ArcelorMittal NA to Sell 40 Million Shares in Cleveland-Cliffs
ArcelorMittal North America Holdings LLC, a wholly owned subsidiary of ArcelorMittal SA, announced an agreement to sell 40 million Cleveland-Cliffs
ArcelorMittal North America Holdings LLC, a wholly owned subsidiary of ArcelorMittal SA, announced 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.