ArcelorMittal in Record €17 Billion Credit Facility, the Largest Funded General Corporate Deal in the Euromarkets

November 30, 2006

Cleary Gottlieb acted for long-time client ArcelorMittal in the refinancing of the current credit facilities of Mittal Steel Company N.V. and Arcelor S.A. prior to the completion of their merger. The transaction signed on November 30.

The facility involves a syndicate of 26 banks including 17 mandated lead arrangers. The transaction brings together terms from the existing Mittal Steel and Arcelor facilities and was structured to provide for future flexibility in light of the upcoming merger and an innovative structure for novating the debt to a finance company.

Cleary Gottlieb also advised on all of the financing for the combination of Mittal Steel and Arcelor, respectively at the time the largest and second largest steel producers in the world.