Jan. 24, 2007 — Mittal Steel Co. NV announced that the President of the Rotterdam District Court has denied ThyssenKrupp AG’s petition for an order directing Mittal Steel to cause Arcelor SA to initiate legal proceedings against the Strategic Steel Stichting with a view to forcing the Stichting to dissolve. Among other reasons for its decision, the Court stated that Mittal Steel cannot be expected to do more than it has already done in order to seek dissolution of the Stichting.

The Stichting currently owns 89% of North American steel producer Dofasco Inc.

ThyssenKrupp sued Mittal Steel in the Rotterdam District Court on December 22, 2006 alleging that their January 26, 2006 Letter of Agreement regarding the sale of Dofasco, required Mittal Steel to cause Arcelor to bring suit to dissolve the Stichting, and seeking a Court order directing Mittal Steel to do so. On April 3, 2006, Arcelor transferred 89% of Dofasco’s shares to the Stichting, thereby preventing Mittal Steel or Arcelor from selling Dofasco unless the Stichting is dissolved and returned the shares. The Letter Agreement can be terminated if the sale is not completed by April 26, 2007.

By resolutions adopted respectively on September 25 and October 11, 2006, the Boards of Directors of Mittal Steel and Arcelor had formally requested that the Stichting dissolve and return the Dofasco shares to Arcelor. On November 10, 2006, the Stichting’s board of directors unanimously decided not to dissolve and to retain the Dofasco shares, thereby continuing to prevent their sale.

Mittal Steel defended ThyssenKrupp’s suit on the grounds that the Letter Agreement did not require it to initiate legal proceedings against the Stichting because the prospects for success of such a lawsuit were remote, based on advice received from Dutch legal experts. The Mittal Steel and Arcelor Boards of Directors decided on January 9, 2007 not to commence such litigation, based on this advice.

A public hearing in this matter was held in Rotterdam on January 11, 2007.

Mittal Steel is subject to a consent decree filed by the United States Department of Justice on August 1, 2006, to resolve a complaint by the Department that Mittal Steel’s acquisition Arcelor would likely reduce competition in the tin mill products market in the eastern United States. The decree requires Mittal Steel to sell Dofasco but provides that, if Mittal Steel is unable to do so, it must sell either its Weirton or Sparrows Point facility, at the election of the Department. Discussions with the Department are continuing.

Arcelor Mittal is the world's number one steel company, with 330,000 employees in more than 60 countries. Arcelor Mittal is a leader in such major global markets as 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 27 European, Asian, African and American countries exposes the company to all the key steel markets, from emerging to mature, positions it will be looking to develop in the high-growth Chinese and Indian markets.