ArcelorMittal South Africa Annual Report 2009 Audit Committee report The Audit Committee comprised of the following independent non-executive directors during the year and to the date of this report. Mr EK Diack (Chairman with effect from 4 February 2010) Mr M Macdonald (member with effect from 4 February 2010) Mr DCG Murray Mr MJN Njeke (resigned as Chairman with effect from 4 February 2010) The Audit Committee reports that it has adopted appropriate formal terms of reference as its Audit Committee mandate, and has regulated its affairs in compliance with this mandate, and has discharged all of the responsibilities set out therein The Audit Committee considered the matters set out in section 270A(5) of the Companies Act, as amended by the Corporate Laws Amendment Act, and is satisfied with the independence and objectivity of Deloitte & Touche as external auditors and Mr R Duffy, as the designated auditor. The Audit Committee further approved the fees to be paid to Deloitte & Touche and their terms of engagement and pre-approved any proposed contract with Deloitte & Touche for the provision of non-audit services to the company. As required by the JSE Listings Requirement 3.84(h), the Audit Committee has satisfied itself that the Chief Financial Officer has the appropriate expertise and experience. The Audit Committee is satisfied that there was no material breakdown in the internal accounting controls during the financial year. This is based on the information and explanations given by management and the group internal assurance function Subsequent to year-end the company learned that Sishen Iron Ore Company (Proprietary) Limited (SIOC) is disputing that it remains obliged to supply iron ore to the company on a cost-related basis. This dispute is more fully described note 39. The Audit Committee has evaluated the financial statements of ArcelorMittal South Africa Limited and the group for the yearended 31 December 2009 and, based on the information provided to the Audit Committee, considers that the group complies, in all material respects, with the requirements of the Companies Act (61 of 1973), as amended, and International Financial Reporting Standards (IFRS). EK Diack Audit and Risk Committee Chairman 19 March 2010