Integrated steel company ArcelorMittal announced that it has completed the share buyback program announced on February 15, 2021, further authorized by the shareholders' meeting held on June 13, 2020.
According to a company press release, the company has repurchased 27.113 million shares for a total of $ 650 million - the cumulative maximum amount to be repurchased previously. The average purchase price was € 19.79 per share. The buyback announced the duration until December 31, 2021.The shares acquired are not intended to meet the company's debt obligations and to reduce its share capital.
ArcelorMittal provided detailed information on transactions related to the buyback program. Between 15 and 19 February 2021, a total of 6,594,513 shares were purchased at a weighted average price of EUR 19.56 per share. In addition, 7,210,000 shares were purchased during the period at a weighted average price of EUR 19.77 per share. February 22-26, 2021
Following the closure of its first share buyback program, the company launched a second share buyback program totaling US $ 570 million under its new capital return policy. This share buyback program will be completed by the end of this year.
