<SEC-DOCUMENT>0000903423-16-000930.txt : 20160316
<SEC-HEADER>0000903423-16-000930.hdr.sgml : 20160316
<ACCEPTANCE-DATETIME>20160316140500
ACCESSION NUMBER:		0000903423-16-000930
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20160316
DATE AS OF CHANGE:		20160316

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ArcelorMittal
		CENTRAL INDEX KEY:			0001243429
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-202409
		FILM NUMBER:		161509307

	BUSINESS ADDRESS:	
		STREET 1:		24-26, BOULEVARD D?AVRANCHES
		STREET 2:		L-1160 LUXEMBOURG
		CITY:			GRAND DUCHY OF LUXEMBOURG
		STATE:			N4
		ZIP:			00000
		BUSINESS PHONE:		35247922151

	MAIL ADDRESS:	
		STREET 1:		24-26, BOULEVARD D?AVRANCHES
		STREET 2:		L-1160 LUXEMBOURG
		CITY:			GRAND DUCHY OF LUXEMBOURG
		STATE:			N4
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ARCELOR
		DATE OF NAME CHANGE:	20030618

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ArcelorMittal
		CENTRAL INDEX KEY:			0001243429
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		24-26, BOULEVARD D?AVRANCHES
		STREET 2:		L-1160 LUXEMBOURG
		CITY:			GRAND DUCHY OF LUXEMBOURG
		STATE:			N4
		ZIP:			00000
		BUSINESS PHONE:		35247922151

	MAIL ADDRESS:	
		STREET 1:		24-26, BOULEVARD D?AVRANCHES
		STREET 2:		L-1160 LUXEMBOURG
		CITY:			GRAND DUCHY OF LUXEMBOURG
		STATE:			N4
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ARCELOR
		DATE OF NAME CHANGE:	20030618
</SEC-HEADER>
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<TYPE>FWP
<SEQUENCE>1
<FILENAME>arcelor-fwp_0315.htm
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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #1F497D; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">FREE
WRITING PROSPECTUS</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #1F497D; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Filed
pursuant to Rule 433</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #1F497D; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Registration
Statement No.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #1F497D; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">333-202409</FONT></P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>General</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">What are the terms of the offering?</P>

<UL STYLE="list-style-type: disc">

<LI STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">The USD3.015bn / EUR2.777bn offering of new shares by means of a
rights offering at a subscription price of EUR 2.20 per new share (Subscription Price) and at a subscription ratio of 10:7</LI>

<LI STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">It means that each shareholder will receive one right per share
held, and 10 rights will allow it to subscribe 7 new shares</LI>

<LI STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">The Subscription Price represents a 35.3% discount to the theoretical
ex-rights price, based on the closing price of ArcelorMittal&rsquo;s shares on Euronext Amsterdam on 10 March 2016</LI>

</UL>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">How are the rights priced?</P>

<UL STYLE="list-style-type: disc">

<LI STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">The rights will be freely tradable on the secondary market. They
have a theoretical value (see below), but their actual price on the secondary market will be based on supply and demand and may
or may not reflect their theoretical value</LI>

<LI STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">The theoretical value of each right is equal to the difference between
TERP and the issue price, multiplied by the ratio of new shares over existing shares</LI>

<LI STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">Based on the closing price of ArcelorMittal&rsquo;s shares on Euronext
Amsterdam on March 10, 2016, the TERP is &euro;3.40, the theoretical value of one Right is &euro;0.84, and the discount of the
Subscription Price to TERP is 35.3%</LI>

<LI STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">The determination of the theoretical value of the rights is based
on the concept of &ldquo;theoretical ex-rights price&rdquo;, or TERP, of the shares.&nbsp; TERP is equal to (P*S) + (Pn*Sn) / (S+Sn),
where P is the last quoted price of the share before the rights offering, Pn is the Subscription Price of the new shares, S is
the number of existing shares prior to the launch of the rights offering and Sn is the number of new shares to be issued in the
rights offering</LI>

</UL>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">How shall we understand the subscription ratio?</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the rights offering, we targeted total proceeds
of approximately U.S.$ 3.0 billion, and set a subscription ratio that would allow us to issue a number of new shares at the Subscription
Price to raise that approximate amount.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">What would happen should the stock price falls below the Subscription
Price? If the stock price falls below the Subscription Price, the rights will lose their value and holders who have committed to
buy the new shares at a price above the market price will suffer an immediate unrealized loss as a result.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">How will the number of shares change?</P>

<UL STYLE="list-style-type: disc">

<LI STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">Post issuance of the 1,262,351,531 new shares the total number of
shares of ArcelorMittal will increase from 1,803,359,338 to 3,065,710,869 shares</LI>

</UL>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">What is the oversubscription privilege?</P>

<UL STYLE="list-style-type: disc">

<LI STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">Each Holder that subscribes for at least 7 new shares under its
primary subscription right will have the right (Oversubscription Privilege) to submit a request to subscribe at the Subscription
Price for additional new shares, to the extent any new shares (Surplus Shares) remain unsubscribed at the end of the rights exercise
period</LI>

<LI STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">If there are any Surplus Shares upon expiration of the rights exercise
period, the Surplus Shares will be allocated to Holders that have made valid oversubscription requests</LI>


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<LI STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">If the number of new shares requested for oversubscription is greater
than the total number of Surplus Shares, the Surplus Shares will be allocated on a pro rata basis in proportion to the number of
rights exercised by each Holder relative to the total number of rights exercised by all Holders exercising oversubscription rights</LI>

</UL>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">What if I am a shareholder and do nothing with my rights?</P>

<UL STYLE="list-style-type: disc">

<LI STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">Any rights that are neither exercised nor sold by the applicable
deadline will expire and become null and void without any payment of compensation</LI>

<LI STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">To the extent that shareholders either sell or do not exercise their
rights, their proportionate ownership and voting interest in ArcelorMittal will be reduced (assuming that all other rights are
exercised, a 1.0% shareholder&rsquo;s participation in the Company&rsquo;s share capital would decrease to 0.59%)</LI>

</UL>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Will there be a &ldquo;rump&rdquo; placement and, if yes, when?</P>

<UL STYLE="list-style-type: disc">

<LI STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">Any rump placement will be comprised of shares, if any, that are
not subscribed in the rights offering, including through oversubscription. It is impossible to say at this stage if there will
be unsubscribed shares and therefore a rump placement.</LI>

<LI STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">Please also note that there is no mandatory requirement to conduct
a rump placement and that the sale strategy (including the sale price) of unsubscribed shares is at the bookrunners&rsquo; discretion.</LI>

<LI STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">The rump placement, if any, is expected to take place on or about
April 5. 2016.</LI>

</UL>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Are the US and EUR shares and rights fungible?</P>

<UL STYLE="list-style-type: disc">

<LI STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">The new shares will be transferable from the New York share register
to the European share register and vice versa, in the same manner as the existing shares that are already traded on the Luxembourg
Stock Exchange, Euronext Amsterdam, Euronext Paris, the Spanish Stock Exchanges and the New York Stock Exchange</LI>

<LI STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">Rights can be freely transferred from one exchange to another. New
York rights agent&rsquo;s book opens for transfers of rights between the European rights register and the New York rights register
on March 15, 2016. Last day to transfer rights between European rights register and the New York rights register is March 24, 2016.
Holders of rights who wish to transfer their rights from the New York rights register to the European rights register, and vice
versa, must pay the applicable fees of the New York rights agent for such transfers of up to U.S.$0.0325 per New York Right so
transferred</LI>

</UL>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Is there a lock-up for the Company and the family?</P>

<UL STYLE="list-style-type: disc">

<LI STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">The Company and the Mittal family have agreed with the Underwriters
to a 180-day lock-up following the settlement of the offering, subject to certain exceptions</LI>

</UL>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>European Holders</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">What are the Euro terms?</P>

<UL STYLE="list-style-type: disc">

<LI STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">The Subscription Price is EUR 2.20 per new share</LI>

<LI STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">The exercise of 10 rights during the rights exercise period entitles
the holders to subscribe for 7 new shares against payment of the Subscription Price of EUR 2.20 per each new share</LI>

</UL>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">When is the subscription / trading period for the rights?</P>

<UL STYLE="list-style-type: disc">


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<LI STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">Trading in the rights on the European Stock Exchanges is expected
to commence on March 15, 2016 and will continue until March 22, 2016 on the Spanish Stock Exchanges and March 24, 2016 on the Luxembourg
Stock Exchange, Euronext Amsterdam and Euronext Paris</LI>

<LI STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">Exercise period starts on March 15, 2016 and ends on March 30, 2016
at 5:00 p.m. CET except for rights traded on the Spanish Stock Exchanges for which the deadline will be noon CET. The rights exercise
period for rights held directly in the European rights register will expire at 12:00 noon (CET) on March 30, 2016</LI>

</UL>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>US Holders</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">What are the USD terms?</P>

<UL STYLE="list-style-type: disc">

<LI STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">Estimated initial U.S. dollar Subscription Price of US$2.63 per
share, which includes an excess of 10% over the US$ equivalent (US$2.39) of the euro-denominated Subscription Price converted at
the ECB Rate on March 10, 2016 (3pm CET)</LI>

<LI STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">The final US$ subscription price will be determined on April 8,
2016 and will be the US$ equivalent of EUR 2.20 as per the ECB exchange rate at 3pm CET on April 7, 2016</LI>

</UL>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">What is the 10% excess?</P>

<UL STYLE="list-style-type: disc">

<LI STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">The excess of 10% is a buffer to cover (i) currency fluctuations
in ECB Rate between March 10, 2016 and the calculation date (April 7, 2016) (Estimated U.S. Dollar Subscription Price at $2.63
per new share) and (ii) the fees applicable to the exercise of New York rights (U.S.$0.005 per new share)</LI>

<LI STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">For each new share delivered to holders, the New York rights agent
will pay to ArcelorMittal in U.S. dollars the U.S. dollar equivalent of the euro-denominated Subscription Price as calculated based
on the European Central Bank&rsquo;s foreign exchange reference rate of Euro for U.S. dollars at 3:00 p.m. (CET) on the day prior
to settlement (the Final U.S. Dollar Equivalent of the Subscription Price)</LI>

<LI STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">If the Estimated U.S. Dollar Subscription Price of US$2.63 per share
is insufficient to pay the Final U.S. Dollar Equivalent of the Subscription Price and applicable issuance fees, the New York rights
agent will fund the balance and pay the Final U.S. Dollar Equivalent of the Subscription Price to ArcelorMittal but will not deliver
the new shares to Holders until it has received payment of the deficiency</LI>

<LI STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">The New York rights agent may sell all or a portion of a Holder&rsquo;s
new shares to the extent necessary to pay any shortfall that is not paid within 14 days of notice of the deficiency. To the extent
the Estimated U.S. Dollar Subscription Price is greater than the Final U.S. Dollar Equivalent of the Subscription Price and applicable
issuance fees, the New York rights agent will refund such excess to the applicable Holders</LI>

</UL>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">What is the subscription / trading period for the rights?</P>

<UL STYLE="list-style-type: disc">

<LI STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">Trading in rights held via book entry in DTC or direct registration
in the New York rights register is expected to begin trading on the New York Stock Exchange on a &ldquo;when issued&rdquo; basis
on March 11, 2016 and to continue until March 23, 2016</LI>

<LI STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">The rights exercise period runs from March 15, 2016 until March
29, 2016 at 5:00 p.m. EST</LI>

</UL>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>For readers in the European Economic Area</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">The public offer in Luxembourg, the Netherlands, France and
Spain will be made solely by means of, and on the basis of, a securities prospectus within the meaning of EC Directive 2003/71/EC
of the European Parliament and of the Council dated 4 November 2003, as amended. The prospectus was approved on March 11, 2016
by the Luxembourg supervisory authority for the financial sector (<I>Commission de Surveillance du Secteur Financier</I> &ndash;
CSSF) and has been passported into the Netherlands, France and Spain subsequent to notification having been given to the competent
regulatory authorities in those jurisdictions. Any investment decision regarding any subscription rights or new shares by investors
in Luxembourg, France, the Netherlands and Spain should only</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">be made on the basis of that prospectus which is available
for download on the website of ArcelorMittal (www.arcelormittal.com). Copies of the prospectus are also readily available upon
request and free of charge at 24-26, boulevard d&rsquo;Avranches, L-1160 Luxembourg, Grand-Duchy of Luxembourg.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>For readers in the United Kingdom</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This communication is only being distributed to, and is only directed
at, (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 (the &ldquo;Order&rdquo;) or (iii) high net worth companies, and
other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together
being referred to as &ldquo;relevant persons&rdquo;). The subscription rights and new shares are only available to, and any invitation,
offer or agreement to subscribe for, purchase or otherwise acquire such subscription rights or new shares will be engaged in only
with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>For readers in the United States</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In the United States of America, ArcelorMittal is making an offering
of securities pursuant to a registration statement (including a prospectus) filed with the Securities and Exchange Commission (the
&ldquo;SEC&rdquo;). If you have reached this website and are resident, domiciled or located in the United States of America, you
should read the prospectus in that registration statement, the supplement to that prospectus ArcelorMittal has filed with the SEC
and other documents ArcelorMittal has filed and will file with the SEC for more complete information about ArcelorMittal and this
offering. You may get these documents free of charge by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, to request
a copy of the prospectus, please contact Georgeson Inc., ArcelorMittal&rsquo;s U.S. information agent, toll-free at 866-277-8239
or by writing to Georgeson Inc. at 480 Washington Blvd, 26th Floor, Jersey City NJ 07310.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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