Arcelor Mittal signs MoU with Orissa govt

Rotterdam/Luxembourg, December 21, 2006 - Arcelor Mittal, the world’s largest and most global steel company has signed a Memorandum of Understanding (MoU) with the Orissa government in India for setting up a steel making operation in the Keonijhar District.

The company now intends to undertake a Detailed Project Report (DPR) based on the needs of
the steel plant. This would include captive mining facilities, captive power supply, water supply
infrastructure and other facilities as required including setting up townships for its employees.

The project is expected to entail an investment of approximately Rs 40,000 crores (appro-ximately US$9 billion). The intention is to build an integrated steel plant with a total annual capacity of 12 million tonnes. The project would be developed in two phases of 6 million tonnes each. It is expected that the first phase would be completed within 48 months from the date of the Submission of the DPR and the second phase within a further 54 months after the
completion of Phase 1.

The Company has also pledged its support to the community as part of its commitment to Corporate Social Responsibility in the countries in which it operates.

Commenting, on this Lakshmi N. Mittal, President and CEO of Arcelor Mittal, said:
“We have always said that we want to have an operational presence in India. The Indian
economy is demonstrating excellent growth and steel consumption is set to increase
considerably in the future.

“Orissa is well known for its rich mineral reserves and as such is an ideal location for such a
Greenfield venture. Mr Naveen Patnaik, its Chief Minister, has done an excellent job in
attracting foreign investment to the region and it is showing signs of becoming one of the major
steel industry hubs of the future.”