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ArcelorMittal Receives Regulatory Approvals For the Acquisition of Baffinland Iron Mines Corporation

Wednesday, December 15th, 2010

ArcelorMittal, the world’s leading steel company, announce 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 (the Offer) to acquire all of Baffinland’s outstanding common shares (the Common Shares) and all outstanding Baffinland common share purchase warrants governed by the warrant indenture dated 31 January 2007 (the 2007 Warrants) 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.
Full details of the Offer are included in ArcelorMittal’s take-over bid circular and Baffinland’s directors’ circular mailed to Baffinland securityholders on 13 November 2010. The Offer remains open for acceptance until 11:59 p.m. (Toronto time) on 20 December 2010, unless withdrawn or extended by ArcelorMittal.

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