ArcelorMittal announces sale of 40 million common shares in Cleveland-Cliffs for gross proceeds of $651.6 million
February 09 2021 - 2:30AM
9 February 2021, 08:30 CET
ArcelorMittal North America Holdings LLC, a wholly-owned
subsidiary of ArcelorMittal S.A. (‘ArcelorMittal’ or ‘the
Company’), today announces an agreement to sell 40 million
Cleveland-Cliffs common shares through a fully underwritten public
market offering. The transaction is a part of a combined primary
and secondary public offering of Cleveland-Cliffs’ shares.
This divestment crystalizes additional proceeds from the
transaction with Cleveland-Cliffs announced on 28 September 2020
and completed on 9 December 2020. The proceeds from the sale of
Cleveland-Cliffs common shares will be used for a new share buyback
programme of ArcelorMittal common shares. The details and
conditions of the buyback will be announced following the expiry of
the Company’s current closed period on 15 February.
Following the sale of 40 million of Cleveland-Cliffs common
shares ArcelorMittal North America Holdings LLC will continue to
hold approximately 38 million common shares in addition to shares
of non-voting preferred stock redeemable at Cleveland-Cliffs’
option for an equivalent value of approximately 58 million common
shares.
A registration statement relating to the common shares being
sold in the offering has been filed with the Securities and
Exchange Commission (the “SEC”) and is effective. The offering will
be made only by means of a prospectus supplement and an
accompanying prospectus. Copies of the preliminary prospectus
supplement and the accompanying prospectus relating to the offering
may be obtained for free by visiting the SEC's website at
www.sec.gov. Alternatively, copies may be obtained by contacting
BofA Securities, NC1-004-03-43, 200 North College Street, 3rd
floor, Charlotte NC 28255-0001, Attention: Prospectus Department or
by emailing dg.prospectus_requests@bofa.com.
No communication and no information in respect of the offering
of securities may be distributed to the public in any jurisdiction
where a registration or approval is required. The offering or
subscription of securities may be subject to specific legal or
regulatory restrictions in certain jurisdictions. ArcelorMittal
takes no responsibility for any violation of any such restrictions
by any person.
This press release does not constitute an offer to purchase
securities or a solicitation of an offer to sell any securities or
an offer to sell or the solicitation of an offer to purchase any
securities, nor does it constitute an offer or solicitation in any
jurisdiction in which such offer or solicitation is unlawful.
ENDSAbout
ArcelorMittal ArcelorMittal is the world's leading steel
and mining company, with a presence in 60 countries and primary
steelmaking facilities in 18 countries. In 2019, ArcelorMittal had
revenues of U.S.$70.6 billion and crude steel production of 89.8
million metric tonnes, while iron ore production reached 57.1
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
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Contact information ArcelorMittal Corporate
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ArcelorMittal Corporate Communications |
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Paul Weigh |
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