ArcelorMittal Announces All Cash Offer to Acquire Baffinland

ArcelorMittal S.A.

announced today that it has entered into a support agreement with Baffinland Iron Mines Corporation pursuant to which ArcelorMittal has agreed to make an offer to acquire all of Baffinland's issued and outstanding common shares and all outstanding common share purchase warrants governed by the warrant indenture dated 31 January 2007 by way of a take-over bid. Under the Offer, holders of Common Shares will receive C$1.10 in cash per Common Share, and holders of 2007 Warrants will receive C$0.10 in cash per 2007 Warrant. The Offer, which values Baffinland's equity at C$433 million on a fully-diluted basis, represents a premium of 15.8% to Baffinland's closing share price of C$0.95 on the Toronto Stock Exchange on 5 November 2010 and a premium of 86.4% to Baffinland's volume weighted average price of C$0.59 on the TSX for the 20 trading days prior to the announcement of the unsolicited bid for Baffinland by Nunavut Iron Ore Acquisition Inc. on 22 September 2010.