Arcelor SA announced last week its intention to make an enhanced all-cash offer to acquire all of the outstanding common shares of Canadian steelmaker Dofasco Inc. at C$63.00 per share.

Arcelor said it expects that Dofasco’s Board of Directors will recognize that this offer is superior to ThyssenKrupp's offer. Arcelor also commented that it is open to approaches by Dofasco's Board of Directors and/or another party to finalize the acquisition at this attractive price level for the Dofasco Shareholders.

Guy Dollé, Arcelor’s CEO, reiterated that "Expansion into North America is a key strategic objective for Arcelor. We believe that Arcelor is an excellent partner for Dofasco. As a partner of the Arcelor group, Dofasco will become a stronger, more competitive steel producer on the North American steel market."

Mr. Dollé also underlined that Dofasco's highly regarded corporate values with respect to its relations with employees, and its legacy of active community engagement, are principles that Arcelor shares and will continue to support.

Arcelor’s offer will be open for acceptance for 35 days and will contain certain conditions that are customary to transactions of this nature, including the valid tender, and non-withdrawal, of at least 66-2/3% of Dofasco's common shares, waiver or other appropriate measures dealing with Dofasco's shareholder rights plan, receipt of required regulatory consents and approvals, the absence of litigation, no material adverse change at Dofasco and certain other conditions. Full details of the offer will be included in the formal take-over bid and circular documents, which Arcelor expects to mail to Dofasco shareholders in the coming days.

UBS and Merrill Lynch are acting as financial advisers to Arcelor in the context of this enhanced offer.

Dofasco is a leading North American steel solutions provider. Product lines include hot rolled, cold rolled, galvanized, Extragal^(TM), Galvalume^(TM) and tinplate flat rolled steels, as well as tubular products, laser-welded blanks and Zyplex^(TM), a proprietary laminate. Dofasco's wide range of steel products is sold to customers in the automotive, construction, energy, manufacturing, pipe and tube, appliance, packaging and steel distribution industries.

Arcelor is a leading player of the global steel industry, with leading positions in its main markets: automotive, construction, household appliances and packaging as well as general industry. The company — number one steel producer in Europe and Latin America — aspires to further expand internationally in order to capture the growth potential of developing economies and offer technologically advanced steel solutions to its global customers. Arcelor employs 94,000 associates in over 60 countries. The company places its commitment to sustainable development at the heart of its strategy and aspires to be a benchmark for economic performance, labor relations and corporate social responsibility.