Arcelormittal and Nunavut Iron Ore Acquisition Take-Up Additional Shares of Baffinland Iron Mines

ArcelorMittal and Nunavut Iron Ore Acquisition Inc. announced today that they have taken-up an additional 8,410,670 common shares of Baffinland Iron Mines Corporation under their outstanding 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 of Baffinland.

The additional Common Shares taken-up, together with Common Shares held by the Offerors, represent approximately 63% of the outstanding Common Shares on a non-diluted basis (or approximately 61% of the outstanding Common Shares on an in-the-money, fully diluted basis). The 2007 Warrants held by the Offerors represent approximately 45% of the outstanding 2007 Warrants.

The Offer remains open for acceptance until 11:59 p.m. (Toronto time) on February 4, 2011 (the "Expiry Time") to allow Baffinland securityholders who have not yet tendered their Common Shares and 2007 Warrants time to do so and receive prompt payment for their tendered securities. 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 receive prompt payment.