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Steel News November 18, 2021 03:20:46 PM

ArcelorMittal Launched New Share Buyback Program

Paul Ploumis
ScrapMonster Author
The share repurchase agreement maintains the voting rights in the company’s issued share capital at the current level.

ArcelorMittal Launched New Share Buyback Program

SEATTLE (Scrap Monster): ArcelorMittal launched a new share buyback program amounting to $1 billion further to the 2021 AGM authorization.

The company’s significant shareholder had announced its intention to enter into a share repurchase agreement with ArcelorMittal, by which it will sell an equivalent number of shares at the same price, at the proportion of the former’s stake in the company.  The share repurchase agreement maintains the voting rights in the company’s issued share capital at the current level.

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The new share buyback program is expected to be completed by February next year, subject to market conditions. The shares thus acquired are intended to meet the company’s obligations under debt obligations exchangeable into equity securities, reduce the company’s share capital and meet the company’s obligations arising from employee share programs.

Also, the company announced that it has successfully completed the fourth share buyback program, announced in July this year, subsequent to the authorization given by the AGM of shareholders held on 8th June, 2021.

According to company press release, it has repurchased 67,404,066 shares for a total value of US$2,199,999,614.74, at an approximate average price per share of €27.9103. This is as of market close on 16th November, 2021.

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