ArcelorMittal today announces its share buyback program (the “Program”) pursuant to a resolution issued by the AGM held on June 13, 2020 (“General Shareholders Meeting Resolution”).
The background to this Program is based on the Company's sale of 40 million Cleveland-Cliffs common stock for a gross income of US $ 652 million.
Shares purchased under the Program are intended:
1) to fulfill ArcelorMittal's obligations under debt obligations that can be exchanged for equity securities, and /or;
2) Reduce your authorized capital.
ArcelorMittal intends to repurchase shares for a total maximum amount of US $ 650 million in accordance with the AGM and applicable market abuse rules.
In addition, upon completion of the program, ArcelorMittal will launch a new share buyback program totaling US $ 570 million in line with the new capital return policy announced on February 11 in the Company's fourth quarter and financial results for 2020. ... Both share buyback programs will be completed by December 31, 2021.
ArcelorMittal announces share buyback program
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Azovpromstal® 15 February 2021 г. 09:54 |
