EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO

FIXED CHARGES

(Dollars in millions, except ratios)	Six months ended June 30,		Year Ended December 31,
	2009		2008		2007		2006		2005		2004
Interest expensed and capitalized	853		2,044		1,839		1,124		503		259
Interest portion of rental obligations, amortized premiums, discounts and capitalized expenses related to indebtedness	27		76		81		10		10		8
Total fixed charges (A)	880		2,120		1,920		1,134		513		267
Pretax (loss) income from continuing operations before adjustment for non-controlling interests in consolidated subsidiaries	(4,314	)	11,537		14,888		7,228		4,676		6,592
Loss (Income) allocable to non-controlling interests in consolidated entities that have not incurred fixed charges	132		(1,040	)	(1,482	)	(859	)	(494	)	(415	)
Undistributed loss (earnings) of equity investees	181		(1,446	)	(816	)	(301	)	(86	)	(149	)
Fixed charges	880		2,120		1,920		1,134		513		267
(Loss) Earnings-pretax (loss) income with applicable adjustments (B)	(3,121	)	11,171		14,510		7,202		4,609		6,295
Ratio of (B) to (A)	(3.5	)	5.3		7.6		6.4		9.0		23.6
	Note (1)

(1) Due to ArcelorMittal’s loss in the first half of 2009, the ratio coverage was less than 1:1. ArcelorMittal would have needed to generate additional earnings of $4,001 million to achieve a coverage ratio of 1:1 for the first half of 2009.