ArcelorMittal South Africa Annual Report 2009 Report of the independent auditors To the shareholders of ArcelorMittal South Africa Limited We have audited the annual financial statements and group annual financial statements of ArcelorMittal South Africa Limited, which comprise the directors’ report and the statement of financial position and the consolidated statement of financial position as at 31 December 2009, the income statement and the consolidated income statement, the statement of comprehensive income and the consolidated statement of comprehensive income, the statement of cash flows and the consolidated statement of cash flows and the statement of changes in equity and the consolidated statement of changes in equity for the year ended, a summary of significant accounting policies and other explanatory notes, as set out on pages 65 to 203. Directors’ responsibility for the financial statements The company’s directors are responsible for the preparation and fair presentation of these financial statements in in accordance with International Financial Reporting Standards, and in the manner required by the Companies Act of South Africa. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditors’ responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting principles used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall financial statement presentation. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the annual financial statements present fairly, in all material respects, the financial position of the group and of the company as at 31 December 2009, and of their financial performance and their cash flows for the year then ended in accordance with International Financial Reporting Standards, and in the manner required by the Companies Act of South Africa. Emphasis of matter subsequent event Without qualifying our opinion we draw attention to note 39 to the annual financial statements. On 5 February 2010, the group and company received a notice from Sishen Iron Ore Company (Proprietary) Limited that, with effect from 1 March 2010, it is no longer obliged to supply iron ore to the group and company, on a cost plus 3% basis. The company is currently involved in a dispute resolution process with Sishen Iron Ore Company (Proprietary) Limited over this and other matters. The ultimate outcome of the matter cannot presently be determined. Deloitte & Touche Registered Auditors Per RM Duffy, Partner 19 March 2010 Deloitte & Touche Buildings 1 and 2, Deloitte Place Docex 10 Johannesburg The Woodlands Office Park, Woodlands Drive Private Bag X6, Gallo Manor 2052 Woodmead, Sandton South Africa National Executive: GG Gelink, Chief Executive; AE Swiegers, Chief Operating Officer; GM Pinnock, Audit; DL Kennedy, Tax & Legal and Risk Advisory; L Geeringh, Consulting; L Bam, Corporate Finance; CR Beukman, Finance; TJ Brown, Clients & Markets; NT Mtoba, Chairman of the Board, CR Qually, Deputy Chairman of the Board. A full list of partners and directors is available on request.