September 07, 2008

De listing offer for ArcelorMittal Inox Brazil

ArcelorMittal announced that it has received a letter from BNDES Participações SA BNDESPAR disclosing its intention to sell its shares in the de listing cash offer for all the outstanding shares of the ArcelorMittal Inox Brasil SA announced on December 4th by ArcelorMittal.

ArcelorMittal currently owns a 57% stake in ArcelorMittal Inox Brasil.

BNDESPAR’s intention to sell in the Offer is subject to
1. A price representing the higher of
(a) ZAR 100 per preferred share, increased at a rate equal to the TR, a basic interest rate published by the Brazilian Central Bank, plus 6% per year, starting February 28th 2008, reduced by dividends and interest on capital paid from December 4th 2007 to the day of the settlement of the Offer
(b) The market price of the preferred shares at the time of the Offer

2. Payment in reais at the settlement of the Offer

3. Conclusion of the Offer on or prior to April 15th 2008.

Currently BNDESPAR owns 12.707.827 preferred shares of the Company.

Assuming that the conditions of the Offer proposed by ArcelorMittal are confirmed after the registration process with the Brazilian Securities Commission, then, assuming that BNDESPAR tenders its shares in the Offer, BNDESPAR’s shares, together with that of the shareholders of the ArcelorMittal Inox Brasil who have already communicated their intention to sell in the Offer, as disclosed in the press release issued by the Company on December 4th 2007, would permit ArcelorMittal to reach the minimum acceptance level required in the Offer for de listing to be achieved.

ArcelorMittal restated its intention to launch a de listing cash offer to acquire the 43% of outstanding shares in ArcelorMittal Inox Brasil it does not currently own and clarifies that it has already obtained final board approval to file the offer with the CVM and intends to do so as soon as possible.