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 the world's leading steel and mining company, with a presence in 60 countries and primary steelmaking facilities in 18 countries. In 2019, ArcelorMittal had revenues of $70.6 billion and crude steel production of 89.8 million metric tonnes, while iron ore production reached 57.1 million metric tonnes. Our goal is to help build a better world with smarter steels. 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 electric vehicles and 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. This is what we believe it takes to be the steel company of the future. 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). For more information about ArcelorMittal please visit: http://corporate.arcelormittal.com/

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