ArcelorMittal Subsidiary to Sell Cleveland-Cliffs Shares; Will Use Funds for Share Buyback
February 09 2021 - 3:25AM
Dow Jones News
By Joshua Kirby
ArcelorMittal said Tuesday that its U.S. subsidiary has agreed
to sell 40 million of its shares in mining company Cleveland-Cliffs
Inc. for gross proceeds of $651.6 million, and that it will use the
proceeds to buy back shares in ArcelorMittal.
ArcelorMittal North America Holdings LLC will sell the shares as
part of a combined primary and secondary public offering of
Cleveland-Cliffs's shares, the steelmaker said. The gross proceeds
of $651.6 million will be used for a share-buyback program of
ArcelorMittal shares.
The details of the buyback will be announced on Feb. 15, the
company said.
Following the sale of the 40 million shares, ArcelorMittal North
America will continue to hold around 38 million common shares in
the company.
Write to Joshua Kirby at joshua.kirby@dowjones.com;
@joshualeokirby
(END) Dow Jones Newswires
February 09, 2021 03:10 ET (08:10 GMT)
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