ArcelorMittal — Director's Dealing 2008

Mar 21, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NOBLE INTERNATIONAL, LTD. (NOBL)
CIK: 0001034258
Period of Report: 2008-03-19

Reporting Person: ArcelorMittal (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-03-19	Common Stock	P	3174603	$15.75	Disposed	15030561	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-03-19	Convertible Note	$15.75	A	1	Acquired	2013-03-13	Common Stock (3174603)	Direct

Footnotes

F1: Represents shares issuable upon conversion of Convertible Note. See Table II.

F2: The Convertible Note initially is convertible into shares of Common Stock at $15.75 per share, subject to adjustment as follows. On each of June 30, September 30, and December 31, 2008 and March 31, 2009 (each, a "Reset Date"), the conversion price will adjust to the lower of (i) the conversion price in effect at such Reset Date and (ii) a 30% premium over the simple average of each trading day's volume weighted average price for the 30 days ending on the last trading day immediately preceding such Reset Date (but not less than $10.40 per share); provided that, in the absence of approval by the Company's stockholders, in no event would the number of shares issuable upon conversion exceed 20% of the Company's outstanding shares on March 20, 2008. ( Continued in Footnote 3 )

F3: The conversion price also is subject to adjustment, from time to time, in certain events, including upon any stock split, stock dividend, recapitalization or otherwise, or the issuance of shares of Common Stock or options or other securities convertible into or exchangeable for shares of Common Stock at a price per share, or a conversion or exchange price per share, less than the conversion price of the Convertible Note then in effect. Upon conversion, the amount to be converted also will include accrued and unpaid interest, if any, and late charges, if any, with respect to the principal and interest converted. The number of shares reported does not include any shares issuable with respect to such accrued and unpaid interest or late charges.