ArcelorMittal Launches Latest $1 Billion Buyback Program
February 11 2022 - 8:35AM
Dow Jones News
By Ed Frankl
ArcelorMittal said Friday that it would launch a new $1 billion
share-buyback program, the latest in a series of repurchase
programs as it bolsters its cash-return offering to investors.
The steelmaker completed the last of five 2021 buyback programs
in December, also worth $1 billion, and said at its fourth-quarter
earnings on Thursday that it would start a new buyback based on a
favorable outlook for free cash flow in 2022.
The Luxembourg-based company said it was the maximum based on
the authorization given by shareholders at its annual general
meeting in June 2021, and therefore it would seek out new
authorization to repurchase shares at its upcoming shareholder's
meeting.
The latest buyback program is expected to be completed in the
first half of 2022, subject to market conditions, ArcelorMittal
added.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
February 11, 2022 08:20 ET (13:20 GMT)
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