ArcelorMittal in $3 Billion Offering and Debt Tender Offer

February 28, 2012

Cleary Gottlieb represented ArcelorMittal in a registered offering of an aggregate principal amount of $3 billion of debt securities, including $500 million of 3.75% 3-year notes, $1.4 billion of 4.50% 5-year notes and $1.1 billion of 6.25% 10-year notes. J.P. Morgan, BofA Merrill Lynch, and Citigroup acted as joint book-running managers for the offering. This offering closed on February 28.

Concurrently, Cleary Gottlieb is representing ArcelorMittal in a fixed-price cash tender offer for its outstanding 5.375% notes due June 1, 2013. The tender offer was launched on February 23 and will expire on March 1. J.P. Morgan Securities is acting as dealer manager in the tender offer.

ArcelorMittal intends to use the proceeds of the bond offering for general corporate purposes and to repay revolving credit facility loans due in 2012 as well as potentially to help fund the simultaneous debt tender offer.

From 2009 through 2011, Cleary Gottlieb represented ArcelorMittal in eight capital markets transactions that generated aggregate proceeds of over $15.3 billion.

ArcelorMittal is the world’s largest and most global steel producer. In 2011, ArcelorMittal had revenues of $94.0 billion and crude steel production of 91.9 million tonnes, representing approximately 6 per cent of world steel output. The Group’s mining operations produced 54 million tonnes of iron ore and 8 million tonnes of metallurgical coal.