Arcelor: Press Release.

LUXEMBOURG -- As announced on May 26, 2006, Arcelor (ISIN:LU0140205948)(Pink Sheets:ARLOF)(Paris:LOR) entered into a Strategic Alliance Agreement (SAA) with Alexey Mordashov. This agreement remains enforceable despite Arcelor's Board of director's recommendation of Mittal Steel's revised offer.

Arcelor shall fully abide by its commitments and obligations under the SAA, including by maintaining the June 30 shareholders meeting which is designed to allow Arcelor shareholders to express their views vis-a-vis the SeverStal transaction. The SAA provides that such shareholders meeting cannot be adjourned of cancelled by Arcelor.

Consequently, Arcelor invites all shareholders wishing to express their views on the SeverStal transaction, as announced on May 26, to participate in such meeting in person or by proxy and reminds them that the ultimate date for the filing of the appropriate documentation and voting instructions is June 28, 2006.

Arcelor indicates that until such date, shareholders may change or amend any voting instructions they would have already sent, in the same way as they sent the original ones.

Arcelor reiterates that the SAA may be terminated in particular in the following manners:

1. by mutual consent of the parties;

2. by Mr. Mordashov following the recommendation by the Board of Directors of Arcelor of the revised Mittal Steel offer;

3. by both parties in the following events:

a. at the June 30 shareholders meeting, shareholders representing more than 50% of the outstanding share capital of Arcelor shall have voted against the SeverStal transaction;

b. in case Mittal Steel acquires 50% or more of the shares of Arcelor on a fully diluted basis, i.e. including the shares issued or to be issued to Mr. Mordashov, as applicable

As previously announced on June 19, 2006, the Board of Directors of Arcelor reserved the right to convene and extraordinary shareholders meeting in order to allow its shareholders to decide on the distribution to the Arcelor shareholders of EUR 6.5 billion in case the Mittal Steel offer was not successful. Arcelor indicates that if the now recommended revised Mittal Steel offer was successful, it shall not proceed with such distribution.

About Arcelor

Arcelor is the number one steel company in the world with a turnover of 32.6 billion euros in 2005. The company holds leadership positions in its main markets: automotive, construction, household appliances and packaging as well as general industry. The company - number one steel producer in Europe and Latin America - ambitions to further expand internationally in order to capture the growth potential of developing economies and offer technologically advanced steel solutions to its global customers. In 2006, Arcelor employs 110,000 associates in over 60 countries. The company places its commitment to sustainable development at the heart of its strategy and ambitions to be a benchmark for economic performance, labour relations and social responsibility.

For more information visit www.arcelor.com