Our 'BB+' rating on Luxembourg-registered steel group ArcelorMittal is derived from: Our anchor of 'bb', based on our "satisfactory" business risk and "aggressive" financial risk profile assessments for the company. A one-notch uplift for our comparative rating analysis, whereby we review an issuer's credit characteristics in aggregate. This reflects our view that ArcelorMittal's financial risk profile, including our forecast of strengthening credit ratios in 2014, is somewhat stronger than that of other companies with "aggressive" financial risk profiles. Global market leader in the steel sector. Broad diversity of operations. Partial integration in raw materials, notably iron ore. The cyclicality and volatility of the global steel industry. Only average operational efficiency. Significant adjusted debt. Our forecast of positive free operating cash
