ArcelorMittal and Nunavut Iron Ore, Inc., a subsidiary of Iron Ore Holdings, LP and a company in The Energy and Minerals Group, have agreed that Nunavut Iron Ore will increase its interest in Baffinland Iron Mines Corporation (Baffinland) from 30% to 50%.

In consideration, Nunavut Iron Ore will increase its share of funding for development of Baffinland’s Mary River Iron Ore Project.

ArcelorMittal will retain a 50% interest in the project as well as operator and marketing rights. The Group will also continue to execute the project development and management for the joint venture.

The arrangements are subject to customary conditions precedent and are expected to be completed early in the new year. The shareholders remain committed to advancing the development of the Mary River Iron Ore Project.

Tom Paddon, President & Chief Executive Officer of Baffinland, said, “This has been an excellent month for the Mary River Iron Ore Project.  Two important milestones have been achieved. Last week, Minister Duncan announced federal approval of the Mary River Iron Ore Project. Now, with these arrangements, we have secured additional shareholder support for the project."

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).

http://corporate.arcelormittal.com/
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