ArcelorMittal announces new $2.2 billion share buyback program
29 Juillet 2021 - 7:30AM
ArcelorMittal announces new $2.2 billion share buyback program
29 July 2021,
07:30
CET
ArcelorMittal (the ‘Company’) today announces a new share
buyback program in the amount of $2.2 billion (the ‘Program’) under
the authorization given by the annual general meeting of
shareholders held on 8 June 2021 (the ‘AGM Authorization’).
For the background to this Program, reference is made to the
Company’s second quarter and half year 2021 results press release
dated 29 July 2021 which outlines that it will (i) return the
proceeds from the redeemed Cleveland Cliffs preference shares and
(ii) 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.
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/
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Contact
information ArcelorMittal Investor Relations |
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General |
+44 20 7543
1128 |
Retail |
+44 20 3214
2893 |
SRI |
+44 20 3214
2801 |
Bonds/CreditE-mail |
+33 171 921
026investor.relations@arcelormittal.com |
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Contact
information ArcelorMittal Corporate Communications |
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Paul
WeighTel:E-mail: |
+44 20
3214 2419press@arcelormittal.com |
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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 36.34% of
issued and outstanding shares of ArcelorMittal, at the same price
as the shares repurchased on the market. The effect of the share
repurchase agreement is to maintain the Significant Shareholder’s
voting rights in ArcelorMittal’s issued share capital (net of
treasury shares) at the current level, pursuant to the Program.
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