Davis Polk advised the joint global coordinators and joint bookrunners, together with a syndicate of underwriters, in connection with an SEC-registered rights offering by ArcelorMittal. The rights offering comprised public offerings in the United States, the Netherlands, France, Luxembourg and Spain. A total of 1,602,304,194 new shares were subscribed for in the rights offering, including through oversubscription, representing a subscription rate of 126.9%. The rights offering raised gross proceeds of approximately $3 billion.

With steel-making operations in 19 countries on four continents, ArcelorMittal is the world’s largest and most global steel producer and a significant producer of iron ore and coal. ArcelorMittal’s shares are listed on the NYSE, Euronext Amsterdam, Euronext Paris, the Luxembourg Stock Exchange and the Bolsas de Valores of Madrid, Barcelona, Bilbao and Valencia.

The Davis Polk corporate team included partner John Banes, counsel Connie I. Milonakis and Amy T. Alter and associate Géraldine Fromage. Partner John D. Paton, counsel Alon Gurfinkel and associate Omer Harel provided tax advice. Members of the Davis Polk team are based in the London and Paris offices.

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