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

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 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.

About ArcelorMittal

ArcelorMittal is one of the world’s leading integrated steel and mining companies with a presence in 60 countries and primary steelmaking operations in 15 countries. It is the largest steel producer in Europe, among the largest in the Americas, and has a growing presence in Asia through its joint venture AM/NS India. ArcelorMittal sells its products to a diverse range of customers including the automotive, engineering, construction and machinery industries, and in 2023 generated revenues of $68.3 billion, produced 58.1 million metric tonnes of crude steel and, 42.0 million tonnes of iron ore. Our purpose is to produce smarter steels for people and planet. Steels made using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for the renewable energy infrastructure that will support societies as they transform through this century. With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that change. ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
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