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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Arcelor Mittal New | NYSE:MT | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.21 | -0.80% | 26.01 | 26.55 | 25.99 | 26.54 | 2,149,467 | 00:28:01 |
From May 2019 to May 2024
By Joshua Kirby
ArcelorMittal said Tuesday that its U.S. subsidiary has agreed to sell 40 million of its shares in mining company Cleveland-Cliffs Inc. for gross proceeds of $651.6 million, and that it will use the proceeds to buy back shares in ArcelorMittal.
ArcelorMittal North America Holdings LLC will sell the shares as part of a combined primary and secondary public offering of Cleveland-Cliffs's shares, the steelmaker said. The gross proceeds of $651.6 million will be used for a share-buyback program of ArcelorMittal shares.
The details of the buyback will be announced on Feb. 15, the company said.
Following the sale of the 40 million shares, ArcelorMittal North America will continue to hold around 38 million common shares in the company.
Write to Joshua Kirby at joshua.kirby@dowjones.com; @joshualeokirby
(END) Dow Jones Newswires
February 09, 2021 03:10 ET (08:10 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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