ArcelorMittal Announced Third Share Buyback Program

SEATTLE (Scrap Monster): ArcelorMittal- the Luxembourg-based integrated steelmaker announced launch of its third share buyback program. The program, under the authorization given by the 2021 annual general meeting (AGM) held on June 8^th, 2021, is for an aggregate amount of $750 million. The share buyback will be completed by 31^st December, 2021.

The company intends to repurchase shares in accordance with applicable market abuse regulations. The shares acquired under the program will meet ArcelorMittal’s obligations under debt obligations exchangeable into equity securities. It will also be utilized to reduce its share capital, said the company press release.

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ArcelorMittal had earlier announced that it has completed its second share buyback program, which was announced on 4th March, 2020, further to the authorization by the AGM of shareholders of 13th June, 2020. As of market close on 17th June, 2021, the company had repurchased 17,847,057 million shares for a total value of approximately €468,812,110.90 at an approximate average price per share of €26.2683.

The second share buyback program was linked with the sale of its remaining 38.2 million common shares in Cleveland-Cliffs Inc., the proceeds of which was returned to ArcelorMittal shareholders via the share buyback.