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ACL
ACL
ACL - Arcelormittal update and cautionary announcement
ArcelorMittal South Africa Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1989/002164/06)
Share Code: ACL
ISIN: ZAE000134961
("ArcelorMittal")
ARCELORMITTAL UPDATE AND CAUTIONARY ANNOUNCEMENT
Further to the announcement dated 26 February 2010, pertaining to a notice
that was received by ArcelorMittal from Sishen Iron Ore Company (Pty) Limited
("SIOC") (collectively "the parties") ArcelorMittal`s shareholders are
notified as follows:
- The parties have commenced a dispute resolution process in accordance
with the provisions of the supply agreement, which includes arbitration,
to resolve the dispute relating to the supply of iron ore and matters
related thereto;
- Both parties are in agreement that this will be expedited;
- an interim arrangement is being considered and negotiated following
receipt of a proposal from SIOC on the terms of short term iron ore
supply;
- SIOC will continue to supply iron ore to ArcelorMittal and the situation
with Thabazimbi Iron Ore Mine remains unaffected by this process.
ArcelorMittal has considered the assertions made by SIOC relating to the
mineral rights. Nevertheless, the company remains of the firm opinion that
the long term supply agreement remains valid and binding and will take all
steps necessary to protect its shareholders in this regard. Management will
take all necessary steps to minimise the financial impact on the business.
ArcelorMittal and JSE Limited ("the JSE") have agreed to the lifting of the
halt in the trade of ArcelorMittal securities on the securities exchange
operated by the JSE with immediate effect.
Shareholders will be kept advised of developments in this regard.
Shareholders are advised to exercise caution in dealing in their
ArcelorMittal securities until a further announcement is made.
3 March 2010
Vanderbijlpark
Sponsor
Deutsche Securities (SA) (Proprietary) Limited
For further information please contact:
Ms Marion Green-Thompson
Tel:. +27 (0) 11 722 8620
Mobile: + 27 (83) 384 3629
Mr Julian Gwillim
Mobile: + 27 (82) 452 4389
Date: 03/03/2010 15:00:02 Produced by the JSE SENS Department.
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