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ARCELOR FINANCE ORGANIZATION November 2005 Martine Hue Senior Vice President Investor Relations.

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Presentation on theme: "ARCELOR FINANCE ORGANIZATION November 2005 Martine Hue Senior Vice President Investor Relations."— Presentation transcript:

1 ARCELOR FINANCE ORGANIZATION November 2005 Martine Hue Senior Vice President Investor Relations

2 P. 2 7 PRINCIPLES Cash belongs to ARCELOR Centralization of financial risks (ARCELOR FINANCE, ARCELOR TREASURY) Global cash pooling organization and finance policy (procedures approved by Audit Committee) Balanced debt structure: Bank/Market/Institutions Liquidity risk management with « safety net » credit lines Gearing (Debt/Equity) under 50% in Today under 20% Internal dividend distribution: 100% pay out Ratio with limited exceptions Investment grade rating : S&P: BBB Moodys: Baa2 / outlook positive

3 P. 3 M. WURTH CFO, Member of Manager Board INVESTOR RELATIONS CONSOLIDATION FINANCETAX, INSURANCE AND LEGAL CONTROLLER DESK ORGANIZATION

4 P. 4 FINANCE Organized as a « CORPORATE BANK »

5 P. 5 CORPORATE BANK FUNDING GROUP OPERATIONSTREASURY FINANCE Bank relations Market operations (Bonds,…) Structured finance Rating Agency Credit Committee Balance sheet structure Internal funding Internal dividend policy Cash Pooling Forex Commodities Energy, CO2 Country branches: France, Germany/Luxembourg, Belgium/NL, Spain, Italy, USA, Brazil M&A (Finance) Internal Investment Bank Valuations Deal structuring One functional structure ARCELOR FINANCE (Luxembourg) ARCELOR TREASURY (Paris) M&A SUPPORT (Luxembourg)

6 P. 6 Arcelor Treasury Snc and Arcelor Finance ScA: Specific General Partnership structure Acting partners have jointly and indefinitely unlimited responsibility of Arcelor Finance debt 80% minimum of Gross debt located at Arcelor Finance level or over to avoid « Structural Subordination » FINANCE Specific Legal Structure

7 P. 7 DEBT STRUCTURE (on checking) 81% Euros, 12% US Dollars, 7% others 2/3 variable rate 1/3 fixed rate

8 P. 8 No operational lease True Sale of Receivables program ASSET MANAGEMENT LIQUIDITY MANAGEMENT Syndicated committed Bank facility 3 billions + More than 1.5 billion bilateral Bank facilities + Umbrella lines for Trade Finance all over the world

9 P. 9 ARCELOR BALANCE DEBT STRUCTURE (as of September 30, 2005) (Billions )


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