Benzinga | Jul 29, 2021 09:56AM EDT

ArcelorMittal Early Thursday Announced $2.2B Share Buyback Program

ArcelorMittal (the 'Company') today announces a new share buyback program in the amount of $2.2 billion (the 'Program') under the authorization given by the annual general meeting of shareholders held on 8 June 2021 (the 'AGM Authorization').

For the background to this Program, reference is made to the Company's second quarter and half year 2021 results press release dated 29 July 2021 which outlines that it will (i) return the proceeds from the redeemed Cleveland Cliffs preference shares and (ii) advance a part of its prospective 2022 capital return to shareholders (to be funded from 2021 surplus cash flow under the capital return policy announced in February 2021) by launching a new $2.2 billion share buyback. This Program will be completed by 31 December 2021, subject to market conditions.

The shares acquired under the Program are intended:

1) To meet ArcelorMittal's obligations under debt obligations exchangeable into equity securities, and/or;

2) To reduce its share capital.

ArcelorMittal intends to repurchase shares for an aggregate maximum amount of $2.2 billion in accordance with the AGM Authorization and applicable market abuse regulations. The Program will commence on 2 August 20211.