3 January 2018 HY Corporate Credit HY Multi Sector,Media. Cable & Satellite [Figure 3: ArcelorMittal (MTNA) Semi-Annual Financial Summary (S. millions) Ilwakal NNW% 21114 iins T MIS PM INS IMP non - Par/ lall919222 Caumetted IMPS 5432952

e structural changes have removed part of the downside risk: ■ Firstly, Europe is seeing the strongest consolidation dynamic since the creation of ArcelorMittal itself. ■ Second, trade policy continues to become stricter in MT's US and European core markets. ■ Third, China is aiming to cut capacity 10-20%.

her risks to margins assumptions. Also, the rising protectionism could cause disruptive changes to steel markets, depending on the outcome. Lastly, ArcelorMittal has a large growth appetite, and a stronger-than-expected ramp up of the capex budget, ability to deliver on projects or M&A provide further risks.