The rating on Luxembourg-incorporated steel group ArcelorMittal is supported by its strong business profile and cash flow generation, tempered by steel industry risks and uncertainties posed by the group's growth ambitions. ArcelorMittal is the world's largest and most diversified steelmaker, with about 10% of global steel production (about 20% excluding Asia). 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. ArcelorMittal's global footprint helps stabilize profits, given the regional nature of steel markets, and helps improve bargaining power against consolidating steel-consuming industries. The global steel industry environment remains reasonably favorable. The impact of the U.S. economic
