World's largest, most diversified steelmaker Leading positions in the world's key steel markets Strong free cash flow generation Improving steel industry fundamentals, as consolidation helps reduce volatility Significant debt burden after the Arcelor-Mittal combination in mid-2006 Ambitious growth strategy that will increase investments Cyclical and capital intensive nature of the steel industry The ratings on Netherlands-based Mittal Steel Co. N.V. and Luxembourg-based Arcelor S.A. were equalized following the combination in August 2006 (the group is now referred to as Arcelor-Mittal). The rating on the combined entity is underpinned by the combined group's strong business risk profile. Arcelor-Mittal is the world largest and most diversified steelmaker, with significant vertical integration into iron ore and coal. This has a stabilizing effect on
