Share buyback program 2022
Share buyback program for an aggregate maximum amount of US$1.4 billion
Following publication of the second quarter 2022 and half year 2022 results press release dated 28 July 2022 (the ‘ER Press Release’)[1], ArcelorMittal announces a new share buyback program of 60,431,380 shares in the amount of approximately US$1.4 billion at current share price [2] (the ‘Program’) under the authorization given by the annual general meeting of shareholders of 4 May 2022, bringing the total 2022 buybacks announced so far to US$3.4 billion. For the background to this Program, reference is made to the ER Press Release. The Program is expected to be completed by the end of May 2023, subject to market conditions.
The Significant Shareholder has decided not to participate in the Program consistent with the position announced in the press release dated 25 February 2022[3].
The key terms of the Program are summarized below:
Objectives:
The shares acquired under this Program are intended (i) To meet ArcelorMittal’s obligations under debt obligations exchangeable into equity securities; (ii) to reduce ArcelorMittal’s share capital, and/or (iii) to meet ArcelorMittal’s obligations arising from employee share programs.
Maximum amount allocated to the Program:
ArcelorMittal intends to repurchase 60,431,380 shares for an aggregate maximum amount of approximately US$1.4 billion which is authorized by the 2022 AGM and applicable Market Abuse Regulation.
Duration: till the end of May 2023
[1] https://corporate.arcelormittal.com/media/press-releases/arcelormittal-reports-second-quarter-2022-results
[2] Based on share price as at 26.07.22 of $22.90/share
[3] https://corporate.arcelormittal.com/media/press-releases/arcelormittal-announces-that-its-significant-shareholder-has-decided-not-to-further-participate-in-its-1-billion-share-buyback-program
Reporting of transactions in accordance with Market Abuse Regulation
In accordance with Market Abuse Regulation, transactions relating to the US$1.4 billion shares buyback program are reported below:
Over the period 3 October to 7 October 2022 a total of 2,250,000 shares were bought at a weighted average price of EUR 21.32. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 55.10% of its total target of US$1.4 billion.
Over the period 26 September to 30 September 2022 a total of 5,850,000 shares were bought at a weighted average price of EUR 20.40. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 51.38% of its total target of US$1.4 billion.
Over the period 19 September to 23 September 2022 a total of 2,120,000 shares were bought at a weighted average price of EUR 21.69. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 41.70% of its total target of US$1.4 billion.
Over the period 12 September to 16 September 2022 a total of 1,250,000 shares were bought at a weighted average price of EUR 22.12. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 38.19% of its total target of US$1.4 billion.
Over the period 5 September to 9 September 2022 a total of 1,149,843 shares were bought at a weighted average price of EUR 22.51. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 36.12% of its total target of US$1.4 billion.
Over the period 29 August to 2 September 2022 a total of 1,732,133 shares were bought at a weighted average price of EUR 24.00. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 34.22% of its total target of US$1.4 billion.
Over the period 22 August to 26 August 2022 a total of 5,103,527 shares were bought at a weighted average price of EUR 23.44. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 31.35% of its total target of US$1.4 billion.
Over the period 15 August to 19 August 2022 a total of 4,232,831 shares were bought at a weighted average price of EUR 24.30. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 22.91% of its total target of US$1.4 billion.
Over the period 8 August to 12 August 2022 a total of 3,565,272 shares were bought at a weighted average price of EUR 24.42. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 15.90% of its total target of US$1.4 billion.
Over the period 1 August to 5 August 2022 a total of 6,046,287 shares were bought at a weighted average price of EUR 23.59. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 10.01% of its total target of US$1.4 billion.
Share buyback program for an aggregate maximum amount of US$1 billion
Following publication of the first quarter 2022 results press release dated 5 May 2022 (the ‘ER Press Release’)[1], ArcelorMittal announces a second share buyback program in the amount of US$1 billion (the ‘Program’) under the authorization given by the annual general meeting of shareholders of 4 May 2022, bringing the total 2022 buybacks announced so far to US$2 billion. For the background to this Program, reference is made to the ER Press Release. The Program is expected to be completed by the end of 2022, subject to market conditions.
The Significant Shareholder has decided not to participate in the Program consistent with the position announced in the press release dated 25 February 2022[2].
The key terms of the Program are summarized below:
Objectives:
The shares acquired under this Program are intended (i) To meet ArcelorMittal’s obligations under debt obligations exchangeable into equity securities; (ii) to reduce ArcelorMittal’s share capital, and/or (iii) to meet ArcelorMittal’s obligations arising from employee share programs.
Maximum amount allocated to the Program:
ArcelorMittal intends to repurchase for an aggregate maximum amount of US$1 billion which is authorized by the 2022 AGM and applicable Market Abuse Regulation.
Duration: till the end of 2022
[1] https://corporate.arcelormittal.com/media/press-releases/arcelormittal-reports-first-quarter-2022-results
[2] https://corporate.arcelormittal.com/media/press-releases/arcelormittal-announces-that-its-significant-shareholder-has-decided-not-to-further-participate-in-its-1-billion-share-buyback-program
Arcelormittal Shares Status As Of June 30 2022
Further information can be found here.
Reporting of transactions in accordance with Market Abuse Regulation
In accordance with Market Abuse Regulation, transactions relating to the US$1 billion shares buyback program are reported below:
Over the period 6 June to 8 June 2022 a total of 2,373,805 shares were bought at a weighted average price of EUR 30.3462. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 100% of its total target of US$1 billion.
Over the period 31 May to 3 June 2022 a total of 7,364,640 shares were bought at a weighted average price of EUR 30.1921. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 92.28% of its total target of US$1 billion.
Over the period 23 to 27 May 2022 a total of 6,717,395 shares were bought at a weighted average price of EUR 28.9249. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 68.44% of its total target of US$1 billion.
Over the period 16 to 20 May 2022 a total of 8,400,00 shares were bought at a weighted average price of EUR 27.4742. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 52.65% of its total target of US$1 billion.
Over the period 9 to 13 May 2022 a total of 8,493,757 shares were bought at a weighted average price of EUR 26.2669. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 23.41% of its total target of US$1 billion.
Share buyback program for an aggregate maximum amount of US$1 billion
As announced in a press release dated 11 February 2022, ArcelorMittal (the “Company”) commenced its sixth share buyback program (the “Program”) for an aggregate amount of US$1 billion.
For the background to this Program, reference is made to the Company’s 2021 fourth quarter and full year results press release dated 10 February 2022 [1] which outlined that, based on the favorable outlook for cash flow in 2022, ArcelorMittal added $1 billion to its share buyback program under the authorization given by the annual general meeting of shareholders of 8 June 2021(the “2021 AGM”). Additional authorization to repurchase shares will be sought from shareholders at the annual general meeting of shareholders to be held in 2022 (subject to cash generation) [2].
The Program commenced on 15 February 2022 and will be completed during the first half of 2022, subject to market conditions.
The key terms of the Program are summarized below:
Objectives:
The shares acquired under this Program are intended (i) To meet ArcelorMittal’s obligations under debt obligations exchangeable into equity securities; (ii) to reduce ArcelorMittal’s share capital, and/or (iii) to meet ArcelorMittal’s obligations arising from employee share programs.
Maximum amount allocated to the Program:
ArcelorMittal intends to repurchase for an aggregate maximum amount of US$1 billion which is authorized by the 2021 AGM and applicable Market Abuse Regulation.
Duration: first half of 2022
[2] The Significant Shareholder has entered into a share repurchase agreement with ArcelorMittal (as amended from time to time), to sell each trading day on which ArcelorMittal has purchased shares under the Program, an equivalent number of shares, at the proportion of the Significant Shareholder’s stake in the Company with the target to maintain it at 36.34% of issued and outstanding shares of ArcelorMittal, at the same price as the shares repurchased on the market. The effect of the share repurchase agreement is to maintain the Significant Shareholder’s voting rights in ArcelorMittal’s issued share capital (net of treasury shares) at the current level, pursuant to the Program.
Reporting of transactions in accordance with Market Abuse Regulation
In accordance with Market Abuse Regulation, transactions relating to the US$1 billion shares buyback program are reported below:
Over the period 25 to 29 April 2022 a total of 366,664 shares were bought at a weighted average price of EUR 27.45. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 100% of its total target of US$1 billion.
Over the period 18 to 22 April 2022 a total of 3,634,500 shares were bought at a weighted average price of EUR 30.46. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 98.92% of its total target of US$1 billion.
Over the period 11 to 15 April 2022 a total of 3,755,000 shares were bought at a weighted average price of EUR 29.40. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 86.92% of its total target of US$1 billion.
Over the period 4 to 8 April 2022 a total of 4,809,000 shares were bought at a weighted average price of EUR 28.51. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 74.93% of its total target of US$1 billion.
Over the period 28 to 31 March 2022 a total of 4,101,298 shares were bought at a weighted average price of EUR 29.8678. The detailed statement of this purchase is available at the following link: PDF. On 1 April 2022 a total of 921,000 shares were bought at a weighted average price of EUR 29.40. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 59.94% of its total target of US$1 billion.
Over the period 21 to 25 March 2022 a total of 1,440,438 shares were bought at a weighted average price of EUR 29.7220. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 43.39% of its total target of US$1 billion.
Over the period 14 to 18 March 2022 a total of 4,743,883 shares were bought at a weighted average price of EUR 28.0955. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 38.67% of its total target of US$1 billion.
Over the period 7 to 11 March 2022 a total of 4,720,000 shares were bought at a weighted average price of EUR 26.7595. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 24% of its total target of US$1 billion.
Over the period 28 February to 4 March 2022 a total of 1,490,000 shares were bought at a weighted average price of EUR 28.5188. The detailed statement of this purchase is available at the following link: PDF. Thereby, the Company achieved 10.15% of its total target of US$1 billion.
Over the period 21 to 25 February 2022 a total of 442,813 shares were bought at a weighted average price of EUR 27.71: i) 400,000 shares were bought on the market (the detailed statement of this purchase is available at the following link: PDF); ii) 42,813 shares were bought from Significant shareholder [2]. Thereby, the Company achieved 5.44% of its total target of US$1 billion.
Over the period 14 to 18 February 2022 a total of 1,327,364 shares were bought at a weighted average price of EUR 27.26: i) 845,000 shares were bought on the market (the detailed statement of this purchase is available at the following link: PDF); ii) 482,364 shares were bought from Significant shareholder [2]. Thereby, the Company achieved 4,11% of its total target of US$1 billion.
Share buyback program 2021
Share buyback program for an aggregate maximum amount of US$1 billion
As announced in a press release dated 17 November 2021, ArcelorMittal commenced a fifth share buyback program (the ‘Program’) for an aggregate amount of US$1 billion.
For the background to this Program, reference is made to the Company’s 2021 third quarter results press release dated 11 November 2021 [1] which outlined that, based on the strong 3Q 2021 cash flow, ArcelorMittal added $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$1 billion.
The Program will commence on 17 November 2021 [2] and will be completed by February 2022, subject to market conditions.
The key terms of the Program are summarised below:
Objectives:
The shares acquired under this Program are intended (i) To meet ArcelorMittal’s obligations under debt obligations exchangeable into equity securities; (ii) to reduce ArcelorMittal’s share capital, and/or; (iii) to meet ArcelorMittal’s obligations arising from employee share programs.
Maximum amount allocated to the Program:
ArcelorMittal intends to repurchase for an aggregate maximum amount of US$1 billion which is authorized by the resolution of the annual general meeting of shareholders held on 8 June 2021 and applicable Market Abuse Regulation.
Duration: over a period from 17 November 2021 until February 2022.
[2] The Significant Shareholder has declared its intention to enter into a share repurchase agreement with ArcelorMittal, to sell each trading day on which ArcelorMittal has purchased shares under the Program, an equivalent number of shares, at the proportion of the Significant Shareholder’s stake in the Company of 36.34% of issued and outstanding shares of ArcelorMittal, at the same price as the shares repurchased on the market. The effect of the share repurchase agreement is to maintain the Significant Shareholder’s voting rights in ArcelorMittal’s issued share capital (net of treasury shares) at the current level, pursuant to the Program.
Reporting of transactions in accordance with Market Abuse Regulation
In accordance with Market Abuse Regulation, transactions relating to the US$1 billion shares buyback program are reported below:
Over the period 17 to 19 November 2021 a total of 4,427,597 shares were bought at a weighted average price of EUR 27.07: i) 2,818,608 shares were bought on the market (the detailed statement of this purchase is available at the following link: PDF); ii) 1,608,989 shares were bought from Significant shareholder [2]. Thereby, the Company achieved 13.56% of its total target of US$1 billion.
Over the period 22 to 26 November 2021 a total of 8,254,792 shares were bought at a weighted average price of EUR 26.21: i) 5,255,000 shares were bought on the market (the detailed statement of this purchase is available at the following link: PDF); ii) 2,999,792 shares were bought from Significant shareholder [2]. Thereby, the Company achieved 37,90% of its total target of US$1 billion.
Over the period 29 November to 3 December 2021 a total of 8,763,746 shares were bought at a weighted average price of EUR 24.54: i) 5,579,000 shares were bought on the market (the detailed statement of this purchase is available at the following link: PDF); ii) 3,184,746 shares were bought from Significant shareholder [2]. Thereby, the Company achieved 62,24% of its total target of US$1 billion.
Over the period 3 December to 10 December 2021 a total of 8,345,899 shares were bought at a weighted average price of EUR 25.84: i) 5,313,000 shares were bought on the market (the detailed statement of this purchase is available at the following link: PDF); ii) 3,032,899 shares were bought from Significant shareholder [2]. Thereby, the Company achieved 86.58% of its total target of US$1 billion.
Over the period 13 December to 17 December 2021 a total of 1,645,460 shares were bought at a weighted average price of EUR 26.24: i) 1,047,500 shares were bought on the market (the detailed statement of this purchase is available at the following link: PDF); ii) 597,960 shares were bought from Significant shareholder [2]. Thereby, the Company achieved 91.45% of its total target of US$1 billion.
Over the period 20 December to 24 December 2021 a total of 785,423 shares were bought at a weighted average price of EUR 28.62: i) 500,000 shares were bought on the market (the detailed statement of this purchase is available at the following link: PDF); ii) 285,423 shares were bought from Significant shareholder [2]. Thereby, the Company achieved 93.99% of its total target of US$1 billion.
Over the period 27 December to 28 December 2021 a total of 1,857,132 shares were bought at a weighted average price of EUR 28.58: i) 1,182,250 shares were bought on the market (the detailed statement of this purchase is available at the following link: PDF); ii) 674,882 shares were bought from Significant shareholder [2]. Thereby, the Company achieved 100% of its total target of US$1 billion.
Share buyback program for an aggregate maximum amount of US$ 2.2 billion
As announced in a press release dated 29 July 2021, ArcelorMittal commenced a fourth share buyback program (the ‘Program’) for an aggregate amount of US$ 2.2 billion.
For the background to this Program, reference is made to the Company’s second quarter and half year 2021 results press release dated 29 July 2021 [1] which outlines that it will (i) return the proceeds from the redeemed Cleveland Cliffs preference shares and (ii) advance a part of its prospective 2022 capital return to shareholders (to be funded from 2021 surplus cash flow under the capital return policy announced in February 2021) by launching a new $2.2 billion share buyback.
The Program will commence on 2 August 2021 and will be completed by 31 December 2021, subject to market conditions.
The key terms of the Program are summarised below:
Objectives:
The shares acquired under this Program are intended (i) to meet ArcelorMittal’s obligations under debt obligations exchangeable into equity securities, and/or ii) to reduce its share capital.
Maximum amount allocated to the Program:
ArcelorMittal intends to repurchase for an aggregate maximum amount of US$ 2.2 billion which is authorized by the resolution of the annual general meeting of shareholders held on 8 June 2021 and applicable Market Abuse Regulation [2].
Duration: over a period from 2 August 2021 until 31 December 2021.
[1] https://corporate.arcelormittal.com/media/press-releases/arcelormittal-reports-second-quarter-2021-and-half-year-2021-results
[2] The Significant Shareholder has declared its intention to enter into a share repurchase agreement with ArcelorMittal, to sell each trading day on which ArcelorMittal has purchased shares under the Program, an equivalent number of shares, at the proportion of the Significant Shareholder’s stake in the Company of 36.34% of issued and outstanding shares of ArcelorMittal, at the same price as the shares repurchased on the market. The effect of the share repurchase agreement is to maintain the Significant Shareholder’s voting rights in ArcelorMittal’s issued share capital (net of treasury shares) at the current level, pursuant to the Program.
Reporting of transactions in accordance with Market Abuse Regulation
In accordance with Market Abuse Regulation, transactions relating to the US$ 2.2 billion shares buyback program are reported below:
Over the period 5 August to 6 August 2021 a total of 456,508 shares were bought at a weighted average price of EUR 28.9664: i) 290,613 shares were bought on the market. (the detailed statement of this purchase is available at the following link: PDF); ii) 165,895 shares were bought from Significant shareholder [2]. Thereby, the Company achieved 1% of its total target of US$ 2.2 billion.
Over the period 9 August to 13 August 2021 a total of 473,745 shares were bought at a weighted average price of EUR 29.2481: i) 301,586 shares were bought on the market. (the detailed statement of this purchase is available at the following link: PDF); ii) 172,159 shares were bought from Significant shareholder [2]. Thereby, the Company achieved 1.45% of its total target of US$ 2.2 billion.
Over the period 16 August to 20 August 2021 a total of 9,206,187 shares were bought at a weighted average price of EUR 28.7815: i) 5,860,658 shares were bought on the market. (the detailed statement of this purchase is available at the following link: PDF); ii) 3,345,529 shares were bought from Significant shareholder [2]. Thereby, the Company achieved 16% of its total target of US$ 2.2 billion.
Over the period 23 August to 27 August 2021 a total of 13,077,203 shares were bought at a weighted average price of EUR 28.9239: i) 8,324,947 shares were bought on the market. (the detailed statement of this purchase is available at the following link: PDF); ii) 4,752,256 shares were bought from Significant shareholder [2]. Thereby, the Company achieved 36% of its total target of US$ 2.2 billion.
Over the period 30 August to 3 September 2021 a total of 5,199,498 shares were bought at a weighted average price of EUR 28.6164: i) 3,310,000 shares were bought on the market. (the detailed statement of this purchase is available at the following link: PDF); ii) 1,889,498 shares were bought from Significant shareholder [2]. Thereby, the Company achieved 44% of its total target of US$ 2.2 billion.
Over the period 6 September to 10 September 2021 a total of 4,451,776 shares were bought at a weighted average price of EUR 28.4310: i) 2,834,000 shares were bought on the market. (the detailed statement of this purchase is available at the following link: PDF); ii) 1,617,776 shares were bought from Significant shareholder [2]. Thereby, the Company achieved 51% of its total target of US$ 2.2 billion.
Over the period 13 September to 17 September 2021 a total of 4,492,617 shares were bought at a weighted average price of EUR 28.07: i) 2,860,000 shares were bought on the market. (the detailed statement of this purchase is available at the following link: PDF); ii) 1,632,617 shares were bought from Significant shareholder [2]. Thereby, the Company achieved 56% of its total target of US$ 2.2 billion.
Over the period 20 September to 24 September 2021 a total of 3,141,690 shares were bought at a weighted average price of EUR 25.61: i) 2,000,000 shares were bought on the market. (the detailed statement of this purchase is available at the following link: PDF); ii) 1,141,690 shares were bought from Significant shareholder [2]. Thereby, the Company achieved 62% of its total target of US$ 2.2 billion.
Over the period 27 September to 1 October 2021 a total of 3,674,208 shares were bought at a weighted average price of EUR 25.90: i) 2,339,000 shares were bought on the market. (the detailed statement of this purchase is available at the following link: PDF); ii) 1,335,208 shares were bought from Significant shareholder [2]. Thereby, the Company achieved 67% of its total target of US$ 2.2 billion.
Over the period 4 October to 8 October 2021 a total of 4,319,825 shares were bought at a weighted average price of EUR 24.9191: i) 2,750,000 shares were bought on the market. (the detailed statement of this purchase is available at the following link: PDF); ii) 1,569,825 shares were bought from Significant shareholder [2]. Thereby, the Company achieved 72% of its total target of US$ 2.2 billion.
Over the period 11 October to 15 October 2021 a total of 4,032,359 shares were bought at a weighted average price of EUR 26.70: i) 2,567,000 shares were bought on the market. (the detailed statement of this purchase is available at the following link: PDF); ii) 1,465,359 shares were bought from Significant shareholder [2]. Thereby, the Company achieved 78% of its total target of US$ 2.2 billion.
Over the period 18 October to 22 October 2021 a total of 3,879,988 shares were bought at a weighted average price of EUR 27.65: i) 2,470,000 shares were bought on the market. (the detailed statement of this purchase is available at the following link: PDF); ii) 1,409,988 shares were bought from Significant shareholder [2]. Thereby, the Company achieved 84% of its total target of US$ 2.2 billion.
Over the period 25 October to 29 October 2021 a total of 3,278.410 shares were bought at a weighted average price of EUR 28.67: i) 2,087,037 shares were bought on the market. (the detailed statement of this purchase is available at the following link: PDF); ii) 1,191,373 shares were bought from Significant shareholder [2]. Thereby, the Company achieved 89% of its total target of US$ 2.2 billion.
Over the period 02 November to 05 November 2021 a total of 3,021,678 shares were bought at a weighted average price of EUR 28.58: i) 1,923,600 shares were bought on the market. (the detailed statement of this purchase is available at the following link: PDF); ii) 1,098,078 shares were bought from Significant shareholder [2]. Thereby, the Company achieved 93% of its total target of US$ 2.2 billion.
Over the period 08 November to 12 November 2021 a total of 3,866,024 shares were bought at a weighted average price of EUR 28.03: i) 2,461,111 shares were bought on the market (the detailed statement of this purchase is available at the following link: PDF); ii) 1,404,913 shares were bought from Significant shareholder [2]. Thereby, the Company achieved 99% of its total target of US$ 2.2 billion.
Over the period 15 November to 16 November 2021 a total of 832,350 shares were bought at a weighted average price of EUR 27.10: i) 529,874 shares were bought on the market (the detailed statement of this purchase is available at the following link: PDF); ii) 302,476 shares were bought from Significant shareholder [2]. Thereby, the Company achieved 100% of its total target of US$ 2.2 billion.
Share buyback program for an aggregate maximum amount of US$ 750 million
As announced in a press release dated 18 June 2021, ArcelorMittal commenced a third share buyback program (the ‘Program’) for an aggregate amount of US$750 million.
Pursuant to another announcement also dated 18 June 2021 [1] relating to the sale of the Cleveland-Cliffs common stock, the proceeds of this sale will be returned to the ArcelorMittal shareholders via the Program.
This share buyback program will be completed by 31 December 2021.
The key terms of the Program are summarised below:
Objectives:
The shares acquired under this Program are intended to meet ArcelorMittal’s obligations under debt obligations exchangeable into equity securities, and/or ii) to reduce its share capital.
Maximum amount allocated to the Program:
ArcelorMittal intends to repurchase for an aggregate maximum amount of US$ 750 million which is authorized by the resolution of the annual general meeting of shareholders held on 8 June 2021 and applicable market abuse regulations [2].
Duration: over a period from 18 June 2021 until 31 December 2021.
[1] https://corporate.arcelormittal.com/media/press-releases/arcelormittal-announces-sale-of-cleveland-cliffs-common-stock-with-the-proceeds-to-be-returned-to-shareholders-via-a-750-million-share-buyback
[2] The Significant Shareholder has declared its intention to enter into a share repurchase agreement with ArcelorMittal, to sell each trading day on which ArcelorMittal has purchased shares under the Program, an equivalent number of shares, at the proportion of the Significant Shareholder’s stake in the Company of 36.34% of issued and outstanding shares of ArcelorMittal, at the same price as the shares repurchased on the market. The effect of the share repurchase agreement is to maintain the Significant Shareholder’s voting rights in ArcelorMittal’s issued share capital (net of treasury shares) at the current level, pursuant to the Program.
Reporting of transactions in accordance with Market Abuse Regulation
In accordance with Market Abuse Regulation, transactions relating to the US$750 million shares buyback program are reported below:
Over the period 21 to 25 June 2021 a total of 10,303,089 shares were bought at a weighted average price of EUR 25.1501: i) 6,558,946 shares were bought on the market. (the detailed statement of this purchase is available at the following link: PDF); ii) 3,744,143 shares were bought from Significant shareholder [2]. Thereby, the Company achieved 41% of its total target of US$ 750 million.
Over the period 28 June to 2 July 2021 a total of 13,256,946 shares were bought at a weighted average price of EUR 26.1819: i) 8,439,372 shares were bought on the market (the detailed statement of this purchase is available at the following link: PDF); ii) 4,817,574 shares were bought from Significant shareholder [2]. Thereby, the Company achieved 96.18% of its total target of US$ 750 million.
On 5 July 2021 a total of 898,489 shares were bought at a weighted average price of EUR 26.8694: i) 571,978 shares were bought on the market (the detailed statement of this purchase is available at the following link: PDF); ii) 326,511 shares were bought from Significant shareholder [2]. Thereby, the Company achieved 100% of its total target of US$ 750 million.
Share buyback program for an aggregate maximum amount of US$ 570 million
As announced in the press release, ArcelorMittal commenced on 4 March 2021 a second share buyback program (the ‘Second Program’) for an aggregate amount of US$570 million, in-line with the Company’s new capital returns policy published on 11 February 2021 in the Company’s fourth quarter and full year 2020 financial results. This Second Program closed on 18 June 2021.
The key terms of the Program are summarised below:
Objectives:
The shares acquired under this Program are intended to meet ArcelorMittal’s obligations under debt obligations exchangeable into equity securities, and/or ii) to reduce its share capital.
Maximum amount allocated to the Program:
ArcelorMittal intends to repurchase for an aggregate maximum amount of US$ 570 million which is authorized by the resolution of the annual general meeting of shareholders held on 13 June 2020 and applicable market abuse regulations. [1].
Duration: over a period from 4 March 2021 until 31 December 2021.
[1] The Significant Shareholder has declared its intention to enter into a share repurchase agreement with ArcelorMittal, to sell each trading day on which ArcelorMittal has purchased shares under the Program, an equivalent number of shares, at the proportion of the Significant Shareholder’s stake in the Company of 36.34% of issued and outstanding shares of ArcelorMittal, at the same price as the shares repurchased on the market. The effect of the share repurchase agreement is to maintain the Significant Shareholder’s voting rights in ArcelorMittal’s issued share capital (net of treasury shares) at the current level, pursuant to the Program.
Reporting of transactions in accordance with Market Abuse Regulation
In accordance with Market Abuse Regulation, transactions relating to the US$ 570 million shares buyback program are reported below:
Over the period 12 to 16 April 2021 a total of 254,801 shares were bought at a weighted average price of EUR 24.34. The detailed statement of own shares dealings made from 12 to 16 April 2021 is available at the following link: PDF
Over the period 19 to 23 April 2021 a total of 587,000 shares were bought at a weighted average price of EUR 24.45. The detailed statement of own shares dealings made from 19 to 23 April 2021 is available at the following link: PDF
Over the period 26 to 30 April 2021 a total of 640,656 shares were bought at a weighted average price of EUR 25.06. The detailed statement of own shares dealings made from 26 to 30 April 2021 is available at the following link: PDF
Over the period 3 to 7 May 2021 a total of 518,542 shares were bought at a weighted average price of EUR 25.33. The detailed statement of own shares dealings made from 3 to 7 May 2021 is available at the following link: PDF
Over the period 10 to 17 May 2021 a total of 417,793 shares were bought at a weighted average price of EUR 26.5875. The detailed statement of own shares dealings made from 10 to 17 May 2021 is available at the following link: PDF
Over the period 17 to 21 May a total of 505,647 shares were bought at a weighted average price of EUR 26.0157. The detailed statement of own shares dealings made from 17 to 21 May 2021 is available at the following link: PDF
Over the period 24 to 28 May 2021 a total of 3,461,212 shares were bought at a weighted average price of EUR 25.9527. The detailed statement of own shares dealings made from 24 to 28 May 2021 is available at the following link: PDF
Over the period 31 May to 04 June 2021 a total of 3,300,000 shares were bought at a weighted average price of EUR 27.2533. The detailed statement of own shares dealings made from 31 May to 04 June 2021 is available at the following link: PDF
Over the period 07 June to 11 June 2021 a total of 1,400,000 shares were bought at a weighted average price of EUR 26.9614. The detailed statement of own shares dealings made from 07 June to 11 June 2021 is available at the following link: PDF
Over the period 14 June to 18 June 2021 a total of 275,783 shares were bought at a weighted average price of EUR 25.1219. The detailed statement of own shares dealings made from 14 June to 18 June 2021 is available at the following link: PDF
According to the share repurchase agreement [1] the Significant shareholder sold to the ArcelorMittal a total of 6,485,623 shares. Detailed information is available at the following LINK.
Share buyback program for an aggregate maximum amount of US$ 650 million
ArcelorMittal announced on 15 February 2021 a share buyback program under the authorisation given by the annual general meeting of shareholders held on 13 June 2020 (the “Program”). This phase closed on 3 March 2021.
The key terms of the Program are summarised below:
Objectives:
The shares acquired under this Program are intended to meet ArcelorMittal’s obligations under debt obligations exchangeable into equity securities, and/or ii) to reduce its share capital.
Maximum amount allocated to the Program:
ArcelorMittal intends to repurchase for an aggregate maximum amount of US$ 650 million which is authorized by’ the resolution of the annual general meeting of shareholders held on 13 June 2020 and applicable market abuse regulations. [1].
Duration: over a period from 15 February 2021 until 31 December 2021.[2]
[1] The Significant Shareholder has declared its intention to enter into a share repurchase agreement with ArcelorMittal, to sell each trading day on which ArcelorMittal has purchased shares under the Program, an equivalent number of shares, at the proportion of the Significant Shareholder’s stake in the Company of 36.34% of issued and outstanding shares of ArcelorMittal, at the same price as the shares repurchased on the market. The effect of the share repurchase agreement is to maintain the Significant Shareholder’s voting rights in ArcelorMittal’s issued share capital (net of treasury shares) at the current level, pursuant to the Program.
[2] On completion of the Program, ArcelorMittal will commence a further share buyback program for an aggregate amount of US$570 million, in-line with the Company’s new capital returns policy announced on 11 February in the Company’s fourth quarter and full year 2020 financial results. Both share buybacks programs will be completed by 31 December 2021. Further details regarding this second share buyback program will be announced ahead of its commencement.
Reporting of transactions in accordance with Market Abuse Regulation
In accordance with Market Abuse Regulation, transactions relating to the US$ 650 million shares buyback program are reported below for a total of 27,113,321 shares outstanding:
Over the period 15 to 19 February 2021 a total of 6,594,513 shares were bought at a weighted average price of EUR 19.56. The detailed statement of own shares dealings made from 15 to 19 February 2021 is available at the following link: PDF
Over the period 22 to 26 February 2021 a total of 7,210,000 shares were bought at a weighted average price of EUR 19.77. The detailed statement of own shares dealings made from 22 to 26 February 2021 is available at the following link: PDF
Over the period 1 to 3 March 2021 a total of 3,455,828 shares were bought at a weighted average price of EUR 20.28. The detailed statement of own shares dealings made from 1 to 3 March 2021 is available at the following link: PDF
According to the share repurchase agreement [1] the Significant shareholder sold to the ArcelorMittal a total of 9,852,980 shares. A detailed information is available at the following LINK.