ArcelorMittal Form 6-K Summary
Business Context and Reporting Period
This Form 6-K, dated September 23, 2011, discloses information regarding mineral reserves presented by ArcelorMittal during "Investor Day" presentations. The data reflects year-end estimates for 2010. The filing incorporates information by reference into the registrant's Form F-3 registration statement.
Key Financial and Operational Metrics
The filing does not provide revenue, profit, cash flow, margins, debt, or liquidity figures. It focuses exclusively on mineral reserve estimates calculated under SEC Industry Guide 7 and Canadian National Instrument 43-101 standards.
Iron Ore Reserves (2010 Year-End)
| Region | Proven Reserves (Mtonnes) | Proven %Fe | Probable Reserves (Mtonnes) | Probable %Fe |
|---|---|---|---|---|
| Canada (excl. Baffinland) | 2,250 | 29.2 | 100 | 28.5 |
| Canada (Baffinland) | 160 | 64.4 | 215 | 64.9 |
| USA | 548 | 20 | 33 | 19 |
| Central America | 194 | 27 | 114 | 31 |
| South America | 111 | 59 | 23 | 52 |
| West Africa | - | - | 22 | 61 |
| Eastern Europe & Central Asia (Aggregated) | 486 Mtonnes (38% Fe) | |||
| Total | 3,263 | 30 | 507 | 46 |
Metallurgical Coal Reserves (2010 Year-End)
| Region | Proven Reserves (Mtonnes) | Proven %Yield | Probable Reserves (Mtonnes) | Probable %Yield |
|---|---|---|---|---|
| Princeton | 111 | 60 | 12 | 56 |
| Kazakhstan & Russia (Aggregated) | 225 Mtonnes (48% Yield) |
Material Changes and Methodology Notes
- Aggregated Reporting: Reserves for Eastern Europe (Bosnia, Ukraine) and Central Asia (Kazakhstan), as well as Kazakhstan and Kuzbass (Russia) for coal, are reported as aggregated proven and probable reserves. The filing states that due to the former CIS code methodology, the degree of assurance between the two categories cannot be readily defined.
- Ownership: Estimates have not been adjusted to reflect lesser ownership interests where ArcelorMittal owns less than 100% of operations.
- Measurement: Tonnage is reported on a wet metric basis as 'Run of Mine'.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future performance, or specific risk factors beyond the methodological limitations noted above. It confirms that updated life of mine plans with discounted cash flows were prepared to demonstrate economic viability.
Key Facts for Investor Verification
- Verify the economic viability assumptions used in the life of mine plans supporting these reserve estimates.
- Confirm the specific ownership percentages for operations where ArcelorMittal holds less than 100% interest to adjust reserve figures accordingly.
- Review the detailed independent audit reports referenced in the methodology section.
- Understand the limitations of the "aggregated" reserve categories for Eastern Europe, Central Asia, and Russia due to differing regulatory methodologies.