The Company has now reached its $7bn net debt target, and deleveraging has been completed. The Company's capital allocation priority will now shift to returning cash to shareholders. The process has begun with a $500 million share buyback program that was initiated following the announced sale of ArcelorMittal USA (and the program subsequently completed as of October 30, 2020). Following consultation with shareholders, the Board expects to recommend an updated distribution policy alongside year end 2020 results.