BRIEF-ArcelorMittal Sells Remaining Cleveland-Cliffs Common Stock

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BRIEF-ArcelorMittal Sells Remaining Cleveland-Cliffs Common Stock

Reuters2021-06-18

* ARCELORMITTAL ANNOUNCES SALE OF CLEVELAND-CLIFFS COMMON STOCK WITH THE PROCEEDS TO BE RETURNED TO SHAREHOLDERS VIA A $750 MILLION SHARE BUYBACK

* CONCLUSION OF SALE OF ITS REMAINING 38.2 MILLION COMMON SHARES IN CLEVELAND-CLIFFS INC.

* VALUE CRYSTALIZED FROM THIS SALE OF WILL BE RETURNED TO SHAREHOLDERS VIA A NEW $750 MILLION SHARE BUYBACK PROGRAM OF ARCELORMITTAL COMMON SHARES

* NEW SHARE BUYBACK PROGRAM WILL COMMENCE IMMEDIATELY AND FOLLOWS PREVIOUS BUYBACK PROGRAM WHICH IS NOW COMPLETE

* DISPOSAL OF REMAINING COMMON SHARES IN CLEVELAND CLIFFS BRINGS TOTAL CASH PROCEEDS FROM SALE OF ARCELORMITTAL USA TO $1.9 BILLION SO FAR

* ARCELORMITTAL NORTH AMERICA HOLDINGS LLC CONTINUES TO HOLD NON-VOTING PREFERRED STOCK REDEEMABLE AT CLEVELAND-CLIFFS' OPTION

Source text for Eikon: Further company coverage:

(Gdansk Newsroom)

((gdansk.newsroom@thomsonreuters.com; +48 58 769 66 00;))

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Zaraloi
·2021-06-22
Wh at does that mean?
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