The ratings on Luxembourg-registered steel group ArcelorMittal reflect Standard&Poor's Ratings Services view of the group's "satisfactory" business risk and "significant" financial risk profiles, according to our criteria. The business risk profile is supported by the group's leading global market positions, with about 20% of EBITDA coming from Europe, 17% from North America, and 33% from emerging markets. ArcelorMittal also has greater product diversity than other steel companies, as 30% of its profits come from profitable and growing mining operations. Offsetting factors include the cyclicality of the steel industry and the weak performance of the group's European operations in the sluggish economic environment. ArcelorMittal's financial risk profile is constrained by the group's cyclical cash flow generation and substantial adjusted
