Integrated Annual Report 2016
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Independent auditor's report on summarised consolidated financial statements

To the shareholders of ArcelorMittal South Africa Ltd


Opinion
The summarised consolidated financial statements of ArcelorMittal South Africa Ltd, which comprise the summarised consolidated statement of financial position as at 31 December 2016, the summarised consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, and related notes, are derived from the audited consolidated financial statements of ArcelorMittal South Africa Limited for the year ended 31 December 2016.

In our opinion, the accompanying summarised consolidated financial statements are consistent, in all material respects, with the audited consolidated financial statements of ArcelorMittal South Africa Ltd, in accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards and SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council; also contains as a minimum the information required by IAS 34 Interim Financial Reporting and the requirements of the Companies Act of South Africa as applicable to summarised financial statements.

Summarised consolidated financial statements
The summarised consolidated financial statements do not contain all the disclosures required by the International Financial Reporting Standards and the requirements of the Companies Act of South Africa as applicable to financial statements. Reading the summarised consolidated financial statements and the auditor’s report thereon, therefore, is not a substitute for reading the audited consolidated financial statements of ArcelorMittal South Africa Ltd and the auditor’s report thereon.

The audited consolidated financial statements and our report thereon
We expressed an unmodified audit opinion on the audited consolidated financial statements in our report dated 6 March 2017. That report also includes:

  • A material uncertainty related to going concern section in our audit report, dated 6 March 2017 draws attention to note 36 within the audited consolidated financial statements of ArcelorMittal South Africa Ltd. Aligning herewith, and without qualifying our opinion, we draw attention to note 10 in these summarised consolidated financial statements, states that the group has continuing support from ArcelorMittal Holdings AG in the form of a signed letter of support. In addition, note 10 sets out specific management initiatives and some pending government initiatives, which should they not materialise, indicate the existence of a material uncertainty which may cast significant doubt on the company’s and group’s ability to continue as a going concern
  • The communication of other key audit matters.

Directors’ responsibility for the summarised consolidated financial statements
The directors are responsible for the preparation of the summarised consolidated financial statements in accordance with the requirements of the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards and SAICA Financial Reporting Guides as issued by Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council; also contains as a minimum the information required by IAS 34 Interim Financial Reporting, and the requirements of the Companies Act of South Africa as applicable to summarised financial statements, and for such internal control as the directors determine is necessary to enable the preparation of the summarised consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s responsibility
Our responsibility is to express an opinion on whether the summarised consolidated financial statements are consistent, in all material respects, with the consolidated audited financial statements based
on our procedures, which were conducted in accordance with International Standard on Auditing 810 (Revised): Engagements to Report on Summary Financial Statements.

Deloitte & Touche
Registered Auditors
Per: Mandisi Mantyi
Partner

6 March 2017

Deloitte & Touche
Registered Auditors
Buildings 1 and 2, Deloitte Place
The Woodlands, Woodlands Drive
Woodmead, Sandton


© ArcelorMittal 2017