ArcelorMittal (referred to as “ArcelorMittal”, or “the Company”) (New York: MT; Amsterdam: MT; Madrid: MTS; Paris: MTP; Brussels: MTBL; Luxembourg: MT), the world’s largest and most global steel company, today announced results for the three months ended March 31, 2008.

Q108 highlights:

* Shipments1 of 29.2 million metric tonnes, up 8% compared with Q107
* Sales of $29.8 billion, up 22% compared with Q107
* EBITDA2 of $5.0 billion, up 16% compared with Q107
* Net Income of $2.4 billion, up 5% as compared with Q107
* Cash flow from operations of $2.0 billion; and $1.0 billion of capital expenditure
* Total return to ArcelorMittal shareholders of $2.6 billion in 2008, of which $0.5 billion in cash dividends paid and $2.1 billion in share buy-backs
* Merger synergies run-rate of $1.6 billion achieved by end of quarter

Three dimensional growth strategy advancing:

* Geographic strategy advancing, with transactions announced or completed in Argentina, Brazil, China, Costa Rica, Egypt and Venezuela
* Development of product diversification, with transactions in pipes and tubes and wire businesses
* Enhancement in value chain, with progress in both mining activities and distribution. New mining initiatives announced/ completed in Russia, Mozambique and South Africa

Guidance for second quarter 2008

* Q208 EBITDA guidance to exceed $6.5 billion, versus $5.0 billion in Q108 and $5.3 billion in Q207

Commenting, Lakshmi N. Mittal, Chairman and CEO, ArcelorMittal, said:

ArcelorMittal has again delivered a strong set of numbers for the quarter, with EBITDA of $5.0 billion. Despite global economic uncertainties, we are continuing to see strong demand for steel and a healthy pricing dynamic. This global demand is supported by the continued industrialization of a number of key, emerging economies and ArcelorMittal is well positioned to continue to take advantage of these dynamics.

We have also now fully captured the $1.6 billion of synergies that we announced we expected from our successful merger with Arcelor. Looking forward, we expect EBITDA in the second quarter to be higher than in the first quarter to exceed $6.5 billion, largely on account of strong demand for our products across all regions.

Dividend and share buy-backs

During the three months ended March 31, 2008, the Company returned $2.6 billion to shareholders, consisting of $533 million in cash dividends and $2,107 million in share buy-backs. In addition, our subsidiaries in South Africa and Brazil paid dividends totalling $128 million to minority shareholders.

On February 22, 2008, ArcelorMittal completed its $1.0 billion share buy-back program announced in November 2007 and on February 13, 2008 with the acquisition shares from Carlo Tassara International S.A. announced on February 20, 2008.

This buy-back program is part of the Company’s policy to return 30% of the previous year’s net income to shareholders, together with the Company’s base cash dividend of US $1.50 per share per year.

Out of the 25 million shares purchased from Carlo Tassara International S.A. at a price of $68.70 (€46.60) per share, 14.6 million were purchased under the $1.0 billion share buy-back program (which is part of the earnings distribution program) and 10.4 million were purchased under the 44 million shares buy-back program which started on December 18, 2007 and is to be completed over two years.

During the three months ended March 31, 2008, ArcelorMittal repurchased an aggregate 16.3 million shares under the 44 million shares buy-back program, at an average price of $67.79 (€46.05), per share and for a total amount of $1,107 million.

ArcelorMittal holds, indirectly and directly, approximately 58.0 million shares in treasury as at March 31, 2008.

Q208 Outlook

The Company expects second quarter 2008 EBITDA to exceed $6.5 billion on the back of continued strong steel demand and supply constraints. Total shipments in the second quarter of 2008 are expected to increase as compared with the first quarter of 2008. EBITDA levels across all divisions are expected to increase, benefiting from improved volumes and steel selling price levels partially offset by unprecedented input price increases. Asia, Africa & CIS EBITDA expected to be at record levels due to good volume recovery, price increases, and upstream integration. Flat Carbon Americas EBITDA to increase significantly due to steel price increase as a result of cost pressures and upstream integration. Flat Carbon Europe and Long Carbon EBITDA to improve despite strong rise in raw materials costs. ArcelorMittal Steel Services and Solutions to benefit from strong pricing dynamic and Stainless Steel profitability to continue to improve. Full year tax rate is expected to be between 15-20%.

About ArcelorMittal

ArcelorMittal is the world's largest and most global steel company, with 310,000 employees in more than 60 countries. The company brings together the world's number one and number two steel companies, Arcelor and Mittal Steel.

ArcelorMittal is the leader in all major global markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. An industrial presence in 28 European, Asian, African and American countries exposes the company to all the key steel markets, from emerging to mature, positions it will be looking to develop in the high-growth Chinese and Indian markets.

ArcelorMittal key financials for 2007 show revenues of USD 105.2 billion, with a crude steel production of 116 million tonnes, representing around 10 per cent of world steel output.

ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MTP), Brussels (MTBL), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).

For more information, visit http://www.arcelormittal.com/