MT - ArcelorMittal to offload Cleveland-Cliffs shares to fund its new $750M buyback program

ArcelorMittal North America Holding, a wholly owned subsidiary of ArcelorMittal SA (MT) to sell its remaining 38.2M common shares in Cleveland-Cliffs (CLF), following receipt of the shares on 9 June 2021. Proceeds from this sale will be used for company's new $750M share buyback program. The disposal of the remaining common shares in Cleveland Cliffs brings the total cash proceeds from the sale of ArcelorMittal USA to $1.9B, all of which will have been returned to ArcelorMittal shareholders via share buybacks. The subsidiary continues to hold non-voting preferred stock redeemable at Cleveland-Cliffs’ option for~58M common shares or cash equivalent to the value of such common shares.CLF +2.12% and MT +1.5% premarket.

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ArcelorMittal to offload Cleveland-Cliffs shares to fund its new $750M buyback program