EX-12.1 2 arcelormittal-6kex121_0215.htm Unassociated Document
EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
                         
   
Year Ended December 31,
    
(Dollars in millions, except ratios)
  
2011
  
2010
  
2009
  
2008*
  
2007
    
Interest expensed and capitalized
  
1,953
  
1,606
  
1,881
  
1,968
  
1,839
    
Interest portion of rental obligations
  
141
  
66
  
72
  
74
  
81
    
Total fixed charges (A)
  
2,094
  
1,672
  
1,953
  
2,042
  
1,920
    
                         
Pretax income from continuing operations before adjustment for non controlling interests in consolidated subsidiaries
  
2,680
  
1,856
  
(4,261)
  
11,355
  
14,888
    
Income allocable to non-controlling interest in consolidated entities that have not incurred fixed charges
  
4
  
(89)
  
43
  
(993)
  
(1,482)
    
Undistributed earnings of equity investees
  
(228)
  
(303)
  
167
  
(1,443)
  
(816)
    
Fixed charges, excluding capitalized interest
  
2,087
  
1,672
  
1,953
  
2,041
  
1,920
    
Earnings-pretax income with applicable adjustments (B)
  
4,543
  
3,136
  
(2,098)
  
10,960
  
14,510
    
Ratio of (B) to (A)
  
2.2
  
1.9
  
(1.1)
  
5.4
  
7.6
    
                         
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.