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ArcelorMittal South Africa
Annual Report 2008
Our global presence
Strategic goals
The following strategic goals have been
developed and approved by the board:
➧ Creating industry leading value for our
shareholders
➧ ArcelorMittal is the world’s number one steel company, with over 316 000 employees in more than
60 countries. It has led the consolidation of the world steel industry and today ranks as the only truly global
steelmaker.
– Positive economic value add (EVA) over
   the steel price cycle.
➧ Improving operating capabilities
➧ ArcelorMittal is the leader in all major global markets, including automotive, construction, household
appliances and packaging. The Group leads in R&D and technology, holds sizeable captive supplies of raw
materials and operates extensive distribution networks.
– Value-creating throughput increases.
– Substantial reduction in hot rolled coil/billet
  costs in real terms.
➧ Building on our existing performance
culture
➧ Its industrial presence in Europe, Asia, Africa and America gives the Group exposure to all the key steel markets,
from emerging to mature. ArcelorMittal will be looking to develop positions in the high-growth Chinese and Indian
markets.
– Creating an environment that generates
true employee pride and attracts, develops
and retains top-performing people.
➧ Be a responsible corporate citizen
Code of Conduct
These are the behavioural characteristics that will
support our values:
➧ Integrity
➧ ArcelorMittal key financials for 2008 show revenues of USD124.9 billion and crude steel production of
103.3 million tonnes, representing approximately 10% of world steel output.
Return on equity
Competitiveness
Cash generation
Shareholder value
release
Business objectives
for ArcelorMittal
South Africa
All our actions will be guided by good
principles and intentions, ensuring that our
needs are aligned with our actions. (We walk
the talk).
➧ Respect
Objectives
At least cost of
capital
(currently 16%)
To be one of the
lowest cost
producers
Positive cash
flow before major
new investments
throughout
commodity cycle
Share price to reflect
at least underlying
net equity value
We will recognise and value the diversity of all
people and respect their dignity in our actions.
➧ Fairness
Achievements
39% for the year
One of the lowest
cost producers with
an EBITDA margin
of 34%
Cash flow positive
Average share price
of R165.98 was
higher than the
average net equity
value of R62.80
We will treat people in a reasonable, equitable
and objective manner and will always strive
to be fair and to treat each and every case on
merit.
➧ Accountability
Future initiatives
To exceed EVA by
improving earnings
through:
• Cost reductions
• Value added
products and
• Higher throughput
To retain our position
as one of the lowest
cost producers at all
plants through cost
leadership
To maintain positive
free cash flow
through focusing
on cost, working
capital reduction
and improvement
of margins
To maximise
shareholder’s value
through capital
productivity and
margins, coupled with
stability in earnings
over the cycle, which
will translate into
added wealth for our
shareholders
We will be held accountable for all our actions
both within the business environment and the
community in which we operate.
➧ Trust
We trust in our people’s ability to act in
the best interest of the company and will
encourage trust amongst colleagues and
across organisational levels.