The ratings on Luxembourg-registered steel group ArcelorMittal reflect Standard&Poor's Ratings Services' view of the group's leading global market positions across different regions and product ranges; relatively low cost position; and proactive response to the industry downturn by lowering debt and improving liquidity. Offsetting factors include the sharp weakening of conditions in the steel market; industry cyclicality and capital intensity; weak profitability in recent quarters; and very weak leverage ratios for the ratings. Conditions in the steel market appeared to start improving in the three months to Sept. 30, 2009. ArcelorMittal's shipments rose by 7% to 18.2 million tonnes quarter on quarter, and capacity utilization rose to 61% from 50% a quarter earlier. Nevertheless, ArcelorMittal continues to report much
