ArcelorMittal announces share buyback program
ArcelorMittal has announced a share buyback program with a maximum amount of US$650 million, authorized by its AGM in June 2020. This program will help meet obligations related to debt exchangeable into equity securities and reduce share capital. Following this, a second program worth US$570 million will commence, aligning with the company's capital returns policy. Both buyback programs are set to be completed by 31 December 2021. The share repurchase agreement ensures that the Significant Shareholder maintains their voting rights.
- Initiation of a US$650 million share buyback program.
- Second buyback program of US$570 million in alignment with the capital returns policy.
- Strengthened shareholder value through share reductions.
- None.
15 February 2021, 08:00 CET
ArcelorMittal (‘the Company’) today announces a share buyback program (the ‘Program’) under the authorization given by the annual general meeting of shareholders held on June 13, 2020 (the ‘AGM Authorization’).
For the background to this Program, reference is made to the Company’s press release dated 9 February relating to the Company selling 40 million Cleveland-Cliffs common shares for gross proceeds of US
The shares acquired under the Program are intended:
1) To meet ArcelorMittal’s obligations under debt obligations exchangeable into equity securities, and/or;
2) To reduce its share capital.
ArcelorMittal intends to repurchase shares for an aggregate maximum amount of US
Furthermore, on completion of the Program, ArcelorMittal will commence a further share buyback program for an aggregate amount of US
ENDS
1 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
About ArcelorMittal
ArcelorMittal is one of 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.
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
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