core sector communique

ArcelorMittal, Nunavut Iron and Baffinland announce changes to Baffinland board of directors

Baffinland appoints new Baffinland appoints new President and Chief Executive Officer

Toronto 27 January 2011 / Luxembourg 28 January 2011 - ArcelorMittal, Nunavut Iron Ore Acquisition Inc. (together the " Offerors ") and Baffinland Iron Mines Corporation (" Baffinland ") today announced changes to the Baffinland Board of Directors. Effective immediately, the Baffinland Board of Directors has accepted the resignations of Richard D. McCloskey, Grant Edey, John W. Lydall, Russell Cranswick and Gordon Watts. The Baffinland Board of Directors has been expanded to eleven directors and the open board seats have been filled by the following directors - Aditya Mittal, Sudhir Maheshwari, Phil Du Toit, Peter Kukielski, Carole Whittall, André La Flèche, Bruce Walter and Jowdat Waheed.

Aditya Mittal has been appointed Chair of the Baffinland Board of Directors and Phil Du Toit has been named President and Chief Executive Officer of Baffinland.

Daniella Dimitrov, Gary Fietz and Ronald Simkus will continue as directors on the Baffinland Board of Directors.

"The Board would like to thank Richard, Grant, John, Russell and Gordon for their dedication to Baffinland and the Mary River Project" said Aditya Mittal, Chair of the Baffinland Board of Directors.

The Offerors have today paid for the common shares of Baffinland (" Common Shares ") and Common Share purchase warrants issued pursuant to a warrant indenture dated 31 January 2007 (the " 2007 Warrants ") tendered up to January 24, 2011 to their outstanding offer (the " Offer ") of C$1.50 per Common Share and C$0.10 per 2007 Warrant and now own 61% of the outstanding Common Shares (on a non-diluted basis).

The Offer remains open for acceptance until 11:59 p.m. (Toronto time) on February 4, 2011 (the " Expiry Time ") to allow Baffinland securityholders who have not yet tendered their Common Shares and 2007 Warrants time to do so and receive prompt payment for their tendered securities. Common Shares and 2007 Warrants tendered to the Offer will be promptly taken-up prior to the Expiry Time. Payment for such taken-up securities will be made within three business days of the take-up. Shareholders are encouraged to tender their remaining Common Shares and 2007 Warrants to the Offer as soon as possible and in any event prior to the Expiry Time to receive prompt payment.

Georgeson Shareholder Communications Canada Inc. has been retained as information agent in connection with the Offer. Computershare Investor Services Inc. is the depositary for the Offer.