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.
The shares acquired under the Program are intended:
- To meet ArcelorMittal’s obligations under debt obligations exchangeable into equity securities;
- To reduce ArcelorMittal’s share capital, and/or;
- To meet ArcelorMittal’s obligations arising from employee share programs.
 Based on share price as at 26.07.22 of $22.90/share