CORRECTING and REPLACING: Arcelor Mittal Starts Share Buy-Back Program

Second graph, first sentence of release should read: "On March 30, 2007, the Board of Directors of Arcelor Mittal has unanimously approved the start of this share buy-back program and has appointed Fortis and Exane BNP Paribas for the execution of the share buy-back program." (sted "On March 30, 2007, the Board of Directors of Arcelor Mittal has unanimously approved the start of this share buy-back program and has appointed Dexia Securities and Exane BNP Paribas for the execution of the share buy-back program."). The corrected release reads: ARCELOR MITTAL STARTS SHARE BUY-BACK PROGRAM Today, Arcelor Mittal1 announces the start of a share buy-back program to repurchase class A common shares up to a maximum aggregate amount of USD 590 million (equivalent to EUR 443 million2 at an exchange rate of USD 1.33182 per EUR 1.0 as at March 30, 20072). This share buy-back program follows Arcelor Mittal’s announcement on September 27, 2006 of a proposed new dividend policy of returning 30% of its net income to shareholders every year through an annual base dividend supplemented by additional share buy-backs. It is Arcelor Mittal’s intention to either use the repurchased class A common shares exclusively for future share issues in view of current or future employee stock option plans and other allocations of shares to employees, or to cancel the repurchased class A common shares in due course. On March 30, 2007, the Board of Directors of Arcelor Mittal has unanimously approved the start of this share buy-back program and has appointed Fortis and Exane BNP Paribas for the execution of the share buy-back program. The Board of Directors has been authorized to repurchase class A common shares by the general meeting of shareholders of Arcelor Mittal on May 9, 2006, for a period of 18 months, ending on November 8, 2007. The general meeting of shareholders shall be requested at the annual general meeting of shareholders to be held at May 15, 2007 to renew that authorization for a period of 18 months, ending on November 15, 2008. All class A common shares repurchased via this share buy-back program shall be repurchased through transactions executed on any of the stock exchanges at which the class A common shares are listed. The class A common shares are currently listed on the Eurolist market of Euronext Amsterdam N.V., the Eurolist market of Euronext Brussels SA/NV, the Eurolist market of Euronext Paris S.A., the regulated market of the Luxembourg Stock Exchange, the stock exchanges of Barcelona, Bilbao, Madrid and Valencia, and the New York Stock Exchange ("NYSE”). The maximum number of class A common shares that may be repurchased under this share buy-back program is the lower of (i) the number of class A common shares acquired when the USD 590 million limit is attained and (ii) the number of class A common shares acquired when ten percent of the total number of the then-issued class A and class B common shares has been repurchased, including any shares held by the company (i.e., at the date hereof up to 125,370,445 shares). The maximum price per class A common share to be paid in cash shall be not more than 125% of the share price on the NYSE or Euronext Amsterdam and no less than the par value of the share at the time of repurchase. The price on the NYSE or Euronext Amsterdam will be the higher of: (i) the average of the final listing price per class A common share according to the Official Price List of Euronext Amsterdam during the 30 consecutive days on which Euronext Amsterdam is open for trading preceding the three trading days prior to the date of repurchase, and (ii) the average of the closing price per class A common share on the NYSE during 30 consecutive days on which the NYSE is open for trading preceding the three trading days prior to the date of repurchase. The share buy-back program is expected to start on April 3, 2007. The share buy-back program shall end at the earliest of (i) December 31, 2007 (provided that the general meeting of shareholders shall at the annual general meeting of shareholders to be held at May 15, 2007 renew the current authorization for the Board of Directors for a period of 18 months, ending on November 15, 2008), (ii) the moment on which the aggregate purchase price of class A common shares acquired by Arcelor Mittal since the start of this share buy-back program attains the USD 590 million limit, or (iii) the moment on which Arcelor Mittal and its subsidiaries shall hold ten percent of the total number of the then-issued class A and class B common shares. As at March 29, 2007, 6,645,404 class A common shares were held directly or indirectly by Arcelor Mittal in treasury, representing 0.48% of the issued share capital on the same date, i.e., 1,320,158,490 class A common shares and 72,150,000 class B common shares carrying all the same voting rights. These treasury shares have been repurchased for the following purposes, respectively: 15,000 class A common shares held on behalf of Arcelor Mittal through a liquidity contract; and 6,630,404 class A common shares held in view of current or future employee stock option or other allocation of shares to employees. Disclosure of trading in own shares between August 21, 2006 and March 29, 2007: Percentage ownership held, directly or indirectly, in treasury: 0.48% Number of shares cancelled over the last 24 months: none Number of shares in the portfolio: 6.645.404 class A common shares. Book value of the portfolio as of December 31, 2006: 83 M$ Market value of the portfolio (based on closing trading price of Arcelor Mittal shares on March 29, 2007 on Euronext Paris i.e., €39.28): € 261,031,469 The above data are provided as of March 29, 2007   Aggregate gross flows Positions open at the program description publication date   Purchases(a) Sales / Transfers (a) Open long positions   Open short positions No. of shares   8,900,067  8,885,067  Calls purchased   Long futures contracts   Calls written   Short futures contracts Average maximum expiration date   -  -  -    -    -    -  Average traded price   €31.6733 €31.7523 -    -    -    -  Average strike price   -  -  -    -    -    -  Amount   €281,894,266 €282,121,405 -    -    -    -  (a) Transactions made between August 21, 2006 and March 29, 2007 under the liquidity contract entered into with SG Securities in August 21, 2006. Notice to Investors The share buy-back program does not constitute an offer to purchase or a solicitation of an offer to purchase any securities, or an invitation by or on behalf of Arcelor Mittal to purchase any such securities in circumstances or in any jurisdiction in which such an offer or solicitation is unlawful. The share buy-back program is not intended to constitute a tender offer by or on behalf of Arcelor Mittal for its own class A common shares. Arcelor Mittal has taken no steps to allow for a tender offer for its own class A common shares in any jurisdiction. This document may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such a jurisdiction. About Arcelor Mittal Arcelor Mittal is the world's number one steel company, with 320,000 employees in more than 60 countries. The company brings together the world's number one and number two steel companies, Arcelor and Mittal Steel. Arcelor Mittal is the leader in all major global markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. An industrial presence in 27 European, Asian, African and American countries exposes the company to all the key steel markets, from emerging to mature, positions it will be looking to develop in the high-growth Chinese and Indian markets. Arcelor Mittal key pro forma financials for 2006 show combined revenues of USD 88.6 billions, with a crude steel production of 118 million tonnes, representing around 10 per cent of world steel output. Arcelor Mittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MTP), Brussels (MTBL), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid (MTS) and Valencia. 1 Mittal Steel Company N.V. 2 ECB Exchange rate as per 30 March 2007