On Feb. 12, 2009, Standard&Poor's Ratings Services revised its outlook on Luxembourg-registered steel group ArcelorMittal to negative from stable, following the sharp deterioration of conditions in the steel industry. The 'BBB+' long-term corporate credit rating was affirmed. The outlook revision reflects our view that the current macroeconomic and steel industry environment increases the company's downside risks. The global industry environment remains challenging, and ArcelorMittal is not immune to industry pressures. In the fourth quarter of 2008, the company cut production by 33% across all regions, and its EBITDA fell significantly to $2.8 billion compared with $8.7 billion in third-quarter 2008 at the peak of the cycle. Moreover, net income was weighed down by $4.4 billion in exceptional noncash
