Arcelor Board reject Mittal's revised offer

Arcelor's Board of Directors met at headquarters under the chairmanship of Mr Joseph Kinsch on Sunday. Following a detailed review and analysis of the revised terms of Mittal Steel's unsolicited offer of May 19, 2006 for all of the shares and convertible bonds of Arcelor, the Mittal Steel standalone business plan recently delivered to Arcelor, the letter sent to Arcelor by a minority of shareholders representing or claiming to represent some 30% of Arcelor capital, the consequences of various timing scenarios for the proposed self tender offer and having consulted Morgan Stanley on the financial aspects of Mittal Steel's revised offer, the Board has unanimously concluded that Mittal Steel's current offer is inadequate as it continues to undervalue Arcelor