ArcelorMittal Receives Regulatory Approvals For the Acquisition of Baffinland Iron Mines

ArcelorMittal MT announced today that the Commissioner of Competition under the Competition Act (Canada) has issued a "no action" letter to ArcelorMittal confirming that the Commissioner of Competition does not intend to challenge ArcelorMittal's acquisition of Baffinland in respect of its offer to acquire all of Baffinland's outstanding common shares and all outstanding Baffinland common share purchase warrants governed by the warrant indenture dated 31 January 2007 and waiving the notification requirement with respect to the transaction. This constitutes compliance with the requirements for Competition Act approval under the Offer. ArcelorMittal also confirmed today that it has previously received notification from Industry Canada that the Offer is not subject to review under the Investment Canada Act and has confirmed that no notification or approval in connection with the Offer is required under the Canada Transportation Act. As a result, there are no further conditions of the Offer with respect to regulatory approvals outstanding. Under the terms of the Offer, holders of Common Shares will receive C$1.10 in cash for each Common Share and holders of 2007 Warrants will receive C$0.10 in cash per 2007 Warrant. The board of directors of Baffinland has approved the Offer and unanimously recommends that Baffinland's securityholders tender their Common Shares and 2007 Warrants to the Offer. Baffinland securityholders are encouraged to tender their securities to the Offer as soon as possible.