SEATTLE (Scrap Monster): Luxembourg-based leading steelmaker ArcelorMittal announced cancellation of 45 million treasury shares, in a bid to keep the number of treasury shares within appropriate levels.
According to company press release, the cancellation takes into account the shares already purchased under the $1 billion share buyback completed recently. Further to this cancellation, ArcelorMittal will have a total of 937,809,772 shares in issue. This compares with 982,809,774 shares before the cancellation.
In a press release dated November 17th last year, the company had announced its fifth share buyback program for an aggregate amount of $1 billion. The program, which commenced on that date, was originally scheduled to be completed by February 2022, subject to market conditions. However, the buyback completed on 28th December, 2020, significantly ahead of the tentative close date.
Earlier, the company had commenced its fourth share buyback program for an aggregate amount of $2.2 billion, following an announcement through company press release dated 29th July, 2021.
The shares acquired under the buyback program are intended to meet the company’s obligations under debt obligations exchangeable into equity securities, to reduce the company’s share capital and to meet its obligations arising from employee share programs.