Aug. 7, 2006 — Arcelor and Mittal Steel Co. announced that Roland Junck has been appointed CEO of the newly formed Arcelor Mittal. Roland Junck is currently Senior Executive Vice President of Arcelor's Group Management Board, a position he has held since Arcelor's creation in 2002 following the merger of Aceralia, Arbed and Usinor. Since 2006 he has held responsibility for Long Carbon Steel Europe, Long Carbon Steel South America, Wire Drawing and Co-ordination China. Prior to the creation of Arcelor, Mr. Junck was a member of the Arbed Group management board, a company he joined in 1980.

Arcelor and Mittal also announced that Aditya Mittal has been appointed CFO of Arcelor Mittal, with additional responsibility for the Flat American business. The other four members of the Arcelor Mittal Management Board will be:

• Michel Wurth, Senior Executive Vice President Flat Products Europe
• Malay Mukherjee, Senior Executive Vice President Stainless, Mining, Asia & Africa
• Gonzalo Urquijo, Senior Executive Vice President Long Products and Distribution.
• Davinder Chugh, Senior Executive Vice President Shared Services

The appointments were approved by the Board of Directors of both Arcelor and Mittal Steel. They take place with immediate effect allowing for the immediate start of the integration process. The new Management Board will meet for the first time on Tuesday, August 8th.

Arcelor and Mittal also announced the following 18 members of the new Arcelor Mittal Board of Directors, subject to shareholder approval:

Arcelor representatives —

• Joseph Kinsch, Chairman of the Board
• Jose Ramon Alvares Rendueles (Independent)
• Edmond Pachura (Independent)
• HRH the Prince Guillaume of Luxembourg (Independent)
• Sergio Silva de Freitas (Independent)
• Jean-Pierre Hansen (Independent)

Mittal Steel representatives —

• Lakshmi N. Mittal, President of the Board
• Vanisha Mittal
• Wilbur Ross
• Lewis Kaden (Independent)
• Francois Pinault (Independent)
• Narayanan Vaghul (Independent)

Shareholder representatives —

• Georges Schmit (Luxembourg State)
• Antoine Spillmann (JMAC)
• Romain Zaleski (Tassara)

Employee representatives —

• John Castegnaro
• Michel Marti
• Manuel Fernandez Lopez

Commenting, Joseph Kinsch, Chairman of the Arcelor Mittal Board, said: "This is an important step toward the creation of the world's first global steelmaker. The high level of competence and the experience of the members of this Management Board will allow Arcelor Mittal to swiftly set up a highly efficient organization which will be best positioned to realize its remarkable value creation potential.

"I have been working closely for years with Roland Junck. His experience in Luxembourg's steel mills, which he contributed to modernize, in Spain after the privatization of the Spanish steel industry, in South America where he steered Arcelor's long carbon business, as well as more recently in China where he oversaw our expansion plans, have given him an in-depth knowledge and a far-reaching vision of the steel industry."

Lakshmi N. Mittal, President of the Board of Arcelor Mittal, said: "I am delighted to be able to announce today the details of the new Management Board and Board of Directors of Arcelor Mittal. I am confident that we have put together a very strong Management Board, comprising some of the most experienced executives in the steel industry. They have already been working closely together over the past six weeks and have established a good rapport which augurs well for the future integration of the two companies.

"I am delighted that Mr. Roland Junck has been appointed as the Chief Executive. I have been very impressed by my dealings with him in recent weeks, which gives me great confidence in his ability to lead the new company. I am looking forward to working closely with him on the future strategy and growth of the new Arcelor Mittal."

Roland Junck, CEO Arcelor Mittal, said: "I am very proud to be taking up the position of CEO at Arcelor Mittal. I have had many happy years working at Arcelor and its predecessor companies. I have also watched with admiration the growth of Mittal Steel which has established itself as one of the most exciting and dynamic companies in the steel industry today.

"I am very excited about the challenges of leading a company of this heritage. The discussions I have had over the past few days with Mr. Mittal have given me great encouragement and I am very much looking forward to working closely with him.

"I will be supported by an exceptional management team and we will work together to deliver on the potential of this great company."

Arcelor Mittal is the world's largest steel company in terms of revenue and production. The company operates 61 plants across 27 countries, employing some 320,000 employees.