ArcelorMittal (MT) commences new $1 billion share buyback program

ArcelorMittal (the ‘Company’) today announces that it has completed the fourth share buyback program announced on 29 July 2021 under the authorization given by the annual general meeting of shareholders of 8 June 2021 (the ‘2021 AGM Authorization’).

By market close on 16 November 2021, ArcelorMittal had repurchased 67,404,066 shares for a total value of €1,881,270,528.80 (equivalent to US$2,199,999,614.74) at an approximate average price per share of €27.9103. All details are available on the Company’s website at: https://corporate.arcelormittal.com/investors/equity-investors/share-buyback-program.

ArcelorMittal will today commence a new share buyback program in the amount of US$1 billion (the ‘Program’) under the 2021 AGM Authorization1. For the background to this Program, reference is made to the Company’s 2021 third quarter results press release dated 11 November 20212 which outlined that, based on the strong 3Q 2021 cash flow, ArcelorMittal added US$1 billion to its share buyback program under the 2021 AGM Authorization. This brings the total advance as part of its prospective 2022 capital return to shareholders (to be funded from 2021 surplus cash flow under the capital return policy announced February 2021) to US$2 billion. The Program is expected to be completed by February 2022, subject to market conditions.

The shares acquired under the Program are intended:

1) To meet ArcelorMittal’s obligations under debt obligations exchangeable into equity securities;

2) To reduce ArcelorMittal’s share capital, and/or;

3) To meet ArcelorMittal’s obligations arising from employee share programs.

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