Steel giant ArcelorMittal (MT) said Friday it has formed a joint bid with former rival Nunavut Iron Ore Acquisition Inc. for Baffinland Iron Mines Corp. (BIM.T) of Canada.

ArcelorMittal, the world's largest steel producer, said Nunavut is joining as a joint offeror for 100% of Baffinland's outstanding common shares with an increased offer of C$1.50 a common share in cash.

This is ArcelorMittal's fourth bid for Baffinland, which is developing the Mary River iron ore project in Nunavut, northern Canada.

ArcelorMittal and Nunavut Iron will own 70% and 30% of Baffinland respectively upon successful completion of this latest ArcelorMittal offer, which is extended to Jan. 24.

"Together with Nunavut Iron, we are providing a more attractive offer to Baffinland shareholders than either of us were prepared to provide on our own," said Peter Kukielski, head of mining at ArcelorMittal.

The all-cash offer for 100% of Baffinland's common shares and 2007 warrants remains subject to the same conditions, except the revised ArcelorMittal offer is subject to an increased minimum tender condition.

-By Devon Maylie, Dow Jones Newswires; +44 20 7842 9483; devon.maylie@dowjones.com
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