Luxembourg-registered steel group ArcelorMittal's credit metrics remain below our expectations. We believe that, in 2012, ArcelorMittal may not be able to decrease its leverage to levels consistent with the current rating, given the uncertainty surrounding economic growth in Europe and the U.S. As a result, we are revising our outlook on ArcelorMittal to negative from stable, and affirming our 'BBB-/A-3' corporate credit ratings on the company. The negative outlook reflects the risk that the near-term industry environment will weaken, which may hamper improvement in ArcelorMittal's credit metrics. On Nov. 8, 2011, Standard&Poor's Ratings Services revised its outlook on Luxembourg-registered steel group ArcelorMittal and its guaranteed subsidiaries to negative from stable. At the same time, the 'BBB-/A-3' long- and
