ArcelorMittal announces closing of its fourth share buyback program and the launch of a fifth US$1 billion share buyback program
November 17 2021 - 7:15AM
ArcelorMittal announces closing of its fourth share buyback program
and the launch of a fifth US$1 billion share buyback program
17
November 2021,
14:15
CET
ArcelorMittal (the ‘Company’) today announces that it has
completed the fourth share buyback program announced on 29 July
2021 under the authorization given by the annual general meeting of
shareholders of 8 June 2021 (the ‘2021 AGM Authorization’).
By market close on 16 November 2021, ArcelorMittal had
repurchased 67,404,066 shares for a total value of
€1,881,270,528.80 (equivalent to US$2,199,999,614.74) at an
approximate average price per share of €27.9103. All details are
available on the Company’s website at:
https://corporate.arcelormittal.com/investors/equity-investors/share-buyback-program.
ArcelorMittal will today commence a new share buyback program in
the amount of US$1 billion (the ‘Program’) under the 2021 AGM
Authorization1. For the background to this Program, reference is
made to the Company’s 2021 third quarter results press release
dated 11 November 20212 which outlined that, based on the
strong 3Q 2021 cash flow, ArcelorMittal added US$1 billion to its
share buyback program under the 2021 AGM Authorization. This brings
the total advance as part of its prospective 2022 capital return to
shareholders (to be funded from 2021 surplus cash flow under the
capital return policy announced February 2021) to US$2
billion. The Program is expected to be completed by February
2022, 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;
2) To reduce ArcelorMittal’s share capital, and/or;
3) To meet ArcelorMittal’s obligations arising from employee
share programs.
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.2
https://corporate.arcelormittal.com/media/press-releases/arcelormittal-reports-third-quarter-2021-results
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