In ArcelorMittal's press release, "ArcelorMittal today announced that it has extended the time for acceptance of its offer (the "Offer") to purchase all of Baffinland Iron Mines Corporation's ("Baffinland") outstanding common shares (the "Common Shares") at a price of C$1.40 in cash per Common Share and all outstanding common share purchase warrants issued pursuant to a warrant indenture dated 31 January 2007 (the "2007 Warrants") at a price of C$0.10 in cash per 2007 Warrant until 11:59 p.m. (Toronto time) on 21 January 2011.

ArcelorMittal will promptly mail a notice of extension of the Offer to Baffinland securityholders.

Securityholders who have validly deposited their Common Shares and 2007 Warrants need not take any further action to accept the Offer. Securityholders who have not yet tendered their Common Shares and 2007 Warrants now have an extended period of time to do so in accordance with the terms of the Offer."