ArcelorMittal cancels 70 million treasury shares

Rhea-AI Summary

ArcelorMittal has announced the cancellation of 70 million treasury shares as part of a strategy approved by shareholders on June 8, 2021. This action aligns with the previously announced US$ 2.2 billion share buyback program initiated on July 29, 2021. Post-cancellation, the company will have 1,032,809,772 shares outstanding, reducing the previous count of 1,102,809,772 shares.

This move aims to maintain appropriate treasury share levels, contributing positively to shareholder value.

Positive

• Cancellation of 70 million treasury shares enhances shareholder value.
• Execution of a US$ 2.2 billion share buyback program indicates strong financial strategy.

Negative

• None.

ArcelorMittal cancels 70 million treasury shares

4 August 2021, 18:45 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 70 million treasury shares to keep the number of treasury shares within appropriate levels. This cancellation also takes into account the US$ 2.2 billion share buyback announced on 29 July 2021.
As a result of this cancellation, ArcelorMittal will have 1,032,809,772 shares in issue (compared to 1,102,809,772 before the cancellation).

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

Details on the US$ 2.2 billion buyback announced last week can be found here:
https://corporate.arcelormittal.com/media/press-releases/arcelormittal-announces-new-2-2-billion-share-buyback-program

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 $53.3 billion and crude steel production of 71.5 million metric tonnes, while iron ore production reached 58.0 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

 

FAQ

What does the cancellation of treasury shares by MT mean for shareholders?

The cancellation of 70 million treasury shares is expected to enhance shareholder value by reducing the total number of outstanding shares, thereby potentially increasing earnings per share.

When was the treasury shares cancellation approved for MT?

The treasury shares cancellation was approved by the shareholders on June 8, 2021.

What was the amount involved in the share buyback program announced by MT?

ArcelorMittal announced a share buyback program worth US$ 2.2 billion.

How many shares will ArcelorMittal have after the cancellation?

After the cancellation of 70 million treasury shares, ArcelorMittal will have 1,032,809,772 shares outstanding.

What date was the share buyback program announced by MT?

The share buyback program was announced on July 29, 2021.