ArcelorMittal in Offering of Erdemir Shares and Warrants Exercisable for Erdemir Shares

April 2, 2012

Cleary Gottlieb represented ArcelorMittal in its sale of 134,317,503 shares and a series of warrants in respect of 134,317,503 shares in the Turkish steelmaker Erdemir by way of a single accelerated bookbuilt offering to institutional investors (including to QIBs in the United States). For every three shares purchased, investors received three warrants with staggered maturities and accreting strike prices. Goldman Sachs International acted as sole bookrunner in connection with the offering.

The offering launched on March 27 and priced on March 28. Settlement of the shares occurred on March 30 and settlement of the warrants occurred on April 2. The warrants traded on the Open Market (Freiverkehr) segment of the Frankfurt Stock Exchange.

Following the transaction, ArcelorMittal holds approximately 18.7% of Erdemir’s share capital, declining to approximately 12.5% if all of the warrants are exercised. The sale is pursuant to ArcelorMittal’s announced strategy of selective divestment of non-core assets.

Long-standing Cleary Gottlieb client ArcelorMittal is the world’s largest and most global steel producer as well as a leading mining company.