Luxembourg-registered steel group ArcelorMittal's performance in the last six months was below our expectations and its credit metrics remain below levels commensurate with our 'BBB-' rating. We factor into the rating, however, our expectation that the group will be able to decrease adjusted debt significantly in the next six months. We are affirming our 'BBB-/A-3' long- and short-term ratings on ArcelorMittal. The negative outlook reflects the likelihood that we will lower the ratings in the next six to 12 months if leverage doesn't decrease. On May 31, 2012, Standard&Poor's Ratings Services affirmed its 'BBB-/A-3' long- and short-term corporate credit ratings on Luxembourg-registered steel group ArcelorMittal and its guaranteed subsidiaries. The outlook is negative. (Watch the related CreditMatters TV
