New York, November 20, 2007—Shearman & Sterling represented ArcelorMittal S.A. in its acquisition of a 12.6% equity stake (10% of fully diluted shares) of General Moly, Inc. for a total consideration of approximately $70 million. As a result of the equity investment, ArcelorMittal will become the second largest shareholder in General Moly.

Luxembourg-based ArcelorMittal is the world’s number one steel company, with 320,000 employees in more than 60 countries. It is the leader in all major global markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and broad distribution networks. General Moly, Inc. is a US-based molybdenum mineral development, exploration and mining company listed on the American Stock Exchange. The company’s primary asset is the Mount Hope project located in central Nevada.

In addition to the equity investment, ArcelorMittal and General Moly have signed a letter of intent with respect to a long term off-take agreement. This agreement would allow for the supply of approximately 6.5 million pounds per year of molybdenum, or 26% of ArcelorMittal’s anticipated annual required consumption, for five years, beginning once Mount Hope commences production, which is expected in the second half of 2010.

Principal attorneys involved are partner George Karafotias (LO-MA) and associate Denise Ho (LO-MA). Other attorneys involved include counsel Mehran Massih (LO-CM) and associates Kelly Karapetyan (NY-AT) and Scott Baggett (SI-PDF).

For additional information contact:
Ron Brandsdorfer| New York | T +1.212.848.5081|