ArcelorMittal announces the sale of 40 million shares of Cleveland-Cliffs

ArcelorMittal subsidiary based in Europe and the United States announced its decision to sell part of its shares to the American company Cleveland-Cliffs.

ArcelorMittal North America Holdings LLC announced an agreement to sell 40 million of the company's common shares through a public offering of guaranteed securities. The sale of shares amounted to about 50% of Cleveland-Cliffs common shares held by ArcelorMittal. In addition, the ArcelorMittal subsidiary will continue to hold approximately 38 million common shares in addition to non-voting preferred shares.

According to the company's press release, the proceeds from the sale of the shares will be used for the new ArcelorMittal share buyback program. Details of the buyback program are expected to be announced next week, after the end of the current period closed on February 15th. Placement will be made only by means of an annex to the prospectus and the accompanying prospectus.

The application for registration in connection with the sale of ordinary shares as part of the offer has already been submitted to the Securities and Exchange Commission (SEC).