Following publication of the first quarter 2022 results press release dated 5 May 2022 (the ‘ER Press Release’), 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.
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.