ArcelorMittal announces sale of Cleveland-Cliffs common stock with the proceeds to be returned to shareholders via a $750 mil...
June 18 2021 - 2:00AM
18 June
2021, 08:00
CET
ArcelorMittal North America Holding, a wholly owned subsidiary
of ArcelorMittal SA (‘ArcelorMittal’ or ‘the Company’) announces
today the conclusion of the sale of its remaining 38.2 million
common shares in Cleveland-Cliffs Inc. (‘Cleveland-Cliffs’)
following receipt of the shares on 9 June 2021.
The value crystalized from this sale of Cleveland-Cliffs common
shares* will be returned to shareholders via a new
$750 million share buyback program of ArcelorMittal common shares.
This new share buyback program will commence immediately and
follows the previous buyback program which is now
complete.
The disposal of the remaining common shares in Cleveland Cliffs
brings the total cash proceeds from the sale of ArcelorMittal USA
to $1.9 billion so far, all of which will have been returned to
ArcelorMittal shareholders via share buybacks.
ArcelorMittal North America Holdings LLC continues to hold
non-voting preferred stock redeemable at Cleveland-Cliffs’ option
for approximately 58 million common shares or cash equivalent to
the value of such common shares.
*equivalent to approximately $20 per common share.
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel and
mining company, with a presence in 60 countries and primary
steelmaking facilities in 17 countries. In 2020, ArcelorMittal had
revenues of $53.3 billion and crude steel production of 71.5
million metric tonnes, while iron ore production reached 58.0
million metric tonnes.
Our goal is to help build a better world with
smarter steels. Steels made using innovative processes which use
less energy, emit significantly less carbon and reduce costs.
Steels that are cleaner, stronger and reusable. Steels for electric
vehicles and renewable energy infrastructure that will support
societies as they transform through this century. With steel at our
core, our inventive people and an entrepreneurial culture at heart,
we will support the world in making that change. This is what we
believe it takes to be the steel company of the future.
ArcelorMittal is listed on the stock exchanges
of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and
on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and
Valencia (MTS).
For more information about ArcelorMittal please
visit: http://corporate.arcelormittal.com/
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Contact
information ArcelorMittal Investor Relations |
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General |
+44 20 7543
1128 |
Retail |
+44 20 3214
2893 |
SRI |
+44 20 3214
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Bonds/CreditE-mail |
+33 171 921
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Contact
information ArcelorMittal Corporate Communications |
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Paul
WeighTel:E-mail: |
+44
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