ArcelorMittal Launches $750 Million Buyback Following Cleveland-Cliffs Stake Sale
June 18 2021 - 2:39AM
Dow Jones News
By Joshua Kirby
ArcelorMittal said Friday that it has concluded the sale of its
remaining stake in Cleveland-Cliffs Inc. and that the proceeds will
be returned to shareholders via a share buyback.
The steelmaker's subsidiary ArcelorMittal North America Holding
completed the sale of 38.2 million common shares in
Cleveland-Cliffs, held as part of a sale of ArcelorMittal USA to
the miner agreed last year. The proceeds will be returned to
shareholders in a buyback worth $750 million, beginning
immediately, ArcelorMittal said.
The buyback takes the total returns from the sale of
ArcelorMittal USA to $1.9 billion so far, the company said.
ArcelorMittal retains non-voting preferred stock redeemable at
Cleveland-Cliffs's option for approximately 58 million common
shares.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
June 18, 2021 02:31 ET (06:31 GMT)
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