By Joshua Kirby

 

ArcelorMittal said Friday that it has concluded the sale of its remaining stake in Cleveland-Cliffs Inc. and that the proceeds will be returned to shareholders via a share buyback.

The steelmaker's subsidiary ArcelorMittal North America Holding completed the sale of 38.2 million common shares in Cleveland-Cliffs, held as part of a sale of ArcelorMittal USA to the miner agreed last year. The proceeds will be returned to shareholders in a buyback worth $750 million, beginning immediately, ArcelorMittal said.

The buyback takes the total returns from the sale of ArcelorMittal USA to $1.9 billion so far, the company said. ArcelorMittal retains non-voting preferred stock redeemable at Cleveland-Cliffs's option for approximately 58 million common shares.

 

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

 

(END) Dow Jones Newswires

June 18, 2021 02:31 ET (06:31 GMT)

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