Global steel giant ArcelorMittal has announced a second share buyback program in the amount of USD 1 billion under the authorization given by the annual general meeting of shareholders of 4 May 2022, bringing the total 2022 buybacks announced so far to USD 2 billion. The Program is expected to be completed by the end of 2022, subject to market conditions.The shares acquired under the Program are intended:1) To meet ArcelorMittal’s obligations under debt obligations exchangeable into equity securities2) To reduce ArcelorMittal’s share capital3) To meet ArcelorMittal’s obligations arising from employee share programs.ArcelorMittal has informed that Significant Shareholder has decided not to participate in the Program consistent with the position announced in February 2022. ArcelorMittal had said “ArcelorMittal has noted the declared intention of its Significant Shareholder to sell shares to it in proportion to shares purchased on the market to maintain its percentage shareholding. ArcelorMittal has since been informed by the Significant Shareholder that it has decided not to make such sales; accordingly its percentage holding of issued and outstanding shares (which stood at 36.3% as of January 31, 2022) will increase as the share buyback program is implemented.”
Global steel giant ArcelorMittal has announced a second share buyback program in the amount of USD 1 billion under the authorization given by the annual general meeting of shareholders of 4 May 2022, bringing the total 2022 buybacks announced so far to USD 2 billion. The Program is expected to be completed by the end of 2022, subject to market conditions.The shares acquired under the Program are intended:1) To meet ArcelorMittal’s obligations under debt obligations exchangeable into equity securities2) To reduce ArcelorMittal’s share capital3) To meet ArcelorMittal’s obligations arising from employee share programs.ArcelorMittal has informed that Significant Shareholder has decided not to participate in the Program consistent with the position announced in February 2022. ArcelorMittal had said “ArcelorMittal has noted the declared intention of its Significant Shareholder to sell shares to it in proportion to shares purchased on the market to maintain its percentage shareholding. ArcelorMittal has since been informed by the Significant Shareholder that it has decided not to make such sales; accordingly its percentage holding of issued and outstanding shares (which stood at 36.3% as of January 31, 2022) will increase as the share buyback program is implemented.”
