Arcelormittal Announces Extension of Offer to Buy Baffinland Iron Mines

ArcelorMittal today announced that it has extended the time for acceptance of its offer to purchase all of Baffinland Iron Mines Corporation's outstanding common shares at a price of C$1.25 in cash per Common Share and all outstanding common share purchase warrants issued pursuant to a warrant indenture dated 31 January 2007 at a price of C$0.10 in cash per 2007 Warrant until 11:59 p.m. on January 10, 2011.

ArcelorMittal is considering Nunavut Iron Ore Acquisition Inc.'s announcement earlier today that it has amended its partial offer for Common Shares.

ArcelorMittal will promptly mail a notice of extension of the Offer to Baffinland securityholders. Securityholders who have validly deposited their Common Shares and 2007 Warrants need not take any further action to accept the Offer. Shareholders who have not yet tendered their Common Shares and 2007 Warrants now have an extended period of time to do so in accordance with the terms of the Offer. In addition, Baffinland has advised ArcelorMittal that, as requested by ArcelorMittal, the Baffinland board of directors has waived application of Baffinland's shareholder rights plan effective as of 4:59 p.m. (Toronto time) on December 29, 2010.