Global steelmaker ArcelorMittal has announced that its subsidiary ArcelorMittal North America Holdings LLC has concluded the sale of its remaining 38.2 million common shares in US-based Cleveland-Cliffs Inc.
The value from this sale of Cleveland-Cliffs common shares will be used for a new $750 million share buyback program of ArcelorMittal common shares. This new share buyback program will commence immediately.
The disposal of the remaining common shares in Cleveland Cliffs brings the total cash proceeds from the sale of ArcelorMittal USA to $1.9 billion so far, all of which will have been returned to ArcelorMittal shareholders via share buybacks.
ArcelorMittal North America will continue to hold non-voting preferred stock redeemable at Cleveland-Cliffs’ option for an equivalent value of approximately 58 million common shares or cash equivalent to the value of such common shares, as SteelOrbis previously reported.