Essar Steel Minnesota LLC signs a landmark Iron Ore Pellet Off Take Agreement with ArcelorMittal USA

Essar Steel Minnesota LLC signs a landmark Iron Ore Pellet Off Take Agreement
                            with ArcelorMittal USA

PR Newswire

HIBBING, MN, Feb. 11, 2013

HIBBING, MN, Feb. 11, 2013 /PRNewswire/ - Essar Steel Minnesota LLC ("ESML" or
the "Company") is pleased to announce that it has entered into a long term
iron ore pellet off-take agreement with ArcelorMittal USA ("AMUSA"). The term
of the agreement is ten years and the supply of pellets is expected to
commence during the second half of ESML's fiscal year ending March 31, 2014.

As per the agreement, ESML will supply 3.5 million metric tonnes of standard
and fluxed iron ore pellets annually to ArcelorMittal's North American
operations.

ESML has approximately 2.0 billion metric tonnes of measured, indicated and
inferred magnetite resources, out of which approximately 1.7 billion metric
tonnes are proven and probable reserves. Furthermore, the Company also has
about 290 million metric tonnes of hematite resources. ESML is presently
constructing a 7.0 million metric tonnes per annum iron ore pellet plant at
Nashwauk in Northern Minnesota, at an investment of US$ 1.7 billion.

Madhu Vuppuluri, President and Chief Executive Officer of ESML said: "This
off-take agreement demonstrates the marketability of ESML's high quality
products to third parties in addition to Essar Steel Algoma." He further added
that ESML's diverse product portfolio will include standard, flux and DR grade
pellets, and ESML will be the only producer capable of producing all three
types of pellets in Unites States.

John Brett, Executive Vice President for Finance, Planning and Procurement of
ArcelorMittal, USA, said: "We are pleased to enter into this long term off
take agreement with ESML. This off-take agreement is consistent with our
strategy of securing long term supply of critical raw materials within the
region, and it provides material that meets the stringent standards of our
blast furnaces. ESML's ability to provide different types of pellets provides
us the flexibility to utilize the product at multiple furnaces. "

About Essar Steel Minnesota
Essar Steel  Minnesota LLC  is  a private  resources  company engaged  in  the 
development and mining of iron ore. ESML's iron ore operations are located  in 
the western end of the Mesabi Iron Range in Minnesota, strategically close  to 
critical  infrastructure,  including  rail,  port,  and  surface  connectivity 
systems. The Company is  engaged in the construction  of a mine,  concentrator 
and a 7.0 million metric tonnes per  annum iron ore pellet plant. The  Company 
has access to  significant magnetite resources  which are National  Instrument 
("NI") 43-101  compliant,  with approximately  1.8  billion metric  tonnes  of 
measured and  indicated  resources, out  of  which approximately  1.7  billion 
metric tonnes are proven and probable reserves, and an additional 200  million 
metric tonnes of inferred  resources. In addition the  Company also has  about 
290 million metric tonnes of hematite resources. Essar Steel Minnesota LLC  is 
part of the Essar Group.

For  more   information   about   Essar   Steel   Minnesota,   please   visit: 
www.essarsteelmn.com

About Essar Group
The Essar Group is  a multinational conglomerate and  a leading player in  the 
sectors of steel,  oil and  gas, power,  BPO and  telecom services,  shipping, 
ports and projects and  resources. With operations in  more than 25  countries 
across five  continents, the  Essar  Group employs  over 75,000  people,  with 
annual revenues of US$27 billion.

About ArcelorMittal
ArcelorMittal is the world's leading integrated steel and mining company, with
a presence 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,
ArcelorMittal 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 well-being of its employees, contractors and the
communities in which it operates. It is also committed to the sustainable
management of the environment. 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 2012, ArcelorMittal had revenues of $84.2 billion and crude steel
production of 88.2 million tonnes, representing approximately 6 percent of
world steel output.

ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam
(MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of
Barcelona, Bilbao, Madrid and Valencia (MTS).

For more information about ArcelorMittal, please visit: www.arcelormittal.com.

SOURCE Essar Steel Minnesota LLC

Contact:

Media Contact: Mahendra Mishra, Asst. VP (Commercial)
Essar Steel Minnesota LLC; Email:Mahendra.Mishra@Essar.com; Contact: (218)
312-1424