ArcelorMittal announces closing of its second share buyback program and launching of a third US$750 million share buyback program
ArcelorMittal announces the completion of its second share buyback program, repurchasing 17,847,057 shares for approximately €468.8 million (US$570 million) at an average price of €26.27. A third buyback program is set to begin today with a value of US$750 million, funded by the sale of Cleveland-Cliffs common stock. This initiative aims to meet debt obligations and decrease share capital, expected to conclude by 31 December 2021.
- Completion of a €468.8 million buyback enhances shareholder value.
- Third buyback program worth $750 million signals confidence in financial stability.
- None.
18 June 2021, 15:50 CET
ArcelorMittal (or the ‘Company’) today announces that it has completed the second share buyback program announced on 4 March 2021 under the authorization given by the annual general meeting of shareholders of 13 June 2020 (the ‘2020 AGM Authorization’) and 8 June 2021 (the ‘2021 AGM Authorization’).
By market close on 17 June 2021, ArcelorMittal had repurchased 17,847,057 million shares for a total value of approximately
ArcelorMittal will today commence a third share buyback program (the ‘Program’) under the authorization given by the 2021 AGM Authorization for an aggregate amount of US
The shares acquired under the Program are intended:
- to meet ArcelorMittal’s obligations under debt obligations exchangeable into equity securities, and/or;
- to reduce its share capital.
ArcelorMittal intends to repurchase shares for an aggregate maximum amount of US
[2] The Significant Shareholder has declared its intention to enter into a share repurchase agreement with ArcelorMittal, to sell each trading day on which ArcelorMittal has purchased shares under the Program, an equivalent number of shares, at the proportion of the Significant Shareholder’s stake in the Company of
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and primary steelmaking facilities in 17 countries. In 2020, ArcelorMittal had revenues of
Our goal is to help build a better world with smarter steels. Steels made using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for electric vehicles and renewable energy infrastructure that will support societies as they transform through this century. With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that change. This is what we believe it takes to be the steel company of the future.
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: http://corporate.arcelormittal.com/
| Contact information ArcelorMittal Investor Relations | |
| General | +44 20 7543 1128 |
| Retail | +44 20 3214 2893 |
| SRI | +44 20 3214 2801 |
| Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
| Contact information ArcelorMittal Corporate Communications | |
| Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
FAQ
What was the total amount of shares repurchased in the second buyback program for ArcelorMittal?
How much is the third share buyback program initiated by ArcelorMittal?
When is the third share buyback program expected to be completed?
What is the purpose of the third share buyback program for ArcelorMittal?
