ArcelorMittal cancels 50 million treasury shares

Rhea-AI Summary

On September 22, 2021, ArcelorMittal announced the cancellation of 50 million treasury shares, following approval from its Extraordinary General Meeting on June 8, 2021. This action is aimed at maintaining appropriate levels of treasury shares and follows a previously announced US$2.2 billion share buyback initiated on July 29, 2021. Post-cancellation, the total number of shares in circulation will be 982,809,772, down from 1,032,809,772. Additional details about the share buyback can be found on ArcelorMittal's corporate website.

Positive

• Effective share cancellation reduces total shares outstanding, which may enhance earnings per share.
• Share buyback indicates confidence in the company's financial stability.

Negative

• None.

22 September 2021, 17:20 CET

In line with the authorisation granted by the Extraordinary General Meeting of Shareholders held on 8 June 2021, the Board of ArcelorMittal has decided to cancel 50 million treasury shares to keep the number of treasury shares within appropriate levels. This cancellation takes into account the shares already purchased under the US$2.2 billion share buyback announced on 29 July 2021.

As a result of this cancellation, ArcelorMittal will have 982,809,772 shares in issue (compared to 1,032,809,772 before the cancellation).

Details on share buyback programs can be found at: https://corporate.arcelormittal.com/investors/equity-investors/share-buyback-program

With reference to article 14 of the Luxembourg law and the Grand Ducal regulation of 11 January 2008, on transparency requirements for issuers of securities (“Transparency Law”), ArcelorMittal announces that the total number of voting rights and capital is available in the Luxembourg Stock Exchange’s electronic database OAM on www.bourse.lu and on the Company’s website under “Investors - Corporate Governance - Shareholding structure”.

FAQ

What is the impact of ArcelorMittal's recent share cancellation on stock MT?

The cancellation of 50 million treasury shares may enhance the earnings per share for stock symbol MT by reducing the total shares outstanding.

When was the share cancellation by ArcelorMittal announced?

The share cancellation was announced on September 22, 2021.

How many shares does ArcelorMittal have after the recent cancellation?

After the cancellation, ArcelorMittal will have 982,809,772 shares in circulation.

What was the reason for ArcelorMittal's share buyback program?

The share buyback program was initiated to manage treasury shares and convey confidence in the company's financial health.