MT - ArcelorMittal reports Q2 results boost buyback

ArcelorMittal (MT): Q2 GAAP EPS of $3.46.Revenue of $19.34B (+76.1% Y/Y) beats by $280M.Significantly improved operating performance in 2Q 2021, with the continuing demand recovery supporting a further positive evolution of steel spreads and 2.4% sequential increase in steel shipments to 16.1Mt (vs. scope adjusted 15.6Mt in 1Q 2021)Free cash flow of $1.7bn generated in 2Q 2021Gross debt declined to $9.2bn (vs. $11.4bn as end of 1Q 2021 and $12.3bn as end of 2020) and net debt declined to $5.0bn (vs. $5.9bn as end of 1Q 2021 and $6.4bn as end of 2020)New $2.2bn share buy-back program: The Company will return the $1.2bn proceeds from the redeemed Cleveland Cliffs preference shares and has decided to advance $1bn as part of its prospective 2022 capital return to shareholders (equivalent to 50% of 1H 2021 FCF) as a share buy back program to be completed by the end of 2021.Guidance: Capex update: FY

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ArcelorMittal reports Q2 results, boost buyback