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ArcelorMittal Dofasco launches $1.8 billion suit to enforce sale of Wabush Mines

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April 4, 2008


On March 13, 2008, Fasken Martineau commenced proceedings on behalf of ArcelorMittal Dofasco (NYSE: MT) in the Ontario Superior Court of Justice seeking an order compelling U.S. Steel Canada Inc. and Cleveland-Cliffs Inc. to complete the previously announced sale of their respective interests in the Wabush Mines joint venture to ArcelorMittal Dofasco. ArcelorMittal Dofasco had given notice to U.S. Steel Canada and Cleveland-Cliffs that it was exercising its right to purchase their interests in the joint venture on August 30, 2007. However, on March 3, 2008, Cleveland-Cliffs and U.S. Steel Canada purported to withdraw from negotiations with respect to the sale.

The lawsuit seeks $427 million in damages and a court order forcing U.S. Steel Canada and Cleveland-Cliffs to sell their interests in the joint venture to ArcelorMittal Dofasco, or $1.8 billion if ArcelorMittal Dofasco is not awarded the mine.

ArcelorMittal is the world's No. 1 steel company with 320,000 employees in 60 countries. ArcelorMittal Dofasco is a leading North American steel producer and supplier of high quality flat rolled steels.