EX-12.1 2 arcelormittal-6kex121_0222.htm Unassociated Document
EXHIBIT 12.1
                  
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
              
                   
  Year Ended December 31,
(Dollars in millions, except ratios)
2010
  
2009
  
2008*
  
2007
  
2006
Interest expensed and capitalized
1,606
  
1,881
  
1,968
  
1,839
  
1,124
Interest portion of rental obligations, amortized premiums, discounts and capitalized expenses related to indebtedness
66
  
72
  
81
  
81
  
10
Total fixed charges (A)
1,672
  
1,953
  
1,920
  
1,920
  
1,134
                   
Pretax (loss) income from continuing operations before adjustment for non controlling interests in consolidated subsidiaries
1,856
  
(4,261
 ) 
11,355
  
14,888
  
7,228
Loss (Income) allocable to non-controlling interest in consolidated entities that have not incurred fixed charges
(89
 ) 
43
  
(993
 )
(1,482
 )
(859)
Undistributed loss (earnings) of equity investees
(303
 ) 
167
  
(1,443
 ) 
(816)
  
(301)
Fixed charges
1,672
  
1,953
  
2,041
  
1,920
  
1,134
(Loss) Earnings-pretax (loss) income with applicable adjustments (B)
3,098
  
(2,098
 )
10,960
  
14,510
  
7,202
Ratio of (B) to (A)
1.9
  
(1.1
 )
5.4
  
7.6
  
6.4
___________________________
    
Note (1)
            
* As required by IFRS, the 2008 information has been adjusted retrospectively for the finalization in 2009 of the allocation of purchase price of acquisitions made in 2008.
 
(1) Due to the ArcelorMittal's pretax loss in 2009, the ratio coverage was less than 1:1. ArcelorMittal would have needed to generate additional earnings of $4,051 million to achieve a coverage of 1:1 for 2009.