ADDITIONAL BAFFINLAND SECURITIES

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TORONTO/LUXEMBOURG, Feb. 1 /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 4,773,400
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 65% of the outstanding Common
Shares on a non-diluted basis (or approximately 62% 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