Baffinland appoints new Chief Executive Officer
TORONTO/LUXEMBOURG, Jan. 27 /CNW/ - 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
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. Any questions or
requests for assistance or further information on how to tender Common
Shares or 2007 Warrants to the Offer may be directed to, and copies of
the above referenced documents may be obtained by contacting, the
information agent at 1-888-605-7641 or by email at email@example.com or by contacting the depositary at 1-800-564-6253 (North America) or
1-514-982-7555 (overseas), or by email at firstname.lastname@example.org. Securityholders whose Common Shares or 2007 Warrants are registered in
the name of a broker, investment dealer, bank, trust company or other
nominee should contact such nominee for assistance in depositing their
Common Shares and 2007 Warrants to the Offer.
This document contains forward-looking information and statements about
ArcelorMittal and its subsidiaries. These statements include statements
regarding plans, objectives and expectations with respect to future
operations and statements regarding future performance generally.
Forward-looking statements may be identified by the words "will,"
"believe," "expect" or similar expressions. Although ArcelorMittal's
management believes that the expectations reflected in such
forward-looking statements are reasonable, investors and holders of
ArcelorMittal's securities are cautioned that forward-looking
information and statements are subject to numerous risks and
uncertainties, many of which are difficult to predict and generally
beyond the control of ArcelorMittal, that could cause actual results
and developments to differ materially and adversely from those
expressed in, or implied or projected by, the forward-looking
information and statements. These risks and uncertainties include those
discussed or identified in the filings with the Luxembourg Stock Market
Authority for the Financial Markets (Commission de Surveillance du
Secteur Financier) and the United States Securities and Exchange
Commission (the "SEC") made or to be made by ArcelorMittal, including
ArcelorMittal's Annual Report on Form 20-F for the year ended 31
December, 2009 filed with the SEC. ArcelorMittal undertakes no
obligation to publicly update its forward-looking statements, whether
as a result of new information, future events or otherwise.
ArcelorMittal is the world's leading steel company, with operations in
more than 60 countries.
ArcelorMittal is the leader in all major global steel 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. With an industrial
presence in over 20 countries spanning four continents, the Company
covers all of the key steel markets, from emerging to mature.
Through its core values of Sustainability, Quality and Leadership,
ArcelorMittal commits to operating in a responsible way with respect to
the health, safety and wellbeing of its employees, contractors and the
communities in which it operates. It is also committed to the
sustainable management of the environment and of finite resources.
ArcelorMittal recognises that it has a significant responsibility to
tackle the global climate change challenge; it takes a leading role in
the industry's efforts to develop breakthrough steelmaking technologies
and is actively researching and developing steel-based technologies and
solutions that contribute to combat climate change.
In 2009, ArcelorMittal had revenues of $65.1 billion and crude steel
production of 73.2 million tonnes, representing approximately 8 per
cent of world steel output.
ArcelorMittal is listed on the stock exchanges of New York (MT),
Amsterdam (MT), Paris (MT), Brussels (MT), Luxembourg (MT) and on the
Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia
For more information about ArcelorMittal visit: www.arcelormittal.com
About Nunavut Iron and Iron Ore Holdings, LP
Nunavut Iron was incorporated under the laws of Canada on August 27,
2010 and is wholly owned by Iron Ore Holdings.
Iron Ore Holdings is a limited partnership formed under the laws of
Delaware for the purpose of making the Offer. Iron Ore Holdings is
owned by Bruce Walter, the Chairman of Nunavut Iron, Jowdat Waheed, the
President and Chief Executive Officer of Nunavut Iron, and funds
managed by The Energy & Minerals Group. The Energy & Minerals Group is
a private investment firm with a family of funds with over US$2 billion
under management that invest in the energy and minerals sectors.
Baffinland is a Canadian publicly-traded junior mining company that is
focused on its wholly-owned Mary River iron ore deposits located on
Baffin Island, Nunavut Territory, Canada. Baffinland's Common Shares
trade on the Toronto Stock Exchange under the trading symbol BIM.
For more information about Baffinland visit www.baffinland.com.
SOURCE Nunavut Iron Ore
For further information:
NUNAVUT IRON, MEDIA CONTACT:
Lute & Company