Feb. 20, 2006 — Atticus Capital LP sent a letter to Mr. Guy Dolle, President of the Group Management Board and CEO of Arcelor SA.

In its letter, the company stated, “As one of Arcelor's large shareholders, we were very disappointed by the Board's initial reaction to the tender offer made by Mittal Steel on January 27th and by your continued refusal to meet with them to discuss their offer for our company.”

Atticus Capital went on to affirm that it believes in the industrial and financial merits of the transaction, which would offer synergies and strategic benefits to all participants. The letter also stated that the company believes that a transaction with Mittal Steel would be in the best interests of Arcelor shareholders and stakeholders.

“We urge you to objectively consider the merits of a transaction with Mittal Steel and to engage in negotiations in order to maximize their offer, which stakeholders should then be able to judge on its merits,” continued the letter. “A recommended deal would be of value to all parties and could surely lead to an improved offer.”

“We would like to remind you of the Board of Directors' obligations and fiduciary duty to your shareholders, and we reserve the right to protect our interests through voting at the April 28th AGM and/or through the courts.

“We look forward to hearing back from you so that we might discuss the matter soon,” concluded the letter.

Atticus Capital LP is a leading investment management firm, with in excess of US$10 billion of assets under management. Founded by Timothy Barakett in 1995, the firm is headquartered in New York with an office in London. Atticus invests in global securities markets on behalf of its clients. Timothy Barakett, Chairman and CEO, and David Slager, Vice Chairman, lead the firm's portfolio management team. Nathaniel Rothschild is the Co-Chairman of the firm.