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ARCELORMITTAL SOUTH AFRICA LIMITED - Preliminary audited summarised consolidatedfinancial statements fortheyear ended 31 December 2015

Release Date: 12/02/2016 07:05
Code(s): ACL     PDF:  
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Preliminary audited summarised consolidated financial statements for the year ended 31 December 2015

ArcelorMittal South Africa Limited
Registration number: 1989/002164/06
Share code: ACL ISIN: ZAE 000134961 
(AMSA, the company or the group)

Preliminary audited summarised consolidated financial statements for the year ended 31 December 2015

Overview

- Total steel sales down 11% after adjusting for the Newcastle reline effect of 2014    
- Revenue down 11%    
- Average net realisable price down 8%    
- Imports increased by 35%    
- Import duties on eight products approved, five of which are yet to be gazetted                         

Although the US and European steel markets showed some improvement, cheaper imported steel continued to 
affect domestic producers and negatively affected global steel prices. It is clear that the steel 
industry has reached the end of a major growth cycle on the back of rapid economic development in China 
which was followed by China's slowdown. The low level of investment, financial market turbulence and 
geopolitical conflicts in many developing regions further exacerbate the situation. 

Although the local steel industry is under severe threat due to the economic meltdown and the glut of  
oversupply driven by China, including dumping from China, and a slowdown in demand, we believe its future  
existence and sustainability is essential to underpin the country's economic development goals and support 
the growth of numerous key sectors. 

Global experience proves that import duties are the most effective short-term measures to protect steel 
producers against unfair competition, and that anti-dumping measures and safeguards are the most 
effective in the long term. ArcelorMittal South Africa (AMSA) acknowledges and appreciates steps that 
the authorities began to take in 2015 to approve and implement duties on its products and the in-principle 
support for tariff and anti-dumping applications filed by local steel producers. While these steps are 
welcomed, the company cautions that the utmost urgency is required to complete all the measures requested 
if the steel industry is to survive. 

The company has made good progress in the following key initiatives aimed at protecting the company's future:
- With regard to the consideration of the increase of custom duties on imported primary steel that is 
  also locally produced from 0% to the bound rate of 10%, three of the 10 applications for a duty on the 
  company's steel products have been gazetted; five of the applications have been approved by the 
  International Trade Administration Commission (ITAC) and the Minister of Trade and Industry and are 
  currently going through the gazetting process with National Treasury and the South African Revenue 
  Service. The ITAC will decide on the remaining two applications including hot-rolled coil, 
  other bars and rods; 
- As previously indicated, five safeguard duty applications have been submitted to the ITAC and are under review;
- The Department of Trade and Industry (dti) has committed to work with National Treasury to ensure that the
  designation of local steel for state procurement and government infrastructure spend is implemented;
- Significant progress has been made with the dti and the Economic Development Department regarding a pricing
  mechanism for local flat steel going forward;
- Significant progress has been made in settling the company's outstanding matters with the Competition 
  Commission (the Commission) as highlighted below;
- A new iron ore contract was negotiated with Kumba, ensuring that the company pays market-related prices 
  for iron ore; and
- A successful rights offer for R4 500 million was concluded on 15 January 2016. ArcelorMittal group has 
  underwritten the rights issue in its entirety, through repayment of an outstanding intra-group loan of 
  R3.2 billion and made an additional cash injection of approximately R460 million. The intra-group loan 
  is being repaid in two tranches; the first has been repaid and it is intended that the second will be 
  paid in Q2 of 2016.

Liquid steel production was 4.8 million tonnes, an increase of 321 000 tonnes compared to last year. 
The higher production at Newcastle after the reline of the blast furnace last year was partly countered 
by production cutbacks driven by lower demand for steel.

Total sales volumes were down by 3% compared to last year with domestic sales increasing marginally by 
1%, while exports decreased by 12% driven by low international steel prices. Excluding the Newcastle 
reline effect, total sales were down 11%. In rand terms, total net realised prices were down 8% with 
domestic prices down 9% and exports 8% in line with international price movements. Total ebitda costs per 
tonne sold decreased 2%. Iron ore costs from Sishen Iron Ore Company (Pty) Ltd (SIOC), which was higher 
than the market price for much of the year, further influenced the results.

Notwithstanding our quest to achieve zero fatalities and injuries, two fatal incidents occurred in 2015. 
We are focused on ensuring that we rapidly turn around our safety performance for our employees and the 
contractors who work for us.

Headline loss was R5 370 million or 1 338 cents a share compared to a loss of 57 cents a share last year. 
Included in headline loss are once-off items of R2 558 million or 638 cents a share. Ebitda was a loss 
of R809 million, a decrease of R2 067 million compared to last year. 

Despite the working capital initiatives, the company's net borrowing position was R2 865 million at the 
end of the year compared to net borrowings of R546 million at the end of the previous year, reflecting 
the extremely difficult trading conditions.

Key statistics

                Six months ended                                                            Year ended                      
31 December     30 June    31 December                                          31 December    31 December    
       2015        2015           2014                                                 2015           2014    
  Unaudited    Reviewed      Unaudited                                              Audited        Audited    
     14 698      16 443         16 925    Revenue (R million)                        31 141         34 852    
                                          Average net realisable price 
      6 256       7 209          7 432    (R/t) (unaudited)                           6 727          7 332    
                                          Ebitda cost/tonne sold (R/t) 
      7 693       7 777          8 057    (unaudited)                                 7 734          7 923    
     (1 450)        641            448    Ebitda (R million)                           (809)         1 258    
       (691)        315            219    Ebitda/tonne (R/t) (unaudited)               (196)           297    
       (9.9)        3.9            2.6    Ebitda margin (%)                            (2.6)           3.6    
     (8 524)       (111)          (143)   Net loss (R million)                       (8 635)          (158)   
     (2 125)        (28)           (36)   Loss per share (cents)                     (2 152)           (39)   
     (5 261)       (109)          (221)   Headline loss (R million)                  (5 370)          (227)   
     (1 311)        (27)           (55)   Headline loss per share (cents)            (1 338)           (57)   
     (2 865)     (2 522)          (546)   Net borrowings                             (2 865)          (546)   
                                          Unaudited information                                               
      2 276       2 563          2 132    Liquid steel production (000 tonnes)        4 839          4 518    
      2 099       2 032          2 045    Steel sales (000 tonnes)                    4 131          4 240    
      1 478       1 561          1 468    - Local                                     3 039          3 002    
        621         471            577    - Export                                    1 092          1 238    
        199         252            258    Commercial coke sales (000 tonnes)            451            466    
         69          80             65    Capacity utilisation (%)                       74             70    
       0.53        0.43           0.62    Lost time injury frequency rate              0.48           0.58    
                                                                                          

Market review

International
The year 2015 has been a challenging year for the global steel industry as overcapacity in the Chinese 
steel market, the largest producer and consumer, negatively affected the global steel prices. The slow 
economic growth in China mainly resulted in a policy shift towards the consumption-driven economic growth 
policy than the historical infrastructure focus, thereby leading to a decline in steel demand. Much of the 
USA steel market showed some improvement due to a recovery in the housing and vehicle market segments, 
cheaper steel imports continued to affect domestic producers, which was a similar trend in the European 
market. In Europe to be specific, the resulting impact was reduced steel production activities and closure 
of some steel plants. In the African region, although the steel demand was positive mainly driven by 
infrastructure investments in roads, rail, energy and mining-related investments in specific regions such 
as the west and east sub-Saharan regions, its influence on the global market is minimal due to its small 
global market share.

Domestic
The South African economy continued to face challenging times in the year, mainly attributed to the weak
manufacturing, mining and construction sectors, which are the main market segments for the steel industry. 
For the domestic producers, the steel market environment was also negatively affected by rising cheap 
imports and high operational costs, such as energy and labour costs, weak local demand, poor rail 
infrastructure, coupled with disruptions in electricity supply. The year was hence dominated by the steel 
industry and government discussions to identify areas of intervention which resulted in the implementation 
of import tariffs on some products.

Financial review

Year ended 31 December 2015 compared to year ended 31 December 2014
Revenue decreased 11% to R31 141 million following a 3% decrease in sales volumes and an 8% decrease in net 
realised prices. Export shipments were down 12% with local shipments up 1%. Flat steel shipments were down 
10% with long steel up by 15%. In rand terms, total net realised prices were down 8% with domestic prices 
down 9% and exports 8%. Revenue from Coke and Chemicals decreased by 12% to R1 799 million. The decrease 
was driven by lower volumes for commercial coke which decreased by 3%, while prices also decreased by 3%. 
Tar sales volumes decreased by 13% offset by price increases of 3%.

Ebitda cost per tonne of liquid steel produced which excludes "non-steel" items, increased by 2% from 
R6 348 to R6 465. Raw materials, consisting of iron ore, coal and scrap, which together account for 
approximately 46% of costs, decreased by 2%. Consumables and auxiliaries, which accounted for approximately 
29% of costs, increased by 3%, while fixed costs per tonne increased by 8%. Total ebitda costs per tonne 
sold (R7 923 compared to R7 734) decreased 2% and differs to tonnes produced due to stock movements and 
"non-steel" items. 

Liquid steel production was 321 000 tonnes or 7% higher of which long steel production was up 82% while 
flat steel was down 12%. Capacity utilisation for flat steel was lower at 75% against 85%, while long 
steel was higher at 73% against 41% due to the reline of the blast furnace in Newcastle during 2014 which 
had an impact of 975 000 tonnes, being 20%. 

The headline loss of R5 370 million was R5 143 million more than the previous year of R227 million and 
includes the following items: 
- Ebitda loss of R809 million compared to profit of R1 258 million of the previous year.
- Once-off pre-tax items of R2 558 million comprising primarily the following:
  - Inventory of R233 million was written off to its net realisable value, provisions for retrenchment 
    costs of R249 million and developmental costs of R200 million, were recognised due to the closure 
    of the Thabazimbi mine;
  - A provision of R1 245 million representing the present value of a proposed administrative penalty of 
    R1 500 million payable over five years. The company has engaged and made significant progress with 
    the Commission regarding the settlement of the outstanding competition matters. The draft settlement 
    agreement is still subject to final approval by the Commission and the Competition Tribunal;
  - Inventory to the value of R51 million was written down to its net realisable value and a provision for 
    voluntary severance packages of R35 million was recognised as a result of the Vaal meltshop (VMS) and 
    parts of the forge plants at Vereeniging Works being placed under care and maintenance;
  - Derecognition of payments made in advance of R568 million. In accordance with the amended agreement, 
    between SIOC and AMSA, the company will pay a market price for iron ore and will therefore no longer 
    pay in advance for stripping costs.
- Net financing costs of R1 033 million for the year compared to R588 million in the prior year. 
  This was due to the increased borrowings and net foreign exchange losses of R437 million.
- Share of profit from equity-accounted investments after taxation of R195 million compared to R191 million 
  last year. 
- Pre-tax impairments comprising the following:
  - Property, plant and equipment resulting from the VMS and areas of the forge plants in Vereeniging of 
    R370 million being placed under care and maintenance; 
 -  Saldanha Works' assets by R3 574 million due to poor international steel export prices and the 
    extremely high local electricity tariffs. Consequently, the future of the operation is currently 
    being reviewed; 
  - The investment in ArcelorMittal Analytical Laboratories (Pty) Ltd, a joint venture with Coal of 
    Africa Ltd, of R8 million; and
  - The investment of R302 million in the Northern Cape Iron Ore Mining Operations was impaired due 
    to current depressed iron ore prices.

Ebitda: Half-year ended 31 December 2015 compared to half-year ended 31 December 2014 (unaudited) 
Revenue decreased 13% to R14 698 million following a 16% decrease in average net realised prices offset 
by a volume increase of 3%. Domestic and export prices were down 15% and 16%, respectively. Prices for 
flat steel were down 11% while long steel prices were down 24%. Total steel shipments were up 3% with 
local shipments up 1% and exports 8%. Shipments for flat products decreased 11% while long products 
increased 37%. Revenue from the Coke and Chemicals business of R809 million was 21% lower following a 
23% decrease in commercial coke sales volumes and a 4% decrease in net realised prices. Tar sales 
volumes were down 14% while prices increased 1%. 

Ebitda cost per tonne of liquid steel produced which excludes "non-steel" items, increased by 4% 
period-on-period from R6 279 to R6 502. Raw materials, consisting of iron ore, coal and scrap, 
which together account for approximately 45% of costs, decreased by 2%. Consumables and auxiliaries, 
which accounted for 29% of costs, remained flat, while fixed costs increased by 19% on a rand per 
tonne basis. Total ebitda cost per tonne sold (R8 057 to R7 693) decreased 5% and differs to tonnes 
produced due to stock movements and "non-steel" items. 

Liquid steel production was 144 000 tonnes better of which long steel production was up 573 000 tonnes 
due to the completion of the Newcastle furnace reline at the end of 2014, while flat steel was down 
429 000 tonnes following the temporary closure of one blast furnace in Vanderbijlpark to contain stock 
levels. Capacity utilisation for flat steel was lower at 68% against 88%, while long steel was higher 
at 72% against 23% after the reline of the blast furnace in Newcastle which had an impact of 
697 000 tonnes being 31%. 

Ebitda: Half-year ended 31 December 2015 compared to half-year ended 30 June 2015 (unaudited)
Revenue decreased 11% to R14 698 million following a 13% decrease in average net realised prices offset 
by a 3% increase in volumes. Domestic and export prices were down 11% and 15%, respectively. Prices for 
flat steel were down 11% while long steel prices were down 16%. Total steel shipments were up 3% with export 
shipments up 32% while domestic shipments were down 5%. Shipments for flat products decreased 3%, while 
long products increased 16%. Revenue from the Coke and Chemicals business of R809 million was 18% lower 
following a 21% decrease in commercial coke sales volumes and a 5% decrease in net realised prices. 
Tar sales volumes were up 4% while prices decreased 5%.
Ebitda cost per tonne of liquid steel produced which excludes "non-steel" items, increased by 1% 
period-on-period from R6 431 to R6 502. Raw materials, consisting of iron ore, coal and scrap, which 
together account for approximately 45% of costs, decreased by 5%. Consumables and auxiliaries, which 
accounted for 29% of costs, increased by 3%, while fixed costs increased by 10% on a rand per tonne 
basis. Total ebitda costs per tonne sold (R7 777 to R7 693) remained flat and differs to tonnes produced 
due to stock movements and "non-steel" items. 

Liquid steel production was 287 000 tonnes lower of which long steel production was down 18 000 tonnes 
and flat steel 269 000 tonnes following the temporary closure of one blast furnace in Vanderbijlpark to 
contain stock levels. Capacity utilisation for flat steel was lower at 68% against 82% and long steel 
was lower at 72% against 75%. 

Environment (unaudited) 

Notwithstanding the tough economic conditions in which the company operates under, key environmental 
projects remain a focus area in order to ensure environmental compliance. An important project in 
this regard is the Newcastle zero effluent discharge project which entails the improvement of effluent 
treatment and the recovery thereof and which was commissioned at the end of 2015 at a total project 
costs of R430 million. The effluent recovery and treatment systems at our Vanderbijlpark Works are 
currently being improved at a cost of R88 million to ensure sustained compliance levels regarding
certain conditions in its water use licence. This project should be completed by July 2016.

A Compliance Notice/directive was issued to our Newcastle Works by the national Department of 
Environmental Affairs (DEA) in December 2015. Newcastle Works implemented the necessary actions 
in full compliance with the instructions specified in the notice.
 
The proposed implementation of a carbon tax by National Treasury remains a concern as the company's 
competitiveness will be affected. The Carbon Tax Bill as published in November 2015 will form the 
basis of further engagement with National Treasury in this regard. 

We also actively participated in the DEA's Carbon Budget setting process during the second half of 
2015, but no final Carbon Budget has been awarded yet. AMSA is concerned about the lack of alignment 
between these two climate change-related instruments and will support any further alignment initiatives.

Contingent liabilities 

As reported in prior periods, and dating back to 2007, the Commission has referred five cases to the 
Competition Tribunal and is formally investigating one further complaint against AMSA. The company 
has since engaged with the Commission and has made significant progress regarding a possible overall 
settlement and is in the process of finalising the detailed settlement agreement. As at 31 December 2015, 
the settlement amount of R1 245 million representing the present value of the proposed administrative 
penalty of R1 500 million has been recognised as a provision.

Dividends
No dividends were declared for the year ended 31 December 2015.

Changes to the board of directors
Chief executive officer (CEO), Paul O'Flaherty, will resign with effect 12 February 2016 and will be 
appointed as a non-executive director with effect from 1 March 2016.

Dean Subramanian, currently chief financial officer (CFO) has been appointed as acting CEO, and 
Gerhard van Zyl, currently a senior manager in the finance function who acted as CFO prior to 
the appointment of Dean Subramanian, will be acting as CFO. 

Fran du Plessis has resigned as non-executive director with effect 22 July 2015.

Neville Nicolau and Lungile Zee Cele were appointed as independent non-executive directors with 
effect 10 September 2015 and 4 January 2016, respectively. 

Outlook for the first half of 2016 (unaudited)

The board has now finalised its selection of a potential B-BBEE partner with whom to commence negotiations 
to conclude the transaction for an equity interest in the company. It is anticipated that the full terms 
will be announced early in Q2 of 2016. 

The company will review the future of Saldanha Works. It is expected that this matter will be finalised 
within the next six to nine months.

Although the company expects higher production and sales volumes following the seasonal slowdown 
in Q4 of 2015, it is expected that international steel prices will remain low for the first 
half of the year. Shareholders are reminded that the company still faces challenges and future 
profitability is highly dependent on the current initiatives being successfully concluded with government. 
The company would like to re-emphasise that, without the requisite tariffs as applied for and without 
the initiatives committed by government regarding the use of local steel for government infrastructure 
projects and the introduction of a fair pricing mechanism, the company and the steel industry will need 
to undertake significant structural changes.

Based on the current initiatives and with the expectation that the tariff and designation measures will 
be in place by the end of Q1 of 2016, or shortly thereafter, the board remains of the view that these 
interventions have a reasonable prospect of returning the company to profitability in the medium term.

Change in the rand:US dollar exchange rate will always have an important impact on our earnings. 

On behalf of the board of directors

PS O'Flaherty                       D Subramanian
Chief executive officer             Chief financial officer 

3 February 2016

Independent auditor's report on summarised financial statements

TO THE SHAREHOLDERS OF ARCELORMITTAL SOUTH AFRICA LTD
The summarised consolidated financial statements of ArcelorMittal South Africa Ltd, contained in 
the accompanying preliminary report, which comprise the summarised consolidated statement of financial 
position as at 31 December 2015, the summarised consolidated statements of comprehensive income, changes 
in equity and cash flows for the year then ended, and related notes, are derived from the audited 
consolidated financial statements of ArcelorMittal South Africa Ltd for the year ended 31 December 2015. 
We expressed a modified audit opinion on the consolidated financial statements in our auditor's report 
dated 4 February 2016 and our report contained an other matter paragraph "other reports required by the 
Companies Act" (refer below).

The summarised consolidated financial statements do not contain all the disclosures required by the 
International Financial Reporting Standards (IFRS) and the requirements of the Companies Act of South Africa 
as applicable to annual financial statements. Reading the summarised consolidated financial statements, 
therefore, is not a substitute for reading the audited consolidated financial statements of ArcelorMittal 
South Africa Ltd.

Directors' responsibility for the summarised consolidated financial statements
The directors are responsible for the preparation of the summarised consolidated financial statements 
in accordance with the requirements of the JSE Limited Listings Requirements for preliminary reports, 
set out in note 1 to the summarised consolidated financial statements, the requirements of the Companies 
Act of South Africa as applicable to summarised financial statements, and for such internal control as 
the directors determine is necessary to enable the preparation of the summarised consolidated financial 
statements that are free from material misstatement, whether due to fraud or error.

The Listings Requirements require preliminary reports to be prepared in accordance with the framework 
concepts and the measurement and recognition requirements of IFRS, the SAICA Financial Reporting Guides 
as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial 
Reporting Standards Council, and to also, as a minimum, contain the information required by IAS 34 
Interim Financial Reporting.

Auditor's responsibility
Our responsibility is to express an opinion on the summarised consolidated financial statements based 
on our procedures, which were conducted in accordance with International Standard on Auditing (ISA) 
810 Engagements to Report on Summarised Financial Statements.

Opinion
In our opinion, the summarised consolidated financial statements derived from the audited consolidated 
financial statements of ArcelorMittal South Africa Ltd for the year ended 31 December 2015 are consistent, 
in all material respects, with those consolidated financial statements in accordance with the requirements 
of the JSE Limited Listings Requirements for preliminary reports, set out in note 1 to the summarised 
consolidated financial statements, and the requirements of the Companies Act of South Africa as applicable 
to summarised financial statements.

Emphasis of matter
The "emphasis of matter" paragraph in our audit report dated 4 February 2016 draws attention to a note 
within the audited consolidated financial statements of ArcelorMittal South Africa Ltd. Aligning herewith, 
and without qualifying our opinion, we draw attention to note 2 to the summarised consolidated financial 
statements derived from the audited consolidated financial statements of ArcelorMittal South Africa Ltd, 
which sets out the directors' plans and initiatives which, should they not materialise, along with other 
matters, indicates the existence of a material uncertainty which may cast significant doubt on the group
and company's ability to continue as a going concern.

Other reports required by the Companies Act
The "other reports required by the Companies Act" paragraph in our audit report dated 4 February 2016 states 
that, as part of our audit of the consolidated financial statements for the year ended 31 December 2015, we 
have read the directors' report, the audit and risk committee's report and the company secretary's certificate 
for the purpose of identifying whether there are material inconsistencies between these reports and the 
audited consolidated financial statements. These reports are the responsibility of the respective preparers. 
The paragraph also states that, based on reading these reports, we have not identified material inconsistencies 
between these reports and the audited consolidated financial statements. The paragraph furthermore states that
we have not audited these reports and accordingly do not express an opinion on these reports. The paragraph 
does not have an effect on the summarised consolidated financial statements or our opinion thereon.

Deloitte & Touche 
Per: Mandisi Mantyi
Partner

4 February 2016

National Executive: LL Bam chief executive*, AE Swiegers chief operating officer*, GM Pinnock audit*, 
N Sing risk advisory*, NB Kader tax*, TP Pillay consulting, S Gwala BPaaS, K Black clients & industries*, 
JK Mazzocco talent & transformation*, MJ Jarvis finance*, M Jordan strategy*, MJ Comber reputation & risk*, 
TJ Brown chairman of the board*
*Partner and registered auditor
A full list of partners is available on request.
B-BBEE rating: Level 2 contributor in terms of The Chartered Accountancy Profession Sector Code
Member of Deloitte Touche Tohmatsu Limited


Summarised consolidated statement of comprehensive income

            Six months ended                                                                         Year ended    
31 December    30 June   31 December                                                  31 December   31 December
       2015       2015          2014                                                         2015          2014    
  Unaudited   Reviewed      Reviewed    In millions of rand                               Audited       Audited
     14 698     16 443        16 925    Revenue                                            31 141        34 852    
     (8 229)   (10 954)      (10 567)   Raw materials and consumables used                (19 183)      (21 339)   
     (2 201)    (1 826)       (1 891)   Employee costs                                     (4 027)       (3 764)   
     (1 969)    (1 855)       (1 805)   Energy                                             (3 824)       (3 466)   
                                        Movement in inventories of finished goods     
     (2 054)     1 597           355    and work in progress                                 (457)          292    
       (670)      (676)         (747)   Depreciation                                       (1 346)       (1 386)   
        (11)       (12)          (12)   Amortisation of intangible assets                     (23)          (24)   
     (4 327)    (2 690)       (2 718)   Other operating expenses                           (7 017)       (5 466)   
     (4 763)        27          (460)   (Loss)/profit from operations                      (4 736)         (301)   
       (310)         -             -    Impairment of other assets                           (310)            -    
                                        Impairment of property, plant and equipment   
     (3 944)         -             -    and intangible assets                              (3 944)            -    
        109         66           (28)   Finance and investment income                         175            17    
       (790)      (418)         (353)   Finance costs                                      (1 208)         (605)   
                                        Gain recognised on loss of interest over      
          -          -            80    former associate                                        -            80    
                                        Income from equity-accounted investments      
         35        160            89    (net of tax)                                          195           191    
     (9 663)      (165)         (672)   Loss before tax                                    (9 828)         (618)   
      1 139         54           529    Income tax credit                                   1 193           460    
     (8 524)      (111)         (143)   Loss for the period                                (8 635)         (158)   
                                        Other comprehensive income/(loss)                                          
                                        Items that may be reclassified subsequently   
                                        to profit or loss:                            
                                        Exchange differences on translation of foreign
      1 023        209           402    operations                                          1 232           445    
                                        (Losses)/gains on available-for-sale           
        (41)        60           (26)   investment taken to equity                             19           (29)   
                                        Share of other comprehensive income/(loss)    
          8         71          (247)   of equity-accounted investments                        79          (253)   
                                        Total comprehensive (loss)/income 
     (7 534)       229           (14)   for the period                                     (7 305)            5    
                                        Loss attributable to:                                                      
     (8 524)      (111)         (143)   Owners of the company                              (8 635)         (158)   
                                        Total comprehensive (loss)/income 
                                        attributable to:                             
     (7 534)       229           (14)   Owners of the company                              (7 305)            5    
                                        Attributable loss per share (cents)                                        
     (2 125)       (28)          (36)   - basic                                            (2 152)          (39)   
     (2 125)       (28)          (36)   - diluted                                          (2 152)          (39)   
                                                                                        

Summarised consolidated statement of financial position

                                                               As at                                      
                                             31 December       30 June      31 December    
                                                    2015          2015             2014    
In millions of rand                              Audited      Reviewed          Audited    
Assets                                                                                     
Non-current assets                                17 634        20 297           20 225    
Property, plant and equipment (note 10)           11 859        15 719           16 001    
Intangible assets                                    112           122              135    
Equity-accounted investments                       5 090         4 037            4 031    
Other financial assets                               573           419               58    
Current assets                                    13 328        14 668           12 801    
Inventories                                        9 385        11 493           10 684    
Trade and other receivables                        1 666        2 704*             1562    
Taxation                                              75            73               64    
Other financial assets                                38            20               37    
Cash and bank balances                             2 164           378              454    
Non-current asset held-for-sale                        -           298                -    
Total assets                                      30 962        35 263           33 026    
Equity and liabilities                                                                     
Shareholders' equity                              13 472        20 966           20 722    
Stated capital                                        37            37               37    
Non-distributable reserves                           175          (899)          (1 294)   
Retained income                                   13 260        21 828           21 979    
Non-current liabilities                            3 324         3 288            3 441    
Other payables                                       236           223              261    
Finance lease obligations                            193           225              256    
Deferred income tax liability                          -         1 142            1 204    
Non-current provisions                             2 895         1 698            1 720    
Current liabilities                               14 166        11 009            8 863    
Trade payables                                     7 761         6 558            6 402    
Borrowings                                         5 029         2 900            1 000    
Bank overdraft                                                                             
Finance lease obligations                             63            71               92    
Taxation                                               -             -               18    
Current provisions                                   541           282              571    
Other payables                                       758         1 192              769    
Other financial liabilities                           14             6               11    
Total equity and liabilities                      30 962        35 263           33 026    
* The pre-payment asset of R14 million in current assets and R458 million in non-current 
assets previously disclosed separately on the statement of financial position in June 2015 
as payments made in advance, have now been included under trade and other receivables.                                                    


Summarised consolidated statement of cash flows

        Six months ended                                                                      Year ended                      
31 December    30 June   31 December                                                 31 December   31 December    
       2015       2015          2014                                                        2015          2014    
  Unaudited   Reviewed     Unaudited     In millions of rand                             Audited       Audited    
                                         Cash inflows/(outflows) from                
        (21)    (1 086)        1 845     operating activities                             (1 107)        1 744    
                                         Cash generated from/(utilised in)           
        463       (727)        2 096     operations                                         (264)        2 205    
          5          4             5     Interest income                                       9            12    
       (312)      (242)         (211)    Finance cost                                       (554)         (372)   
         (5)       (35)          (53)    Income tax paid                                     (40)          (84)   
       (172)       (86)            8     Realised foreign exchange movement                 (258)          (17)   
       (305)      (835)       (1 793)    Cash outflows from investing activities          (1 140)       (2 608)   
       (534)      (630)       (1 794)    Investment to maintain operations                (1 164)       (2 640)   
        (66)       (26)          (53)    Investment to expand operations                     (92)          (73)   
                                         Decrease/(increase) in equity-accounted     
        298       (306)           42     investment                                           (8)           37    
         (2)         4             1     Proceeds from disposal of assets                      2             1    
          5          3             3     Investment income - interest                          8             6    
         (6)       120             8     Dividend from equity-accounted investments          114            61    
                                         Cash inflows/(outflows) from financing      
      2 089      1 848           (14)    activities                                        3 937            77    
                                         (Decrease)/increase in borrowings and       
      2 089      1 848           (14)    finance lease obligations                         3 937            77    
                                         Increase/(decrease) in cash and cash        
      1 763        (73)           38     equivalents                                       1 690          (787)   
         23         (3)           10     Effect of foreign exchange rate changes              20            50    
                                         Cash and cash equivalents at the beginning  
        378        454           406     of the period                                       454         1 191    
                                         Cash and cash equivalents at the end of     
      2 164        378           454     the period                                        2 164           454    
                                                                                     

Summarised consolidated statement of changes in equity

                                                             Treasury                         
                                                Stated   share equity       Other    Retained   
In millions of rand                            capital        reserve    reserves    earnings      Total
Six months ended 30 June 2014 (reviewed)                                                                 
Balance as at 1 January 2014                        37         (3 918)      2 304      22 271     20 694    
Total comprehensive loss                             -              -          34         (15)        19    
Share-based payment reserve                          -              -          10         (49)        10    
Transfer of equity-accounted earnings                -              -          49           -          -    
Balance as at 30 June 2014 (Reviewed)               37         (3 918)      2 397      22 207     20 723    
Six months ended 31 December 2014 (unaudited)                                                                 
Balance as at 30 June 2014                          37         (3 918)      2 397      22 207     20 723    
Total comprehensive income/(loss)                    -              -         129        (143)       (14)   
Share-based payment reserve                          -              -          13           -         13    
Transfer of equity-accounted earnings                -              -          85         (85)         -    
Balance as at 31 December 2014 (audited)            37         (3 918)      2 624      21 979     20 722    
Six months ended 30 June 2015 (reviewed)                                                                 
Balance as at 31 December 2014                      37         (3 918)      2 624      21 979     20 722    
Total comprehensive income/(loss)                    -              -         340        (111)       229    
Share-based payment reserve                          -              -          15           -         15    
Transfer of equity-accounted earnings                -              -          40         (40)         -    
Balance as at 30 June 2015 (reviewed)               37         (3 918)      3 019      21 828     20 966    
Six months ended 31 December 2015 (unaudited)                                                                 
Balance as at 30 June 2015                          37         (3 918)      3 019      21 828     20 966    
Total comprehensive income/(loss)                    -              -         990      (8 524)    (7 534)   
Share-based payment reserve                          -              -          40           -         40    
Transfer of equity-accounted earnings                -              -          44         (44)         -    
Balance as at 31 December 2015 (audited)            37         (3 918)      4 093      13 260     13 472    


Notes to the audited summarised group financial results

1. Basis of preparation 
   The summarised consolidated financial statements were prepared in accordance with the requirements of the 
   JSE Limited Listings Requirements for preliminary reports as well as the requirements of the Companies Act 
   of South Africa. The summarised consolidated financial statements have been prepared in accordance with the 
   framework concepts and the measurement and recognition requirements of International Financial Reporting 
   Standards (IFRS) and the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee 
   and Financial Pronouncements as issued by Financial Reporting Standards Council. It also contains, as a 
   minimum, the information required by IAS 34 Interim Financial Reporting. The accounting policies applied in 
   the preparation of the summary consolidated financial statements are in terms of IFRS and are consistent 
   with those applied in the previous consolidated annual financial statements. These summarised consolidated 
   financial statements do not include all the information required for full annual financial statements and 
   should be read in conjunction with the consolidated annual financial statements for the year ended 
   31 December 2015, which have been prepared in accordance with IFRS.       

   The summarised consolidated financial statements were prepared under the supervision of Mr D Subramanian, 
   the group's chief financial officer.                                 

2. Going concern
   As at 31 December 2015 the current liabilities of the group exceeded its current assets by R838 million. 
   However, following the rights offer on 15 January 2016, R3 200 million of borrowings, which were included 
   in current liabilities, were converted into equity, reversing this position.

   The group's funding plan for the next 12 months takes into account improved sales volumes due to a decrease 
   in imports as a result of the imposition of required import tariffs in Q2 2016 and the current weak  
   rand:US dollar exchange rate, continued efforts in cost reduction, the cut-back of non-essential capital 
   expenditure, the sale of redundant assets, the continuation of the current facilities in place and the 
   continued support from ArcelorMittal group as and when required.

   The group's funding plan includes the successful rights offer concluded on 15 January 2016, which resulted 
   in a net R1 300 million cash injection into the group. In addition, the group is well advanced in introducing 
   black economic ownership at the equity level which should ensure further capital injection.

   The group is also intending to convert its short-term borrowing facilities to medium-term debt and is looking 
   at a number of options in this regard with the full support of the ArcelorMittal group.

   Based on the above plans and initiatives, the board believes that the group is a going concern over the next 
   12 months as its expected working capital resources, by way of cash generated from operations together with 
   current facilities, as well as specific cash initiatives outlined above, are sufficient to meet the group's 
   present working capital and capital expenditure needs during that period.

   Shareholders are cautioned that due to the material uncertainty around timing relating to import tariffs, 
   fair pricing and steel localisation, the steel industry and ArcelorMittal South Africa Ltd would need to 
   undertake significant structural changes should these government interventions not materialise in the 
   next 12 months.

3. Significant accounting policies
   These summarised consolidated financial statements were prepared using accounting policies that comply with 
   IFRS. The accounting policies in the summarised consolidated financial statements for the year ended 
   31 December 2015 have been prepared on the historical cost basis, except for the revaluation of financial 
   instruments. The accounting policies and methods of computation applied in the presentation of the financial 
   results of the group are consistent with those applied for the year ended 31 December 2014.

   There were no new or revised accounting standards adopted that could have a material impact on the 
   consolidated financial statements.
   
4. Independent audit by the auditors
   Deloitte & Touche has issued a modified opinion on the annual consolidated financial statements, which 
   included the emphasis of matter paragraph also included in the ISA 810 opinion issued on these summarised 
   consolidated financial statements. A full set of the audited consolidated annual financial statements is 
   available for inspection from the company secretary at the registered office of the company, and has been 
   published on the company's website. The auditor's report does not necessarily report on all of the information 
   contained in this announcement/financial results. Shareholders are therefore advised that, in order to obtain 
   a full understanding of the nature of the auditor's engagement, they should obtain a copy of the auditor's 
   report together with the accompanying financial information from the issuer's registered office.
   
5. Capital expenditure commitments

             Six months ended                                                     Year ended                  
   31 December    30 June   31 December                                    31 December   31 December    
          2015       2015          2014                                           2015          2014    
     Unaudited   Reviewed     Unaudited     In millions of rand                Audited       Audited    
           992        607           377     Contracted                             992           377    
           745        530           798     Authorised but not contracted          745           798    

6. Related party transactions
   The group is controlled by ArcelorMittal Holdings AG which effectively owns 52% (2014: 52%) 
   (shares held by the Employee Share Trust are excluded from the total number of shares in issue) 
   of the company's shares. A broad-based employee share scheme was implemented in October 2015 which 
   owns 4.7% of the company shares. During the year, the company and its subsidiaries, in the ordinary 
   course of business, entered into various sale and purchase transactions with associates and joint ventures. 
   These transactions are conducted at arm's length. At year-end the AM group loan was repayable in two 
   tranches; at the end of January and July 2016, but subject to renegotiation, amounted to R3 200 million. 
   Interest is payable at three-month Jibar plus 2.125% and an amount of R261 million (2014: R132 million) 
   incurred for the year ended 31 December 2015.

7. Corporate governance (unaudited)
   The group subscribes to and substantially complies with the King Code on Corporate Governance for South Africa.
   
8. Fair value measurements
   Some of the group's financial assets and financial liabilities are measured at fair value at the end 
   of each reporting period. The following table gives information about how the fair values of these 
   financial assets and financial liabilities are determined particularly the valuation techniques and 
   inputs used.
   
   Financial assets                    Fair values as at period ended
                                31 December       30 June     31 December                                                          
                                       2015          2015            2014     Fair value     Valuation techniques                                      
   In millions of rand              Audited      Reviewed         Audited     hierarchy      and key inputs                                      
   Available-for-sale                    78           119              58     Level 1        Quoted prices in an 
                                                                                             active market    
   Held-for-trading assets               38            20              37     Level 1        Quoted prices in an 
                                                                                             active market    
   Held-for-trading liabilities          14             6              11     Level 1        Quoted prices in an 
                                                                                             active market    
   Level 1: Fair value measurements are those derived from unadjusted quoted prices in active markets for identical 
   assets or liabilities.

9. Impairment
   The following impairments were raised during the year
   - R3 574 million of the property, plant and equipment for Saldanha Works due to poor international steel 
     export prices and the extremely high local electricity tariffs. Consequently, the future of the operation 
     is currently being reviewed;
   - Property, plant and equipment resulting from the VMS and the areas of the forge plants in Vereeniging 
     being placed under care and maintenance of R370 million;
   - The investment in ArcelorMittal Analytical Laboratories (Pty) Ltd, a joint venture with Coal of Africa Ltd, 
     of R8 million; and
   - The investment of R302 million in the Northern Cape Iron Ore Mining Operations due to current depressed 
     iron ore prices.
 
10. Payments made in advance
    Payments made in advance represented the contribution AMSA made towards the stripping costs of the Sishen mine 
    in terms of the agreement. In accordance with the amended pricing formulae in the draft amended agreement, the 
    terms of which have been agreed with Sishen Iron Ore Company (Pty) Ltd (SIOC), AMSA will pay a market price for 
    iron ore and as a result no further pre-payments towards stripping payments would be made. The asset of R568 million 
    was therefore derecognised and written off.

11. Competition Commission settlement
    As reported in prior periods, and dating back to 2007, the Competition Commission (the Commission) has referred 
    five cases to the Competition Tribunal and is formally investigating one further complaint against AMSA. The company 
    has since engaged with the Commission and has made significant progress regarding a possible overall settlement 
    and is in the process of finalising a detailed settlement agreement.

    While the draft settlement agreement is still subject to final approval by the Commission and the Competition 
    Tribunal, a provision of R1 245 million representing the present value of a proposed administrative penalty 
    of R1 500 million has been recognised.

    The company has, subject to certain conditions being agreed upon with the Commission, proposed to pay the 
    administrative penalty over a period of five years subject to appropriate interest.

12. Thabazimbi closure
    It is anticipated that the Thabazimbi mine will cease all mining activities in 2016 as it reached the end of 
    its economic life following the slope failure at the mine. As a result, inventory of R233 million was written 
    off to its net realisable value. Provisions were recognised for retrenchment costs of R249 million and 
    developmental costs of R200 million. The developmental costs represent the provisional amount as indicated by 
    SIOC, which is still subject to review before the final amount is determined

13. Effective tax rate
    The effective tax rate of 12% (compared to the statutory tax rate of 28%) for the year ended 31 December 2015 
    is primarily as a result of not recognising the deferred tax asset on the available income tax losses. 
    This reduces the effective tax rate by approximately 16%. Management believes that the turnaround initiatives 
    will result in the company returning to profitability at some point in the future. However, based on 
    considerations presented, management believes it is premature to conclude at this stage that it is more likely 
    than not for sufficient future taxable profits to be available against which the full proposed deferred tax 
    asset can be utilised.

    The effective tax rate of 74% (compared to the statutory rate of 28%) for the year ended 31 December 2014 
    is primarily as a result of adjustments recognised in 2014 in relation to prior periods, income tax benefits,
    post-tax income from equity-accounted investments and the investment in Ferrosure Isle of Man and 
    non-deductible expenses.

14. Subsequent events
    Rights issue
    A successful rights offer for R4 500 million was concluded on 15 January 2016. ArcelorMittal group has 
    underwritten the rights issue in its entirety, through repayment of an outstanding intra-group loan of 
    R3 200 million and made an additional cash injection of approximately R460 million. The intra-group 
    loan is being repaid in two tranches; the first has been repaid and the second will be paid in Q2 
    of 2016.

    B-BBEE transaction
    As part of ArcelorMittal South Africa's initiatives in transforming the company, it is proposed that 
    the B-BBEE transaction is undertaken to achieve a sustainable black ownership in the company in order 
    for the company to maximise its score under the B-BBEE Codes of Good Practice. ArcelorMittal South Africa 
    has now finalised the selection of a potential B-BBEE partner/s with whom to commence negotiations to 
    conclude the transaction for an equity interest in the company.

    No further events have come to the attention of management that warrant disclosure as of the day of this report.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
    
Segment information

Flat steel products                                                                                                                           
          Six months ended                                                                 Year ended                      
31 December    30 June   31 December                                               31 December   31 December    
       2015       2015          2014                                                      2015          2014    
  Unaudited   Reviewed     Unaudited                                                   Audited       Audited    
      9 229     10 678        12 261    Revenue (R million)                             19 907        24 441    
      9 017     10 466        11 385    - External                                      19 483        22 957    
        212        212           876    - Internal                                         424         1 484    
     (1 424)       155           351    Ebitda (R million) (unaudited)                  (1 269)          535    
      (15.4)       1.5           2.9    Ebitda margin (%) (unaudited)                     (6.4)          2.2    
                                        Average net realisable price 
      6 458      7 289         7 281    (R/t) (unaudited)                                6 891         7 226    
      8 070      7 749         8 069    Ebitda cost/tonne sold (R/t) (unaudited)         7 907         8 019    
       (485)      (488)         (554)   Depreciation and amortisation (R million)         (973)       (1 064)   
     (2 758)      (333)         (203)   Loss from operations (R million)                (3 091)         (529)   
                                        Unaudited information                                                   
      1 438      1 707         1 867    Liquid steel production (000 tonnes)             3 145         3 586    
      1 320      1 358         1 476    Steel sales (000 tonnes)                         2 678         2 981    
        932        983           982    - Local                                          1 915         1 951    
        388        375           494    - Export                                           763         1 030    
         68         82            88    Capacity utilisation (%)                            75            85    


Long steel products                                                                                                                  
           Six months ended                                                                  Year ended                      
31 December    30 June   31 December                                                31 December    1 December    
       2015       2015          2014                                                       2015          2014    
  Unaudited   Reviewed     Unaudited                                                    Audited       Audited    
      5 153      5 719         5 855    Revenue (R million)                              10 872        12 411    
      4 929      5 020         4 547    - External                                        9 949         9 911    
        224        699         1 308    - Internal                                          923         2 500    
       (366)        18          (162)   Ebitda (R million) (unaudited)                     (348)           16    
       (7.1)       0.3          (2.8)   Ebitda margin (%) (unaudited)                      (3.2)          0.1    
                                        Average net realisable price 
      5 919      7 048         7 825    (R/t) (unaudited)                                 6 423         7 585    
      7 085      8 458        10 575    Ebitda cost/tonne sold (R/t) (unaudited)          7 722         9 845    
       (194)      (197)         (205)   Depreciation and amortisation (R million)          (391)         (342)   
     (1 047)      (179)         (367)   Loss from operations (R million)                 (1 226)         (326)   
                                        Unaudited information                                                    
        838        856           265    Liquid steel production (000 tonnes)              1 694           932    
        779        674           569    Steel sales (000 tonnes)                          1 453         1 259    
        546        578           486    - Local                                           1 124         1 051    
        233         96            83    - Export                                            329           208    
         72         75            23    Capacity utilisation (%)                             73            41    


Coke and chemicals                                                                                                                  
          Six months ended                                                                  Year ended                      
31 December    30 June   31 December                                                1 December      31 December    
       2015       2015          2014                                                      2015             2014    
  Unaudited   Reviewed     Unaudited                                                   Audited          Audited    
        809        990         1 025    Revenue (R million)                              1 799            2 044    
        752        957           993    - External                                       1 709            1 984    
         57         33            32    - Internal                                          90               60    
        198        229           223    Ebitda (R million) (unaudited)                     427              428    
       24.5       23.1          21.8    Ebitda margin (%) (unaudited)                     23.7             20.9    
        (17)       (18)          (18)   Depreciation and amortisation (R million)          (35)             (35)   
        181        211           205    Profit from operations (R million)                 392              393    
                                        Unaudited information                                                      
        178        228           293    Commercial coke produced (000 tonnes)              406              522    
        199        252           258    Commercial coke sales (000 tonnes)                 451              466    
         49         47            57    Tar sales (000 tonnes)                              96              110    


Corporate and other                                                                                                                               
          Six months ended                                                                   Year ended                      
31 December    30 June   31 December                                                  31 December   31 December    
       2015       2015          2014                                                         2015          2014    
  Unaudited   Reviewed     Unaudited                                                      Audited       Audited    
        142        239            36    Ebitda (R million) (unaudited)                        381           279    
                                        Depreciation and amortisation credit         
         15         15            18    (R million)                                            30            31    
     (1 139)       328           (95)   (Loss)/profit from operations (R million)            (811)          161    
  
  
Additional information
         Six months ended                                                                       Year ended                      
31 December    30 June   31 December                                                   31 December   31 December    
       2015       2015          2014                                                          2015          2014    
  Unaudited   Reviewed     Unaudited    In millions of rand                                Audited       Audited    
                                        Reconciliation of earnings before interest, 
                                        taxation, depreciation and amortisation 
                                        (ebitda)                  
     (4 763)        27          (460)   Profit/(loss) from operations                       (4 736)         (301)   
                                        Adjusted for:                                                               
        670        676           747    - Depreciation                                       1 346         1 386    
         11         12            12    - Amortisation of Intangible assets                     23            24    
        682          -             -    - Thabazimbi mine closure costs                        682             -    
         51        (74)           50    - Tshikondeni mine closure costs                       (23)           50    
         86          -             -    - Vereeniging closure costs                             86             -    
      1 245          -             -    - Competition Commission settlement                  1 245             -    
        568          -             -    Derecognised payment in advance                        568             -    
          -          -            90    - Restructuring cost                                     -            90    
          -          -             9    - Onerous contract - Sandton office                      -             9    
     (1 450)       641           448    Ebitda for the period                                 (809)        1 258  
 
                                        Reconciliation of headline loss                                                                                          
     (8 524)      (111)         (143)   Loss for the period                                 (8 635)         (158)   
                                        Adjusted for:                                            -                 
                                        - Gain recognised on loss of interest over 
          -          -           (80)     former associate                                                   (80)   
      4 254          -             -    - Impairment charges                                 4 254                 
                                        - Loss/(profit) on disposal or scrapping 
          3          2            16      of assets                                              5            29    
                                        - Profit on disposal of assets 
          -          -           (16)     of an associate                                        -           (16)   
       (994)         -             2    - Tax effect                                          (994)           (2)   
     (5 261)      (109)         (221)   Headline loss for the period                        (5 370)         (227)   
                                        Headline loss per share (cents)                                            
     (1 311)       (27)          (55)   - basic                                             (1 338)          (57)   
     (1 311)       (27)          (55)   - diluted                                           (1 338)          (57)
 
                                        Return on ordinary shareholders' 
                                        equity per annum                             
      (99.0)      (1.1)         (1.4)   - Attributable earnings (%)                          (50.5)         (0.8)   
      (61.2)      (1.0)         (2.1)   - Headline earnings (%)                              (31.4)         (1.1)   
      (21.3)     (12.0)         (2.6)   - Net cash to equity (%)                             (21.3)         (2.6)   
                                       
                                        Share statistics                                                           
                                        Ordinary shares (thousands)                                                
    401 202    401 202       401 202    - in issue                                         401 202       401 202    
    401 202    401 202       401 202    - weighted average number of shares                401 202       401 202    
    401 202    401 202       401 202    - diluted weighted average number of shares        401 202       401 202    
       4.50      12.15         26.41    Share price (closing) (rand)                          4.50         26.41    
      1 805      4 875        10 596    Market capitalisation (R million)                    1 805        10 596    
      33.58      52.26         51.65    Net asset value per share (rand)                     33.58         51.65    


Other information

Registered office: ArcelorMittal South Africa Ltd, Room N3-5, Main Building, Delfos Boulevard, 
Vanderbijlpark, 1911

Directors: Non-executive: PM Makwana* (chairman), L Cele* DK Chugh**, J Modise*, MAM Vereecke#, 
RK Kothari##, NP Mnxasana*, LP Mondi, DCG Murray*, N Nicolau* 
**Citizen of the United Kingdom #Citizen of Belgium ##Citizen of India *Independent non-executive

Executive: PS O'Flaherty (chief executive officer), D Subramanian (chief financial officer)

Company secretary: Nomonde Bam

Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd, 1 Fricker Road, Illovo, 2196, 
Private Bag X9936, Sandton, 2146

Transfer secretaries: Computershare Investor Services (Pty) Ltd, 70 Marshall Street, Johannesburg, 2001, 
PO Box 61051, Marshalltown, 2107

Release date: 12 February 2016

Share queries: Please call the ArcelorMittal South Africa share call toll free line on     
0800 006 960 or +27 11 370 7850

Forward looking statements
Statements in this release that are neither reported financial results nor other historical information, 
are forward looking statements, including but not limited to statements that are predictions of or 
indicate future earnings, savings, synergies, events, trends, plans or objectives. Undue reliance should 
not be placed on such statements because, by their nature, they are subject to risks and uncertainties 
whose impact could cause actual results and company's plans and objectives to differ materially from those 
expressed or implied in the forward looking statements (or from past results). Any reference to future 
financial performance included in this announcement, has not been audited or reported on by the 
company's auditors.

This report is available on ArcelorMittal South Africa's website at: www.arcelormittal.com/southafrica                           
Date: 12/02/2016 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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