ArcelorMittal, a metallurgical company based in Luxembourg, has announced the launch of its third share buyback program. The program, under the authority granted by the 2021 Annual General Meeting (AGM) held on June 8 th , 2021, is worth a total of $ 750 million. The share buyback will be completed by December 31, 2021.
The Company intends to repurchase the shares in accordance with applicable market abuse rules. The shares purchased under the program will cover ArcelorMittal’s debt obligations, which can be exchanged for equity securities. It will also be used to reduce its authorized capital, the company said.
Earlier, ArcelorMittal announced that it had completed the second share buyback program announced on March 4, 2020, following approval from the general meeting of shareholders on June 13, 2020. As of the close of the market on June 17, 2021, the company repurchased 17,847,057 million shares for a total of approximately EUR 468,812,110.90 at an approximate average price per share of EUR 26,2683.
The second share buyback program involved the sale of the remaining 38.2 million common shares of Cleveland-Cliffs Inc., the proceeds of which were returned to ArcelorMittal shareholders through a share buyback.