June 22, 2006 — Arcelor’s Board met with Chairman Kinsch to consider the improvements to the Severstal transaction proposed by Mr. Mordashov. All directors were present or represented at the meeting.

The Board also received a status report concerning ongoing discussions between Mittal Steel and Arcelor.

In its meeting, the Board decided to postpone the deadline for shareholders to block shares and file proxies in connection with their participation in person or by authorized representative at the shareholders' meeting of June 30, 2006. The deadline will be postponed to June 28.

The Board also unanimously decided to meet again on Sunday, June 25 in order to make a decision regarding the latest proposals from Mittal Steel and Mr. Mordashov.

Arcelor holds leadership positions in its main markets: automotive, construction, household appliances, packaging and general industry. The company intends to further expand internationally in order to capture the growth potential of developing economies and offer technologically advanced steel solutions to its global customers. In 2006, Arcelor employs 110,000 associates in over 60 countries. The company places its commitment to sustainable development at the heart of its strategy and ambitions to be a benchmark for economic performance, labor relations and social responsibility.