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Steel News March 05, 2021 12:50:15 PM

ArcelorMittal Announced Closure of its First Share Buyback Program

Paul Ploumis
ScrapMonster Author
ArcelorMittal provided details of transactions related to the buyback program.
ArcelorMittal Announced Closure of its First Share Buyback Program

SEATTLE (Scrap Monster): Integrated steelmaker ArcelorMittal announced that it has completed the share buyback program announced on 15th February, 2021, further to authorization given by shareholders’ meeting held on 13th June, 2020.

According to company press release, the company had repurchased 27.113 million shares for a total value of $650 million- the aggregate maximum amount for repurchase as was fixed earlier. The purchase price averaged at €19.79 per share. The buyback had announced duration until 31st December, 2021. The shares acquired are intended to meet the company’s debt obligations and reduce its share capital.

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ArcelorMittal provided details of transactions related to the buyback program. A total of 6,594,513 shares were bought at a weighted average price of €19.56 per share over the period from 15th to 19th February, 2021. Also, a total of 7,210,000 shares were purchased at a weighted average price of €19.77 per share over the period from 22nd to 26th February, 2021.

Further to closing of its first share buyback program, the company commenced a second share buyback program for an aggregate amount of US$570 million, in-line with its new capital returns policy. This share buyback program will be completed by the end of the current year.