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ArcelorMittal Adjusts Offer Price for ArcelorMittal Inox Brasil SA

03/18/2008 - ArcelorMittal is reducing the offer price in the delisting tender offer for all shares of Arcelor Mittal Inox Brasil SA to reflect interim dividends recently declared by the company.

ArcelorMittal is reducing the offer price in the delisting tender offer for all shares of Arcelor Mittal Inox Brasil SA, which was previously known as Acesita SA. The price decrease reflects interim dividends declared by the company in a Notice to Shareholders dated March 14, 2008, in accordance with the terms of section 1.5.3 of the Offer Notice published on March 5, 2008.
 
ArcelorMittal’s original offer price was R$ 100.00 per common share and R$ 100.00 per preferred share, and, after the subtraction of the interest on equity already declared on December 19, 2007 and the recent declaration of interim dividends, the offer price will be R$94.55 per common share and R$94.00 per preferred share, still subject to adjustment by the Referential Rate – TR plus 6% per year, starting February 28th, 2008 through to the Offer auction date (April 4, 2008). At the current exchange rate, this transaction will represent a cash disbursement of up to around US$1.76 billion.
 
The company notes that this announcement does not constitute an offer to acquire company securities in any jurisdiction. Any offer that may be made will be made to all holders of company shares that are located in Brazil. Shareholders located outside of Brazil may participate in the offer on the condition that such holders are permitted to do so under the laws and regulations of the jurisdiction in which they are located.
 
ArcelorMittal is the largest and most global steel company, with 310,000 employees in more than 60 countries. The company leads a number of major global markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. An industrial presence in 28 European, Asian, African, and American countries exposes the company to key steel markets, from emerging to mature, positions it will be looking to develop in the high-growth Chinese and Indian markets.
 
ArcelorMittal’s key unaudited financials for 2007 show revenues of USD 105.2 billion, with a crude steel production of 116 million tonnes, representing around 10% of world steel output.