EX-12.1 2 dex121.htm COMPUTATION OF THE RATIO OF EARNINGS TO FIXED CHARGES

Computation of the Ratio of Earnings to Fixed Charges

EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO

FIXED CHARGES

(Dollars in millions, except ratios)					Year Ended December 31,
		Six-month period ended June 30,  2010			2009			2008*			2007			2006			2005
Interest expensed and capitalized		729			1,895			2,044			1,839			1,124			503
Interest portion of rental obligations, amortized premiums, discounts and capitalized expenses related to indebtedness		39			74			76			81			10			10
Total fixed charges (A)		768			1,969			2,120			1,920			1,134			513
Pretax (loss) income from continuing operations before adjustment for non-controlling interests in consolidated subsidiaries		2,078			(4,437	)		11,626			14,888			7,228			4,676
Loss (Income) allocable to non-controlling interests in consolidated entities that have not incurred fixed charges		(119	)		43			(1,032	)		(1,482	)		(859	)		(494	)
Undistributed loss (earnings) of equity investees		(211	)		165			(1,446	)		(816	)		(301	)		(86	)
Fixed charges		768			1,969			2,120			1,920			1,134			513
(Loss) Earnings-pretax (loss) income with applicable adjustments (B)		2,515			(2,260	)		11,268			14,510			7,202			4,609
Ratio of (B) to (A)		3.3			(1.1	)		5.3			7.6			6.4			9.0
					Note (1)

* As required by IFRS, the 2008 information has been adjusted retrospectively for the finalization in 2009 of the allocation of purchase price acquisitions made in 2008.

(1) Due to ArcelorMittal’s pretax loss in 2009, the ratio coverage was less than 1:1. ArcelorMittal would have needed to generate additional earnings of $4,229 million to achieve a coverage ratio of 1:1 for 2009.