ArcelorMittal announces share buyback program
February 15 2021 - 1:00AM
15 February 2021, 08:00 CET
ArcelorMittal (‘the Company’) today announces a share buyback
program (the ‘Program’) under the authorization given by the annual
general meeting of shareholders held on June 13, 2020 (the ‘AGM
Authorization’).
For the background to this Program, reference is made to the
Company’s press release dated 9 February relating to the Company
selling 40 million Cleveland-Cliffs common shares for gross
proceeds of US$652 million.
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 US$650 million in accordance with the AGM
Authorization and applicable market abuse regulations. The Program
will commence today1.
Furthermore, on completion of the Program, ArcelorMittal will
commence a further share buyback program for an aggregate amount of
US$570 million, in-line with the Company’s new capital returns
policy announced on 11 February in the Company’s fourth quarter and
full year 2020 financial results. Both share buybacks programs will
be completed by 31 December 2021. Further details regarding this
second share buyback program will be announced ahead of its
commencement.
ENDS
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.
About ArcelorMittal
ArcelorMittal is one of 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.
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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