Directors’ responsibility and approval of the group and company annual financial statements

To the shareholders of ArcelorMittal South Africa Limited

The directors are required to maintain adequate accounting records and are responsible for the content and integrity of the group and company annual financial statements and related financial information included in this Integrated annual report. It is their responsibility to ensure that the annual financial statements fairly present the state of affairs of the group and company as at the end of the financial year and the results of its operations and cash flow for the financial year, in conformity with International Financial Reporting Standards, the Companies Act of South Africa, the Listings Requirements of the JSE Limited and applicable legislation. The group’s independent external auditors are engaged to express an opinion on the group and company annual financial statements. These annual financial statements were compiled under the supervision of Mr RH Torlage CA(SA), the Chief Financial Officer.

In order for the directors to discharge their responsibilities, management has developed and continues to maintain a system of internal control aimed at reducing the risk of error or loss in a cost-effective manner. The directors, primarily through the Audit and Risk Committee, which consists of independent non-executive directors, meet periodically with the external and internal auditors, as well as executive management to evaluate matters concerning accounting policies, internal control, auditing and financial reporting. The group’s internal auditors independently evaluate the internal controls. The external auditors are responsible for reporting on the financial statements. The external and internal auditors have unrestricted access to all records, property and personnel as well as to the Audit and Risk Committee. The directors are not aware of any material breakdown in the functioning of these controls and systems during the period under review.

The directors are of the opinion, based on the information and explanations given by management and the internal auditors that the system of internal control provides reasonable assurance that the financial records may be relied on for the preparation of the group and company annual financial statements. However, any system of internal financial control can provide only reasonable and not absolute assurance against material misstatement or loss.

The directors have reviewed the group and company’s financial budgets for the year to 31 December 2012. In light of review of the current financial position and existing borrowing facilities, they consider it appropriate that the annual financial statements continue to be prepared on the going-concern basis.

The external auditors have audited the annual financial statements of the group and company and their unmodified report appears in the Independent auditors’ report.

The directors of the company accept responsibility for the annual financial statements which were approved by the board of directors on 14 March 2012 and are signed on its behalf by: