TAKE-UP OF ADDITIONAL BAFFINLAND SECURITIES

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TORONTO AND LUXEMBOURG, Jan. 31 /CNW/ - ArcelorMittal and Nunavut Iron
Ore Acquisition Inc. ("Nunavut Iron" and, together with ArcelorMittal, the "Offerors") announced today that they have taken-up an additional 8,410,670
common shares (the "Common Shares") of Baffinland Iron Mines Corporation ("Baffinland") under their outstanding offer (the "Offer") of C$1.50 per Common Share and C$0.10 per common share purchase
warrants issued pursuant to a warrant indenture dated 31 January 2007
(the "2007 Warrants") of Baffinland.


The additional Common Shares taken-up, together with Common Shares held
by the Offerors, represent approximately 63% of the outstanding Common
Shares on a non-diluted basis (or approximately 61% of the outstanding
Common Shares on an in-the-money, fully diluted basis). The 2007
Warrants held by the Offerors represent approximately 45% of the
outstanding 2007 Warrants.


The Offer remains open for acceptance until 11:59 p.m. (Toronto time) on
February 4, 2011 (the "Expiry Time") to allow Baffinland securityholders who have not yet tendered their
Common Shares and 2007 Warrants time to do so and receive prompt
payment for their tendered securities. Common Shares and 2007 Warrants
tendered to the Offer will be promptly taken-up prior to the Expiry
Time. Payment for such taken-up securities will be made within three
business days of the take-up. Securityholders are encouraged to tender
their remaining Common Shares and 2007 Warrants to the Offer as soon as
possible and in any event prior to the Expiry Time to receive prompt
payment.


Georgeson Shareholder Communications Canada Inc. has been retained as
information agent in connection with the Offer. Computershare Investor
Services Inc. is the depositary for the Offer. Any questions or
requests for assistance or further information on how to tender Common
Shares or 2007 Warrants to the Offer may be directed to, and copies of
the above referenced documents may be obtained by contacting, the
information agent at 1-888-605-7641 or by email at [email protected] or by contacting the depositary at 1-800-564-6253 (North America) or
1-514-982-7555 (overseas), or by email at [email protected]. Securityholders whose Common Shares or 2007 Warrants are registered in
the name of a broker, investment dealer, bank, trust company or other
nominee should contact such nominee for assistance in depositing their
Common Shares and 2007 Warrants to the Offer.


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This document contains forward-looking information and statements about
ArcelorMittal and its subsidiaries. Forward-looking statements may be
identified by the words "will," "believe," "expect" or similar
expressions. Although ArcelorMittal's management believes that the
expectations reflected in such forward-looking statements are
reasonable, investors and holders of ArcelorMittal's securities are
cautioned that forward-looking information and statements are subject
to numerous risks and uncertainties, many of which are difficult to
predict and generally beyond the control of ArcelorMittal, that could
cause actual results and developments to differ materially and
adversely from those expressed in, or implied or projected by, the
forward-looking information and statements. These risks and
uncertainties include those discussed or identified in the filings with
the Luxembourg Stock Market Authority for the Financial Markets
(Commission de Surveillance du Secteur Financier) and the United States
Securities and Exchange Commission (the "SEC") made or to be made by
ArcelorMittal, including ArcelorMittal's Annual Report on Form 20-F for
the year ended 31 December, 2009 filed with the SEC. ArcelorMittal
undertakes no obligation to publicly update its forward-looking
statements, whether as a result of new information, future events or
otherwise.


About ArcelorMittal


ArcelorMittal is the world's leading steel company, with operations in
more than 60 countries.


ArcelorMittal is the leader in all major global steel markets, including
automotive, construction, household appliances and packaging, with
leading R&D and technology, as well as sizeable captive supplies of raw
materials and outstanding distribution networks. With an industrial
presence in over 20 countries spanning four continents, the Company
covers all of the key steel markets, from emerging to mature.


Through its core values of Sustainability, Quality and Leadership,
ArcelorMittal commits to operating in a responsible way with respect to
the health, safety and wellbeing of its employees, contractors and the
communities in which it operates. It is also committed to the
sustainable management of the environment and of finite resources.
ArcelorMittal recognises that it has a significant responsibility to
tackle the global climate change challenge; it takes a leading role in
the industry's efforts to develop breakthrough steelmaking technologies
and is actively researching and developing steel-based technologies and
solutions that contribute to combat climate change.


In 2009, ArcelorMittal had revenues of $65.1 billion and crude steel
production of 73.2 million tonnes, representing approximately 8 per
cent of world steel output.


ArcelorMittal is listed on the stock exchanges of New York (MT),
Amsterdam (MT), Paris (MT), Brussels (MT), Luxembourg (MT) and on the
Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia
(MTS).


For more information about ArcelorMittal visit: http://www.arcelormittal.com/">www.arcelormittal.com.


About Nunavut Iron and Iron Ore Holdings, LP


Nunavut Iron was incorporated under the laws of Canada on August 27,
2010 and is wholly owned by Iron Ore Holdings, LP.


Iron Ore Holdings, LP is a limited partnership formed under the laws of
Delaware and is owned by Bruce Walter, the Chairman of Nunavut Iron,
Jowdat Waheed, the President and Chief Executive Officer of Nunavut
Iron, and funds managed by The Energy & Minerals Group. The Energy &
Minerals Group is a private investment firm with a family of funds with
over US$2 billion under management that invest in the energy and
minerals sectors.




For further information:

NUNAVUT IRON, MEDIA CONTACT: John Lute Lute & Company 416-929-5883 Email: [email protected]