ArcelorMittal South Africa Annual Report 2009Notes to the group and company annual financial statements for the year ended 31 December 2009 1.  GENERAL INFORMATION ArcelorMittal South Africa Limited (the company) and its subsidiaries (together, the group) manufacture and sell long and flat carbon steel products and beneficiated by-products. The group's operations are primarily concentrated in South Africa with a sales focus domestically and internationally, with specific emphasis on sub-Saharan Africa. The company is a limited liability company incorporated and domiciled in South Africa. The address of the registered office is detailed on page 207. The company's functional currency is the South African Rand (ZAR). The company is listed on the JSE Limited in Johannesburg, South Africa, and is a subsidiary of ArcelorMittal Holdings AG, which is part of the ArcelorMittal Group. 2.  ADOPTION OF NEW AND REVISED STANDARDS 2.1       Standards, Interpretations and Amendments effective in 2009 The following Standards, Amendments thereto and Interpretations as issued by the International Accounting Standards Board (IASB) which are effective for the current reporting period, were early adopted in the previous reporting period: •  IAS I (Revised)Presentation of Financial Statements •  IAS 16 (Amendment)Property, Plant and Equipment Flows; •  IAS 19 (Amendment) •  IAS 20 (Amendment) •  IAS 23 (Amendment) and consequential amendment to IAS 7 •  IAS 27 (Revised) Statement of Cash IFRS 5 (Amendment) Employee Benefits; amendment to IRFS 1 Accounting for Governments Grant and Disclosure of Governmetn Assistance; •  IAS 27 (Amendment) Borrowing Costs; •  IAS 28 (Amendment) Consolidated and Separated Financial Statements , presentation and IFRS 3 (Revised) Business Combinations; •  IAS 29 (Amendment) Non-current Assets Held-for-Sale and Discontinued Operations •  IAS 31 (Amendment) Fisrt - time Adoption of IFRS; presentation and consequential Consolidated and Separate F inancial Statements ; •  IAS 32 (Amendment) Financial Instruments: Disclosures; Investments in Associates and consequential amendments to IAS 32 Financial Instruments: and IFRS 7 and consequential amendments to IAS 32 Financial Instruments: and IFRS 7 Financial Reporting in Hyperinlfationary Economics; Interest in Joint Ventures and •  IAS 36 (Amendment) Financial Instruments: Disclosure; •  IAS 38 (Amendment) Financial Instruments: Presentation •  IAS 39 (Amendment) and IAS 1 (Amendment) •  IAS 40 (Amendment) Impairment of Assets; Presentation of Financial Statements - Puttable Financial Isntruments and Obliogations on Liquidation; Intangible Assets; Investment Property and consequential amendments to IAS 16 Property, Plant and •  IFRS 2 (Amendment) Equipment; Financial Instruments: Recognition and Masurement; •  IFRS 8 Share-Based Payment ; •  IFRIC 15 Operating Segments; •  IFRIC 16 Agreements for Contruction of Real Estates; and Hedges of Net Investment in a Foreign Operation The following Amendment issued by the IASB is effective for the current reporting period and has been adopted: •  IFRS 7 Financial Instruments: Disclosure - Improving Disclosure About Financial Instruments. The amendment to IFRS 7 expanded the disclosures in respect of fair value measurements and liquidity risk. In particular, the amendment requires disclosure of the fair value measurements by level of a value measurement hierarchy. As the adoption results only in additional disclosures, there is no impact on the financial results, financial position or changes therein for the reporting period. The group and company have elected to provide comparative information for these expanded disclosures in the current year.