Nov. 1, 2006 — Arcelor Mittal announced that it plans to temporarily reduce output from its European Flat Carbon Steel mills in response to short-term developments in the steel market.

The company says it will delay the restart of one of its blast furnaces in Dunkirk (France) by two weeks in the fourth quarter. In addition, the company anticipates scheduled maintenance work on one of its blast furnaces in Aviles (Spain). The blast furnace will be idled as of the first quarter of 2007, ahead of the initial schedule.

These moves take place in a market environment marked by stable demand and increasing inventory levels.

"During the first half of 2006, strong supply replenished inventories in the market,” said Christophe Cornier, Arcelor Mittal Executive Vice President of Flat Carbon Steel Europe. “The delay in restarting the unit in Dunkirk and the idling of the Aviles blast furnace will help to balance inventories throughout the steel value chain and maintain sustainable relationships with our customers in a market in which underlying demand continues to be healthy."

Arcelor Mittal will be incorporated in 2007 following the successful tender offer, bringing together Arcelor and Mittal Steel, staffed by 320,000 employees in more than 60 countries. Arcelor Mittal is a leader in many major global markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. An industrial presence in 27 European, Asian, African and American countries exposes the company to all the key steel markets, from emerging to mature, positions it will be looking to develop in the high-growth Chinese and Indian markets.

Key Arcelor Mittal pro-forma financials for the first six months of 2006 show combined revenues of EUR43,281 billion, with an approximate production capacity of 130 million tonnes a year, representing around 10% of world steel output. The company respects the highest standards in corporate social responsibility and intends to periodically publish significant sustainable development key performance indicators to live up to this ambition.