Position as global market leader in the steel sector. Broad diversity of operations across continents and products. Partial integration in raw materials. The cyclicality and volatility of the global steel industry. Weak steel industry outlook. Weak profitability in several segments including Steel Europe and Asia Africa CIS. High debt levels including material post-retirement obligations. Volatile cash flow generation, including working capital fluctuations. Moderate financial policy focused on deleveraging. Medium-term debt maturity profile. The outlook on ArcelorMittal is negative, reflecting our expectation that the company's credit ratios will remain below the level commensurate with the current rating in 2013 due to protracted tough steel industry conditions and a recent drop in iron ore prices. It also reflects the fact that eventual
