ArcelorMittal announced Monday that the Commissioner of Competition under the Competition Act Canada has issued a "no action" letter to ArcelorMittal confirming that the Commissioner of Competition does not intend to challenge ArcelorMittal's acquisition of Baffinland Iron Mines Corporation in respect of its offer to acquire all of Baffinland's outstanding common shares and all outstanding Baffinland common share purchase warrants governed by the warrant indenture dated January 31, 2007 and waving the notification requirement with respect to the transaction. This constitutes compliance with the requirements for Competition Act approval under the Offer.
ArcelorMittal also confirmed today that it has previously received notification from Industry Canada that the offer is not subject to review under the Investment Canada Act and has confirmed that no notification or approval in connection with the offer is required under the Canada Transportation Act. As a result, there are no further conditions of the offer with respect to regulatory approvals outstanding.