Baffinland Shares and Extend Offer until February 17, 2011

bwire




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




ArcelorMittal and Nunavut Iron Ore Acquisition Inc. ("Nunavut Iron"
and, together with ArcelorMittal, the "Offerors") announced
that they have taken-up an additional 89,710,019 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 over 90% of the outstanding Common Shares on
a non-diluted basis (or approximately 89% of the outstanding Common
Shares on an in-the-money, fully diluted basis).




The Offerors also announced that they have taken-up an additional
1,862,806 2007 Warrants under the Offer. The additional 2007 Warrants
taken-up, together with the 2007 Warrants held by the Offerors represent
approximately 76% of the outstanding 2007 Warrants.




To provide Baffinland securityholders who have not yet tendered their
securities a final opportunity to accept the Offer and ensure receipt of
prompt payment for their Common Shares and 2007 Warrants, the Offerors
have announced that the time for acceptance of the Offer has been
extended to 11:59 p.m. on 17 February 2011 (the "Expiry Time").
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 ensure they receive prompt payment for their Baffinland
securities.




Holders of Common Share purchase warrants issued pursuant to a warrant
indenture dated December 10, 2009 between Baffinland and Computershare
Investor Services Inc., as warrant agent (the "2009 Warrants"), are
encouraged to promptly exercise their 2009 Warrants in order to acquire
Common Shares sufficiently in advance of the Expiry Time to tender such
Common Shares under the terms of the Offer, as described in the
take-over bid circular in respect of the Offer, as amended and
supplemented (the "Circular").




Following the Expiry Time, the Offerors intend to effect one or more
Second Step Transactions, as described in the Circular, to acquire any
remaining Common Shares (on an in the money, fully-diluted basis) and
2007 Warrants. The timing and details of any such transaction(s) will
necessarily depend on a variety of factors, as described in the
Circular, however under such transaction(s) all such 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(s) could take up to 60 days from the
expiry of the Offer. As a result, Baffinland securityholders should be
aware that if they tender to the Offer they will receive payment
promptly, whereas if they do not tender and one or more Second Step
Transactions are completed, while 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 such transaction(s).




The notice of extension in respect of the extension of the Offer will be
mailed to Baffinland securityholders promptly and will be available on
SEDAR at
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.












Contact information ArcelorMittal Investor RelationsEurope
+325 4792 2484Americas +1 312 899 3569Retail +352 4792 2434SRI
+44 203 214 2854Bonds/Credit +33 171 92 10 26orContact
information ArcelorMittal Corporate CommunicationsE-mail:[email protected]:
+352 4792 5000orArcelorMittal Corporate CommunicationsGiles
Read (Head of Media Relations) +44 20 3214 2845Arne Langner +352
4792 3120Lynn Robbroeckx +44 20 3214 2991orUnited
KingdomMaitland Consultancy:Rebecca Mitchell /
Martin Leeburn + 44 20 7379 5151orFranceImage 7Sylvie
Dumaine / Anne-Charlotte Creach +33 1 5370 747