ArcelorMittal Declares Sale of 40 Million Shares of Cleveland-Cliffs

SEATTLE (Scrap Monster): Europe-based integrated steelmaker ArcelorMittal’s U.S. subsidiary has announced its decision to sell some of its shares in the U.S.-based Cleveland-Cliffs.

ArcelorMittal North America Holdings LLC announced an agreement to sell 40 million common shares of the company through a fully underwritten public market offering. The share sale volume accounted for nearly 50% of the Cleveland-Cliffs common shares held by ArcelorMittal. Further to this, the ArcelorMittal subsidiary will continue to hold approximately 38 million common shares in addition to shares of non-voting preferred stock.

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According to company press release, the proceeds from the sale of shares will be used for a new ArcelorMittal share buyback program. The details of the buy-back program are expected to be announced next week, following the expiry of the current closed period on 15^th February. The offering will be made only by means of a prospectus supplement and an accompanying prospectus.

The registration statement in connection with the sale of common shares in the offering has already been filed with the Securities and Exchange Commission (SEC).