RTTNews | Dec 14, 2021 10:45AM EST

10:45 Tuesday, December 14, 2021 (RTTNews.com) - Luxembourg-based steel manufacturing company, ArcelorMittal (MT), is trading 7% higher on the market after the company announced that a significant shareholder of the company has agreed to sell the shares.

The shareholder, after selling the shares, will maintain its voting rights at the current level of 36.34%. According to the company, it will repurchase 5.50% of Mandatorily Convertible Subordinated Notes due 2023 from the seller. The price of these shares will be approximately $395 million.

Following the news, the stock of the company is trading at $31.37, up $2.15 or 7.36% since the previous close at $29.22. The stock opened at $30.54 in the morning. In the 52-week period, the stock has ranged between $20.50 and $36.58 per share.

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