Regulatory News
ArcelorMittal, Nunavut Iron Ore Acquisition Inc. (together the
"Offerors") and Baffinland Iron Mines Corporation
(“Baffinland”) today announced changes to the Baffinland
Board of Directors. Effective immediately, the Baffinland Board of
Directors has accepted the resignations of Richard D. McCloskey,
Grant Edey, John W. Lydall, Russell Cranswick and Gordon Watts. The
Baffinland Board of Directors has been expanded to eleven directors
and the open board seats have been filled by the following
directors – Aditya Mittal, Sudhir Maheshwari, Phil du Toit, Peter
Kukielski, Carole Whittall, André La Flèche, Bruce Walter and
Jowdat Waheed.
Aditya Mittal has been appointed Chair of the Baffinland Board
of Directors and Phil du Toit has been named President and Chief
Executive Officer of Baffinland.
Daniella Dimitrov, Gary Fietz and Ronald Simkus will continue as
directors on the Baffinland Board of Directors.
"The Board would like to thank Richard, Grant, John, Russell and
Gordon for their dedication to Baffinland and the Mary River
Project" said Aditya Mittal, Chair of the Baffinland Board of
Directors.
The Offerors have today paid for the common shares of Baffinland
(“Common Shares”) and Common Share purchase warrants issued
pursuant to a warrant indenture dated 31 January 2007 (the "2007
Warrants") tendered up to January 24, 2011 to their outstanding
offer (the “Offer”) of C$1.50 per Common Share and C$0.10
per 2007 Warrant and now own 61% of the outstanding Common Shares
(on a non-diluted basis).
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. Shareholders 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.
Georgeson Shareholder Communications Canada Inc. has been
retained as information agent in connection with the Offer.
Computershare Investor Services Inc. is the depositary for the
Offer. Any questions or requests for assistance or further
information on how to tender Common Shares or 2007 Warrants to the
Offer may be directed to, and copies of the above referenced
documents may be obtained by contacting, the information agent at
1-888-605-7641 or by email at askus@georgeson.com or by contacting
the depositary at 1-800-564-6253 (North America) or 1-514-982-7555
(overseas), or by email at corporateactions@computershare.com.
Securityholders whose Common Shares or 2007 Warrants are registered
in the name of a broker, investment dealer, bank, trust company or
other nominee should contact such nominee for assistance in
depositing their Common Shares and 2007 Warrants to the Offer.
This document contains forward-looking information and
statements about ArcelorMittal and its subsidiaries. These
statements include statements regarding plans, objectives and
expectations with respect to future operations and statements
regarding future performance generally. Forward-looking statements
may be identified by the words "will," "believe," "expect" or
similar expressions. Although ArcelorMittal's management believes
that the expectations reflected in such forward-looking statements
are reasonable, investors and holders of ArcelorMittal's securities
are cautioned that forward-looking information and statements are
subject to numerous risks and uncertainties, many of which are
difficult to predict and generally beyond the control of
ArcelorMittal, that could cause actual results and developments to
differ materially and adversely from those expressed in, or implied
or projected by, the forward-looking information and statements.
These risks and uncertainties include those discussed or identified
in the filings with the Luxembourg Stock Market Authority for the
Financial Markets (Commission de Surveillance du Secteur Financier)
and the United States Securities and Exchange Commission (the
"SEC") made or to be made by ArcelorMittal, including
ArcelorMittal's Annual Report on Form 20-F for the year ended 31
December, 2009 filed with the SEC. ArcelorMittal undertakes no
obligation to publicly update its forward-looking statements,
whether as a result of new information, future events or
otherwise.
About ArcelorMittal
ArcelorMittal is the world's leading steel company, with
operations in more than 60 countries.
ArcelorMittal is the leader in all major global steel markets,
including automotive, construction, household appliances and
packaging, with leading R&D and technology, as well as sizeable
captive supplies of raw materials and outstanding distribution
networks. With an industrial presence in over 20 countries spanning
four continents, the Company covers all of the key steel markets,
from emerging to mature.
Through its core values of Sustainability, Quality and
Leadership, ArcelorMittal commits to operating in a responsible way
with respect to the health, safety and wellbeing of its employees,
contractors and the communities in which it operates. It is also
committed to the sustainable management of the environment and of
finite resources. ArcelorMittal recognises that it has a
significant responsibility to tackle the global climate change
challenge; it takes a leading role in the industry's efforts to
develop breakthrough steelmaking technologies and is actively
researching and developing steel-based technologies and solutions
that contribute to combat climate change.
In 2009, ArcelorMittal had revenues of $65.1 billion and crude
steel production of 73.2 million tonnes, representing approximately
8 per cent of world steel output.
ArcelorMittal is listed on the stock exchanges of New York (MT),
Amsterdam (MT), Paris (MT), Brussels (MT), Luxembourg (MT) and on
the Spanish stock exchanges of Barcelona, Bilbao, Madrid and
Valencia (MTS).
For more information about ArcelorMittal visit:
www.arcelormittal.com
About Nunavut Iron and Iron Ore Holdings, LP
Nunavut Iron was incorporated under the laws of Canada on August
27, 2010 and is wholly owned by Iron Ore Holdings.
Iron Ore Holdings is a limited partnership formed under the laws
of Delaware for the purpose of making the Offer. Iron Ore Holdings
is owned by Bruce Walter, the Chairman of Nunavut Iron, Jowdat
Waheed, the President and Chief Executive Officer of Nunavut Iron,
and funds managed by The Energy & Minerals Group. The Energy
& Minerals Group is a private investment firm with a family of
funds with over US$2 billion under management that invest in the
energy and minerals sectors.
About Baffinland
Baffinland is a Canadian publicly-traded junior mining company
that is focused on its wholly-owned Mary River iron ore deposits
located on Baffin Island, Nunavut Territory, Canada. Baffinland’s
Common Shares trade on the Toronto Stock Exchange under the trading
symbol BIM.
For more information about Baffinland visit
www.baffinland.com.
About ArcelorMittal
ArcelorMittal is the world's leading steel company, with
operations in more than 60 countries.
ArcelorMittal is the leader in all major global steel markets,
including automotive, construction, household appliances and
packaging, with leading R&D and technology, as well as sizeable
captive supplies of raw materials and outstanding distribution
networks. With an industrial presence in over 20 countries spanning
four continents, the Company covers all of the key steel markets,
from emerging to mature.
Through its core values of Sustainability, Quality and
Leadership, ArcelorMittal commits to operating in a responsible way
with respect to the health, safety and wellbeing of its employees,
contractors and the communities in which it operates. It is also
committed to the sustainable management of the environment and of
finite resources. ArcelorMittal recognises that it has a
significant responsibility to tackle the global climate change
challenge; it takes a leading role in the industry's efforts to
develop breakthrough steelmaking technologies and is actively
researching and developing steel-based technologies and solutions
that contribute to combat climate change.
In 2009, ArcelorMittal had revenues of $65.1 billion and crude
steel production of 73.2 million tonnes, representing approximately
8 per cent of world steel output.
ArcelorMittal is listed on the stock exchanges of New York (MT),
Amsterdam (MT), Paris (MT), Brussels (MT), Luxembourg (MT) and on
the Spanish stock exchanges of Barcelona, Bilbao, Madrid and
Valencia (MTS).
For more information about ArcelorMittal visit:
www.arcelormittal.com
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