Securities and Recommend Baffinland Securityholders Tender to Offer to Ensure Prompt Payment

bwire




TORONTO & LUXEMBOURG (Business Wire) -- Regulatory News:




ArcelorMittal and Nunavut Iron Ore Acquisition Inc. ("Nunavut Iron"
and, together with ArcelorMittal, the "Offerors") announced
today that they have taken-up an additional 6,214,900 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 67% of the outstanding Common
Shares on a non-diluted basis (or approximately 64% 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.




The Offerors currently intend to effect a subsequent acquisition
transaction to acquire the remaining Common Shares and 2007 Warrants, as
described in the take-over bid circular in respect of the Offer, as
amended and supplemented. The timing and details of any such transaction
will necessarily depend on a variety of factors, as described in the
take-over bid circular, however under such transaction all Common Shares
and 2007 Warrants will be mandatorily acquired at the same price of
$1.50 per Common Share and $0.10 per 2007 Warrant as under the Offer.
Completion of such transaction will require up to 60 days or potentially
longer from the expiry of the Offer. As a result, Baffinland
shareholders and warrant holders should be aware that if they tender to
the Offer they will receive payment for their Common Shares and 2007
Warrants promptly, whereas if they do not tender and a subsequent
acquisition transaction is completed, while their Common Shares and 2007
Warrants will be acquired at the same price as paid under the Offer,
payment will not be made until after completion of that transaction. In
addition, the tax consequences to a securityholder of a subsequent
acquisition transaction may differ from the tax consequences to such
securityholder of accepting the Offer.




In the event the Offerors take up in excess of 66⅔% of the Common Shares
(on an in-the-money, fully diluted basis) prior to the current expiry of
the Offer on February 4, 2011, the Offerors do not currently intend to
extend the Expiry Time beyond February 4, 2011.




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.




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.












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