The ratings on Luxembourg-incorporated steel group ArcelorMittal are underpinned by the group's strong business profile, which reflects its leading positions in key markets, self-sufficiency in iron ore, and high profitability and cash flows. The ratings are constrained by the group's ambitious growth plans and by its exposure to the cyclical steel industry. With 109.5 million metric tons of steel produced in 2007, ArcelorMittal is the world's largest and most diversified steelmaker. It enjoys leading positions in the key European and North American markets, and a strong presence in the low-cost, high-growth markets of Latin America, Eastern Europe, the Commonwealth of Independent States, and Africa. This provides a competitive advantage in supplying global customers, improves bargaining power against consolidating steel-consuming industries,
