AMSTERDAM, NETHERLANDS: ArcelorMittal has announced a new share buyback program in the amount of $2.2 billion under the authorization given by the annual general meeting of shareholders held on 8 June 2021.
Company will return the proceeds from the redeemed Cleveland Cliffs preference shares and advance a part of its prospective 2022 capital return to shareholders (to be funded from 2021 surplus cash flow under the capital return policy announced in February 2021) by launching a new $2.2 billion share buyback. This Program will be completed by 31 December 2021, subject to market conditions.
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 $2.2 billion in accordance with the AGM Authorization and applicable market abuse regulations. The Program will commence on 2 August 20211.
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.
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).