of Unique

Beauty

…but Challenging Logistics

Thank you

Arcelormittal’s North and south American iron ore projects

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