ArcelorMittal in EUR 777 million (US $1 billion) Sale of a Stake in DHS-Dillinger Hütte Saarstahl

Cleary Gottlieb is representing long-time client ArcelorMittal, the world’s leading steel company with over 326,000 employees in more than 60 countries, in connection with the sale of an approximately 21% capital stake in DHS-Dillinger Hütte Saarstahl to SHS-Struktur-Holding-Stahl and DHS-Dillinger Hütte Saarstahl. The transaction was announced on December 15 and is expected to close at the beginning of 2009.

Following the transaction, ArcelorMittal will retain 33.4% of the voting rights in DHS-Dillinger Hütte Saarstahl, which is one of the leading plate mills in Europe, based in Saarland, Germany. In 2007, DHS-Dillinger Hütte Saarstahl shipped approximately 2.3 million tons of heavy plate, primarily to the energy sector. The company currently employs 5,230 staff. The combined proceeds from the transaction, comprising the sale of shares and the dividend proposed for the year 2008, amount to Euro 777 million (USD 1 billion).