ArcelorMittal announces the commencement of a second US$1 billion share buyback program for 2022

Rhea-AI Summary

ArcelorMittal has announced a second share buyback program worth US$1 billion, authorized at the annual general meeting on 4 May 2022. This adds to the previously announced US$1 billion buyback, totaling US$2 billion for 2022. The buyback aims to fulfill obligations under equity exchangeable debt, reduce share capital, and meet employee share program commitments. The program's completion is dependent on market conditions and is expected by the end of 2022. Notably, a significant shareholder has opted out of this program.

Positive

• Total buyback amount now reaches US$2 billion for 2022, enhancing shareholder value.
• Share buyback intended to fulfill debt obligations and reduce share capital, which may positively impact share price.

Negative

• Significant shareholder's decision to not participate may imply hesitation regarding the company’s financial strategy.

5 May 2022, 7:15 CET

Following publication of the first quarter 2022 results press release dated 5 May 2022 (the ‘ER Press Release’)¹, ArcelorMittal announces a second share buyback program in the amount of US$1 billion (the ‘Program’) under the authorization given by the annual general meeting of shareholders of 4 May 2022, bringing the total 2022 buybacks announced so far to US$2 billion. For the background to this Program, reference is made to the ER Press Release. The Program is expected to be completed by the end of 2022, subject to market conditions.

The Significant Shareholder has decided not to participate in the Program consistent with the position announced in the press release dated 25 February 2022².

The shares acquired under the Program are intended:

1) To meet ArcelorMittal’s obligations under debt obligations exchangeable into equity securities;

2) To reduce ArcelorMittal’s share capital, and/or;

3) To meet ArcelorMittal’s obligations arising from employee share programs.

ENDS

About ArcelorMittal

ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and primary steelmaking facilities in 16 countries. In 2021, ArcelorMittal had revenues of $76.6 billion and crude steel production of 69.1 million metric tonnes, while iron ore production reached 50.9 million metric tonnes.

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 E-mail	+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

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¹ https://corporate.arcelormittal.com/media/press-releases/arcelormittal-reports-first-quarter-2022-results
² https://corporate.arcelormittal.com/media/press-releases/arcelormittal-announces-that-its-significant-shareholder-has-decided-not-to-further-participate-in-its-1-billion-share-buyback-program

FAQ

What is the total amount of ArcelorMittal's share buyback program in 2022?

ArcelorMittal's total share buyback program for 2022 amounts to US$2 billion.

What are the reasons for ArcelorMittal's US$1 billion share buyback announced on May 5, 2022?

The buyback aims to meet obligations under debt obligations, reduce share capital, and fulfill employee share program commitments.

When is the ArcelorMittal share buyback program expected to be completed?

The buyback program is expected to be completed by the end of 2022, subject to market conditions.

How does the share buyback program affect ArcelorMittal's stock price?

The share buyback program may positively influence ArcelorMittal's stock price by reducing the number of shares available in the market.

Did any significant shareholders participate in ArcelorMittal's latest buyback program?

No, a significant shareholder has decided not to participate in the share buyback program.