Arcelor Mittal Signs Memorandum of Understanding for Greenfield Project in Orissa, India.

ROTTERDAM, The Netherlands & LUXEMBOURG -- Arcelor Mittal (ISIN:LU0140205948) (Pink Sheets:ARLOF) (Paris:LOR), the world's largest and most global steel company today announces that it has signed a Memorandum of Understanding with the Government of the State of Orissa in India concerning 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 (approximately 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, Mr Lakshmi N. Mittal, President and CEO, 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."

About Arcelor Mittal

Arcelor Mittal is the world's number one steel company, with 330,000 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 the first nine months of 2006 show combined revenues of USD 65.4 billions, with approximate production capacity of 130 million tonnes a year, representing around 10 per cent of world steel output.

Arcelor Mittal is currently listed under the legal entity Mittal Steel NV 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.

Forward-Looking Statements

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